XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Investments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following table summarizes the carrying value of the Company’s investments as of September 30, 2023, and December 31, 2022:
As of
September 30, 2023December 31, 2022
Fair value investments:
Securities held in Consolidated Funds(a)
$69,490,476 $54,740,993 
Company sponsored investments67,549,541 66,828,910 
Company sponsored equity method investments27,588,184 24,105,808 
Total Investments$164,628,201 $145,675,711 
(a) Of the securities held in the Consolidated Funds as of September 30, 2023, DHCM directly held $39.9 million and noncontrolling shareholders held $29.6 million. Of the securities held in the Consolidated Funds as of December 31, 2022, DHCM directly held $37.5 million and noncontrolling shareholders held $17.2 million.

As of September 30, 2023 and December 31, 2022, the Diamond Hill International Fund was the only fund in the Consolidated Funds.

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

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Realized gains (losses)
$211,446 $(162,973)$1,017,983 $(432,444)
Change in unrealized(6,283,344)(8,742,185)4,367,873 (35,262,608)
Dividends1,457,543 886,212 4,497,091 2,517,672 
Other income (loss)
(22,597)(12,760)(160,453)(124,456)
Investment income (loss), net$(4,636,952)$(8,031,706)$9,722,494 $(33,301,836)
Company-Sponsored Equity Method Investments
As of September 30, 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 these investments was 85% and 44%, respectively. The Company’s ownership in DHMF and the Diamond Hill Large Cap Concentrated Fund includes $5.2 million of investments held in the Deferred Compensation Plans (as defined in Note 6).
The following table includes the condensed summary financial information from the Company’s equity method investments as of and for the three-month and nine-month periods ended September 30, 2023:
As of
September 30, 2023
Total assets$45,039,288 
Total liabilities221,720 
Net assets44,817,568 
DHCM’s portion of net assets$27,588,184 
For the Three Months EndedFor the Nine Months Ended
September 30, 2023September 30, 2023
Investment income$227,882 $588,001 
Expenses63,972 176,241 
Net realized gains 128,182 504,096 
Change in unrealized (558,593)2,848,511 
Net income (266,501)3,764,367 
DHCM’s portion of net (loss) income
$(85,509)$2,738,071 
The Company’s investments at September 30, 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 $16.1 million as of September 30, 2023.