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Investments and Other Marketable Securities
 6 Months Ended
Jun. 30, 2025
Marketable Securities [Abstract]  
Investments and Other Marketable Securities Investments and Other Marketable Securities
Investments on the accompanying Consolidated Balance Sheets consist of:
June 30, 2025December 31, 2024
Available for sale and equity securities$209,048 $183,656 
Investments in affiliated funds9,273 8,129 
Investments in limited partnership funds367 — 
Equity method investments (See Note 2)71,778 123,782 
Total$290,466 $315,567 
Available For Sale and Equity Securities
Available for sale and equity securities consist of: 
 At June 30, 2025
 Cost
Amount		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
Available-for-sale debt securities$162,657 $— $(6,283)$156,374 
SEI-sponsored investment products44,162 2,155 — 46,317 
Equities and other investment products5,846 511 — 6,357 
$212,665 $2,666 $(6,283)$209,048 
 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 products33,029 1,615 — 34,644 
Equities and other investment products5,554 332 — 5,886 
$192,794 $1,947 $(11,085)$183,656 
Net unrealized losses at June 30, 2025 of available-for-sale debt securities were $4,837 (net of income tax benefit of $1,446). Net unrealized losses at December 31, 2024 of available-for-sale debt securities were $8,536 (net of income tax benefit of $2,549). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.
The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:
At June 30, 2025
CostFair Value
Within one year$— $— 
After one year through five years3,752 3,413 
After 5 years through 10 years17,431 16,205 
After 10 years141,474 136,756 
 $162,657 $156,374 
At December 31, 2024
CostFair Value
Within one year$— $— 
After one year through five years4,132 3,763 
After 5 years through 10 years20,323 18,429 
After 10 years129,756 120,934 
 $154,211 $143,126 
There were no material realized gains or losses from available-for-sale debt securities during the six months ended June 30, 2025 and 2024, respectively.
There were gross realized gains of $394 and $1,182 from investment products and equities during the six months ended June 30, 2025 and 2024, respectively. There were no material gross realized losses from investment products and equities during the six months ended June 30, 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 $9,273 and $8,129 at June 30, 2025 and December 31, 2024, respectively. The Company recognized unrealized gains of $1,125 and losses of $412 during the three months ended June 30, 2025 and 2024, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $1,144 and $421 during the six months ended June 30, 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 $31,682 and $29,583 at June 30, 2025 and December 31, 2024, respectively. There were no material net gains or losses related to the securities during the three and six months ended June 30, 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 $349,052 and $541,635 at June 30, 2025 and December 31, 2024, respectively. There were no material unrealized or realized gains or losses from these investments during the six months ended June 30, 2025 and 2024. Investments in money market funds and commercial paper are Level 1 assets.