COLUMBUS, Ohio, May 8, 2024 /PRNewswire/ -- Diamond Hill Investment Group, Inc. (NASDAQ:DHIL) today reported unaudited financial results for the first quarter of 2024. The following are selected highlights for the quarter ended March 31, 2024: Assets under management ("AUM") and assets under advisement ("AUA") combined were $31.9 billion, compared to $29.2 billion as of December 31, 2023, and $26.7 billion as of March 31, 2023. Average AUM and AUA combined were $30.1 billion, compared to $27.3 billion for the first quarter of 2023. Net client inflows were $118.0 million, compared to $84.0 million of net inflows for the first quarter of 2023. Revenue was $36.3 million, compared to $34.0 million for the first quarter of 2023. Net operating profit margin was 23%, compared to 32% for the first quarter of 2023. Adjusted net operating profit margin1 was 32%, compared to 35% for the first quarter of 2023. Investment income was $9.4 million, compared to $8.1 million for the first quarter of 2023. Net income attributable to common shareholders was $13.0 million, compared to $12.7 million for the first quarter of 2023. Earnings per share attributable to common shareholders - diluted was $4.62, compared to $4.20 for the first quarter of 2023. Adjusted earnings per share attributable to common shareholders - diluted2 was $3.00, compared to $2.81 for the first quarter of 2023. The Company returned a total of $17.5 million to its shareholders - $13.3 million through the repurchase of 85,108 common shares and $4.2 million through a dividend of $1.50 per common share. "Long-term investment performance has continued to improve across many of our strategies," said Heather Brilliant, CEO. "That performance combined with strong market returns and solid client interest is reflected in our assets under management and advisement. As always we remain focused on generating excellent, long-term client outcomes in all market environments." 1 Adjusts the financial measure calculated in accordance with U.S. generally accepted accounting principles ("GAAP") for the impact of market movements on the deferred compensation liability and related economic hedges, and the impact of  any consolidated funds.  During the first quarter of 2024, no Diamond Hill Funds were consolidated;  during the first quarter of 2023, the Diamond Hill International Fund was consolidated.  The Diamond Hill Fund(s) consolidated during the applicable period are referred to as the "Consolidated Funds." See the reconciliation to the comparable GAAP financial measure at the end of this earnings release. 2 Adjusts the financial measure calculated in accordance with GAAP for the impact of the Consolidated Funds and investment income related to certain other investments.  See the reconciliation to the comparable GAAP financial measure at the end of this earnings release.   Dividend: The Company's board of directors approved the payment of a regular quarterly cash dividend of $1.50 per common share. The dividend will be paid on June 14, 2024, to the Company's shareholders of record as of the close of business on June 3, 2024. Selected Income Statement Data Three Months Ended March 31, 2024 2023 % Change Revenue $         36,294,930 $         33,990,503 7 % Compensation and related costs, excluding deferred compensation expense 18,147,465 16,362,908 11 % Deferred compensation expense 3,190,363 744,511 329 % Other expenses 6,654,276 5,941,517 12 % Total operating expenses 27,992,104 23,048,936 21 % Net operating income 8,302,826 10,941,567 (24) % Investment income, net 9,365,678 8,082,738 16 % Net income before taxes 17,668,504 19,024,305 (7) % Income tax expense (4,652,571) (4,921,258) (5) % Net income 13,015,933 14,103,047 (8) % Net income attributable to redeemable noncontrolling interest — (1,395,495) NM Net income attributable to common shareholders $         13,015,933 $         12,707,552 2 % Earnings per share attributable to common shareholders - diluted $                    4.62 $                    4.20 10 % Weighted average shares outstanding - diluted 2,816,839 3,025,094 (7) %   Selected Assets Under Management and Assets Under Advisement Data