| Disaggregation of Revenue |
Revenue from contracts with clients that was earned during the three months ended June 30, 2025 and 2024 include: | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | Investment advisory | | Fund
administration, net | | Total revenue | | | Proprietary Funds | $ | 23,249,512 | | | $ | 1,958,065 | | | $ | 25,207,577 | | | | SMAs | 5,506,518 | | | — | | | 5,506,518 | | | | Other pooled vehicles | 2,678,723 | | | — | | | 2,678,723 | | | | Model delivery | 1,343,075 | | | — | | | 1,343,075 | | | | CITs | 1,290,038 | | | — | | | 1,290,038 | | | | $ | 34,067,866 | | | $ | 1,958,065 | | | $ | 36,025,931 | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Investment advisory | | Fund
administration, net | | Total revenue | | | Proprietary Funds | $ | 22,559,374 | | | $ | 1,820,208 | | | $ | 24,379,582 | | | | SMAs | 6,605,780 | | | — | | | 6,605,780 | | | | Other pooled vehicles | 2,873,703 | | | — | | | 2,873,703 | | | | CITs | 1,568,385 | | | — | | | 1,568,385 | | | | Model delivery | 1,233,883 | | | — | | | 1,233,883 | | | | $ | 34,841,125 | | | $ | 1,820,208 | | | $ | 36,661,333 | | | | | | | | | |
Revenue from contracts with clients that was earned during the six months ended June 30, 2025 and 2024 include: | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Investment advisory | | Fund
administration, net | | Total revenue | | Proprietary Funds | $ | 46,860,742 | | | $ | 3,765,464 | | | $ | 50,626,206 | | | SMAs | 11,327,729 | | | — | | | 11,327,729 | | | Other pooled vehicles | 5,441,137 | | | — | | | 5,441,137 | | | CITs | 3,001,580 | | | — | | | 3,001,580 | | | Model delivery | 2,745,489 | | | — | | | 2,745,489 | | | $ | 69,376,677 | | | $ | 3,765,464 | | | $ | 73,142,141 | |
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Investment advisory | | Fund
administration, net | | Total revenue | | Proprietary Funds | $ | 44,654,558 | | | $ | 3,763,345 | | | $ | 48,417,903 | | | SMAs | 13,385,128 | | | — | | | 13,385,128 | | | Other pooled vehicles | 5,644,416 | | | — | | | 5,644,416 | | | CITs | 2,965,395 | | | — | | | 2,965,395 | | | Model delivery | 2,543,421 | | | — | | | 2,543,421 | | | $ | 69,192,918 | | | $ | 3,763,345 | | | $ | 72,956,263 | |
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| Mutual Fund Administration Gross and Net Revenue |
Fund administration gross and net revenue are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Fund administration: | | | | | | | | | Administration revenue, gross | $ | 6,665,238 | | | $ | 5,930,195 | | | $ | 13,307,386 | | | $ | 11,648,804 | | | Fund related expense | (4,707,173) | | | (4,109,987) | | | (9,541,922) | | | (7,885,459) | | | Fund administration revenue, net | $ | 1,958,065 | | | $ | 1,820,208 | | | $ | 3,765,464 | | | $ | 3,763,345 | |
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