10-Q 1 cns-20210930.htm 10-Q cns-20210930
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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, 2021
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. (Check one):
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, $0.01 par value, outstanding as of November 1, 2021 was 48,257,022.



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 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, 2020 (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,
2021
December 31, 2020
Assets:
Cash and cash equivalents$168,472 $41,232 
Investments ($101,046 and $80,743) (1)
138,044 154,978 
Accounts receivable89,142 69,680 
Due from brokers ($779 and $223) (1)
3,251 5,125 
Property and equipment—net9,055 10,341 
Operating lease right-of-use assets—net24,293 31,203 
Goodwill and intangible assets—net19,897 20,495 
Other assets ($665 and $637) (1)
16,439 15,399 
Total assets$468,593 $348,453 
Liabilities:
Accrued compensation and benefits$64,228 $56,384 
Distribution and service fees payable11,271 7,748 
Operating lease liabilities27,110 34,926 
Income tax payable21,065 12,672 
Due to brokers ($1,604 and $128) (1)
2,654 501 
Other liabilities and accrued expenses ($227 and $326) (1)
11,692 11,318 
Total liabilities138,020 123,549 
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interests66,032 50,665 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,238,309 and 53,462,621 shares issued at September 30, 2021 and December 31, 2020, respectively
542 535 
Additional paid-in capital703,790 670,142 
Accumulated deficit(211,676)(291,542)
Accumulated other comprehensive loss(5,986)(4,134)
Treasury stock, at cost, 5,984,959 and 5,674,510 shares at September 30, 2021 and December 31, 2020, respectively
(222,129)(200,762)
Total stockholders' equity264,541 174,239 
Total liabilities, redeemable noncontrolling interests and stockholders' equity$468,593 $348,453 
_________________________
(1)    Asset and liability amounts in parentheses represent the aggregated balances at September 30, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 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,
 2021202020212020
Revenue:
Investment advisory and administration fees$143,638 $103,160 $394,907 $287,097 
Distribution and service fees9,900 7,572 27,371 22,285 
Other649 427 1,925 1,694 
Total revenue154,187 111,159 424,203 311,076 
Expenses:
Employee compensation and benefits53,092 41,060 152,095 113,997 
Distribution and service fees19,906 14,642 55,260 41,264 
General and administrative11,981 11,006 33,821 45,320 
Depreciation and amortization977 1,144 3,161 3,524 
Total expenses85,956 67,852 244,337 204,105 
Operating income (loss)68,231 43,307 179,866 106,971 
Non-operating income (loss):
Interest and dividend income—net719 694 2,172 2,736 
Gain (loss) from investments—net(418)3,279 11,919 (11,431)
Foreign currency gain (loss)—net945 (742)644 36 
Total non-operating income (loss)1,246 3,231 14,735 (8,659)
Income before provision for income taxes69,477 46,538 194,601 98,312 
Provision for income taxes18,090 12,532 38,378 24,076 
Net income51,387 34,006 156,223 74,236 
Net (income) loss attributable to redeemable noncontrolling interests96 (2,102)(9,309)6,760 
Net income attributable to common stockholders$51,483 $31,904 $146,914 $80,996 
Earnings per share attributable to common stockholders:
Basic$1.06 $0.67 $3.04 $1.70 
Diluted$1.05 $0.66 $3.00 $1.67 
Dividends declared per share$0.45 $0.39 $1.35 $1.17 
Weighted average shares outstanding:
Basic48,386 47,855 48,273 47,778 
Diluted49,262 48,681 48,976 48,588 
















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,
2021202020212020
Net income$51,387 $34,006 $156,223 $74,236 
Net (income) loss attributable to redeemable noncontrolling interests96 (2,102)(9,309)6,760 
Net income attributable to common stockholders51,483 31,904 146,914 80,996 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(1,456)1,357 (1,852)261 
Total comprehensive income attributable to common stockholders$50,027 $33,261 $145,062 $81,257 





























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, 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— 9,702 — — — 9,702 — 
Forfeitures of restricted stock units— (219)— — — (219)— 
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 
Three Months Ended September 30, 2020
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
July 1, 2020$535 $652,579 $(231,409)$(7,422)$(200,740)$213,543 $43,073 
Dividends ($0.39 per share)
— — (19,138)— — (19,138)— 
Issuance of common stock 225 — — — 225 — 
Repurchase of common stock— — — — (22)(22)— 
Issuance of restricted stock units—net— 652 — — — 652 — 
Amortization of restricted stock units— 7,247 — — — 7,247 — 
Forfeitures of restricted stock units— (14)— — — (14)— 
Net income (loss)— — 31,904 — — 31,904 2,102 
Other comprehensive income (loss)— — — 1,357 — 1,357 — 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 245 
September 30, 2020$535 $660,689 $(218,643)$(6,065)$(200,762)$235,754 $45,420 

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, 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— 29,319 — — — 29,319 — 
Forfeitures of restricted stock units— (426)— — — (426)— 
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 
Nine Months Ended September 30, 2020
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
January 1, 2020$527 $636,788 $(242,461)$(6,326)$(174,825)$213,703 $53,412 
Dividends ($1.17 per share)
— — (57,178)— — (57,178)— 
Issuance of common stock8 827 — — — 835 — 
Repurchase of common stock— — — — (25,937)(25,937)— 
Issuance of restricted stock units—net— 1,721 — — — 1,721 — 
Amortization of restricted stock units— 21,398 — — — 21,398 — 
Forfeitures of restricted stock units— (45)— — — (45)— 
Net income (loss)— — 80,996 — — 80,996 (6,760)
Other comprehensive income (loss)— — — 261 — 261 — 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — (1,232)
September 30, 2020$535 $660,689 $(218,643)$(6,065)$(200,762)$235,754 $45,420 
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,
 20212020
Cash flows from operating activities:
Net income$156,223 $74,236 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net30,993 22,002 
Depreciation and amortization12,046 9,430 
(Gain) loss from investments—net(11,919)11,431 
Deferred income taxes1,813 43 
Foreign currency (gain) loss2,445 (559)
Changes in operating assets and liabilities:
Accounts receivable(21,907)(7,434)
Due from brokers1,970 (700)
Deferred commissions(1,120)(1,075)
Investments within consolidated Company-sponsored funds(9,784)545 
Other assets(197)(1,194)
Accrued compensation and benefits7,844 (12,296)
Distribution and service fees payable 3,523 (596)
Operating lease liabilities(8,621)(5,680)
Due to brokers2,056 (73)
Income tax payable8,447 1,246 
Other liabilities and accrued expenses(2,846)(2,138)
Net cash provided by (used in) operating activities170,966 87,188 
Cash flows from investing activities:
Purchases of investments(44,399)(58,679)
Proceeds from sales and maturities of investments83,547 51,059 
Purchases of property and equipment(1,880)(1,962)
Net cash provided by (used in) investing activities37,268 (9,582)
Cash flows from financing activities:
Issuance of common stock—net856 710 
Repurchase of common stock(21,367)(25,937)
Dividends to stockholders(65,224)(55,971)
Distributions to redeemable noncontrolling interests(5,528)(5,774)
Contributions from redeemable noncontrolling interests11,586 4,542 
Net cash provided by (used in) financing activities(79,677)(82,430)
Net increase (decrease) in cash and cash equivalents128,557 (4,824)
Effect of foreign exchange rate changes on cash and cash equivalents(1,317)(223)
Cash and cash equivalents, beginning of the period41,232 101,352 
Cash and cash equivalents, end of the period$168,472 $96,305 

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:
During the nine months ended September 30, 2021, the Company paid taxes of approximately $28.1 million. During the nine months ended September 30, 2020, the Company paid taxes of approximately $25.4 million and received tax refunds of approximately $2.7 million.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company recorded restricted stock unit dividend equivalents, net of forfeitures, in the amount of approximately $1.8 million and $1.2 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts are included in the issuance of restricted stock units and dividends in the condensed consolidated statements of changes in stockholders' equity.
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 Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Ireland Limited (CSIL) (collectively, the Company).
The Company is a leading 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, 2020.
Recently Adopted Accounting Pronouncements—In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.
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.
Reclassifications—The Company reclassified certain prior period amounts to conform with the current period presentation, primarily related to accrued employee benefits which were reclassified from other liabilities and accrued expenses to accrued compensation and benefits on the Company's condensed consolidated statements of financial condition and cash flows.
Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees 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. In performing this analysis, all of the Company's management fees are commensurate and at market and are therefore not considered variable interests.
A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) 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 (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) 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
8



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 in Company-sponsored funds 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 fund.
The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%.
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 Company-sponsored funds, 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 balance represents cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.
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, which generally represent listed equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence.
Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purpose of establishing performance track records.
Held-to-maturity investments generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at September 30, 2021.
Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. 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 Company-sponsored funds, 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 Company-sponsored funds, 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
9



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 and these leases 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 an 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.
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.
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. 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, Company-sponsored 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 Company-sponsored 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 the Company's sponsored open-end funds distributed by CSS and represents variable consideration as it is based on assets under management which fluctuate daily. 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 a Company-sponsored 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).
10



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) 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 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 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 the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average 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.
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. The cumulative translation adjustment was $(6.0) million and $(4.1) million at September 30, 2021 and December 31, 2020, 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 within non-operating income (loss) in the Company’s 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).
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)2021202020212020
Client domicile:
North America$134,243 $91,298 $368,685 $263,712 
Japan9,960 8,011 28,021 23,913 
Europe, Middle East and Africa6,593 8,837 17,869 14,830 
Asia Pacific excluding Japan3,391 3,013 9,628 8,621 
Total$154,187 $111,159 $424,203 $311,076 

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2021202020212020
Investment vehicle:
Open-end funds (1)
$88,026 $59,603 $237,082 $170,027 
Institutional accounts38,039 32,880 106,407 85,239 
Closed-end funds28,122 18,676 80,714 55,810 
Total$154,187 $111,159 $424,203 $311,076 
________________________
(1)    Included distribution and service fees and other revenue for the periods presented.

4. Investments

The following table summarizes the Company's investments -
(in thousands)September 30,
2021
December 31,
2020
Equity investments at fair value$108,850 $94,089 
Trading29,179 18,700 
Held-to-maturity carried at amortized cost (1)
 41,648 
Equity method15 541 
Total investments
$138,044 $154,978 
_________________________
(1)    At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of approximately $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value.

12



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2021202020212020
Net realized gains (losses) during the period
$2,274 $(177)$6,730 $(5,598)
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(2,692)3,456 5,189 (5,833)
Gain (loss) from investments—net (1)
$(418)$3,279 $11,919 $(11,431)
________________________
(1)    Included gain (loss) attributable to redeemable noncontrolling interests.
At September 30, 2021 and December 31, 2020, 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 SICAV Diversified Real Assets Fund (SICAV RAP) and the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP).
The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs:
September 30, 2021
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPTotal
Assets (1)
Investments
$7,697 $50,497 $42,607 $245 $101,046 
Due from brokers
4 303 405 67 779 
Other assets
32 183 450  665 
Total assets$7,733 $50,983 $43,462 $312 $102,490 
Liabilities (1)
Due to brokers
$25 $303 $1,276 $ $1,604 
Other liabilities and accrued expenses
29 102 91 5 227 
Total liabilities$54 $405 $1,367 $5 $1,831 
December 31, 2020
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPTotal
Assets (1)
Investments
$7,140 $39,672 $33,654 $277 $80,743 
Due from brokers
69 45 52 57 223 
Other assets
44 359 234  637 
Total assets$7,253 $40,076 $33,940 $334 $81,603 
Liabilities (1)
Due to brokers
$27 $40 $61 $ $128 
Other liabilities and accrued expenses
29 211 81 5 326 
Total liabilities$56 $251 $142 $5 $454 
_________________________
(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, 2021
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$147,333 $— $— $— $147,333 
Equity investments at fair value:
Common stocks$106,113 $115 $— $ $106,228 
Company-sponsored funds96  —  96 
Limited partnership interests967  — 245 1,212 
Preferred securities1,176 5 —  1,181 
Other  — 133 133 
Total$108,352 $120 $— $378 $