As of March 31, 2024 and December 31, 2023, the Company had investments in proprietary funds and deferred compensation plan investments. Investments in proprietary funds consist entirely of seed capital investments in certain Victory Funds. Deferred compensation plan investments are held under deferred compensation plans and include Victory Funds and third party mutual funds.

Unrealized and realized gains and losses on investments in proprietary funds and deferred compensation plan investments are recorded in earnings as interest income and other income (expense).

The following table presents a summary of the cost and fair value of investments in proprietary funds:


			Gross Unrealized					Fair
(in thousands)	Cost		Gains		(Losses)			Value
As of March 31, 2024	$	570	$	77	$	(75	)	$	572
As of December 31, 2023		569		55		(90	)		534

There were no sales of investments in proprietary funds during the three months ended March 31, 2024 and 2023.

The following table presents a summary of the cost and fair value of deferred compensation plan investments:


			Gross Unrealized					Fair
(in thousands)	Cost		Gains		(Losses)			Value
As of March 31, 2024	$	30,535	$	2,639	$	(222	)	$	32,952
As of December 31, 2023		30,109		1,610		(445	)		31,274

The following table presents proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the three months ended March 31, 2024 and 2023:


	Sale		Realized
(in thousands)	Proceeds		Gains		(Losses)
For the three months ended March 31, 2024	$	299	$	22	$	(5	)
For the three months ended March 31, 2023		1,971		1		(201	)