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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2025
Accounting Policies [Abstract] |
Summary of Revenue from Contracts with Clients | Revenue from contracts with clients that was earned during the three months ended September 30, 2025 and 2024, include:
|  | Three Months Ended September 30, 2025 |
|  | Investment advisory |  |  | Fund administration, net |  |  | Total revenue |
Proprietary Funds |  | $ | 24,861,364 |  |  | $ | 1,779,831 |  |  | $ | 26,641,195 |
SMAs |  |  | 5,362,198 |  |  |  | — |  |  |  | 5,362,198 |
Other pooled vehicles |  |  | 2,799,253 |  |  |  | — |  |  |  | 2,799,253 |
Model delivery |  |  | 1,334,421 |  |  |  | — |  |  |  | 1,334,421 |
CITs |  |  | 1,265,452 |  |  |  | — |  |  |  | 1,265,452 |
|  | $ | 35,622,688 |  |  | $ | 1,779,831 |  |  | $ | 37,402,519 |
|  | Three Months Ended September 30, 2024 |
|  | Investment advisory |  |  | Fund administration, net |  |  | Total revenue |
Proprietary Funds |  | $ | 23,595,204 |  |  | $ | 1,788,357 |  |  | $ | 25,383,561 |
SMAs |  |  | 7,585,790 |  |  |  | — |  |  |  | 7,585,790 |
Other pooled vehicles |  |  | 2,878,015 |  |  |  | — |  |  |  | 2,878,015 |
CITs |  |  | 1,839,850 |  |  |  | — |  |  |  | 1,839,850 |
Model delivery |  |  | 1,331,016 |  |  |  | — |  |  |  | 1,331,016 |
|  | $ | 37,229,875 |  |  | $ | 1,788,357 |  |  | $ | 39,018,232 |
Revenue from contracts with clients that was earned during the nine months ended September 30, 2025 and 2024, include:
|  | Nine Months Ended September 30, 2025 |
|  | Investment advisory |  |  | Fund administration, net |  |  | Total revenue |
Proprietary Funds |  | $ | 71,722,107 |  |  | $ | 5,545,295 |  |  | $ | 77,267,402 |
SMAs |  |  | 16,689,926 |  |  |  | — |  |  |  | 16,689,926 |
Other pooled vehicles |  |  | 8,240,390 |  |  |  | — |  |  |  | 8,240,390 |
CITs |  |  | 4,267,032 |  |  |  | — |  |  |  | 4,267,032 |
Model delivery |  |  | 4,079,910 |  |  |  | — |  |  |  | 4,079,910 |
|  | $ | 104,999,365 |  |  | $ | 5,545,295 |  |  | $ | 110,544,660 |
|  | Nine Months Ended September 30, 2024 |
|  | Investment advisory |  |  | Fund administration, net |  |  | Total revenue |
Proprietary Funds |  | $ | 68,249,762 |  |  | $ | 5,551,702 |  |  | $ | 73,801,464 |
SMAs |  |  | 20,970,918 |  |  |  | — |  |  |  | 20,970,918 |
Other pooled vehicles |  |  | 8,522,431 |  |  |  | — |  |  |  | 8,522,431 |
CITs |  |  | 4,805,245 |  |  |  | — |  |  |  | 4,805,245 |
Model delivery |  |  | 3,874,437 |  |  |  | — |  |  |  | 3,874,437 |
|  | $ | 106,422,793 |  |  | $ | 5,551,702 |  |  | $ | 111,974,495 |
Summary of Fund Administration Gross and Net Revenue | Fund administration gross and net revenue are summarized below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fund administration: |  |  |  |  |  |  |  |  |  |  |  |
Administration revenue, gross |  | $ | 7,149,254 |  |  | $ | 6,402,818 |  |  | $ | 20,456,641 |  |  | $ | 18,051,623 |
Fund related expense |  |  | (5,369,423 | ) |  |  | (4,614,461 | ) |  |  | (14,911,346 | ) |  |  | (12,499,921 | )
Fund administration revenue, net |  | $ | 1,779,831 |  |  | $ | 1,788,357 |  |  | $ | 5,545,295 |  |  | $ | 5,551,702 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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