SEC EDGAR · 10-Q

10-Q – 2025-10-27 – seic-20250930.htm

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Omsättning

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 49
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
Accrued liabilities ( 19,742 ) ( 1,655 ) | Deferred revenue 560 ( 4,036 ) | Total adjustments ( 56,368 ) 1,654
Prepayments and maturities of marketable securities 93,367 113,801 | Sales of marketable securities — 7,546
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. Dur | 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 p
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 p
the agent in the transaction and reports the transaction net). See Note 14 for related disclosures regarding revenue recognition. | Cash and Cash Equivalents
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 rel | Accrued Liabilities

EBITDA

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 c | 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.

Rörelseresultat

(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:
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:
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 %
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 %
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 %
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 %
• 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
• 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

Periodens resultat

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 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
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
2025 2024 2025 2024 | Net income $ 164,586 $ 154,900 $ 543,186 $ 425,420 | Other comprehensive (loss) income, net of tax:
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 )
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
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
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

Resultat per aktie

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
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 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 | 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:
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:
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

Kassaflöde

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 repurcha
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 repurcha | Forward-Looking Information and Risk Factors

Likvida medel

Current Assets: | Cash and cash equivalents $ 792,822 $ 840,193 | Receivables from investment products 50,563 54,118
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
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
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
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 —
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
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

Nettoskuld

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
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 —
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 ) —
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
Net cash used in operating activities of consolidated variable interest entities ( 5,172 ) — | Net cash provided by operating activities $ 481,264 $ 427,074
Other investing activities ( 3,464 ) ( 8,196 ) | Net cash provided by/(used in) investing activities $ 40,497 $ ( 57,185 ) | Cash flows from financing activities:
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
2025 2024 | Net cash provided by operating activities $ 481,264 $ 427,074 | Net cash provided by/(used in) investing activities 40,497 (57,185)

Eget kapital

September 30, 2025 December 31, 2024 | Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity | Current Liabilities:
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
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
Total Shareholders' Equity 2,400,557 2,252,112 | Total Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity $ 2,845,110 $ 2,684,606
Note 7 – Shareholders’ Equity | Stock-Based Compensation

Antal aktier

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 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 fol | 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.

Antal anställda

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
• 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 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;
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 ap | 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 eff
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 ap | 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 eff | 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,
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, | 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 emba | 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 ot

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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
or

☐
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 x 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. 2

Consolidated Balance Sheets (Unaudited) -- September 30, 2025 and December 31, 2024 2

Consolidated Statements of Operations (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024 4

Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024 5

Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Nine Months Ended September 30, 2025 and 2024 6

Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Nine Months Ended September 30, 2025 and 2024 8

Notes to Consolidated Financial Statements 10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 32

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 48

Item 4. Controls and Procedures. 48

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. 49

Item 1A. Risk Factors. 49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 49

Item 5. Other Information 49

Item 6. Exhibits. 50

Signatures 51

1

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.

2

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.

3

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.

4

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.

5

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.

6

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.

7

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.

8

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.

9

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.

10

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

11

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 Platform SM (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.

12

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.

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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.

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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

15

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  

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  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

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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

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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

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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.

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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.

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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  

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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  

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 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  

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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.

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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.

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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

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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.

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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  

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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  

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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 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 Platform SM 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 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.
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.

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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.

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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.

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• 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 Platform SM (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.

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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%

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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.

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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)%

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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.

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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.

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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

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• 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.

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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%.

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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%