Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

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