Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Disaggregation of Revenue

	Three Months Ended September 30, 2022
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	24,072,698	$	2,422,591	$	26,495,289
Separately managed accounts, excluding performance-based fees	6,163,236		—		6,163,236
Performance-based fees	1,500,225		—		1,500,225
Sub-Advised funds	2,747,407		—		2,747,407
Model delivery	1,358,517		—		1,358,517
	$	35,842,083	$	2,422,591	$	38,264,674
	Three Months Ended September 30, 2021
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	28,605,297	$	3,206,175	$	31,811,472
Separately managed accounts, excluding performance-based fees	6,953,548		—		6,953,548
Performance-based fees	11,860,051		—		11,860,051
Sub-Advised funds	3,067,774		—		3,067,774
Model delivery	1,361,709		—		1,361,709
	$	51,848,379	$	3,206,175	$	55,054,554

Revenue earned during the nine months ended September 30, 2022 and 2021 under contracts with clients include:

	Nine Months Ended September 30, 2022
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	76,774,749	$	8,013,040	$	84,787,789
Separately managed accounts, excluding performance-based fees	19,926,337		—		19,926,337
Performance-based fees	1,500,225		—		1,500,225
Sub-Advised funds	8,741,898		—		8,741,898
Model delivery	4,585,925		—		4,585,925
	$	111,529,134	$	8,013,040	$	119,542,174

	Nine Months Ended September 30, 2021
	Investment advisory		Mutual fund administration, net		Total revenue
Proprietary funds	$	85,568,472	$	9,004,731	$	94,573,203
Separately managed accounts, excluding performance-based fees	20,472,633		—		20,472,633
Performance-based fees	11,860,051		—		11,860,051
Sub-Advised funds	8,705,847		—		8,705,847
Model delivery	3,526,906		—		3,526,906
	$	130,133,909	$	9,004,731	$	139,138,640

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 September 30, 2022:

	As of September 30, 2022
	AUM subject to performance-based fees		Unearned performance-based fees
Contractual Measurement Period Ending:
Quarter Ending September 30, 2023	$	411,171,353	$	—
Total	$	411,171,353	$	—

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,
	2022		2021		2022		2021
Mutual fund administration:
Administration revenue, gross	$	6,129,695	$	7,436,287	$	19,550,947	$	22,466,306
Fund related expense	(3,707,104)		(4,230,112)		(11,537,907)		(13,461,575)
Mutual fund administration revenue, net	$	2,422,591	$	3,206,175	$	8,013,040	$	9,004,731