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Investments (Notes)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following table summarizes the carrying value of the Company’s investments as of December 31, 2024 and 2023:
As of December 31,
20242023
Fair value investments:
Securities held in Consolidated Funds(a)
$35,583,162 — 
Company-sponsored investments30,146,571 $63,208,573 
  Company-sponsored equity method investments94,023,248 84,530,289 
Total Investments$159,752,981 $147,738,862 
(a) Of the securities held in the Consolidated Funds as of December 31, 2024, DHCM directly held $35.4 million and non-controlling shareholders held $0.2 million.
As of December 31, 2024, the Company has consolidated the Diamond Hill Core Plus Bond Fund. As of December 31, 2023, the Company did not consolidate any of the Proprietary Funds. 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,
202420232022
Realized gains (losses)$141,604 $39,096 $(118,408)
Change in unrealized9,809,930 15,690,012 (24,082,672)
Dividends4,922,446 7,517,393 4,193,792 
Interest income298,186 — — 
Other loss(52,966)(175,060)(179,223)
Investment income (loss), net$15,119,200 $23,071,441 $(20,186,511)
Company-Sponsored Equity Method Investments
As of December 31, 2024, 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 84%, 40%, and 43%, respectively. The Company’s ownership in DHMF, the Diamond Hill International Fund, and the Diamond Hill Large Cap Concentrated Fund includes $9.0 million of investments held in the Deferred Compensation Plans (as defined in Note 7).
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 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.
The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023, and 2022:
As of December 31,
20242023
Total assets$211,179,739 $162,145,182 
Total liabilities8,334,844 4,551,099 
Net assets202,844,895 157,594,083 
DHCM’s portion of net assets$94,023,248 $84,530,289 
For the Year Ended December 31,
202420232022
Investment income$4,406,158 $1,349,183 $413,528 
Expenses1,686,238 460,670 134,478 
Net realized gains
6,957,654 311,950 378,476 
Change in unrealized4,988,298 15,879,847 (402,230)
Net income14,665,872 17,080,310 255,296 
DHCM’s portion of net income (loss)$9,039,837 $9,728,056 $(405,393)
The Company’s investments at December 31, 2024 and 2023 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 $22.9 million and $17.7 million as of December 31, 2024 and 2023, respectively.