SEC EDGAR · 10-Q
10-Q – 2026-07-27 – seic-20260630.htm
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Omsättning
- Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 53
- Current portion of long-term operating lease liabilities 10,169 8,677 | Deferred revenue 15,718 13,307 | Total Current Liabilities 265,528 387,211
- Accrued liabilities ( 73,442 ) ( 68,279 ) | Deferred revenue 2,411 836 | Consolidated variable interest entities related:
- agreements, the Company waived $ 4,776 and $ 5,262 in fees during the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company waived $ 9,853 and $ 9,395 , 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 p
- Revenue Recognition | Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to p | Capitalized Software
- Deferred Contract Costs | Deferred contract costs, which primarily consist of deferred sales commissions, were $ 56,967 and $ 53,345 as of June 30, 2026 and December 31, 2025, respectively. The Company deferred expenses related to contract costs of $ 11,801 and $ 8,195 during the six months ended June 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs were $ 8,179 and $ 6,437 during the six months ended June 30, 2026 and 2025, respectively. Amortization expense related to deferred co | Accrued Liabilities
- 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 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 | The Company was in compliance with all covenants of the credit facilities during the six months ended June 30, 2026. As of July 10, 2026, 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 July 10, 2026 was $ 495,370 .
- For the Three Months Ended June 30, 2026 | Total revenue $ 227,679 $ 156,879 $ 177,897 $ 69,702 $ 9,460 $ 641,617 | Less:
EBITDA
- Note 6 – Line of Credit | On August 18, 2025 (the Closing Date), the Company entered into a five-year $ 500,000 Credit Agreement (the Facility) with U.S. Bank National Association, and a syndicate of other lenders. The Facility is scheduled to expire in August 2030, at which time any aggregate principal amount of loans outstanding becomes payable in full. The aggregate principal amount of the Facility may be increased by an additional $ 250,000 under certain conditions set forth in the agreement. The Facility replaces th | 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 the Company and the lender.
- December 31, 2025. | The acquisition of certain EMI Entities triggered a provision in the Stratos Acquisition agreement whereby the Company has a contractual right to receive additional amounts from the Stratos sellers based on the future performance of the acquired EMI Entities. The Company is entitled to an amount from the SEI-Eclipse non-controlling interest holders should there be an EBITDA shortfall at any of the EMI Entities. The amount of a shortfall is calculated on an entity-by-entity basis based on a state | The Company has not finalized its accounting for any areas of the purchase price allocation related to the EMI Entities. As a result, the amounts presented in the table above are preliminary. The Company anticipates it will finalize its accounting
Rörelseresultat
- Stratos Wealth Holdings | In December 2025, we completed the first stage of our strategic investment in the Stratos business (Stratos), a network of affiliated companies focused on supporting the success of financial advisors. During the first six months of 2026, we completed the purchases of 100% interest of nine entities and a majority interest in two additional entities. These purchases were funded by a cash deposit made in December 2025 and the issuance of promissory notes. Stratos contributed $40.1 million to revenu
- Business Segments | Revenues, Expenses and Operating Profit (Loss) for our business segments for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were as follows:
- Expenses 136,078 121,636 12% 269,917 238,847 13% | Operating Profit $ 91,601 $ 73,431 25% $ 178,479 $ 148,268 20% | Operating Margin 40 % 38 % 40 % 38 %
- Expenses 125,220 118,724 5% 245,251 233,473 5% | Operating Profit $ 31,659 $ 22,725 39% $ 63,890 $ 45,690 40% | Operating Margin 20 % 16 % 21 % 16 %
- Non-controlling interest and other, net 1,361 — NM 2,698 — NM | Operating Profit $ 74,670 $ 61,392 22% $ 146,671 $ 125,513 17% | Operating Margin 42 % 45 % 42 % 46 %
- Expenses 36,826 35,857 3% 73,963 71,727 3% | Operating Profit $ 32,876 $ 33,486 (2)% $ 67,255 $ 66,122 2% | Operating Margin 47 % 48 % 48 % 48 %
- • Client losses and fund closures. | Operating margin increased to 40% compared to 38% in the three and six month periods. Operating income increased $18.2 million, or 25%, in the three month period and increased $30.2 million, or 20%, in the six month period and was primarily affected by: | • An increase in revenues as mentioned above; partially offset by
- • Lower investment processing fees from the recontracting of existing clients and client losses. | Operating margins increased to 20% compared to 16% in the three month period and increased to 21% compared to 16% in the six month period. Operating income increased $8.9 million, or 39%, in the three month period and increased $18.2 million, or 40%, in the six month period and was primarily affected by: | • An increase in revenues as mentioned above; partially offset by
Periodens resultat
- Income taxes 53,645 65,054 107,669 109,910 | Net income 199,540 227,083 376,327 378,600 | Less: Net income attributable to non-controlling interests 3,882 — 6,182 —
- Net income 199,540 227,083 376,327 378,600 | Less: Net income attributable to non-controlling interests 3,882 — 6,182 — | Net income attributable to SEI Investments Company $ 195,658 $ 227,083 $ 370,145 $ 378,600
- Less: Net income attributable to non-controlling interests 3,882 — 6,182 — | Net income attributable to SEI Investments Company $ 195,658 $ 227,083 $ 370,145 $ 378,600
- 2026 2025 2026 2025 | Net income $ 199,540 $ 227,083 $ 376,327 $ 378,600 | Other comprehensive (loss) income, net of tax:
- ( 274 ) 706 ( 933 ) 3,807 | Reclassification adjustment for gains realized in net income, net of income taxes of $ 55 , $ 22 , $ 202 and $ 31 | ( 205 ) ( 76 ) ( 684 ) ( 108 )
- Balance, April 1, 2026 120,386 $ 1,204 $ 1,696,702 $ 781,778 $ ( 29,430 ) $ 36,530 $ 2,486,784 | Net income — — — 195,658 — 543 196,201 | Other comprehensive loss
- Balance, April 1, 2025 124,784 $ 1,247 $ 1,558,125 $ 737,020 $ ( 38,540 ) $ — $ 2,257,852 | Net income — — — 227,083 — — 227,083 | Other comprehensive income
- Balance, January 1, 2026 122,232 $ 1,222 $ 1,678,787 $ 792,280 $ ( 24,505 ) $ 12,033 $ 2,459,817 | Net income — — — 370,145 — 1,094 371,239 | Other comprehensive loss
Resultat per aktie
- Basic earnings per common share $ 1.63 $ 1.82 $ 3.06 $ 3.02 | Shares used to compute basic earnings per share 120,339 124,470 120,999 125,516 | Diluted earnings per common share $ 1.59 $ 1.78 $ 2.99 $ 2.95
- Diluted earnings per common share $ 1.59 $ 1.78 $ 2.99 $ 2.95 | Shares used to compute diluted earnings per share 123,334 127,278 123,914 128,364 | Dividends declared per common share $ 0.52 $ 0.49 $ 0.52 $ 0.49
- The Company also capitalized $ 3,676 and $ 5,615 of software development costs during the six months ended June 30, 2026 and 2025, 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. The net book value of the platform at June 30, 2026 was $ 40,685 , which includes $ 3,676 of capitalized software development costs in-progress associated with future releases. As of June 30, 2026, | Earnings per Share | The calculations of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 are:
- Earnings per Share | The calculations of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 are:
- consisted of the legal costs, advisory fees, and due diligence fees in relation to the Stratos acquisition. Management believes adjusting for these charges helps the reader's ability to understand our core operating results and increases comparability quarter to quarter. | (2) This non-GAAP adjustment removes the impact of amortization expense associated with acquired intangible assets (e.g., customer relationships, technology, trade names). This non-GAAP adjustment removes only amortization recorded in the current period related to acquired intangibles from prior acquisitions. The non-GAAP adjustments in 2026 include the amortization of the acquired intangibles from the Stratos acquisition, which closed in December 2025. Management included the Stratos related am | (3) This non-GAAP adjustment removes realized gains on the sale of assets owned or entities under our control, out of the normal course of business. For the three and six months ended June 30, 2025, the adjustment consisted of the realized gain from the sale of Family Office Services (FOS). Management believes adjusting for these gains helps the reader's ability to understand our core operating results and increases comparability quarter to quarter.
Kassaflöde
- Cash Requirements | Cash requirements and liquidity needs are primarily funded through cash flow from operations and our capacity for additional borrowing. At June 30, 2026, unused sources of liquidity consisted of cash and cash equivalents and the amount available under our credit facility. | We are obligated to make payments in connection with the credit facility, operating leases, maintenance contracts, promissory notes and other commitments. We believe our operating cash flow, available borrowing capacity, and existing cash and cash equivalents will provide adequate funds for these obligations and ongoing operations. We currently anticipate that our available funds and cash flow from operations will be sufficient to meet our operational cash needs, expected M&A activity, and fund
- Cash requirements and liquidity needs are primarily funded through cash flow from operations and our capacity for additional borrowing. At June 30, 2026, unused sources of liquidity consisted of cash and cash equivalents and the amount available under our credit facility. | We are obligated to make payments in connection with the credit facility, operating leases, maintenance contracts, promissory notes and other commitments. We believe our operating cash flow, available borrowing capacity, and existing cash and cash equivalents will provide adequate funds for these obligations and ongoing operations. We currently anticipate that our available funds and cash flow from operations will be sufficient to meet our operational cash needs, expected M&A activity, and fund | Forward-Looking Information and Risk Factors
- • Technology disruption, software defects, and development or implementation delays; | • Earnings volatility and cash flow exposure, including reliance on LSV Asset Management and strategic investments; | • Interest rate, currency, and tax law change risks affecting revenues, margins, and asset values;
Likvida medel
- Current Assets: | Cash and cash equivalents $ 395,664 $ 399,804 | Receivables from investment products 60,535 63,317
- Net cash used in financing activities $ ( 356,918 ) $ ( 419,220 ) | Effect of exchange rate changes on cash and cash equivalents ( 5,406 ) 17,103 | Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 ( 93,844 )
- Effect of exchange rate changes on cash and cash equivalents ( 5,406 ) 17,103 | Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 ( 93,844 ) | Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193
- Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 ( 93,844 ) | Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193 | Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 472,501 $ 746,349
- Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193 | Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 472,501 $ 746,349
- Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets: June 30, 2026 December 31, 2025 | Cash and cash equivalents $ 395,664 $ 399,804
- Cash and cash equivalents held at consolidated variable interest entities 76,837 70,791 | Total cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities $ 472,501 $ 470,595
- Estimated Fair Value | Cash and cash equivalents $ 1,595 | Other current assets 23
Nettoskuld
- Net income $ 376,327 $ 378,600 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation 14,327 15,592
- Total adjustments ( 28,960 ) ( 135,595 ) | Net cash provided by operating activities $ 347,367 $ 243,005
- Other investing activities 1,013 ( 3,921 ) | Net cash provided by investing activities $ 16,863 $ 65,268 | Cash flows from financing activities:
- Non-controlling interest capital raised, net 889 — | Net cash used in financing activities $ ( 356,918 ) $ ( 419,220 ) | Effect of exchange rate changes on cash and cash equivalents ( 5,406 ) 17,103
- 2026 2025 | Net cash provided by operating activities $ 347,367 $ 243,005 | Net cash provided by investing activities 16,863 65,268
- Net cash provided by operating activities $ 347,367 $ 243,005 | Net cash provided by investing activities 16,863 65,268 | Net cash used in financing activities (356,918) (419,220)
- Net cash provided by investing activities 16,863 65,268 | Net cash used in financing activities (356,918) (419,220) | Effect of exchange rate changes on cash and cash equivalents (5,406) 17,103
- Cash flows from operations increased $104.4 million in the first six months of 2026 compared to the first six months of 2025 primarily from the positive change in working capital accounts, increased distributions received from unconsolidated affiliates and non-cash adjustments. | Net cash from investing activities includes: | • Purchases, sales and maturities of marketable securities. Purchases, sales and maturities of marketable securities in the first six months of 2026 and 2025 were as follows:
Eget kapital
- Equity: | Shareholders' Equity: | Common stock, $ 0.01 par value, 750,000,000 shares authorized; 119,976,563 and 122,232,251 shares issued and outstanding
- Accumulated other comprehensive loss, net ( 29,616 ) ( 24,505 ) | Total SEI Shareholders' Equity 2,499,698 2,447,784 | Non-controlling interests 36,174 12,033
- Note 7 – Shareholders’ Equity | Stock-Based Compensation
Antal aktier
- Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x | The number of shares outstanding of the registrant’s common stock, as of the close of business on July 10, 2026:
- 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 3,847,000 shares at a total cost of $ 320,659 during the six months ended June 30, 2026, 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 | 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.
- Adjusted diluted earnings per common share (non-GAAP basis) $ 1.66 $ 1.20 3.10 2.40 | Diluted weighted average shares outstanding 123,334 127,278 123,914 128,364
Antal anställda
- On April 1, 2026, 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 38.4 % from approximately 38.5 %. | Other Equity Method Investments
- The Company, its regulated subsidiaries, their regulated services and solutions and their customers are all subject to extensive legislation, regulation, and supervision that recently has been subject to, and continues to experience, significant change and increased regulatory activity. These changes and regulatory activities could have a material adverse effect on us and our clients. | The various governmental agencies and self-regulatory authorities that regulate or supervise the Company and its subsidiaries have broad administrative powers. In the event of a failure to comply with laws, regulations, and requirements of these agencies and authorities, or to meet regulator expectations, the possible business process changes required or sanctions that may be imposed include the suspension of individual employees, limitations on our ability to engage in business for specified pe
- registration as a broker-dealer, investment advisor or other regulated entity, and, as the case may be, censures and fines. Currently, our subsidiary in the United Kingdom, SIEL, is working with the FCA to determine the nature and scope of remedial actions in which SIEL will engage in order to meet the FCA's expectations and to enable SIEL to continue to grow and execute on its development and offering of new products and solutions. Additionally, certain securities and banking laws applicable to | Governmental scrutiny from regulators, legislative bodies, and law enforcement agencies with respect to matters relating to our regulated subsidiaries and their activities, services and solutions, our business practices, our past actions and other matters has increased dramatically in the past several years. Responding to these examinations, investigations, actions, and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and eff | We are subject to U.S. and foreign anti-money laundering and financial transparency laws that require implementation of regulations applicable to financial services companies, including standards for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities. We offer investment and banking solutions that also are subject to regulation by the federal and state securities and banking authorities, as well as foreign regulatory authorities,
- We are subject to U.S. and foreign anti-money laundering and financial transparency laws that require implementation of regulations applicable to financial services companies, including standards for verifying client identification and monitoring client transactions and detecting and reporting suspicious activities. We offer investment and banking solutions that also are subject to regulation by the federal and state securities and banking authorities, as well as foreign regulatory authorities, | We must comply with economic sanctions and embargo programs administered by the Office of Foreign Assets Control (OFAC) and similar national and multinational bodies and governmental agencies outside the United States, as well as anti-corruption and anti-money laundering laws and regulations throughout the world. We can incur higher costs and face greater compliance risks in structuring and operating our businesses to comply with these requirements. Furthermore, a violation of a sanction or emba | Our businesses are also subject to privacy and data protection information security legal requirements concerning the use and protection of certain personal information. These include those adopted pursuant to the Gramm-Leach-Bliley Act and the Fair and Accurate Credit Transactions Act of 2003 in the United States, the General Data Protection Regulation (GDPR) in the EU, Canada’s Personal Information Protection and Electronic Documents Act, the Cayman Islands' Data Protection Law, and various ot
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________________________________________ FORM 10-Q ________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 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 July 10, 2026: Common Stock, $0.01 par value 120,019,182 SEI INVESTMENTS COMPANY TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Page Item 1. Financial Statements. 2 Consolidated Balance Sheets (Unaudited) -- June 30, 2026 and December 31, 2025 2 Consolidated Statements of Operations (Unaudited) -- For the Three and SIx Months Ended June 30, 2026 and 2025 4 Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Six Months Ended June 30, 2026 and 2025 5 Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Six Months Ended June 30, 2026 and 2025 6 Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Six Months Ended June 30, 2026 and 2025 8 Notes to Consolidated Financial Statements 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 35 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 52 Item 4. Controls and Procedures. 52 PART II - OTHER INFORMATION Item 1. Legal Proceedings. 53 Item 1A. Risk Factors. 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 53 Item 5. Other Information 53 Item 6. Exhibits. 54 Signatures 55 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) June 30, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $ 395,664 $ 399,804 Receivables from investment products 60,535 63,317 Receivables, net of allowance for doubtful accounts of $ 1,746 and $ 1,916 783,400 709,748 Securities owned 25,532 33,777 Other current assets 78,095 66,691 Total Current Assets 1,343,226 1,273,337 Property and Equipment, net of accumulated depreciation of $ 481,673 and $ 468,700 151,885 150,434 Operating Lease Right-of-Use Assets 32,345 26,447 Capitalized Software, net of accumulated amortization of $ 688,085 and $ 669,896 227,215 234,272 Investments 318,909 428,004 Assets of Consolidated Variable Interest Entities 206,955 183,994 Goodwill 389,420 354,989 Intangible Assets, net of accumulated amortization of $ 68,666 and $ 49,534 470,524 368,272 Deferred Contract Costs 56,967 53,345 Deferred Income Taxes 8,183 8,048 Deposits Related to Acquisitions 36,210 118,606 Other Assets, net 82,499 60,096 Total Assets $ 3,324,338 $ 3,259,844 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) June 30, 2026 December 31, 2025 Liabilities, Redeemable Non-controlling Interests and Equity Current Liabilities: Accounts payable $ 10,547 $ 5,404 Accrued liabilities 225,607 359,823 Current portion of long-term debt 3,487 — Current portion of long-term operating lease liabilities 10,169 8,677 Deferred revenue 15,718 13,307 Total Current Liabilities 265,528 387,211 Long-term Debt 29,483 — Liabilities of Consolidated Variable Interest Entities 121,300 108,504 Deferred Income Taxes 13,563 16,842 Long-term Operating Lease Liabilities 24,713 19,885 Other Long-term Liabilities 22,852 23,626 Total Liabilities 477,439 556,068 Commitments and Contingencies Redeemable Non-controlling Interests 311,027 243,959 Equity: Shareholders' Equity: Common stock, $ 0.01 par value, 750,000,000 shares authorized; 119,976,563 and 122,232,251 shares issued and outstanding 1,200 1,222 Capital in excess of par value 1,714,294 1,678,787 Retained earnings 813,820 792,280 Accumulated other comprehensive loss, net ( 29,616 ) ( 24,505 ) Total SEI Shareholders' Equity 2,499,698 2,447,784 Non-controlling interests 36,174 12,033 Total Equity 2,535,872 2,459,817 Total Liabilities, Redeemable Non-controlling Interests and Equity $ 3,324,338 $ 3,259,844 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Asset management, administration and distribution fees $ 513,482 $ 437,543 $ 1,011,466 $ 869,686 Information processing and software servicing fees 128,135 122,058 252,334 241,259 Total revenues 641,617 559,601 1,263,800 1,110,945 Expenses: Subadvisory, distribution and other asset management costs 59,980 49,709 116,726 97,241 Software royalties and other information processing costs 9,677 9,191 19,609 18,272 Compensation, benefits and other personnel 207,839 199,574 414,154 390,358 Stock-based compensation 16,313 13,891 30,809 28,029 Consulting, outsourcing and professional fees 56,269 56,942 110,672 112,943 Data processing and computer related 46,862 41,801 91,735 81,120 Facilities, supplies and other costs 21,453 21,744 41,775 40,499 Amortization 19,137 10,449 37,491 21,159 Depreciation 7,071 7,665 14,327 15,592 Total expenses 444,601 410,966 877,298 805,213 Income from operations 197,016 148,635 386,502 305,732 Net gain from investments 3,550 1,759 3,181 2,252 Interest and dividend income 7,012 9,283 14,174 19,504 Interest expense ( 562 ) ( 92 ) ( 1,035 ) ( 277 ) Gain on sale of business — 94,412 — 94,412 Other income — 4,500 450 4,500 Equity in earnings of unconsolidated affiliates 38,694 33,640 71,170 62,387 Net gain from consolidated variable interest entities 7,475 — 9,554 — Income before income taxes 253,185 292,137 483,996 488,510 Income taxes 53,645 65,054 107,669 109,910 Net income 199,540 227,083 376,327 378,600 Less: Net income attributable to non-controlling interests 3,882 — 6,182 — Net income attributable to SEI Investments Company $ 195,658 $ 227,083 $ 370,145 $ 378,600 Basic earnings per common share $ 1.63 $ 1.82 $ 3.06 $ 3.02 Shares used to compute basic earnings per share 120,339 124,470 120,999 125,516 Diluted earnings per common share $ 1.59 $ 1.78 $ 2.99 $ 2.95 Shares used to compute diluted earnings per share 123,334 127,278 123,914 128,364 Dividends declared per common share $ 0.52 $ 0.49 $ 0.52 $ 0.49 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 199,540 $ 227,083 $ 376,327 $ 378,600 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments 293 16,527 ( 3,494 ) 21,893 Unrealized (loss) gain on investments: Unrealized (losses) gains during the period, net of income taxes of $ 87 , $( 208 ), $ 279 and $( 1,134 ) ( 274 ) 706 ( 933 ) 3,807 Reclassification adjustment for gains realized in net income, net of income taxes of $ 55 , $ 22 , $ 202 and $ 31 ( 205 ) ( 76 ) ( 684 ) ( 108 ) Total other comprehensive (loss) income, net of tax ( 186 ) 17,157 ( 5,111 ) 25,592 Comprehensive income $ 199,354 $ 244,240 $ 371,216 $ 404,192 Less: Comprehensive income attributable to the non-controlling interests 3,882 — 6,182 — Comprehensive income attributable to SEI Investments Company $ 195,472 $ 244,240 $ 365,034 $ 404,192 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 Non-controlling Interests Total Equity For the Three Months Ended June 30, 2026 Balance, April 1, 2026 120,386 $ 1,204 $ 1,696,702 $ 781,778 $ ( 29,430 ) $ 36,530 $ 2,486,784 Net income — — — 195,658 — 543 196,201 Other comprehensive loss — — — — ( 186 ) — ( 186 ) Purchase and retirement of common stock ( 1,293 ) ( 13 ) ( 11,782 ) ( 100,571 ) — — ( 112,366 ) Issuance of common stock under employee stock purchase plan 20 — 1,480 — — — 1,480 Issuance of common stock under share-based award plans 864 9 49,426 — — — 49,435 Stock-based compensation — — 16,313 — — — 16,313 Dividends declared ($ 0.52 per share) — — — ( 63,045 ) — — ( 63,045 ) Redemption value remeasurement — — ( 37,845 ) — — — ( 37,845 ) Capital distributions — — — — — ( 899 ) ( 899 ) Balance, June 30, 2026 119,977 $ 1,200 $ 1,714,294 $ 813,820 $ ( 29,616 ) $ 36,174 $ 2,535,872 Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity For the Three Months Ended June 30, 2025 Balance, April 1, 2025 124,784 $ 1,247 $ 1,558,125 $ 737,020 $ ( 38,540 ) $ — $ 2,257,852 Net income — — — 227,083 — — 227,083 Other comprehensive income — — — — 17,157 — 17,157 Purchase and retirement of common stock ( 2,162 ) ( 22 ) ( 17,563 ) ( 163,172 ) — — ( 180,757 ) Issuance of common stock under employee stock purchase plan 20 — 1,419 — — — 1,419 Issuance of common stock under share-based award plans 1,055 11 61,457 — — — 61,468 Stock-based compensation — — 15,695 — — — 15,695 Dividends declared ($ 0.49 per share) — — — ( 61,478 ) — — ( 61,478 ) Balance, June 30, 2025 123,697 $ 1,236 $ 1,619,133 $ 739,453 $ ( 21,383 ) $ — $ 2,338,439 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 Non-controlling Interests Total Equity For the Six Months Ended June 30, 2026 Balance, January 1, 2026 122,232 $ 1,222 $ 1,678,787 $ 792,280 $ ( 24,505 ) $ 12,033 $ 2,459,817 Net income — — — 370,145 — 1,094 371,239 Other comprehensive loss — — — — ( 5,111 ) — ( 5,111 ) Purchase and retirement of common stock ( 3,847 ) ( 38 ) ( 35,061 ) ( 285,560 ) — — ( 320,659 ) Issuance of common stock under employee stock purchase plan 41 — 2,960 — — — 2,960 Issuance of common stock under share-based award plans 1,551 16 87,491 — — — 87,507 Stock-based compensation — — 30,809 — — — 30,809 Dividends declared ($ 0.52 per share) — — — ( 63,045 ) — — ( 63,045 ) Acquired non-controlling interest — — — — — 24,397 24,397 Redemption value remeasurement — — ( 50,692 ) — — — ( 50,692 ) Capital distributions — — — — — ( 1,350 ) ( 1,350 ) Balance, June 30, 2026 119,977 $ 1,200 $ 1,714,294 $ 813,820 $ ( 29,616 ) $ 36,174 $ 2,535,872 Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity For the Six Months Ended June 30, 2025 Balance, January 1, 2025 126,840 $ 1,268 $ 1,539,816 $ 758,003 $ ( 46,975 ) $ — $ 2,252,112 Net income — — — 378,600 — — 378,600 Other comprehensive income — — — — 25,592 — 25,592 Purchase and retirement of common stock ( 4,663 ) ( 47 ) ( 37,882 ) ( 335,672 ) — — ( 373,601 ) Issuance of common stock under employee stock purchase plan 39 — 2,754 — — — 2,754 Issuance of common stock under share-based award plans 1,481 15 84,612 — — — 84,627 Stock-based compensation — — 29,833 — — — 29,833 Dividends declared ($ 0.49 per share) — — — ( 61,478 ) — — ( 61,478 ) Balance, June 30, 2025 123,697 $ 1,236 $ 1,619,133 $ 739,453 $ ( 21,383 ) $ — $ 2,338,439 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) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 376,327 $ 378,600 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 14,327 15,592 Amortization 37,491 21,159 Equity in earnings of unconsolidated affiliates ( 71,170 ) ( 62,387 ) Distributions received from unconsolidated affiliates 73,950 67,130 Stock-based compensation 30,809 28,029 Provision for losses on receivables ( 170 ) 521 Deferred income tax benefit ( 2,932 ) ( 498 ) Net loss (gain) from investments ( 3,181 ) ( 2,252 ) Net gain from business divestiture — ( 94,412 ) Change in other long-term liabilities 323 1,189 Change in other assets ( 12,500 ) ( 3,456 ) Contract costs capitalized, net of amortization ( 3,622 ) ( 1,758 ) Contingent consideration fair value adjustments — ( 2,354 ) 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 695 ( 1,423 ) Change in current assets and liabilities: Receivables from investment products 2,782 5,023 Receivables ( 75,739 ) ( 79,422 ) Other current assets ( 11,404 ) ( 6,321 ) Advances due from unconsolidated affiliate 61,390 47,485 Accounts payable 5,141 3 Accrued liabilities ( 73,442 ) ( 68,279 ) Deferred revenue 2,411 836 Consolidated variable interest entities related: Change from investment security transactions 5,394 — Net gain from investments ( 9,554 ) — Change in other assets and liabilities 41 — Total adjustments ( 28,960 ) ( 135,595 ) Net cash provided by operating activities $ 347,367 $ 243,005 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) Six Months Ended June 30, 2026 2025 Cash flows from investing activities: Additions to property and equipment ( 15,029 ) ( 12,451 ) Additions to capitalized software ( 11,132 ) ( 14,466 ) Purchases of marketable securities ( 81,568 ) ( 85,681 ) Prepayments and maturities of marketable securities 105,985 65,168 Purchases of interest in limited partnerships — ( 566 ) Return of deposits on canceled acquisitions 17,594 — Proceeds from fixed asset dispositions — 1,165 Proceeds from business divestiture — 116,020 Other investing activities 1,013 ( 3,921 ) Net cash provided by investing activities $ 16,863 $ 65,268 Cash flows from financing activities: Purchase and retirement of common stock ( 320,654 ) ( 383,304 ) Proceeds from issuance of common stock 90,466 87,381 Payment of dividends ( 126,268 ) ( 123,297 ) Distributions to non-controlling interest holders ( 1,351 ) — Consolidated variable interest entities related: Non-controlling interest capital raised, net 889 — Net cash used in financing activities $ ( 356,918 ) $ ( 419,220 ) Effect of exchange rate changes on cash and cash equivalents ( 5,406 ) 17,103 Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities 1,906 ( 93,844 ) Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193 Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 472,501 $ 746,349 Non-cash investing activities: Application of previously funded acquisition deposits toward purchase consideration $ 60,431 $ — Reconciliation of Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities to the Consolidated Balance Sheets: June 30, 2026 December 31, 2025 Cash and cash equivalents $ 395,664 $ 399,804 Cash and cash equivalents held at consolidated variable interest entities 76,837 70,791 Total cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities $ 472,501 $ 470,595 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. The Company's core capabilities unify technology, operations, and asset management to power clients’ transformation across advice, asset management, and administration. The Company delivers modular or end‑to‑end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise. Investment processing solutions 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 solutions provide business process outsourcing services for investment managers and asset owners. These services 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 services provide comprehensive solutions for managing personal and institutional wealth. These services 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 June 30, 2026, the results of operations for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. 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, 2025. There have been no significant changes in significant accounting policies during the six months ended June 30, 2026 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. 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 10 reconsideration events, such as capital contributions and redemptions, either by the Company or third parties, have occurred that require it to revisit the VIE analysis and will consolidate or deconsolidate accordingly. Consolidated Variable Interest Entities VIEs which the Company controls as the primary beneficiary have been included in the Company’s Consolidated Financial Statements. The results of the consolidated VIEs are reported on a one-month lag due to the timing of the receipt of related financial statements. To the extent the Company is aware of material events that affect the consolidated VIEs during the intervening period, the impact of the events would be disclosed in the Notes to Consolidated Financial Statements. The Company's consolidated net income on the accompanying Consolidated Statement of Operations includes the income (loss) attributable to non-controlling interests. The portion of the consolidated VIEs owned by other investors is included in Redeemable Non-controlling Interests on the accompanying Consolidated Balance Sheet. Activity related to other investors of the consolidated VIEs is eliminated through Net income attributable to non-controlling interests on the accompanying Consolidated Statement of Operations. Investments held by consolidated VIEs are recorded at fair value. Unrealized gains and losses from the investments are recognized in Net gain from consolidated variable interest entities on the accompanying Consolidated Statement of Operations. The Company deconsolidates all the assets and liabilities of the non-controlling interests from the Consolidated Balance Sheets once it no longer qualifies as the primary beneficiary of a consolidated VIE. See Note 15 for related disclosures regarding the Company's consolidated VIEs. Redeemable Non-controlling Interests Non-controlling interests that are redeemable outside the Company's control at fixed or determinable prices and dates are presented as temporary equity in the accompanying Consolidated Balance Sheets. Redeemable non-controlling interests are recorded at the greater of the redemption fair value or the carrying value of the non-controlling interest and adjusted each reporting period for income, loss and any distributions made. Remeasurements to the redemption value of the redeemable non-controlling interest are recognized in capital in excess of par value. As of December 31, 2025 and June 30, 2026, the Company has a redeemable non-controlling interest related to an acquisition (See Note 12). The Company also includes redeemable non-controlling interests related to consolidated VIEs as temporary equity on the accompanying Consolidated Balance Sheets. Non-controlling interests in consolidated VIEs are subject to redemption by future 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 are as follows: Redeemable Non-controlling Interests Balance, December 31, 2025 $ 243,959 Increase from acquisition 10,400 Net income attributable to non-controlling interests 5,087 Capital contributions from non-controlling interests, net 889 Redemption value remeasurement 50,692 Balance, June 30, 2026 $ 311,027 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 11 agreements, the Company waived $ 4,776 and $ 5,262 in fees during the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company waived $ 9,853 and $ 9,395 , respectively, in fees. Revenue Recognition Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 14 for related disclosures regarding revenue recognition. Capitalized Software The Company capitalized $ 11,132 and $ 14,466 of software development costs during the six months ended June 30, 2026 and 2025, 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 $ 7,456 and $ 8,851 of software development costs for significant enhancements to SWP during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the net book value of SWP was $ 186,530 , which includes $ 2,232 of capitalized software development costs in-progress associated with future releases. SWP has a weighted average remaining life of 7.3 years. Amortization expense for SWP was $ 15,173 and $ 14,297 during the six months ended June 30, 2026 and 2025, respectively. The Company also capitalized $ 3,676 and $ 5,615 of software development costs during the six months ended June 30, 2026 and 2025, 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. The net book value of the platform at June 30, 2026 was $ 40,685 , which includes $ 3,676 of capitalized software development costs in-progress associated with future releases. As of June 30, 2026, the platform has a weighted average useful life of 6.1 years. Amortization expense for the platform was $ 3,016 during the six months ended June 30, 2026. Earnings per Share The calculations of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 are: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 199,540 $ 227,083 $ 376,327 $ 378,600 Less: Net income attributable to non-controlling interests 3,882 — 6,182 — Net income attributable to SEI Investments Company $ 195,658 $ 227,083 $ 370,145 $ 378,600 Shares used to compute basic earnings per common share 120,339,000 124,470,000 120,999,000 125,516,000 Dilutive effect of stock awards 2,995,000 2,808,000 2,915,000 2,848,000 Shares used to compute diluted earnings per common share 123,334,000 127,278,000 123,914,000 128,364,000 Basic earnings per common share $ 1.63 $ 1.82 $ 3.06 $ 3.02 Diluted earnings per common share $ 1.59 $ 1.78 $ 2.99 $ 2.95 During the three months ended June 30, 2026 and 2025, employee stock options to purchase 4,395,000 and 5,713,000 shares of common stock with an average exercise price of $ 75.28 and $ 66.08 , respectively, were outstanding but not included in the computation of diluted earnings per common share. During the six months ended June 30, 2026 and 2025, employee stock options to purchase 4,411,000 and 5,773,000 shares of common stock with an average exercise price of $ 75.28 and $ 66.01 , respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three and six month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive. New Accounting Pronouncements In 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 12 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 Accounting Standards Codification (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. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11). ASU 2025-11 is intended to improve the clarity and navigability of interim reporting guidance by (i) specifying the required form and content of interim financial statements, (ii) consolidating and organizing interim disclosure requirements across the Codification, and (iii) introducing a disclosure principle requiring entities to describe events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for public business entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 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 The Company's equity method investments included in Investments on the accompanying Consolidated Balance Sheets consist of: June 30, 2026 December 31, 2025 Investment in LSV Asset Management $ 59,890 $ 121,512 Other equity method investments 34,420 67,637 Total $ 94,310 $ 189,149 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 June 30, 2026 was 38.4 %. 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. The Company accounts for its interest in LSV using the equity method because of its less than 50% ownership. The Company’s interest in the earnings of LSV is reflected in Equity in earnings of unconsolidated affiliates on the accompanying Consolidated Statements of Operations. At June 30, 2026 and December 31, 2025, the Company’s total investment in LSV was $ 59,890 and $ 121,512 , 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 $ 70,641 and $ 67,130 in the six months ended June 30, 2026 and 2025, respectively. As such, 13 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 $ 38,264 and $ 33,640 during the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company’s proportionate share in the earnings of LSV was $ 70,356 and $ 62,387 , respectively. This table contains condensed financial information of LSV: Condensed Statement of Operations Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 140,854 $ 114,215 $ 256,308 $ 214,143 Net income 99,502 87,311 182,799 161,825 On April 1, 2026, 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 38.4 % from approximately 38.5 %. Other Equity Method Investments The Company's other equity method investments consist of several firms acquired in December 2025 and during the first quarter 2026 in connection with the Stratos Acquisition (See Note 12) and an investment in a non-affiliated limited partnership fund in which the Company holds a more than minor interest. At June 30, 2026 and December 31, 2025, the value of the equity method entities related to Stratos was $ 24,197 and $ 57,153 , respectively. At June 30, 2026 and December 31, 2025, the value of the Company's investment in the limited partnership fund was $ 10,223 and $ 10,484 , respectively. Note 3 – Composition of Certain Financial Statement Captions Receivables Receivables on the accompanying Consolidated Balance Sheets consist of: June 30, 2026 December 31, 2025 Trade receivables $ 185,093 $ 178,902 Fees earned, not billed 547,771 483,860 Taxes receivable 42,703 40,415 Other receivables 9,579 8,487 785,146 711,664 Less: Allowance for doubtful accounts ( 1,746 ) ( 1,916 ) $ 783,400 $ 709,748 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. 14 Property and Equipment Property and Equipment on the accompanying Consolidated Balance Sheets consists of: June 30, 2026 December 31, 2025 Buildings $ 222,712 $ 221,488 Equipment 169,539 158,740 Land 27,457 27,457 Purchased software 165,210 165,229 Furniture and fixtures 23,183 23,066 Leasehold improvements 24,784 23,003 Construction in progress 673 151 633,558 619,134 Less: Accumulated depreciation ( 481,673 ) ( 468,700 ) Property and Equipment, net $ 151,885 $ 150,434 The Company recognized $ 14,327 and $ 15,592 in depreciation expense related to property and equipment for the six months ended June 30, 2026 and 2025, respectively. Deferred Contract Costs Deferred contract costs, which primarily consist of deferred sales commissions, were $ 56,967 and $ 53,345 as of June 30, 2026 and December 31, 2025, respectively. The Company deferred expenses related to contract costs of $ 11,801 and $ 8,195 during the six months ended June 30, 2026 and 2025, respectively. Amortization expense related to deferred contract costs were $ 8,179 and $ 6,437 during the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026. Accrued Liabilities Accrued liabilities on the accompanying Consolidated Balance Sheets consist of: June 30, 2026 December 31, 2025 Accrued employee compensation $ 78,358 $ 143,358 Accrued consulting, outsourcing and professional fees 31,669 29,186 Accrued sub-advisory, distribution and other asset management fees 55,334 56,445 Accrued dividend payable 1,958 65,182 Accrued income taxes 3,777 6,560 Other accrued liabilities 54,511 59,092 Total accrued liabilities $ 225,607 $ 359,823 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 six months ended June 30, 2026 were consistent with those as described in the Company's Annual Report on Form 10-K at December 31, 2025. 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 primarily 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 June 30, 2026 and December 31, 2025 consist entirely of the estimated fair value of the 15 contingent considerations resulting from business acquisitions. There were no transfers of financial assets between levels within the fair value hierarchy during the six months ended June 30, 2026. The fair value of the Company's investments in funds sponsored by LSV are 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 was determined using the following inputs: At June 30, 2026 Level 1 Level 2 Level 3 NAV as a Practical Expedient Total Financial Assets SEI Investments Company Equity securities $ 69,651 $ — $ — $ — $ 69,651 Available-for-sale debt securities — 141,249 — — 141,249 Securities owned — 25,532 — — 25,532 Investment funds sponsored by LSV — — — 12,922 12,922 Investments in limited partnership funds — — — 777 777 Total financial assets of SEI Investments Company 69,651 166,781 — 13,699 250,131 Consolidated VIEs Equity securities 130,072 — — — 130,072 Total financial assets of consolidated VIEs 130,072 — — — 130,072 Total financial assets measured at fair value $ 199,723 $ 166,781 $ — $ 13,699 $ 380,203 Financial Liabilities SEI Investments Company Contingent considerations $ — $ — $ 6,736 $ — $ 6,736 Total financial liabilities of SEI Investments Company — — 6,736 — 6,736 Consolidated VIEs Securities sold short 121,036 — — — 121,036 Total financial liabilities of consolidated VIEs 121,036 — — — 121,036 Total financial liabilities measured at fair value $ 121,036 $ — $ 6,736 $ — $ 127,772 16 At December 31, 2025 Level 1 Level 2 Level 3 NAV as a Practical Expedient Total Financial Assets SEI Investments Company Equity securities $ 67,414 $ — $ — $ — $ 67,414 Available-for-sale debt securities — 158,690 — — 158,690 Securities owned — 33,777 — — 33,777 Investment funds sponsored by LSV — — — 11,593 11,593 Investments in limited partnership funds — — — 1,158 1,158 Total financial assets of SEI Investments Company Consolidated VIEs Equity securities 113,119 — — — 113,119 Total financial assets of consolidated VIEs 113,119 — — — 113,119 Total financial assets measured at fair value $ 180,533 $ 192,467 $ — $ 12,751 $ 385,751 Financial Liabilities SEI Investments Company Contingent considerations $ — $ — $ 7,834 $ — $ 7,834 Total financial liabilities of SEI Investments Company — — 7,834 — 7,834 Consolidated VIEs Securities sold short 108,243 — — — 108,243 Total financial liabilities of consolidated VIEs 108,243 — — — 108,243 Total financial liabilities measured at fair value $ 108,243 $ — $ 7,834 $ — $ 116,077 Note 5 – Investments and Other Marketable Securities Investments on the accompanying Consolidated Balance Sheets consist of: June 30, 2026 December 31, 2025 Available for sale debt securities $ 141,249 $ 158,690 Investment products and equities 69,651 67,414 Investments in affiliated funds 12,922 11,593 Investments in limited partnership funds 777 1,158 Equity method investments (See Note 2) 94,310 189,149 Total $ 318,909 $ 428,004 17 Available For Sale Debt Securities The Company's available-for-sale debt securities consist of At June 30, 2026 Cost Amount Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Mortgage-backed securities issued by GNMA $ 145,079 $ — $ ( 6,481 ) $ 138,598 Corporate and government agency debt securities 2,651 — — 2,651 $ 147,730 $ — $ ( 6,481 ) $ 141,249 At December 31, 2025 Cost Amount Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Mortgage-backed securities issued by GNMA $ 163,071 $ — $ ( 4,381 ) $ 158,690 $ 163,071 $ — $ ( 4,381 ) $ 158,690 Unrealized holding losses, net of income tax benefit, at June 30, 2026 and December 31, 2025 of available-for-sale debt securities were: June 30, 2026 December 31, 2025 Unrealized holding losses $ ( 6,481 ) $ ( 4,381 ) Less: Income tax benefit 1,491 1,008 Unrealized holding losses, net of tax ( 4,990 ) ( 3,373 ) The unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases. The unrealized losses, net of unrealized gains, associated with the Company's available-for-sale debt securities 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 June 30, 2026 Cost Fair Value Within one year $ 2,774 $ 2,736 After one year through five years 2,246 1,996 After 5 years through 10 years 37,504 33,370 After 10 years 105,206 103,147 $ 147,730 $ 141,249 At December 31, 2025 Cost Fair Value Within one year $ — $ — After one year through five years 3,248 2,930 After 5 years through 10 years 14,789 13,787 After 10 years 145,034 141,973 $ 163,071 $ 158,690 There were no material realized gains or losses from available-for-sale debt securities during the six months ended June 30, 2026 and 2025, respectively. 18 Investment Products and Equities The Company's investments in investment products and equities had a fair value of $ 69,651 and $ 67,414 at June 30, 2026 and December 31, 2025, respectively. There were no material realized gains or losses during the six months ended June 30, 2026 and 2025, respectively, from investment products and equities. 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 $ 12,922 and $ 11,593 at June 30, 2026 and December 31, 2025, respectively. The Company recognized unrealized gains of $ 1,329 and $ 1,144 during the six months ended June 30, 2026 and 2025, 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 $ 25,532 and $ 33,777 at June 30, 2026 and December 31, 2025, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 2026 and 2025. 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 $ 242,302 and $ 235,933 at June 30, 2026 and December 31, 2025, respectively. There were no material unrealized or realized gains or losses from these investments during the six months ended June 30, 2026 and 2025. Cash equivalents includes $ 74,475 and $ 201,675 at June 30, 2026 and December 31, 2025, respectively, invested in SEI-sponsored open-ended money market investment products. Investments in money market funds and commercial paper are Level 1 assets. Note 6 – Line of Credit On August 18, 2025 (the Closing Date), the Company entered into a five-year $ 500,000 Credit Agreement (the Facility) with U.S. Bank National Association, and a syndicate of other lenders. The Facility is scheduled to expire in August 2030, at which time any aggregate principal amount of loans outstanding becomes payable in full. The aggregate principal amount of the Facility may be increased by an additional $ 250,000 under certain conditions set forth in the agreement. The Facility replaces the Company’s $ 325,000 five-year credit facility that was scheduled to expire in April 2026. Interest on borrowings under the Facility is payable at rates that, at the Company's option, are based on a base rate (the Base Rate) plus a premium that can range from 0.25 % to 1.25 % or the Term Secured Overnight Financing Rate (Term SOFR) plus a premium that can range from 1.25 % to 2.25 % depending on the Company’s Leverage Ratio (a ratio of consolidated indebtedness to consolidated EBITDA for the four preceding fiscal quarters, all as defined in the relevant agreement). The Base Rate is defined as the highest of a) the Prime Rate, b) the Federal Funds Rate (each as defined in the relevant agreement) plus 0.50 %, or c) Term SOFR for a one-month tenor in effect on such day plus 1.00 %. The Company also pays quarterly commitment fees based on the unused portion of the Facility. The quarterly fees for the Facility can range from 0.15 % of the amount of the unused portion of the Facility to 0.35 %, depending on the Company’s Leverage Ratio. Certain wholly-owned subsidiaries of the Company have guaranteed the obligations of the Company under the Facility. The Company may issue up to $ 25,000 in letters of credit under the terms of the Facility. The Company pays a periodic commission fee based on the applicable rate with respect to borrowings that are designated as SOFR Loans (as defined in the relevant agreement) plus an issuance fee agreed upon between 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 six months ended June 30, 2026. As of July 10, 2026, 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 July 10, 2026 was $ 495,370 . 19 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 six months ended June 30, 2026 and 2025, respectively, as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Stock-based compensation expense $ 16,313 $ 13,891 $ 30,809 $ 28,029 Less: Deferred tax benefit ( 2,717 ) ( 2,554 ) ( 5,127 ) ( 5,176 ) Stock-based compensation expense, net of tax $ 13,596 $ 11,337 $ 25,682 $ 22,853 As of June 30, 2026, there was approximately $ 80,708 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 total intrinsic value of options exercised during the six months ended June 30, 2026 was $ 44,233 . The total options exercisable as of June 30, 2026 had an intrinsic value of $ 195,276 . The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of June 30, 2026 and the weighted average exercise price of the options. The market value of the Company’s common stock as of June 30, 2026 was $ 87.71 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2026 was $ 59.46 . Total options that were outstanding as of June 30, 2026 were 12,155,000 . Total options that were exercisable as of June 30, 2026 were 6,912,000 . 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 3,847,000 shares at a total cost of $ 320,659 during the six months ended June 30, 2026, 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 June 30, 2026, the Company had approximately $ 382,748 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 27, 2026, the Board of Directors declared a cash dividend of $ 0.52 per share on the Company's common stock, which was paid on June 16, 2026, to shareholders of record on June 8, 2026. Cash dividends declared during the six months ended June 30, 2026 and 2025 were $ 63,045 and $ 61,478 , 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, 2026 $ ( 21,132 ) $ ( 3,373 ) $ ( 24,505 ) Other comprehensive loss before reclassifications ( 3,494 ) ( 933 ) ( 4,427 ) Amounts reclassified from accumulated other comprehensive loss — ( 684 ) ( 684 ) Net current-period other comprehensive loss ( 3,494 ) ( 1,617 ) ( 5,111 ) Balance, June 30, 2026 $ ( 24,626 ) $ ( 4,990 ) $ ( 29,616 ) 20 Note 9 – Business Segment Information The Company's business segments are generally organized around its target markets. The Company’s reportable business segments are: Investment Managers – Provides an outsourced investment management operating platform to alternative and traditional asset managers, fund companies, and sovereign wealth funds; Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers, and financial advisors worldwide; Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners, and other investment professionals in the United States; Institutional Investors – Provides Outsourced Chief Investment Officer solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide; and Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; hosted technology services to family offices and financial institutions; developing network and data protection services; entering new markets; and conducting other research and development activities. The Company's CODM is the chief executive officer who uses the reported measures of each business segment's profit or loss to allocate resources and assess performance by comparing historical, actual and forecasted amounts. The Company's CODM does not evaluate business segments using asset or capital expenditure information. There are no inter-segment revenues for the three and six months ended June 30, 2026 and 2025. 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, 2025. The following tables highlight certain financial information about each of the business segments for the three months ended June 30, 2026 and 2025: Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total For the Three Months Ended June 30, 2026 Total revenue $ 227,679 $ 156,879 $ 177,897 $ 69,702 $ 9,460 $ 641,617 Less: Operations & services 96,643 57,113 50,833 20,747 2,515 227,851 Sales, marketing & client service 11,363 12,488 20,409 9,391 2,597 56,248 Technology services & infrastructure 13,578 30,544 8,828 1,561 1,333 55,844 Strategic initiatives & new business development 11,339 20,387 19,809 3,668 2,966 58,169 Other segment expenses (1) 3,155 4,688 1,987 1,459 628 11,917 Total segment expenses 136,078 125,220 101,866 36,826 10,039 410,029 Non-controlling interest & other, net — — 1,361 — — 1,361 Segment profit (loss) $ 91,601 $ 31,659 $ 74,670 $ 32,876 $ ( 579 ) $ 230,227 21 Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total For the Three Months Ended June 30, 2025 Total revenue $ 195,067 $ 141,449 $ 137,193 $ 69,343 $ 16,549 $ 559,601 Less: Operations & services 88,371 53,245 42,799 20,718 5,637 210,770 Sales, marketing & client service 10,501 10,122 10,237 10,099 4,797 45,756 Technology services & infrastructure 13,768 28,268 8,908 1,584 1,502 54,030 Strategic initiatives & new business development 6,283 21,500 12,094 2,268 4,824 46,969 Other segment expenses (1) 2,713 5,589 1,763 1,188 1,670 12,923 Total segment expenses 121,636 118,724 75,801 35,857 18,430 370,448 Segment profit (loss) $ 73,431 $ 22,725 $ 61,392 $ 33,486 $ ( 1,881 ) $ 189,153 (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 June 30, 2026 and 2025 is as follows: Three Months Ended June 30, 2026 2025 Total segment profit $ 230,227 $ 189,153 Corporate overhead expenses ( 34,572 ) ( 40,518 ) Segment reclassification (2) 1,361 — Income from operations $ 197,016 $ 148,635 (2) Primarily includes non-controlling interest and earnings from equity method investments. 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, the Company's portion of the earnings of LSV included in equity in earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments. The following tables provide additional information for the three months ended June 30, 2026 and 2025 pertaining to the business segments: Amortization Depreciation 2026 2025 2026 2025 Investment Managers $ 1,698 $ 201 $ 1,795 $ 1,732 Private Banks 5,664 5,344 2,587 2,694 Investment Advisors 9,325 2,450 1,668 2,000 Institutional Investors 1,950 1,944 455 494 Investments in New Businesses 415 416 114 211 Total from business segments $ 19,052 $ 10,355 $ 6,619 $ 7,131 Corporate overhead 85 94 452 534 $ 19,137 $ 10,449 $ 7,071 $ 7,665 22 The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2026 and 2025: Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total For the Six Months Ended June 30, 2026 Total revenue $ 448,396 $ 309,141 $ 347,592 $ 141,218 $ 17,453 $ 1,263,800 Less: Operations & services 191,509 111,701 98,287 42,320 4,555 448,372 Sales, marketing & client service 22,828 23,312 38,717 17,846 4,939 107,642 Technology services & infrastructure 26,997 60,138 17,652 3,144 2,626 110,557 Strategic initiatives & new business development 21,818 40,067 38,767 7,279 5,738 113,669 Other segment expenses (3) 6,765 10,033 4,800 3,374 1,374 26,346 Total segment expenses 269,917 245,251 198,223 73,963 19,232 806,586 Non-controlling interest & other, net — — 2,698 — — 2,698 Segment profit (loss) $ 178,479 $ 63,890 $ 146,671 $ 67,255 $ ( 1,779 ) $ 454,516 Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total For the Six Months Ended June 30, 2025 Total revenue $ 387,115 $ 279,163 $ 273,769 $ 137,849 $ 33,049 $ 1,110,945 Less: Operations & services 174,610 103,531 83,837 41,391 10,598 413,967 Sales, marketing & client service 20,333 19,032 19,432 19,755 9,725 88,277 Technology services & infrastructure 26,520 56,603 17,775 3,132 2,870 106,900 Strategic initiatives & new business development 12,671 43,880 23,802 4,827 10,522 95,702 Other segment expenses (3) 4,713 10,427 3,410 2,622 3,211 24,383 Total segment expenses 238,847 233,473 148,256 71,727 36,926 729,229 Segment profit (loss) $ 148,268 $ 45,690 $ 125,513 $ 66,122 $ ( 3,877 ) $ 381,716 (3) 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 in the Consolidated Statements of Operations for the six months ended June 30, 2026 and 2025 is as follows: 2026 2025 Total segment profit $ 454,516 $ 381,716 Corporate overhead expenses ( 70,712 ) ( 75,984 ) Segment reclassification (4) 2,698 — Income from operations $ 386,502 $ 305,732 (4) Primarily includes non-controlling interest and earnings from equity method investments. 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, the Company's portion of the earnings of LSV included in equity in earnings of unconsolidated affiliates and net gain from consolidated variable interest entities. These items are not allocated to the Company's segments. 23 The following tables provide additional information for the six months ended June 30, 2026 and 2025: Amortization Depreciation 2026 2025 2026 2025 Investment Managers $ 3,409 $ 403 $ 3,608 $ 1,794 Private Banks 11,309 10,619 5,225 4,953 Investment Advisors 17,866 4,869 3,439 4,025 Institutional Investors 3,906 3,819 919 813 Investments in New Businesses 831 1,291 231 289 Total from business segments $ 37,321 $ 21,001 $ 13,422 $ 11,874 Corporate Overhead 170 158 905 3,718 $ 37,491 $ 21,159 $ 14,327 $ 15,592 Note 10 – Income Taxes The gross liability for unrecognized tax benefits at June 30, 2026 and December 31, 2025 was $ 14,815 and $ 13,613 , respectively, exclusive of interest and penalties, of which $ 15,045 and $ 13,577 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 June 30, 2026 and December 31, 2025, the combined amount of accrued interest and penalties related to tax positions taken on tax returns was $ 2,136 and $ 1,685 , respectively. June 30, 2026 December 31, 2025 Gross liability for unrecognized tax benefits, exclusive of interest and penalties $ 14,815 $ 13,613 Interest and penalties on unrecognized benefits 2,136 1,685 Total gross uncertain tax positions $ 16,951 $ 15,298 Amount included in Current liabilities $ 4,057 $ 3,642 Amount included in Other long-term liabilities 12,894 11,656 $ 16,951 $ 15,298 The effective income tax rate for the three and six months ended June 30, 2026 and 2025 differs from the federal income tax statutory rate due to the following: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Statutory rate 21.0 % 21.0 % 21.0 % 21.0 % State taxes, net of federal tax benefit 2.9 2.8 2.9 2.8 Foreign tax expense and tax rate differential ( 0.1 ) ( 0.2 ) ( 0.1 ) ( 0.2 ) Tax benefit from stock option exercises ( 1.4 ) ( 0.8 ) ( 1.0 ) ( 0.7 ) Energy tax credits ( 1.3 ) — ( 0.7 ) — Other, net 0.1 ( 0.5 ) 0.2 ( 0.4 ) 21.2 % 22.3 % 22.3 % 22.5 % The decrease in the effective tax rate for the three and six months ended June 30, 2026 was primarily due to higher excess tax benefits recognized on employee stock option exercises and the favorable impact from the recognition of federal energy tax credits purchased during the period, both of which reduced the Company's income tax expense. 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 2022 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 $ 4,057 of gross unrecognized tax benefits which 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, 24 state, and foreign tax returns. However, the timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. While it is reasonably possible that some issues under examination could be resolved in the next twelve months, based upon the current facts and circumstances, the Company cannot reasonably estimate the timing of such resolution or the total range of potential changes as it relates to the current unrecognized tax benefits that are recorded as part of the Company’s financial statements. Note 11 – Commitments and Contingencies In the ordinary course of business, the Company from time to time enters into contracts containing indemnification obligations of the Company. These obligations may require the Company to make payments to another party upon the occurrence of certain events including the failure by the Company to meet its performance obligations under the contract. These contractual indemnification provisions are often standard contractual terms of the nature customarily found in the type of contracts entered into by the Company. In many cases, there are no stated or notional amounts included in the indemnification provisions. There are no amounts reflected on the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 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. Mr. Mason and Rubicon were investigated by the U.S. Department of Justice and Securities and Exchange Commission and Mr. Mason pled guilty to several crimes and consented to a judgment being entered against him in both proceedings. 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, and are now in the discovery phase. While the ultimate outcomes of these litigations remain uncertain, SPTC is vigorously defending 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 accounts of an entity, Orchard Park, that unbeknownst to the investors or SPTC was established and controlled by Mr. Mason and was used by Mr. Mason for personal expenditures 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. LSV Asset Management As the Company reported in prior filings with the Commission, on January 27, 2026, the Company, and its wholly owned subsidiary, SEI Funds, Inc., (the SEI Parties) were joined as defendants in Qu v. LSV Asset Management, an Illinois State Court action originally filed in July 2024 in Cook County, Illinois Circuit Court (the Qu Litigation). The Qu Litigation alleged that LSV Asset Management (LSV), and certain of its executives (the LSV Defendants), breached fiduciary duties and implied covenants of good faith with respect to LSV’s purchase of LSV partnership interest indirectly held by the plaintiff. The claim against the SEI Parties alleged that the Company, through its wholly owned subsidiary SEI Funds, Inc., that is the owner of a minority interest of LSV, aided and abetted the LSV Defendant’s alleged breach of fiduciary duty. On April 27, 2026, the parties settled the matter on mutually agreeable terms in a confidential settlement without admitting any fault or liability and such settlement agreement released all claims alleged against the SEI Parties. None of the SEI Parties made or will make any payments in connection with the settlement. On April 30, 2026, the Court dismissed the case with prejudice. SEI Capital Accumulation Plan As the Company reported in prior filings with the Commission, on December 26, 2025, a class action complaint was filed in the United States District Court for the Eastern District of Pennsylvania by David Hall and Jennifer Knapp, individually and as representatives of similarly situated persons, and on behalf of the SEI Capital Accumulation Plan (the Plan), naming the Company and its affiliated and/or related entities SEI Investments Management Corporation, SEI Capital Accumulation Plan Administration Committee, and John Does 1-30 as defendants (the Hall Complaint). The Hall Complaint seeks damages for defendants’ alleged breach of fiduciary duties under ERISA with respect to selecting and monitoring certain of the Plan’s investment options, which are affiliated investment products. 25 While the outcome of this litigation remains uncertain, defendants believe that they have valid defenses to plaintiffs’ claims and intend to defend the allegations contained in the Hall Complaint vigorously. At this stage of the litigation, the Company is not reasonably able to provide an estimate of loss, if any, with respect to the matters set forth in the Hall Complaint. United Kingdom Financial Conduct Authority Supervisory Review of SEI Investments (Europe) Limited As previously reported, 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. 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 has taken to remediate the issues identified in the Skilled Person Report have not only strengthened its business but will also help maintain its focus on achieving positive customer outcomes, positioning SIEL for sustainable future growth. The Skilled Person has now concluded the second stage of its engagement, which involved reviewing the remediation actions taken by SIEL to date and SIEL’s plan for continued improvement. The final Stage 2 report was issued by the Skilled Person on July 14, 2026 and has been reviewed by both the FCA and SIEL. SIEL is now working to ensuring that all actions are fully embedded and will look to engage with the FCA in connection with concluding the s.166 and potential lifting of the VREQ in due course. It should be noted that 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. Equilus Capital On April 1, 2026 the Washington Department of Financial Institutions (DFI) filed a lawsuit in Washington Superior Court (the Complaint) seeking a temporary restraining order, injunctive relief, and the appointment of a receiver against Equilus Group, Inc. (Equilus Group), Equilus Capital Partners, LLC (Equilus Capital, and together with Equilus Group, the Equilus Companies), Joel Frank (a managing member of the Equilus Companies), certain entities controlled by Joel Frank and/or the Equilus Companies (the Equilus Funds), and certain other named individual defendants (the Equilus Parties). Equilus Group is a Washington State registered investment adviser that is a client of the Company's Investment Advisors segment. The DFI alleges that Joel Frank, the Equilus Companies, and the Equilus Funds engaged in Ponzi scheme-like activity and/or other wrongful conduct, selling approximately $ 39,000 in unregistered securities and alleging theft from individual investors who purchased such securities of at least approximately $ 800 . On April 10, 2026, DFI suspended Equilus Group’s Washington state investment adviser registration, with intent to revoke. The Complaint names SPTC, along with several other financial institutions, as financial institution defendants. SPTC maintains investment accounts for certain Equilus Parties and Equilus Group investors. On April 23, 2026, the Court granted DFI’s motion for a preliminary injunction, which SPTC did not oppose, prohibiting SPTC from permitting or assisting the withdrawal, transfer, or any other disposition of funds held in the accounts in the name of Equilus Capital Partners, LLC or ECP Opportunities Fund I, until a receiver is appointed to take control of such assets. The Receiver was appointed on April 23, 2026, and SPTC is cooperating with the Receiver’s efforts. No claims have been made against SPTC and the Company is not aware of any allegations of wrongdoing by the Company or SPTC. On June 12, 2026, the Court approved a “Stipulation of Non-Participation” between DFI and SPTC. Pursuant to the Stipulation, DFI and SPTC agreed that SPTC was named in the lawsuit solely in its capacity as a financial institution with accounts in the name of Equilus Capital and ECP Opportunities Fund I, LP (the “Designated Co-Defendants’ Accounts”), and therefore SPTC shall not be required to participate in the litigation proceedings in any manner, except to comply with any orders or judgments related to the Designated Co-Defendants’ Accounts, to cooperate with the Receiver, and to respond to reasonable discovery requests. As a result, the Company does not anticipate losses associated with this Complaint. 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. 26 Unfunded Commitments to Limited Partnership Funds The Company has unfunded commitments of $ 10,380 at July 10, 2026 to limited partnership funds. Unused Letters of Credit As of June 30, 2026, the Company had outstanding and unused letters of credit of $ 4,630 under its Credit Facility (See Note 6). The letters of credit were issued for certain municipal requirements related to the expansion of the Company's corporate headquarters and are due to expire in 2026. The Company does not expect that any material amounts will be drawn under these letters of credit. Accordingly, no liability has been recorded in the accompanying Consolidated Balance Sheets. Note 12 – Business Acquisitions and Divestitures Stratos Wealth Holdings On July 17, 2025, SEI-Eclipse Holding Company, LLC (SEI-Eclipse), a newly-formed, wholly-owned indirect subsidiary of the Company, and the Company entered into a definitive agreement (as amended, the Acquisition Agreement) with Stratos Wealth Holdings, LLC (Stratos) and Stratos Intermediate Holdco I, LLC (Stratos US Holdings) to acquire a controlling interest in the businesses operated by Stratos. Stratos is a holding company that directly and indirectly holds 100.0 % of the equity of certain subsidiary holding companies (including Stratos US Holdings), which, in turn, own equity interests in multiple operating companies that form a network of over 350 affiliated financial advisors in the U.S. and Mexico. The transaction was designed to be completed by SEI-Eclipse in two stages. The first stage is the acquisition of all of the outstanding equity of Stratos US Holdings, which directly owns equity interests in the U.S.-based Stratos operating entities. The second stage is an option to acquire all of the outstanding equity of the Stratos subsidiary holding company (Stratos NSC Holdings) that directly owns a controlling interest in NSC Asesores, S.C., the Mexico-based operating entity (NSC Asesores). The due diligence process regarding Stratos NSC Holdings and NSC Asesores is still ongoing. On December 3, 2025 (the Closing Date), SEI-Eclipse closed the first stage of the transaction by acquiring all of the outstanding equity of Stratos US Holdings. The acquisition consideration was comprised of cash of $ 323,102 , funded by a cash contribution by the Company to SEI-Eclipse, and the issuance of 42.5 % of the common units of SEI-Eclipse with an estimated fair value of $ 235,145 (the Stratos Acquisition). As a result, the Company indirectly owns a 57.5 % controlling interest in SEI-Eclipse and certain Stratos equity holders own the remaining 42.5 % of SEI-Eclipse through an aggregator entity (Stratos Aggregator). This 42.5 % minority interest of SEI-Eclipse held by Stratos Aggregator is subject to three equal put/call options by SEI-Eclipse or Stratos Aggregator exercisable at 36 months, 54 months and 72 months after the Closing Date, and is presented as redeemable non-controlling interest on the accompanying Consolidated Balance Sheets. If the puts or calls are fully exercised, it will result in the Company indirectly owning 100.0 % of the outstanding equity of SEI-Eclipse. The Company accounted for the Stratos Acquisition as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations . The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed, based upon their estimated fair values, with the exception of the following: (1) deferred income tax assets acquired and liabilities assumed are recognized and measured in accordance with ASC 740, Income Taxes ; (2) contract assets and liabilities are measured and recognized in accordance with ASC 606, Revenue from Contracts with Customers ; and (3) certain lease related assets and liabilities which are measured and recognized in accordance with ASC 842, Leases . In addition, the redeemable non-controlling interest was recorded at fair value under ASC 805. As part of the Stratos Acquisition, the Company, via its 57.5 % indirect interest in SEI-Eclipse, acquired a portfolio of minority equity investments which were accounted for under ASC 323, Investments - Equity Method and Joint Ventures as of the Closing Date due to the Company having significant influence. These investments were determined to have an acquisition date fair value of $ 56,974 . For certain equity method investments, the Company, via its 57.5 % indirect interest in SEI-Eclipse, also acquired rights to obtain a controlling interest in the investees. These contractual rights were previously negotiated between Stratos Wealth Enterprises, LLC, one of the U.S.-based Stratos operating entities (SWE), and the equity method investee controlling interest holders and were contingently exercisable upon a change of control of Stratos. The purchase price under the contractual rights is based on a proscribed formula tied to historical profitability of the applicable equity method investee. The Company determined that the fair value of these rights was de minimis on the Closing Date. The Company has not finalized its accounting for any areas of the purchase price allocation related to the Stratos business. The Company anticipates it will finalize its accounting for the Stratos Acquisition during the fourth quarter of 27 2026. The Company will make adjustments to the purchase price allocation prior to completion of the measurement period, as required. Given the Company’s intent to cause SWE to exercise its contractual rights to acquire controlling interests in the equity method investees and to close on the purchases contemplated after the Closing Date, the Company deposited $ 118,606 in escrow on the Closing Date. The Acquisition Agreement also provides for SEI-Eclipse to acquire the outstanding equity of Stratos NSC Holdings held by Stratos US Holdings for approximately $ 103,000 . The future closing of the acquisition of Stratos NSC Holdings, if any, is subject to applicable regulatory approval and other closing conditions, including, without limitation, the Company receiving satisfactory results of its due diligence of Stratos NSC Holdings and NSC Asesores. The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the six months ended June 30, 2026 and 2025 as if the Stratos Acquisition had occurred as of January 1, 2025, after giving effect to certain purchase accounting adjustments. These amounts are based on financial information of the Stratos business and are not necessarily indicative of what the Company’s operating results would have been had the Stratos Acquisition taken place on January 1, 2025: Six Months Ended June 30, 2026 2025 Revenues $ 1,263,800 $ 1,124,913 Net income attributable to SEI Investments Company 370,517 369,758 The unaudited pro forma consolidated financial information includes certain nonrecurring adjustments directly attributable to the Stratos Acquisition. These adjustments primarily relate to transaction‑related costs and were immaterial. Acquisition of Equity Method Investments (EMI Entities) SWE used cash funded from the deposit account to purchase 100 % interest of nine entities and a majority interest in two additional entities (collectively, “the EMI Entities”) through the exercise of its contractual rights noted above. The closing date on the additional interest acquired occurred at various dates during the first quarter of 2026. The following table summarizes the preliminary estimated purchase consideration for the EMI Entities as of the various closing dates during the first quarter of 2026: Estimated Consideration Cash in deposit account $ 60,433 Promissory notes to sellers 30,707 Fair value of previously held equity method investments 39,770 Contingent consideration ( 450 ) Total purchase consideration $ 130,460 The promissory notes have interest rates ranging from 3.67 % to 4.67 % and are payable in 12 to 16 quarterly installments ranging between April 30, 2026 and April 30, 2030. The expected cash payments under the promissory notes are fully funded as part of the deposit account described above. Each EMI entity acquired is subject to a lookback provision (Revenue Clawback) which provides for the seller to reimburse the buyer should the trailing twelve month gross revenue calculated eighteen months following the respective closing dates falls below 95 % of Target Gross Revenue (as defined in the respective agreements). Any contingent consideration owed will be settled through a reduction of the respective promissory note. If the amount of the adjustment is greater than the amount owed under the respective promissory note, a payment is owed from the respective seller. These Revenue Clawbacks are contingent consideration which values will be adjusted to fair value each subsequent reporting period. 28 The following table summarizes the preliminary estimated fair values of the assets acquired, liabilities assumed, and non-controlling interest for the EMI Entities as of the various closing dates: Estimated Fair Value Cash and cash equivalents $ 1,595 Other current assets 23 Property and equipment, net 16 Operating lease right-of-use asset 654 Goodwill, net 33,665 Identifiable intangible assets 120,936 Lease liabilities ( 654 ) Other liabilities ( 1,378 ) Total net assets acquired $ 154,857 Non-controlling interest ( 24,397 ) $ 130,460 The excess of the purchase price and the fair value of the non-controlling interest over the tangible and intangible assets acquired and liabilities assumed has been recorded as goodwill. The Company has assigned the provisional goodwill to its Investment Advisors reportable segment. The resulting goodwill is primarily due to the perceived growth potential of the acquired business, plus the fair value of the assembled workforce. Any goodwill generated for income tax purposes from the acquisition is fully deductible. The results of operations for the acquired EMI Entities are included in the consolidated financial statements of the Company from the date of the acquisition. The Company has identified the following significant intangible assets acquired: trade names, unpatented technology, client relationships, and non-compete agreements. The following table summarizes the preliminary fair value of the significant identifiable intangible assets: Estimated Fair Value Estimated Useful Life Trade names $ 1,254 3 years Unpatented technology 758 1 year Client relationships 115,782 18 years Non-compete agreements 3,142 6 years Total identifiable intangible assets $ 120,936 The provisional fair values of identifiable intangible assets were determined by using certain estimates and assumptions that are not observable in the market. Determining the useful life of an intangible asset also requires judgment, as different types of intangible assets will have different useful lives. The fair value of the identified intangible assets and the non-controlling interests were determined using the same methodology and key assumptions as those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025. The acquisition of certain EMI Entities triggered a provision in the Stratos Acquisition agreement whereby the Company has a contractual right to receive additional amounts from the Stratos sellers based on the future performance of the acquired EMI Entities. The Company is entitled to an amount from the SEI-Eclipse non-controlling interest holders should there be an EBITDA shortfall at any of the EMI Entities. The amount of a shortfall is calculated on an entity-by-entity basis based on a stated multiple and the difference between the eighteen-month prior quarter annualized EBITDA less the closing date EBITDA. The amount payable under this EBITDA clawback is reduced by the amount of the promissory note forgiveness under the revenue based contingent consideration arrangement described above. The amount payable by the SEI-Eclipse non-controlling interest holders can be funded, at the election of the SEI-Eclipse non-controlling interest holder, through i) cash payment to the Company or ii) issuance of preferred units of SEI-Eclipse to the Company. The Company has not finalized its accounting for any areas of the purchase price allocation related to the EMI Entities. As a result, the amounts presented in the table above are preliminary. The Company anticipates it will finalize its accounting 29 for the EMI Acquisition during the fourth quarter of 2026. The Company will make adjustments to the purchase price allocation prior to completion of the measurement period, as required. 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, 2025 $ 55,247 $ 218,571 $ 62,712 $ 18,459 $ 354,989 Acquisitions — 34,679 — — 34,679 Foreign currency translation adjustments ( 19 ) — ( 229 ) — ( 248 ) Balance, June 30, 2026 $ 55,228 $ 253,250 $ 62,483 $ 18,459 $ 389,420 The Company recognized $ 19,132 and $ 6,606 of amortization expense related to acquired intangible assets during the six months ended June 30, 2026 and 2025, respectively. Note 14 – Revenues from Contracts with Customers The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations. Disaggregation of Revenue The following tables provide additional information pertaining to the Company's revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the business segments for the three months ended June 30, 2026 and 2025: Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total Major Product Lines: For the Three Months Ended June 30, 2026 Investment management fees from pooled investment products $ 213 $ 37,058 $ 59,967 $ 14,130 $ 452 $ 111,820 Investment management fees from investment management agreements — 1,002 73,799 51,273 5,556 131,630 Investment operations fees 215,536 632 34,298 20 2 250,488 Investment processing fees - PaaS 1,436 86,550 1,735 222 11 89,954 Investment processing fees - SaaS — 22,981 1,056 1,693 574 26,304 Professional services fees 2,124 7,996 — — — 10,120 Account fees and other 8,370 660 7,042 2,364 2,865 21,301 Total revenues $ 227,679 $ 156,879 $ 177,897 $ 69,702 $ 9,460 $ 641,617 Primary Geographic Markets: United States $ 199,061 $ 102,348 $ 177,897 $ 57,799 $ 8,386 $ 545,491 United Kingdom 2 36,313 — 6,935 1,074 44,324 Canada — 12,227 — 1,553 — 13,780 Ireland 17,087 5,991 — 3,415 — 26,493 Luxembourg 11,529 — — — — 11,529 Total revenues $ 227,679 $ 156,879 $ 177,897 $ 69,702 $ 9,460 $ 641,617 30 Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total Major Product Lines: For the Three Months Ended June 30, 2025 Investment management fees from pooled investment products $ 114 $ 32,553 $ 54,075 $ 11,946 $ 393 $ 99,081 Investment management fees from investment management agreements — 961 53,914 52,513 5,000 112,388 Investment operations fees 184,876 620 20,720 16 851 207,083 Investment processing fees - PaaS 1,329 78,925 1,496 585 10 82,345 Investment processing fees - SaaS — 21,851 1,411 1,899 6,441 31,602 Professional services fees 1,116 5,874 — — 628 7,618 Account fees and other 7,632 665 5,577 2,384 3,226 19,484 Total revenues $ 195,067 $ 141,449 $ 137,193 $ 69,343 $ 16,549 $ 559,601 Primary Geographic Markets: United States $ 172,091 $ 93,273 $ 137,193 $ 58,165 $ 16,299 $ 477,021 United Kingdom 154 32,643 — 7,812 250 40,859 Canada — 10,343 — 1,529 — 11,872 Ireland 14,341 5,190 — 1,837 — 21,368 Luxembourg 8,481 — — — — 8,481 Total revenues $ 195,067 $ 141,449 $ 137,193 $ 69,343 $ 16,549 $ 559,601 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 six months ended June 30, 2026 and 2025: Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total Major Product Lines: For the Six Months Ended June 30, 2026 Investment management fees from pooled investment products $ 456 $ 72,397 $ 118,203 $ 27,510 $ 905 $ 219,471 Investment management fees from investment management agreements — 1,940 141,053 103,191 10,998 257,182 Investment operations fees 424,597 1,257 68,619 40 13 494,526 Investment processing fees - PaaS 2,881 171,048 3,451 825 22 178,227 Investment processing fees - SaaS — 45,388 2,156 3,502 730 51,776 Professional services fees 4,264 15,771 — — — 20,035 Account fees and other 16,198 1,340 14,110 6,150 4,785 42,583 Total revenues $ 448,396 $ 309,141 $ 347,592 $ 141,218 $ 17,453 $ 1,263,800 Primary Geographic Markets: United States $ 392,956 $ 202,994 $ 347,592 $ 116,138 $ 15,713 $ 1,075,393 United Kingdom 57 70,962 — 15,501 1,740 88,260 Canada — 23,904 — 3,075 — 26,979 Ireland 33,607 11,281 — 6,504 — 51,392 Luxembourg 21,776 — — — — 21,776 Total revenues $ 448,396 $ 309,141 $ 347,592 $ 141,218 $ 17,453 $ 1,263,800 31 Investment Managers Private Banks Investment Advisors Institutional Investors Investments In New Businesses Total Major Product Lines: For the Six Months Ended June 30, 2025 Investment management fees from pooled investment products $ 222 $ 63,295 $ 109,179 $ 23,522 $ 796 $ 197,014 Investment management fees from investment management agreements — 2,020 105,991 104,750 9,783 222,544 Investment operations fees 365,233 1,242 41,557 27 1,984 410,043 Investment processing fees - PaaS 2,616 154,780 2,860 1,208 19 161,483 Investment processing fees - SaaS — 43,666 2,793 3,736 12,265 62,460 Professional services fees 2,825 12,788 — — 1,614 17,227 Account fees and other 16,219 1,372 11,389 4,606 6,588 40,174 Total revenues $ 387,115 $ 279,163 $ 273,769 $ 137,849 $ 33,049 $ 1,110,945 Primary Geographic Markets: United States $ 342,127 $ 186,404 $ 273,769 $ 115,174 $ 32,229 $ 949,703 United Kingdom 154 62,409 — 15,811 820 79,194 Canada — 20,326 — 2,943 — 23,269 Ireland 28,400 10,024 — 3,921 — 42,345 Luxembourg 16,434 — — — — 16,434 Total revenues $ 387,115 $ 279,163 $ 273,769 $ 137,849 $ 33,049 $ 1,110,945 Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management fees from investment management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Also includes fees from client cash balances held in the FDIC-insured accounts through the SEI Integrated Cash program. Fees are based on client cash balances held in FDIC insured deposit accounts through a network of independent banks and are dependent on the prevailing market interest rates. The amount recognized is net of amounts paid to clients for their swept deposits. Stratos provides a suite of infrastructure and operational support services to independent advisors. These services include practice management coaching, compliance and regulatory oversight, billing and administrative support, technology access, and marketing resources. Fees are primarily earned based on an agreed-upon percentage of qualified assets under management. Revenues associated with Investment operations fees are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the 32 Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Revenues associated with clients of the mutual fund trading solution are fees recognized for shareholder services and related services through the use of the Company's proprietary platform or through third-party vendor agreements. Contractual fees are stated as a percentage of the value of total assets or positions processed on the Company's platform or subject to third-party vendor agreements each month. Fees are billed and collected on a monthly and quarterly basis. Investment processing fees - Software as a Service - Revenues associated with clients of the Private Banks segment for application software services. Clients retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues associated with former clients of the Investments in New Businesses segment processed on the Archway Platform SM were fees for hosted technology services formerly offered to family offices and financial institutions. The Archway Platform is an integrated technology platform used for investment, operations, accounting and client reporting by these institutions. The contractual fee was based on a monthly subscription fee to access the Archway Platform along with additional fees on a per transaction basis. Revenues associated with clients of the Institutional Investors segment processed on the SEI Novus SM portfolio intelligence tool are fees for data management, performance measurement, reporting, and risk analytics. The contractual fee is based on a fixed fee to access SEI Novus and includes fees for integration of historical fund data and custom reporting. All revenues from investment processing fees are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Professional services fees - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement. Account fees and other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services. Note 15 – Consolidated Variable Interest Entities On July 31, 2025, the Company made a seed capital investment of $ 50,000 through a subscription agreement with the LSV Global Equity Market Neutral Fund, LP (LSV GEMNF), a limited partnership fund that was operationalized on July 1, 2025. LSV serves as the general partner and investment manager to the LSV GEMNF and makes all operational and investment decisions on behalf of the fund. LSV does not have a partnership interest in the LSV GEMNF. The Company determined the LSV GEMNF to be a variable interest entity (VIE) in which it has a variable interest through its direct equity partnership interest and also determined LSV does not have a variable interest through its management fee as general partner to the fund. The Company concluded that it is the primary beneficiary as substantially all of the activities of the fund are currently conducted on behalf of the Company while the fund is in the seed capital stage and is therefore required to consolidate the accounts of the LSV GEMNF into its financial statements. The Company recognized unrealized gains of $ 6,885 during the six months ended June 30, 2026 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 June 30, 2026 December 31, 2025 Cash and cash equivalents $ 76,837 $ 70,791 Equity securities 130,072 113,119 Other assets 46 84 Total $ 206,955 $ 183,994 33 Liabilities of Consolidated Variable Interest Entities June 30, 2026 December 31, 2025 Accrued expenses $ 29 $ 28 Securities sold short 121,036 108,243 Due to broker for securities purchased 235 233 Total $ 121,300 $ 108,504 The assets presented in the table above may only be used to settle obligations of the LSV GEMNF and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities of the LSV GEMNF have no recourse to the Company’s general credit. 34 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, 2025. 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 June 30, 2026, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer $2.1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets. Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 were: Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change 2026 2025 2026 2025 Revenues $ 641,617 $ 559,601 15% $ 1,263,800 $ 1,110,945 14% Expenses 444,601 410,966 8% 877,298 805,213 9% Income from operations 197,016 148,635 33% 386,502 305,732 26% Net gain from investments 3,550 1,759 102% 3,181 2,252 41% Interest income, net of interest expense 6,450 9,191 (30)% 13,139 19,227 (32)% Gain on sale of business — 94,412 NM — 94,412 NM Other income — 4,500 NM 450 4,500 NM Equity in earnings of unconsolidated affiliates 38,694 33,640 15% 71,170 62,387 14% Net gain from consolidated variable interest entities 7,475 — NM 9,554 — NM Income before income taxes 253,185 292,137 (13)% 483,996 488,510 (1)% Income taxes 53,645 65,054 (18)% 107,669 109,910 (2)% Net income 199,540 227,083 (12)% 376,327 378,600 (1)% Less: Net income attributable to non-controlling interests 3,882 — NM 6,182 — NM Net income attributable to SEI Investments Company $ 195,658 $ 227,083 (14)% $ 370,145 $ 378,600 (2)% Diluted earnings per common share $ 1.59 $ 1.78 (11)% $ 2.99 $ 2.95 1% The following items had a significant impact on our financial results for the three and six months ended June 30, 2026 and 2025: • Revenue from Assets under management, administration, and distribution fees increased in the first six months of 2026 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 $212.7 billion, or 19%, to $1.3 trillion during the first six months of 2026, as compared to $1.1 trillion during the first six months of 2025. • Revenue from Assets under 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 and lower fee structures from SEI fund programs and fee reductions in separately managed account programs. 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 $26.7 billion, or 15%, to $209.8 billion in the first six months of 2026 as compared to $183.1 billion during the first six months of 2025. 35 • Revenues from our strategic acquisition of Stratos in the first six months of 2026 were $40.1 million. • Revenue from Information processing and software servicing fees increased in the first six months of 2026 primarily from new client conversions and growth from existing SEI Wealth Platform SM (SWP) clients. • Earnings from LSV increased to $70.4 million in the first six months of 2026 as compared to $62.4 million in the first six months of 2025 due to market appreciation of assets under management and increased performance fees. Negative cash flows from existing clients and client losses partially offset the increase in earnings from LSV. • Operating expenses increased primarily from compensation, benefits and other personnel costs and higher direct costs reflected in subadvisory, distribution and other asset management costs. The increase in personnel costs was largely attributable to business growth, primarily in the Investment Managers segment. This increase was partially offset by lower costs for consulting and outsourced vendor costs supporting operations in the Investment Managers and Private Banks segments. • Operating expenses also increased due to the Stratos acquisition in December 2025. The incremental expenses primarily consisted of personnel costs and amortization of acquired intangible assets. • Capitalized software development costs were $11.1 million in the first six months of 2026, of which $7.5 million was for continued enhancements to SWP. Capitalized software development costs also include $3.7 million of software development costs in the first six months of 2026 for SEI Scope, a new platform for the Investment Managers segment placed into service during the third quarter 2025. • Amortization expense of capitalized software development costs related to SWP was $15.2 million in the first six months of 2026 as compared to $14.3 million in the first six months of 2025. Amortization expense related to the SEI Scope platform was $3.0 million in the first six months of 2026. • SEI repurchased 3.8 million shares of its common stock for $320.7 million in the first six months of 2026. Stratos Wealth Holdings In December 2025, we completed the first stage of our strategic investment in the Stratos business (Stratos), a network of affiliated companies focused on supporting the success of financial advisors. During the first six months of 2026, we completed the purchases of 100% interest of nine entities and a majority interest in two additional entities. These purchases were funded by a cash deposit made in December 2025 and the issuance of promissory notes. Stratos contributed $40.1 million to revenue and $6.1 million to operating profit, which includes $12.8 million of expense associated with acquired intangible amortization, before considering non-controlling interest (See Note 12 to the Notes to Consolidated Financial Statements). 36 Ending Asset Balances (In millions) As of June 30, Percent Change 2026 2025 Investment Managers: Collective trust fund programs (A) $ 265,265 $ 225,690 18% Liquidity funds 464 307 51% Total assets under management $ 265,729 $ 225,997 18% Client assets under administration 1,351,307 1,128,325 20% Total assets $ 1,617,036 $ 1,354,322 19% Private Banks: Equity and fixed-income programs $ 32,520 $ 27,839 17% Collective trust fund programs 4 3 33% Liquidity funds 1,709 2,796 (39)% Total assets under management $ 34,233 $ 30,638 12% Client assets under administration 9,405 8,431 12% Total assets $ 43,638 $ 39,069 12% Investment Advisors: Equity and fixed-income programs $ 94,390 $ 80,618 17% Liquidity funds 3,391 3,457 (2)% Total Platform assets under management $ 97,781 $ 84,075 16% Platform-only assets 38,308 29,848 28% Platform-only assets-deposit program 2,358 2,155 9% Total Platform assets $ 138,447 $ 116,078 19% Institutional Investors: Equity and fixed-income programs $ 86,690 $ 80,112 8% Liquidity funds 1,559 1,768 (12)% Total assets under management $ 88,249 $ 81,880 8% Client assets under advisement 3,790 6,090 (38)% Total assets $ 92,039 $ 87,970 5% Investments in New Businesses: Equity and fixed-income programs $ 3,351 $ 2,867 17% Liquidity funds 236 244 (3)% Total assets under management $ 3,587 $ 3,111 15% Client assets under advisement 2,506 2,593 (3)% Total assets $ 6,093 $ 5,704 7% LSV: Equity and fixed-income programs (B) $ 117,146 $ 91,795 28% Stratos (E) $ 41,889 $ — NM 37 Total: Equity and fixed-income programs (C) $ 334,097 $ 283,231 18% Collective trust fund programs 265,269 225,693 18% Liquidity funds 7,359 8,572 (14)% Total assets under management $ 606,725 $ 517,496 17% Client assets under advisement 6,296 8,683 (27)% Client assets under administration (D) 1,360,712 1,136,756 20% Platform-only assets 40,666 32,003 27% Stratos 41,889 — NM Total assets $ 2,056,288 $ 1,694,938 21% (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 $1.5 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 June 30, 2026). (C) Equity and fixed-income programs include $8.9 billion of assets invested in various asset allocation funds at June 30, 2026. (D) In addition to the assets presented, SEI also administers an additional $14.3 billion in Funds of Funds assets on which SEI does not earn an administration fee (as of June 30, 2026). (E) Stratos is a network of affiliated companies that provides financial services to $41.9 billion in client assets across business models and affiliation structures (as of June 30, 2026). 38 Average Asset Balances (In millions) Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change 2026 2025 2026 2025 Investment Managers: Collective trust fund programs (A) $ 259,655 $ 215,085 21% $ 254,253 $ 211,903 20% Liquidity funds 506 288 76% 536 272 97% Total assets under management $ 260,161 $ 215,373 21% $ 254,789 $ 212,175 20% Client assets under administration 1,332,630 1,098,925 21% 1,306,606 1,080,104 21% Total assets $ 1,592,791 $ 1,314,298 21% $ 1,561,395 $ 1,292,279 21% Private Banks: Equity and fixed-income programs $ 32,005 $ 26,533 21% $ 31,351 $ 26,214 20% Collective trust fund programs 4 3 33% 4 4 —% Liquidity funds 1,717 2,771 (38)% 1,934 2,866 (33)% Total assets under management $ 33,726 $ 29,307 15% $ 33,289 $ 29,084 14% Client assets under administration 9,455 8,266 14% 9,369 8,377 12% Total assets $ 43,181 $ 37,573 15% $ 42,658 $ 37,461 14% Investment Advisors: Equity and fixed-income programs $ 92,424 $ 76,629 21% $ 90,414 $ 76,958 17% Liquidity funds 3,338 3,464 (4)% 3,428 3,292 4% Total Platform assets under management $ 95,762 $ 80,093 20% $ 93,842 $ 80,250 17% Platform-only assets 36,768 27,288 35% 35,627 26,614 34% Platform-only assets-deposit program 2,273 2,152 6% 2,291 2,170 6% Total Platform assets $ 134,803 $ 109,533 23% $ 131,760 $ 109,034 21% Institutional Investors: Equity and fixed-income programs $ 85,302 $ 77,843 10% $ 84,848 $ 77,169 10% Liquidity funds 1,702 1,853 (8)% 1,822 1,754 4% Total assets under management $ 87,004 $ 79,696 9% $ 86,670 $ 78,923 10% Client assets under advisement 3,703 5,841 (37)% 3,680 5,791 (36)% Total assets $ 90,707 $ 85,537 6% $ 90,350 $ 84,714 7% Investments in New Businesses: Equity and fixed-income programs $ 3,260 $ 2,732 19% $ 3,183 $ 2,767 15% Liquidity funds 258 244 6% 289 259 12% Total assets under management $ 3,518 $ 2,976 18% $ 3,472 $ 3,026 15% Client assets under administration (E) — 14,917 (100)% — 14,774 (100)% Client assets under advisement 2,425 2,329 4% 2,380 2,267 5% Total assets $ 5,943 $ 20,222 (71)% $ 5,852 $ 20,067 (71)% LSV: Equity and fixed-income programs (B) $ 115,862 $ 89,422 30% $ 110,241 $ 88,606 24% Stratos (F) $ 40,559 $ — NM $ 39,938 $ — NM 39 Total: Equity and fixed-income programs (C) $ 328,853 $ 273,159 20% $ 320,037 $ 271,714 18% Collective trust fund programs 259,659 215,088 21% 254,257 211,907 20% Liquidity funds 7,521 8,620 (13)% 8,009 8,443 (5)% Total assets under management $ 596,033 $ 496,867 20% $ 582,303 $ 492,064 18% Client assets under advisement 6,128 8,170 (25)% 6,060 8,058 (25)% Client assets under administration (D) 1,342,085 1,122,108 20% 1,315,975 1,103,255 19% Platform-only assets 39,041 29,440 33% 37,918 28,784 32% Stratos 40,559 — NM 39,938 — NM Total assets $ 2,023,846 $ 1,656,585 22% $ 1,982,194 $ 1,632,161 21% (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 June 30, 2026 was $1.4 billion. (C) Equity and fixed-income programs include $8.6 billion of average assets invested in various asset allocation funds for the three months ended June 30, 2026. (D) In addition to the assets presented, SEI also administers an additional $13.8 billion of average assets in Funds of Funds assets for the three months ended June 30, 2026 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. (F) Stratos is a network of affiliated companies that provides financial services to $40.6 billion in average client assets across business models and affiliation structures during the three months ended June 30, 2026. 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. 40 Business Segments Revenues, Expenses and Operating Profit (Loss) for our business segments for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were as follows: