Investments and Other Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments and Other Marketable Securities

Investments on the accompanying Consolidated Balance Sheets consist of:


	March 31, 2025		December 31, 2024
Available for sale and equity securities	$	206,214	$	183,656
Investments in affiliated funds	8,148		8,129
Investments in limited partnership funds	566		—
Equity method investments (See Note 2)	63,156		123,782
Total	$	278,084	$	315,567

Available For Sale and Equity Securities

Available for sale and equity securities consist of:


	At March 31, 2025
	Cost Amount		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available-for-sale debt securities	$	171,780	$	—	$	(7,099)	$	164,681
SEI-sponsored investment products	33,569		1,944		—		35,513
Equities and other investment products	5,842		178		—		6,020
	$	211,191	$	2,122	$	(7,099)	$	206,214


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

Net unrealized losses at March 31, 2025 of available-for-sale debt securities were $5,467 (net of income tax benefit of $1,632). Net unrealized losses at December 31, 2024 of available-for-sale debt securities were $8,536 (net of income tax benefit of $2,549). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their 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 March 31, 2025
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	3,602		3,285
After 5 years through 10 years	19,218		17,698
After 10 years	148,960		143,698
	$	171,780	$	164,681


	At December 31, 2024
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	4,132		3,763
After 5 years through 10 years	20,323		18,429
After 10 years	129,756		120,934
	$	154,211	$	143,126

There were no material realized gains or losses from available-for-sale debt securities during the three months ended March 31, 2025 and 2024, respectively.

There were gross realized gains of $303 and $595 from investment products and equities during the three months ended March 31, 2025 and 2024, respectively. There were no material gross realized losses from investment products and equities during the three months ended March 31, 2025 and 2024. Gains and losses from investment products and equities are reflected in Net gain from investments on the accompanying Consolidated Statements of Operations.

Investments in Affiliated Funds

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

The Company's investment in the funds had a fair value of $8,148 and $8,129 at March 31, 2025 and December 31, 2024, respectively. The Company recognized unrealized gains of $19 and $833 during the three months ended March 31, 2025 and 2024, respectively, from the change in fair value of the funds.

Securities Owned

The Company’s broker-dealer subsidiary, SIDCO, has investments in U.S. government agency securities with maturity dates less than one year. These investments are reflected as Securities owned on the accompanying Consolidated Balance Sheets. Due to specialized accounting practices applicable to investments by broker-dealers, the securities are reported at fair value and changes in fair value are recorded in current period earnings. The securities had a fair value of $31,174 and $29,583 at March 31, 2025 and December 31, 2024, respectively. There were no material net gains or losses related to the securities during the three months ended March 31, 2025 and 2024.

Cash Equivalents

Investments in SEI-sponsored and non-SEI-sponsored money market funds and commercial paper classified as cash equivalents had a fair value of $437,281 and $541,635 at March 31, 2025 and December 31, 2024, respectively. There were no material unrealized or realized gains or losses from these investments during the three months ended March 31, 2025 and 2024. Investments in money market funds and commercial paper are Level 1 assets.