v3.25.2
Investments
 6 Months Ended
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, 2025December 31, 2024
Fair value investments:
Securities held in Consolidated Funds(a)
$62,035,855 $35,583,162 
Company-sponsored investments29,122,726 30,146,571 
Company-sponsored equity method investments82,338,692 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,
2025202420252024
Realized gains$3,827,435 $631,300 $4,037,505 $1,010,255 
Change in unrealized9,647,729 (2,089,643)9,606,545 5,959,069 
Dividends412,773 822,397 922,661 1,775,613 
Interest income676,915 — 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 liabilities11,047,014 
Net assets230,242,748 
DHCM’s portion of net assets$82,338,692 
For the Three Months EndedFor the Six Months Ended
June 30, 2025June 30, 2025
Investment income$1,829,847 $3,364,236 
Expenses526,073 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.