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Investments (Notes) | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments 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. The Company consolidated the ETF and Diamond Hill Core Bond Fund as of both December 31, 2018 and 2017, respectively. During the year ended December 31, 2018, the Company also consolidated the Diamond Hill Global Fund and the Diamond Hill High Yield Fund as we increased our ownership interest of each above 50% during the year. As of December 31, 2017, these investments were classified as equity method investments. As of December 31, 2018, our equity method investments consisted of the Diamond Hill Research Opportunities Fund and the Diamond Hill International Equity Fund, L.P., and our ownership percentages in each of these funds was 28% and 30%, respectively. As of December 31, 2017, our equity method investments consisted of the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund, the Diamond Hill Global Fund, L.P., and the Diamond Hill International Equity Fund, L.P., and our ownership percentages in these funds were 26%, 48%, 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 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 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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