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Significant Accounting Policies (Tables)
 12 Months Ended
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