Diamond Hill CEO Heather Brilliant Receives $11.7 Million in Cash as First Eagle Merger Closes at $175 Per Share

TL;DR: Diamond Hill Investment Group’s CEO Heather E. Brilliant sold all her holdings for $11.7 million after the firm’s merger with First Eagle Investment Management paid $175 per share in cash. The transaction closed April 22, 2026, converting every outstanding share into the same cash amount.

Context: Diamond Hill (ticker: DHIL) had roughly 13.3 million shares outstanding before the merger, giving it a market capitalization of about $2.3 billion at the $175 merger price. On April 21, 2026, the stock closed at $160, meaning the merger price represented a 9.4% increase from the prior day’s close. The merger agreement, signed December 10, 2025, stipulated that each common and restricted share would be canceled and converted into a $175 cash payment without interest.

Key Facts: On April 22, 2026, Brilliant disposed of 66,680 directly held common shares and 473 shares held in a 401(k) to the issuer. The 66,680 common shares generated approximately $11.67 million in cash proceeds; the 473 shares added about $83,000. Together, the disposition totaled roughly $11.75 million, reflecting the CEO’s full equity cash‑out under the merger terms.

What It Means: The insider sale signals a complete exit of the CEO’s stake in Diamond Hill, aligning with the transaction’s structure that left no outstanding shares after the close. With Diamond Hill now part of First Eagle, attention turns to how the combined asset manager will integrate operations and whether further insider transactions will emerge as the new entity reports its first post‑merger results.

Watch for First Eagle’s upcoming earnings release and any subsequent Form 4 filings that may reveal additional insider activity or changes in the merged firm’s leadership compensation.