Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the carrying value of investments as of December 31, 2018 and 2017:



	As of December 31,
	2018		2017
Fair value investments:
Securities held in Consolidated Funds^(a)	$	153,730,480	$	65,890,500
Company sponsored investments	33,418,088		36,541,818
Company sponsored equity method investments	16,339,649		36,043,704
Total Investments	$	203,488,217	$	138,476,022

(a) Of the securities held in the Consolidated Funds as of December 31, 2018, $84.7 million were held directly by the Company and $69.0 million were held by noncontrolling shareholders. Of the securities held 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.

Equity Method Investments

The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016:



				As of December 31,
				2018		2017
Total assets				$	80,845,124	$	144,118,745
Total liabilities				22,287,437		38,009,765
Net assets				58,557,687		106,108,980
DHCM’s portion of net assets				16,339,649		36,043,704

	For the Year Ended December 31,
	2018			2017		2016
Investment income	$	1,154,007		$	2,944,836	$	3,272,972
Expenses	978,322			1,176,896		1,409,896
Net realized gains	1,918,661			4,432,850		1,981,185
Net change in unrealized appreciation (depreciation)	(10,229,319		)	5,613,627		10,458,073
Net income	(8,134,973		)	11,814,417		14,302,334
DHCM’s portion of net income	(2,400,467		)	3,206,702		4,392,636