SEI Investments Company (the Company), a Pennsylvania corporation, is a leading global provider of financial technology, operations, and asset management services within the financial services industry. The Company's core capabilities unify technology, operations, and asset management to power clients’ transformation across advice, asset management, and administration. The Company delivers modular or end‑to‑end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise.

Investment processing solutions provide technologies and business process outsourcing services for wealth managers. These solutions include investment advisory, client relationship, and other technology-enabled capabilities for the front office; administrative and investment services for the middle office; and accounting and processing services for the back office. Revenues from investment processing services are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations.

Investment operations solutions provide business process outsourcing services for investment managers and asset owners. These services support a broad range of traditional and alternative investments and provide technology-enabled information analytics and investor capabilities for the front office; administrative and investment services for the middle office; and fund administration and accounting services for the back office. Revenues from investment operations services are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

Investment management services provide comprehensive solutions for managing personal and institutional wealth. These services include goals-based investment strategies; SEI-sponsored and third-party investment products, including mutual funds, ETFs, collective investment products, alternative investment portfolios and separately managed accounts (SMA); and other market-specific advice, technology and operational components. These services are offered to wealth managers as part of a complete goals-based investment program for their end-investors. For institutional investors, the Company provides an Outsourced Chief Investment Officer (OCIO) platform and Unbundled OCIO platform that include investment management programs, as well as advisory and administrative services. Revenues from investment management services are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations.

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Certain financial information and accompanying note disclosure normally included in the Company’s Annual Report on Form 10-K have been condensed or omitted. The interim financial information is unaudited but reflects all adjustments (consisting of only normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of financial position of the Company as of March 31, 2026, the results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

There have been no significant changes in significant accounting policies during the three months ended March 31, 2026 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The Company or its affiliates have created numerous investment products for its clients in various types of legal entity structures. For entities determined to be a variable interest entity (VIE) in which the Company has a variable interest, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. When making the determination on whether the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis. At each balance sheet date, the Company determines whether any

reconsideration events, such as capital contributions and redemptions, either by the Company or third parties, have occurred that require it to revisit the VIE analysis and will consolidate or deconsolidate accordingly

VIEs which the Company controls as the primary beneficiary have been included in the Company’s Consolidated Financial Statements. The results of the consolidated VIEs are reported on a one-month lag due to the timing of the receipt of related financial statements. To the extent the Company is aware of material events that affect the consolidated VIEs during the intervening period, the impact of the events would be disclosed in the Notes to Consolidated Financial Statements.

The Company's consolidated net income on the accompanying Consolidated Statement of Operations includes the income (loss) attributable to non-controlling interests. The portion of the consolidated VIEs owned by other investors is included in Redeemable Non-controlling Interests on the accompanying Consolidated Balance Sheet. Activity related to other investors of the consolidated VIEs is eliminated through Net income attributable to non-controlling interests on the accompanying Consolidated Statement of Operations.

Investments held by consolidated VIEs are recorded at fair value. Unrealized gains and losses from the investments are recognized in Net gain from consolidated variable interest entities on the accompanying Consolidated Statement of Operations.

The Company deconsolidates all the assets and liabilities of the non-controlling interests from the Consolidated Balance Sheets once it no longer qualifies as the primary beneficiary of a consolidated VIE. See Note 15 for related disclosures regarding the Company's consolidated VIEs.

Non-controlling interests that are redeemable outside the Company's control at fixed or determinable prices and dates are presented as temporary equity in the accompanying Consolidated Balance Sheets. Redeemable non-controlling interests are recorded at the greater of the redemption fair value or the carrying value of the non-controlling interest and adjusted each reporting period for income, loss and any distributions made. Remeasurements to the redemption value of the redeemable non-controlling interest are recognized in capital in excess of par value. As of December 31, 2025 and March 31, 2026, the Company has a redeemable non-controlling interest related to an acquisition (See Note 12).

The Company also includes redeemable non-controlling interests related to consolidated VIEs as temporary equity on the accompanying Consolidated Balance Sheets. Non-controlling interests in consolidated VIEs are subject to redemption by future investors. When redeemable amounts become legally payable to the investors, they are classified as a liability and included in Liabilities of consolidated variable interest entities on the Consolidated Balance Sheets.


	Redeemable Non-controlling Interests
Balance, December 31, 2025	$	243,959
Increase from acquisition	10,400
Net income attributable to non-controlling interests	1,749
Capital contributions from non-controlling interests, net	1,000
Capital distributions to non-controlling interests	(54)
Redemption value remeasurement	12,847
Balance, March 31, 2026	$	269,901

The Company serves as the Manager, Administrator and Distributor for certain investment products and may also serve as the Trustee for some of the investment products. The Company receives asset management, distribution, administration and custodial fees for these services. Clients are the equity investors and participate in proportion to their ownership percentage in the net income or loss and net capital gains or losses of the products, and, on liquidation, will participate in proportion to their ownership percentage in the remaining net assets of the products after satisfaction of outstanding liabilities. The Company has concluded that it is not the primary beneficiary of the entities in which it serves as the Manager, Administrator, Distributor or Trustee and, therefore, is not required to consolidate any of the pooled investment vehicles for which it receives asset management, distribution, administration and custodial fees under the VIE model.

The Company is a party to expense limitation agreements with certain SEI-sponsored money market funds subject to Rule 2a-7 of the Investment Company Act of 1940 which establish a maximum level of ordinary operating expenses incurred by

the fund in any fiscal year including, but not limited to, fees of the administrator or its affiliates. Under the terms of these agreements, the Company waived $5,077 and $4,133 in fees during the three months ended March 31, 2026 and 2025, respectively.

Revenue is recognized when the transfer of control of promised goods or services under the terms of a contract with customers are satisfied in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services. Certain portions of the Company’s revenues involve a third party in providing goods or services to its customers. In such circumstances, the Company must determine whether the nature of its promise to the customer is to provide the underlying goods or services (the Company is the principal in the transaction and reports the transaction gross) or to arrange for a third party to provide the underlying goods or services (the entity is the agent in the transaction and reports the transaction net). See Note 14 for related disclosures regarding revenue recognition.

The Company considers investment instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents includes $73,254 and $201,675 at March 31, 2026 and December 31, 2025, respectively, invested in SEI-sponsored open-ended money market investment products. See Note 5 for information related to the Company's total investments in SEI-sponsored and non-SEI-sponsored money market investment products and commercial paper classified as cash equivalents.

The Company capitalized $5,546 and $7,362 of software development costs during the three months ended March 31, 2026 and 2025, respectively, to further develop the SEI Wealth PlatformSM (SWP) and for the development of a new platform for the Investment Managers segment. The Company capitalized $3,972 and $4,375 of software development costs for significant enhancements to SWP during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the net book value of SWP was $190,654, which includes $3,972 of capitalized software development costs in-progress associated with future releases. SWP has a weighted average remaining life of 7.4 years. Amortization expense for SWP was $7,564 and $7,099 during the three months ended March 31, 2026 and 2025, respectively.

The Company also capitalized $1,574 and $2,987 of software development costs during the three months ended March 31, 2026 and 2025, respectively, related to the development of a new platform for the Investment Managers segment. The Company placed the platform into service during the third quarter 2025. The net book value of the platform at March 31, 2026 was $40,092, which includes $1,574 of capitalized software development costs in-progress associated with future releases. As of March 31, 2026, the platform has a weighted average useful life of 6.4 years. Amortization expense for the platform was $1,508 during the three months ended March 31, 2026.


	Three Months Ended March 31,
	2026		2025
Net income	$	176,787	$	151,517
Less: Net income attributable to non-controlling interests	2,300		—
Net income attributable to SEI Investments Company	$	174,487	$	151,517
Shares used to compute basic earnings per common share	121,659,000		126,561,000
Dilutive effect of stock awards	2,835,000		2,889,000
Shares used to compute diluted earnings per common share	124,494,000		129,450,000
Basic earnings per common share	$	1.43	$	1.20
Diluted earnings per common share	$	1.40	$	1.17

During the three months ended March 31, 2026 and 2025, employee stock options to purchase 4,426,000 and 5,834,000 shares of common stock with an average exercise price of $75.27 and $65.95, respectively, were outstanding but not included in the computation of diluted earnings per common share. These options for the three month periods were not included in the computation of diluted earnings per common share because either the performance conditions have not been satisfied or would not have been satisfied if the reporting date was the end of the contingency period or the options' exercise price was greater than the average market price of the Company’s common stock and the effect on diluted earnings per common share would have been anti-dilutive.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03) and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (ASU 2025-01), which clarified the effective date of ASU 2024-03. This standard requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 on a prospective basis and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03). This standard eliminates the presumption that the primary beneficiary of a VIE is the accounting acquirer in a business combination. Instead, entities are required to apply the general guidance in ASC 805 to determine the accounting acquirer when the transaction is primarily effected by the exchange of equity interests. ASU 2025-03 is effective for annual and interim periods beginning after December 15, 2026 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting the guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software (ASU 2025-06). This standard clarifies capitalization thresholds for software development costs and aligns accounting treatment more closely with the economic substance of modern software development activities. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027 on a retrospective, prospective or modified prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11). ASU 2025-11 is intended to improve the clarity and navigability of interim reporting guidance by (i) specifying the required form and content of interim financial statements, (ii) consolidating and organizing interim disclosure requirements across the Codification, and (iii) introducing a disclosure principle requiring entities to describe events occurring after the end of the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for public business entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its consolidated financial statements and related disclosures.