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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2018:
| Level 1 | Level 2 | Level 3 | Total
Cash equivalents | $ | 77,021,577 |  | $ | — |  | $ | — |  | $ | 77,021,577 |
Fair value investments |  |  |  |
Securities held in Consolidated Funds(a) | 44,931,719 |  | 104,017,818 |  | — |  | 148,949,537 |
Company sponsored investments | 36,775,789 |  | — |  | — |  | 36,775,789 |
(a) Of the securities held in the Consolidated Funds as of June 30, 2018, $86.3 million were held directly by the Company and $62.7 million were held by noncontrolling shareholders.
Disaggregation of Revenue | Revenue earned during the three months ended June 30, 2018 and 2017 under contracts with clients include:
| Three Months Ended June 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 26,294,908 |  |  | $ | 2,401,442 |  |  | $ | 28,696,350 |
Sub-advised funds and institutional accounts | 7,231,365 |  |  | — |  |  | 7,231,365 |
| $ | 33,526,273 |  |  | $ | 2,401,442 |  |  | $ | 35,927,715 |
| Three Months Ended June 30, 2017
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 25,553,777 |  |  | $ | 2,984,217 |  |  | $ | 28,537,994 |
Sub-advised funds and institutional accounts | 7,004,547 |  |  | — |  |  | 7,004,547 |
| $ | 32,558,324 |  |  | $ | 2,984,217 |  |  | $ | 35,542,541 |
Revenue earned during the six months ended June 30, 2018 and 2017 under contracts with clients include:
| Six Months Ended June 30, 2018
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 53,600,106 |  |  | $ | 5,552,154 |  |  | $ | 59,152,260 |
Sub-advised funds and institutional accounts | 14,557,457 |  |  | — |  |  | 14,557,457 |
| $ | 68,157,563 |  |  | $ | 5,552,154 |  |  | $ | 73,709,717 |
| Six Months Ended June 30, 2017
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Proprietary funds | $ | 50,403,848 |  |  | $ | 6,258,313 |  |  | $ | 56,662,161 |
Sub-advised funds and institutional accounts | 13,919,453 |  |  | — |  |  | 13,919,453 |
| $ | 64,323,301 |  |  | $ | 6,258,313 |  |  | $ | 70,581,614 |
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 June 30, 2018:
| As of June 30, 2018
| AUM subject to variable rate fees | Unearned variable rate fees
Contractual Period Ends: |  |
Quarter Ending December 31, 2018 | $ | 103,406,795 |  | $ | 1,352,041 |
Quarter Ending September 30, 2019 | 35,092,891 |  | 559,421 |
Quarter Ending March 31, 2020 | 12,800,012 |  | — |
Quarter Ending September 30, 2021 | 263,730,212 |  | 3,578,497 |
Total | $ | 415,029,910 |  | $ | 5,489,959 |
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,
| 2018 |  | 2017 |  | 2018 |  | 2017
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,993,719 |  |  | $ | 6,465,152 |  |  | $ | 12,601,056 |  |  | $ | 12,874,949 |
Fund related expense | (3,595,555 | ) |  | (3,489,399 | ) |  | (7,063,880 | ) |  | (6,638,351 | )
Revenue, net of related expenses | 2,398,164 |  |  | 2,975,753 |  |  | 5,537,176 |  |  | 6,236,598 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 83,380 |  |  | 100,576 |  |  | 179,858 |  |  | 214,047 |
Broker commission amortization | (80,102 | ) |  | (92,112 | ) |  | (164,880 | ) |  | (192,332 | )
Financing activity, net | 3,278 |  |  | 8,464 |  |  | 14,978 |  |  | 21,715 |
Mutual fund administration revenue, net | $ | 2,401,442 |  |  | $ | 2,984,217 |  |  | $ | 5,552,154 |  |  | $ | 6,258,313 |

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