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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended September 30, 2021 and 2020 under contracts with clients include:
| Three Months Ended September 30, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 28,605,297 |  |  | $ | 3,206,175 |  |  | $ | 31,811,472 |
Sub-advised funds and separately managed accounts (including $11.9 million of performance-based fees) | 23,243,082 |  |  | — |  |  | 23,243,082 |
| $ | 51,848,379 |  |  | $ | 3,206,175 |  |  | $ | 55,054,554 |
| Three Months Ended September 30, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 21,435,758 |  |  | $ | 1,813,103 |  |  | $ | 23,248,861 |
Sub-advised funds and separately managed accounts | 7,926,894 |  |  | — |  |  | 7,926,894 |
| $ | 29,362,652 |  |  | $ | 1,813,103 |  |  | $ | 31,175,755 |
Revenue earned during the nine months ended September 30, 2021 and 2020 under contracts with clients include:
| Nine Months Ended September 30, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 85,568,472 |  |  | $ | 9,004,731 |  |  | $ | 94,573,203 |
Sub-advised funds and separately managed accounts (including $11.9 million of performance-based fees) | 44,565,437 |  |  | — |  |  | 44,565,437 |
| $ | 130,133,909 |  |  | $ | 9,004,731 |  |  | $ | 139,138,640 |
| Nine Months Ended September 30, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 64,613,063 |  |  | $ | 5,131,104 |  |  | $ | 69,744,167 |
Sub-advised funds and separately managed accounts | 21,606,262 |  |  | — |  |  | 21,606,262 |
| $ | 86,219,325 |  |  | $ | 5,131,104 |  |  | $ | 91,350,429 |
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 unearned performance-based fees that would be recognized based upon investment results as of September 30, 2021:
| As of September 30, 2021
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Measurement Period Ending: |  |  |
Quarter Ending September 30, 2022 | $ | 390,974,947 |  |  | $ | — |
Total | $ | 390,974,947 |  |  | $ | — |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 7,436,287 |  |  | $ | 5,571,022 |  |  | $ | 22,466,306 |  |  | $ | 16,144,295 |
Fund related expense | (4,230,112) |  |  | (3,766,667) |  |  | (13,446,649) |  |  | (11,028,882) |
Revenue, net of related expenses | 3,206,175 |  |  | 1,804,355 |  |  | 9,019,657 |  |  | 5,115,413 |
C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | — |  |  | 60,634 |  |  | 33,595 |  |  | 190,993 |
Broker commission amortization | — |  |  | (51,886) |  |  | (48,521) |  |  | (175,302) |
Financing activity, net | — |  |  | 8,748 |  |  | (14,926) |  |  | 15,691 |
Mutual fund administration revenue, net | $ | 3,206,175 |  |  | $ | 1,813,103 |  |  | $ | 9,004,731 |  |  | $ | 5,131,104 |

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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=123351226&loc=SL49130545-203045 + Details
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