XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Disaggregation of Revenue
Three Months Ended June 30, 2022
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$25,447,122 $2,612,949 $28,060,071 
Separately managed accounts6,570,811 — 6,570,811 
Sub-Advised funds2,879,987 — 2,879,987 
Model delivery1,510,245 — 1,510,245 
$36,408,165 $2,612,949 $39,021,114 
Three Months Ended June 30, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$30,452,474 $3,353,226 $33,805,700 
Separately managed accounts7,045,816 — 7,045,816 
Sub-Advised funds2,959,663 — 2,959,663 
Model delivery1,258,474 — 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 advisoryMutual fund
administration, net		Total revenue
Proprietary funds$52,702,050 $5,590,449 $58,292,499 
Separately managed accounts13,763,101 — 13,763,101 
Sub-Advised funds5,994,491 — 5,994,491 
Model delivery3,227,409 — 3,227,409 
$75,687,051 $5,590,449 $81,277,500 
Six Months Ended June 30, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Proprietary funds$56,963,175 $5,798,556 $62,761,731 
Separately managed accounts13,519,085 — 13,519,085 
Sub-Advised funds5,638,073 — 5,638,073 
Model delivery2,165,197 — 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 feesUnearned 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,
 2022202120222021
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