Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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 December 31, 2015 and 2014:



	As of December 31,
	2015		2014
Level 1 Inputs	$	92,376,955	$	62,595,546
Level 2 Inputs	$	11,284,109	14,652,589

Assets under management (AUM) subject to incentive fees and the incentive fees

The table below shows AUM subject to variable incentive fees and the amount of variable incentive fees that would have been recognized if the contracts were terminated as of December 31, 2015:



	As Of December 31,
	2015
AUM subject to variable incentive fees	$	551,090,995



	For the Year Ended
	2015
Contractual Period Ends:
Quarter Ended June 30, 2017	$	618,134
Quarter Ended December 31, 2018	430,041
Quarter Ended September 30, 2019	405,845
Total variable incentive fees that would have been recognized if contracts were terminated	$	1,454,020

Mutual fund administration gross and net revenue

Mutual fund administration gross and net revenue are summarized below:



	Year Ended December 31,
	2015			2014			2013
Mutual fund administration:
Administration revenue, gross	$	27,042,861		$	22,968,369		$	16,692,093
12b-1/service fees and commission revenue received from fund clients	11,087,978			10,514,242			8,481,442
12b-1/service fees and commission expense payments to third parties	(9,617,568		)	(9,102,565		)	(7,404,361		)
Fund related expense	(12,031,353		)	(9,753,359		)	(6,321,374		)
Revenue, net of related expenses	16,481,918			14,626,687			11,447,800
DHCM C-Share financing:
Broker commission advance repayments	991,430			878,105			365,380
Broker commission amortization	(962,919		)	(846,861		)	(347,853		)
Financing activity, net	28,511			31,244			17,527
Mutual fund administration revenue, net	$	16,510,429		$	14,657,931		$	11,465,327