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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2016
Accounting Policies [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following table summarizes the values of the Company's investments as of December 31, 2016:
| Level 1 | Level 2 | Level 3 | Investments measured at NAV(a) | Total
Cash equivalents | $ | 47,717,187 |  | $ | — |  | $ | — |  | $ | — |  | $ | 47,717,187 |
Trading Investments |  |  |  |  |
Securities held in Consolidated Funds(b) | 19,835,458 |  | 37,520,013 |  | — |  | — |  | $ | 57,355,471 |
Company sponsored investments | 20,245 |  | — |  | — |  | — |  | $ | 20,245 |
Company sponsored equity method investments | 34,886,484 |  | — |  | — |  | 1,570,965 |  | $ | 36,457,449 |
Deferred compensation investments | 14,182,470 |  | — |  | — |  | — |  | $ | 14,182,470 |
(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 December 31, 2016, $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareholders.
Variable Performance Fees Earned [Table Text Block] | The following table summarizes the variable fees earned by the Company during the years ended December 31, 2016, 2015 and 2014:
For the year ended December 31,
2016 |  | 2015 |  | 2014
$ | 6,444,599 |  |  | $ | — |  |  | $ | — |
Assets under management (AUM) subject to variable fees and the variable fees | The table below shows AUM subject to variable fees and the amount of variable fees that would be recognized based upon current investment results as of December 31, 2016:
| As Of December 31, 2016
| AUM subject to variable fees |  | Variable fees
Contractual Period Ends: |  |  |
Quarter Ended December 31, 2018 | $ | 94,212,727 |  |  | $ | — |
Quarter Ended September 30, 2019 | 31,923,922 |  |  | 239,442 |
Quarter Ended March 31, 2020 | 10,426,125 |  |  | — |
Quarter Ended September 30, 2021 | 231,220,034 |  |  | — |
Total | $ | 367,782,808 |  |  | $ | 239,442 |
Mutual fund administration gross and net revenue | Mutual fund administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Mutual fund administration: |  |  |  |  |
Administration revenue, gross | $ | 26,664,635 |  |  | $ | 27,042,861 |  |  | $ | 22,968,369 |
12b-1/service fees and commission revenue received from fund clients | 6,360,400 |  |  | 11,087,978 |  |  | 10,514,242 |
12b-1/service fees and commission expense payments to third parties | (5,660,430 | ) |  | (9,617,568 | ) |  | (9,102,565 | )
Fund related expense | (12,937,067 | ) |  | (12,031,353 | ) |  | (9,753,359 | )
Revenue, net of related expenses | 14,427,538 |  |  | 16,481,918 |  |  | 14,626,687 |
DHCM C-Share financing: |  |  |  |  |
Broker commission advance repayments | 691,228 |  |  | 991,430 |  |  | 878,105 |
Broker commission amortization | (660,840 | ) |  | (962,919 | ) |  | (846,861 | )
Financing activity, net | 30,388 |  |  | 28,511 |  |  | 31,244 |
Mutual fund administration revenue, net | $ | 14,457,926 |  |  | $ | 16,510,429 |  |  | $ | 14,657,931 |

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