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Investments (Notes)
 12 Months Ended
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,
20202019
Fair value investments:
Securities held in Consolidated Funds(a)
$33,233,307 $36,248,360 
Company-sponsored investments95,167,829 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,
202020192018
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 income2,824,542 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 $(6,272,678)
Company-Sponsored Equity Method Investments
As of December 31, 2020, the Company had no equity method investments. During 2020, there were periods of time when the Company’s ownership in the Diamond Hill Research Opportunities Fund1 and the Diamond Hill Core Bond Fund was between 20% and 50%, respectively, and thus, a portion of these Funds’ income is included in the table below for the year ended December 31, 2020.
As of December 31, 2019, the Company’s equity method investments consisted of the Diamond Hill Research Opportunities Fund and the Diamond Hill Core Bond Fund, and the Company’s ownership percentage in each of these investments was 23% and 36%, respectively. During 2019, there were periods of time where the Company’s ownership in the Diamond Hill High Yield Fund was between 20% and 50%, respectively, and thus, a portion of that Fund’s income is included in the table below for the year ended December 31, 2019. During 2019, there were periods of time where the Company’s ownership in the Diamond Hill Core Bond Fund was greater than 50%, and thus, a portion of that Fund’s income is excluded from the table below for the year ended December 31, 2019.
For the year ended December 31, 2018, the Company’s equity method investments consisted of the Diamond Hill Research Opportunities Fund, and the Company’s ownership percentage in this investment was 28% as of December 31, 2018, and thus, that Fund’s income is included in the table below.
The Company’s equity method investments consist of cash, marketable equity securities, and fixed income securities. The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019, and 2018:
As of December 31,
20202019
Total assets$— $237,073,628 
Total liabilities— 38,453,935 
Net assets— 198,619,693 
DHCM’s portion of net assets$— $61,149,774 
For the Year Ended December 31,
202020192018
Investment income$4,246,021 $5,346,588 $1,154,007 
Expenses1,114,278 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)