SEI Investments Co

________________________________________ SEI INVESTMENTS COMPANY (Exact Name of Registrant as Specified in its Charter) ________________________________________ Pennsylvania 23-1707341 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)

PART I - FINANCIAL INFORMATION Page Item 1. Financial Statements. 2 Consolidated Balance Sheets (Unaudited) -- June 30, 2025 and December 31, 2024 2 Consolidated Statements of Operations (Unaudited) -- For the Three and Six Months Ended June 30, 2025 and 2024 4 Consolidated Statements of Comprehensive Income (Unaudited) -- For the Three and Six Months Ended June 30, 2025 and 2024 5 Consolidated Statements of Changes in Equity (Unaudited) -- For the Three and Six Months Ended June 30, 2025 and 2024 6 Consolidated Condensed Statements of Cash Flows (Unaudited) -- For the Six Months Ended June 30, 2025 and 2024 8 Notes to Consolidated Financial Statements 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 31 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 47 Item 4. Controls and Procedures. 48

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 49 Item 1A. Risk Factors. 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 49 Item 5. Other Information 49 Item 6. Exhibits. 50 Signatures 51

PART I - FINANCIAL INFORMATION Item 1. Financial Statements.

Consolidated Balance Sheets SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands, except per-share data)

June 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 746,349 $ 840,193 Receivables from investment products 49,095 54,118 Receivables, net of allowance for doubtful accounts of $ 2,124 and $ 1,435 637,568 567,634 Securities owned 31,682 29,583 Other current assets 66,310 60,282 Total Current Assets 1,531,004 1,551,810 Property and Equipment, net of accumulated depreciation of $ 503,326 and $ 493,219 155,690 159,643 Operating Lease Right-of-Use Assets 26,693 28,905 Capitalized Software, net of accumulated amortization of $ 653,008 and $ 641,071 235,601 236,023 Investments 290,466 315,567 Goodwill 168,738 170,287 Intangible Assets, net of accumulated amortization of $ 41,550 and $ 55,835 65,189 77,370 Deferred Contract Costs 47,218 45,855 Deferred Income Taxes 51,379 51,984 Other Assets, net 54,288 47,162 Total Assets $ 2,626,266 $ 2,684,606

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Balance Sheets SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands, except per-share data)

June 30, 2025 December 31, 2024 Liabilities and Equity Current Liabilities: Accounts payable $ 13,084 $ 13,081 Accrued liabilities 214,507 347,513 Current portion of long-term operating lease liabilities 7,400 7,900 Deferred revenue 12,583 12,019 Total Current Liabilities 247,574 380,513 Long-term Income Taxes Payable - 803 Long-term Operating Lease Liabilities 21,646 24,235 Other Long-term Liabilities 18,607 26,943 Total Liabilities 287,827 432,494 Commitments and Contingencies Shareholders' Equity: Common stock, $ 0.01 par value, 750,000,000 shares authorized; 123,697,339 and 126,839,734 shares issued and outstanding 1,236 1,268 Capital in excess of par value 1,619,133 1,539,816 Retained earnings 739,453 758,003 Accumulated other comprehensive loss, net ( 21,383 ) ( 46,975 ) Total Shareholders' Equity 2,338,439 2,252,112 Total Liabilities and Shareholders' Equity $ 2,626,266 $ 2,684,606

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Operations SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands, except per-share data)

Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Asset management, administration and distribution fees $ 437,543 $ 409,398 $ 869,686 $ 813,764 Information processing and software servicing fees 122,058 109,588 241,259 216,801 Total revenues 559,601 518,986 1,110,945 1,030,565 Expenses: Subadvisory, distribution and other asset management costs 49,709 46,542 97,241 93,310 Software royalties and other information processing costs 9,191 8,096 18,272 16,567 Compensation, benefits and other personnel 199,574 185,878 390,358 378,794 Stock-based compensation 13,891 12,469 28,029 23,528 Consulting, outsourcing and professional fees 56,942 53,991 112,943 105,967 Data processing and computer related 41,801 38,074 81,120 75,234 Facilities, supplies and other costs 21,744 18,570 40,499 37,173 Amortization 10,449 10,485 21,159 20,871 Depreciation 7,665 8,367 15,592 16,756 Total expenses 410,966 382,472 805,213 768,200 Income from operations 148,635 136,514 305,732 262,365 Net gain from investments 1,759 666 2,252 2,922 Interest and dividend income 9,283 11,552 19,504 22,371 Interest expense ( 92 ) ( 139 ) ( 277 ) ( 278 ) Gain on sale of business 94,412 - 94,412 - Other income 4,500 - 4,500 - Equity in earnings of unconsolidated affiliate 33,640 34,219 62,387 65,862 Income before income taxes 292,137 182,812 488,510 353,242 Income taxes 65,054 43,692 109,910 82,722 Net income $ 227,083 $ 139,120 $ 378,600 $ 270,520 Basic earnings per common share $ 1.82 $ 1.06 $ 3.02 $ 2.06 Shares used to compute basic earnings per share 124,470 130,815 125,516 131,116 Diluted earnings per common share $ 1.78 $ 1.05 $ 2.95 $ 2.04 Shares used to compute diluted earnings per share 127,278 132,073 128,364 132,409 Dividends declared per common share $ 0.49 $ 0.46 $ 0.49 $ 0.46

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands)

Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 227,083 $ 139,120 $ 378,600 $ 270,520 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 16,527 ( 419 ) 21,893 ( 3,342 ) Unrealized gain (loss) on investments: Unrealized gains (losses) during the period, net of income taxes of $( 208 ), $ 177 , $( 1,134 ) and $ 544 706 ( 596 ) 3,807 ( 1,827 ) Reclassification adjustment for gains realized in net income, net of income taxes of $ 22 , $ 24 , $ 31 and $ 55 ( 76 ) ( 76 ) ( 108 ) ( 181 ) Total other comprehensive income (loss), net of tax 17,157 ( 1,091 ) 25,592 ( 5,350 ) Comprehensive income $ 244,240 $ 138,029 $ 404,192 $ 265,170

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands, except per-share data)

Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Equity For the Three Months Ended June 30, 2025 Balance, April 1, 2025 124,784 $ 1,247 $ 1,558,125 $ 737,020 $ ( 38,540 ) $ 2,257,852 Net income - - - 227,083 - 227,083 Other comprehensive income - - - - 17,157 17,157 Purchase and retirement of common stock ( 2,162 ) ( 22 ) ( 17,563 ) ( 163,172 ) - ( 180,757 ) Issuance of common stock under employee stock purchase plan 20 - 1,419 - - 1,419 Issuance of common stock under share-based award plans 1,055 11 61,457 - - 61,468 Stock-based compensation - - 15,695 - - 15,695 Dividends declared ($ 0.49 per share) - - - ( 61,478 ) - ( 61,478 ) Balance, June 30, 2025 123,697 $ 1,236 $ 1,619,133 $ 739,453 $ ( 21,383 ) $ 2,338,439

Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Equity For the Three Months Ended June 30, 2024 Balance, April 1, 2024 131,329 $ 1,313 $ 1,455,162 $ 843,870 $ ( 41,291 ) $ 2,259,054 Net income - - - 139,120 - 139,120 Other comprehensive loss - - - - ( 1,091 ) ( 1,091 ) Purchase and retirement of common stock ( 1,648 ) ( 16 ) ( 11,990 ) ( 99,156 ) - ( 111,162 ) Issuance of common stock under employee stock purchase plan 20 - 1,187 - - 1,187 Issuance of common stock under share-based award plans 154 2 8,209 - - 8,211 Stock-based compensation - - 12,469 - - 12,469 Dividends declared ($ 0.46 per share) - - - ( 60,285 ) - ( 60,285 ) Balance, June 30, 2024 129,855 $ 1,299 $ 1,465,037 $ 823,549 $ ( 42,382 ) $ 2,247,503

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands, except per-share data)

Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Equity For the Six Months Ended June 30, 2025 Balance, January 1, 2025 126,840 $ 1,268 $ 1,539,816 $ 758,003 $ ( 46,975 ) $ 2,252,112 Net income - - - 378,600 - 378,600 Other comprehensive income - - - - 25,592 25,592 Purchase and retirement of common stock ( 4,663 ) ( 47 ) ( 37,882 ) ( 335,672 ) - ( 373,601 ) Issuance of common stock under employee stock purchase plan 39 - 2,754 - - 2,754 Issuance of common stock under share-based award plans 1,481 15 84,612 - - 84,627 Stock-based compensation - - 29,833 - - 29,833 Dividends declared ($ 0.49 per share) - - - ( 61,478 ) - ( 61,478 ) Balance, June 30, 2025 123,697 $ 1,236 $ 1,619,133 $ 739,453 $ ( 21,383 ) $ 2,338,439

Shares of Common Stock Common Stock Capital In Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total Equity For the Six Months Ended June 30, 2024 Balance, January 1, 2024 131,178 $ 1,312 $ 1,404,962 $ 762,586 $ ( 37,032 ) $ 2,131,828 Net income - - - 270,520 - 270,520 Other comprehensive loss - - - - ( 5,350 ) ( 5,350 ) Purchase and retirement of common stock ( 2,456 ) ( 24 ) ( 17,867 ) ( 149,272 ) - ( 167,163 ) Issuance of common stock under employee stock purchase plan 42 - 2,383 - - 2,383 Issuance of common stock under share-based award plans 1,091 11 52,031 - - 52,042 Stock-based compensation - - 23,528 - - 23,528 Dividends declared ($ 0.46 per share) - - - ( 60,285 ) - ( 60,285 ) Balance, June 30, 2024 129,855 $ 1,299 $ 1,465,037 $ 823,549 $ ( 42,382 ) $ 2,247,503

Consolidated Statements of Cash Flows SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands)

Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 378,600 $ 270,520 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 15,592 16,756 Amortization 21,159 20,871 Equity in earnings of unconsolidated affiliate ( 62,387 ) ( 65,862 ) Distributions received from unconsolidated affiliate 67,130 71,478 Stock-based compensation 28,029 23,528 Provision for losses on receivables 521 882 Deferred income tax expense ( 498 ) ( 14,539 ) Net gain from investments ( 2,252 ) ( 2,922 ) Net gain from business divestiture ( 94,412 ) - Change in other long-term liabilities 1,189 2,452 Change in other assets ( 3,456 ) ( 5,960 ) Contract costs capitalized, net of amortization ( 1,758 ) 246 Contingent consideration fair value adjustments ( 2,354 ) - Insurance rebates received for Health and Welfare Benefit Plan Trust 14,500 - Insurance rebates transferred to Health and Welfare Benefit Plan Trust ( 14,500 ) - Other ( 1,423 ) ( 1,375 ) Change in current assets and liabilities: Receivables from investment products 5,023 7,923 Receivables ( 79,422 ) ( 89,070 ) Other current assets ( 6,321 ) ( 1,068 ) Advances due from unconsolidated affiliate 47,485 51,942 Accounts payable 3 ( 1,415 ) Accrued liabilities ( 68,279 ) ( 54,188 ) Deferred revenue 836 ( 3,169 ) Total adjustments ( 135,595 ) ( 43,490 ) Net cash provided by operating activities $ 243,005 $ 227,030

The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flows SEI Investments Company (unaudited) and Subsidiaries (Dollars in thousands)

Six Months Ended June 30, 2025 2024 Cash flows from investing activities: Additions to property and equipment ( 12,451 ) ( 20,809 ) Additions to capitalized software ( 14,466 ) ( 12,670 ) Purchases of marketable securities ( 85,681 ) ( 102,895 ) Purchases of interest in limited partnerships ( 566 ) - Prepayments and maturities of marketable securities 65,168 82,241

Proceeds from fixed asset dispositions 1,165 1,180 Proceeds from business divestiture 116,020 - Other investing activities ( 3,921 ) ( 8,129 ) Net cash provided by/(used in) investing activities $ 65,268 $ ( 61,082 ) Cash flows from financing activities:

Purchase and retirement of common stock ( 383,304 ) ( 163,774 ) Proceeds from issuance of common stock