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Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following table summarizes investments that are recognized in our consolidated balance sheet using fair value measurements (excludes investments classified as equity method investments) determined based upon the differing levels of inputs as of June 30, 2017:
 
Level 1
Level 2
Level 3
Total
Cash equivalents
$
69,159,130

$
—

$
—

$
69,159,130

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
18,493,234

45,096,971

—

63,590,205

     Company sponsored investments
33,923,196

—

—

33,923,196


(a) Of the securities held in the Consolidated Funds as of June 30, 2017, $43.2 million were held directly by the Company and $20.4 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 June 30, 2017:
 
As of June 30, 2017
 
AUM subject to variable fees
Unearned variable fees
Contractual Period Ends:
 
 
Quarter Ended December 31, 2018
$
103,521,667

$
1,094,275

Quarter Ended September 30, 2019
32,229,439

573,503

Quarter Ended March 31, 2020
11,139,838

—

Quarter Ended September 30, 2021
254,475,082

1,446,794

Total
$
401,366,026

$
3,114,572
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2017
 
2016
 
2017
 
2016
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
6,465,152

 
$
7,350,583

 
$
12,874,949

 
$
14,111,452

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

 
2,801,257

 
—

 
5,426,648

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

 
(2,500,742
)
 
—

 
(4,829,232
)
Fund related expense
(3,489,399
)
 
(3,553,932
)
 
(6,638,351
)
 
(6,821,995
)
Revenue, net of related expenses
2,975,753

 
4,097,166

 
6,236,598

 
7,886,873

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
100,576

 
207,599

 
214,047

 
400,909

Broker commission amortization
(92,112
)
 
(188,412
)
 
(192,332
)
 
(400,725
)
Financing activity, net
8,464

 
19,187

 
21,715

 
184

Mutual fund administration revenue, net
$
2,984,217

 
$
4,116,353

 
$
6,258,313

 
$
7,887,057