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Significant Accounting Policies (Tables)
 3 Months Ended
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 advisoryMutual fund
administration, net		Total revenue
Proprietary funds$27,254,928 $2,977,500 $30,232,428 
Separately managed accounts7,192,290 — 7,192,290 
Sub-Advised funds3,114,504 — 3,114,504 
Model delivery1,717,164 — 1,717,164 
$39,278,886 $2,977,500 $42,256,386 
Three Months Ended March 31, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$26,510,701 $2,445,330 $28,956,031 
Separately managed accounts6,473,269 — 6,473,269 
Sub-Advised funds2,678,410 — 2,678,410 
Model delivery906,723 — 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 feesUnearned 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,
 20222021
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