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Investments (Notes)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following table summarizes the carrying value of the Company's investments as of December 31, 2021 and 2020:
As of December 31,
20212020
Fair value investments:
Securities held in Consolidated Funds(a)
$73,855,204 $33,233,307 
Company-sponsored investments79,173,437 95,167,829 
  Company-sponsored equity method investments13,627,360 — 
Total Investments$166,656,001 $128,401,136 
(a) Of the securities held in the Consolidated Funds as of December 31, 2021, the Company directly held $55.8 million and non-controlling shareholders held $18.1 million. 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.
As of December 31, 2021, securities held by the Company in the Consolidated Funds consisted of the Diamond Hill Large Cap Concentrated Fund and the Diamond Hill International Fund, as our ownership percentage in these investments was greater than 50%.
As of December 31, 2020, 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%.
The components of net investment income are as follows:
For the Year Ended December 31,
202120202019
Realized gains (losses)$15,676,405 $(1,488,059)$9,056,152 
Unrealized gains(2,352,649)5,348,243 15,086,747 
Dividend income3,221,448 2,824,542 5,350,146 
Interest income— — 987,240 
Other (163,988)(99,877)27,090 
Investment income, net$16,381,216 $6,584,849 $30,507,375 
Company-Sponsored Equity Method Investments
The Company’s only equity method investment during 2021 was DHMF, which commenced operations on June 1, 2021. The Company’s ownership percentage in DHMF as of December 31, 2021 was 87%.
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.
The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020, and 2019:
As of December 31,
20212020
Total assets$15,879,492 — 
Total liabilities270,446 — 
Net assets15,609,046 — 
DHCM’s portion of net assets$13,627,360 — 
For the Year Ended December 31,
202120202019
Investment income$106,440 $4,246,021 $5,346,588 
Expenses37,820 1,114,278 1,551,291 
Net realized gains (losses)— (1,577,639)6,390,727 
Net change in unrealized appreciation977,920 2,289,667 14,805,837 
Net income 1,046,540 3,843,771 24,991,861 
DHCM’s portion of net income $914,855 $1,807,279 $8,301,571