Investments and Other Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments and Other Marketable Securities

The Company's investments include available-for-sale debt securities, investments in SEI-sponsored and non-SEI-sponsored investment products, equities, investments in funds sponsored by its unconsolidated affiliate, LSV, and equity method investments, which primarily relates to its investment in LSV (See Note 2). The Company's other marketable securities include securities owned by SIDCO and investments in money market funds and commercial paper.

Investments on the accompanying Consolidated Balance Sheets consist of:


	2024		2023
Available for sale and equity securities	$	183,656	$	155,413
Investments in affiliated funds	8,129		7,316
Equity method investments	123,782		110,781
Total	$	315,567	$	273,510

Available For Sale and Equity Securities

Available For Sale and equity securities consist of:


	At December 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	154,211	$	—	$	(11,085)	$	143,126
SEI-sponsored investment products	33,029		1,615		—		34,644
Equities and other investment products	5,554		332		—		5,886
	$	192,794	$	1,947	$	(11,085)	$	183,656


	At December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	127,681	$	—	$	(8,929)	$	118,752
SEI-sponsored investment products	30,427		818		(19)		31,226
Equities and other investment products	5,301		134		—		5,435
	$	163,409	$	952	$	(8,948)	$	155,413

Net unrealized holding losses at December 31, 2024 of the Company's available-for-sale debt securities were $8,536 (net of income tax benefit of $2,549). Net unrealized losses at December 31, 2023 of the Company's 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 more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Net unrealized gains and 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 December 31, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	4,132		3,763
After 5 years through 10 years	20,323		18,429
After 10 years	129,756		120,934
	$	154,211	$	143,126


	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 gross realized gains of $475 and gross realized losses of $215 and $602 from available-for-sale debt securities during 2024, 2023 and 2022, respectively. Realized gains and losses from available-for-sale debt securities, including amounts reclassified from accumulated comprehensive loss, are reflected in Net gain (loss) from investments on the accompanying Consolidated Statements of Operations.

There were gross realized gains of $2,218 and gross realized losses of $1,550 from investment products and equities during 2024. In 2023, there were gross realized gains of $661 and gross realized losses of $349 from investment products and equities. In 2022, there were gross realized gains of $263 and gross realized losses of $773 from investment products and equities. Gains and losses from investment products 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 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 $8,129 and $7,316 at December 31, 2024 and 2023, respectively. The Company recognized gains of $813 and $950 during 2024 and 2023, respectively, and losses of $550 during 2022 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 $29,583 and $31,334 at December 31, 2024 and 2023, respectively. There were no material net gains or losses from the change in fair value of the securities during 2024, 2023 and 2022.

Cash Equivalents

The Company's investments in money market funds and commercial paper classified as cash equivalents on the accompanying Consolidated Balance Sheets had a fair value of $541,635 and $565,588 at December 31, 2024 and 2023, respectively. There were no material unrealized or realized gains or losses from these investments during 2024 and 2023.