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Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 September 30, 2018:
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents
$
98,886,472

 
$
—

 
$
—

 
$
98,886,472

Fair value investments
 
 
 
 
 
 
 
     Securities held in Consolidated Funds(a)
43,884,224

 
109,615,566

 
—

 
153,499,790

     Company sponsored investments
38,757,226

 
—

 
—

 
38,757,226


(a) Of the securities held in the Consolidated Funds as of September 30, 2018, $85.9 million were held directly by the Company and $67.6 million were held by noncontrolling shareholders.
Disaggregation of Revenue
Revenue earned during the three months ended September 30, 2018 and 2017 under contracts with clients include:
 
Three Months Ended September 30, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
26,864,835

 
$
2,543,442

 
$
29,408,277

Sub-advised funds and institutional accounts
8,063,370

 
—

 
8,063,370

 
$
34,928,205

 
$
2,543,442

 
$
37,471,647

 
Three Months Ended September 30, 2017
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
26,571,891

 
$
2,989,026

 
$
29,560,917

Sub-advised funds and institutional accounts
7,210,712

 
—

 
7,210,712

 
$
33,782,603

 
$
2,989,026

 
$
36,771,629

Revenue earned during the nine months ended September 30, 2018 and 2017 under contracts with clients include:
 
Nine Months Ended September 30, 2018
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
80,464,941

 
$
8,095,596

 
$
88,560,537

Sub-advised funds and institutional accounts
22,620,826

 
—

 
22,620,826

 
$
103,085,767

 
$
8,095,596

 
$
111,181,363

 
Nine Months Ended September 30, 2017
 
Investment advisory
 
Mutual fund
administration, net
 
Total revenue
Proprietary funds
$
76,975,740

 
$
9,247,339

 
$
86,223,079

Sub-advised funds and institutional accounts
21,130,165

 
—

 
21,130,165

 
$
98,105,905

 
$
9,247,339

 
$
107,353,244
Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees
he 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 September 30, 2018:
 
As of September 30, 2018
 
AUM subject to variable rate fees
 
Unearned variable rate fees
Contractual Period Ends:
 
 
 
Quarter Ending December 31, 2018
$
61,028,560

 
$
1,416,398

Quarter Ending September 30, 2019
36,681,776

 
708,542

Quarter Ending March 31, 2020
13,336,076

 
—

Quarter Ending September 30, 2021
284,788,511

 
4,145,635

Total
$
395,834,923

 
$
6,270,575
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,
 
2018
 
2017
 
2018
 
2017
Mutual fund administration:
 
 
 
 
 
 
 
Administration revenue, gross
$
6,169,984

 
$
6,557,054

 
$
18,771,040

 
$
19,432,002

Fund related expense
(3,638,618
)
 
(3,576,598
)
 
(10,702,498
)
 
(10,214,948
)
Revenue, net of related expenses
2,531,366

 
2,980,456

 
8,068,542

 
9,217,054

DHCM C-Share financing:
 
 
 
 
 
 
 
Broker commission advance repayments
84,248

 
101,238

 
264,107

 
315,283

Broker commission amortization
(72,172
)
 
(92,668
)
 
(237,053
)
 
(284,998
)
Financing activity, net
12,076

 
8,570

 
27,054

 
30,285

Mutual fund administration revenue, net
$
2,543,442

 
$
2,989,026

 
$
8,095,596

 
$
9,247,339