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Investment Portfolio (Notes) | 12 Months Ended
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Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract] |
Investment Portfolio | Investment Portfolio As of December 31, 2016, the Company held investments (excluding money market funds, which are included with cash and cash equivalents) worth $108.0 million. The following table summarizes the fair value of these investments as of December 31, 2016 and 2015:
| As of December 31,
| 2016 |  | 2015
Trading investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 57,355,471 |  |  | $ | — |
Company sponsored investments(b) | 20,245 |  |  | 33,245,299 |
Company sponsored equity method investments | 36,457,449 |  |  | 11,284,109 |
Deferred compensation plan investments | 14,182,470 |  |  | 7,961,412 |
Total Investment portfolio | $ | 108,015,635 |  |  | $ | 52,490,820 |
(a) Of the securities held in the Consolidated Funds as of December 31, 2016, $42.6 million were held directly by the Company and $14.7 million were held by noncontrolling shareh olde rs. (b) Upon the adoption of ASU 2015-02 on January 1, 2016, $21.1 million of investments classified as trading investments in 2015 were reclassified to equity method investments. The deferred compensation investments above consist of Diamond Hill Funds and relate to deferred compensation liabilities from both deferred compensation plans (refer to Note 6). As of December 31, 2016, trading investments and equity method investments held in deferred compensation investments were $9.3 million and $4.9 million, respectively. As of December 31, 2015, all deferred compensation investments were trading investments. As of December 31, 2016, our equity method investees consisted of the Diamond Hill Mid Cap Fund, the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund and DHGF and our ownership percentages in these funds were 33%, 27%, 20%, and 95% respectively. The Company's equity method investments consist of cash, marketable equity securities and fixed income securities. The Company met the significant subsidiaries test for total equity method investments as of December 31, 2016 and is required to provide the summarized financial information for all equity method investments for all periods presented. The following table includes the condensed summary financial information from the Company's equity method investments as of and for the years ended December 31, 2016, 2015 and 2014:
| As of December 31,
| 2016 |  | 2015 |  | 2014
Total assets | $ | 189,819,824 |  |  | $ | 11,653,249 |  |  | $ | 15,131,651 |
Total liabilities | 45,931,979 |  |  | 25,996 |  |  | 3,015 |
Net assets | 143,887,845 |  |  | 11,627,253 |  |  | 15,128,636 |
DHCM's portion of net assets | 41,338,046 |  |  | 11,284,109 |  |  | 14,652,589 |
| For the Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Investment income | $ | 3,272,972 |  |  | $ | 792,691 |  |  | $ | 128,826 |
Expenses | 1,409,896 |  |  | 5,506 |  |  | 5,362 |
Net realized gains (losses) | 1,981,185 |  |  | 1,219,565 |  |  | 262,754 |
Net change in unrealized appreciation/depreciation | 10,458,073 |  |  | (1,879,047 | ) |  | 137,935 |
Net income | 14,302,334 |  |  | 127,703 |  |  | 524,153 |
DHCM's portion of net income | 4,392,636 |  |  | 124,825 |  |  | 491,951 |

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