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Significant Accounting Policies (Tables)
 12 Months Ended
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 advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$98,873,571 $10,170,502 $109,044,073 
Separately managed accounts, excluding performance-based fees26,200,724 — 26,200,724 
Performance-based fees1,500,225 — 1,500,225 
Other pooled vehicles9,410,541 — 9,410,541 
Model delivery5,910,061 — 5,910,061 
Collective investment trusts2,430,395 — 2,430,395 
$144,325,517 $10,170,502 $154,496,019 
Year Ended December 31, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$113,602,317 $12,056,228 $125,658,545 
Separately managed accounts, excluding performance-based fees27,882,488 — 27,882,488 
Performance-based fees11,860,051 — 11,860,051 
Other pooled vehicles10,166,928 — 10,166,928 
Model delivery4,977,234 — 4,977,234 
Collective investment trusts1,648,591 — 1,648,591 
$170,137,609 $12,056,228 $182,193,837 
Year Ended December 31, 2020
Investment advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$88,103,499 $7,262,488 $95,365,987 
Separately managed accounts, excluding performance-based fees19,772,236 — 19,772,236 
Performance-based fees473,315 — 473,315 
Other pooled vehicles7,606,864 — 7,606,864 
Model delivery2,656,487 — 2,656,487 
Collective investment trusts512,829 — 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 feesUnearned 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,
 202220212020
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