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Investments and Other Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Marketable Securities [Abstract] |
Investments and Other Marketable Securities | Investments and Other Marketable Securities Investments on the accompanying Consolidated Balance Sheets consist of:
|  | September 30, 2025 |  | December 31, 2024
Available for sale and equity securities |  | $ | 221,315 |  |  | $ | 183,656 |
Investments in affiliated funds |  | 10,522 |  |  | 8,129 |
Investments in limited partnership funds |  | 865 |  |  | — |
Equity method investments (See Note 2) |  | 61,163 |  |  | 123,782 |
Total |  | $ | 293,865 |  |  | $ | 315,567 |
Available For Sale and Equity Securities Available for sale and equity securities consist of:
| At September 30, 2025
| Cost Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
Available-for-sale debt securities | $ | 172,986 |  |  | $ | — |  |  | $ | (5,165) |  |  | $ | 167,821 |
SEI-sponsored investment products | 44,348 |  |  | 2,470 |  |  | — |  |  | 46,818 |
Equities and other investment products | 5,993 |  |  | 683 |  |  | — |  |  | 6,676 |
| $ | 223,327 |  |  | $ | 3,153 |  |  | $ | (5,165) |  |  | $ | 221,315 |
| 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 September 30, 2025 of available-for-sale debt securities were $3,977 (net of income tax benefit of $1,188). 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 September 30, 2025
|  | Cost |  | Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | 3,625 |  |  | 3,296 |
After 5 years through 10 years |  | 16,008 |  |  | 14,905 |
After 10 years |  | 153,353 |  |  | 149,620 |
|  | $ | 172,986 |  |  | $ | 167,821 |
|  | 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 nine months ended September 30, 2025 and 2024, respectively. There were gross realized gains of $566 and $1,651 from investment products and equities during the nine months ended September 30, 2025 and 2024, respectively. There were gross realized losses of $94 and $1,416 from investment products and equities during the nine months ended September 30, 2025 and 2024, respectively. 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 $10,522 and $8,129 at September 30, 2025 and December 31, 2024, respectively. The Company recognized unrealized gains of $1,249 and $673 during the three months ended September 30, 2025 and 2024, respectively, from the change in fair value of the funds. The Company recognized unrealized gains of $2,393 and $1,094 during the nine months ended September 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 $31,242 and $29,583 at September 30, 2025 and December 31, 2024, respectively. There were no material net gains or losses related to the securities during the three and nine months ended September 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 $557,337 and $541,635 at September 30, 2025 and December 31, 2024, respectively. There were no material unrealized or realized gains or losses from these investments during the nine months ended September 30, 2025 and 2024. Investments in money market funds and commercial paper are Level 1 assets.

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