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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2017 and 2016:
December 31, 2017
Level 1
Level 2
Level 3
Total
Cash equivalents
$
72,669,083

$
—

$
—

$
72,669,083

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
24,618,578

41,271,922

—

$
65,890,500

     Company sponsored investments
36,541,818

—

—

$
36,541,818

 
 
 
 
 
December 31, 2016
 
 
 
 
Cash equivalents
47,717,187

—

—

$
47,717,187

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
19,835,458

37,520,013

—

$
57,355,471

     Company sponsored investments
9,322,118

—

—

$
9,322,118


(a) Of the equity interests in the Consolidated Funds as of December 31, 2017, $42.6 million were held directly by the Company and $23.3 million were held by noncontrolling shareholders. 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.
Assets under management (AUM) subject to variable fees and the variable fees
The table below shows AUM subject to variable rate fees and the amount of variable rate fees that would be recognized based upon investment results as of December 31, 2017:
 
As of December 31, 2017
 
AUM subject to variable rate fees
 
Unearned variable rate fees
Contractual Period Ends:
 
 
 
Quarter Ended December 31, 2018
$
105,909,958

 
$
1,557,038

Quarter Ended September 30, 2019
36,046,820

 
548,700

Quarter Ended March 31, 2020
12,655,485

 
—

Quarter Ended September 30, 2021
280,124,936

 
2,524,606

Total
$
434,737,199

 
$
4,630,344
Mutual fund administration gross and net revenue
Mutual fund administration gross and net revenue are summarized below:
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
Mutual fund administration:
 
 
 
 
 
DHCM Revenue, net of related expenses
 
 
 
 
 
Administration revenue, gross
$
26,219,881

 
$
26,664,635

 
$
27,042,861

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

 
6,360,400

 
11,087,978

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

 
(5,660,430
)
 
(9,617,568
)
Fund related expense
(13,748,445
)
 
(12,937,067
)
 
(12,031,353
)
Revenue, net of related expenses
12,471,436

 
14,427,538

 
16,481,918

DHCM C-Share financing:
 
 
 
 
 
Broker commission advance repayments
416,614

 
691,228

 
991,430

Broker commission amortization
(374,783
)
 
(660,840
)
 
(962,919
)
Financing activity, net
41,831

 
30,388

 
28,511

Mutual fund administration revenue, net
$
12,513,267

 
$
14,457,926

 
$
16,510,429