SEIインベストメンツの四半期報告

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________

FORM 10-Q

________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to ________

Commission File Number: 0-10200

________________________________________

SEI INVESTMENTS COMPANY

(Exact Name of Registrant as Specified in its Charter)

________________________________________


Pennsylvania						23-1707341
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

1 Freedom Valley Drive, Oaks, Pennsylvania 19456-1100

(Address of Principal Executive Offices) (Zip Code)

(610) 676-1000

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SEIC

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

The number of shares outstanding of the registrant’s common stock, as of the close of business on October 9, 2025:


Common Stock, $0.01 par value						122,439,410

SEI INVESTMENTS COMPANY

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Page

Item 1.

Financial Statements.

Consolidated Balance Sheets (Unaudited) -- September 30, 2025 and December 31, 2024

Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 30, 2025 and 2024

Notes to Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

Item 4.

Controls and Procedures.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings.

Item 1A.

Risk Factors.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

Item 5.

Other Information

Item 6.

Exhibits.

Signatures

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.



Consolidated Balance Sheets									SEI Investments Company
(unaudited)									and Subsidiaries
(Dollars in thousands, except per-share data)


	September 30, 2025		December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	792,822	$	840,193
Receivables from investment products	50,563		54,118
Receivables, net of allowance for doubtful accounts of $2,228 and $1,435	670,116		567,634
Securities owned	31,242		29,583

Other current assets	66,975		60,282
Total Current Assets	1,611,718		1,551,810
Property and Equipment, net of accumulated depreciation of $461,304 and $493,219	156,065		159,643
Operating Lease Right-of-Use Assets	24,065		28,905
Capitalized Software, net of accumulated amortization of $661,413 and $641,071	235,559		236,023
Investments	293,865		315,567
Assets of Consolidated Variable Interest Entities	170,657		—
Goodwill	168,430		170,287
Intangible Assets, net of accumulated amortization of $44,506 and $55,835	61,387		77,370
Deferred Contract Costs	49,113		45,855
Deferred Income Taxes	17,490		51,984
Other Assets, net	56,761		47,162
Total Assets	$	2,845,110	$	2,684,606

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Balance Sheets									SEI Investments Company
(unaudited)									and Subsidiaries
(Dollars in thousands, except per-share data)


	September 30, 2025		December 31, 2024
Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity
Current Liabilities:
Accounts payable	$	7,871	$	13,081
Accrued liabilities	254,162		347,513
Current portion of long-term operating lease liabilities	7,083		7,900
Deferred revenue	12,307		12,019
Total Current Liabilities	281,423		380,513

Liabilities of Consolidated Variable Interest Entities	100,492		—
Long-term Income Taxes Payable	—		803

Long-term Operating Lease Liabilities	19,234		24,235
Other Long-term Liabilities	24,552		26,943
Total Liabilities	425,701		432,494
Commitments and Contingencies
Redeemable Non-controlling Interests	18,852		—
Shareholders' Equity:
Common stock, $0.01 par value, 750,000,000 shares authorized; 122,632,620 and 126,839,734 shares issued and outstanding	1,226		1,268
Capital in excess of par value	1,648,817		1,539,816
Retained earnings	774,892		758,003
Accumulated other comprehensive loss, net	(24,378)		(46,975)
Total Shareholders' Equity	2,400,557		2,252,112
Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity	$	2,845,110	$	2,684,606

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Operations			SEI Investments Company
(unaudited)			and Subsidiaries
(Dollars in thousands, except per-share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Asset management, administration and distribution fees	$	461,964	$	423,859	$	1,331,650	$	1,237,623
Information processing and software servicing fees	116,547		113,537		357,806		330,338
Total revenues	578,511		537,396		1,689,456		1,567,961
Expenses:
Subadvisory, distribution and other asset management costs	55,072		47,969		152,313		141,279
Software royalties and other information processing costs	9,434		8,936		27,706		25,503
Compensation, benefits and other personnel	203,739		191,740		594,097		570,534
Stock-based compensation	13,956		13,696		41,985		37,224
Consulting, outsourcing and professional fees	54,401		53,291		167,344		159,258
Data processing and computer related	41,569		37,556		122,689		112,790
Facilities, supplies and other costs	20,982		21,622		61,481		58,795
Amortization	11,912		10,413		33,071		31,284
Depreciation	7,485		8,341		23,077		25,097
Total expenses	418,550		393,564		1,223,763		1,161,764
Income from operations	159,961		143,832		465,693		406,197
Net gain from investments	1,992		427		4,244		3,349
Interest and dividend income	10,207		13,579		29,711		35,950
Interest expense	(109)		(141)		(386)		(419)
Gain on sale of business	—		—		94,412		—
Other income	4,922		8,151		9,422		8,151
Equity in earnings of unconsolidated affiliate	31,903		36,513		94,290		102,375
Net gain from consolidated variable interest entities	1,845		—		1,845		—
Income before income taxes	210,721		202,361		699,231		555,603
Income taxes	46,135		47,461		156,045		130,183
Net income	164,586		154,900		543,186		425,420
Less: Net income attributable to non-controlling interests	382		—		382		—
Net income attributable to SEI Investments Company	$	164,204	$	154,900	$	542,804	$	425,420

Basic earnings per common share	$	1.33	$	1.20	$	4.35	$	3.26
Shares used to compute basic earnings per share	123,099		129,418		124,710		130,550
Diluted earnings per common share	$	1.30	$	1.19	$	4.25	$	3.23
Shares used to compute diluted earnings per share	126,325		130,671		127,684		131,830
Dividends declared per common share	$	—	$	—	$	0.49	$	0.46

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Comprehensive Income						SEI Investments Company
(unaudited)						and Subsidiaries
(Dollars in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	164,586	$	154,900	$	543,186	$	425,420
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(3,855)		12,413		18,038		9,071
Unrealized gain (loss) on investments:
Unrealized gains (losses) during the period, net of income taxes of $(276), $(1,007), $(1,410) and $(463)	924		3,373		4,731		1,546
Reclassification adjustment for gains realized in net income, net of income taxes of $18, $21, $49 and $76	(64)		(70)		(172)		(251)
Total other comprehensive (loss) income, net of tax	(2,995)		15,716		22,597		10,366
Comprehensive income	$	161,591	$	170,616	$	565,783	$	435,786
Less: Comprehensive income attributable to the non-controlling interests	382		—		382		—
Comprehensive income attributable to SEI Investments Company	$	161,209	$	170,616	$	565,401	$	435,786

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Changes in Equity						SEI Investments Company
(unaudited)						and Subsidiaries
(Dollars in thousands, except per-share data)


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Three Months Ended September 30, 2025
Balance, July 1, 2025	123,697	$	1,236	$	1,619,133	$	739,453	$	(21,383)	$	2,338,439
Net income	—	—		—		164,204		—		164,204
Other comprehensive loss	—	—		—		—		(2,995)		(2,995)
Purchase and retirement of common stock	(1,572)	(15)		(12,775)		(128,765)		—		(141,555)
Issuance of common stock under employee stock purchase plan	16	—		1,158		—		—		1,158
Issuance of common stock under share-based award plans	492	4		27,345		—		—		27,349
Stock-based compensation	—	1		13,956		—		—		13,957

Balance, September 30, 2025	122,633	$	1,226	$	1,648,817	$	774,892	$	(24,378)	$	2,400,557


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Three Months Ended September 30, 2024
Balance, July 1, 2024	129,855	$	1,299	$	1,465,037	$	823,549	$	(42,382)	$	2,247,503
Net income	—	—		—		154,900		—		154,900
Other comprehensive income	—	—		—		—		15,716		15,716
Purchase and retirement of common stock	(1,274)	(13)		(9,261)		(76,541)		—		(85,815)
Issuance of common stock under employee stock purchase plan	17	1		965		—		—		966
Issuance of common stock under share-based award plans	157	1		7,443		—		—		7,444
Stock-based compensation	—	—		13,696		—		—		13,696

Balance, September 30, 2024	128,755	$	1,288	$	1,477,880	$	901,908	$	(26,666)	$	2,354,410

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Changes in Equity						SEI Investments Company
(unaudited)						and Subsidiaries
(Dollars in thousands, except per-share data)


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Nine Months Ended September 30, 2025
Balance, January 1, 2025	126,840	$	1,268	$	1,539,816	$	758,003	$	(46,975)	$	2,252,112
Net income	—	—		—		542,804		—		542,804
Other comprehensive income	—	—		—		—		22,597		22,597
Purchase and retirement of common stock	(6,235)	(62)		(50,657)		(464,437)		—		(515,156)
Issuance of common stock under employee stock purchase plan	55	—		3,912		—		—		3,912
Issuance of common stock under share-based award plans	1,973	19		111,957		—		—		111,976
Stock-based compensation	—	1		43,789		—		—		43,790
Dividends declared ($0.49 per share)	—	—		—		(61,478)		—		(61,478)
Balance, September 30, 2025	122,633	$	1,226	$	1,648,817	$	774,892	$	(24,378)	$	2,400,557


	Shares of Common Stock	Common Stock		Capital In Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
	For the Nine Months Ended September 30, 2024
Balance, January 1, 2024	131,178	$	1,312	$	1,404,962	$	762,586	$	(37,032)	$	2,131,828
Net income	—	—		—		425,420		—		425,420
Other comprehensive income	—	—		—		—		10,366		10,366
Purchase and retirement of common stock	(3,730)	(37)		(27,128)		(225,813)		—		(252,978)
Issuance of common stock under employee stock purchase plan	59	1		3,348		—		—		3,349
Issuance of common stock under share-based award plans	1,248	12		59,474		—		—		59,486
Stock-based compensation	—	—		37,224		—		—		37,224
Dividends declared ($0.46 per share)	—	—		—		(60,285)		—		(60,285)
Balance, September 30, 2024	128,755	$	1,288	$	1,477,880	$	901,908	$	(26,666)	$	2,354,410

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Cash Flows						SEI Investments Company
(unaudited)						and Subsidiaries
(Dollars in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	543,186	$	425,420
Less: Net income attributable to non-controlling interests	(382)		—
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,077		25,097
Amortization	33,071		31,284
Equity in earnings of unconsolidated affiliate	(94,290)		(102,375)
Distributions received from unconsolidated affiliate	104,768		112,476
Stock-based compensation	41,985		37,224
Provision for losses on receivables	765		1,170
Deferred income taxes	33,134		(21,051)
Net gain from investments	(4,244)		(3,349)
Net gain from business divestiture	(94,412)		—
Net gain from sale of property	—		(8,151)
Change in other long-term liabilities	2,711		3,205
Change in other assets	(6,029)		(4,005)
Contract costs capitalized, net of amortization	(3,653)		(2,306)
Contingent consideration fair value adjustments	(4,054)		(1,547)
Insurance rebates received for Health and Welfare Benefit Plan Trust	14,500		—
Insurance rebates transferred to Health and Welfare Benefit Plan Trust	(14,500)		—

Other	(898)		(1,353)
Change in current assets and liabilities:
Receivables from investment products	3,555		1,301
Receivables	(112,214)		(109,522)
Other current assets	(6,986)		606
Advances due from unconsolidated affiliate	51,738		51,005
Accounts payable	(5,210)		(2,364)
Accrued liabilities	(19,742)		(1,655)
Deferred revenue	560		(4,036)
Total adjustments	(56,368)		1,654
Net cash provided by operating activities, excluding variable interest entities	486,436		427,074
Net income attributable to non-controlling interests	382		—
Adjustments to reconcile net income attributable to non-controlling interests to net cash provided by operating activities of consolidated variable interest entities:
Change from investment security transactions	(3,808)		—
Net gain from investments	(1,770)		—
Change in other assets and liabilities	24		—
Net cash used in operating activities of consolidated variable interest entities	(5,172)		—
Net cash provided by operating activities	$	481,264	$	427,074

The accompanying notes are an integral part of these consolidated financial statements.



Consolidated Statements of Cash Flows						SEI Investments Company
(unaudited)						and Subsidiaries
(Dollars in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from investing activities:
Additions to property and equipment	(21,069)		(27,203)
Additions to capitalized software	(22,828)		(18,414)
Purchases of marketable securities	(123,708)		(134,665)
Purchases of interest in limited partnerships	(1,114)		—
Prepayments and maturities of marketable securities	93,367		113,801
Sales of marketable securities	—		7,546


Proceeds from fixed asset dispositions	3,293		9,946
Proceeds from business divestiture	116,020		—
Other investing activities	(3,464)		(8,196)
Net cash provided by/(used in) investing activities	$	40,497	$	(57,185)
Cash flows from financing activities:


Purchase and retirement of common stock	(527,491)		(252,889)
Proceeds from issuance of common stock	115,888		62,835
Payment of dividends	(123,341)		(120,338)
Cash flows from financing activities of consolidated variable interest entities:
Non-controlling interest capital raised	18,470		—
Net cash used in financing activities	$	(516,474)	$	(310,392)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,953		6,941
Net increase in cash and cash equivalents	17,240		66,438
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period	840,193		834,998
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period	$	857,433	$	901,436


Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets:	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	792,822	$	840,193
Cash and cash equivalents held at consolidated variable interest entities	64,611		—
Total cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities	$	857,433	$	840,193

The accompanying notes are an integral part of these consolidated financial statements.


Notes to Consolidated Financial Statements						SEI Investments Company
(all figures are in thousands except share and per-share data)						and Subsidiaries

Note 1 – Summary of Significant Accounting Policies

Nature of Operations

SEI Investments Company (the Company), a Pennsylvania corporation, is a leading global provider of financial technology, operations, and asset management services within the financial services industry.

Investment processing platforms provide technologies and business process outsourcing services for wealth managers. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing services are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment operations platforms provide business process outsourcing services for investment managers and asset owners. These platforms support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations services are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management platforms provide comprehensive solutions for managing personal and institutional wealth. These platforms include goals-based investment strategies; SEI-sponsored and third-party investment products, including mutual funds, ETFs, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These services are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides an Outsourced Chief Investment Officer (OCIO) platform and Unbundled OCIO platform that include investment management programs, as well as advisory and administrative services. Revenues from investment management services are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of September 30, 2025, the results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

There have been no significant changes in significant accounting policies during the nine months ended September 30, 2025 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Variable Interest Entities

The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. For entities determined to be a variable interest entity (VIE) in which the Company has a variable interest, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. When making the determination on whether the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis. At each balance sheet date, the Company determines whether any reconsideration events, such as capital contributions and redemptions, either by the Company or third parties, have occurred that require it to revisit the VIE analysis and will consolidate or deconsolidate accordingly.

Consolidated Variable Interest Entities

VIEs which the Company controls as the primary beneficiary have been included in the Company’s Consolidated Financial Statements. The results of the consolidated VIEs are reported on a one-month lag due to the timing of the receipt of related financial statements. To the extent the Company is aware of material events that affect the consolidated VIEs during the intervening period, the impact of the events would be disclosed in the Notes to Consolidated Financial Statements.

The Company's consolidated net income on the accompanying Consolidated Statement of Operations includes the income (loss) attributable to non-controlling interests. The portion of the consolidated VIEs owned by other investors is included in Redeemable Non-controlling Interests on the accompanying Consolidated Balance Sheet. Activity related to other investors of the consolidated VIEs is eliminated through Net income attributable to non-controlling interests on the accompanying Consolidated Statement of Operations.

Investments held by consolidated VIEs are recorded at fair value. Unrealized gains and losses from the investments are recognized in Net gain from consolidated variable interest entities on the accompanying Consolidated Statement of Operations.

The Company deconsolidates all the assets and liabilities of the non-controlling interests from the Consolidated Balance Sheets once it no longer qualifies as the primary beneficiary of a consolidated VIE. See Note 15 for related disclosures regarding the Company's consolidated VIEs.

Redeemable Non-controlling Interests

The Company includes redeemable non-controlling interests related to consolidated VIEs as temporary equity on the Consolidated Balance Sheets. Non-controlling interests in consolidated VIEs are subject to redemption by the investors. When redeemable amounts become legally payable to the investors, they are classified as a liability and included in Liabilities of consolidated variable interest entities on the Consolidated Balance Sheets.

Changes in the Company's redeemable non-controlling interests in consolidated VIEs are as follows:


	Redeemable Non-controlling Interests
Balance, December 31, 2024	$	—
Net income attributable to non-controlling interests	382
Capital contributions from non-controlling interests	18,470
Balance, September 30, 2025	$	18,852

Non-consolidated Variable Interest Entities

The Company serves as the Manager, Administrator and Distributor for certain investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities in which it serves as the Manager, Administrator, Distributor or Trustee and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model.

The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these agreements, the Company waived $5,397 and $1,202 in fees during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company waived $14,792 and $6,764, respectively, in fees.

Revenue Recognition

Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net).

See Note 14 for related disclosures regarding revenue recognition.

Cash and Cash Equivalents

The Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents includes $191,938 and $341,311 at September 30, 2025 and December 31, 2024, respectively, invested in SEI-sponsored open-ended money market investment products. See Note 5 for information related to the Company's total investments in SEI-sponsored and non-SEI-sponsored money market investment products and commercial paper classified as cash equivalents. Cash and cash equivalents also includes restricted cash of $250 at September 30, 2025 and December 31, 2024 segregated for regulatory purposes related to trade-execution services conducted by SEI Investments (Europe) Limited and $52 at September 30, 2025 and December 31, 2024 segregated in special reserve accounts for the benefit of customers of the Company’s broker-dealer subsidiary, SEI Investments Distribution Co. (SIDCO), in accordance with certain rules established by the Securities and Exchange Commission (SEC) for broker-dealers.

Capitalized Software

The Company capitalized $22,828 and $18,414 of software development costs during the nine months ended September 30, 2025 and 2024, respectively, to further develop the SEI Wealth PlatformSM (SWP) and for the development of a new platform for the Investment Managers segment. The Company capitalized $14,510 and $10,542 of software development costs for significant enhancements to SWP during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the net book value of SWP was $197,528, which includes $1,862 of capitalized software development costs in-progress associated with future releases. SWP has a weighted average remaining life of 7.7 years. Amortization expense for SWP was $21,602 and $20,517 during the nine months ended September 30, 2025 and 2024, respectively.

The Company also capitalized $8,318 and $7,872 of software development costs during the nine months ended September 30, 2025 and 2024, respectively, related to the development of a new platform for the Investment Managers segment. The Company placed the platform into service during the third quarter 2025 with an estimated useful life of 7.0 years. The net book value of the platform at September 30, 2025 was $38,031, which includes $8,319 of capitalized software development costs in-progress associated with future releases. Amortization expense for the platform was $1,100 during the nine months ended September 30, 2025.

Earnings per Share

The calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 are:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	164,586	$	154,900	$	543,186	$	425,420
Less: Net income attributable to non-controlling interests	382		—		382		—
Net income attributable to SEI Investments Company	$	164,204	$	154,900	$	542,804	$	425,420
Shares used to compute basic earnings per common share	123,099,000		129,418,000		124,710,000		130,550,000
Dilutive effect of stock awards	3,226,000		1,253,000		2,974,000		1,280,000
Shares used to compute diluted earnings per common share	126,325,000		130,671,000		127,684,000		131,830,000
Basic earnings per common share	$	1.33	$	1.20	$	4.35	$	3.26
Diluted earnings per common share	$	1.30	$	1.19	$	4.25	$	3.23

During the three months ended September 30, 2025 and 2024, employee stock options to purchase 5,687,000 and 10,606,000 shares of common stock with an average exercise price of $66.09 and $61.06, respectively, were outstanding but not included in the computation of diluted earnings per common share. During the nine months ended September 30, 2025 and 2024, employee stock options to purchase 5,744,000 and 10,747,000 shares of common stock with an average exercise price of $66.04 and $61.05, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and nine month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures (ASU 2023-09) to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company does not expect ASU 2023-09 to have a significant impact on its annual consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03) and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01), which clarified the effective date of ASU 2024-03. This standard requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 on a prospective basis and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03). This standard eliminates the presumption that the primary beneficiary of a VIE is the accounting acquirer in a business combination. Instead, entities are required to apply the general guidance in ASC 805 to determine the accounting acquirer when the transaction is primarily effected by the exchange of equity interests. ASU 2025-03 is effective for annual and interim periods beginning after December 15, 2026 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software (ASU 2025-06). This standard clarifies capitalization thresholds for software development costs and aligns accounting treatment more closely with the economic substance of modern software development activities. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027 on a retrospective, prospective or modified prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation.

Note 2 – Equity Method Investments

LSV Asset Management

The Company has an investment in LSV Asset Management (LSV), a registered investment advisor that provides investment advisory services primarily to institutions, including pension plans and investment companies. LSV is currently an investment sub-advisor for a limited number of SEI-sponsored investment products. The Company's partnership interest in LSV as of September 30, 2025 was 38.5%. The Company’s interest in the net assets of LSV is included in Investments on the accompanying Consolidated Balance Sheets and its interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliate on the accompanying Consolidated Statements of Operations.

At September 30, 2025 and December 31, 2024, the Company’s total investment in LSV was $52,083 and $114,299, respectively. The Company's investment includes advances provided to LSV related to their working capital accounts. The Company receives partnership distributions from LSV on a quarterly basis. The Company received partnership distributions from LSV of $104,768 and $112,476 in the nine months ended September 30, 2025 and 2024, respectively. As such, the Company considers these distribution payments as returns on investment rather than returns of the Company's original investment in LSV and has therefore classified the associated cash inflows as an operating activity on the Consolidated Statements of Cash Flows.

The Company’s proportionate share in the earnings of LSV was $31,903 and $36,513 during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company’s proportionate share in the earnings of LSV was $94,290 and $102,375, respectively.

These tables contain condensed financial information of LSV:


Condensed Statement of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	111,750	$	122,412	$	325,894	$	343,581
Net income	82,812		94,634		244,639		265,335


Condensed Balance Sheets	September 30, 2025		December 31, 2024
Current assets	$	160,209	$	170,055
Non-current assets	4,376		5,313
Total assets	$	164,585	$	175,368

Current liabilities	$	99,246	$	82,356
Non-current liabilities	4,881		5,382
Partners’ capital	60,458		87,630
Total liabilities and partners’ capital	$	164,585	$	175,368

On April 1, 2025, LSV provided an interest in the partnership to select key employees which reduced the ownership percentage of each existing partner on a pro-rata basis. As a result, the Company's total partnership interest in LSV was reduced slightly to approximately 38.5% from approximately 38.6%.

Other Equity Method Investments

The Company's other equity method investment consist of an investment in a non-affiliated limited partnership fund in which the Company holds a more than minor interest. At September 30, 2025 and December 31, 2024, the Company’s total investment in the limited partnership fund was $9,080 and $9,483, respectively, and is included in Investments on the accompanying Consolidated Balance Sheets (See Note 5).

The Company recognized unrealized gains of $71 during the three months ended September 30, 2025 from the change in fair value of the investment. The Company recognized unrealized gains of $294 during the nine months ended September 30, 2025 from the change in fair value of the investment. Unrealized gains and losses from the change in fair value of the investment are recognized in Net gain from investments on the accompanying Consolidated Statements of Operations.

Note 3 – Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2025		December 31, 2024
Trade receivables	$	160,943	$	143,574
Fees earned, not billed	486,942		403,514
Other receivables	24,459		21,981
	672,344		569,069
Less: Allowance for doubtful accounts	(2,228)		(1,435)
	$	670,116	$	567,634

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.

Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	September 30, 2025		December 31, 2024
Buildings	$	220,220	$	218,112
Equipment	158,846		196,792
Land	27,457		27,407
Purchased software	165,229		164,659
Furniture and fixtures	22,700		23,068
Leasehold improvements	22,833		22,491
Construction in progress	84		333
	617,369		652,862
Less: Accumulated depreciation	(461,304)		(493,219)
Property and Equipment, net	$	156,065	$	159,643

The Company recognized $23,077 and $25,097 in depreciation expense related to property and equipment for the nine months ended September 30, 2025 and 2024, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $49,113 and $45,855 as of September 30, 2025 and December 31, 2024, respectively. The Company deferred expenses related to contract costs of $5,333 and $5,326 during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company deferred expenses related to contract costs of $13,528 and $10,237, respectively. Amortization expense related to deferred contract costs were $9,875 and $7,931 during the nine months ended September 30, 2025 and 2024, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2025.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2025		December 31, 2024
Accrued employee compensation	$	104,131	$	129,228


Accrued consulting, outsourcing and professional fees	30,637		32,082
Accrued sub-advisory, distribution and other asset management fees	55,485		53,727

Accrued dividend payable	2,014		63,877
Accrued income taxes	15,957		7,105
Other accrued liabilities	45,938		61,494
Total accrued liabilities	$	254,162	$	347,513

Note 4 – Fair Value Measurements

The fair value of the Company’s financial assets and liabilities is determined in accordance with the fair value hierarchy. The pricing policies and procedures applied to the Company's Level 1 and Level 2 financial assets during the nine months ended September 30, 2025 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2024. Level 1 financial assets and liabilities of the Company and consolidated VIEs consist mainly of equity securities and investments in open-end and closed-end investment products that are quoted daily. Level 2 financial assets consist of Government National Mortgage Association (GNMA) mortgage-backed securities held by the Company's wholly-owned limited purpose federal thrift subsidiary, SEI Private Trust Company (SPTC), and Federal Home Loan Bank (FHLB) and other U.S. government agency short-term notes held by SIDCO. The financial assets held by SIDCO were purchased as part of a cash management program requiring only short term, top-tier investment grade government and corporate securities. The financial assets held by SPTC are debt securities issued by GNMA and are backed by the full faith and credit of the U.S. government. These securities were purchased for the sole purpose of satisfying applicable regulatory requirements and have maturity dates which range from 2027 to 2041. The Company's Level 3 financial liabilities at September 30, 2025 and December 31, 2024 consist entirely of the estimated fair value of the contingent considerations resulting from business acquisitions (See Note 12).

The fair value of the contingent considerations were determined using a Monte-Carlo simulation model. There were no transfers of financial assets between levels within the fair value hierarchy during the nine months ended September 30, 2025.

The fair value of the Company's investments in funds sponsored by LSV is measured using the net asset value per share (NAV) as a practical expedient. The NAVs of the funds are calculated by the funds' independent custodian and are derived from the fair values of the underlying investments as of the reporting date. The investment funds sponsored by LSV allow for investor redemptions at the end of each calendar month. The investments measured using the NAV as a practical expedient have not been classified in the fair value hierarchy but are presented in the tables below to permit reconciliation to the amounts presented on the accompanying Consolidated Balance Sheets.

The fair value of certain financial assets and liabilities of the Company and consolidated VIEs was determined using the following inputs:


	At September 30, 2025
	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total
Financial Assets
SEI Investments Company
Equity securities	$	53,494	$	—	$	—	$	—	$	53,494
Available-for-sale debt securities	—		167,821		—		—		167,821
Securities owned	—		31,242		—		—		31,242
Investment funds sponsored by LSV	—		—		—		10,522		10,522
Investments in limited partnership funds	—		—		—		865		865
Total financial assets of SEI Investments Company	53,494		199,063		—		11,387		263,944
Consolidated VIEs
Equity securities	106,044		—		—		—		106,044
Total financial assets of consolidated VIEs	106,044		—		—		—		106,044
Total financial assets measured at fair value	$	159,538	$	199,063	$	—	$	11,387	$	369,988

Financial Liabilities
SEI Investments Company
Contingent considerations	$	—	$	—	$	9,252	$	—	$	9,252
Total financial liabilities of SEI Investments Company	—		—		9,252		—		9,252
Consolidated VIEs
Securities sold short	100,466		—		—		—		100,466
Total financial liabilities of consolidated VIEs	100,466		—		—		—		100,466
Total financial liabilities measured at fair value	$	100,466	$	—	$	9,252	$	—	$	109,718


	At December 31, 2024
	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total
Financial Assets
SEI Investments Company
Equity securities	$	40,530	$	—	$	—	$	—	$	40,530
Available-for-sale debt securities	—		143,126		—		—		143,126
Securities owned	—		29,583		—		—		29,583
Investment funds sponsored by LSV	—		—		—		8,129		8,129
Total financial assets measured at fair value	$	40,530	$	172,709	$	—	$	8,129	$	221,368

Financial Liabilities
SEI Investments Company
Contingent considerations	$	—	$	—	$	14,355	$	—	$	14,355
Total financial liabilities measured at fair value	$	—	$	—	$	14,355	$	—	$	14,355

Note 5 – Investments and Other Marketable Securities

Investments on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2025		December 31, 2024
Available for sale and equity securities	$	221,315	$	183,656
Investments in affiliated funds	10,522		8,129
Investments in limited partnership funds	865		—
Equity method investments (See Note 2)	61,163		123,782
Total	$	293,865	$	315,567

Available For Sale and Equity Securities

Available for sale and equity securities consist of:


	At September 30, 2025
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	172,986	$	—	$	(5,165)	$	167,821
SEI-sponsored investment products	44,348		2,470		—		46,818
Equities and other investment products	5,993		683		—		6,676
	$	223,327	$	3,153	$	(5,165)	$	221,315


	At December 31, 2024
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	154,211	$	—	$	(11,085)	$	143,126
SEI-sponsored investment products	33,029		1,615		—		34,644
Equities and other investment products	5,554		332		—		5,886
	$	192,794	$	1,947	$	(11,085)	$	183,656

Net unrealized losses at September 30, 2025 of available-for-sale debt securities were $3,977 (net of income tax benefit of $1,188). Net unrealized losses at December 31, 2024 of available-for-sale debt securities were $8,536 (net of income tax benefit of $2,549). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases.

These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:


	At September 30, 2025
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	3,625		3,296
After 5 years through 10 years	16,008		14,905
After 10 years	153,353		149,620
	$	172,986	$	167,821


	At December 31, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	4,132		3,763
After 5 years through 10 years	20,323		18,429
After 10 years	129,756		120,934
	$	154,211	$	143,126

There were no material realized gains or losses from available-for-sale debt securities during the nine months ended September 30, 2025 and 2024, respectively.

There were gross realized gains of $566 and $1,651 from investment products and equities during the nine months ended September 30, 2025 and 2024, respectively. There were gross realized losses of $94 and $1,416 from investment products and equities during the nine months ended September 30, 2025 and 2024, respectively. Gains and losses from investment products and equities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

The Company has an investment in funds sponsored by LSV. The Company records this investment at fair value. Unrealized gains and losses from the change in fair value of these funds are recognized in Net gain from investments on the accompanying Consolidated Statements of Operations.

The Company's investment in the funds had a fair value of $10,522 and $8,129 at September 30, 2025 and December 31, 2024, respectively. The Company recognized unrealized gains of $1,249 and $673 during the three months ended September 30, 2025 and 2024, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $2,393 and $1,094 during the nine months ended September 30, 2025 and 2024, respectively, from the change in fair value of the funds.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $31,242 and $29,583 at September 30, 2025 and December 31, 2024, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 30, 2025 and 2024.

Cash Equivalents

Investments in SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $557,337 and $541,635 at September 30, 2025 and December 31, 2024, respectively. There were no material unrealized or realized gains or losses from these investments during the nine months ended September 30, 2025 and 2024. Investments in money market funds and commercial paper are Level 1 assets.

Note 6 – Line of Credit

On August 18, 2025 (the Closing Date), the Company entered into a five-year $500,000 Credit Agreement (the Facility) with U.S. Bank National Association, and a syndicate of other lenders. The Facility is scheduled to expire in August 2030, at which time any aggregate principal amount of loans outstanding becomes payable in full. The aggregate principal amount of the Facility may be increased by an additional $250,000 under certain conditions set forth in the agreement.

The Facility replaces the Company’s $325,000 five-year credit facility that was scheduled to expire in April 2026. Interest on borrowings under the Facility is payable at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25% to 1.25% or the Term Secured Overnight Financing Rate (Term SOFR) plus a premium that can range from 1.25% to 2.25% depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the relevant agreement). The Base Rate is defined as the highest of a) the Prime Rate, b) the Federal Funds Rate (each as defined in the relevant agreement) plus 0.50%, or c) Term SOFR for a one-month tenor in effect on such day plus 1.00%. The Company also pays quarterly commitment fees based on the unused portion of the Facility. The quarterly fees for the Facility can range from 0.15% of the amount of the unused portion of the Facility to 0.35%, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the Facility.

The Company may issue up to $25,000 in letters of credit under the terms of the Facility. The Company pays a periodic commission fee based on the applicable rate with respect to borrowings that are designated as SOFR Loans (as defined in the relevant agreement) plus an issuance fee agreed upon between between the Company and the lender.

The Facility contains covenants that, among other things, restrict the ability of the Company and its subsidiaries to engage in mergers, consolidations, asset sales, acquisitions, transactions with affiliates, or to incur indebtedness or liens, subject in certain cases to certain exceptions and thresholds, as defined in the related agreement. In the event of a default under the Facility, the Company would also be restricted from paying dividends on, or repurchasing, its capital stock without the approval of the lenders. Upon the occurrence of certain financial or economic events, significant corporate events or certain other events of default constituting an event of default under the Facility, all loans outstanding under the Facility may be declared immediately due and payable and all commitments under the Facility may be terminated.

The Company was in compliance with all covenants of the credit facilities during the nine months ended September 30, 2025. As of October 9, 2025, the Company had outstanding letters of credit of $4,630 under the Facility. The amount of the Facility that is available for general corporate purposes as of October 9, 2025 was $495,370.

Note 7 – Shareholders’ Equity

Stock-Based Compensation

The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and nine months ended September 30, 2025 and 2024, respectively, as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock-based compensation expense	$	13,956	$	13,696	$	41,985	$	37,224
Less: Deferred tax benefit	(2,561)		(2,616)		(7,737)		(7,201)
Stock-based compensation expense, net of tax	$	11,395	$	11,080	$	34,248	$	30,023

The vesting of the Company's RSUs are time-based and are not based on the achievement of performance targets. The majority of the Company's RSUs will vest on the third anniversary of the issuance date. All outstanding stock options have performance-based vesting provisions that tie the vesting of stock options to the Company’s financial performance which are established at the time of grant, as well as a service condition which requires a minimum waiting period from the date of grant. The performance targets are measured annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings.

As of September 30, 2025, there was approximately $76,543 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units that management expects will vest and is being amortized.

The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the nine months ended September 30, 2025 was $50,667. The total options exercisable as of September 30, 2025 had an intrinsic value of $174,633. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of September 30, 2025 and the weighted average exercise price of the options. The market value of the Company’s common stock as of September 30, 2025 was $84.85 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of September 30, 2025 was $59.15.

Total options that were outstanding as of September 30, 2025 were 13,335,000. Total options that were exercisable as of September 30, 2025 were 6,795,000.

Common Stock Buyback

The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 6,235,000 shares at a total cost of $515,156 during the nine months ended September 30, 2025, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of September 30, 2025, the Company had approximately $154,443 of authorization remaining for the purchase of common stock under the program.

The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.

Cash Dividend

On May 28, 2025, the Board of Directors declared a cash dividend of $0.49 per share on the Company's common stock, which was paid on June 17, 2025, to shareholders of record on June 9, 2025. Cash dividends declared during the nine months ended September 30, 2025 and 2024 were $61,478 and $60,285, respectively.

Note 8 – Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss, net of tax, are as follows:


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Investments		Accumulated Other Comprehensive Loss
Balance, January 1, 2025	$	(38,439)	$	(8,536)	$	(46,975)

Other comprehensive income before reclassifications	18,038		4,731		22,769
Amounts reclassified from accumulated other comprehensive loss	—		(172)		(172)
Net current-period other comprehensive income	18,038		4,559		22,597

Balance, September 30, 2025	$	(20,401)	$	(3,977)	$	(24,378)

Note 9 – Business Segment Information

The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are:

Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds;

Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide;

Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States;

Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide; and

Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities.

The Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset information.

There are no inter-segment revenues for the three and nine months ended September 30, 2025 and 2024. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2025 and 2024:


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Three Months Ended September 30, 2025
Total revenue	$	207,050	$	143,994	$	147,465	$	71,826	$	8,176	$	578,511
Less:
Operations & services	89,335		54,044		46,211		21,010		1,810		212,410
Sales, marketing & client service	11,240		10,723		8,819		9,820		3,844		44,446
Technology services & infrastructure	12,887		28,809		9,074		1,678		1,603		54,051
Strategic initiatives & new business development	8,316		21,305		13,389		4,168		3,471		50,649
Other segment expenses (1)	4,156		5,882		1,635		1,392		1,135		14,200
Segment profit (loss)	$	81,116	$	23,231	$	68,337	$	33,758	$	(3,687)	$	202,755


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Three Months Ended September 30, 2024
Total revenue	$	184,607	$	138,734	$	126,836	$	71,626	$	15,593	$	537,396
Less:
Operations & services	82,140		50,749		40,121		21,217		4,779		199,006
Sales, marketing & client service	9,515		9,928		8,122		10,162		4,681		42,408
Technology services & infrastructure	11,008		27,754		8,590		1,504		1,373		50,229
Strategic initiatives & new business development	8,584		21,317		11,790		3,210		5,930		50,831
Other segment expenses (1)	2,871		5,349		1,529		1,758		1,677		13,184
Segment profit (loss)	$	70,489	$	23,637	$	56,684	$	33,775	$	(2,847)	$	181,738

(1) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.

A reconciliation of the total segment profit to income from operations on the Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024 is as follows:


	2025		2024
Total segment profit	$	202,755	$	181,738
Corporate overhead expenses	(42,794)		(37,906)
Income from operations	$	159,961	$	143,832

Other income and expense items to reconcile income from operations to income before income taxes on the Consolidated Statements of Operations include net gain from investments, interest and dividend income, interest expense, gain on sale of business, other income, equity in the earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments.

The following tables provide additional information for the three months ended September 30, 2025 and 2024 pertaining to the business segments:


	Capital Expenditures (2)				Depreciation
	2025		2024		2025		2024
Investment Managers	$	6,054	$	7,196	$	1,788	$	1,659
Private Banks	6,479		2,764		2,681		2,620
Investment Advisors	2,978		1,092		1,889		2,254
Institutional Investors	761		740		474		614
Investments in New Businesses	258		124		122		186
Total from business segments	$	16,530	$	11,916	$	6,954	$	7,333
Corporate overhead	450		222		531		1,008
	$	16,980	$	12,138	$	7,485	$	8,341

(2) Capital expenditures include additions to property and equipment and capitalized software.


	Amortization
	2025		2024
Investment Managers	$	1,301	$	80
Private Banks	5,427		5,147
Investment Advisors	2,473		2,169
Institutional Investors	1,956		1,851
Investments in New Businesses	416		1,096
Total from business segments	$	11,573	$	10,343
Corporate overhead	339		70
	$	11,912	$	10,413

The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2025 and 2024:


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Nine Months Ended September 30, 2025
Total revenue	$	594,165	$	423,157	$	421,234	$	209,675	$	41,225	$	1,689,456
Less:
Operations & services	263,945		157,576		130,048		62,401		12,408		626,378
Sales, marketing & client service	31,573		29,756		28,251		29,574		13,569		132,723
Technology services & infrastructure	39,407		85,412		26,849		4,810		4,473		160,951
Strategic initiatives & new business development	20,987		65,185		37,191		8,994		13,993		146,350
Other segment expenses (3)	8,869		16,307		5,045		4,016		4,346		38,583
Segment profit (loss)	$	229,384	$	68,921	$	193,850	$	99,880	$	(7,564)	$	584,471


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
	For the Nine Months Ended September 30, 2024
Total revenue	$	537,128	$	401,272	$	370,141	$	214,911	$	44,509	$	1,567,961
Less:
Operations & services	241,176		147,120		118,707		64,048		14,752		585,803
Sales, marketing & client service	29,236		31,241		21,175		32,438		14,221		128,311
Technology services & infrastructure	31,752		81,540		25,260		4,442		4,067		147,061
Strategic initiatives & new business development	25,569		63,437		36,437		10,200		17,361		153,004
Other segment expenses (3)	7,222		16,623		4,484		5,258		5,002		38,589
Segment profit (loss)	$	202,173	$	61,311	$	164,078	$	98,525	$	(10,894)	$	515,193

(3) Other segment expenses for each reportable segment includes professional services, occupancy and certain overhead expenses.

A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024:


	2025		2024
Total segment profit	$	584,471	$	515,193
Corporate overhead expenses	(118,778)		(108,996)
Income from operations	$	465,693	$	406,197

The following tables provide additional information for the nine months ended September 30, 2025 and 2024:


	Capital Expenditures (4)				Depreciation
	2025		2024		2025		2024
Investment Managers	$	16,690	$	21,260	$	3,582	$	4,874
Private Banks	16,192		13,782		7,634		8,356
Investment Advisors	7,512		6,244		5,914		6,625
Institutional Investors	1,859		2,589		1,287		1,816
Investments in New Businesses	658		713		411		528
Total from business segments	$	42,911	$	44,588	$	18,828	$	22,199
Corporate Overhead	986		1,029		4,249		2,898
	$	43,897	$	45,617	$	23,077	$	25,097

(4) Capital expenditures include additions to property and equipment and capitalized software.


	Amortization
	2025		2024
Investment Managers	$	1,704	$	161
Private Banks	16,046		15,347
Investment Advisors	7,342		6,439
Institutional Investors	5,775		5,619
Investments in New Businesses	1,707		3,461
Total from business segments	$	32,574	$	31,027
Corporate Overhead	497		257
	$	33,071	$	31,284

Note 10 – Income Taxes

The gross liability for unrecognized tax benefits at September 30, 2025 and December 31, 2024 was $16,663 and $15,241, respectively, exclusive of interest and penalties, of which $16,938 and $14,886 would affect the effective tax rate if the Company were to recognize the tax benefit.

The Company classifies interest and penalties on unrecognized tax benefits as income tax expense. As of September 30, 2025 and December 31, 2024, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $2,512 and $1,725, respectively.


	September 30, 2025		December 31, 2024
Gross liability for unrecognized tax benefits, exclusive of interest and penalties	$	16,663	$	15,241
Interest and penalties on unrecognized benefits	2,512		1,725
Total gross uncertain tax positions	$	19,175	$	16,966
Amount included in Current liabilities	$	4,294	$	4,377
Amount included in Other long-term liabilities	14,881		12,589
	$	19,175	$	16,966

The effective income tax rate for the three and nine months ended September 30, 2025 and 2024 differs from the federal income tax statutory rate due to the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.7		2.9		2.7		2.9
Foreign tax expense and tax rate differential	(0.1)		0.1		(0.1)		0.1
Tax benefit from stock option exercises	(1.0)		(0.1)		(0.8)		(0.4)



Other, net	(0.7)		(0.4)		(0.5)		(0.2)
	21.9	%	23.5	%	22.3	%	23.4	%

The decrease in the effective tax rates for the three and nine months ended September 30, 2025 was primarily due to higher tax benefits related to stock option exercises and a decline in state effective tax rates.

On July 4, 2025, President Donald J. Trump signed new tax legislation known as the One Big Beautiful Bill Act (OBBBA) into law which makes permanent many of the provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were scheduled to expire at the end of 2025. The enactment of the OBBBA primarily impacted the Company's the deferred tax liability and income tax payable related to the provisions for the elimination of the capitalization of onshore research and development costs (Section 174) and the reintroduction of 100% bonus depreciation (Section 168) and did not have a significant impact to the effective tax rate.

The Company files income tax returns in the United States on a consolidated basis and in many U.S. state and foreign jurisdictions. The Company is subject to examination of income tax returns by the Internal Revenue Service (IRS) and other domestic and foreign tax authorities. The Company is no longer subject to U.S. federal income tax examination for years before 2021 and is no longer subject to state, local or foreign income tax examinations by authorities for years before 2018.

The Company estimates it will recognize $4,294 of gross unrecognized tax benefits. This amount is expected to be paid within one year or to be removed at the expiration of the statute of limitations and resolution of income tax audits and is netted against the current payable account. These unrecognized tax benefits are related to tax positions taken on certain federal, state, and foreign tax returns. However, the timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. While it is reasonably possible that some issues under examination could be resolved in the next twelve months, based upon the current facts and circumstances, the Company cannot reasonably estimate the timing of such resolution or the total range of potential changes as it relates to the current unrecognized tax benefits that are recorded as part of the Company’s financial statements.

Note 11 – Commitments and Contingencies

In the ordinary course of business, the Company from time to time enters into contracts containing indemnification obligations of the Company. These obligations may require the Company to make payments to another party upon the occurrence of certain events including the failure by the Company to meet its performance obligations under the contract. These contractual indemnification provisions are often standard contractual terms of the nature customarily found in the type of contracts entered into by the Company. In many cases, there are no stated or notional amounts included in the indemnification provisions. There are no amounts reflected on the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 related to these indemnifications.

Rubicon Wealth Management

As the Company reported in prior filings with the Commission, on May 1, 2024, SEI Private Trust Company (SPTC), a wholly-owned, operating subsidiary of SEI, terminated its client relationship with Rubicon Wealth Management LLC, an SPTC investment advisor client (Rubicon). SPTC terminated the Rubicon relationship due to suspicions of fraudulent activity by Rubicon’s founder, Scott Mason. On June 25, 2025, Mr. Mason was sentenced to 97 months in prison, followed by three years of supervised release. Mason was also ordered to pay nearly $25,000 in restitution to his victims and more than $2,300 in back taxes to the Internal Revenue Service.

The previously disclosed lawsuits filed against SPTC in its capacity as custodian for the Rubicon accounts of the plaintiffs (collectively, the Rubicon Actions) remain pending in the Court of Common Pleas of Montgomery County, Pennsylvania, with one in the preliminary objection/motion to dismiss stage and the others just beginning their discovery phase. While the Rubicon Actions are in their early stages and the ultimate outcomes of these litigations remain uncertain, SPTC intends to vigorously defend each of the Rubicon Actions. Currently, SPTC estimates that the aggregate amount of Rubicon client assets transferred at the direction of Mr. Mason from SPTC custodial accounts to Orchard Park bank accounts is approximately $15,000. In the event that SPTC is unsuccessful in its defense of the Rubicon Actions, SEI does not currently believe that the losses associated with such unsuccessful defense would exceed the approximately $15,000 of Rubicon client assets that Mr. Mason directed to be transferred to Orchard Park.

United Kingdom Financial Conduct Authority Supervisory Review of SEI Investments (Europe) Limited

On July 31, 2024, SEI Investments (Europe) Limited (SIEL), an indirectly, wholly-owned operating subsidiary of SEI, received a final requirement notice from the Financial Conduct Authority of the United Kingdom (the FCA) under section 166(3)(a) of the Financial Services and Markets Act 2000 (FSMA), requiring SIEL to engage a “Skilled Person” to undertake a two-stage review of SIEL’s governance arrangements and control environment. In the first stage, the Skilled Person is to provide SIEL and the FCA with a report setting out the Skilled Person’s view of the effectiveness of the control environment and governance arrangements with respect to key risks, as well as the Skilled Person’s recommendations where necessary to address any identified weaknesses (the Section 166 Report). In the second stage, the Skilled Person is to provide an independent view of the quality and completeness of the remediation carried out by SIEL to address any findings from the initial stage and any self-identified weaknesses, including a view on SIEL’s compliance with relevant regulations. The appointment of a Skilled Person is one of the regulatory tools used by the FCA to supervise and monitor firms it regulates. A Skilled Person is an independent third-party expert with the relevant knowledge and experience to undertake a review as described above. This is not an enforcement action nor an investigation but an action taken as part of its supervisory oversight.

In August 2024, SIEL, with the approval of FCA, appointed the firm of Grant Thornton to act as the Skilled Person.

On December 16, 2024, Grant Thornton delivered the first stage of its Skilled Person Report in which it concluded, in summary, that SIEL has an established corporate governance framework and risk management framework that it considered to be appropriate in design for the relative size and complexity of its activities. The Skilled Person Report did however make a number of recommendations for improvements in its governance arrangements with its U.S. parent, and with respect to SIEL’s three lines of defense: resourcing of control functions, strategy and culture.

To provide the necessary assurance to the FCA of SIEL’s focus on addressing the recommendations and concerns, on February 26, 2025, SIEL voluntarily applied to the FCA under section 55L(5)(a) FSMA for the imposition by the FCA of requirements on its regulatory permission (“Voluntary Requirement” / “VREQ”). From February 26, 2025, onwards, SIEL may not, without the FCA’s prior written consent:

•enter into new client agreements (contracts) where a material change in SIEL’s existing suite of propositions, systems or services is required or where significant senior management engagement would be needed; and

•launch a new proposition, product or service that is not already offered by SIEL.

The VREQ does not prevent SIEL from on-boarding new clients where this does not result in significant new service requirements or significant senior management engagement.

The VREQ currently imposed on SIEL is reflected in full on the FCA Register.

SIEL is fully committed to addressing the concerns raised by the FCA. The Company believes the actions SIEL is taking to remediate the issues identified in the Skilled Person Report will not only strengthen its business but also help maintain its focus on achieving positive customer outcomes, positioning SIEL for sustainable future growth.

SIEL management believes that the remediation actions currently underway will appropriately address the recommendations made by the Skilled Person and concerns articulated by the FCA in respect of the issues identified by the Skilled Person. SIEL’s remediation actions will be reviewed by the Skilled Person as part of the second stage of their engagement.

The VREQ will stay in effect unless and until varied or cancelled by the FCA (either on the application of SIEL or of the FCA’s own volition), until the FCA is satisfied that SIEL has demonstrated that it has addressed the concerns the FCA has communicated to it.

Other Matters

The Company and certain of its subsidiaries are party to various other examinations, investigations, actions and claims arising in the normal course of business that the Company does not believe are material. The Company believes that the ultimate resolution of these matters will not have a material adverse effect on the Company's financial position or the manner in which the Company conducts its business. Currently, the Company does not believe the amount of losses associated with these matters can be estimated. While the Company does not believe that the amount of such losses will, when liquidated or estimable, be material to its financial position, the assumptions may be incorrect and any such loss could have a material adverse effect on the Company's results of operations or the manner in which the Company conducts its business in the period(s) during which the underlying matters are resolved.

Unfunded Commitments to Limited Partnership Funds

The Company has unfunded commitments of $10,648 at September 30, 2025 to limited partnership funds.

Note 12 – Business Acquisitions and Divestitures

Stratos Wealth Holdings

On July 17, 2025, the Company entered into a definitive agreement with Stratos Wealth Holdings (Stratos), a family of companies focused on supporting the success of financial advisors across business models and affiliation structures. As part of the transaction, a newly formed entity will purchase the operating entities comprising the current Stratos business. The Company will pay a total cash consideration of approximately $527,000 for 57.5% of the equity of this entity. Certain legacy Stratos equity holders will continue to own 42.5%, which is subject to three equal put/call options at 36 months, 54 months and 72 months post-closing that, if fully exercised, will result in the Company owning 100.0% of the entity. Subject to applicable regulatory approval and other customary closing conditions, the transaction is expected to close in two stages: the U.S.-based Stratos business, representing approximately 80.0% of the transaction value, and the Mexico-based NSC business.

The strategic investment in Stratos is not a significant acquisition of assets or otherwise material to the operations or financial results of the Company.

LifeYield

In December 2024, the Company acquired LifeYield, LLC (LifeYield). The total purchase price for LifeYield included a contingent consideration subject to the achievement of certain post-closing performance measurements determined during a time period up to four years from the closing date. During the nine months ended September 30, 2025, the Company recorded an adjustment of $1,109 to finalize the calculation of the contingent consideration which reduced the amount of goodwill recorded through the acquisition. Also during the nine months ended September 30, 2025, the Company made an adjustment of $1,467 which reduced the fair value of the contingent consideration. This fair value adjustment to the contingent consideration is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations. As of September 30, 2025, the contingent consideration of $9,252 is included in Other long-term liabilities on the accompanying Consolidated Balance Sheet.

XPS Pensions (Nexus) Limited

In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date.

During the second quarter 2025, the Company determined the achievement of the performance measurements would not be met and wrote off $2,587 representing the remaining balance of the contingent consideration obligation to the sellers. The gain from the write off of the contingent consideration is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations.

Family Office Services

On February 27, 2025, the Company announced the entry into a definitive agreement with Aquiline Capital Partners LP (Aquiline) to acquire the Company's Family Office Services business. On June 30, 2025, all conditions subject to closing the transaction were satisfied. The Company received gross proceeds of $116,020 from the sale and recognized a gain of $94,412, net of transaction costs and certain other purchase price adjustments. The Company's gain from the divestiture is included in Gain on sale of business on the accompanying Consolidated Statement of Operations. Prior to the divestiture, the results of operations of the Family Office Services business were reported in the Company's Investments in New Businesses segment.

Note 13 – Goodwill and Intangible Assets

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Investment Managers		Investment Advisors		Institutional Investors		Investments in New Businesses		Total

Balance, December 31, 2024	$	55,267	$	33,131	$	61,719	$	20,170	$	170,287
Divestiture of Family Office Services business	—		—		—		(1,711)		(1,711)
Measurement period adjustments	—		(1,109)		—		—		(1,109)
Foreign currency translation adjustments	(15)		—		978		—		963
Balance, September 30, 2025	$	55,252	$	32,022	$	62,697	$	18,459	$	168,430

The Company recognized $9,774 and $10,066 of amortization expense related to acquired intangible assets during the nine months ended September 30, 2025 and 2024, respectively.

Note 14 – Revenues from Contracts with Customers

The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations.

Disaggregation of Revenue

The following tables provide additional information pertaining to the Company's revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended September 30, 2025 and 2024:


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended September 30, 2025
Investment management fees from pooled investment products	$	163	$	34,797	$	57,724	$	12,640	$	406	$	105,730
Investment management fees from investment management agreements	—		1,057		59,871		53,633		5,253		119,814
Investment operations fees	195,737		629		20,739		21		14		217,140
Investment processing fees - PaaS	1,387		79,837		1,717		316		11		83,268
Investment processing fees - SaaS	—		22,076		1,282		1,809		621		25,788
Professional services fees	1,231		4,856		—		—		—		6,087
Account fees and other	8,532		742		6,132		3,407		1,871		20,684
Total revenues	$	207,050	$	143,994	$	147,465	$	71,826	$	8,176	$	578,511

Primary Geographic Markets:
United States	$	182,696	$	94,224	$	147,465	$	59,335	$	7,587	$	491,307
United Kingdom	66		33,355		—		8,894		589		42,904
Canada	—		10,943		—		1,577		—		12,520
Ireland	14,716		5,472		—		2,020		—		22,208
Luxembourg	9,572		—		—		—		—		9,572

Total revenues	$	207,050	$	143,994	$	147,465	$	71,826	$	8,176	$	578,511


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
Major Product Lines:	For the Three Months Ended September 30, 2024
Investment management fees from pooled investment products	$	(191)	$	34,899	$	59,707	$	11,854	$	508	$	106,777
Investment management fees from investment management agreements	—		1,133		49,864		54,296		4,729		110,022
Investment operations fees	176,687		570		10,670		—		1,121		189,048
Investment processing fees - PaaS	1,267		75,283		1,449		260		7		78,266
Investment processing fees - SaaS	—		21,296		—		2,004		5,237		28,537
Professional services fees	631		4,806		—		—		1,050		6,487
Account fees and other	6,213		747		5,146		3,212		2,941		18,259
Total revenues	$	184,607	$	138,734	$	126,836	$	71,626	$	15,593	$	537,396

Primary Geographic Markets:
United States	$	166,415	$	90,549	$	126,836	$	58,870	$	15,593	$	458,263
United Kingdom	—		32,062		—		9,438		—		41,500
Canada	—		10,368		—		1,498		—		11,866
Ireland	10,229		5,755		—		1,820		—		17,804
Luxembourg	7,963		—		—		—		—		7,963

Total revenues	$	184,607	$	138,734	$	126,836	$	71,626	$	15,593	$	537,396

The following tables provide additional information pertaining to the Company's revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the nine months ended September 30, 2025 and 2024:


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
Major Product Lines:	For the Nine Months Ended September 30, 2025
Investment management fees from pooled investment products	$	385	$	98,093	$	166,903	$	36,161	$	1,203	$	302,745
Investment management fees from investment management agreements	—		3,077		165,862		158,383		15,036		342,358
Investment operations fees	560,970		1,871		62,296		48		1,999		627,184
Investment processing fees - PaaS	4,003		234,617		4,577		1,524		31		244,752
Investment processing fees - SaaS	—		65,742		4,075		5,545		12,886		88,248
Professional services fees	4,056		17,644		—		—		1,614		23,314
Account fees and other	24,751		2,113		17,521		8,014		8,456		60,855
Total revenues	$	594,165	$	423,157	$	421,234	$	209,675	$	41,225	$	1,689,456

Primary Geographic Markets:
United States	$	524,823	$	280,629	$	421,234	$	174,508	$	39,816	$	1,441,010
United Kingdom	220		95,764		—		24,705		1,409		122,098
Canada	—		31,269		—		4,521		—		35,790
Ireland	43,116		15,495		—		5,941		—		64,552
Luxembourg	26,006		—		—		—		—		26,006

Total revenues	$	594,165	$	423,157	$	421,234	$	209,675	$	41,225	$	1,689,456


	Investment Managers		Private Banks		Investment Advisors		Institutional Investors		Investments In New Businesses		Total
Major Product Lines:	For the Nine Months Ended September 30, 2024
Investment management fees from pooled investment products	$	273	$	99,913	$	176,368	$	36,185	$	1,323	$	314,062
Investment management fees from investment management agreements	—		3,229		144,203		162,046		13,663		323,141
Investment operations fees	511,203		1,650		30,397		—		3,561		546,811
Investment processing fees - PaaS	3,772		214,001		4,109		1,081		26		222,989
Investment processing fees - SaaS	19		66,065		—		6,335		15,459		87,878
Professional services fees	2,749		14,042		—		—		2,337		19,128
Account fees and other	19,112		2,372		15,064		9,264		8,140		53,952
Total revenues	$	537,128	$	401,272	$	370,141	$	214,911	$	44,509	$	1,567,961

Primary Geographic Markets:
United States	$	484,785	$	262,886	$	370,141	$	177,134	$	44,509	$	1,339,455
United Kingdom	—		93,264		—		28,305		—		121,569
Canada	—		30,234		—		4,384		—		34,618
Ireland	30,600		14,888		—		5,088		—		50,576
Luxembourg	21,743		—		—		—		—		21,743

Total revenues	$	537,128	$	401,272	$	370,141	$	214,911	$	44,509	$	1,567,961

Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Also includes income from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Revenues associated with clients of the mutual fund trading solution are fees recognized for shareholder services and related services through the use of the Company's proprietary platform or through third-party vendor agreements. Contractual fees are stated as a percentage of the value of total assets or positions processed on the Company's platform or subject to third-party vendor agreements each month. Fees are billed and collected on a monthly and quarterly basis. These revenues were previously classified under Account fees and other in 2023 and have been reclassified to conform to the current year presentation.

Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment for application software services. Clients retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis.

Revenues associated with clients of the Investments in New Businesses segment processed on the Archway PlatformSM are fees for hosted technology services to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee is based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis.

Revenues associated with clients of the Institutional Investors segment processed on the SEI NovusSM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting.

All revenues from investment processing fees are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement.

Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services.

Note 15 – Consolidated Variable Interest Entities

On July 31, 2025, the Company made a seed capital investment of $50,000 through a subscription agreement with the LSV Global Equity Market Neutral Fund, LP (LSV GEMNF), a limited partnership fund that was operationalized on July 1, 2025. LSV serves as the general partner and investment manager to the LSV GEMNF and makes all operational and investment decisions on behalf of the fund. LSV does not have a partnership interest in the LSV GEMNF.

The Company determined the LSV GEMNF to be a variable interest entity (VIE) in which it has a variable interest through its direct equity partnership interest and also determined LSV does not have a variable interest through its management fee as general partner to the fund. The Company concluded that it is the primary beneficiary as substantially all of the activities of the fund are currently conducted on behalf of the Company while the fund is in the seed capital stage and is therefore required to consolidate the accounts of the LSV GEMNF into its financial statements.

The Company recognized unrealized gains of $1,463 during the third quarter 2025 from the change in fair value of the seed capital investment in the LSV GEMNF. These gains are included in Net gain from consolidated variable interest entities on the accompanying Consolidated Statement of Operations.

The assets and liabilities of the LSV GEMNF presented on the accompanying Consolidated Balance Sheets consist of:


Assets of Consolidated Variable Interest Entities	September 30, 2025
Cash and cash equivalents	$	64,611
Equity securities	106,044
Other assets	2
Total	$	170,657


Liabilities of Consolidated Variable Interest Entities	September 30, 2025
Accrued expenses	$	24
Securities sold short	100,466
Other liabilities	2
Total	$	100,492

The assets presented in the table above may only be used to settle obligations of the LSV GEMNF and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities of the LSV GEMNF have no recourse to the Company’s general credit.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(In thousands, except asset balances and per-share data)

This discussion reviews and analyzes the consolidated financial condition, the consolidated results of operations and other key factors that may affect future performance. This discussion should be read in conjunction with the Consolidated Financial Statements, the Notes to the Consolidated Financial Statements and the Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

Consolidated Summary

SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of September 30, 2025, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $1.8 trillion in hedge, private equity, mutual fund and pooled or separately managed assets.

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 were:


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Revenues	$	578,511	$	537,396	8%	$	1,689,456	$	1,567,961	8%
Expenses	418,550		393,564		6%	1,223,763		1,161,764		5%
Income from operations	159,961		143,832		11%	465,693		406,197		15%
Net gain from investments	1,992		427		367%	4,244		3,349		27%
Interest income, net of interest expense	10,098		13,438		(25)%	29,325		35,531		(17)%
Gain on sale of business	—		—		NM	94,412		—		NM
Other income	4,922		8,151		NM	9,422		8,151		NM
Equity in earnings of unconsolidated affiliate	31,903		36,513		(13)%	94,290		102,375		(8)%
Net gain from consolidated variable interest entities	1,845		—		NM	1,845		—		NM
Income before income taxes	210,721		202,361		4%	699,231		555,603		26%
Income taxes	46,135		47,461		(3)%	156,045		130,183		20%
Net income	164,586		154,900		6%	543,186		425,420		28%
Less: Net income attributable to non-controlling interests	382		—		NM	382		—		NM
Net income attributable to SEI Investments Company	164,204		$	154,900	6%	$	542,804	$	425,420	28%
Diluted earnings per common share	$	1.30	$	1.19	9%	$	4.25	$	3.23	32%

The following items had a significant impact on our financial results for the three and nine months ended September 30, 2025 and 2024:

•The sale of the Family Office Services business was completed on June 30, 2025 resulting in a net gain of $94.4 million, or $0.58 diluted earnings per share recorded in the second quarter 2025. The gain from the sale is reflected in Gain on sale of business on the accompanying Consolidated Statement of Operations (See caption titled "Divestiture of Family Office Services Business" later in this discussion).

•Revenue from Assets under management, administration, and distribution fees increased in the first nine months of 2025 primarily from higher assets under administration due to cross sales to existing alternative investment clients of the Investment Managers segment as well as new sales within the segment. Average assets under administration increased $131.6 billion, or 13%, to $1.1 trillion during the first nine months of 2025, as compared to $998.4 billion during the first nine months of 2024.

•Revenue from Asset management, administration and distribution fees also increased from market appreciation and positive cash flows into separately managed account programs and Strategist programs of the Investment Advisors segment. This was partially offset by negative cash flows from SEI fund programs and fee reductions in separately managed account programs during 2024. Revenue growth was also partially offset by client losses in the Institutional Investors segment. Average assets under management in equity and fixed income programs, excluding LSV, increased $9.0 billion, or 5%, to $186.9 billion in the first nine months of 2025 as compared to $177.9 billion during the first nine months of 2024.

•Fees from the SEI Integrated Cash Program of the Investment Advisors segment increased to $62.3 million during the first nine months of 2025 as compared to $30.4 million during the first nine months of 2024 due to the expansion of the program in late 2024.

•Revenue from Information processing and software servicing fees increased in the first nine months of 2025 primarily from new client conversions and growth from existing SEI Wealth PlatformSM (SWP) clients.

•Earnings from LSV decreased to $94.3 million in the first nine months of 2025 as compared to $102.4 million in the first nine months of 2024 due to negative cash flows from existing clients and client losses. Market appreciation of assets under management partially offset the decrease in earnings from LSV.

•The increase in personnel costs was primarily due to business growth, primarily in the Investment Managers segment.

•Operating expenses increased primarily from higher costs for consulting and outsourced vendor costs supporting operations in the Investment Managers and Private Banks segments.

•Capitalized software development costs were $22.8 million in the first nine months of 2025, of which $14.5 million was for continued enhancements to SWP. Capitalized software development costs also include $8.3 million of software development costs in the first nine months of 2025 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025.

•Amortization expense related to SWP was $21.6 million in the first nine months of 2025 as compared to $20.5 million in the first nine months of 2024. Amortization expense related to the SEI Scope platform was $1.1 million in the first nine months of 2025.

•Effective tax rates were 21.9% during the third quarter 2025 and 23.5% during the third quarter 2024. During the first nine months of 2025 and 2024, effective tax rates were 22.3% and 23.4%, respectively.

•SEI repurchased 6.2 million shares of its common stock for $515.2 million in the first nine months of 2025.

Stratos Wealth Holdings

On July 17, 2025, we entered into an agreement with Stratos Wealth Holdings (Stratos), a family of companies focused on supporting the success of financial advisors across business models and affiliation structures. According to the agreement, we will pay a total cash consideration of approximately $527.0 million for 57.5% of the equity of Stratos. Certain legacy Stratos equity holders will continue to own 42.5%, which is subject to three equal put/call options at 36 months, 54 months and 72 months post-closing that, if fully exercised, will result in SEI owning 100.0% of Stratos. Subject to applicable regulatory approval and other customary closing conditions, the transaction is expected to close in two stages: the U.S.-based Stratos business, representing approximately 80.0% of the transaction value, and the Mexico-based NSC business. Professional fees and consulting costs incurred to date for the acquisition of Stratos have been recognized in corporate overhead. We expect to continue to incur these acquisition costs during the fourth quarter 2025.

Ending Asset Balances

(In millions)


	As of September 30,				Percent Change
	2025		2024
Investment Managers:
Collective trust fund programs (A)	$	237,964	$	204,429	16%
Liquidity funds	418		233		79%
Total assets under management	$	238,382	$	204,662	16%
Client assets under administration	1,204,843		1,022,515		18%
Total assets	$	1,443,225	$	1,227,177	18%
Private Banks:
Equity and fixed-income programs	$	28,408	$	26,565	7%
Collective trust fund programs	3		5		(40)%
Liquidity funds	2,802		2,948		(5)%
Total assets under management	$	31,213	$	29,518	6%
Client assets under administration	8,902		8,349		7%
Total assets	$	40,115	$	37,867	6%
Investment Advisors:
Equity and fixed-income programs	$	85,245	$	78,361	9%
Liquidity funds	3,391		2,790		22%
Total Platform assets under management	$	88,636	$	81,151	9%
Platform-only assets	32,152		24,501		31%
Platform-only assets-deposit program	2,165		2,447		(12)%
Total Platform assets	$	122,953	$	108,099	14%
Institutional Investors:
Equity and fixed-income programs	$	82,676	$	79,252	4%
Collective trust fund programs	—		1		(100)%
Liquidity funds	1,580		1,829		(14)%
Total assets under management	$	84,256	$	81,082	4%
Client assets under advisement	6,564		8,038		(18)%
Total assets	$	90,820	$	89,120	2%
Investments in New Businesses:
Equity and fixed-income programs	$	2,999	$	2,825	6%
Liquidity funds	244		246		(1)%
Total assets under management	$	3,243	$	3,071	6%
Client assets under administration (E)	—		15,110		(100)%
Client assets under advisement	2,452		2,021		21%
Total assets	$	5,695	$	20,202	(72)%
LSV:
Equity and fixed-income programs (B)	$	95,801	$	93,855	2%


Total:
Equity and fixed-income programs (C)	$	295,129	$	280,858	5%
Collective trust fund programs	237,967		204,435		16%
Liquidity funds	8,435		8,046		5%
Total assets under management	$	541,531	$	493,339	10%
Client assets under advisement	9,016		10,059		(10)%
Client assets under administration (D)	1,213,745		1,045,974		16%
Platform-only assets	34,317		26,948		27%
Total assets	$	1,798,609	$	1,576,320	14%

(A) Collective trust fund program assets are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B) Equity and fixed-income programs include $1.4 billion of assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee (as of September 30, 2025).

(C) Equity and fixed-income programs include $6.9 billion of assets invested in various asset allocation funds at September 30, 2025.

(D) In addition to the assets presented, SEI also administers an additional $11.5 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of September 30, 2025).

(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.

Average Asset Balances

(In millions)


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Investment Managers:
Collective trust fund programs (A)	$	231,088	$	198,839	16%	$	218,298	$	181,820	20%
Liquidity funds	385		245		57%	310		226		37%
Total assets under management	$	231,473	$	199,084	16%	$	218,608	$	182,046	20%
Client assets under administration	1,174,961		1,005,111		17%	1,111,723		975,574		14%
Total assets	$	1,406,434	$	1,204,195	17%	$	1,330,331	$	1,157,620	15%
Private Banks:
Equity and fixed-income programs	$	28,051	$	25,823	9%	$	26,826	$	25,092	7%
Collective trust fund programs	3		5		(40)%	3		5		(40)%
Liquidity funds	2,834		2,858		(1)%	2,855		3,165		(10)%
Total assets under management	$	30,888	$	28,686	8%	$	29,684	$	28,262	5%
Client assets under administration	8,665		8,074		7%	8,473		7,904		7%
Total assets	$	39,553	$	36,760	8%	$	38,157	$	36,166	6%
Investment Advisors:
Equity and fixed-income programs	$	82,735	$	76,111	9%	$	78,884	$	74,198	6%
Liquidity funds	3,378		4,264		(21)%	3,320		4,420		(25)%
Total Platform assets under management	$	86,113	$	80,375	7%	$	82,204	$	78,618	5%
Platform-only assets	30,874		23,194		33%	28,034		21,096		33%
Platform-only assets-deposit program	2,136		1,176		82%	2,158		970		NM
Total Platform assets	$	119,123	$	104,745	14%	$	112,396	$	100,684	12%
Institutional Investors:
Equity and fixed-income programs	$	80,802	$	77,473	4%	$	78,379	$	76,363	3%
Collective trust fund programs	—		1		(100)%	—		1		(100)%
Liquidity funds	1,810		2,046		(12)%	1,773		1,917		(8)%
Total assets under management	$	82,612	$	79,520	4%	$	80,152	$	78,281	2%
Client assets under advisement	6,274		7,925		(21)%	5,952		7,310		(19)%
Total assets	$	88,886	$	87,445	2%	$	86,104	$	85,591	1%
Investments in New Businesses:
Equity and fixed-income programs	$	2,934	$	2,432	21%	$	2,822	$	2,289	23%
Liquidity funds	255		546		(53)%	258		410		(37)%
Total assets under management	$	3,189	$	2,978	7%	$	3,080	$	2,699	14%
Client assets under administration (E)	—		14,973		(100)%	9,849		14,944		(34)%
Client assets under advisement	2,428		1,885		29%	2,321		1,698		37%
Total assets	$	5,617	$	19,836	(72)%	$	15,250	$	19,341	(21)%
LSV:
Equity and fixed-income programs (B)	$	92,969	$	93,195	—%	$	90,060	$	91,584	(2)%


Total:
Equity and fixed-income programs (C)	$	287,491	$	275,034	5%	$	276,971	$	269,526	3%
Collective trust fund programs	231,091		198,845		16%	218,301		181,826		20%
Liquidity funds	8,662		9,959		(13)%	8,516		10,138		(16)%
Total assets under management	$	527,244	$	483,838	9%	$	503,788	$	461,490	9%
Client assets under advisement	8,702		9,810		(11)%	8,273		9,008		(8)%
Client assets under administration (D)	1,183,626		1,028,158		15%	1,130,045		998,422		13%
Platform-only assets	33,010		24,370		35%	30,192		22,066		37%
Total assets	$	1,752,582	$	1,546,176	13%	$	1,672,298	$	1,490,986	12%

(A) Collective trust fund program average assets are included in assets under management since SEI is the trustee. Fees earned on this product are less than fees earned on customized asset management programs.

(B) Equity and fixed-income programs include assets managed by LSV in which fees are based solely on performance and are not calculated as an asset-based fee. The average value of these assets for the three months ended September 30, 2025 was $1.4 billion.

(C) Equity and fixed-income programs include $6.8 billion of average assets invested in various asset allocation funds for the three months ended September 30, 2025.

(D) In addition to the assets presented, SEI also administers an additional $11.5 billion of average assets in Funds of Funds assets for the three months ended September 30, 2025 on which SEI does not earn an administration fee.

(E) Client assets under administration related to the Family Office Services business divested on June 30, 2025.

In the preceding tables, assets under management are total assets of our clients or their customers invested in our equity and fixed-income investment programs, collective trust fund programs, and liquidity funds for which we provide asset management services through our subsidiaries and partnerships in which we have a significant interest. Advised assets include assets for which we provide advisory services through a subsidiary to the accounts but do not manage the underlying assets. Assets under administration include total assets of our clients or their customers for which we provide administrative services, including client fund balances for which we provide administration and/or distribution services through our subsidiaries and partnerships in which we have a significant interest. Platform-only assets-deposit program include assets of our clients in the SEI Integrated Cash program for which we provide custody services through our federal thrift subsidiary. The assets presented in the preceding tables do not include assets processed on SWP and are not included in the accompanying Consolidated Balance Sheets because we do not own them.

Business Segments

Revenues, Expenses and Operating Profit (Loss) for our business segments for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 were as follows:


	Three Months Ended September 30,						Percent Change	Nine Months Ended September 30,						Percent Change
	2025			2024				2025			2024
Investment Managers:
Revenues	$	207,050		$	184,607		12%	$	594,165		$	537,128		11%
Expenses	125,934			114,118			10%	364,781			334,955			9%
Operating Profit	$	81,116		$	70,489		15%	$	229,384		$	202,173		13%
Operating Margin	39		%	38		%		39		%	38		%
Private Banks:
Revenues	$	143,994		$	138,734		4%	$	423,157		$	401,272		5%
Expenses	120,763			115,097			5%	354,236			339,961			4%
Operating Profit	$	23,231		$	23,637		(2)%	$	68,921		$	61,311		12%
Operating Margin	16		%	17		%		16		%	15		%
Investment Advisors:
Revenues	$	147,465		$	126,836		16%	$	421,234		$	370,141		14%
Expenses	79,128			70,152			13%	227,384			206,063			10%
Operating Profit	$	68,337		$	56,684		21%	$	193,850		$	164,078		18%
Operating Margin	46		%	45		%		46		%	44		%
Institutional Investors:
Revenues	$	71,826		$	71,626		—%	$	209,675		$	214,911		(2)%
Expenses	38,068			37,851			1%	109,795			116,386			(6)%
Operating Profit	$	33,758		$	33,775		—%	$	99,880		$	98,525		1%
Operating Margin	47		%	47		%		48		%	46		%
Investments in New Businesses:
Revenues	$	8,176		$	15,593		(48)%	$	41,225		$	44,509		(7)%
Expenses	11,863			18,440			(36)%	48,789			55,403			(12)%
Operating Loss	$	(3,687)		$	(2,847)		NM	$	(7,564)		$	(10,894)		NM

For additional information pertaining to our business segments, see Note 9 to the Consolidated Financial Statements.

Investment Managers

Revenues increased $22.4 million, or 12%, in the three month period and increased $57.0 million, or 11%, in the nine month period ended September 30, 2025 and were primarily affected by:

•Increased administration fees from additional services provided to our largest alternative fund clients;

•Increased revenues from services provided to collective investment trusts; and

•Positive cash flows into alternative and traditional funds from new and existing clients; partially offset by

•Client losses and fund closures.

Operating margin increased to 39% in the three and nine month periods compared to 38% in both prior year periods. Operating income increased $10.6 million, or 15%, in the three month period and increased $27.2 million, or 13%, in the nine month period and was primarily affected by:

•An increase in revenues as mentioned above; partially offset by

•Increased costs associated with new business, primarily personnel costs and third-party vendor costs; and

•Costs to enhance, support and maintain technologies and investment service capabilities.

Private Banks


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Revenues:
Information processing and software servicing fees	$	107,405	$	102,043	5%	$	319,829	$	296,213	8%
Asset management, administration & distribution fees	36,589		36,691		—%	103,328		105,059		(2)%
Total revenues	$	143,994	$	138,734	4%	$	423,157	$	401,272	5%

Revenues increased $5.3 million, or 4%, in the three month period and increased $21.9 million, or 5%, in the nine month period ended September 30, 2025 and were primarily affected by:

•Increased investment processing fees from new SWP client conversions and growth from existing SWP clients due to market appreciation and increased transaction volumes;

•Increased investment management fees from existing international clients due to market appreciation; and

•The positive impact from foreign currency exchange rate fluctuations between the U.S. dollar and the British pound on our foreign operations; partially offset by

•Lower investment processing fees from the recontracting of existing clients and a client loss; and

•Lower investment management fees from the recontracting of an existing client.

Operating margins decreased to 16% compared to 17% in the three month period and increased to 16% compared to 15% in the nine month period. Operating income decreased by $406 thousand, or 2%, in the three month period and increased $7.6 million, or 12%, in the nine month period and was primarily affected by:

•An increase in revenues as mentioned above; partially offset by

•Increased costs, mainly personnel, consulting and outsourced vendor costs supporting operations.

Investment Advisors


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Revenues:
Investment management fees-SEI fund programs	$	57,724	$	59,707	(3)%	$	166,903	$	176,368	(5)%
Separately managed account fees	59,871		49,864		20%	165,862		144,203		15%
Other fees	29,870		17,265		73%	88,469		49,570		78%
Total revenues	$	147,465	$	126,836	16%	$	421,234	$	370,141	14%

Revenues increased $20.6 million, or 16%, in the three month period and increased $51.1 million, or 14%, in the nine month period ended September 30, 2025 and were primarily affected by:

•Increased fee revenue of $31.9 million from the SEI Integrated Cash Program due to the expansion of the program in late 2024; and

•Increased fees from separately managed account programs and Strategist programs due to growth from existing clients and market appreciation; partially offset by

•Decreased investment management fees from SEI fund programs resulting from the continued shift out of SEI fund programs into separately managed accounts and other investment products;

•Fee reductions in our separately managed account programs; and

•Decreased average basis points earned on assets in SEI mutual funds.

Operating margin increased to 46% compared to 45% in the three month period and increased to 46% compared to 44% in the nine month period. Operating income increased $11.7 million, or 21%, in the three month period and increased $29.8 million, or 18%, in the nine month period and was primarily affected by:

•An increase in revenues as mentioned above; partially offset by

•Increased direct expenses associated with the increase in separately managed account fees;

•Increased personnel costs from business growth, and

•Increased stock-based compensation costs.

Institutional Investors

Revenues increased slightly in the three month period and decreased $5.2 million, or 2%, in the nine month period ended September 30, 2025 and were primarily affected by:

•Decreased investment management fees from fee reductions and client losses; partially offset by

•Increased investment management fees from existing clients due to higher assets under management due to market appreciation; and

•Revenues from new Outsourced Chief Investment Officer (OCIO) platform clients.

Operating margin remained at 47% in the three month period and increased to 48% compared to 46% in the nine month period. Operating income decreased slightly in the three month period and increased $1.4 million, or 1%, in the nine month period and was primarily affected by:

•Decreased direct expenses associated with investment management fees; and

•Decreased personnel costs; partially offset by

•A decrease in revenues in the nine month period as mentioned above.

Investments in New Businesses


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Revenues:
SEI Private Wealth Management	$	5,796	$	5,267	10%	$	16,468	$	15,175	9%
SEI Family Office Services	—		8,990		(100)%	18,002		26,068		(31)%
Other	2,380		1,336		78%	6,755		3,266		107%
Total revenues	$	8,176	$	15,593	(48)%	$	41,225	$	44,509	(7)%

Revenues decreased $7.4 million, or 48%, in the three month period and decreased $3.3 million, or 7%, in the nine month period ended September 30, 2025 and were primarily affected by:

•The divestiture of SEI Family Office Services during the second quarter 2025; partially offset by

•Increased revenues from network and data protection services offered through SEI Sphere due to new business;

•Increased revenues from SEI Private Wealth Management through higher assets under advisement due to market appreciation and new business.

Other

Corporate overhead expenses

Corporate overhead expenses primarily consist of general and administrative expenses and other costs not directly attributable to a reportable business segment. Corporate overhead expenses were $42.8 million and $37.9 million in the three months ended September 30, 2025 and 2024, respectively, and $118.8 million and $109.0 million in the nine months ended September 30, 2025 and 2024, respectively. The increases in corporate overhead expenses is primarily due to increases in personnel costs, professional fees related to M&A activity, consulting and stock-based compensation costs and investments in upgrading and enhancing various technologies utilized by corporate overhead units. We expect professional fees from the expected acquisition of Stratos to continue into the fourth quarter 2025.

Other income and expense

Other income and expense items on the accompanying Consolidated Statements of Operations consist of:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net gain from investments	$	1,992	$	427	$	4,244	$	3,349
Interest and dividend income	10,207		13,579		29,711		35,950
Interest expense	(109)		(141)		(386)		(419)
Gain on sale of business	—		—		94,412		—
Other income	4,922		8,151		9,422		8,151
Equity in earnings of unconsolidated affiliate	31,903		36,513		94,290		102,375
Net gain from consolidated variable interest entities	1,845		—		1,845		—
Total other income and expense items, net	$	50,760	$	58,529	$	233,538	$	149,406

Net gain from investments

Net gain from investments in the three and nine months ended September 30, 2025 were primarily due to unrealized mark-to-market gains recorded in current earnings associated with LSV-sponsored investment funds and Company-sponsored investment funds from market appreciation (See Note 5 to the Consolidated Financial Statements).

Interest and dividend income

Interest and dividend income is earned based upon the amount of cash that is invested daily. The decrease in interest and dividend income in the three and nine months ended September 30, 2025 was due to an overall decline in interest rates and lower invested cash balances.

Gain on sale of business

We recognized a gain of $94.4 million during the second quarter 2025 from the divestiture of the Family Office Services business (See caption titled "Divestiture of Family Office Services Business" later in this discussion).

Other income

We recognized a gain of $4.4 million from an insurance recovery during the third quarter 2025 and a gain of $4.5 million during the second quarter 2025 from the settlement of a matter with a third-party vendor.

Equity in earnings of unconsolidated affiliate

Equity in earnings of unconsolidated affiliate reflects our ownership interest in LSV. As of September 30, 2025, our total partnership interest in LSV was 38.5%. The table below presents the revenues and net income of LSV and the proportionate share in LSV's earnings.


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Revenues of LSV	$	111,750	$	122,412	(9)%	$	325,894	$	343,581	(5)%
Net income of LSV	82,812		94,634		(12)%	244,639		265,335		(8)%

SEI's proportionate share in earnings of LSV	$	31,903	$	36,513	(13)%	$	94,290	$	102,375	(8)%

The decrease in earnings from LSV in the three and nine months ended September 30, 2025 was primarily due to lower assets under management from negative cash flows from existing clients and client losses. Market appreciation of client assets partially offset the decrease in earnings from LSV. Average assets under management by LSV decreased $1.5 billion to $90.1 billion during the nine months ended September 30, 2025 as compared to $91.6 billion during the nine months ended September 30, 2024, a decrease of 2%.

Net gain from consolidated variable interest entities

Net gain from consolidated variable interest entities in the three and nine months ended September 30, 2025 reflects the total net gains of the LSV Global Market Neutral Fund LP consolidated into our financial statements. The portion of this gain associated with our investment in the fund was $1.5 million during the three and nine months ended September 30, 2025. The portion of this gain associated with other investors in the fund is eliminated through income attributable to non-controlling interests in the accompanying Consolidated Statement of Operations (See Notes 1 and 15 to the Consolidated Financial Statements).

Amortization

Amortization expense on the accompanying Consolidated Statements of Operations consists of:


	Three Months Ended September 30,				Percent Change	Nine Months Ended September 30,				Percent Change
	2025		2024			2025		2024
Capitalized software development costs	$	8,405	$	7,069	19%	$	22,800	$	20,961	9%
Intangible assets acquired through acquisitions and asset purchases	3,168		3,276		(3)%	9,774		10,066		(3)%
Other	$	339	$	68	399%	497		257		93%
Total amortization expense	$	11,912	$	10,413	14%	$	33,071	$	31,284	6%

Capitalized software development costs

The increase in amortization expense related to capitalized software development costs during the three and nine months ended September 30, 2025 was due to significant enhancements to SWP and the placement into service of SEI Scope during the third quarter 2025 (See Note 1 to the Consolidated Financial Statements).

Income Taxes

The effective income tax rates for the three and nine months ended September 30, 2025 and 2024 differ from the federal income tax statutory rate due to the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	2.7		2.9		2.7		2.9
Foreign tax expense and tax rate differential	(0.1)		0.1		(0.1)		0.1
Tax benefit from stock option exercises	(1.0)		(0.1)		(0.8)		(0.4)


Other, net	(0.7)		(0.4)		(0.5)		(0.2)
	21.9	%	23.5	%	22.3	%	23.4	%

On July 4, 2025, President Donald J. Trump signed new tax legislation known as the One Big Beautiful Bill Act (OBBBA) into law which makes permanent many of the provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were scheduled to expire at the end of 2025. The enactment of the OBBBA primarily impacted the deferred tax liability and income tax payable related to the provisions for the elimination of the capitalization of onshore research and development costs (Section 174) and the reintroduction of 100% bonus depreciation (Section 168) and did not have a significant impact to the effective tax rate.

Stock-Based Compensation

We recognized $42.0 million and $37.2 million in stock-based compensation expense during the nine months ended September 30, 2025 and 2024, respectively. The increase in expense was primarily due to new equity awards granted during the fourth quarter 2024. The amount of stock-based compensation expense recognized is primarily based upon management's estimate of when the financial vesting targets of outstanding stock options may be achieved. Any change in the estimate could result in the amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect earnings (See Note 7 to the Consolidated Financial Statements).

We expect to recognize approximately $11.8 million in stock-based compensation expense during the remainder of 2025.

Divestiture of Family Office Services Business

On February 27, 2025, we announced the entry into a definitive agreement with Aquiline, a private investment firm specializing in financial services and technology, to acquire our Family Office Services business. We completed the sale on June 30, 2025 and recognized a gain of $94.4 million, net of transaction costs and certain other purchase price adjustments, during the second quarter 2025. Prior to the divestiture, the Family Office Services business was reported in our Investments in New Businesses segment.

Regulatory Matters

Like many firms operating within the financial services industry, we are experiencing a complex and changing regulatory environment across our markets. Our current scale and reach as a provider to the financial services industry, the introduction and implementation of new solutions for our financial services industry clients, the increased regulatory oversight of the financial services industry generally, new laws and regulations affecting the financial services industry and ever-changing regulatory interpretations of existing laws and regulations, and a greater propensity of regulators to pursue enforcement actions and other sanctions against regulated entities, have made this an increasingly challenging and costly regulatory environment in which to operate.

SEI and some of our regulated subsidiaries have undergone or been scheduled to undergo a range of periodic or thematic reviews, examinations or investigations by numerous regulatory authorities around the world, including the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Financial Conduct Authority of the United Kingdom (FCA), the Central Bank of Ireland and others. These regulatory activities typically result in the identification of matters or practices to be addressed by us or our subsidiaries and, in certain circumstances, the regulatory authorities require remediation activities or pursue enforcement proceedings against us or our subsidiaries. From time to time, the regulators in different jurisdictions will elevate their level of scrutiny of our operations as our business expands or is deemed critical to the operations of the relevant financial markets. As described under the caption “Regulatory Considerations” in our Annual Report on Form 10-K, the range of possible sanctions that are available to regulatory authorities include limitations on our ability to engage in business for specified periods of time, the revocation of registration, censures and fines. The direct and indirect costs of responding to these regulatory activities and of complying with new or modified regulations, as well as the potential financial costs and potential reputational impact against us of any enforcement proceedings that might result, is uncertain but could have a material adverse impact on our operating results or financial position.

Liquidity and Capital Resources


	Nine Months Ended September 30,
	2025		2024
Net cash provided by operating activities	$	481,264	$	427,074
Net cash provided by/(used in) investing activities	40,497		(57,185)
Net cash used in financing activities	(516,474)		(310,392)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,953		6,941
Net increase in cash and cash equivalents	17,240		66,438
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period	840,193		834,998
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period	$	857,433	$	901,436

Our current credit facility provides for borrowings up to $500.0 million and is scheduled to expire in August 2030 (See Note 6 to the Consolidated Financial Statements). As of October 9, 2025, we had outstanding letters of credit of $4.9 million which reduced the amount available under the credit facility. These letters of credit were primarily issued for the expansion of the corporate headquarters and are due to expire in late 2025. As of October 9, 2025, the amount of the credit facility available for corporate purposes was $495.4 million.

The availability of the credit facility is subject to compliance with certain covenants set forth in the agreement. The credit facility contains covenants which restrict our ability to engage in transactions with affiliates other than wholly-owned subsidiaries or to incur liens or certain types of indebtedness as defined in the agreement. In the event of a default under the credit facility, we would also be restricted from paying dividends on, or repurchasing our common stock. Currently, our ability to borrow from the credit facility is not limited by any covenant of the agreement (See Note 6 to the Consolidated Financial Statements).

The majority of excess cash reserves are primarily placed in accounts located in the United States that invest entirely in commercial paper and SEI-sponsored money market mutual funds denominated in the U.S. dollar. We also utilize demand deposit accounts or money market accounts at several large, well-established financial institutions located in the United States.

The institutions we utilize have not indicated any stability issues regarding the ability to honor current or future deposit obligations to their customers. Accounts used to manage these excess cash reserves do not impose any restrictions or limitations that would prevent us from being able to access such cash amounts immediately. As of October 9, 2025, the amount of cash and cash equivalents considered free and immediately accessible for other general corporate purposes was $555.6 million.

Cash and cash equivalents include cash held in accounts of the LSV Global Equity Market Neutral Fund, LP consolidated into our financial statements and may only be used to settle obligations of the fund (See Note 15 to the Consolidated Financial Statements).

Cash and cash equivalents also include accounts managed by subsidiaries that are used in their operations or to cover specific business and regulatory requirements. The availability of this cash for other purposes beyond the operations of these subsidiaries may be limited. We therefore do not include accounts of foreign subsidiaries in the calculation of free and immediately accessible cash for other general corporate purposes. A portion of the undistributed earnings of foreign subsidiaries are deemed repatriated. Any subsequent transfer of available cash related to the repatriated earnings of foreign subsidiaries could significantly increase free and immediately accessible cash.

Cash flows from operations increased $54.2 million in the first nine months of 2025 compared to the first nine months of 2024 primarily from the increase in net income attributable to SEI. The negative impact from the change in working capital accounts due to decreased accrued liabilities, primarily from the higher payments of incentive compensation awards in 2025 as compared to 2024, partially offset the increase.

Net cash from investing activities includes:

•Purchases, sales and maturities of marketable securities. Purchases, sales and maturities of marketable securities in the first nine months of 2025 and 2024 were as follows:


	Nine Months Ended September 30,
	2025		2024
Purchases	$	(123,708)	$	(134,665)
Sales and maturities	93,367		121,347
Net investing activities from marketable securities	$	(30,341)	$	(13,318)

See Note 5 to the Consolidated Financial Statements for more information related to marketable securities.

•The capitalization of costs incurred in developing computer software. We capitalized $22.8 million of software development costs in the first nine months of 2025 as compared to $18.4 million in the first nine months of 2024. Software development costs are principally related to significant enhancements for the expanded functionality of the SEI Wealth Platform and a new platform for the Investment Managers segment.

•Capital expenditures. Capital expenditures in the first nine months of 2025 were $21.1 million as compared to $27.2 million in the first nine months of 2024. Expenditures in 2025 and 2024 include capital outlays for purchased software and equipment for data center operations.

•Proceeds from business divestiture. We received gross proceeds of $116.0 million at the closing of the sale of the Family Office Services business on June 30, 2025.

•Other investing activities. We made strategic investments of $3.5 million and $10.0 million during the first nine months of 2025 and 2024, respectively, in innovation platforms for wealth management.

Net cash from financing activities includes:

•The repurchase of common stock. Our Board of Directors has authorized the repurchase of common stock through multiple authorizations. Currently, there is no expiration date for the common stock repurchase program. We had total capital outlays of $527.5 million during the first nine months of 2025 and $252.9 million during the first nine months of 2024 for the repurchase of common stock.

•Proceeds from the issuance of common stock. We received $115.9 million and $62.8 million in proceeds from the issuance of common stock during the first nine months of 2025 and 2024, respectively, through our equity compensation plans. These proceeds were primarily from stock option exercise activity.

•Dividend payments. Cash dividends paid were $123.3 million in the first nine months of 2025 as compared to $120.3 million in the first nine months of 2024.

Cash Requirements

Cash requirements and liquidity needs are primarily funded through cash flow from operations and our capacity for additional borrowing. At September 30, 2025, unused sources of liquidity consisted of cash and cash equivalents and the amount available under our credit facility.

We are obligated to make payments in connection with the credit facility, operating leases, maintenance contracts and other commitments. We believe our operating cash flow, available borrowing capacity, and existing cash and cash equivalents will provide adequate funds for these obligations and ongoing operations. We currently anticipate that our available funds and cash flow from operations will be sufficient to meet our operational cash needs, expected M&A activity, and fund our stock repurchase program for at least the next 12 months and for the foreseeable future.

Forward-Looking Information and Risk Factors

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information contained in this discussion is or may be considered forward-looking. Forward-looking statements relate to future operations, strategies, financial results or other developments. Forward-looking statements are based upon estimates and assumptions that involve certain risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.

Among the risks and uncertainties which may affect our future operations, strategies, financial results or other developments are those risks described in our latest Annual Report on Form 10-K in Part I, Item 1A. These risks include the following:

•changes in capital markets and significant changes in the value of financial instruments that may affect our revenues and earnings;

•product development risk;

•risk of failure by a third-party service provider;

•pricing pressure from increased competition, disruptive technology and poor investment performance;

•the implementation of our outsourcing strategy leveraging a Global Capability Center;

•the affect on our earnings and cashflows from the performance of LSV Asset Management;

•consolidation within our target markets;

•external factors affecting the fiduciary management market;

•software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability;

•data and cyber security risks;

•risk of the disclosure and misuse of personal data;

•risk of outages, data losses, and disruptions of services;

•intellectual property risks;

•third-party service providers in our operations;

•failing to keep pace with significant new technologies;

•poor investment performance of our investment products or a client preference for products other than those which we offer or for products that generate lower fees;

•failure to identify errors in quantitative investment models;

•investment advisory contracts which may be terminated or may not be renewed on favorable terms;

•the effect of governmental regulation;

•our ability to meet competing and/or conflicting regulatory requirements of the different jurisdictions;

•our ability to address conflicts of interest appropriately;

•fiduciary or other legal liability for client losses from our investment management operations;

•the results of commercial disputes, litigation and regulatory examinations and investigations;

•effective business strategies;

•our ability to capture the expected value from acquisitions, divestitures, joint ventures, minority investments or strategic alliances;

•increased costs and regulatory risks from the growth of our business;

•operational risks associated with the processing of investment transactions;

•disruptions of operations of other participants in the global financial system;

•our ability to hire and retain qualified employees;

•the competence and integrity of our employees and third-parties;

•our ability to receive dividends or other payments in needed amounts from our subsidiaries;

•changes in, or interpretation of, accounting principles or tax rules and regulations;

•fluctuations in foreign currency exchange rates;

•fluctuations in interest rates affecting the value of our fixed-income investment securities;

•financial and non-financial covenants which may restrict our ability to manage liquidity needs;

•stockholder activism efforts;

•retention of executive officers and senior management personnel;

•the effectiveness of our business, risk management and business continuity strategies, models and processes;

•unforeseen or catastrophic events, including the emergence of pandemic, extreme weather events or other natural disasters;

•geopolitical unrest and other events;

•climate change concerns and incidents; and

•environmental, social, and governance (ESG) matters.

We conduct operations through many regulated wholly-owned subsidiaries. These subsidiaries include:

•SEI Investments Distribution Co., or SIDCO, a broker-dealer registered with the SEC under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc., or FINRA;

•SEI Investments Management Corporation, or SIMC, an investment advisor registered with the SEC under the Investment Advisers Act of 1940 and with the Commodity Futures Trading Commission, or CFTC, under the Commodity Exchange Act;

•SEI Private Trust Company, or SPTC, a limited purpose federal thrift chartered and regulated by the Office of the Comptroller of the Currency;

•SEI Trust Company, or STC, a Pennsylvania trust company, regulated by the Pennsylvania Department of Banking and Securities;

•SEI Institutional Transfer Agent, Inc., or SITA, a transfer agent registered with the SEC under the Securities Exchange Act of 1934;

•SEI Investments (Europe) Limited, or SIEL, an investment manager and financial institution subject to regulation by the Financial Conduct Authority of the United Kingdom;

•SEI Investments Canada Company, or SEI Canada, an investment fund manager that has various other capacities that is regulated by the Ontario Securities Commission and various provincial authorities;

•SEI Investments Global, Limited, or SIGL, a management company for Undertakings for Collective Investment in Transferable Securities, or UCITS, and for Alternative Investment Funds, or AIFs, that is regulated primarily by the Central Bank of Ireland, or CBI;

•SEI Investments - Global Fund Services, Ltd., or GFSL, an authorized provider of administration services for Irish and non-Irish collective investment schemes that is regulated by the CBI;

•SEI Investments - Depositary and Custodial Services (Ireland) Limited, or D&C, an authorized provider of depositary and custodial services that is regulated by the CBI;

•SEI Investments - Luxembourg S.A., or SEI Lux, a professional of the specialized financial sector subject to regulation by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg;

•SEI Investments Global (Cayman), Ltd., a full mutual fund administrator that is regulated by the Cayman Island Monetary Authority;

•SEI Investments (South Africa) (PTY) Limited, a Private Company that is a licensed Financial Service Provider regulated by the Financial Sector Conduct Authority; and

•SEI Investments - Guernsey Limited, a provider of custody, administration and reporting services that is regulated by the Guernsey Financial Services Commission.

In addition to the regulatory authorities listed above, our subsidiaries are subject to the jurisdiction of regulatory authorities in other foreign countries. In addition to our wholly-owned subsidiaries, we also own a minority interest of approximately 38.5% in LSV, which is also an investment advisor registered with the SEC.

The Company, its regulated subsidiaries, their regulated services and solutions and their customers are all subject to extensive legislation, regulation, and supervision that recently has been subject to, and continues to experience, significant change and increased regulatory activity. These changes and regulatory activities could have a material adverse effect on us and our clients.

The various governmental agencies and self-regulatory authorities that regulate or supervise the Company and its subsidiaries have broad administrative powers. In the event of a failure to comply with laws, regulations, and requirements of these agencies and authorities, the possible business process changes required or sanctions that may be imposed include the suspension of individual employees, limitations on our ability to engage in business for specified periods of time, the revocation of applicable registration as a broker-dealer, investment advisor or other regulated entity, and, as the case may be, censures and fines. Additionally, certain securities and banking laws applicable to us and our subsidiaries provide for certain private rights of action that could give rise to civil litigation. Any litigation could have significant financial and non-financial consequences including monetary judgments and the requirement to take action or limit activities that could ultimately affect our business.

Governmental scrutiny from regulators, legislative bodies, and law enforcement agencies with respect to matters relating to our regulated subsidiaries and their activities, services and solutions, our business practices, our past actions and other matters has increased dramatically in the past several years. Responding to these examinations, investigations, actions, and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and effort of our senior management from our business. Penalties, fines and changes to business processes sought by regulatory authorities have increased substantially over the last several years, and certain regulators have been more likely in recent years to commence enforcement actions or to advance or support legislation targeted at the financial services industry. We continue to be subject to inquiries from examinations and investigations by supervisory and enforcement divisions of regulatory authorities and expect this to continue in the future. We believe this is also the case with many of our regulated clients. Governmental scrutiny and legal and enforcement proceedings can also have a negative impact on our reputation, our relationship with clients and prospective clients, and on the morale and performance of our employees, which could adversely affect our businesses and results of operations.

We are subject to U.S. and foreign anti-money laundering and financial transparency laws that require implementation of regulations applicable to financial services companies, including standards for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities. We offer investment and banking solutions that also are subject to regulation by the federal and state securities and banking authorities, as well as foreign regulatory authorities, where applicable. Existing or future regulations that affect these solutions could lead to a reduction in sales of these solutions or require modifications of these solutions.

We must comply with economic sanctions and embargo programs administered by the Office of Foreign Assets Control (OFAC) and similar national and multinational bodies and governmental agencies outside the United States, as well as anti-corruption and anti-money laundering laws and regulations throughout the world. We can incur higher costs and face greater compliance risks in structuring and operating our businesses to comply with these requirements. Furthermore, a violation of a sanction or embargo program or anti-corruption or anti-money laundering laws and regulations could subject us and our subsidiaries, and individual employees, to regulatory enforcement actions as well as significant civil and criminal penalties.

Our businesses are also subject to privacy and data protection information security legal requirements concerning the use and protection of certain personal information. These include those adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003 in the United States, the General Data Protection Regulation (GDPR) in the EU, Canada’s Personal Information Protection and Electronic Documents Act, the Cayman Islands' Data Protection Law, and various other laws. Privacy and data security legislation is a priority issue in many states and localities in the United States, as well as foreign jurisdictions outside of the EU. For example, California enacted the California Consumer Privacy Act (CCPA) which broadly regulates the sale of the consumer information of California residents and grants California residents certain rights to, among other things, access and delete data about them in certain circumstances. Other states are considering similar proposals. Such attempts by the states to regulate have the potential to create a patchwork of differing and/or conflicting state regulations. Ensuring compliance under ever-evolving privacy legislation, such as GDPR and CCPA, is an ongoing commitment, which involves substantial costs.

Compliance with existing and future regulations and responding to and complying with recent increased regulatory activity affecting broker-dealers, investment advisors, investment companies, financial institutions, and their service providers could have a significant impact on us. We periodically undergo regulatory examinations and respond to regulatory inquiries and document requests.

In addition, recent and continuing legislative activity in the United States and in other jurisdictions (including the European Union and the United Kingdom) have made and continue to make extensive changes to the laws regulating financial services firms. As a result of these examinations, inquiries, and requests, as a result of increased civil litigation activity, and as a result of these new laws and regulations, we engage legal counsel and other subject matter experts, review our compliance procedures, solution and service offerings, and business operations, and make changes as we deem necessary or as may be required by the applicable authority. These additional activities and required changes may result in increased expense or may reduce revenues.

Our bank clients are subject to supervision by federal, state, and foreign banking and financial services authorities concerning the manner in which such clients purchase and receive our products and services. Our plan sponsor clients and our subsidiaries providing services to those clients are subject to supervision by the Department of Labor and compliance with employee benefit regulations. Investment advisor and broker-dealer clients are regulated by the SEC, state securities authorities, or FINRA. Existing or future regulations applicable to our clients may affect our clients’ purchase of our products and services.

In addition, see the discussion of governmental regulations in Item 1A “Risk Factors” in our latest Annual Report on Form 10-K for a description of the risks that the current regulatory regimes and proposed regulatory changes may present for our business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Information required by this item is set forth under the captions "Our revenues and earnings are affected by changes in capital markets and significant changes in the value of financial instruments" and "Changes in interest rates may affect the value of our fixed-income investment securities" in Item 1A Risk Factors and under the caption "Sensitivity of our revenues and earnings to capital market fluctuations" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to this information as it is disclosed in our Annual Report on Form 10-K for 2024.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are effective in ensuring that information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. A controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

(b) Change in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We and certain of our subsidiaries are a party to or have property subject to litigation and other proceedings, examinations and investigations that arise in the ordinary course of our business that we do not believe are material. These types of matters could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of any of these matters will have a material adverse effect on SEI as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular interim reporting period. We cannot predict the outcome of legal or other proceedings with certainty. These matters include the proceedings summarized in “Note 11. Commitments and Contingencies” included in our Notes to Consolidated Financial Statements.

Item 1A. Risk Factors.

Information regarding risk factors appears in Part I – Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in the risk factors from those disclosed in the Annual Report on Form 10-K for 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(e) Our Board of Directors has authorized the repurchase of up to $6.728 billion worth of our common stock through multiple authorizations through September 30, 2025. Currently, there is no expiration date for the common stock repurchase program. On October 20, 2025, our Board of Directors approved an increase in the stock repurchase program by an additional $650.0 million, increasing the available authorization to approximately $773.2 million.

Information regarding the repurchase of common stock during the three months ended September 30, 2025 is as follows:


Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
July 2025	729,000	$	91.36	729,000	$	229,369,000
August 2025	439,000	88.34		439,000	190,561,000
September 2025	404,000	87.05		404,000	154,443,000
Total	1,572,000	$	89.41	1,572,000

(1) Average price paid per share does not include excise tax on stock repurchases.

Item 5. Other Information.

During the three months ended September 30, 2025, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408 (c) of Regulation S-K).

Item 6. Exhibits.

The following is a list of exhibits filed as part of the Form 10-Q.


31.1			Rule 13a-15(e)/15d-15(e) Certification of Principal Executive Officer.

31.2			Rule 13a-15(e)/15d-15(e) Certification of Principal Financial Officer.

32			Section 1350 Certifications.

101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH			XBRL Taxonomy Extension Schema Document

101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF			XBRL Taxonomy Extension Definition Linkbase Document

101.LAB			XBRL Taxonomy Extension Label Linkbase Document

101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SEI INVESTMENTS COMPANY

Date:

October 27, 2025

By:

/s/ Sean J. Denham

Sean J. Denham

Chief Financial and Chief Operating Officer

EX-31.1 2 seic-0930202510qex311.htm SECTION 302 PRINCIPAL EXECUTIVE OFFICER CERTIFICATION Document

Exhibit 31.1

CERTIFICATIONS

I, Ryan P. Hicke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: October 27, 2025


/s/ Ryan P. Hicke
Ryan P. Hicke
Chief Executive Officer

EX-31.2 3 seic-0930202510qex312.htm SECTION 302 PRINCIPAL FINANCIAL OFFICER CERTIFICATION Document

Exhibit 31.2

CERTIFICATIONS

I, Sean J. Denham, certify that:

1. I have reviewed this quarterly report on Form 10-Q of SEI Investments Company;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: October 27, 2025


/s/ Sean J. Denham
Sean J. Denham
Chief Financial and Chief Operating Officer

EX-32 4 seic-0930202510qex32.htm SECTION 906 PEO AND PFO CERTIFICATION Document

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

I, Ryan P. Hicke, Chief Executive Officer, and I, Sean J. Denham, Chief Financial and Chief Operating Officer, of SEI Investments Company, a Pennsylvania corporation (the “Company”), hereby certify that, to my knowledge:

(1) The Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:

October 27, 2025

Date:

October 27, 2025

/s/ Ryan P. Hicke

/s/ Sean J. Denham

Ryan P. Hicke

Sean J. Denham

Chief Executive Officer

Chief Financial and Chief Operating Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.