XML 27 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Marketable Securities | 9 Months Ended
--- | ---
Sep. 30, 2024
Marketable Securities [Abstract] |
Marketable Securities | Marketable Securities 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 Investments in SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $633,780 and $565,588 at September 30, 2024 and December 31, 2023, respectively. There were no material unrealized or realized gains or losses from these investments during the nine months ended September 30, 2024 and 2023. Investments in money market funds and commercial paper are Level 1 assets. Available for Sale and Equity Securities Available For Sale and Equity Securities on the accompanying Consolidated Balance Sheets consist of:
| At September 30, 2024
| Cost Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
Available-for-sale debt securities | $ | 142,718 |  |  | $ | — |  |  | $ | (7,247) |  |  | $ | 135,471 |
SEI-sponsored mutual funds | 32,203 |  |  | 2,144 |  |  | — |  |  | 34,347 |
Equities and other mutual funds | 5,418 |  |  | 486 |  |  | — |  |  | 5,904 |
| $ | 180,339 |  |  | $ | 2,630 |  |  | $ | (7,247) |  |  | $ | 175,722 |
| At December 31, 2023
| Cost Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
Available-for-sale debt securities | $ | 127,681 |  |  | $ | — |  |  | $ | (8,929) |  |  | $ | 118,752 |
SEI-sponsored mutual funds | 30,427 |  |  | 818 |  |  | (19) |  |  | 31,226 |
Equities and other mutual funds | 5,301 |  |  | 134 |  |  | — |  |  | 5,435 |
| $ | 163,409 |  |  | $ | 952 |  |  | $ | (8,948) |  |  | $ | 155,413 |
Net unrealized losses at September 30, 2024 of available-for-sale debt securities were $5,580 (net of income tax benefit of $1,667). Net unrealized losses at December 31, 2023 of available-for-sale debt securities were $6,875 (net of income tax benefit of $2,054). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets. The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:
|  | At September 30, 2024
|  | Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | 4,648 |  |  | 4,269 |
After 5 years through 10 years |  | 17,732 |  |  | 16,478 |
After 10 years |  | 120,338 |  |  | 114,724 |
|  | $ | 142,718 |  |  | $ | 135,471 |
|  | At December 31, 2023
|  | Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | 5,679 |  |  | 5,035 |
After 5 years through 10 years |  | 31,162 |  |  | 28,084 |
After 10 years |  | 90,840 |  |  | 85,633 |
|  | $ | 127,681 |  |  | $ | 118,752 |
There were no material realized gains or losses from available-for-sale debt securities during the nine months ended September 30, 2024 and 2023, respectively. There were gross realized gains of $1,651 and gross realized losses of $1,416 from mutual funds and equities during the nine months ended September 30, 2024. There were no material realized gains or losses from mutual funds and equities during the nine months ended September 30, 2023. Gains and losses from mutual funds and equities are reflected in Net gain (loss) 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 gain (loss) from investments on the accompanying Consolidated Statements of Operations. The funds had a fair value of $8,410 and $7,316 at September 30, 2024 and December 31, 2023, respectively. The Company recognized unrealized gains of $673 and $66 during the three months ended September 30, 2024 and 2023, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $1,094 and $472 during the nine months ended September 30, 2024 and 2023, 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 $30,289 and $31,334 at September 30, 2024 and December 31, 2023, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 30, 2024 and 2023.

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration