Marketable Securities

12 Months Ended

Dec. 31, 2020

The Company's marketable securities include investments in money market funds and commercial paper classified as cash equivalents, available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored mutual funds, equities, investments in funds sponsored by LSV and securities owned by SIDCO.

Cash Equivalents

The Company's investments in money market funds and commercial paper classified as cash equivalents had a fair value of $462,624 and $543,765 at December 31, 2020 and 2019, respectively. There were no material unrealized or realized gains or losses from these investments during 2020 and 2019.

Available For Sale and Equity Securities

Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:


	At December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	91,262	$	2,015	$	—	$	93,277
SEI-sponsored mutual funds	6,866		382		—		7,248
Equities and other mutual funds	4,421		473		—		4,894
	$	102,549	$	2,870	$	—	$	105,419


	At December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	104,193	$	605	$	—	$	104,798
SEI-sponsored mutual funds	7,564		125		(39)		7,650
Equities and other mutual funds	3,637		832		—		4,469
	$	115,394	$	1,562	$	(39)	$	116,917

Net unrealized holding gains at December 31, 2020 of the Company's available-for-sale debt securities were $1,551 (net of income tax expense of $464). Net unrealized losses at December 31, 2019 of the Company's available-for-sale debt securities were $465 (net of income tax benefit of $140). These net unrealized gains and losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.

There were gross realized losses of $902 and $493 from available-for-sale debt securities during 2020 and 2019, respectively. There were no gross realized gains from available-for-sale debt securities during 2020 and 2019. Realized losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.

There were gross realized gains of $1,100 and gross realized losses of $250 from mutual funds and equities during 2020. In 2019, there were gross realized gains of $297 and gross realized losses of $48 from mutual funds and equities. Gains

and losses from mutual funds and equities are reflected in Net (loss) gain from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

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

The funds had a fair value of $6,166 and $5,988 at December 31, 2020 and 2019, respectively. The Company recognized gains of $178 and $1,101 from the change in fair value of the funds during 2020 and 2019, respectively. The Company recognized losses of $1,147 from the change in fair value of the funds during 2018.

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 $34,064 and $33,486 at December 31, 2020 and 2019, respectively. There were no material net gains or losses from the change in fair value of the securities during 2020, 2019 and 2018.