Composition of Certain Financial Statement Captions

9 Months Ended

Sep. 30, 2025

Items Included in Consolidated Statement of Financial Condition [Abstract]

Composition of Certain Financial Statement Captions

Receivables

Receivables on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2025		December 31, 2024
Trade receivables	$	160,943	$	143,574
Fees earned, not billed	486,942		403,514
Other receivables	24,459		21,981
	672,344		569,069
Less: Allowance for doubtful accounts	(2,228)		(1,435)
	$	670,116	$	567,634

Fees earned, not billed represents receivables from contracts with customers earned but unbilled and results from timing differences between services provided and contractual billing schedules. These billing schedules generally provide for fees to be billed on a quarterly basis. In addition, certain fees earned from investment operations services are calculated based on assets under administration that have an extended valuation process. Billings to these clients occur once the asset valuation processes are completed.

Receivables from investment products on the accompanying Consolidated Balance Sheets primarily represent fees receivable for distribution, investment advisory, and administration services to various regulated investment companies and other investment products sponsored by SEI.

Property and Equipment

Property and Equipment on the accompanying Consolidated Balance Sheets consists of:


	September 30, 2025		December 31, 2024
Buildings	$	220,220	$	218,112
Equipment	158,846		196,792
Land	27,457		27,407
Purchased software	165,229		164,659
Furniture and fixtures	22,700		23,068
Leasehold improvements	22,833		22,491
Construction in progress	84		333
	617,369		652,862
Less: Accumulated depreciation	(461,304)		(493,219)
Property and Equipment, net	$	156,065	$	159,643

The Company recognized $23,077 and $25,097 in depreciation expense related to property and equipment for the nine months ended September 30, 2025 and 2024, respectively.

Deferred Contract Costs

Deferred contract costs, which primarily consist of deferred sales commissions, were $49,113 and $45,855 as of September 30, 2025 and December 31, 2024, respectively. The Company deferred expenses related to contract costs of $5,333 and $5,326 during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company deferred expenses related to contract costs of $13,528 and $10,237, respectively. Amortization expense related to deferred contract costs were $9,875 and $7,931 during the nine months ended September 30, 2025 and 2024, respectively. Amortization expense related to deferred contract costs is included in Compensation, benefits and other personnel on the accompanying Consolidated Statements of Operations. There were no material impairment losses in relation to deferred contract costs during the nine months ended September 30, 2025.

Accrued Liabilities

Accrued liabilities on the accompanying Consolidated Balance Sheets consist of:


	September 30, 2025		December 31, 2024
Accrued employee compensation	$	104,131	$	129,228


Accrued consulting, outsourcing and professional fees	30,637		32,082
Accrued sub-advisory, distribution and other asset management fees	55,485		53,727

Accrued dividend payable	2,014		63,877
Accrued income taxes	15,957		7,105
Other accrued liabilities	45,938		61,494
Total accrued liabilities	$	254,162	$	347,513