XML 45 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Summary of Investments Values Based upon Level 1 and Level 2
The following table summarizes the values of the Company’s investments based upon Level 1 and Level 2 inputs as of September 30, 2015 and December 31, 2014:
 
 
September 30, 2015
 
December 31, 2014
Level 1 Inputs
$
91,463,773

 
$
62,595,546

Level 2 Inputs
11,379,148

 
14,652,589

Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees
The table below shows AUM subject to variable incentive fees and the amount of variable incentive fees that would be recognized if the contracts were terminated as of September 30, 2015 or 2014:
 
As of September 30,
 
2015
 
2014
AUM subject to variable incentive fees
$
524,380,560

 
$
535,817,741


 
As of September 30,
 
2015
 
2014
Contractual Period Ends:
 
 
 
Quarter Ended June 30, 2017
$
1,195,007

 
$
2,571,390

Quarter Ended December 31, 2018
325,730

 

Quarter Ended September 30, 2019
341,699

 
3,334

Quarter Ended March 31, 2020

 

Total variable incentive fees that would be recognized if contract terminated
$
1,862,436

 
$
2,574,724

Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2015
 
2014
 
2015
 
2014
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
6,768,161

 
$
6,074,294

 
$
20,031,572

 
$
16,682,792

12b-1/service fees and commission revenue received from fund clients
2,753,785

 
2,691,398

 
8,297,126

 
7,862,662

12b-1/service fees and commission expense payments to third parties
(2,372,516
)
 
(2,315,084
)
 
(7,164,887
)
 
(6,814,493
)
Fund related expense
(3,224,405
)
 
(2,545,768
)
 
(8,971,327
)
 
(7,054,512
)
Revenue, net of related expenses
3,925,025

 
3,904,840

 
12,192,484

 
10,676,449

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
269,602

 
235,054

 
768,884

 
627,052

Broker commission amortization
(246,254
)
 
(222,430
)
 
(731,813
)
 
(607,631
)
Financing activity, net
23,348

 
12,624

 
37,071

 
19,421

Mutual fund administration revenue, net
$
3,948,373

 
$
3,917,464

 
$
12,229,555

 
$
10,695,870