DIAMOND HILL INVESTMENT GROUP INC

Listed Company

DHILCIK 0000909108NasdaqAcceleratedInvestment AdviceOhioFY ends Dec 31

Period

FY 2025

Revenue

$147.10M

Net Income

$48.76M

Total Assets

$260.40M

Equity

$176.43M

Shares Out

2.71M

Op. Cash Flow

$-6.62M

Business

Diamond Hill Investment Group Inc provides investment advisory and fund administration services primarily through its subsidiary, Diamond Hill Capital Management, a registered investment adviser. It offers active, valuation-disciplined investment strategies and administers open‑end mutual funds, a closed‑end securitized credit fund, a private micro‑cap fund, separately managed accounts, collective investment trusts, other pooled vehicles, and model portfolios. The company’s core business is DHCM’s advisory and fund‑administration operations, which service proprietary and third‑party vehicles. It distributes strategies mainly to institutional asset allocators, wirehouses, banks, broker‑dealers, RIAs and plan sponsors in the United States, and via model delivery programs.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	147	151	137	154	182
Compensation and related costs, excluding deferred compensation expense	72	75	71	71	74
Deferred compensation expense	6	5	6	−4	7
General and administrative	20	17	15	14	14
Sales and marketing	8	8	7	7	8
Fund administration	4	4	3	3	4
Total operating expenses	110	107	101	90	106
NET OPERATING INCOME	37	44	36	64	76
Investment income, net	31	15	23	−20	16
Total non-operating income	31	15	23	—	—
Net income before income taxes	67	59	59	51	102
Income tax expense	−18	−16	−15	−14	−26
NET INCOME	49	43	43	37	76
Net income attributable to redeemable noncontrolling interest	−598,493	−189	−859,126	—	—
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	49	43	42	40	74
Basic (in dollars per share)	17.91	15.66	14.32	13.01	23.34
Diluted (in dollars per share)	17.91	15.66	14.32	13.01	23.34
Basic (in shares)	3	3	3	3	3
Diluted (in shares)	3	3	3	3	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	42	42	—	—	—
Investments	177	160	148	146	167
Accounts receivable	19	20	18	17	20
Prepaid expenses	3	4	4	3	3
Income taxes receivable	571,547	2	2	1	0
Property and equipment, net of depreciation	10	8	3	4	6
Deferred taxes	7	10	12	14	10
Total assets	260	245	232	250	286
Accounts payable and accrued expenses	7	6	5	9	9
Accrued incentive compensation	28	32	30	32	37
Lease liability	6	6	800,000	—	—
Deferred compensation	43	39	36	31	37
Total liabilities	84	83	72	72	84
Redeemable noncontrolling interest	5,493	246,008	0	14	18
Common shares, no par value: 7,000,000 shares authorized; 2,705.580 issued and outstanding at December 31, 2025 (inclusive of 274,349 unvested shares); 2,670,469 issued and outstanding at December 31, 2024 (inclusive of 173,120 unvested shares)	51	28	22	52	80
Preferred shares, undesignated: 1,000,000 shares authorized and unissued	0	0	0	0	0
Deferred equity compensation	−29	−16	−15	−17	−15
Retained earnings	154	150	154	129	119
Total permanent shareholders equity	176	162	160	164	184
Total liabilities and shareholders equity	260	245	232	250	286

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	1	1	1	1
Share-based compensation	13	12	12	11	7
(Increase) decrease in accounts receivable	593,825	−2	−3	3	−3
Change in current income taxes	979,171	70,146	−157,317	−2	1
Change in deferred income taxes	2	2	3	−5	−1
Net gain on investments	−24	−8	−17	24	−11
Net change in securities held by Consolidated Funds	−53	−36	−11	−14	−50
Increase (decrease) in accrued incentive compensation	−4	2	−3	−5	9
Increase in deferred compensation	3	3	5	−7	4
Other changes in assets and liabilities	2	−365,494	4	2	2
Net cash provided by (used in) operating activities	−7	17	35	39	26
Purchase of property and equipment	−2	−1	−21,705	−101,454	−1
Purchase of Company sponsored investments	−12	−15	−19	−8	−21
Proceeds from sale of Company sponsored investments	47	47	15	7	41
Net cash provided by (used in) investing activities	33	31	−4	6	27
Value of shares withheld related to employee tax withholding obligations	−4	−6	−5	−3	−2
Payment of dividends	−27	−17	−18	—	—
Redemptions of redeemable noncontrolling interest holders	−55,009	0	−2	—	—
Subscriptions received from redeemable noncontrolling interest holders	23	245,819	12	9	10
Repurchases of common shares	−17	−30	−35	−39	−8
Proceeds received under employee stock purchase plan	268,809	327,283	409,790	526,285	603,268
Net cash used in financing activities	−25	−52	−47	−63	−72
Net change during the year	798,631	−5	−16	−17	−18
Income taxes paid	14	14	13	21	26
Operating lease right-of-use asset addition, net of lease incentive	207,227	3	0	0	—
Lease incentives included in property and equipment	174,675	3	0	0	—

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