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Investments (Notes) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes the carrying value of the Company’s investments as of December 31, 2022 and 2021:
| As of December 31,
| 2022 |  | 2021
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 54,740,993 |  |  | $ | 73,855,204 |
Company-sponsored investments | 66,828,910 |  |  | 79,173,437 |
Company-sponsored equity method investments | 24,105,808 |  |  | 13,627,360 |
Total Investments | $ | 145,675,711 |  |  | $ | 166,656,001 |
(a) Of the securities held in the Consolidated Funds as of December 31, 2022, the Company directly held $37.5 million and non-controlling shareholders held $17.2 million. 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. As of December 31, 2022, the Company has consolidated the Diamond Hill International Fund. 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 the Company’s ownership percentage in these investments was greater than 50%. The components of net investment income (loss) are as follows:
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Realized gains (losses) | $ | (118,408) |  |  | $ | 15,676,405 |  |  | $ | (1,488,059) |
Change in unrealized gains / losses | (24,082,672) |  |  | (2,352,649) |  |  | 5,348,243 |
Dividends | 4,193,792 |  |  | 3,221,448 |  |  | 2,824,542 |
Other | (179,223) |  |  | (163,988) |  |  | (99,877) |
Investment income (loss), net | $ | (20,186,511) |  |  | $ | 16,381,216 |  |  | $ | 6,584,849 |
Company-Sponsored Equity Method Investments As of December 31, 2022, the Company’s equity method investments consisted of DHMF and the Diamond Hill Large Cap Concentrated Fund, and the Company’s ownership percentage in each of these investments was 85% and 48%, respectively. The Company’s ownership in DHMF and the Diamond Hill Large Cap Concentrated Fund includes $3.8 million of deferred compensation plan investments. As of December 31, 2021, the Company’s only equity method investment 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 Fund 2 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. The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021, and 2020:
|  |  | As of December 31,
|  |  | 2022 |  | 2021
Total assets |  |  | $ | 38,828,388 |  |  | $ | 15,879,492 |
Total liabilities |  |  | 278,675 |  |  | 270,446 |
Net assets |  |  | 38,549,713 |  |  | 15,609,046 |
DHCM’s portion of net assets |  |  | $ | 24,105,808 |  |  | $ | 13,627,360 |
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Investment income | $ | 413,528 |  |  | $ | 106,440 |  |  | $ | 4,246,021 |
Expenses | 134,478 |  |  | 37,820 |  |  | 1,114,278 |
Net realized gains (losses) | 378,476 |  |  | — |  |  | (1,577,639) |
Change in unrealized | (402,230) |  |  | 977,920 |  |  | 2,289,667 |
Net income | 255,296 |  |  | 1,046,540 |  |  | 3,843,771 |
DHCM’s portion of net income (loss) | $ | (405,393) |  |  | $ | 914,855 |  |  | $ | 1,807,279 |
The Company’s investments at December 31, 2022 and 2021 include its interest in DHMF, an unconsolidated VIE, as the Company is not deemed the primary beneficiary. The Company’s maximum risk of loss related to its involvement with DHMF is limited to the carrying value of its investment which was $13.1 million and $13.6 million as of December 31, 2022 and 2021, respectively.

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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 https://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 https://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 https://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 https://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) + Details
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