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Investments (Notes) | 12 Months Ended
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Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes the carrying value of the Company's investments as of December 31, 2020 and 2019:
| As of December 31,
| 2020 |  | 2019
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 33,233,307 |  |  | $ | 36,248,360 |
Company-sponsored investments | 95,167,829 |  |  | 42,039,044 |
Company-sponsored equity method investments | — |  |  | 61,149,774 |
Total Investments | $ | 128,401,136 |  |  | $ | 139,437,178 |
(a) Of the securities held in the Consolidated Funds as of December 31, 2020, the Company directly held $23.6 million and non-controlling shareholders held $9.6 million. Of the securities held in the Consolidated Funds as of December 31, 2019, the Company directly held $21.1 million and non-controlling shareholders held $15.1 million. As of December 31, 2020, securities held by the Company in the Consolidated Funds consisted of the Diamond Hill Global Fund and the Diamond Hill International Fund as our ownership percentage in these investments was greater than 50%. As of December 31, 2019, securities held in the Consolidated Funds consisted of the Diamond Hill Global Fund and the Diamond Hill International Fund as our ownership percentage in these investments was greater than 50%. During the year ended December 31, 2019, the Company began consolidating the Diamond Hill International Fund as ownership increased above 50% and de-consolidated the ETF, the Diamond Hill Core Bond Fund and the Diamond Hill High Yield Fund as our ownership in each declined to less than 50%. The components of net investment income (loss) are as follows:
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Realized gains (losses) | $ | (1,488,059) |  |  | $ | 9,056,152 |  |  | $ | 2,143,695 |
Unrealized gains (losses) | 5,348,243 |  |  | 15,086,747 |  |  | (16,067,048) |
Dividend income | 2,824,542 |  |  | 5,350,146 |  |  | 2,814,026 |
Interest income | — |  |  | 987,240 |  |  | 4,857,261 |
Other investment income (loss) | (99,877) |  |  | 27,090 |  |  | (20,612) |
Investment income (loss), net | $ | 6,584,849 |  |  | $ | 30,507,375 |  |  | $ | (6,272,678) |
Company-Sponsored Equity Method Investments As of December 31, 2020, the Company had no equity method investments. During 2020, there were periods of time when the Company’s ownership in the Diamond Hill Research Opportunities Fund 1 and the Diamond Hill Core Bond Fund was between 20% and 50%, respectively, and thus, a portion of these Funds’ income is included in the table below for the year ended December 31, 2020. As of December 31, 2019, the Company’s equity method investments consisted of the Diamond Hill Research Opportunities Fund and the Diamond Hill Core Bond Fund, and the Company’s ownership percentage in each of these investments was 23% and 36%, respectively. During 2019, there were periods of time where the Company’s ownership in the Diamond Hill High Yield Fund was between 20% and 50%, respectively, and thus, a portion of that Fund’s income is included in the table below for the year ended December 31, 2019. During 2019, there were periods of time where the Company’s ownership in the Diamond Hill Core Bond Fund was greater than 50%, and thus, a portion of that Fund’s income is excluded from the table below for the year ended December 31, 2019. For the year ended December 31, 2018, the Company’s equity method investments consisted of the Diamond Hill Research Opportunities Fund, and the Company’s ownership percentage in this investment was 28% as of December 31, 2018, and thus, that Fund’s income is included in the table below. 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, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018:
|  |  | As of December 31,
|  |  | 2020 |  | 2019
Total assets |  |  | $ | — |  |  | $ | 237,073,628 |
Total liabilities |  |  | — |  |  | 38,453,935 |
Net assets |  |  | — |  |  | 198,619,693 |
DHCM’s portion of net assets |  |  | $ | — |  |  | $ | 61,149,774 |
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Investment income | $ | 4,246,021 |  |  | $ | 5,346,588 |  |  | $ | 1,154,007 |
Expenses | 1,114,278 |  |  | 1,551,291 |  |  | 978,322 |
Net realized gains (losses) | (1,577,639) |  |  | 6,390,727 |  |  | 1,918,661 |
Net change in unrealized appreciation (depreciation) | 2,289,667 |  |  | 14,805,837 |  |  | (10,229,319) |
Net income (loss) | 3,843,771 |  |  | 24,991,861 |  |  | (8,134,973) |
DHCM’s portion of net income (loss) | $ | 1,807,279 |  |  | $ | 8,301,571 |  |  | $ | (2,400,467) |

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