10-Q 1 cns-20220331.htm 10-Q cns-20220331
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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 March 31, 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 April 29, 2022 was 48,686,336.




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, 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)
March 31,
2022
December 31, 2021
Assets:
Cash and cash equivalents$84,817 $184,373 
Investments ($227,888 and $127,912) (1)
284,503 154,654 
Accounts receivable89,423 84,090 
Due from brokers ($59,897 and $1,340) (1)
63,101 3,567 
Property and equipment—net8,618 8,938 
Operating lease right-of-use assets—net19,473 22,009 
Goodwill and intangible assets—net19,469 19,696 
Other assets ($479 and $1,589) (1)
13,806 15,360 
Total assets$583,210 $492,687 
Liabilities:
Accrued compensation and benefits$24,750 $79,167 
Distribution and service fees payable9,923 10,183 
Operating lease liabilities21,687 24,525 
Income tax payable27,207 22,611 
Due to brokers ($45,686 and $926) (1)
45,819 927 
Other liabilities and accrued expenses ($1,286 and $689) (1)
13,803 10,948 
Total liabilities143,189 148,361 
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interests184,656 89,143 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,993,067 and 54,267,309 shares issued at March 31, 2022 and December 31, 2021, respectively
550 543 
Additional paid-in capital728,644 715,847 
Accumulated deficit(217,453)(231,967)
Accumulated other comprehensive loss(7,437)(5,886)
Treasury stock, at cost, 6,310,559 and 5,997,239 shares at March 31, 2022 and December 31, 2021, respectively
(248,939)(223,354)
Total stockholders' equity255,365 255,183 
Total liabilities, redeemable noncontrolling interests and stockholders' equity$583,210 $492,687 
_________________________
(1)    Asset and liability amounts in parentheses represent the aggregated balances at March 31, 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
March 31,
 20222021
Revenue:
Investment advisory and administration fees$143,669 $116,921 
Distribution and service fees9,869 8,272 
Other651 554 
Total revenue154,189 125,747 
Expenses:
Employee compensation and benefits54,743 45,762 
Distribution and service fees33,951 16,506 
General and administrative13,510 10,374 
Depreciation and amortization994 1,167 
Total expenses103,198 73,809 
Operating income50,991 51,938 
Non-operating income (loss):
Interest and dividend income—net897 616 
Gain (loss) from investments—net3,567 4,559 
Foreign currency gain (loss)—net646 (222)
Total non-operating income (loss)5,110 4,953 
Income before provision for income taxes56,101 56,891 
Provision for income taxes9,260 4,461 
Net income46,841 52,430 
Net (income) loss attributable to redeemable noncontrolling interests(4,823)(3,578)
Net income attributable to common stockholders$42,018 $48,852 
Earnings per share attributable to common stockholders:
Basic$0.86 $1.01 
Diluted$0.85 $1.00 
Weighted average shares outstanding:
Basic48,673 48,145 
Diluted49,337 48,709 









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
March 31,
20222021
Net income$46,841 $52,430 
Net (income) loss attributable to redeemable noncontrolling interests(4,823)(3,578)
Net income attributable to common stockholders42,018 48,852 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(1,551)(595)
Total comprehensive income attributable to common stockholders$40,467 $48,257 





























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 March 31, 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 ($0.55 per share)
— — (27,504)— — (27,504)— 
Issuance of common stock7 435 — — — 442 — 
Repurchase of common stock— — — — (25,585)(25,585)— 
Issuance of restricted stock units—net— 1,250 — — — 1,250 — 
Amortization of restricted stock units—net— 11,112 — — — 11,112 — 
Net income (loss)— — 42,018 — — 42,018 4,823 
Other comprehensive income (loss)— — — (1,551)— (1,551)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 90,690 
March 31, 2022$550 $728,644 $(217,453)$(7,437)$(248,939)$255,365 $184,656 
Three Months Ended March 31, 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 ($0.45 per share)
— (22,344)— — (22,344)— 
Issuance of common stock7 423 — — — 430 — 
Repurchase of common stock— — — — (21,256)(21,256)— 
Issuance of restricted stock units—net— 793 — — — 793 — 
Amortization of restricted stock units—net— 9,108 — — — 9,108 — 
Net income (loss)— — 48,852 — — 48,852 3,578 
Other comprehensive income (loss)— — — (595)— (595)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 8,122 
March 31, 2021$542 $680,466 $(265,034)$(4,729)$(222,018)$189,227 $62,365 

See notes to condensed consolidated financial statements
4


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
 Three Months Ended
March 31,
 20222021
Cash flows from operating activities:
Net income$46,841 $52,430 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net11,757 9,348 
Depreciation and amortization1,368 1,531 
Amortization of right-of-use assets2,682 2,557 
(Gain) loss from investments—net(3,567)(4,559)
Deferred income taxes3,486 4,919 
Foreign currency (gain) loss974 1,059 
Changes in operating assets and liabilities:
Accounts receivable(6,307)(3,336)
Due from brokers(59,429)(956)
Deferred commissions(180)(358)
Investments within consolidated Company-sponsored funds(100,755)(8,695)
Other assets4,204 (2,978)
Accrued compensation and benefits(54,417)(35,492)
Distribution and service fees payable (260)850 
Operating lease liabilities(2,984)(2,858)
Due to brokers44,760 (367)
Income tax payable4,523 (1,684)
Other liabilities and accrued expenses855 (2,498)
Net cash provided by (used in) operating activities(106,449)8,913 
Cash flows from investing activities:
Purchases of investments(36,478)(17,417)
Proceeds from sales and maturities of investments6,787 57,048 
Purchases of property and equipment(681)(431)
Net cash provided by (used in) investing activities(30,372)39,200 
Cash flows from financing activities:
Issuance of common stock—net375 365 
Repurchase of common stock(25,585)(21,256)
Dividends to stockholders(26,832)(21,726)
Net contributions (distributions) from redeemable noncontrolling interests90,690 8,122 
Net cash provided by (used in) financing activities38,648 (34,495)
Net increase (decrease) in cash and cash equivalents(98,173)13,618 
Effect of foreign exchange rate changes on cash and cash equivalents(1,383)(133)
Cash and cash equivalents, beginning of the period184,373 41,232 
Cash and cash equivalents, end of the period$84,817 $54,717 

See notes to condensed consolidated financial statements
5


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
During the three months ended March 31, 2022 and 2021, the Company paid taxes of $1.3 million and $1.2 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 approximately $0.7 million and $0.6 million for the three months ended March 31, 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.
6


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.
Reclassifications—The Company reclassified certain prior period amounts in the Company's condensed consolidated statements of cash flows for the three months ended March 31, 2021 to conform with the current period presentation. Accrued employee benefits were reclassified from other liabilities and accrued expenses to accrued compensation and benefits.
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.
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 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.
7



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 balances represent 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 are comprised of corporate investments and investments held within the consolidated Company-sponsored funds, which generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities and other seed investments (see Note 5, Fair Value).
Trading investments are comprised of corporate investments and investments held within the consolidated Company-sponsored funds, which generally represent U.S. Treasury securities and debt securities.
Equity method investments, which generally represent seed investments in Company-sponsored funds for which 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 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 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
8



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 assets.
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. 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). 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 the Company's sponsored 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.
9



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 the Company's sponsored 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.
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 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 $(7.4) million and $(5.9) million at March 31, 2022 and December 31, 2021, 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.
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—During the preparation of the condensed consolidated financial statements, the Company evaluated all newly issued accounting guidance and concluded none of the new guidance is applicable to the Company's financial position or results of operations as of March 31, 2022.

10



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
March 31,
(in thousands)20222021
Client domicile:
North America$135,200 $110,316 
Japan9,523 8,532 
Europe, Middle East and Africa5,953 3,981 
Asia Pacific excluding Japan3,513 2,918 
Total$154,189 $125,747 
Three Months Ended
March 31,
(in thousands)20222021
Investment vehicle:
Open-end funds (1)
$90,185 $69,429 
Institutional accounts36,683 30,987 
Closed-end funds27,321 25,331 
Total$154,189 $125,747 
________________________
(1)    Included distribution and service fees and other revenue.

4. Investments

The following table summarizes the Company's investments:
(in thousands)March 31,
2022
December 31, 2021
Equity investments at fair value$217,821 $130,930 
Trading66,671 23,711 
Equity method11 13 
Total investments
$284,503 $154,654 
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
March 31,
(in thousands)20222021
Net realized gains (losses) during the period$8,181 $1,889 
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(4,614)2,670 
Gain (loss) from investments—net (1)
$3,567 $4,559 
________________________
(1)    Included gain (loss) attributable to redeemable noncontrolling interests.
At March 31, 2022 and December 31, 2021, 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
11



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), 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 condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs:
March 31, 2022
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPREOFTotal
Assets (1)
Investments
$24,517 $84,219 $100,133 $161 $18,858 $227,888 
Due from brokers
49 52,240 7,573 35  59,897 
Other assets
38 177 264   479 
Total assets$24,604 $136,636 $107,970 $196 $18,858 $288,264 
Liabilities (1)
Due to brokers
$ $37,750 $7,936 $ $ $45,686 
Other liabilities and accrued expenses38 105 716 5 422 1,286 
Total liabilities$38 $37,855 $8,652 $5 $422 $46,972 
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 assets$8,308 $58,675 $60,319 $297 $3,242 $130,841 
Liabilities (1)
Due to brokers
$ $347 $579 $ $ $926 
Other liabilities and accrued expenses35 126 108 5 415 689 
Total liabilities$35 $473 $687 $5 $415 $1,615 
_________________________
(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.

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.
12



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following tables present fair value measurements:
March 31, 2022
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$36,380 $— $— $— $36,380 
Equity investments at fair value:
Common stocks$195,661 $482 $— $ $196,143 
Limited partnership interests — 17,753 1,253 19,006 
Master limited partnership interests1,126 — — — 1,126 
Preferred securities1,211 — — — 1,211 
Other209 — — 126 335 
Total$198,207 $482 $17,753 $1,379 $217,821 
Trading investments:
Fixed income$ $66,671 $— $ $66,671 
Equity method investments$ $ $— $11 $11 
Total investments$198,207 $67,153 $17,753 $1,390 $284,503 
Derivatives - assets:
Total return swaps - commodities$ $38 $— $— $38 
Forward contracts - foreign exchange— 1,064 — — 1,064 
Total$ $1,102 $— $— $1,102 
Derivatives - liabilities:
Total return swaps - commodities (2)
$— $762 $— $— $762 
Total return swaps - equities— 1,141 — — 1,141 
Forward contracts - foreign exchange 49 — — 49 
Total$ $1,952 $— $— $1,952 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
(2)    Included total return swaps - commodities held by consolidated Company-sponsored funds.
13



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2021
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$104,591 $— $— $— $104,591 
Equity investments at fair value:
Common stocks$126,301 $116 $— $— $126,417 
Limited partnership interests — — 1,816 1,816 
Master limited partnership interests986 — — — 986 
Preferred securities1,465  — — 1,465 
Other103 — — 143 246 
Total$128,855 $116 $— $1,959 $130,930 
Trading investments:
Fixed income$— $23,711 $— $ $23,711 
Equity method investments$— $ $— $13 $13 
Total investments$128,855 $23,827 $— $1,972 $154,654 
Derivatives - assets:
Total return swaps - commodities (2)
$ $481 $— $— $481 
Forward contracts - foreign exchange— 209 — — 209 
Total$ $690 $— $— $690 
Derivatives - liabilities:
Total return swaps - commodities$— $17 $— $— $17 
Total return swaps - equities— 867 — — 867 
Forward contracts - foreign exchange— 3 — — 3 
Total$ $887 $— $— $887 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
(2)    Included total return swaps - commodities held by consolidated Company-sponsored funds.
Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.
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 as of March 31, 2022 were comprised of a limited partnership interest in a joint venture that holds an investment in private real estate. As of March 31, 2022, it was determined that cost approximates fair value.
Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts 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.




14



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 held by the Company's consolidated 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 interest in Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) which invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% .
At March 31, 2022 and December 31, 2021, the Company did not have the ability to redeem its limited partnership interests in private real estate funds held by the Company's consolidated 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.
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.
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:
(in thousands)March 31,
2022
Balance at beginning of period$ 
Purchases/contributions17,753 
Balance at end of period$17,753 
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 Company-sponsored 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 valuation process also includes a review and approval by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

15



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 March 31, 2022
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps - commodities$2,929 $4,208 $38 $142 
Total return swaps - equities 22,400  1,141 
Forward contracts - foreign exchange 20,061 1,064 49 
Total corporate derivatives$2,929 $46,669 $1,102 $1,332 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities17,306   620 
Total$20,235 $46,669 $1,102 $1,952 
As of December 31, 2021
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps - commodities$2,549 $3,810 $94 $17 
Total return swaps - equities  22,899  867 
Forward contracts - foreign exchange 11,969 209 3 
Total corporate derivatives$2,549 $38,678 $303 $887 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities10,931  387  
Total$13,480 $38,678 $690 $887 
________________________
(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 include:
Total return equity and commodity swap contracts which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure in the commodities market 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.
Non-corporate derivatives are comprised of commodity swap contracts that are utilized by certain of the consolidated Company-sponsored funds to gain exposure in the commodities market as part of the funds' investment strategies.
For corporate derivatives, cash included in due from brokers on the condensed consolidated statements of financial condition of $3.1 million and $2.2 million at March 31, 2022 and December 31, 2021, respectively, and U.S. Treasury securities included in investments of $0.2 million at both March 31, 2022 and December 31, 2021, respectively, were held as collateral for forward and swap contracts.
For non-corporate derivatives, due from brokers included $0.7 million of cash collateral due from trade counterparties at March 31, 2022. At December 31, 2021, due to brokers included $0.5 million of cash collateral payable to trade counterparties.
16



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
March 31,
(in thousands)20222021
Corporate derivatives:
Futures - commodities$ $705 
Total return swaps - commodities(307)(658)
Total return swaps - equities 226 (1,068)
Forward contracts - foreign exchange 810 1,134 
Total corporate derivatives$729 $113 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities