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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Disaggregation of Revenue |
| Three Months Ended June 30, 2022 |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue |
Proprietary funds | $ | 25,447,122 |  |  | $ | 2,612,949 |  |  | $ | 28,060,071 |  |
Separately managed accounts | 6,570,811 |  |  | — |  |  | 6,570,811 |  |
Sub-Advised funds | 2,879,987 |  |  | — |  |  | 2,879,987 |  |
Model delivery | 1,510,245 |  |  | — |  |  | 1,510,245 |  |
| $ | 36,408,165 |  |  | $ | 2,612,949 |  |  | $ | 39,021,114 |  |
| 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 |  |
Separately managed accounts | 7,045,816 |  |  | — |  |  | 7,045,816 |  |
Sub-Advised funds | 2,959,663 |  |  | — |  |  | 2,959,663 |  |
Model delivery | 1,258,474 |  |  | — |  |  | 1,258,474 |  |
| $ | 41,716,427 |  |  | $ | 3,353,226 |  |  | $ | 45,069,653 |  |
Revenue earned during the six months ended June 30, 2022 and 2021 under contracts with clients include:
| Six Months Ended June 30, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 52,702,050 |  |  | $ | 5,590,449 |  |  | $ | 58,292,499 |
Separately managed accounts | 13,763,101 |  |  | — |  |  | 13,763,101 |
Sub-Advised funds | 5,994,491 |  |  | — |  |  | 5,994,491 |
Model delivery | 3,227,409 |  |  | — |  |  | 3,227,409 |
| $ | 75,687,051 |  |  | $ | 5,590,449 |  |  | $ | 81,277,500 |
| 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 |
Separately managed accounts | 13,519,085 |  |  | — |  |  | 13,519,085 |
Sub-Advised funds | 5,638,073 |  |  | — |  |  | 5,638,073 |
Model delivery | 2,165,197 |  |  | — |  |  | 2,165,197 |
| $ | 78,285,530 |  |  | $ | 5,798,556 |  |  | $ | 84,084,086 |
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, 2022:
| As of June 30, 2022
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Measurement Period Ending: |  |  |
Quarter Ending September 30, 2022 | $ | 433,111,355 |  |  | $ | 1,148,698 |
Total | $ | 433,111,355 |  |  | $ | 1,148,698 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 6,481,081 |  |  | $ | 8,103,606 |  |  | $ | 13,421,253 |  |  | $ | 15,030,019 |
Fund related expense | (3,868,132) |  |  | (4,750,380) |  |  | (7,830,804) |  |  | (9,231,463) |
Mutual fund administration revenue, net | $ | 2,612,949 |  |  | $ | 3,353,226 |  |  | $ | 5,590,449 |  |  | $ | 5,798,556 |

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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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