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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2016
Accounting Policies [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following table summarizes the values of the Company's investments as of September 30, 2016:
| Level 1 | Level 2 | Level 3 | Investments measured at NAV(a) | Total
Cash equivalents | $ | 56,074,210 |  | $ | — |  | $ | — |  | $ | — |  | $ | 56,074,210 |
Trading Investments |  |  |  |  |
Securities held in Consolidated Funds(b) | 17,517,463 |  | 28,187,450 |  | — |  | — |  | $ | 45,704,913 |
Seed capital investments | 20,224 |  | — |  | — |  | — |  | $ | 20,224 |
Seed capital equity method investments | 26,454,627 |  | — |  | — |  | 1,498,161 |  | $ | 27,952,788 |
Deferred compensation investments | 13,369,919 |  | — |  | — |  | — |  | $ | 13,369,919 |
(a) Comprised of certain investments in limited partnerships measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. (b) Of the equity interests in the Consolidated Funds as of September 30, 2016, $41.6 million were held directly by the Company and $4.1 million were held by noncontrolling shareholders.
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, 2016:
| As of
| September 30, 2016
AUM subject to variable incentive fees | $ | 590,718,723 |
| As of
| September 30, 2016
Contractual Period Ends: |
Quarter Ended June 30, 2017 | $ | 2,756,586 |
Quarter Ended December 31, 2018 | 71,108 |
Quarter Ended September 30, 2019 | 346,295 |
Quarter Ended March 31, 2020 | — |
Total variable incentive fees that would be recognized if contract terminated | $ | 3,173,989 |
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 6,445,936 |  |  | $ | 6,768,161 |  |  | $ | 20,557,388 |  |  | $ | 20,031,572 |
12b-1/service fees and commission revenue received from fund clients | 933,752 |  |  | 2,753,785 |  |  | 6,360,400 |  |  | 8,297,126 |
12b-1/service fees and commission expense payments to third parties | (831,198 | ) |  | (2,372,516 | ) |  | (5,660,429 | ) |  | (7,164,887 | )
Fund related expense | (3,136,319 | ) |  | (3,224,405 | ) |  | (9,958,315 | ) |  | (8,971,327 | )
Revenue, net of related expenses | 3,412,171 |  |  | 3,925,025 |  |  | 11,299,044 |  |  | 12,192,484 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 157,732 |  |  | 269,602 |  |  | 558,641 |  |  | 768,884 |
Broker commission amortization | (144,738 | ) |  | (246,254 | ) |  | (545,463 | ) |  | (731,813 | )
Financing activity, net | 12,994 |  |  | 23,348 |  |  | 13,178 |  |  | 37,071 |
Mutual fund administration revenue, net | $ | 3,425,165 |  |  | $ | 3,948,373 |  |  | $ | 11,312,222 |  |  | $ | 12,229,555 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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