XML 27 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements (Notes)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company determines the fair value of its cash equivalents and certain investments using the following broad levels listed below:
Level 1 - Unadjusted quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs are observable.
Level 3 - Valuations derived from techniques in which significant inputs are unobservable. The Company does not value any investments using Level 3 inputs.
These levels are not necessarily an indication of the risk or liquidity associated with investments.
The following table summarizes investments that are recognized in the Company’s consolidated balance sheet using fair value measurements (excludes investments classified as equity method investments) determined based upon the differing levels as of December 31, 2024 and 2023:

December 31, 2024Level 1Level 2Level 3Total
Cash equivalents $40,339,754 — — $40,339,754 
Fair value investments
     Securities held in Consolidated Funds(a)
1,840,412 33,742,750 35,583,162 
     Company-sponsored investments30,146,571 — — 30,146,571 
December 31, 2023
Cash equivalents 44,171,397 — — 44,171,397 
Fair value investments
     Company-sponsored investments$63,208,573 — — $63,208,573 
(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.
Changes to fair values of the investments are recorded in the Company’s consolidated statements of income as investment income (loss), net.