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Investments (Notes)
 12 Months Ended
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,
20232022
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 investments84,530,289 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,
202320222021
Realized gains (losses)$39,096 $(118,408)$15,676,405 
Change in unrealized15,690,012 (24,082,672)(2,352,649)
Dividends7,517,393 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,
20232022
Total assets$162,145,182 $38,828,388 
Total liabilities4,551,099 278,675 
Net assets157,594,083 38,549,713 
DHCM’s portion of net assets$84,530,289 $24,105,808 
For the Year Ended December 31,
202320222021
Investment income$1,349,183 $413,528 $106,440 
Expenses460,670 134,478 37,820 
Net realized gains
311,950 378,476 — 
Change in unrealized15,879,847 (402,230)977,920 
Net income17,080,310 255,296 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.