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Significant Accounting Policies (Tables)
 6 Months Ended
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