10-Q 1 cns-20220930.htm 10-Q cns-20220930
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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, 2022
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 filerAccelerated filer
Non-accelerated filerSmaller 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, 2022 was 48,706,340.



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, 2021 (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,
2022
December 31, 2021
Assets:
Cash and cash equivalents$161,957 $184,373 
Investments ($122,308 and $127,912) (1)
201,712 154,654 
Accounts receivable78,844 84,090 
Due from brokers ($1,272 and $1,340) (1)
2,930 3,567 
Property and equipment—net8,621 8,938 
Operating lease right-of-use assets—net14,016 22,009 
Goodwill and intangible assets—net18,240 19,696 
Other assets ($406 and $1,589) (1)
20,012 15,360 
Total assets$506,332 $492,687 
Liabilities:
Accrued compensation and benefits$62,371 $79,167 
Distribution and service fees payable9,724 10,183 
Operating lease liabilities15,623 24,525 
Income tax payable7,497 22,611 
Due to brokers ($1,315 and $926) (1)
4,460 927 
Other liabilities and accrued expenses ($748 and $689) (1)
13,497 10,948 
Total liabilities113,172 148,361 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests77,530 89,143 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 55,018,253 and 54,267,309 shares issued at September 30, 2022 and December 31, 2021, respectively
550 543 
Additional paid-in capital755,487 715,847 
Accumulated deficit(176,235)(231,967)
Accumulated other comprehensive loss(14,947)(5,886)
Treasury stock, at cost, 6,314,661 and 5,997,239 shares at September 30, 2022 and December 31, 2021, respectively
(249,225)(223,354)
Total stockholders' equity315,630 255,183 
Total liabilities, redeemable noncontrolling interests and stockholders' equity$506,332 $492,687 
_________________________
(1)    Asset and liability amounts in parentheses represent the aggregated balances at September 30, 2022 and December 31, 2021 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,
 2022202120222021
Revenue:
Investment advisory and administration fees$130,885 $143,638 $412,209 $394,907 
Distribution and service fees8,557 9,900 27,431 27,371 
Other509 649 1,931 1,925 
Total revenue139,951 154,187 441,571 424,203 
Expenses:
Employee compensation and benefits51,669 53,092 160,269 152,095 
Distribution and service fees16,418 19,906 68,605 55,260 
General and administrative13,548 11,981 40,296 33,821 
Depreciation and amortization1,135 977 3,235 3,161 
Total expenses82,770 85,956 272,405 244,337 
Operating income57,181 68,231 169,166 179,866 
Non-operating income (loss):
Interest and dividend income—net1,541 719 4,326 2,172 
Gain (loss) from investments—net(5,920)(418)(30,926)11,919 
Foreign currency gain (loss)—net2,405 945 4,734 644 
Total non-operating income (loss)(1,974)1,246 (21,866)14,735 
Income before provision for income taxes55,207 69,477 147,300 194,601 
Provision for income taxes15,593 18,090 34,696 38,378 
Net income39,614 51,387 112,604 156,223 
Net (income) loss attributable to redeemable noncontrolling interests4,956 96 25,940 (9,309)
Net income attributable to common stockholders$44,570 $51,483 $138,544 $146,914 
Earnings per share attributable to common stockholders:
Basic$0.91 $1.06 $2.84 $3.04 
Diluted$0.90 $1.05 $2.81 $3.00 
Weighted average shares outstanding:
Basic48,815 48,386 48,765 48,273 
Diluted49,317 49,262 49,287 48,976 
















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,
2022202120222021
Net income$39,614 $51,387 $112,604 $156,223 
Net (income) loss attributable to redeemable noncontrolling interests4,956 96 25,940 (9,309)
Net income attributable to common stockholders44,570 51,483 138,544 146,914 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(3,896)(1,456)(9,061)(1,852)
Total comprehensive income attributable to common stockholders$40,674 $50,027 $129,483 $145,062 





























See notes to condensed consolidated financial statements
3


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND
REDEEMABLE NONCONTROLLING INTERESTS (Unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2022
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
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 redeemable noncontrolling interests— — — — — — 16,785 
Net consolidation (deconsolidation) of investment vehicles— — — — — — (120,297)
September 30, 2022
$550 $755,487 $(176,235)$(14,947)$(249,225)$315,630 $77,530 
Three Months Ended September 30, 2021
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
July 1, 2021$542 $692,719 $(240,744)$(4,530)$(222,099)$225,888 $66,081 
Dividends ($0.45 per share)
— — (22,415)— — (22,415)— 
Issuance of common stock 267 — — — 267 — 
Repurchase of common stock— — — — (30)(30)— 
Issuance of restricted stock units—net— 1,321 — — — 1,321 — 
Amortization of restricted stock units—net— 9,483 — — — 9,483 — 
Net income (loss)— — 51,483 — 51,483 (96)
Other comprehensive income (loss)— — — (1,456)— (1,456)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 47 
September 30, 2021
$542 $703,790 $(211,676)$(5,986)$(222,129)$264,541 $66,032 

See notes to condensed consolidated financial statements
4


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND
REDEEMABLE NONCONTROLLING INTERESTS (Unaudited)—(Continued)
(in thousands, except per share data)
Nine Months Ended September 30, 2022
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
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 redeemable noncontrolling interests— — — — — — 134,624 
Net consolidation (deconsolidation) of investment vehicles— — — — — — (120,297)
September 30, 2022
$550 $755,487 $(176,235)$(14,947)$(249,225)$315,630 $77,530 
Nine Months Ended September 30, 2021
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
January 1, 2021$535 $670,142 $(291,542)$(4,134)$(200,762)$174,239 $50,665 
Dividends ($1.35 per share)
— — (67,048)— — (67,048)— 
Issuance of common stock7 1,001 — — — 1,008 — 
Repurchase of common stock— — — — (21,367)(21,367)— 
Issuance of restricted stock units—net— 3,754 — — — 3,754 — 
Amortization of restricted stock units—net— 28,893 — — — 28,893 — 
Net income (loss)— — 146,914 — — 146,914 9,309 
Other comprehensive income (loss)— — — (1,852)— (1,852)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 6,058 
September 30, 2021
$542 $703,790 $(211,676)$(5,986)$(222,129)$264,541 $66,032 
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,
 20222021
Cash flows from operating activities:
Net income$112,604 $156,223 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net36,462 30,993 
Depreciation and amortization4,145 4,331 
Amortization of right-of-use assets8,139 7,715 
(Gain) loss from investments—net30,926 (11,919)
Deferred income taxes(1,445)1,813 
Foreign currency (gain) loss2,774 2,445 
Changes in operating assets and liabilities:
Accounts receivable2,472 (21,907)
Due from brokers(2,446)1,970 
Investments within consolidated investment vehicles(162,936)(9,784)
Other assets3,892 (1,317)
Accrued compensation and benefits(16,796)7,844 
Distribution and service fees payable (459)3,523 
Operating lease liabilities(9,048)(8,621)
Due to brokers7,441 2,056 
Income tax payable(14,797)8,447 
Other liabilities and accrued expenses2,719 (2,846)
Net cash provided by (used in) operating activities3,647 170,966 
Cash flows from investing activities:
Purchases of investments(132,491)(44,399)
Proceeds from sales and maturities of investments90,530 83,547 
Purchases of property and equipment(2,948)(1,880)
Net cash provided by (used in) investing activities(44,909)37,268 
Cash flows from financing activities:
Issuance of common stock—net881 856 
Repurchase of common stock(25,871)(21,367)
Dividends to stockholders(80,508)(65,224)
Net contributions (distributions) from redeemable noncontrolling interests134,624 6,058 
Net cash provided by (used in) financing activities29,126 (79,677)
Net increase (decrease) in cash and cash equivalents(12,136)128,557 
Effect of foreign exchange rate changes on cash and cash equivalents(7,979)(1,317)
Cash and cash equivalents, beginning of the period185,356 41,232 
Cash and cash equivalents, end of the period$165,241 $168,472 

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)20222021
Cash and cash equivalents
$161,957 $168,472 
Cash included in investments (1)
3,284  
Total cash and cash equivalents within condensed consolidated statements of cash flows
$165,241 $168,472 
________________________
(1)    Cash included in investments represents operating cash held in a consolidated investment vehicle.
During the nine months ended September 30, 2022 and 2021, the Company paid taxes of $50.9 million and $28.1 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 $2.3 million and $1.8 million for the nine months ended September 30, 2022 and 2021, 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) and Cohen & Steers Japan Limited (CSJL) (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 and Tokyo.

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, 2021.
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 are on deposit with several highly rated financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
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 are comprised of corporate investments and investments held within the consolidated investment vehicles, which generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities and other seed investments.
Trading investments are comprised of corporate investments and investments held within the consolidated investment vehicles, which generally represent U.S. Treasury securities and investment-grade corporate debt securities.
Equity method investments, which generally represent seed investments in investment vehicles for which the Company is able to exercise significant influence but not control over the investment. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method 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. 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. 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.
9



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 assets.
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated investment vehicles. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption 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
10



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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.
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.
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. 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.
The cumulative translation adjustment was $(14.9) million and $(5.9) million at September 30, 2022 and December 31, 2021, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition.
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).
Recently Issued Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-03, 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)2022202120222021
Client domicile:
North America$122,944 $134,243 $387,572 $368,685 
Japan8,824 9,960 27,610 28,021 
Europe, Middle East and Africa4,986 6,593 16,344 17,869 
Asia Pacific excluding Japan3,197 3,391 10,045 9,628 
Total$139,951 $154,187 $441,571 $424,203 

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2022202120222021
Investment vehicle:
Open-end funds$80,500 $88,026 $256,246 $237,082 
Institutional accounts32,500 38,039 103,612 106,407 
Closed-end funds26,951 28,122 81,713 80,714 
Total$139,951 $154,187 $441,571 $424,203 

4. Investments

The following table summarizes the Company's investments:
(in thousands)September 30, 2022December 31, 2021
Equity investments at fair value$143,963 $130,930 
Trading57,729 23,711 
Equity method20 13 
Total investments$201,712 $154,654 

The following table summarizes gain (loss) from investments—net:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2022202120222021
Net realized gains (losses) during the period
$(653)$2,274 $10,192 $6,730 
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(5,267)(2,692)(41,118)5,189 
Gain (loss) from investments—net (1)
$(5,920)$(418)$(30,926)$11,919 
________________________
(1)Included gain (loss) on derivative contracts, which are utilized to hedge a portion of the market risk of the Company's seed investments.
At September 30, 2022, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), 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). During the nine months ended September 30, 2022, SICAV RAP was deconsolidated. At December 31, 2021, the Company's consolidated VIEs included GLI SICAV, SICAV GRE, SICAV RAP, GRP-CIP and REOF.
12



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs:
(in thousands)September 30, 2022
GLI SICAVSICAV GREGRP-CIPREOFTotal
Assets (1)
Investments
$31,891 $69,631 $150 $20,636 $122,308 
Due from brokers
523 717 32  1,272 
Other assets
95 260  51 406 
Total assets32,509 70,608 182 20,687 123,986 
Liabilities (1)
Due to brokers
$835 $480 $ $ $1,315 
Other liabilities and accrued
expenses
58 170 5 515 748 
Total liabilities893 650 5 515 2,063 
Net assets$31,616 $69,958 $177 $20,172 $121,923 
Attributable to the Company$17,576 $10,832 $177 $15,808 $44,393 
Attributable to redeemable non-controlling interests14,040 59,126  4,364 77,530 
Net assets$31,616 $69,958 $177 $20,172 $121,923 
_________________________
(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, 2021
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPREOFTotal
Assets (1)
Investments
$8,266 $57,354 $59,493 $150 $2,649 $127,912 
Due from brokers
 1,107 86 147  1,340 
Other assets
42 214 740  593 1,589 
Total assets8,308 58,675 60,319 297 3,242 130,841 
Liabilities (1)
Due to brokers
$ $347 $579 $ $ $926 
Other liabilities and accrued
expenses
35 126 108 5 415 689 
Total liabilities35 473 687 5 415 1,615 
Net assets$8,273 $58,202 $59,632 $292 $2,827 $129,226 
Attributable to the Company$8,261 $15,355 $13,348 $292 $