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Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 September 30, 2017:
 
Level 1
Level 2
Level 3
Total
Cash equivalents
$
89,125,334

$
—

$
—

$
89,125,334

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
17,948,350

47,158,391

—

65,106,741

     Company sponsored investments
34,883,067

—

—

34,883,067


(a) Of the securities held in the Consolidated Funds as of September 30, 2017, $41.9 million were held directly by the Company and $23.2 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 investment results as of September 30, 2017:
 
As of September 30, 2017
 
AUM subject to variable fees
Unearned variable fees
Contractual Period Ends:
 
 
Quarter Ended December 31, 2018
$
107,864,155

$
1,379,545

Quarter Ended September 30, 2019
34,040,712

495,418

Quarter Ended March 31, 2020
11,680,413

—

Quarter Ended September 30, 2021
264,626,823

1,971,752

Total
$
418,212,103

$
3,846,715
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,
 
2017
 
2016
 
2017
 
2016
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
6,557,054

 
$
6,445,936

 
$
19,432,002

 
$
20,557,388

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

 
933,752

 
—

 
6,360,400

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

 
(831,198
)
 
—

 
(5,660,429
)
Fund related expense
(3,576,598
)
 
(3,136,319
)
 
(10,214,948
)
 
(9,958,315
)
Revenue, net of related expenses
2,980,456

 
3,412,171

 
9,217,054

 
11,299,044

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
101,238

 
157,732

 
315,283

 
558,641

Broker commission amortization
(92,668
)
 
(144,738
)
 
(284,998
)
 
(545,463
)
Financing activity, net
8,570

 
12,994

 
30,285

 
13,178

Mutual fund administration revenue, net
$
2,989,026

 
$
3,425,165

 
$
9,247,339

 
$
11,312,222