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Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Market Value of Investments

The following table summarizes the carrying value of the Company's investments as of September 30, 2020 and December 31, 2019:

			As of
			September 30, 2020						December 31, 2019
Fair value investments:
Securities held in Consolidated Funds(a)			$	28,035,352					$	36,248,360
Company sponsored investments			25,997,804						42,039,044
Company sponsored equity method investments			62,400,320						61,149,774
Total Investments			$	116,433,476					$	139,437,178

(a) Of the securities held in the Consolidated Funds as of September 30, 2020, the Company directly held $19.9 million and noncontrolling shareholders held $8.2 million. Of the securities held in the Consolidated Funds as of December 31, 2019, the Company directly held $21.1 million and noncontrolling shareholders held $15.1 million.

Schedule of Investment Income

The components of net investment income (loss) are as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2020						2019						2020						2019
Realized gains (losses)			$	512,265					$	194,373					$	(1,231,163)					$	5,280,172
Unrealized gains (losses)			4,040,917						1,089,398						(6,478,411)						11,489,980
Dividends			518,472						1,559,836						1,983,423						5,808,218
Interest			—						—						—						987,418
Other investment income (loss)			(18,860)						(20,660)						(56,523)						61,631
Investment income (loss), net			$	5,052,794					$	2,822,947					$	(5,782,674)					$	23,627,419

Equity Method Investments

The following table includes the condensed summary financial information from the Company's equity method investments as of and for the three- and nine-month periods ended September 30, 2020:

									As of
									September 30, 2020
Total assets									$	298,978,334
Total liabilities									30,049,442
Net assets									268,928,892
DHCM's portion of net assets									$	62,400,320
			For the Three Months Ended						For the Nine Months Ended
			September 30, 2020						September 30, 2020
Investment income			$	1,576,219					$	4,246,021
Expenses			393,499						1,114,278
Net realized gains (losses)			1,789,682						(1,577,639)
Net unrealized appreciation			2,294,163						2,289,667
Net income			5,266,565						3,843,771
DHCM's portion of net income			$	1,523,452					$	1,807,279

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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