10-K – 2026-02-23 – seic-20251231.htm

Estimated
Fair Value Estimated
Useful Life
Trade names $ 2,705   3 years
Unpatented technology 1,636   1 year
Client relationships 300,748   19.7 years
Non-compete agreements 6,780   6 years
Total identifiable intangible assets $ 311,869  

The Closing Date provisional fair values of identifiable intangible assets were determined by using certain estimates and assumptions that are not observable in the market. Determining the useful life of an intangible asset also requires judgment, as different types of intangible assets will have different useful lives.
The Company used the relief from royalty method to determine the estimated value of trade name and acquired technology, which is unpatented technology that Stratos uses to service their clients. The significant assumptions in the calculation included revenue growth, pretax royalty rate and an obsolescence factor.
The Company used the multi-period excess earnings method under the income approach to determine the estimated acquisition date fair values of the client relationships intangible assets. The significant assumptions used to estimate the fair values of client relationships included forecasted revenues, expected customer attrition rates, and a discount rate applied.
The Company used the with and without approach for the estimated value of non-compete agreements. Significant assumptions included forecasted revenue, competition’s impact, and discount rate on forecasted cash flow.
As part of the Stratos Acquisition, the Company, via its 57.5 % indirect interest in SEI-Eclipse, acquired a portfolio of minority equity investments which were accounted for under ASC 323, Investments - Equity Method and Joint Ventures as of the Closing Date due to the Company having significant influence. These investments were determined to have an acquisition date fair value of $ 56,974 . For certain equity method investments, the Company, via its 57.5 % indirect interest in SEI-Eclipse, also acquired rights to obtain a controlling interest in the investees. These contractual rights were previously negotiated between Stratos Wealth Enterprises, LLC, one of the U.S.-based Stratos operating entities (SWE), and the equity method investee controlling interest holders and were contingently exercisable upon a change of control in Stratos. The purchase price under the contractual rights is based on a proscribed formula tied to historical profitability of the applicable equity method investee. The Company determined that the fair value of these rights was de minimis on the date of the acquisition.
In addition to the contractual rights applicable to the equity method investees described above, prior to the Closing Date, SWE also executed non-binding letters of intent or entered into other non-binding understandings to acquire a separate set of entities.
Given the Company’s intent to cause SWE to exercise its contractual rights to acquire controlling interests in the equity method investees and to close on the purchases contemplated under the non-binding letters of intent and other understandings after the Closing Date, the Company deposited $ 118,606 in escrow on the Closing Date, which SWE will use to primarily fund the estimated cash purchase price of the additional equity of the relevant operating entities.
In the first quarter of 2026, SWE completed the purchases of controlling interests in certain of the acquired equity method investees through the exercise of its contractual rights noted above. These purchases were funded by $ 41,757 in cash released from the above-described escrow and the issuance of $ 26,426 in promissory notes due in 12 or 16 equal quarterly installments, with the earliest payments beginning in April 2027. The Company expects to cause SWE to use the remaining cash in escrow and promissory notes to acquire controlling interests in other entities that were parties to the non-binding letters of intent and other understandings with SWE as of the Closing Date.
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The Acquisition Agreement also provides for SEI-Eclipse to acquire the outstanding equity of Stratos NSC Holdings held by Stratos US Holdings for approximately $ 103,000 . The future closing of the acquisition of Stratos NSC Holdings, if any, is subject to applicable regulatory approval and other closing conditions, including, without limitation, the Company receiving satisfactory results of its due diligence of Stratos NSC Holdings and NSC Asesores.
The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the years ended December 31, 2025 and 2024 as if the Stratos Acquisition had occurred as of January 1, 2024, after giving effect to certain purchase accounting adjustments. These amounts are based on financial information of the Stratos business and are not necessarily indicative of what the Company’s operating results would have been had the Stratos Acquisition taken place on January 1, 2024:

Year ended December 31, 2025 2024
Revenues $ 2,344,132   $ 2,171,587  
Net income attributable to SEI Investments Company 727,581   572,694  

The unaudited pro forma consolidated financial information includes certain nonrecurring adjustments directly attributable to the Stratos Acquisition. These adjustments primarily relate to transaction‑related costs and were immaterial.
LifeYield
In December 2024, the Company acquired LifeYield, LLC (LifeYield). The total purchase price for LifeYield was $ 29,072 , including a contingent consideration of $ 11,910 , which was subject to the achievement of certain post-closing performance measurements determined during a time period up to four years from the closing date. As of December 31, 2025, the fair value of the contingent consideration of $ 7,834 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 was $ 46,205 , including a $ 3,932 contingent consideration payable to the sellers, which was subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. During 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
In February 2025, the Company entered into a definitive agreement with Aquiline Capital Partners LP (Aquiline) to sell 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.

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Note 15 – Goodwill and Intangible Assets
The carrying amount of the Company's goodwill by segment at December 31, 2025 and 2024 is as follows:

Investment Managers Investment
Advisors Institutional Investors Investments in New Businesses Total

Balance, January 1, 2024 $ 56,990   $ —   $ 61,884   18,459   $ 137,333  
Acquisitions —   33,131   —   —   33,131  
Measurement period adjustments —   —   25   —   25  
Reclassification due to segment reorganization ( 1,711 ) —   —   1,711   —  
Foreign currency translation adjustments ( 12 ) —   ( 190 ) —   ( 202 )
Balance, December 31, 2024 $ 55,267   $ 33,131   $ 61,719   $ 20,170   $ 170,287  
Acquisition of Stratos (See Note 14)
—   186,549   —   —   186,549  
Divestiture of Family Office Services business —   —   —   ( 1,711 ) ( 1,711 )
Measurement period adjustments —   ( 1,109 ) —   —   ( 1,109 )
Foreign currency translation adjustments ( 20 ) —   993   —   973  
Balance, December 31, 2025 $ 55,247   $ 218,571   $ 62,712   $ 18,459   $ 354,989  

The Company's intangible assets consist of:

2025 Weighted Average Estimated Useful Life 2024 Weighted Average Estimated Useful Life
Client relationships $ 356,635   18.7 years $ 63,785   9.8 years
Acquired technology 49,186   7.9 years 61,060   7.5 years
Trade name 5,205   7.8 years 4,890   15.3 years
Non-competition agreements 6,780   6.0 years 3,470   5.0 years
417,806   133,205  
Less: Accumulated amortization ( 49,534 ) ( 55,835 )
Intangible assets, net $ 368,272   $ 77,370  

During 2025, the Company recognized significant additions to its intangible assets as a result of the Stratos Acquisition (See Note 14).
The Company recognized $ 14,776 , $ 13,448 and $ 12,161 of amortization expense related to intangible assets during 2025, 2024 and 2023, respectively.
The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2025 each year from 2026 through 2030 as follows:

Year Expected Amortization Expense Related to Intangible Assets
2026 $ 31,387  
2027 27,769  
2028 27,380  
2029 22,853  
2030 22,423  

Note 16 – 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.
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Disaggregation of Revenue
The following tables provide additional information pertaining to our 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 2025, 2024 and 2023:

Investment
Managers Private
Banks
Investment
Advisors Institutional
Investors Investments
in New
Businesses Total
Major Product Lines: For the Year Ended December 31, 2025
Investment management fees from pooled investment products $ 602   $ 133,221   $ 225,196   $ 49,994   $ 1,632   $ 410,645  
Investment management fees from investment management agreements —   4,026   230,050   212,128   20,335   466,539  
Investment operations fees 767,883   2,508   86,453   68   1,999   858,911  
Investment processing fees - PaaS 5,379   317,062   6,371   2,113   41   330,966  
Investment processing fees - SaaS —   88,339   5,319   7,344   13,340   114,342  
Professional services fees 5,917   24,938   —   —   1,614   32,469  
Account fees and other 35,224   2,845   24,008   10,851   10,581   83,509  
Total revenues $ 815,005   $ 572,939   $ 577,397   $ 282,498   $ 49,542   $ 2,297,381  

Primary Geographic Markets:
United States $ 718,216   $ 379,967   $ 577,397   $ 234,911   $ 47,246   $ 1,957,737  
United Kingdom 286   129,463   —   32,977   2,296   165,022  
Canada —   42,547   —   6,086   —   48,633  
Ireland 59,399   20,962   —   8,524   —   88,885  
Luxembourg 37,104   —   —   —   —   37,104  

Total revenues $ 815,005   $ 572,939   $ 577,397   $ 282,498   $ 49,542   $ 2,297,381  

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Investment
Managers Private
Banks Investment
Advisors Institutional
Investors Investments
in New
Businesses Total
Major Product Lines: For the Year Ended December 31, 2024
Investment management fees from pooled investment products $ 363   $ 133,210   $ 233,992   $ 48,215   $ 1,721   $ 417,501  
Investment management fees from investment management agreements —   4,302   197,638   215,464   18,513   435,917  
Investment operations fees 691,953   2,270   51,550   12   4,207   749,992  
Investment processing fees - PaaS 5,042   290,825   5,570   1,631   34   303,102  
Investment processing fees - SaaS 19   87,938   335   8,172   21,168   117,632  
Professional services fees 3,572   19,747   —   —   3,299   26,618  
Account fees and other 27,441   3,122   20,323   12,229   11,274   74,389  
Total revenues $ 728,390   $ 541,414   $ 509,408   $ 285,723   $ 60,216   $ 2,125,151  

Primary Geographic Markets:
United States $ 655,051   $ 355,887   $ 509,408   $ 236,088   $ 60,216   $ 1,816,650  
United Kingdom —   125,745   —   36,999   —   162,744  
Canada —   40,564   —   5,756   —   46,320  
Ireland 43,231   19,218   —   6,880   —   69,329  
Luxembourg 30,108   —   —   —   —   30,108  

Total revenues $ 728,390   $ 541,414   $ 509,408   $ 285,723   $ 60,216   $ 2,125,151  

Investment
Managers Private
Banks Investment
Advisors Institutional
Investors Investments
in New
Businesses Total
Major Product Lines: For the Year Ended December 31, 2023
Investment management fees from pooled investment products $ 401   $ 127,388   $ 239,244   $ 47,943   $ 1,382   $ 416,358  
Investment management fees from investment management agreements —   3,091   174,418   223,212   16,647   417,368  
Investment operations fees 611,126   1,572   1,490   —   5,702   619,890  
Investment processing fees - PaaS 4,261   244,910   5,035   1,000   42   255,248  
Investment processing fees - SaaS 73   89,708   —   10,118   17,557   117,456  
Professional services fees (1)
3,885   26,291   —   —   1,199   31,375  
Account fees and other 25,508   3,357   16,111   7,435   9,687   62,098  
Total revenues $ 645,254   $ 496,317   $ 436,298   $ 289,708   $ 52,216   $ 1,919,793  

Primary Geographic Markets:
United States (1)
$ 583,107   $ 325,543   $ 436,298   $ 242,945   $ 52,216   $ 1,640,109  
United Kingdom 94   113,221   —   34,485   —   147,800  
Canada —   39,974   —   5,652   —   45,626  
Ireland 38,319   17,579   —   6,626   —   62,524  
Luxembourg 23,734   —   —   —   —   23,734  

Total revenues $ 645,254   $ 496,317   $ 436,298   $ 289,708   $ 52,216   $ 1,919,793  

(1) Professional services fees of the Private Banks segment includes a one-time early contractual buyout fee of $ 10,457 recorded during 2023 from an investment processing client acquired by an existing client.
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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 fees from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. Fees are based on client cash balances held in FDIC insured deposit accounts through a network of independent banks and are dependent on the prevailing market interest rates. The amount recognized is net of amounts paid to clients for their swept deposits.
Stratos provides a suite of infrastructure and operational support services to independent advisors. These services include practice management coaching, compliance and regulatory oversight, billing and administrative support, technology access, and marketing resources. Fees are primarily earned based on an agreed-upon percentage of qualified assets under management.
Revenues associated with Investment operations fees 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.
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 former clients of the Investments in New Businesses segment processed on the Archway Platform SM were fees for hosted technology services formerly offered 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 was 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 Novus SM 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.
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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 17 – Leases
The Company has operating leases for corporate facilities and equipment. The Company's expense related to leases during 2025, 2024 and 2023 was $ 8,316 , $ 9,571 and $ 10,334 , respectively, and is included in Facilities, supplies and other costs on the accompanying Consolidated Statements of Operations. During 2025, 2024 and 2023 the Company incurred variable lease costs of $ 1,022 , $ 1,137 and $ 1,084 , respectively included in total expense.
The Company's future minimum lease payments under non-cancelable leases as of December 31, 2025 are as follows:

Year Future Minimum Lease Payment
2026 $ 9,296  
2027 6,237  
2028 3,389  
2029 3,218  
2030 3,024  
Thereafter 6,933  
Total future minimum lease payments 32,097  
Less: Imputed interest ( 3,535 )
Total $ 28,562  

The following table provides supplemental Consolidated Balance Sheet information related to the Company's leases:

2025 2024
Current portion of long-term operating lease liabilities $ 8,677   $ 7,900  
Long-term operating lease liabilities 19,885   24,235  
Total operating lease liabilities $ 28,562   $ 32,135  

Weighted average remaining lease term 5.4 years 5.9 years

Weighted average discount rate 4.01   % 3.86   %

The following table provides supplemental cash flow information related to the Company's leases:

Year Ended December 31,

2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities $ 9,711   $ 8,531   $ 11,092  

Right-of-use assets obtained in exchange for lease obligations $ 1,548   $ 13,076   $ 6,009  

As of December 31, 2025, the Company had one material lease commitment for leases that have not commenced. The lease term is for five years and the total estimated future payments are $ 12,641 .

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Note 18 – 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 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 LSV GEMNF recognized unrealized gains of $ 7,125 during 2025 from the change in fair value of the fund. This unrealized gain is included in Net gain from consolidated variable interest entities on the accompanying Consolidated Statement of Operations. The Company's portion of this gain during 2025 was $ 5,338 .
The assets and liabilities of the LSV GEMNF presented on the accompanying Consolidated Balance Sheets consist of:

Assets of Consolidated Variable Interest Entities December 31, 2025
Cash and cash equivalents $ 70,791  
Equity securities 113,119  
Other assets 84  
Total $ 183,994  

Liabilities of Consolidated Variable Interest Entities December 31, 2025
Accrued expenses $ 28  
Securities sold short 108,243  
Other liabilities 233  
Total $ 108,504  

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.
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Schedule II - Valuation and Qualifying Accounts and Reserves SEI Investments Company
(In thousands) and Subsidiaries

Year Ended December 31, Additions    
Description Balance at
Beginning
of Year Charged to
Costs and
Expenses Charged
to Other
Accounts (Deductions) Balance
at End
of Year
Allowance for doubtful accounts:
2025 $ 1,435   $ 481   $ —   $ —   $ 1,916  
2024 663   772   —   —   1,435  
2023 901   —   —   ( 238 ) 663  
Deferred income tax valuation allowance:
2025 $ 39,756   $ —   $ —   $ ( 3,790 ) $ 35,966  
2024 45,246   —   —   ( 5,490 ) 39,756  
2023 45,096   150   —   —   45,246  

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
None.

Item 9A. Controls and Procedures.
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of the end of the period covered by this annual report to provide reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act 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.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
As permitted by SEC guidance that an assessment of a recently acquired business may be omitted from management’s report on internal control over financial reporting for up to a year from the date of acquisition, management’s evaluation excluded the internal control over financial reporting related to the U.S. business of Stratos Wealth Holdings, which was acquired on December 3, 2025. The Company will continue to evaluate the effectiveness of internal controls over financial reporting as it completes the integration of the acquired Stratos Wealth Holdings business with the Company and will make changes to its internal control framework, as necessary. The acquired Stratos Wealth Holdings business represented approximately 2% of total assets and less than 1% of total revenues of the Company as of and for the year ended December 31, 2025.
Based on our evaluation under the framework in Internal Control – Integrated Framework (2013) , which excluded the acquired business described above, our management concluded that our internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which is included herein.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.
During the three months ended December 31, 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 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
None.
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PART III

Item 10. Directors, Executive Officers and Corporate Governance.
Identification of Executive Officers
The Board of Directors of the Company has determined that the Company’s executive officers within the meaning of Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended, are as follows:
RYAN P. HICKE, 48, has been an employee since May 1998, and our Chief Executive Officer since June 2022. Prior to his appointment as our Chief Executive Officer, Mr. Hicke was one of our Executive Vice Presidents from November 2018 until June 2022. Mr. Hicke served as our Chief Information Officer from November 2018 to June 2022, and was a Senior Vice President from 2015 until November 2018.
SEAN J. DENHAM, 53, has been one of our Executive Vice Presidents and has served as our Chief Financial Officer since April 2024 and Chief Operating Officer since February 2025. Prior to April 2024, Mr. Denham was a partner of Grant Thornton.
MICHAEL F. LANE, 58, has been an employee and one of our Executive Vice Presidents since September 2024. Prior to September 2024, Mr. Lane was Chair of U.S. Wealth at Blackrock after he was head of iShares for U.S. Wealth Advisory since 2018. Prior to 2018, Mr. Lane served as Global Head of Strategic Retirement Initiatives and CEO of Dimensional SmartNest LLC.
PHILIP N. MCCABE, 63, has been an employee since February 1989, and one of our Executive Vice Presidents since March 2022. Mr. McCabe was a Senior Vice President from January 2016 until March 2022.
MICHAEL N. PETERSON, 59, has been one of our Executive Vice Presidents and has served as our General Counsel since June 2018. Prior to February 2018, Mr. Peterson was a partner of Morgan, Lewis & Bockius LLP, a law firm, and from February 2018 until May 2018, Mr. Peterson was a partner of Reed Smith LLP, a law firm.
SANJAY K. SHARMA , 56, has been one of our Executive Vice Presidents since June 2022. Mr. Sharma was a Senior Vice President from August 2008 until June 2022.
MARK A. WARNER, 58, has been an employee since May 1990, and has served as our Chief Accounting Officer and Controller since March 2023.
ALFRED P. WEST, JR., 83, was the Executive Chairman of our Board of Directors from June 2022 to January 1, 2026. Prior to June 2022, Mr. West served as our Chief Executive Officer since we were founded in 1968. Additionally, Mr. West also served as our President from June 1979 to August 1990.
Insider Trading Policy
The Company has an Insider Trading Policy that governs transactions in our securities by our directors, officers, and employees, and promotes compliance with the laws and rules applicable thereto. The Insider Trading Policy was filed as Exhibit 19 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 11. Executive Compensation.
Information required by this item is set forth under the caption “Executive Compensation” in the Company’s definitive proxy statement to be filed pursuant to Regulation 14A, which information is incorporated herein by reference.

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Information required by this item is set forth under the caption “Ownership of Shares” in the Company’s definitive proxy statement to be filed pursuant to Regulation 14A, which information is incorporated herein by reference.
The following table provides information regarding the aggregate number of securities to be issued under all of our equity compensation plans upon exercise of outstanding options, stock units, warrants, and other rights and their weighted-average exercise price as of December 31, 2025.
Number of
securities to be
issued upon
exercise of
outstanding options,
warrants and rights
(a) Weighted –average
exercise price of
outstanding options,
warrants and rights
(b) Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column (a))
(c)
Equity compensation plans approved by security holders 14,817,000  $ 65.35  12,388,000 
Equity compensation plans not approved by security holders —  —  — 
Total 14,817,000  $ 65.35  12,388,000 

Item 13. Certain Relationships and Related Transactions, and Director Independence.
Information required by this item is set forth under the captions “Election of Directors,” “Executive Compensation,” and “Director Compensation” in the Company’s definitive proxy statement to be filed pursuant to Regulation 14A, which information is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services.
Information required by this item is set forth under the caption “Ratification of Appointment of Independent Registered Public Accountants” in the Company’s definitive proxy statement to be filed pursuant to Regulation 14A, which information is incorporated herein by reference.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

1 and 2. Financial Statements and Financial Statement Schedules . The following is a list of the Consolidated Financial Statements of the Company and its subsidiaries and supplementary data filed as part of Item 8 hereof:

Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets — December 31, 2025 and 2024
Consolidated Statements of Operations — For the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Comprehensive Income — For the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Changes in Equity — For the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Cash Flows — For the years ended December 31, 2025, 2024 and 2023
Notes to Consolidated Financial Statements
Schedule II - Valuation and Qualifying Accounts and Reserves — For the years ended December 31, 2025, 2024 and 2023
All other schedules are omitted because they are not applicable, or not required, or because the required information is included in the Consolidated Financial Statements or notes thereto.
3. Exhibits, Including Those Incorporated by Reference . The exhibits to this Report are listed on the accompanying index to exhibits and are incorporated herein by reference or are filed as part of this Annual Report on Form 10-K.

Item 16. Form 10-K Summary.
None.

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EXHIBIT INDEX
The following is a list of exhibits filed as part of this annual report on Form 10-K. For exhibits incorporated by reference, the location of the exhibit in the previous filing is indicated in parentheses.

3.1  (P)    Articles of Incorporation of the Registrant as amended on January 21, 1983. (Incorporated by reference to exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1982.)
3.1.2 (P)    Amendment to Articles of Incorporation of the Registrant, dated May 21, 1992. (Incorporated by reference to exhibit 3.1.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1992.)
3.1.3 (P)    Amendment to Articles of Incorporation of the Registrant, dated May 26, 1994. (Incorporated by reference to exhibit 3.1.3 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1994.)
3.1.4 (P)    Amendment to Articles of Incorporation of the Registrant, dated November 21, 1996. (Incorporated by reference to exhibit 3.1.4 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1996.)
3.1.5    Amendment to Articles of Incorporation of the Registrant, dated February 14, 2001. (Incorporated by reference to exhibit 3.1.5 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000.)

3.2     Amended and Restated By-Laws. (Incorporated by reference to exhibit 99.3 to the Registrant’s Current Report on Form 8-K dated March 31, 2022.)

   Note: Exhibits 10.1 through 10.13 constitute the management contracts and executive compensatory plans or arrangements in which certain of the directors and executive officers of the Registrant participate.

10.1  2014 Omnibus Equity Compensation Plan Restricted Stock Unit Agreement. (Incorporated by reference to exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022.)

10.2    2014 Omnibus Equity Compensation Plan Stock Option Grant Agreement. (Incorporated by reference to exhibit 10.2 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.)

10.3     Employee Stock Purchase Plan as Amended and Restated on April 21, 2020. (Incorporated by reference to exhibit 10.5 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.)

10.3.1 Amendment No. 1 to Employee Stock Purchase Plan as Amended and Restated on April 21, 2020. (Incorporated by reference to exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024.)

10.4     SEI Capital Accumulation Plan. (Incorporated by reference to exhibit 99(e) to the Registrant’s Registration Statement on Form S-8 (No. 333-41343) filed December 2, 1997.)

10.5  2014 Omnibus Equity Compensation Plan. (Incorporated by reference to exhibit 10.11 to the Registrant’s Current Report on Form 8-K dated May 21, 2014.)

10.6  Employment Agreement, dated January 13 , 20 26 between Ryan Hicke and the Registrant. (Incorporated by reference to exhibit 99.1 to the Registrant's Current Report on Form 8-K dated January 13, 2026 .)

10.7  Employment Agreement, dated January 16, 2024, between Sean Denham and the Registrant. (Incorporated by reference to exhibit 99.1 to the Registrant's Current Report on Form 8-K dated January 16, 2024.)

10.7.1 Amendment No. 1 to Employment Agreement, dated January 31, 2024, between Sean Denham and the Registrant. (Incorporated by reference to exhibit 99.2 to the Registrant's Current Report on Form 8-K dated January 16, 2024.)

10.8  Consulting Agreement, dated February 29, 2024, between Dennis McGonigle and the Registrant. (Incorporated by reference to exhibit 10.1 to the Registrant's Current Report on Form 8-K dated February 29, 2024.)

10.9  Employment Agreement, dated May 23, 2024, between Michael Lane and the Registrant. (Incorporated by reference to exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.)

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10.10  2024 Omnibus Equity Compensation Plan. (Incorporated by reference to exhibit 10.15 to the Registrant’s Current Report on Form 8-K dated May 30, 2024.)

10.11  Executive Severance and Change in Control Plan. (Incorporated by reference to exhibit 10.16 to the Registrant's Current Report on Form 8-K dated May 30, 2024.)

10.12  * 2024 Omnibus Equity Compensation Plan Notice of Restricted Stock Unit Award.

10.13  * 2024 Omnibus Equity Compensation Plan Notice of Nonqualified Stock Option Award.

10.14  Credit Agreement, dated as of August 18, 2025 among SEI Investments Company, U.S. Bank National Association, as administrative agent, Wells Fargo Bank, National Association, as syndication agent, Bank of America, N.A., JP Morgan Chase Bank, N.A., CIBC Bank USA and Citizens Bank, N.A., each as documentation agent (Incorporated by reference to exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated August 18, 2025.)

14     Code of Ethics for Senior Financial Officers. (Incorporated by reference to exhibit 14 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003.)

19  SEI Investments Company - Insider Trading Policy (Incorporated by reference to exhibit 19 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.)

21  *    Subsidiaries of the Registrant.

23.1  *    Consent of KPMG LLP.

23.2  *    Consent of KPMG LLP relating to the financial statements of LSV Asset Management.

31.1  *    Section 302 Principal Executive Officer Certification

31.2  *    Section 302 Principal Financial Officer Certification

32  *    Section 1350 Certifications

97  Amended and Restated Compensation Recoupment Policy (Incorporated by reference to exhibit 97 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.)

99.1    Financial Statements of LSV Asset Management dated December 31, 2022 and 2021. (Incorporated by reference to exhibit 99.13 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.)

99.2    Financial Statements of LSV Asset Management dated December 31, 2023 and 2022. (Incorporated by reference to exhibit 99.14 to Amendment No. 1 on Form 10-K/A to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.)

99.3    Financial Statements of LSV Asset Management dated December 31, 2024 and 2023. (Incorporated by reference to exhibit 99.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.)

99.4  * Financial Statements of LSV Asset Management dated December 31, 2025 and 2024.

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.LAB *    XBRL Taxonomy Extension Label Linkbase Document
101.PRE *    XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF *    XBRL Taxonomy Extension Definition Linkbase Document

* Filed herewith as an exhibit to this Annual Report on Form 10-K.
(P) Paper exhibit.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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: February 23, 2026   By:   /s/ Sean J. Denham
    Sean J. Denham
    Chief Financial and Chief Operating Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: February 23, 2026   By:   /s/ Carl A. Guarino
    Carl A. Guarino
    Chairman of the Board and Director

Date: February 23, 2026 By: /s/ Ryan P. Hicke
Ryan P. Hicke
Chief Executive Officer and Director

Date: February 23, 2026   By:   /s/ Carmen V. Romeo
    Carmen V. Romeo
    Director

Date: February 23, 2026   By:   /s/ William M. Doran
    William M. Doran
    Director

Date: February 23, 2026   By:   /s/ Kathryn M. McCarthy
    Kathryn M. McCarthy
    Director

Date: February 23, 2026 By: /s/ Jonathan A. Brassington
Jonathan A. Brassington
Director

Date: February 23, 2026 By: /s/ Tom Naratil
Tom Naratil
Director

Date: February 23, 2026 By: /s/ Karin Risi
Karin Risi
Director

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