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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO             
   
Commission File Number: 001-32236 
 ________________
COHEN & STEERS, INC.
(Exact Name of Registrant as Specified in its Charter)
 ________________ 
Delaware14-1904657
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification No.)
280 Park Avenue, New York, NY 10017
(Address of Principal Executive Offices and Zip Code)
(212) 832-3232
(Registrant's Telephone Number, Including Area Code)
  ________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCNSNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of October 31, 2023 was 49,138,628.


COHEN & STEERS, INC. AND SUBSIDIARIES
Form 10-Q
Index
  Page
Part I.Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II.Other Information *
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
* Items other than those listed above have been omitted because they are not applicable.



Forward-Looking Statements
This report and other documents filed by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2022 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.



PART I—Financial Information

Item 1. Financial Statements
COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)

September 30,
2023		December 31,
2022
Assets:
Cash and cash equivalents$133,050 $247,418 
Investments ($136,912 and $134,929) (1)
256,927 172,955 
Accounts receivable70,289 66,676 
Due from brokers ($690 and $38) (1)
2,808 2,080 
Property and equipment—net52,307 8,757 
Operating lease right-of-use assets—net99,605 136,430 
Goodwill and intangible assets—net18,971 19,049 
Other assets ($456 and $576) (1)
39,951 20,014 
Total assets$673,908 $673,379 
Liabilities:
Accrued compensation and benefits$49,989 $77,764 
Distribution and service fees payable9,310 8,421 
Operating lease liabilities133,287 138,809 
Income tax payable9,202 7,750 
Due to brokers ($552 and $11) (1)
2,710 835 
Other liabilities and accrued expenses ($620 and $664) (1)
13,114 12,857 
Total liabilities217,612 246,436 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests84,119 85,335 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 55,753,698 and 55,051,975 shares issued at September 30, 2023 and December 31, 2022, respectively
558 551 
Additional paid-in capital806,145 769,373 
Accumulated deficit(159,082)(171,417)
Accumulated other comprehensive loss(10,180)(10,784)
Treasury stock, at cost, 6,618,199 and 6,329,178 shares at September 30, 2023 and December 31, 2022, respectively
(270,847)(250,169)
Total stockholders’ equity attributable to Cohen & Steers, Inc.366,594 337,554 
Nonredeemable noncontrolling interests5,583 4,054 
Total stockholders’ equity372,177 341,608 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$673,908 $673,379 
_________________________
(1)    Amounts in parentheses represent the aggregate balances at September 30, 2023 and December 31, 2022 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.


See notes to condensed consolidated financial statements
1

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Revenue:
Investment advisory and administration fees$116,226 $130,885 $347,378 $412,209 
Distribution and service fees7,014 8,557 21,553 27,431 
Other497 509 1,518 1,931 
Total revenue123,737 139,951 370,449 441,571 
Expenses:
Employee compensation and benefits52,830 51,669 150,580 160,269 
Distribution and service fees13,689 16,418 41,234 68,605 
General and administrative15,546 13,548 49,396 40,296 
Depreciation and amortization801 1,135 2,628 3,235 
Total expenses82,866 82,770 243,838 272,405 
Operating income40,871 57,181 126,611 169,166 
Non-operating income (loss):
Interest and dividend income—net3,763 1,541 10,407 4,326 
Gain (loss) from investments—net(10,056)(5,920)(10,008)(30,926)
Foreign currency gain (loss)—net1,134 2,405 (1,276)4,734 
Total non-operating income (loss)(5,159)(1,974)(877)(21,866)
Income before provision for income taxes35,712 55,207 125,734 147,300 
Provision for income taxes10,543 15,593 31,762 34,696 
Net income25,169 39,614 93,972 112,604 
Net (income) loss attributable to noncontrolling interests6,971 4,956 5,260 25,940 
Net income attributable to common stockholders$32,140 $44,570 $99,232 $138,544 
Earnings per share attributable to common stockholders:
Basic$0.65 $0.91 $2.01 $2.84 
Diluted$0.65 $0.90 $2.00 $2.81 
Weighted average shares outstanding:
Basic49,351 48,815 49,289 48,765 
Diluted49,617 49,317 49,495 49,287 
















See notes to condensed consolidated financial statements
2

COHEN & STEERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income$25,169 $39,614 $93,972 $112,604 
Net (income) loss attributable to noncontrolling interests6,971 4,956 5,260 25,940 
Net income attributable to common stockholders32,140 44,570 99,232 138,544 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(1,643)(3,896)604 (9,061)
Total comprehensive income attributable to common stockholders$30,497 $40,674 $99,836 $129,483 





























See notes to condensed consolidated financial statements
3

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
(in thousands, except per share data)

Three Months Ended September 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
July 1, 2023$558 $794,159 $(162,231)$(8,537)$(270,797)$5,237 $358,389 $85,518 
Dividends ($0.57 per share)
— — (28,991)— — — (28,991)— 
Issuance of common stock— 269 — — — — 269 — 
Repurchase of common stock— — — — (50)— (50)— 
Issuance of restricted stock units—net— 983 — — — — 983 — 
Amortization of restricted stock units—net— 10,734 — — — — 10,734 — 
Net income (loss)— — 32,140 — — (523)31,617 (6,448)
Other comprehensive income (loss)— — — (1,643)— — (1,643)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 869 869 5,049 
September 30, 2023
$558 $806,145 $(159,082)$(10,180)$(270,847)$5,583 $372,177 $84,119 
Three Months Ended September 30, 2022
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
July 1, 2022$550 $742,144 $(193,146)$(11,051)$(249,112)$— $289,385 $185,998 
Dividends ($0.55 per share)
— — (27,659)— — — (27,659)— 
Issuance of common stock— 237 — — — — 237 — 
Repurchase of common stock— — — — (113)— (113)— 
Issuance of restricted stock units—net— 1,396 — — — — 1,396 — 
Amortization of restricted stock units—net— 11,710 — — — — 11,710 — 
Net income (loss)— — 44,570 — — 44,570 (4,956)
Other comprehensive income (loss)— — — (3,896)— — (3,896)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — — — 16,785 
Net consolidation (deconsolidation) of Company-sponsored funds— — — — — — — (120,297)
September 30, 2022
$550 $755,487 $(176,235)$(14,947)$(249,225)$— $315,630 $77,530 

See notes to condensed consolidated financial statements
4

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)—(Continued)
(in thousands, except per share data)

Nine Months Ended September 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2023$551 $769,373 $(171,417)$(10,784)$(250,169)$4,054 $341,608 $85,335 
Dividends ($1.71 per share)
— — (86,897)— — — (86,897)— 
Issuance of common stock7 1,060 — — — — 1,067 — 
Repurchase of common stock— — — — (20,678)— (20,678)— 
Issuance of restricted stock units—net— 3,469 — — — — 3,469 — 
Amortization of restricted stock units—net— 32,243 — — — — 32,243 — 
Net income (loss)— — 99,232 — — (963)98,269 (4,297)
Other comprehensive income (loss)— — — 604 — — 604 — 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 2,492 2,492 3,081 
September 30, 2023
$558 $806,145 $(159,082)$(10,180)$(270,847)$5,583 $372,177 $84,119 
Nine Months Ended September 30, 2022
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2022$543 $715,847 $(231,967)$(5,886)$(223,354)$— $255,183 $89,143 
Dividends ($1.65 per share)
— — (82,812)— — — (82,812)— 
Issuance of common stock7 1,030 — — — — 1,037 — 
Repurchase of common stock— — — — (25,871)— (25,871)— 
Issuance of restricted stock units—net— 4,037 — — — — 4,037 — 
Amortization of restricted stock units—net— 34,573 — — — — 34,573 — 
Net income (loss)— — 138,544 — — — 138,544 (25,940)
Other comprehensive income (loss)— — — (9,061)— — (9,061)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — — — 134,624 
Net consolidation (deconsolidation) of Company-sponsored funds— — — — — — — (120,297)
September 30, 2022
$550 $755,487 $(176,235)$(14,947)$(249,225)$— $315,630 $77,530 
See notes to condensed consolidated financial statements
5

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)

 Nine Months Ended
September 30,
 20232022
Cash flows from operating activities:
Net income$93,972 $112,604 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net33,334 36,462 
Depreciation and amortization2,385 4,145 
Amortization of right-of-use assets11,851 8,139 
(Gain) loss from investments—net10,008 30,926 
Deferred income taxes(7,994)(1,445)
Foreign currency (gain) loss609 2,774 
Changes in operating assets and liabilities:
Accounts receivable(4,222)4,059 
Due from brokers(687)(2,446)
Investments within consolidated investment vehicles(12,175)(162,936)
Other assets(9,912)2,305 
Accrued compensation and benefits(27,775)(16,796)
Distribution and service fees payable 889 (459)
Operating lease liabilities19,452 (9,048)
Due to brokers2,652 7,441 
Income tax payable1,245 (14,797)
Other liabilities and accrued expenses(248)2,719 
Net cash provided by (used in) operating activities113,384 3,647 
Cash flows from investing activities:
Purchases of investments(132,205)(132,491)
Proceeds from sales and maturities of investments50,311 90,530 
Purchases of property and equipment(46,139)(2,948)
Net cash provided by (used in) investing activities(128,033)(44,909)
Cash flows from financing activities:
Issuance of common stock—net907 881 
Repurchase of common stock(20,678)(25,871)
Dividends to stockholders(84,359)(80,508)
Debt issuance costs(603)— 
Net contributions (distributions) from noncontrolling interests5,573 134,624 
Net cash provided by (used in) financing activities(99,160)29,126 
Net increase (decrease) in cash and cash equivalents(113,809)(12,136)
Effect of foreign exchange rate changes on cash and cash equivalents724 (7,979)
Cash and cash equivalents, beginning of the period248,714 185,356 
Cash and cash equivalents, end of the period$135,629 $165,241 
See notes to condensed consolidated financial statements
6

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:
Nine Months Ended
September 30,
(in thousands)20232022
Cash and cash equivalents
$133,050 $161,957 
Cash included in investments (1)
2,579 3,284 
Total cash and cash equivalents within condensed consolidated statements of cash flows
$135,629 $165,241 
________________________
(1)    Cash included in Investments represents operating cash held in consolidated investment vehicles.
During the nine months ended September 30, 2023 and 2022, the Company paid taxes, net of tax refunds, of $38.5 million and $50.9 million, respectively.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $2.5 million and $2.3 million for the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in the issuance of restricted stock units—net and in dividends in the condensed consolidated statements of changes in stockholders' equity.
Effective August 1, 2022, the Company's proportionate ownership interest in a variable interest entity, the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), fell below 10% and the Company deconsolidated the assets and liabilities of SICAV RAP resulting in a non-cash reduction of $120.3 million from both investments and redeemable noncontrolling interests.
7

COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. Organization and Description of Business

Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company).
The Company is a global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Consolidation of Investment Vehicles—The Company's financial interests in investment vehicles, including the management fees that are received, are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model.
A VIE is an entity in which either the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities of the VIE that most significantly affect its performance, and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. Limited partnerships and similar entities are determined to be a VIE when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.
Investments that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the vehicle.
The Company records noncontrolling interests in consolidated investment vehicles for which the Company’s ownership is less than 100%.
8


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Cash and Cash Equivalents—Cash and cash equivalents include short-term, highly liquid investments, which are readily convertible into cash.
Due from/to Brokers—The Company, including the consolidated investment vehicles, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers/custodians.
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows:
•Equity investments at fair value generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities and other seed investments in Company-sponsored vehicles.
•Trading investments generally represent U.S. Treasury securities and investment-grade corporate debt securities.
Realized and unrealized gains and losses on our investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
From time to time, the Company, including the consolidated investment vehicles, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Additionally, from time to time, the Company, including the consolidated investment vehicles, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease and thereafter, are remeasured if there is a change in lease terms. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used its estimated incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. During the nine months ended 2023, the Company incurred costs related to the build-out of its future headquarters which qualified for reimbursement from the landlord. As a result, the Company remeasured its ROU asset and lease liability resulting in a $25.7 million reduction.
The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.
ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in remeasurement of the lease liability and a corresponding adjustment to the ROU asset.
9


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Noncontrolling Interests—Noncontrolling interests consist of nonredeemable and redeemable third-party interests in the Company's consolidated investment vehicles. Noncontrolling interests that are not redeemable at the option of the investors are classified as nonredeemable noncontrolling interests and are included in stockholders’ equity. Noncontrolling interests that are redeemable at the option of the investors are classified as redeemable noncontrolling interests and are not treated as permanent equity. Noncontrolling interests are recorded at fair value which approximates the net asset value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes.
Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in an open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments.
Distribution fees represent payments made to qualified intermediaries for assistance in connection with the distribution of certain open-end funds' shares and for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds.
Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of certain open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period.
10


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(10.2) million and $(10.8) million at September 30, 2023 and December 31, 2022, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations.
Recently Issued Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities with equity securities subject to a contractual sale restriction. This new guidance will be effective on January 1, 2024. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.



11


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Client domicile:
North America$106,273 $122,944 $320,729 $387,572 
Japan8,068 8,824 24,201 27,610 
Europe, Middle East and Africa6,028 4,986 15,569 16,344 
Asia Pacific excluding Japan3,368 3,197 9,950 10,045 
Total$123,737 $139,951 $370,449 $441,571 

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Investment vehicle:
Open-end funds$67,750 $80,500 $204,892 $256,246 
Institutional accounts31,845 32,500 92,640 103,612 
Closed-end funds24,142 26,951 72,917 81,713 
Total$123,737 $139,951 $370,449 $441,571 
4. Investments

The following table summarizes the Company's investments:

(in thousands)September 30,
2023		December 31, 2022
Equity investments at fair value$160,446 $157,646 
Trading96,466 15,289 
Equity method15 20 
Total investments$256,927 $172,955 

The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6, Derivatives):

 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Net realized gains (losses) during the period
$(600)$(653)$(3,691)$10,192 
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(9,456)(5,267)(6,317)(41,118)
Gain (loss) from investments—net (1)
$(10,056)$(5,920)$(10,008)$(30,926)
________________________
(1)Included gain (loss) attributable to noncontrolling interests.


12


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
At September 30, 2023 and December 31, 2022, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (SICAV GLI), the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) and the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF).
The following tables summarize the statements of financial condition attributable to the Company's consolidated VIEs:

September 30, 2023
(in thousands)SICAV GLISICAV GREGRP-CIPREOFTotal
Assets (1)
Investments
$37,323 $74,992 $142 $24,455 $136,912 
Due from brokers
102 569 19 — 690 
Other assets
152 303 — 1 456 
Total assets37,577 75,864 161 24,456 138,058 
Liabilities (1)
Due to brokers
$92 $460 $— $— $552 
Other liabilities and accrued expenses96 159 5 360 620 
Total liabilities188 619 5 360 1,172 
Net assets$37,389 $75,245 $156 $24,096 $136,886 
Attributable to the Company$17,426 $11,089 $156 $18,513 $47,184 
Attributable to noncontrolling interests19,963 64,156 — 5,583 89,702 
Net assets$37,389 $75,245 $156 $24,096 $136,886 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.
December 31, 2022
(in thousands)SICAV GLISICAV GREGRP-CIPREOFTotal
Assets (1)
Investments
$36,296 $79,434 $147 $19,052 $134,929 
Due from brokers
11 — 27 — 38 
Other assets
151 370 — 55 576 
Total assets36,458 79,804 174 19,107 135,543 
Liabilities (1)
Due to brokers
$11 $— $— $— $11 
Other liabilities and accrued expenses91 214 5 354 664 
Total liabilities102 214 5 354 675 
Net assets$36,356 $79,590 $169 $18,753 $134,868 
Attributable to the Company$19,116 $11,495 $169 $14,699 $45,479 
Attributable to noncontrolling interests17,240 68,095 — 4,054 89,389 
Net assets$36,356 $79,590 $169 $18,753 $134,868 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

13


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
5. Fair Value

Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:
•Level 1—Unadjusted quoted prices for identical instruments in active markets.
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.
•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.
The following tables present fair value measurements:
September 30, 2023
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$102,888 $— $— $— $102,888 
Equity investments at fair value:
Common stocks$140,690 $868 $— $— $141,558 
Limited partnership interests— — 15,597 1,411 17,008 
Master limited partnership interests314 — — — 314 
Preferred securities1,187 67 — — 1,254 
Other198 — — 114 312 
Total$142,389 $935 $15,597 $1,525 $160,446 
Trading investments:
Fixed income$— $96,466 $— $— $96,466 
Equity method investments$— $— $— $15 $15 
Total investments$142,389 $97,401 $15,597 $1,540 $256,927 
Derivatives - assets:
Total return swaps$— $2,282 $— $— $2,282 
Forward contracts - foreign exchange— 1,132 — — 1,132 
Total$— $3,414 $— $— $3,414 
Derivatives - liabilities:
Total return swaps$— $396 $— $— $396 
Forward contracts - foreign exchange— 1 — — 1 
Total$— $397 $— $— $397 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
14


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2022
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$208,557 $— $— $— $208,557 
Equity investments at fair value:
Common stocks$142,268 $987 $— $— $143,255 
Limited partnership interests— — 10,759 1,544 12,303 
Master limited partnership interests316 — — — 316 
Preferred securities1,391 49 — — 1,440 
Other200 — — 132 332 
Total$144,175 $1,036 $10,759 $1,676 $157,646 
Trading investments:
Fixed income$— $15,289 $— $— $15,289 
Equity method investments$— $— $— $20 $20 
Total investments$144,175 $16,325 $10,759 $1,696 $172,955 
Derivatives - assets:
Total return swaps$— $276 $— $— $276 
Total$— $276 $— $— $276 
Derivatives - liabilities:
Total return swaps$— $717 $— $— $717 
Forward contracts - foreign exchange— 742 — — 742 
Total$— $1,459 $— $— $1,459 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
Equity investments at fair value classified as Level 2 were comprised of common stocks for which quoted prices in active markets are not available. Fair values for the common stocks classified as Level 2 were generally based on quoted prices for similar instruments in active markets.
Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.
Trading investments classified as Level 2 were comprised of U.S. Treasury securities and corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient as follows:
•Equity investments at fair value included:
◦limited partnership interests in private real estate funds; and
◦the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table).
•Equity method investments included the Company's partnership interests in Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) and Cohen & Steers Global Listed Infrastructure Fund L.P. (LPGI). GRP-TE invests in non-registered real estate funds and LPGI invests in global infrastructure securities. The Company's ownership interest in GRP-TE was approximately 0.2% at September 30, 2023 and December 31, 2022. The Company's ownership interest in LPGI was approximately 0.01% at September 30, 2023 and December 31, 2022.
15


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
At September 30, 2023 and December 31, 2022, the Company did not have the ability to redeem its limited partnership interests in private real estate funds or its interest in GRP-TE. There were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust or LPGI.
Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Balance at beginning of period$13,986 $18,592 $10,759 $— 
Purchases/contributions3,139 — 10,656 19,380 
Sales/distributions— (5,874)(2,975)(5,874)
Unrealized gains (losses)(1,528)(108)(2,843)(896)
Balance at end of period$15,597 $12,610 $15,597 $12,610 
Unrealized gains (losses) and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Valuation Techniques
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.




16


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:
Fair Value as of September 30, 2023
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$15,597 Discounted cash flow Discount rate
Terminal capitalization rate
9.00%
7.50%
Transaction price n/a
Fair Value as of December 31, 2022
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interest
$10,759 Discounted cash flow Discount rate
Terminal capitalization rate
8.75%
7.25%
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:

As of September 30, 2023
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,424 $39,736 $2,282 $396 
Forward contracts - foreign exchange— 16,676 1,132 1 
Total corporate derivatives$2,424 $56,412 $3,414 $397 
As of December 31, 2022
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,340 $33,637 $276 $717 
Forward contracts - foreign exchange— 9,810 — 742 
Total corporate derivatives$2,340 $43,447 $276 $1,459 
________________________
(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives included:
•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Collateral pledged for forward and swap contracts totaled $2.0 million and $2.2 million at September 30, 2023 and December 31, 2022, respectively. Collateral received for swap contracts was $2.1 million at September 30, 2023.
17


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2023202220232022
Corporate derivatives:
Total return swaps$2,222 $3,017 $1,545 $6,205 
Forward contracts - foreign exchange673 839 1,873 1,229 
Total corporate derivatives$2,895 $3,856 $3,418 $7,434 
Derivatives held by consolidated investment vehicles:
Total return swaps— 828 <