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Investments | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The following table summarizes the carrying value of the Company’s investments as of June 30, 2025 and December 31, 2024:
| As of
| June 30, 2025 |  | December 31, 2024
Fair value investments: |  |  |
Securities held in Consolidated Funds(a) | $ | 62,035,855 |  |  | $ | 35,583,162 |
Company-sponsored investments | 29,122,726 |  |  | 30,146,571 |
Company-sponsored equity method investments | 82,338,692 |  |  | 94,023,248 |
Total Investments | $ | 173,497,273 |  |  | $ | 159,752,981 |
(a) Of the securities held in the Consolidated Funds as of June 30, 2025, DHCM held $37.0 million and non-controlling shareholders held $25.0 million. Of the securities held in the Consolidated Fund as of December 31, 2024, DHCM held $35.4 million and non-controlling shareholders held $0.2 million. As of June 30, 2025 and December 31, 2024, the Company consolidated the Diamond Hill Core Plus Bond Fund. As of June 30, 2025, the Company also consolidated the Diamond Hill Securitized Total Return Fund. The components of net investment income (loss), net are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Realized gains | $ | 3,827,435 |  |  | $ | 631,300 |  |  | $ | 4,037,505 |  |  | $ | 1,010,255 |
Change in unrealized | 9,647,729 |  |  | (2,089,643) |  |  | 9,606,545 |  |  | 5,959,069 |
Dividends | 412,773 |  |  | 822,397 |  |  | 922,661 |  |  | 1,775,613 |
Interest income | 676,915 |  |  | — |  |  | 1,131,345 |  |  | — |
Other | (10,167) |  |  | (18,645) |  |  | (23,402) |  |  | (33,850) |
Investment income (loss), net | $ | 14,554,685 |  |  | $ | (654,591) |  |  | $ | 15,674,654 |  |  | $ | 8,711,087 |
Company-Sponsored Equity Method Investments As of June 30, 2025, 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 these investments was 87%, 26%, and 39%, respectively. The Company’s ownership in DHMF, the Diamond Hill International Fund, and the Diamond Hill Large Cap Concentrated Fund includes $8.3 million of investments held in the Deferred Compensation Plans (as defined in Note 6). The following table includes the condensed summary financial information from the Company’s equity method investments as of, and for the three-month and six-month periods ended, June 30, 2025:
|  |  | As of
|  |  | June 30, 2025
Total assets |  |  | $ | 241,289,762 |
Total liabilities |  |  | 11,047,014 |
Net assets |  |  | 230,242,748 |
DHCM’s portion of net assets |  |  | $ | 82,338,692 |
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2025 |  | June 30, 2025
Investment income | $ | 1,829,847 |  |  | $ | 3,364,236 |
Expenses | 526,073 |  |  | 1,007,070 |
Net realized gains | 3,781,770 |  |  | 9,015,493 |
Change in unrealized | 21,050,372 |  |  | 18,020,448 |
Net income | 26,135,916 |  |  | 29,393,107 |
DHCM’s portion of net income | $ | 11,803,043 |  |  | $ | 11,483,309 |
The Company’s investments at June 30, 2025 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 $23.0 million as of June 30, 2025.

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