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Significant Accounting Policies (Tables)
 9 Months Ended
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