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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Revenue under contracts with clients | Revenue earned under contracts with clients for the years ended December 31, 2022, 2021 and 2020 include:
| Year Ended December 31, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 98,873,571 |  |  | $ | 10,170,502 |  |  | $ | 109,044,073 |
Separately managed accounts, excluding performance-based fees | 26,200,724 |  |  | — |  |  | 26,200,724 |
Performance-based fees | 1,500,225 |  |  | — |  |  | 1,500,225 |
Other pooled vehicles | 9,410,541 |  |  | — |  |  | 9,410,541 |
Model delivery | 5,910,061 |  |  | — |  |  | 5,910,061 |
Collective investment trusts | 2,430,395 |  |  | — |  |  | 2,430,395 |
| $ | 144,325,517 |  |  | $ | 10,170,502 |  |  | $ | 154,496,019 |
| Year Ended December 31, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 113,602,317 |  |  | $ | 12,056,228 |  |  | $ | 125,658,545 |
Separately managed accounts, excluding performance-based fees | 27,882,488 |  |  | — |  |  | 27,882,488 |
Performance-based fees | 11,860,051 |  |  | — |  |  | 11,860,051 |
Other pooled vehicles | 10,166,928 |  |  | — |  |  | 10,166,928 |
Model delivery | 4,977,234 |  |  | — |  |  | 4,977,234 |
Collective investment trusts | 1,648,591 |  |  | — |  |  | 1,648,591 |
| $ | 170,137,609 |  |  | $ | 12,056,228 |  |  | $ | 182,193,837 |
| Year Ended December 31, 2020
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 88,103,499 |  |  | $ | 7,262,488 |  |  | $ | 95,365,987 |
Separately managed accounts, excluding performance-based fees | 19,772,236 |  |  | — |  |  | 19,772,236 |
Performance-based fees | 473,315 |  |  | — |  |  | 473,315 |
Other pooled vehicles | 7,606,864 |  |  | — |  |  | 7,606,864 |
Model delivery | 2,656,487 |  |  | — |  |  | 2,656,487 |
Collective investment trusts | 512,829 |  |  | — |  |  | 512,829 |
| $ | 119,125,230 |  |  | $ | 7,262,488 |  |  | $ | 126,387,718 |
Assets under management (AUM) subject to variable rate fees and the variable rate fees | The table below shows AUM subject to performance-based fees and the amount of performance-based fees that would be recognized based upon investment results as of December 31, 2022:
| As of December 31, 2022
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Measurement Period Ending: |  |  |
Quarter Ending September 30, 2023 | $ | 454,802,480 |  |  | $ | 306,875 |
Total | $ | 454,802,480 |  |  | $ | 306,875 |
Mutual fund administration gross and net revenue | Mutual fund administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Mutual fund administration: |  |  |  |  |
Administration revenue, gross | $ | 25,188,386 |  |  | $ | 29,635,451 |  |  | $ | 22,296,535 |
Fund related expense | (15,017,884) |  |  | (17,579,223) |  |  | (15,034,047) |
Mutual fund administration revenue, net | $ | 10,170,502 |  |  | $ | 12,056,228 |  |  | $ | 7,262,488 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
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