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Investment Portfolio | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Portfolio | Investments The following table summarizes the carrying value of these investments as of March 31, 2019 and December 31, 2018:
| As of
| March 31, 2019 |  | December 31, 2018
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 78,997,408 |  |  | $ | 153,730,480 |
Company sponsored investments | 39,533,699 |  |  | 33,418,088 |
Company sponsored equity method investments | 46,260,613 |  |  | 16,339,649 |
Total Investments | $ | 164,791,720 |  |  | $ | 203,488,217 |
(a) Of the securities held in the Consolidated Funds as of March 31, 2019, $48.8 million were held directly by the Company and $30.2 million were held by noncontrolling shareholders. 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. The Company deconsolidated the Diamond Hill High Yield Fund during the three months ended March 31, 2019. As of March 31, 2019, the Diamond Hill High Yield Fund was classified as an equity method investment. In March of 2019, the Company determined to close and liquidate the ETF effective April 5, 2019. On March 26, 2019, the ETF liquidated its holdings and it held all cash as of March 31, 2019. The cash was distributed to all shareholders on April 5, 2019. As of March 31, 2019, our equity method investments consisted of the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund and the Diamond Hill International Equity Fund, and our ownership percentage in each of these investments was 28%, 39%, and 30%, respectively. The following table includes the condensed summary financial information from the Company's equity method investments as of and for the period ended March 31, 2019:
| As of
| March 31, 2019
Total assets | $ | 171,333,153 |
Total liabilities | 34,730,660 |
Net assets | 136,602,493 |
DHCM's portion of net assets | 46,260,613 |
| For the Three Months Ended
| March 31, 2019
Investment income | $ | 1,373,481 |
Expenses | 291,103 |
Net realized gains | 398,296 |
Net change in unrealized appreciation | 8,205,267 |
Net income | 9,685,941 |
DHCM's portion of net income | 3,415,624 |

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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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