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Investments (Notes) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes the carrying value of the Company’s investments as of December 31, 2023 and 2022:
| As of December 31,
| 2023 |  | 2022
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | — |  |  | $ | 54,740,993 |
Company-sponsored investments | $ | 63,208,573 |  |  | 66,828,910 |
Company-sponsored equity method investments | 84,530,289 |  |  | 24,105,808 |
Total Investments | $ | 147,738,862 |  |  | $ | 145,675,711 |
(a) Of the securities held in the Consolidated Funds as of December 31, 2022, DHCM directly held $37.5 million and non-controlling shareholders held $17.2 million. As of December 31, 2023, the Company did not consolidate any of the Funds. As of December 31, 2022, the Company consolidated the Diamond Hill International Fund. The Company deconsolidated the Diamond Hill International Fund during the year ended December 31, 2023, as the Company’s ownership declined to less than 50%. The components of net investment income (loss) are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Realized gains (losses) | $ | 39,096 |  |  | $ | (118,408) |  |  | $ | 15,676,405 |
Change in unrealized | 15,690,012 |  |  | (24,082,672) |  |  | (2,352,649) |
Dividends | 7,517,393 |  |  | 4,193,792 |  |  | 3,221,448 |
Other loss | (175,060) |  |  | (179,223) |  |  | (163,988) |
Investment income (loss), net | $ | 23,071,441 |  |  | $ | (20,186,511) |  |  | $ | 16,381,216 |
Company-Sponsored Equity Method Investments As of December 31, 2023, the Company’s equity method investments consisted of DHMF, the Diamond Hill International Fund, and the Diamond Hill Large Cap Concentrated Fund. The Company’s ownership percentage in each of these investments was 85%, 49%, and 47%, respectively. The Company’s ownership in DHMF, the Diamond Hill International Fund, and the Diamond Hill Large Cap Concentrated Fund includes $6.9 million of investments held in the Deferred Compensation Plans (as defined in Note 7). 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 investments from the Deferred Compensation Plans. 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, 2022 was 87%. The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022, and 2021:
|  |  | As of December 31,
|  |  | 2023 |  | 2022
Total assets |  |  | $ | 162,145,182 |  |  | $ | 38,828,388 |
Total liabilities |  |  | 4,551,099 |  |  | 278,675 |
Net assets |  |  | 157,594,083 |  |  | 38,549,713 |
DHCM’s portion of net assets |  |  | $ | 84,530,289 |  |  | $ | 24,105,808 |
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Investment income | $ | 1,349,183 |  |  | $ | 413,528 |  |  | $ | 106,440 |
Expenses | 460,670 |  |  | 134,478 |  |  | 37,820 |
Net realized gains | 311,950 |  |  | 378,476 |  |  | — |
Change in unrealized | 15,879,847 |  |  | (402,230) |  |  | 977,920 |
Net income | 17,080,310 |  |  | 255,296 |  |  | 1,046,540 |
DHCM’s portion of net income (loss) | $ | 9,728,056 |  |  | $ | (405,393) |  |  | $ | 914,855 |
The Company’s investments at December 31, 2023 and 2022 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 $17.7 million and $13.1 million as of December 31, 2023 and 2022, respectively.

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