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Investment Portfolio | 9 Months Ended
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Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract] |
Investment Portfolio | Investment Portfolio As of September 30, 2017, the Company held investments (excluding money market funds, which are included with cash and cash equivalents) worth $129.7 million. The following table summarizes the carrying value of these investments as of September 30, 2017 and December 31, 2016:
| As of
| September 30, 2017 | December 31, 2016
Trading investments: |  |
Securities held in Consolidated Funds(a) | $ | 65,106,741 |  | $ | 57,355,471 |
Company sponsored investments | 34,883,067 |  | 9,322,118 |
Company sponsored equity method investments | 29,753,573 |  | 41,338,046 |
Total Investment portfolio | $ | 129,743,381 |  | $ | 108,015,635 |
(a) Of the securities held in the Consolidated Funds as of September 30, 2017, $41.9 million were held directly by the Company and $23.2 million were held by noncontrolling shareholders. 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 shareholders. As of September 30, 2017, our equity method investees consisted of the Diamond Hill High Yield Fund, the Diamond Hill Research Opportunities Fund, DHGF, and DHIEF and our ownership percentages in these funds were 47%, 22%, 95%, and 30%, respectively. The Company's equity method investments consist of cash, marketable equity securities and fixed income securities. The following table includes the condensed summary financial information from the Company's equity method investments as of and for the period ended September 30, 2017:
|  |  | As of
|  |  | September 30, 2017
Total assets |  |  | $ | 130,983,409 |
Total liabilities |  |  | 36,624,404 |
Net assets |  |  | 94,359,005 |
DHCM's portion of net assets |  |  | 29,753,573 |
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2017 |  | September 30, 2017
Investment income | $ | 643,059 |  |  | $ | 2,164,621 |
Expenses | 300,273 |  |  | 865,475 |
Net realized gains | 599,849 |  |  | 3,171,574 |
Net change in unrealized appreciation/depreciation | (726,509 | ) |  | 2,887,675 |
Net income | 216,126 |  |  | 7,358,395 |
DHCM's portion of net income | 324,189 |  |  | 2,372,528 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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