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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2021
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended June 30, 2021 and 2020 under contracts with clients include:
| Three Months Ended June 30, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 30,452,474 |  |  | $ | 3,353,226 |  |  | $ | 33,805,700 |
Sub-advised funds and separately managed accounts | 11,263,953 |  |  | — |  |  | 11,263,953 |
| $ | 41,716,427 |  |  | $ | 3,353,226 |  |  | $ | 45,069,653 |
| Three Months Ended June 30, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 19,722,742 |  |  | $ | 1,549,936 |  |  | $ | 21,272,678 |
Sub-advised funds and separately managed accounts | 6,976,251 |  |  | — |  |  | 6,976,251 |
| $ | 26,698,993 |  |  | $ | 1,549,936 |  |  | $ | 28,248,929 |
Revenue earned during the six months ended June 30, 2021 and 2020 under contracts with clients include:
| Six Months Ended June 30, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 56,963,175 |  |  | $ | 5,798,556 |  |  | $ | 62,761,731 |
Sub-advised funds and separately managed accounts | 21,322,355 |  |  | — |  |  | 21,322,355 |
| $ | 78,285,530 |  |  | $ | 5,798,556 |  |  | $ | 84,084,086 |
| Six Months Ended June 30, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 43,177,305 |  |  | $ | 3,318,001 |  |  | $ | 46,495,306 |
Sub-advised funds and separately managed accounts | 13,679,368 |  |  | — |  |  | 13,679,368 |
| $ | 56,856,673 |  |  | $ | 3,318,001 |  |  | $ | 60,174,674 |
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 June 30, 2021:
| As of June 30, 2021
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Period Ending: |  |  |
Quarter Ending September 30, 2021 | $ | 391,510,444 |  |  | $ | 10,715,868 |
Quarter Ending December 31, 2021 | 70,457,587 |  |  | 265,240 |
Total | $ | 461,968,031 |  |  | $ | 10,981,108 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 8,103,606 |  |  | $ | 4,980,615 |  |  | $ | 15,030,019 |  |  | $ | 10,573,273 |
Fund related expense | (4,750,380) |  |  | (3,434,966) |  |  | (9,216,537) |  |  | (7,262,215) |
Revenue, net of related expenses | 3,353,226 |  |  | 1,545,649 |  |  | 5,813,482 |  |  | 3,311,058 |
C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | — |  |  | 66,817 |  |  | 33,594 |  |  | 130,359 |
Broker commission amortization | — |  |  | (62,530) |  |  | (48,520) |  |  | (123,416) |
Financing activity, net | — |  |  | 4,287 |  |  | (14,926) |  |  | 6,943 |
Mutual fund administration revenue, net | $ | 3,353,226 |  |  | $ | 1,549,936 |  |  | $ | 5,798,556 |  |  | $ | 3,318,001 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
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