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Investments

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The following table summarizes the carrying value of the Company's investments as of September 30, 2021 and December 31, 2020:

			As of
			September 30, 2021						December 31, 2020
Fair value investments:
Securities held in Consolidated Funds(a)			$	59,329,410					$	33,233,307
Company sponsored investments			96,127,928						95,167,829
Company sponsored equity method investments			12,235,633						—
Total Investments			$	167,692,971					$	128,401,136

(a) Of the securities held in the Consolidated Funds as of September 30, 2021, the Company directly held $45.2 million and noncontrolling shareholders held $14.1 million. Of the securities held in the Consolidated Funds as of December 31, 2020, the Company directly held $23.6 million and noncontrolling shareholders held $9.6 million.

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Realized gains (losses)			$	1,185,429					$	512,265					$	5,244,509					$	(1,231,163)
Unrealized gains (losses)			(4,689,325)						4,040,917						1,572,140						(6,478,411)
Dividends			971,107						518,472						2,241,037						1,983,423
Other			(96,800)						(18,860)						(146,735)						(56,523)
Investment income (loss), net			$	(2,629,589)					$	5,052,794					$	8,910,951					$	(5,782,674)

Company Sponsored Equity Method Investments

During the three- and nine-month periods ended September 30, 2021, the Company's only equity method investment was DHMF, and the Company's ownership percentage in DHMF was 89% as of September 30, 2021. DHMF commenced operations on June 1, 2021.

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, 2021:

									As of
									September 30, 2021
Total assets									$	14,189,835
Total liabilities									423,056
Net assets									13,766,779
DHCM's portion of net assets									$	12,235,633
			For the Three Months Ended						For the Nine Months Ended
			September 30, 2021						September 30, 2021
Investment income			$	54,530					$	60,130
Expenses			5,486						14,343
Net unrealized loss			(473,618)						(591,514)
Net loss			(424,574)						(545,727)
DHCM's portion of net loss			$	(380,062)					$	(476,872)

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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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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