Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 7. Investments

As of December 31, 2022 and 2021, 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 and USAA Funds. Deferred compensation plan investments are held under deferred compensation plans and include Victory Funds, USAA 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).

Investments in Proprietary Funds

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 December 31, 2022	$	551	$	29	$	(114	)	$	466
As of December 31, 2021		769		169		(26	)		912

The following table presents proceeds from sales of investments in proprietary funds and realized gains and losses recognized during the years ended December 31, 2022, 2021 and 2020:

	Sale		Realized
(in thousands)	Proceeds		Gains		(Losses)
For the year ending December 31, 2022	$	295	$	—	$	(42	)
For the year ending December 31, 2021		215		50		—
For the year ending December 31, 2020		507		31		(13	)

Deferred Compensation Plan Investments

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 December 31, 2022	$	27,801	$	529	$	(1,530	)	$	26,800
As of December 31, 2021		27,174		4,266		(628	)		30,812

The following table presents proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the years ended December 31, 2022, 2021 and 2020:

	Sale		Realized
	Proceeds		Gains		(Losses)
For the year ending December 31, 2022	$	23,714	$	2,225	$	(1,966	)
For the year ending December 31, 2021		9,662		1,315		(59	)
For the year ending December 31, 2020		4,063	$	130	$	(309	)