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Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Disaggregation of Revenue
Revenue earned during the three months ended March 31, 2021 and 2020 under contracts with clients include:
Three Months Ended March 31, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$26,510,701 $2,445,330 $28,956,031 
Sub-advised funds and separately managed accounts10,058,402 — 10,058,402 
$36,569,103 $2,445,330 $39,014,433 
Three Months Ended March 31, 2020
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$23,454,563 $1,768,065 $25,222,628 
Sub-advised funds and separately managed accounts6,703,117 — 6,703,117 
$30,157,680 $1,768,065 $31,925,745 
Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees The table below shows AUM subject to performance-based fees and the amount of performance-based fees that would be recognized based upon investment results as of March 31, 2021:
As of March 31, 2021
 AUM subject to performance-based feesUnearned performance-based fees
Contractual Period Ending:
Quarter Ended September 30, 2021$375,886,495 $9,928,373 
Quarter Ended December 31, 202167,514,790 125,672 
Total$443,401,285 $10,054,045 
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 Three Months Ended 
 March 31,
 20212020
Mutual fund administration:
Administration revenue, gross$6,926,414 $5,592,658 
Fund related expense(4,466,157)(3,827,249)
Revenue, net of related expenses2,460,257 1,765,409 
C-Share financing:
Broker commission advance repayments33,594 63,542 
Broker commission amortization(48,521)(60,886)
Financing activity, net(14,927)2,656 
Mutual fund administration revenue, net$2,445,330 $1,768,065