seic-20260623

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)


x			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file Number 0-10200


A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

SEI CAPITAL ACCUMULATION PLAN


B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

SEI Investments Company

1 Freedom Valley Drive

Oaks, Pennsylvania 19456


Item 4.			Financial Statements and Exhibits

a) The following Plan financial statements, schedules and reports are attached hereto:
			Report of Independent Registered Public Accounting Firm
			Auditor Name: KPMG LLP
			Audit Firm ID: 185
			Auditor Location: Houston, Texas
			Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024
			Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2025 and 2024
			Notes to Financial Statements

			Supplemental Schedule
			Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025

b) Exhibit 23.1 Consent of Independent Registered Public Accounting Firm

SEI Capital Accumulation Plan

Table of Contents

December 31, 2025 and 2024


			Page

Report of Independent Registered Public Accounting Firm			1

Financial Statements

Statements of Net Assets Available for Benefits			2

Statements of Changes in Net Assets Available for Benefits			3

Notes to Financial Statements			4

Supplemental Schedule *

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)			9

Signature			10

Exhibit

23.1 - Consent of Independent Registered Public Accounting Firm			11


*			All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator

SEI Capital Accumulation Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of SEI Capital Accumulation Plan (the Plan) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years ended December 31, 2025 and 2024, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years ended December 31, 2025 and 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Accompanying Supplemental Information

The Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP

We have served as the Plan’s auditor since 2014.

Houston, Texas

June 23, 2026

SEI Capital Accumulation Plan

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024


Assets	2025		2024
Investments
Investments, at fair value	$	1,021,989,841	$	875,576,664
Receivables
Employer contributions	144,425		98,202
Participant contributions	375,731		243,701
Notes receivable from participants	6,020,796		5,600,784
Due from broker for securities sold	734,421		52,642
Dividends	245,099		230,720
Total receivables	7,520,472		6,226,049

Total assets	1,029,510,313		881,802,713
Liabilities
Due to broker for securities purchased	734,421		52,642
Total liabilities	734,421		52,642
Net assets available for benefits	$	1,028,775,892	$	881,750,071

See Notes to Financial Statements

SEI Capital Accumulation Plan

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31, 2025 and 2024


	2025		2024
Additions
Investment income
Net appreciation in fair value of investments	$	136,921,814	$	114,044,130
Dividends	2,081,988		1,676,805
Total investment income	139,003,802		115,720,935

Interest income on notes receivable from participants	483,140		396,672

Contributions:
Participants	44,435,626		41,101,399
Employer	20,436,927		19,103,548
Rollovers	13,161,642		6,410,973
Total contributions	78,034,195		66,615,920

Deductions:
Benefits paid to participants	70,427,143		65,618,643
Administrative expenses	68,173		55,692
Total deductions	70,495,316		65,674,335
Net increase	147,025,821		117,059,192

Net assets available for benefits:
Beginning of year	881,750,071		764,690,879
End of year	$	1,028,775,892	$	881,750,071

See Notes to Financial Statements

SEI Capital Accumulation Plan

Notes to Financial Statements

December 31, 2025 and 2024

1. Plan Description

The following description of the SEI Capital Accumulation Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. Any conflict between the description of the Plan contained herein and the actual Plan document shall be resolved in favor of the Plan document.

General

The Plan is a defined contribution plan that was established effective January 1983 by the Board of Directors of SEI Investments Company (the “Company”). The Plan’s sponsor is the Company. The SEI Capital Accumulation Plan Administration Committee is the administrator (the "Plan Administrator") to the Plan. Effective June 2021, Principal Financial Group is the Plan’s third party recordkeeper, and Principal Trust Company (collectively "Principal") is the Plan’s trustee and custodian.

The most recent plan document was amended and restated effective July 15, 2022 includes an automatic deferral escalation provision of 1% annual eligible compensation until the participant's deferral percentage reaches 5% of eligible compensation. The Plan's automatic escalation provision was amended to 10% effective December 1, 2025. The Plan has adopted a method under the Internal Revenue Code (“IRC”) for satisfying nondiscrimination requirements through certain plan provisions and notice requirements referred to as the "safe harbor." As a result, the Company made safe harbor matching contributions in 2025 and 2024 equal to 100% of the participant's contributions up to 3% of the participant's annual eligible compensation plus 50% of the participant's contributions between 3% and 5% of the participant's annual eligible compensation. The Company retains the right to reduce or suspend the safe harbor contribution under the Plan.

The Company may also make a profit-sharing contribution that will be allocated among eligible participants in the same proportion that each participant’s compensation bears to the aggregate compensation of all participants. These contributions will be credited to each participant’s profit-sharing account. No profit-sharing contributions were made in 2025 and 2024.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan provides retirement benefits, including provisions for early retirement and disability benefits, as well as a tax-deferred savings feature.

Contributions

An employee of the Company and its applicable participating subsidiaries will become eligible to join the Plan after the completion of his or her first hour of employment. Certain employees are not eligible to become participants in the Plan. These employees include: union employees, unless the collective bargaining agreement provides for participation, non-resident aliens with no U.S. source income from the Company, leased employees, and employees classified as interns. Individuals designated by their employer as independent contractors are also excluded from participation in the Plan. Eligible employees with a hire date on or after April 2, 2007 are automatically enrolled in the Plan at a 3% pre-tax deferral rate after 90 days of employment. Participants can make pre-tax deferrals to the Plan and, starting as of January 1, 2022, Roth post-tax deferrals. Participants may be eligible to re-characterize certain pre-tax contributions as Roth contributions under the Plan as well.

Participants direct the investment of their contributions into various investment options offered by the Plan, which consist of registered investment companies, collective investment trusts and the common stock of the Company. Participants invest in the common stock of the Company through a unitized account consisting of common stock and shares of the SEI Daily Income Trust Government Fund in order to maintain a level of liquidity. This unitized account is made available to participants as the SEI Company Stock Fund. A participant-directed brokerage account option is available to allow for investments in certain mutual funds and certain exchange traded funds. A participant may make a rollover contribution to the Plan to the extent permitted under the terms of the Plan document.

All Company contributions are made out of available profits of the Company. The Company’s matching contributions are credited to the participant’s matching contribution account. Contributions are subject to certain IRS limitations.

Prior to January 1, 1995, the Plan had been designed to permit participants to make certain post-tax contributions to the Plan. Effective January 1, 1995, the Plan was amended to remove the prior post-tax contribution provision, but the Plan still is required to account for certain contributions made by participants under the prior post-tax contribution source. These amounts are not allocated or associated with the current Roth 401(k) contribution source.

SEI Capital Accumulation Plan

Notes to Financial Statements

December 31, 2025 and 2024

Participant Accounts

Each participant account is credited with the participant’s contribution, the Company’s matching contribution, and an allocation of the Plan’s earnings (losses) thereon, as well as administrative expenses related to specific participant transactions. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

Vesting

Participants are immediately vested in their contributions to the Plan and all employer contributions credited to their accounts, plus any earnings (losses) thereon.

Payment of Benefits

Amounts in participants’ accounts are distributed in the form of installments, a lump-sum amount, or a combination thereof, depending on the applicable circumstances surrounding the distribution, to participants or their beneficiaries upon establishment of an allowable hardship, termination of employment, retirement, death, total disability or emergency expense. Emergency expense includes birth, adoption or domestic abuse.

Notes Receivable from Participants

A participant is eligible for a loan amount not to exceed the lesser of $50,000 or 50% of the participant’s account balance (excluding the voluntary post-tax contribution account balance) reduced by the highest outstanding loan balance from the Plan during the preceding 12 months. The minimum loan amount is $1,000. The loans are secured by the balance in the participant’s account and bear a reasonable rate of interest as determined by the Plan Administrator. Terms of the loans range from 1 to 5 years, except for loans for the purchase of a primary residence, which can have terms of up to 30 years. Principal and interest are paid ratably through bi-weekly payroll deductions. Participant loans outstanding at December 31, 2025 and 2024 bear interest ranging from 4.25% to 9.50%. As of December 31, 2025, participant loan maturity dates ranged from 2026 to 2055.

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared using the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires the Plan’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade date basis. Dividend income is recorded on the ex-dividend date. Dividends earned are reinvested into additional shares of the respective investments. Interest income is accrued as earned.

The Plan presents, in the accompanying Statements of Changes in Net Assets Available for Benefits, the net appreciation (depreciation) in the fair value of its investments, which consists of realized gains and losses, and the change in the unrealized appreciation or depreciation of those investments during the Plan year.

Expenses of the Plan

All administrative costs of the Plan, with the exception of loan fees and fees related to investments in the participant-directed brokerage account, are paid by the Company. The Plan’s investments have investment fees and expenses that are indirectly borne by the Plan and its participants which are charged against the related funds' net asset values.

SEI Capital Accumulation Plan

Notes to Financial Statements

December 31, 2025 and 2024

Notes Receivable from Participants

The Plan classifies participant loans as Notes receivable from participants in the Statements of Net Assets Available for Benefits and measures them at their unpaid principal balance plus any accrued but unpaid interest.

Payment of Benefits

Benefits are recorded when paid.

3. Fair Value Measurements

The fair value of the Plan’s investments are determined in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The fair value measurement level of the investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy:

Registered investment companies

Registered investment company shares are valued at the closing price reported in the active market in which the individual securities are traded.

Collective investment trusts

Collective investment trusts are composed of non-benefit-responsive investment funds that invest in open-end mutual funds and collective investment trusts that have investments in fully-benefit responsive investment contracts. The Plan’s investments in the non-benefit responsive investment funds consist primarily of investments in underlying affiliated investment companies, which are valued at fair value based on their respective daily net asset values in accordance with Trust-approved pricing procedures. The Plan has investments in the PIMCO Stable Income Fund which invests in fully-benefit responsive investment contracts. The PIMCO Stable Income Fund is valued at fair value based on the respective daily net asset value in accordance with Trust-approved pricing procedures. There are no restrictions on participant redemptions of the Plan’s investments in collective investment trusts except for equity wash provisions that relate to participant transactions in and out of the PIMCO Stable Income Fund.

Common stock and exchange traded funds

The Plan’s investment in common stock of the Company is held in a unitized account made available to participants as the SEI Company Stock Fund. The Plan's investments in common stock and exchange traded funds are stated at fair value as quoted on nationally recognized securities exchanges on the last business day of the Plan year.

The measurement methods as described above may not be indicative of net realizable value and/or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the methodologies used as of December 31, 2025.

SEI Capital Accumulation Plan

Notes to Financial Statements

December 31, 2025 and 2024

The Plan’s investments measured at fair value on a recurring basis was determined using the following inputs:


			Fair Value Measurements at Reporting Date Using
Investments at fair value	December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)
Registered investment companies:
Fixed income funds	$	4,403,443	$	4,403,443
Money market funds	1,229,039		1,229,039
Participant-directed brokerage account (1)	69,152,408		69,152,408
Common stock of the Company	38,414,559		38,414,559
Collective investment trusts	908,790,392		908,790,392
Total investments at fair value	$	1,021,989,841	$	1,021,989,841


			Fair Value Measurements at Reporting Date Using
Investments at fair value	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)
Registered investment companies:
Fixed income funds	$	3,094,577	$	3,094,577
Money market funds	1,122,220		1,122,220
Participant-directed brokerage account (1)	51,631,300		51,631,300
Common stock of the Company	38,837,110		38,837,110
Collective investment trusts	780,891,457		780,891,457
Total investments at fair value	$	875,576,664	$	875,576,664

(1) Underlying investments in the participant-directed brokerage account consist of registered investment company mutual funds and exchange traded funds.

4. Tax Status

The Plan has been amended and restated effective July 15, 2022. The Internal Revenue Service (IRS) issued a determination letter dated August 10, 2023, stating that the Plan, as then designed, was in accordance with applicable IRC requirements as of that date. The Plan Administrator and the Company’s management believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

U.S. GAAP require the Plan’s management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

5. Plan Termination

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of whole or partial termination of the Plan, each participant shall receive a total distribution of his or her account.

SEI Capital Accumulation Plan

Notes to Financial Statements

December 31, 2025 and 2024

6. Related Party Transactions

All investments of the Plan, except for non-Company-sponsored investments in the participant-directed brokerage account and the investment funds of the State Street Global Advisors Trust Company Investment Funds for Tax Exempt Retirement Plans Declaration of Trust ("SSGA Investment Funds"), are in registered investment companies and collective investment trusts sponsored by affiliates of the Company and common stock of the Company; therefore, these investments and transactions qualify as party-in-interest transactions. In 2025 and 2024, the registered investment companies, exchanged traded funds and collective investment trusts investment options pay aggregate advisory, administration, and trustee fees to the Company at rates between 0.15% and 0.82% of the average net assets of the funds. The percentage of SEI Investments Company common stock to total investments were 3.76% and 4.44% at December 31, 2025 and 2024, respectively. The Plan held 468,356 and 470,867 shares of SEI Investments Company common stock at December 31, 2025 and 2024, respectively. These party-in-interest transactions meet one or more prohibited transaction exemptions applicable to the transaction.

SEI Trust Company (“STC”), a wholly-owned subsidiary of the Company, provides trustee services to the SEI Core Strategies Collective Trust, the SEI Target Date Collective Trust and the PIMCO Stable Income Fund. SEI Investments Distribution Co. (“SIDCO”), SEI Investments Management Corporation (“SIMC”) and SEI Institutional Transfer Agent, Inc. (“SITA”), also wholly-owned subsidiaries of the Company, in their capacity as distributor, manager and transfer agent of the Company-sponsored registered investment companies available in the Plan, provide distribution, investment advisory, administration and transfer agency services, either directly or through their subsidiaries, to the funds. SIMC also provides non-discretionary, fiduciary investment advisory services to the Plan and the applicable Plan fiduciaries.

7. Risks and Uncertainties

The Plan provides for various investment options including the Company’s common stock, registered investment companies and collective investment trusts that invest in stocks, bonds, fixed-income securities and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.

8. Legal Proceedings

On December 26, 2025, a proposed class action lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania against SEI Investments Company (“SEI”), its nondiscretionary investment advisor, SEI Investments Management Corporation (“SIMC”), and the SEI Capital Accumulation Plan Administration Committee (the “Committee”) (collectively, “Defendants”) regarding the investment options in the SEI Capital Accumulation Plan (the “Plan”). The lawsuit was filed by two Plan participants (and former employees) —David Hall and Jennifer Knapp (“Plaintiffs”)—on behalf of a proposed class of all Plan participants and beneficiaries since January 1, 2020, through to the date of the initial complaint. The lawsuit seeks unspecified damages for Defendants’ alleged breach of fiduciary duties under ERISA with respect to the selection and monitoring of the Plan’s investment affiliated investment options. The Plan is not a defendant in the litigation.

9. Subsequent Events

The Plan's management evaluated subsequent events through June 23, 2026, the date the financial statements were issued, and there were no subsequent events requiring adjustments to the financial statements and accompanying disclosures.

Supplemental Schedule

SEI Capital Accumulation Plan

EIN 23-1707341, Plan 002

Schedule H, Line 4i – Schedule of Assets (Held At End of Year)

December 31, 2025

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Common/Collective Trust:

***

PIMCO Collective Investment Trust II

PIMCO Stable Income Fund

27,481,659

***

SEI Core Strategies Collective Trust

SEI Core Fixed Income Fund

25,153,469

SEI High Yield Bond Fund

14,486,560

SEI Large Cap Fund

108,511,994

SEI Small Cap Fund

43,879,954

SEI U.S. Managed Volatility Fund

15,225,737

SEI Emerging Markets Debt Fund

6,909,151

SEI World Equity ex-US Fund

42,594,992

***

SEI Target Date Collective Trust

SEI Retirement Income Fund

4,019,450

SEI Target Date 2010 Fund

—

SEI Target Date 2015 Fund

1,636,656

SEI Target Date 2020 Fund

3,307,674

SEI Target Date 2025 Fund

25,118,450

SEI Target Date 2030 Fund

45,183,217

SEI Target Date 2035 Fund

63,278,867

SEI Target Date 2040 Fund

58,411,933

SEI Target Date 2045 Fund

52,898,355

SEI Target Date 2050 Fund

61,990,436

SEI Target Date 2055 Fund

31,231,516

SEI Target Date 2060 Fund

45,191,404

SEI Target Date 2065 Fund

1,154,156

SSGA Investment Funds

State Street S&P 500® Index Fund

174,994,504

State Street Russell Small/Mid Cap® Index Fund

34,274,487

SSGA Global All Cap Equity ex-U.S. Index Fund

21,855,771

Mutual Funds:

***

SEI Institutional Managed Trust

Real Return Fund

4,403,443

***

SEI Daily Income Trust

Government Fund

1,229,039

Participant-Directed Brokerage Account:

Exchange Traded Funds

Charles Schwab & Co.

Participant-Directed Brokerage Account

69,152,408

Common Stock:

SEI Investments Company

Common Stock, $.01 par value per share

38,414,559

Participant loans

Interest rates range from 4.25% to 9.50% with maturity dates from 2026 to 2055

—

6,020,796

1,028,010,637

*Party-in-interest

**Historical cost information is not required for participant-directed investments.

***Managed by party-in-interest

See accompanying Report of Independent Registered Public Accounting Firm.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this Form 11-K Annual Report to be signed on its behalf by the undersigned thereunto duly authorized.

SEI Capital Accumulation Plan

Date:

June 23, 2026

By:

/s/ William Bolger

William Bolger

Member, SEI Capital Accumulation Plan Administration Committee

SEC Form 11-K filed by SEI Investments Company