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Investment Portfolio | 6 Months Ended
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Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Portfolio | Investments The following table summarizes the carrying value of these investments as of June 30, 2019 and December 31, 2018:
| As of
| June 30, 2019 |  | December 31, 2018
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 83,249,245 |  |  | $ | 153,730,480 |
Company sponsored investments | 22,859,833 |  |  | 33,418,088 |
Company sponsored equity method investments | 44,663,232 |  |  | 16,339,649 |
Total Investments | $ | 150,772,310 |  |  | $ | 203,488,217 |
(a) Of the securities held in the Consolidated Funds as of June 30, 2019, $50.5 million were held directly by the Company and $32.8 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 ETF and the Diamond Hill High Yield Fund during the six months ended June 30, 2019. As of June 30, 2019, the Diamond Hill High Yield Fund was classified as an equity method investment. The ETF liquidated and its assets were distributed to its shareholders on April 5, 2019. As of June 30, 2019, our equity method investments consisted of the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund and the Diamond Hill International Fund, and our ownership percentage in each of these investments was 22%, 28%, 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 June 30, 2019:
|  |  | As of
|  |  | June 30, 2019
Total assets |  |  | $ | 218,298,706 |
Total liabilities |  |  | 40,535,465 |
Net assets |  |  | 177,763,241 |
DHCM's portion of net assets |  |  | 44,663,232 |
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2019 |  | June 30, 2019
Investment income | $ | 1,812,727 |  |  | $ | 3,186,209 |
Expenses | 359,106 |  |  | 650,208 |
Net realized gains | 3,986,700 |  |  | 4,384,996 |
Net change in unrealized appreciation | 1,857,772 |  |  | 10,063,039 |
Net income | 7,298,093 |  |  | 16,984,036 |
DHCM's portion of net income | 1,988,850 |  |  | 4,984,861 |

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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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