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Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2024
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue from contracts with clients that was earned during the three months ended March 31, 2024 and 2023, include:
| Three Months Ended March 31, 2024
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 22,095,183 |  |  | $ | 1,943,137 |  |  | $ | 24,038,320 |
Separately managed accounts | 6,779,253 |  |  | — |  |  | 6,779,253 |
Other pooled vehicles | 2,770,713 |  |  | — |  |  | 2,770,713 |
Collective investment trusts | 1,397,010 |  |  | — |  |  | 1,397,010 |
Model delivery | 1,309,634 |  |  | — |  |  | 1,309,634 |
| $ | 34,351,793 |  |  | $ | 1,943,137 |  |  | $ | 36,294,930 |
| Three Months Ended March 31, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 21,383,543 |  |  | $ | 1,948,044 |  |  | $ | 23,331,587 |
Separately managed accounts | 6,264,361 |  |  | — |  |  | 6,264,361 |
Other pooled vehicles | 2,131,681 |  |  | — |  |  | 2,131,681 |
Model delivery | 1,361,753 |  |  | — |  |  | 1,361,753 |
Collective investment trusts | 901,121 |  |  | — |  |  | 901,121 |
| $ | 32,042,459 |  |  | $ | 1,948,044 |  |  | $ | 33,990,503 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross |  |  |  |  | $ | 5,718,610 |  |  | $ | 5,416,875 |
Fund related expense |  |  |  |  | (3,775,473) |  |  | (3,468,831) |
Mutual fund administration revenue, net |  |  |  |  | $ | 1,943,137 |  |  | $ | 1,948,044 |

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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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