Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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.