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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of Market Value of Investments | The following table summarizes the carrying value of the Company's investments as of March 31, 2021 and December 31, 2020:
| As of
| March 31, 2021 |  | December 31, 2020
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 47,164,927 |  |  | $ | 33,233,307 |
Company sponsored investments | 95,530,265 |  |  | 95,167,829 |
Total Investments | $ | 142,695,192 |  |  | $ | 128,401,136 |
(a) Of the securities held in the Consolidated Funds as of March 31, 2021, the Company directly held $35.0 million and noncontrolling shareholders held $12.2 million. Of the securities held in the Consolidated Funds as of December 31, 2020, the Company directly held $23.6 million and noncontrolling shareholders held $9.6 million.
Schedule of Investment Income | The components of net investment income (loss) are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
Realized gains (losses) |  |  |  |  | $ | 2,523,505 |  |  | $ | (817,539) |
Unrealized gains (losses) |  |  |  |  | 2,505,344 |  |  | (22,467,598) |
Dividends |  |  |  |  | 665,009 |  |  | 894,413 |
Other |  |  |  |  | (30,404) |  |  | (7,368) |
Investment income (loss), net |  |  |  |  | $ | 5,663,454 |  |  | $ | (22,398,092) |

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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + Details
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