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Investments (Notes)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following table summarizes the carrying value of the Company’s investments as of December 31, 2022 and 2021:
As of December 31,
20222021
Fair value investments:
Securities held in Consolidated Funds(a)
$54,740,993 $73,855,204 
Company-sponsored investments66,828,910 79,173,437 
  Company-sponsored equity method investments24,105,808 13,627,360 
Total Investments$145,675,711 $166,656,001 
(a) Of the securities held in the Consolidated Funds as of December 31, 2022, the Company directly held $37.5 million and non-controlling shareholders held $17.2 million. Of the securities held in the Consolidated Funds as of December 31, 2021, the Company directly held $55.8 million and non-controlling shareholders held $18.1 million.
As of December 31, 2022, the Company has consolidated the Diamond Hill International Fund. As of December 31, 2021, securities held by the Company in the Consolidated Funds consisted of the Diamond Hill Large Cap Concentrated Fund and the Diamond Hill International Fund, as the Company’s ownership percentage in these investments was greater than 50%.
The components of net investment income (loss) are as follows:
For the Year Ended December 31,
202220212020
Realized gains (losses)$(118,408)$15,676,405 $(1,488,059)
Change in unrealized gains / losses(24,082,672)(2,352,649)5,348,243 
Dividends4,193,792 3,221,448 2,824,542 
Other (179,223)(163,988)(99,877)
Investment income (loss), net$(20,186,511)$16,381,216 $6,584,849 
Company-Sponsored Equity Method Investments
As of December 31, 2022, the Company’s equity method investments consisted of DHMF and the Diamond Hill Large Cap Concentrated Fund, and the Company’s ownership percentage in each of these investments was 85% and 48%, respectively. The Company’s ownership in DHMF and the Diamond Hill Large Cap Concentrated Fund includes $3.8 million of deferred compensation plan investments.
As of December 31, 2021, the Company’s only equity method investment was DHMF, which commenced operations on June 1, 2021. The Company’s ownership percentage in DHMF as of December 31, 2021 was 87%.
As of December 31, 2020, the Company had no equity method investments. During 2020, there were periods of time when the Company’s ownership in the Diamond Hill Research Opportunities Fund2 and the Diamond Hill Core Bond Fund was between 20% and 50%, respectively, and thus, a portion of these Funds’ income is included in the table below for the year ended December 31, 2020.
The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021, and 2020:
As of December 31,
20222021
Total assets$38,828,388 $15,879,492 
Total liabilities278,675 270,446 
Net assets38,549,713 15,609,046 
DHCM’s portion of net assets$24,105,808 $13,627,360 
For the Year Ended December 31,
202220212020
Investment income$413,528 $106,440 $4,246,021 
Expenses134,478 37,820 1,114,278 
Net realized gains (losses)378,476 — (1,577,639)
Change in unrealized(402,230)977,920 2,289,667 
Net income255,296 1,046,540 3,843,771 
DHCM’s portion of net income (loss)$(405,393)$914,855 $1,807,279 
The Company’s investments at December 31, 2022 and 2021 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 $13.1 million and $13.6 million as of December 31, 2022 and 2021, respectively.