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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Market Value of 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.

Schedule of Investment Income

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

Equity Method Investments

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

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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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