Diamond Hill Investment Group, Inc. reported financial results for the fiscal year ended December 31, 2025. Net income attributable to common shareholders increased by 13% to $48.8 million in 2025, up from $43.2 million in 2024. Diluted earnings per share (EPS) attributable to common shareholders rose by 14% to $17.91 in 2025, compared to $15.66 in 2024. Assets under management (AUM) and assets under advisement (AUA) combined decreased to $31.0 billion as of December 31, 2025, from $31.9 billion at the end of 2024. The company experienced significant net client outflows of $2.7 billion in 2025, a substantial increase from $0.3 billion in net outflows during 2024. Revenue for 2025 was $147.1 million, a decrease from $151.1 million in 2024. Net operating profit margin declined to 25% in 2025 from 29% in 2024, with adjusted net operating profit margin also falling to 29% from 32%. Transaction-related expenses of $2.9 million, associated with the pending merger with First Eagle Investment Management, LLC, reduced both net operating profit margin and adjusted net operating profit margin by approximately 2 percentage points year-over-year. Net investment income significantly increased by 102% to $30.5 million in 2025, up from $15.1 million in 2024. The company returned approximately $44.1 million to shareholders in 2025, comprising $16.9 million through share repurchases (120,081 common shares) and $27.2 million through a $10.00 per common share dividend. The pending merger with First Eagle Investment Management, LLC was highlighted as a key event, expected to deliver immediate value to shareholders and position Diamond Hill for long-term success.