FULLTEXT DEL 1 AV 2
10-Q – 2025-10-27 – seic-20250930.htm
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seic:InvestmentAdvisorsMember 2024-01-01 2024-09-30 0000350894 country:LU seic:InstitutionalInvestorsMember 2024-01-01 2024-09-30 0000350894 country:LU seic:InvestmentsInNewBusinessesMember 2024-01-01 2024-09-30 0000350894 country:LU 2024-01-01 2024-09-30 0000350894 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-07-31 0000350894 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-07-01 2025-09-30 0000350894 us-gaap:AssetPledgedAsCollateralMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-09-30 0000350894 us-gaap:RecourseMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-09-30 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. 13 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. 14 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 16 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 17 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 18 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 19 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. 20 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. 21 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 22 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 23 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. 24 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. 25 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 26 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. 27 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 28 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 29 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. 30 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. 31 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. 32 • 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. 33 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% 34 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. 35 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)% 36 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. 37 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. 38 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 39 • 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. 40 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%. 41 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%