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Investments and Other Marketable Securities
 9 Months Ended
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, 2025December 31, 2024
Available for sale and equity securities$221,315 $183,656 
Investments in affiliated funds10,522 8,129 
Investments in limited partnership funds865 — 
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 products44,348 2,470 — 46,818 
Equities and other investment products5,993 683 — 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 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 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 $2,549). These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by interest rate increases (See Note 4). The contractual cash flows of these securities are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of the Company's investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their
amortized cost bases. These net unrealized losses are reported as a separate component of Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets.
The following tables provide the scheduled maturities of the Company's available-for-sale debt securities:
At September 30, 2025
CostFair Value
Within one year$— $— 
After one year through five years3,625 3,296 
After 5 years through 10 years16,008 14,905 
After 10 years153,353 149,620 
 $172,986 $167,821 
At December 31, 2024
CostFair Value
Within one year$— $— 
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 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.