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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Revenue under contracts with clients | Revenue from contracts with clients that was earned during the years ended December 31, 2023, 2022 and 2021 include:
| Year Ended December 31, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 84,810,452 |  |  | $ | 7,536,871 |  |  | $ | 92,347,323 |
Separately managed accounts, excluding performance-based fees | 24,898,695 |  |  | — |  |  | 24,898,695 |
Performance-based fees | 1,176,351 |  |  | — |  |  | 1,176,351 |
Other pooled vehicles | 9,261,533 |  |  | — |  |  | 9,261,533 |
Model delivery | 5,211,113 |  |  | — |  |  | 5,211,113 |
Collective investment trusts | 3,821,356 |  |  | — |  |  | 3,821,356 |
| $ | 129,179,500 |  |  | $ | 7,536,871 |  |  | $ | 136,716,371 |
| Year Ended December 31, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 98,873,571 |  |  | $ | 10,170,502 |  |  | $ | 109,044,073 |
Separately managed accounts, excluding performance-based fees | 26,200,724 |  |  | — |  |  | 26,200,724 |
Performance-based fees | 1,500,225 |  |  | — |  |  | 1,500,225 |
Other pooled vehicles | 9,410,541 |  |  | — |  |  | 9,410,541 |
Model delivery | 5,910,061 |  |  | — |  |  | 5,910,061 |
Collective investment trusts | 2,430,395 |  |  | — |  |  | 2,430,395 |
| $ | 144,325,517 |  |  | $ | 10,170,502 |  |  | $ | 154,496,019 |
| Year Ended December 31, 2021
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 113,602,317 |  |  | $ | 12,056,228 |  |  | $ | 125,658,545 |
Separately managed accounts, excluding performance-based fees | 27,882,488 |  |  | — |  |  | 27,882,488 |
Performance-based fees | 11,860,051 |  |  | — |  |  | 11,860,051 |
Other pooled vehicles | 10,166,928 |  |  | — |  |  | 10,166,928 |
Model delivery | 4,977,234 |  |  | — |  |  | 4,977,234 |
Collective investment trusts | 1,648,591 |  |  | — |  |  | 1,648,591 |
| $ | 170,137,609 |  |  | $ | 12,056,228 |  |  | $ | 182,193,837 |
Assets under management (AUM) subject to variable rate fees and the variable rate fees | The Company’s next performance measurement period will be the twelve months ending September 30, 2024. AUM subject to performance-based fees was approximately $518.9 million as of December 31, 2023.
Mutual fund administration gross and net revenue | Mutual fund administration gross and net revenue are summarized below:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Mutual fund administration: |  |  |  |  |
Administration revenue, gross | $ | 21,597,721 |  |  | $ | 25,188,386 |  |  | $ | 29,635,451 |
Fund related expense | (14,060,850) |  |  | (15,017,884) |  |  | (17,579,223) |
Mutual fund administration revenue, net | $ | 7,536,871 |  |  | $ | 10,170,502 |  |  | $ | 12,056,228 |

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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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