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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue earned during the three months ended June 30, 2023 and 2022 under contracts with clients include:
| Three Months Ended June 30, 2023 |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue |
Diamond Hill Funds | $ | 20,921,423 |  |  | $ | 1,850,194 |  |  | $ | 22,771,617 |  |
Separately managed accounts | 6,238,511 |  |  | — |  |  | 6,238,511 |  |
Other pooled vehicles | 2,203,023 |  |  | — |  |  | 2,203,023 |  |
Model delivery | 1,301,391 |  |  | — |  |  | 1,301,391 |  |
Collective investment trusts | 836,095 |  |  | — |  |  | 836,095 |  |
| $ | 31,500,443 |  |  | $ | 1,850,194 |  |  | $ | 33,350,637 |  |
| Three Months Ended June 30, 2022 |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue |
Diamond Hill Funds | $ | 25,447,122 |  |  | $ | 2,612,949 |  |  | $ | 28,060,071 |  |
Separately managed accounts | 6,570,811 |  |  | — |  |  | 6,570,811 |  |
Other pooled vehicles | 2,371,716 |  |  | — |  |  | 2,371,716 |  |
Model delivery | 1,510,245 |  |  | — |  |  | 1,510,245 |  |
Collective investment trusts | 508,271 |  |  | — |  |  | 508,271 |  |
| $ | 36,408,165 |  |  | $ | 2,612,949 |  |  | $ | 39,021,114 |  |
Revenue earned during the six months ended June 30, 2023 and 2022 under contracts with clients include:
| Six Months Ended June 30, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 42,304,966 |  |  | $ | 3,798,238 |  |  | $ | 46,103,204 |
Separately managed accounts | 12,502,872 |  |  | — |  |  | 12,502,872 |
Other pooled vehicles | 4,334,704 |  |  | — |  |  | 4,334,704 |
Model delivery | 2,663,144 |  |  | — |  |  | 2,663,144 |
Collective investment trusts | 1,737,216 |  |  | — |  |  | 1,737,216 |
| $ | 63,542,902 |  |  | $ | 3,798,238 |  |  | $ | 67,341,140 |
| Six Months Ended June 30, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 52,702,050 |  |  | $ | 5,590,449 |  |  | $ | 58,292,499 |
Separately managed accounts | 13,763,101 |  |  | — |  |  | 13,763,101 |
Other pooled vehicles | 4,940,725 |  |  | — |  |  | 4,940,725 |
Model delivery | 3,227,409 |  |  | — |  |  | 3,227,409 |
Collective investment trusts | 1,053,766 |  |  | — |  |  | 1,053,766 |
| $ | 75,687,051 |  |  | $ | 5,590,449 |  |  | $ | 81,277,500 |
Assets under Management (AUM) Subject to Incentive Fees and Incentive 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 June 30, 2023:
| As of June 30, 2023
| AUM subject to performance-based fees |  | Unearned performance-based fees
Contractual Measurement Period Ending: |  |  |
Quarter Ending September 30, 2023 | $ | 479,984,100 |  |  | $ | 1,128,047 |
Total | $ | 479,984,100 |  |  | $ | 1,128,047 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,339,453 |  |  | $ | 6,481,081 |  |  | $ | 10,756,328 |  |  | $ | 13,421,253 |
Fund related expense | (3,489,259) |  |  | (3,868,132) |  |  | (6,958,090) |  |  | (7,830,804) |
Mutual fund administration revenue, net | $ | 1,850,194 |  |  | $ | 2,612,949 |  |  | $ | 3,798,238 |  |  | $ | 5,590,449 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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