Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

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