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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2022
Accounting Policies [Abstract] |
Disaggregation of Revenue |
Revenue earned during the three months ended March 31, 2022 and 2021 under contracts with clients include:
| Three Months Ended March 31, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 27,254,928 |  |  | $ | 2,977,500 |  |  | $ | 30,232,428 |
Separately managed accounts | 7,192,290 |  |  | — |  |  | 7,192,290 |
Sub-Advised funds | 3,114,504 |  |  | — |  |  | 3,114,504 |
Model delivery | 1,717,164 |  |  | — |  |  | 1,717,164 |
| $ | 39,278,886 |  |  | $ | 2,977,500 |  |  | $ | 42,256,386 |
| Three Months Ended March 31, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 26,510,701 |  |  | $ | 2,445,330 |  |  | $ | 28,956,031 |
Separately managed accounts | 6,473,269 |  |  | — |  |  | 6,473,269 |
Sub-Advised funds | 2,678,410 |  |  | — |  |  | 2,678,410 |
Model delivery | 906,723 |  |  | — |  |  | 906,723 |
| $ | 36,569,103 |  |  | $ | 2,445,330 |  |  | $ | 39,014,433 |
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, 2022:
| As of March 31, 2022
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Measurement Period Ending: |  |  |
Quarter Ending September 30, 2022 | $ | 505,870,628 |  |  | $ | 1,091,899 |
Total | $ | 505,870,628 |  |  | $ | 1,091,899 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross |  |  |  |  | $ | 6,940,172 |  |  | $ | 6,960,008 |
Fund related expense |  |  |  |  | (3,962,672) |  |  | (4,514,678) |
Mutual fund administration revenue, net |  |  |  |  | $ | 2,977,500 |  |  | $ | 2,445,330 |

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- Definition Mutual fund administration gross and net revenue. + References No definition available. + Details
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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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