Related Party Transactions

6 Months Ended

Jun. 30, 2017

The Company is an investment adviser to, and has administration agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and six months ended June 30, 2017 and 2016 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Investment advisory and administration fees	$	60,099	$	55,817	$	117,499	$	107,728
Distribution and service fees	5,104		4,671		10,150		8,904
	$	65,203	$	60,488	$	127,649	$	116,632

Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for-sale investments in Company-sponsored funds for the three and six months ended June 30, 2017 and 2016 are summarized below (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Proceeds from sales	$	10,070	$	—	$	15,105	$	—
Gross realized gains	60		—		80		—
Gross realized losses	—		—		—		—
Dividend income	133		270		388		270

The Company has agreements with certain affiliated open-end and closed-end funds to reimburse certain fund expenses. For the three months ended June 30, 2017 and 2016, expenses of approximately $2,731,000 and $1,789,000, respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. For the six months ended June 30, 2017 and 2016, fund reimbursement expenses of approximately $5,104,000 and $3,823,000, respectively, were incurred.

Included in accounts receivable at June 30, 2017 and December 31, 2016 are receivables due from Company-sponsored funds of approximately $21,419,000 and $20,221,000, respectively.