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Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following table summarizes our investments that are recognized in our consolidated balance sheet using fair value measurements determined based upon the differing levels of inputs as of March 31, 2017:
 
Level 1
Level 2
Level 3
Total
Cash equivalents
$
58,101,003

$
—

$
—

$
58,101,003

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
19,273,313

42,179,502

—

61,452,815

     Company sponsored investments
6,459,664

—

—

6,459,664

Deferred compensation investments
18,683,617

—

—

18,683,617


(a) Of the equity interests in the Consolidated Funds as of March 31, 2017, $43.9 million were held directly by the Company and $17.6 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 fees and the amount of variable fees that would be recognized based upon current investment results as of March 31, 2017:
 
As of March 31, 2017
 
AUM subject to variable fees
Unearned variable fees
Contractual Period Ends:
 
 
Quarter Ended December 31, 2018
$
100,372,212

$
650,510

Quarter Ended September 30, 2019
33,309,551

481,397

Quarter Ended March 31, 2020
10,957,815

—

Quarter Ended September 30, 2021
246,450,605

860,314

Total
$
391,090,183

$
1,992,221
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
Three Months Ended 
 March 31,
 
2017
 
2016
Mutual fund administration:
 
 
 
Administration revenue, gross
$
6,436,359

 
$
6,760,870

12b-1/service fees and commission revenue received from fund clients
—

 
2,625,391

12b-1/service fees and commission expense payments to third parties
—

 
(2,328,490
)
Fund related expense
(3,148,951
)
 
(3,268,063
)
Revenue, net of related expenses
3,287,408

 
3,789,708

DHCM C-Share financing:
 
 
 
Broker commission advance repayments
113,470

 
193,310

Broker commission amortization
(100,220
)
 
(212,313
)
Financing activity, net
13,250

 
(19,003
)
Mutual fund administration revenue, net
$
3,300,658

 
$
3,770,705