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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Property, plant and equipment | Property, plant and equipment consist of the following as of December 31, 2024 and December 31, 2023:
| As of December 31,
| 2024 |  | 2023
Furniture and Fixtures | $ | 7,033,635 |  |  | $ | 7,033,635 |
Software and Hardware | 5,228,929 |  |  | 5,095,529 |
Construction in Progress | 4,067,215 |  |  | — |
Right of Use Lease Asset | 3,443,019 |  |  | 630,169 |
Total | 19,772,798 |  |  | 12,759,333 |
Less: Accumulated Depreciation | (11,392,204) |  |  | (10,167,729) |
Net Property, Plant and Equipment | $ | 8,380,594 |  |  | $ | 2,591,604 |
Revenue under contracts with clients | Revenue from contracts with clients that was earned during the years ended December 31, 2024, 2023 and 2022 include:
| Year Ended December 31, 2024
| Investment advisory |  | Fund administration, net |  | Total revenue
Proprietary Funds | $ | 92,531,710 |  |  | $ | 7,753,188 |  |  | $ | 100,284,898 |
SMAs | 27,382,582 |  |  | — |  |  | 27,382,582 |
Other pooled vehicles | 11,465,794 |  |  | — |  |  | 11,465,794 |
CITs | 6,671,696 |  |  | — |  |  | 6,671,696 |
Model delivery | 5,290,161 |  |  | — |  |  | 5,290,161 |
| $ | 143,341,943 |  |  | $ | 7,753,188 |  |  | $ | 151,095,131 |
| Year Ended December 31, 2023
| Investment advisory |  | Fund administration, net |  | Total revenue
Proprietary Funds | $ | 84,810,452 |  |  | $ | 7,536,871 |  |  | $ | 92,347,323 |
SMAs | 26,075,046 |  |  | — |  |  | 26,075,046 |
Other pooled vehicles | 9,261,533 |  |  | — |  |  | 9,261,533 |
Model delivery | 5,211,113 |  |  | — |  |  | 5,211,113 |
CITs | 3,821,356 |  |  | — |  |  | 3,821,356 |
| $ | 129,179,500 |  |  | $ | 7,536,871 |  |  | $ | 136,716,371 |
| Year Ended December 31, 2022
| Investment advisory |  | Fund administration, net |  | Total revenue
Proprietary Funds | $ | 98,873,571 |  |  | $ | 10,170,502 |  |  | $ | 109,044,073 |
SMAs | 27,700,949 |  |  | — |  |  | 27,700,949 |
Other pooled vehicles | 9,410,541 |  |  | — |  |  | 9,410,541 |
Model delivery | 5,910,061 |  |  | — |  |  | 5,910,061 |
CITs | 2,430,395 |  |  | — |  |  | 2,430,395 |
| $ | 144,325,517 |  |  | $ | 10,170,502 |  |  | $ | 154,496,019 |
Mutual fund administration gross and net revenue | und administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fund administration: |  |  |  |  |
Administration revenue, gross | $ | 24,719,844 |  |  | $ | 21,597,721 |  |  | $ | 25,188,386 |
Fund related expense | (16,966,656) |  |  | (14,060,850) |  |  | (15,017,884) |
Fund administration revenue, net | $ | 7,753,188 |  |  | $ | 7,536,871 |  |  | $ | 10,170,502 |

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