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Significant Accounting Policies (Tables)
 12 Months Ended
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 advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$84,810,452 $7,536,871 $92,347,323 
Separately managed accounts, excluding performance-based fees24,898,695 — 24,898,695 
Performance-based fees1,176,351 — 1,176,351 
Other pooled vehicles9,261,533 — 9,261,533 
Model delivery5,211,113 — 5,211,113 
Collective investment trusts3,821,356 — 3,821,356 
$129,179,500 $7,536,871 $136,716,371 
Year Ended December 31, 2022
Investment advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$98,873,571 $10,170,502 $109,044,073 
Separately managed accounts, excluding performance-based fees26,200,724 — 26,200,724 
Performance-based fees1,500,225 — 1,500,225 
Other pooled vehicles9,410,541 — 9,410,541 
Model delivery5,910,061 — 5,910,061 
Collective investment trusts2,430,395 — 2,430,395 
$144,325,517 $10,170,502 $154,496,019 
Year Ended December 31, 2021
Investment advisoryMutual fund
administration, net		Total revenue
Diamond Hill Funds$113,602,317 $12,056,228 $125,658,545 
Separately managed accounts, excluding performance-based fees27,882,488 — 27,882,488 
Performance-based fees11,860,051 — 11,860,051 
Other pooled vehicles10,166,928 — 10,166,928 
Model delivery4,977,234 — 4,977,234 
Collective investment trusts1,648,591 — 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,
 202320222021
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