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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue from contracts with clients that was earned during the three months ended June 30, 2024 and 2023 include:
| Three Months Ended June 30, 2024
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 22,559,374 |  |  | $ | 1,820,208 |  |  | $ | 24,379,582 |
Separately managed accounts | 6,605,780 |  |  | — |  |  | 6,605,780 |
Other pooled vehicles | 2,873,703 |  |  | — |  |  | 2,873,703 |
Collective investment trusts | 1,568,385 |  |  | — |  |  | 1,568,385 |
Model delivery | 1,233,883 |  |  | — |  |  | 1,233,883 |
| $ | 34,841,125 |  |  | $ | 1,820,208 |  |  | $ | 36,661,333 |
| Three Months Ended June 30, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 20,921,423 |  |  | $ | 1,850,194 |  |  | $ | 22,771,617 |
Separately managed accounts | 6,238,511 |  |  | — |  |  | 6,238,511 |
Other pooled vehicles | 2,203,023 |  |  | — |  |  | 2,203,023 |
Model delivery | 1,301,391 |  |  | — |  |  | 1,301,391 |
Collective investment trusts | 836,095 |  |  | — |  |  | 836,095 |
| $ | 31,500,443 |  |  | $ | 1,850,194 |  |  | $ | 33,350,637 |
Revenue from contracts with clients that was earned during the six months ended June 30, 2024 and 2023, include:
| Six Months Ended June 30, 2024
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 44,654,558 |  |  | $ | 3,763,345 |  |  | $ | 48,417,903 |
Separately managed accounts | 13,385,128 |  |  | — |  |  | 13,385,128 |
Other pooled vehicles | 5,644,416 |  |  | — |  |  | 5,644,416 |
Collective investment trusts | 2,965,395 |  |  | — |  |  | 2,965,395 |
Model delivery | 2,543,421 |  |  | — |  |  | 2,543,421 |
| $ | 69,192,918 |  |  | $ | 3,763,345 |  |  | $ | 72,956,263 |
| Six Months Ended June 30, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 42,304,966 |  |  | $ | 3,798,238 |  |  | $ | 46,103,204 |
Separately managed accounts | 12,502,872 |  |  | — |  |  | 12,502,872 |
Other pooled vehicles | 4,334,704 |  |  | — |  |  | 4,334,704 |
Model delivery | 2,663,144 |  |  | — |  |  | 2,663,144 |
Collective investment trusts | 1,737,216 |  |  | — |  |  | 1,737,216 |
| $ | 63,542,902 |  |  | $ | 3,798,238 |  |  | $ | 67,341,140 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,930,195 |  |  | $ | 5,339,453 |  |  | $ | 11,648,804 |  |  | $ | 10,756,328 |
Fund related expense | (4,109,987) |  |  | (3,489,259) |  |  | (7,885,459) |  |  | (6,958,090) |
Mutual fund administration revenue, net | $ | 1,820,208 |  |  | $ | 1,850,194 |  |  | $ | 3,763,345 |  |  | $ | 3,798,238 |

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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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