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Investments
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following table summarizes the carrying value of the Company’s investments as of March 31, 2023, and December 31, 2022:
As of
March 31, 2023December 31, 2022
Fair value investments:
Securities held in Consolidated Funds(a)
$60,973,177 $54,740,993 
Company sponsored investments68,301,102 66,828,910 
Company sponsored equity method investments25,510,684 24,105,808 
Total Investments$154,784,963 $145,675,711 
(a) Of the securities held in the Consolidated Funds as of March 31, 2023, the Company directly held $40.4 million and noncontrolling shareholders held $20.6 million. Of the securities held in the Consolidated Funds as of December 31, 2022, the Company directly held $37.5 million and noncontrolling shareholders held $17.2 million.

As of March 31, 2023 and December 31, 2022, the Company has consolidated the Diamond Hill International Fund.

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

Three Months Ended March 31,
20232022
Realized gains$819,135 $1,443,747 
Change in unrealized gains / losses5,808,171 (9,750,856)
Dividends1,509,288 767,885 
Other(53,856)(53,033)
Investment income (loss), net$8,082,738 $(7,592,257)
Company-Sponsored Equity Method Investments
As of March 31, 2023, 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 86% and 47%, respectively. The Company’s ownership in DHMF and the Diamond Hill Large Cap Concentrated Fund includes $4.8 million of deferred compensation plan investments.
The following table includes the condensed summary financial information from the Company’s equity method investments as of and for the three-month period ended March 31, 2023:
As of
March 31, 2023
Total assets$40,440,588 
Total liabilities34,936 
Net assets40,405,652 
DHCM’s portion of net assets$25,510,684 
For the Three Months Ended
March 31, 2023
Investment income$172,185 
Expenses54,759 
Net realized gains 4,977 
Change in unrealized gains / losses592,126 
Net income 714,529 
DHCM’s portion of net income $660,571 
The Company’s investments at March 31, 2023 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 $14.5 million as of March 31, 2023.