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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Note 3 Investments The following table summarizes the carrying value of the Company’s investments as of September 30, 2025 and December 31, 2024:
|  | As of |
|  | September 30, 2025 |  |  | December 31, 2024 |
Fair value investments: |  |  |  |  |  |
Securities held in Consolidated Funds(a) |  | $ | 30,909,036 |  |  | $ | 35,583,162 |
Company-sponsored investments |  |  | 30,709,147 |  |  |  | 30,146,571 |
Company-sponsored equity method investments |  |  | 113,073,310 |  |  |  | 94,023,248 |
Total Investments |  | $ | 174,691,493 |  |  | $ | 159,752,981 |
(a) Of the securities held in the Consolidated Funds as of September 30, 2025, DHCM held $30.9 million and non-controlling shareholders held less than $0.1 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 September 30, 2025 the Company consolidated the Diamond Hill Securitized Total Return Fund. As of December 31, 2024, the Company consolidated the Diamond Hill Core Plus Bond Fund. The components of net investment income (loss), net are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Realized gains |  | $ | 4,018,635 |  |  | $ | 70,138 |  |  | $ | 8,056,139 |  |  | $ | 1,080,393 |
Change in unrealized |  |  | 3,079,834 |  |  |  | 8,620,510 |  |  |  | 12,686,379 |  |  |  | 14,579,579 |
Dividends |  |  | 1,113,959 |  |  |  | 997,553 |  |  |  | 2,036,620 |  |  |  | 2,773,166 |
Interest income |  |  | 296,646 |  |  |  | — |  |  |  | 1,427,991 |  |  |  | — |
Other |  |  | (15,344 | ) |  |  | (19,240 | ) |  |  | (38,745 | ) |  |  | (53,090 | )
Investment income, net |  | $ | 8,493,730 |  |  | $ | 9,668,961 |  |  | $ | 24,168,384 |  |  | $ | 18,380,048 |
Company-Sponsored Equity Method Investments As of September 30, 2025, the Company’s equity method investments consisted of DHMF, the Diamond Hill International Fund, the Diamond Hill Core Plus Bond Fund, and the Diamond Hill Large Cap Concentrated ETF. The Company’s ownership percentage in these investments was 81%, 22%, 40%, and 45%, respectively. The Company’s ownership in DHMF, the Diamond Hill International Fund, the Diamond Hill Core Plus Bond Fund, and the Diamond Hill Large Cap Concentrated ETF includes $10.8 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-and nine-month periods ended September 30, 2025:
|  | As of |
|  | September 30, 2025 |
Total assets |  | $ | 334,429,914 |
Total liabilities |  |  | 13,074,549 |
Net assets |  |  | 321,355,365 |
DHCM’s portion of net assets |  | $ | 113,073,310 |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2025 |
Investment income |  | $ | 1,560,446 |  |  | $ | 4,924,683 |
Expenses |  |  | 325,863 |  |  |  | 1,332,933 |
Net realized gains |  |  | 5,962,596 |  |  |  | 14,978,089 |
Change in unrealized |  |  | 8,433,250 |  |  |  | 26,453,698 |
Net income |  |  | 15,630,429 |  |  |  | 45,023,537 |
DHCM’s portion of net income |  | $ | 6,272,816 |  |  | $ | 17,756,125 |
The Company’s investments as of September 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 $23.7 million as of September 30, 2025.

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