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Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018:
 
Level 1
Level 2
Level 3
Total
Cash equivalents
$
57,453,475

$
—

$
—

$
57,453,475

Trading Investments
 
 
 
 
     Securities held in Consolidated Funds(a)
44,074,929

92,808,411

—

136,883,340

     Company sponsored investments
35,935,489

—

—

35,935,489


(a) Of the securities held in the Consolidated Funds as of March 31, 2018, $82.9 million were held directly by the Company and $54.0 million were held by noncontrolling shareholders.
Disaggregation of Revenue [Table Text Block]
Revenue earned during the first quarter of 2018 and 2017 under contracts with clients include:
 
Three Months Ended March 31, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
27,305,199

 
$
3,150,712

 
$
30,455,911

Sub-advised funds and institutional accounts
7,326,091

 
—

 
7,326,091

 
$
34,631,290

 
$
3,150,712

 
$
37,782,002

 
Three Months Ended March 31, 2017
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
24,918,566

 
$
3,300,658

 
$
28,219,224

Sub-advised funds and institutional accounts
6,914,905

 
—

 
6,914,905

 
$
31,833,471

 
$
3,300,658

 
$
35,134,129
Assets under Management (AUM) Subject to Incentive Fees and Incentive 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 March 31, 2018:
 
As of March 31, 2018
 
AUM subject to variable rate fees
Unearned variable rate fees
Contractual Period Ends:
 
 
Quarter Ending December 31, 2018
$
102,156,797

$
1,344,684

Quarter Ending September 30, 2019
33,972,696

554,469

Quarter Ending March 31, 2020
12,525,268

—

Quarter Ending September 30, 2021
260,254,923

3,057,232

Total
$
408,909,684

$
4,956,385
Mutual Fund Administration Gross and Net Revenue
Mutual fund administration gross and net revenue are summarized below:
 
Three Months Ended 
 March 31,
 
2018
 
2017
Mutual fund administration:
 
 
 
Administration revenue, gross
$
6,607,337

 
$
6,436,359

Fund related expense
(3,468,325
)
 
(3,148,951
)
Revenue, net of related expenses
3,139,012

 
3,287,408

DHCM C-Share financing:
 
 
 
Broker commission advance repayments
96,478

 
113,470

Broker commission amortization
(84,778
)
 
(100,220
)
Financing activity, net
11,700

 
13,250

Mutual fund administration revenue, net
$
3,150,712

 
$
3,300,658