Investments and Other Marketable Securities

12 Months Ended

Dec. 31, 2025

Investments and Other Marketable Securities

Investments on the accompanying Consolidated Balance Sheets consist of:


	2025		2024
Available for sale and equity securities	$	226,104	$	183,656
Investments in affiliated funds	11,593		8,129
Investments in limited partnership funds	1,158		—
Equity method investments (See Note 2)	189,149		123,782
Total	$	428,004	$	315,567

Available For Sale and Equity Securities

Available For Sale and equity securities consist of:


	At December 31, 2025
	Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Available for sale debt securities	$	163,071	$	—	$	(4,381)	$	158,690
SEI-sponsored investment products	45,925		2,021		—		47,946
Equities and other investment products	18,711		787		(30)		19,468
	$	227,707	$	2,808	$	(4,411)	$	226,104


	At December 31, 2024
	Cost		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

Unrealized holding losses, net of income tax benefit, at December 31, 2025 and 2024 of the Company's available-for-sale debt securities were:


	2025		2024
Unrealized holding losses	$	(4,381)	$	(11,085)
Less: Income tax benefit	1,008		2,549
Unrealized holding losses, net of tax	(3,373)		(8,536)

These unrealized losses are associated with the Company’s investments in mortgage-backed securities issued by GNMA and were caused by market interest rates (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 more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Net unrealized gains and 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 December 31, 2025
	Cost		Fair Value
Within one year	$	—	$	—
After one year through five years	3,248		2,930
After 5 years through 10 years	14,789		13,787
After 10 years	145,034		141,973
	$	163,071	$	158,690


	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

Gross realized gains and losses from available-for-sale debt securities were immaterial during 2025, 2024 and 2023.

Gross realized gains and losses from investment products and equities during 2025 and 2023 were immaterial. In 2024, there were gross realized gains of $2,218 and gross realized losses of $1,550 from investment products and equities. 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 funds had a fair value of $11,593 and $8,129 at December 31, 2025 and 2024, respectively. The Company recognized gains of $3,464, $813 and $950 during 2025, 2024 and 2023, 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 $33,777 and $29,583 at December 31, 2025 and 2024, respectively. There were no material net gains or losses from the change in fair value of the securities during 2025, 2024 and 2023.

Cash Equivalents

The Company's investments in money market funds and commercial paper classified as cash equivalents on the accompanying Consolidated Balance Sheets had a fair value of $235,933 and $541,635 at December 31, 2025 and 2024, respectively. There were no material unrealized or realized gains or losses from these investments during 2025 and 2024.