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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 4 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 indicative 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 (excluding investments classified as equity method investments) determined based upon the differing levels as of September 30, 2025:

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

$

42,044,852

 

 

 

—

 

 

 

—

 

 

$

42,044,852

 

Fair value investments:

 

 

 

 

 

 

 

 

 

 

 

 

Securities held in Consolidated Funds(a)

 

$

167,125

 

 

$

30,741,911

 

 

 

—

 

 

$

30,909,036

 

Company-sponsored investments

 

$

30,709,147

 

 

 

—

 

 

 

—

 

 

$

30,709,147

 

 

(a) Of the securities held in the Consolidated Funds as of September 30, 2025, DHCM directly held $30.9 million and non-controlling shareholders held less than $0.1 million.

Changes to fair values of the investments are recorded in the Company’s consolidated statements of income as investment income, net.