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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 June 30, 2024
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.)
1166 Avenue of the Americas, New York, NY 10036
(Address of Principal Executive Offices and Zip Code)
(212) 832-3232
(Registrant's Telephone Number, Including Area Code)
  ________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCNSNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of July 31, 2024 was 50,551,178.


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 (the Exchange Act), 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, 2023 (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)

June 30,
2024		December 31,
2023
Assets:
Cash and cash equivalents$122,013 $187,442 
Investments ($175,734 and $159,931) (1)
371,345 258,970 
Accounts receivable65,267 68,889 
Due from brokers ($479 and $13) (1)
3,657 4,677 
Property and equipment—net70,326 66,336 
Operating lease right-of-use assets—net101,624 103,302 
Goodwill and intangible assets—net19,091 19,395 
Other assets ($509 and $644) (1)
30,729 27,543 
Total assets$784,052 $736,554 
Liabilities:
Accrued compensation and benefits$32,967 $66,382 
Distribution and service fees payable9,051 10,144 
Operating lease liabilities141,437 140,408 
Income tax payable646 5,115 
Due to brokers ($501 and $119) (1)
595 201 
Other liabilities and accrued expenses ($442 and $449) (1)
14,952 21,657 
Total liabilities199,648 243,907 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests114,570 106,463 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 57,450,598 and 55,788,720 shares issued at June 30, 2024 and December 31, 2023, respectively
574 558 
Additional paid-in capital916,006 818,269 
Accumulated deficit(153,360)(158,186)
Accumulated other comprehensive loss(8,874)(7,708)
Treasury stock, at cost, 6,901,862 and 6,633,273 shares at June 30, 2024 and December 31, 2023, respectively
(291,173)(271,705)
Total stockholders’ equity attributable to Cohen & Steers, Inc.463,173 381,228 
Nonredeemable noncontrolling interests6,661 4,956 
Total stockholders’ equity469,834 386,184 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$784,052 $736,554 
_________________________
(1)    Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 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
June 30,		Six Months Ended
June 30,
 2024202320242023
Revenue:
Investment advisory and administration fees$114,577 $113,118 $229,922 $231,152 
Distribution and service fees6,631 6,977 13,448 14,539 
Other513 535 1,061 1,021 
Total revenue121,721 120,630 244,431 246,712 
Expenses:
Employee compensation and benefits53,097 48,893 105,100 97,750 
Distribution and service fees13,270 13,329 26,665 27,545 
General and administrative14,684 16,728 29,477 33,850 
Depreciation and amortization2,268 839 4,522 1,827 
Total expenses83,319 79,789 165,764 160,972 
Operating income38,402 40,841 78,667 85,740 
Non-operating income (loss):
Interest and dividend income—net5,057 3,428 8,976 6,644 
Gain (loss) from investments—net(2,018)356 (1,034)48 
Foreign currency gain (loss)—net(483)(1,134)(349)(2,410)
Total non-operating income (loss)2,556 2,650 7,593 4,282 
Income before provision for income taxes40,958 43,491 86,260 90,022 
Provision for income taxes10,881 10,986 21,769 21,219 
Net income30,077 32,505 64,491 68,803 
Net (income) loss attributable to noncontrolling interests1,694 (727)1,284 (1,711)
Net income attributable to common stockholders$31,771 $31,778 $65,775 $67,092 
Earnings per share attributable to common stockholders:
Basic$0.63 $0.64 $1.32 $1.36 
Diluted$0.63 $0.64 $1.31 $1.36 
Weighted average shares outstanding:
Basic50,419 49,315 49,994 49,257 
Diluted50,770 49,463 50,303 49,433 
















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
June 30,		Six Months Ended
June 30,
2024202320242023
Net income$30,077 $32,505 $64,491 $68,803 
Net (income) loss attributable to noncontrolling interests1,694 (727)1,284 (1,711)
Net income attributable to common stockholders31,771 31,778 65,775 67,092 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(184)676 (1,166)2,247 
Total comprehensive income attributable to common stockholders$31,587 $32,454 $64,609 $69,339 





























See notes to condensed consolidated financial statements
3

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

Three Months Ended June 30, 2024
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
April 1, 2024$564 $832,496 $(154,361)$(8,690)$(291,069)$4,982 $383,922 $90,909 
Dividends ($0.59 per share)
— — (30,770)— — — (30,770)— 
Issuance of common stock
— 319 — — 30 — 349 — 
Issuance of common stock from offering, net of issuance costs10 68,454 — — — — 68,464 — 
Repurchase of common stock— — — — (134)— (134)— 
Issuance of restricted stock units—net— 1,062 — — — — 1,062 — 
Amortization of restricted stock units—net— 13,675 — — — — 13,675 — 
Net income (loss)— — 31,771 — — (301)31,470 (1,393)
Other comprehensive income (loss)— — — (184)— — (184)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 1,980 1,980 25,054 
June 30, 2024
$574 $916,006 $(153,360)$(8,874)$(291,173)$6,661 $469,834 $114,570 
Three Months Ended June 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
April 1, 2023$558 $781,300 $(165,053)$(9,213)$(270,610)$5,363 $342,345 $87,249 
Dividends ($0.57 per share)
— — (28,956)— — — (28,956)— 
Issuance of common stock— 342 — — — — 342 — 
Repurchase of common stock— — — — (187)— (187)— 
Issuance of restricted stock units—net— 1,308 — — — — 1,308 — 
Amortization of restricted stock units—net— 11,209 — — — — 11,209 — 
Net income (loss)— — 31,778 — (193)31,585 920 
Other comprehensive income (loss)— — — 676 — — 676 — 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 67 67 (2,651)
June 30, 2023
$558 $794,159 $(162,231)$(8,537)$(270,797)$5,237 $358,389 $85,518 

See notes to condensed consolidated financial statements
4

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

Six Months Ended June 30, 2024
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2024$558 $818,269 $(158,186)$(7,708)$(271,705)$4,956 $386,184 $106,463 
Dividends ($1.18 per share)
— — (60,949)— — — (60,949)— 
Issuance of common stock6 733 — — 30 — 769 — 
Issuance of common stock from offering, net of issuance costs10 68,454 — — — — 68,464 — 
Repurchase of common stock— — — — (19,498)— (19,498)— 
Issuance of restricted stock units—net— 2,332 — — — — 2,332 — 
Amortization of restricted stock units—net— 26,218 — — — — 26,218 — 
Net income (loss)— — 65,775 — — (275)65,500 (1,009)
Other comprehensive income (loss)— — — (1,166)— — (1,166)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 1,980 1,980 9,116 
June 30, 2024
$574 $916,006 $(153,360)$(8,874)$(291,173)$6,661 $469,834 $114,570 
Six Months Ended June 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2023$551 $769,373 $(171,417)$(10,784)$(250,169)$4,054 $341,608 $85,335 
Dividends ($1.14 per share)
— — (57,906)— — — (57,906)— 
Issuance of common stock7 791 — — — — 798 — 
Repurchase of common stock— — — — (20,628)— (20,628)— 
Issuance of restricted stock units—net— 2,486 — — — — 2,486 — 
Amortization of restricted stock units—net— 21,509 — — — — 21,509 — 
Net income (loss)— — 67,092 — — (440)66,652 2,151 
Other comprehensive income (loss)— — — 2,247 — — 2,247 — 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 1,623 1,623 (1,968)
June 30, 2023
$558 $794,159 $(162,231)$(8,537)$(270,797)$5,237 $358,389 $85,518 
See notes to condensed consolidated financial statements
5

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

 Six Months Ended
June 30,
 20242023
Cash flows from operating activities:
Net income$64,491 $68,803 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net26,917 22,410 
Depreciation and amortization5,558 2,341 
Amortization of right-of-use assets3,431 7,973 
(Gain) loss from investments—net1,034 (48)
Deferred income taxes1,157 480 
Foreign currency (gain) loss444 573 
Amortization (accretion) of premium (discount) on U.S. Treasury securities—net71 8 
Changes in operating assets and liabilities:
Accounts receivable3,178 2,886 
Due from brokers1,236 (474)
Investments within consolidated investment vehicles(19,693)(2,882)
Other assets(3,767)(7,082)
Accrued compensation and benefits(33,415)(46,277)
Distribution and service fees payable (1,093)139 
Operating lease liabilities(724)(2,546)
Due to brokers382 1,210 
Income tax payable(5,975)(9,896)
Other liabilities and accrued expenses(6,995)1,097 
Net cash provided by (used in) operating activities36,237 38,715 
Cash flows from investing activities:
Purchases of investments(232,960)(45,216)
Proceeds from sales and maturities of investments137,782 34,125 
Purchases of property and equipment(8,565)(20,131)
Net cash provided by (used in) investing activities(103,743)(31,222)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan654 678 
Proceeds from issuance of common stock from offering, net of issuance costs68,464 — 
Repurchase of common stock for employee tax withholding(19,498)(20,628)
Dividends to stockholders(59,201)(56,202)
Net contributions (distributions) from noncontrolling interests11,096 (345)
Other(15)(603)
Net cash provided by (used in) financing activities1,500 (77,100)
Net increase (decrease) in cash and cash equivalents(66,006)(69,607)
Effect of foreign exchange rate changes on cash and cash equivalents(810)2,044 
Cash and cash equivalents, beginning of the period189,603 248,714 
Cash and cash equivalents, end of the period$122,787 $181,151 
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:
As of June 30,
(in thousands)20242023
Cash and cash equivalents
$122,013 $178,471 
Cash included in investments (1)
774 2,680 
Total cash and cash equivalents within condensed consolidated statements of cash flows
$122,787 $181,151 
________________________
(1)    Cash included in investments represents operating cash held in consolidated investment vehicles.
During the six months ended June 30, 2024 and 2023, the Company paid taxes, net of tax refunds, of $26.6 million and $30.6 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 $1.7 million for both the six months ended June 30, 2024 and 2023. 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.
Non-cash investing activities for the six months ended June 30, 2023 included $9.3 million related to purchases of property and equipment in connection with the Company's current headquarters that remained unpaid at June 30, 2023.
7

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

1. Organization and Description of Business

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

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Adopted Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities with equity securities subject to a contractual sale restriction. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires enhanced disclosure of reportable segments and additional information about a segment’s expenses. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
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
8


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
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 generally 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%.
Cash and Cash Equivalents—Cash and cash equivalents include short-term, highly liquid investments, which are readily convertible into cash.
Due from/to Brokers—The Company, including the consolidated investment vehicles, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or 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 quarterly. The Company's investments are categorized as follows:
•Equity investments at fair value generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities, and seed investments in Company-sponsored vehicles including its non-traded REIT.
•Trading investments generally represent U.S. Treasury securities and investment-grade corporate debt securities.
The Company has elected the fair value option for a seed investment that otherwise would have been accounted for using the equity method of accounting. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income—net in the Company's condensed consolidated statements of operations when earned.
Realized and unrealized gains and losses on the Company's 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.
9


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease and thereafter, are remeasured if there is a change in lease terms. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company uses an estimated incremental borrowing rate based on the information available as of the applicable lease commencement date 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.
Noncontrolling Interests—Noncontrolling interests consist of nonredeemable and redeemable third-party interests in the Company's consolidated investment vehicles. Noncontrolling interests that are not redeemable at the option of the investors are classified as nonredeemable noncontrolling interests and are included in stockholders’ equity. Noncontrolling interests that are redeemable at the option of the investors are classified as redeemable noncontrolling interests and are not treated as permanent equity. Noncontrolling interests are recorded at fair value which approximates the net asset value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of U.S. open-end funds. 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.
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 assistance in connection with the distribution of certain open-end funds' shares and for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds.
Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of certain open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period.
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(8.9) million and $(7.7) million at June 30, 2024 and December 31, 2023, 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.
11


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Recently Issued Accounting Pronouncements—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. 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.
In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company is currently evaluating the impact that the adoption of this new standard will have on the Company's condensed consolidated financial statements.

3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Client domicile:
North America$106,059 $104,686 $212,947 $214,456 
Japan7,533 8,014 15,321 16,133 
Europe, Middle East and Africa4,544 4,654 8,927 9,541 
Asia Pacific excluding Japan3,585 3,276 7,236 6,582 
Total$121,721 $120,630 $244,431 $246,712 

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment vehicle:
Open-end funds$67,445 $66,574 $135,597 $137,142 
Institutional accounts30,179 30,166 60,531 60,795 
Closed-end funds24,097 23,890 48,303 48,775 
Total$121,721 $120,630 $244,431 $246,712 
4. Investments

The following table summarizes the Company's investments:

(in thousands)June 30, 2024December 31, 2023
Equity investments at fair value$226,683 $180,958 
Trading144,649 77,996 
Equity method13 16 
Total investments$371,345 $258,970 

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, Derivatives):

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Net realized gains (losses) during the period
$(147)$(761)$(2,373)$(3,091)
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(1,871)1,117 1,339 3,139 
Gain (loss) from investments—net (1)
$(2,018)$356 $(1,034)$48 
________________________
(1)Included gain (loss) attributable to noncontrolling interests.
The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)June 30,
2024		December 31, 2023
Assets (1)
Investments
$175,734 $159,931 
Due from brokers
479 $13 
Other assets
509 $644 
Total assets176,722 160,588 
Liabilities (1)
Due to brokers
$501 $119 
Other liabilities and accrued expenses442 $449 
Total liabilities943 568 
Net assets$175,779 $160,020 
Attributable to the Company$54,548 $48,601 
Attributable to noncontrolling interests121,231 111,419 
Net assets$175,779 $160,020 
_________________________
(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

ASC Topic 820, Fair Value Measurement 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.
These levels are not necessarily an indication of the risk or liquidity associated with the investments.
13


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following tables present fair value measurements:
June 30, 2024
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$85,500 $— $— $— $85,500 
Equity investments at fair value:
Common stocks$178,535 $— $— $— $178,535 
Limited partnership interests— — 19,997 1,065 21,062 
Master limited partnership interests246 — — — 246 
Preferred securities1,583 67 — — 1,650 
Non-Traded REIT— 24,859 — — 24,859 
Other209 — — 122 331 
Total$180,573 $24,926 $19,997 $1,187 $226,683 
Trading investments:
Fixed income$— $144,649 $— $— $144,649 
Equity method investments$— $— $— $13 $13 
Total investments$180,573 $169,575 $19,997 $1,200 $371,345 
Derivatives - assets:
Total return swaps$— $40 $— $— $40 
Forward contracts - foreign exchange— 274 — — 274 
Total$— $314 $— $— $314 
Derivatives - liabilities:
Total return swaps$— $1,329 $— $— $1,329 
Forward contracts - foreign exchange— 19 — — 19 
Total$— $1,348 $— $— $1,348 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
14


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2023
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$151,915 $— $— $— $151,915 
Equity investments at fair value:
Common stocks$163,365 $697 $— $— $164,062 
Limited partnership interests— — 13,202 1,228 14,430 
Master limited partnership interests282 — — — 282 
Preferred securities1,775 62 — — 1,837 
Other226 — — 121 347 
Total$165,648 $759 $13,202 $1,349 $180,958 
Trading investments:
Fixed income$— $77,996 $— $— $77,996 
Equity method investments$— $— $— $16 $16 
Total investments$165,648 $78,755 $13,202 $1,365 $258,970 
Derivatives - assets:
Total return swaps$— $28 $— $— $28 
Total$— $28 $— $— $28 
Derivatives - liabilities:
Total return swaps$— $2,488 $— $— $2,488 
Forward contracts - foreign exchange— 405 — — 405 
Total$— $2,893 $— $— $2,893 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and preferred securities, for which quoted prices in active markets are not available. Fair values were generally based on quoted prices for similar instruments in active markets. Effective January 1, 2024, the Company deconsolidated its investment in CNSREIT and elected the fair value option to align the measurement of the seed investment and the related gains and losses with other seed investments. The fair value of the seed investment in CNSREIT was $24.9 million and the Company's ownership interest was 49.7% at June 30, 2024. The unrealized gain on the seed investment in CNSREIT, which is included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations, was $1.0 million and $1.1 million for the three and six months ended June 30, 2024, respectively.
Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.
Trading investments classified as Level 2 were comprised of U.S. Treasury securities and investment-grade corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient including limited partnership interests in private real estate funds. At June 30, 2024 and December 31, 2023, the Company did not have the ability to redeem its interests in the majority of these investments.
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.
15


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Balance at beginning of period$12,896 $13,633 $13,202 $10,759 
Purchases/contributions8,372 4,625 8,861 7,517 
Sales/distributions— (2,975)— (2,975)
Unrealized gains (losses)(1,271)(1,297)(2,066)(1,315)
Balance at end of period$19,997 $13,986 $19,997 $13,986 
Unrealized and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Valuation Techniques
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than quarterly, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.
16


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:
Fair Value as of June 30, 2024
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$19,997 Discounted cash flow Discount rate
Terminal capitalization rate
9.50%
7.75%
Transaction price n/a
Fair Value as of December 31, 2023
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$13,202 Discounted cash flow Discount rate
Terminal capitalization rate
9.25%
7.75%
Transaction pricen/a
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:
As of June 30, 2024
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$1,741 $44,531 $40 $1,329 
Forward contracts - foreign exchange— 9,505 274 19 
Total corporate derivatives$1,741 $54,036 $314 $1,348 
As of December 31, 2023
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,284 $37,933 $28 $2,488 
Forward contracts - foreign exchange— 9,641 — 405 
Total corporate derivatives$2,284 $47,574 $28 $2,893 
________________________
(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives included:
•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Collateral pledged for forward and swap contracts totaled $2.9 million and $4.5 million at June 30, 2024 and December 31, 2023, respectively.
17


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Corporate derivatives:
Total return swaps$(48)$(25)$(200)$(677)
Forward contracts - foreign exchange(264)769 660 1,200 
Total (1)
$(312)$744 $460 $523 
________________________
(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

7. Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.
The following table reconciles income and share data used in the basic and diluted earnings per share computations:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2024202320242023
Net income$30,077 $32,505 $64,491 $68,803 
Net (income) loss attributable to noncontrolling interests1,694 (727)1,284 (1,711)
Net income attributable to common stockholders$31,771 $31,778 $65,775 $67,092 
Basic weighted average shares outstanding50,419 49,315 49,994 49,257 
Dilutive potential shares from restricted stock units351 148 309 176 
Diluted weighted average shares outstanding50,770 49,463 50,303 49,433 
Basic earnings per share attributable to common stockholders$0.63 $0.64 $1.32 $1.36 
Diluted earnings per share attributable to common stockholders$0.63 $0.64 $1.31 $1.36 
Anti-dilutive common stock equivalents excluded from the calculation
— 214 5 141 














18


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
8. Income Taxes

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. statutory tax rate21.0 %21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit2.9 3.1 2.9 3.1 
Non-deductible executive compensation1.4 1.4 1.2 2.2 
Excess tax benefits related to the vesting and delivery of restricted stock units— — (0.3)(2.4)
Other0.2 0.2 0.1 0.1 
Effective income tax rate25.5 %25.7 %24.9 %24.0 %

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors.
The following table summarizes revenue the Company earned from these affiliated funds:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment advisory and administration fees $82,297 $81,113 $165,257 $166,612 
Distribution and service fees6,631 6,977 13,448 14,539 
Total$88,928 $88,090 $178,705 $181,151 
Included in accounts receivable at June 30, 2024 and December 31, 2023 are receivables due from Company-sponsored funds, of $33.4 million and $32.5 million, respectively. Included in accounts payable at June 30, 2024 and December 31, 2023 are payables due to Company-sponsored funds of $1.5 million and $1.9 million, respectively.
Included in other assets at June 30, 2024 and December 31, 2023 is an advance to CNSREIT of $7.9 million and $7.3 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion. At June 30, 2024 and December 31, 2023, the Company determined the advance to be collectible.
See discussion of commitments to Company-sponsored vehicles in Note 11.

10. Credit Agreement

On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement.

19


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of June 30, 2024, the Company was in compliance with these covenants.

To date, the Company has not drawn upon the credit agreement.

11. Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.
The Company has committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. As of June 30, 2024, the Company had funded $28.3 million of this commitment.
In addition, the Company has committed to invest $125.0 million in CNSREIT. As of June 30, 2024, the Company had funded $23.8 million of this commitment. In July 2024, the Company funded an additional $8.4 million of this commitment.
The timing for funding the remaining portion of the Company's commitments is uncertain.

12. Concentration of Credit Risk
The Company's cash and cash equivalents are principally on deposit with major national financial institutions and are subject to credit risk should these financial institutions be unable to fulfill their obligations. The Company limits its exposure to such credit risks by diversifying its cash and cash equivalents among several highly rated national financial institutions.

13. Equity Offering
On April 22, 2024, the Company issued 1,007,057 shares of its common stock through an offering. The net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately $68.5 million. The Company will not offer or sell any additional shares of its common stock and terminated the offering effective April 22, 2024.

14. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.
On August 1, 2024, the Company declared a quarterly dividend on its common stock in the amount of $0.59 per share. This dividend will be payable on August 22, 2024 to stockholders of record at the close of business on August 12, 2024.
20

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2024 and 2023. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.

Executive Overview
General
We are a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, we are headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, as well as global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios.
Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.
Our revenue from the wealth channel is primarily derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
21

Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Open-end Funds
Assets under management, beginning of period$37,685 $36,427 $37,032 $36,903 
Inflows2,936 2,782 6,238 6,256 
Outflows(3,037)(3,290)(5,770)(7,069)
Net inflows (outflows)(101)(508)468 (813)
Market appreciation (depreciation)215 794 571 904 
Distributions(348)(344)(620)(625)
Transfers— (160)— (160)
Total increase (decrease)(234)(218)419 (694)
Assets under management, end of period$37,451 $36,209 $37,451 $36,209 
Percentage of total assets under management46.4 %45.0 %46.4 %45.0 %
Average assets under management$36,943 $35,911 $36,929 $37,178 
Institutional Accounts
Assets under management, beginning of period$32,424 $32,604 $35,028 $32,373 
Inflows649 670 1,551 1,385 
Outflows(896)(676)(4,341)(1,509)
Net inflows (outflows)(247)(6)(2,790)(124)
Market appreciation (depreciation)216 776 339 1,384 
Distributions(171)(259)(355)(518)
Transfers— 160 — 160 
Total increase (decrease)(202)671 (2,806)902 
Assets under management, end of period$32,222 $33,275 $32,222 $33,275 
Percentage of total assets under management39.9 %41.4 %39.9 %41.4 %
Average assets under management$31,673 $32,682 $31,971 $33,047 
Closed-end Funds
Assets under management, beginning of period$11,126 $10,874 $11,076 $11,149 
Inflows3 2 7 13 
Outflows— — — (85)
Net inflows (outflows)3 2 7 (72)
Market appreciation (depreciation)61 207 261 160 
Distributions(154)(154)(308)(308)
Total increase (decrease)(90)55 (40)(220)
Assets under management, end of period
$11,036 $10,929 $11,036 $10,929 
Percentage of total assets under management13.7 %13.6 %13.7 %13.6 %
Average assets under management$10,969 $10,813 $10,968 $11,081 
Total
Assets under management, beginning of period$81,235 $79,905 $83,136 $80,425 
Inflows3,588 3,454 7,796 7,654 
Outflows(3,933)(3,966)(10,111)(8,663)
Net inflows (outflows)(345)(512)(2,315)(1,009)
Market appreciation (depreciation)492 1,777 1,171 2,448 
Distributions(673)(757)(1,283)(1,451)
Total increase (decrease)(526)508 (2,427)(12)
Assets under management, end of period$80,709 $80,413 $80,709 $80,413 
Average assets under management$79,585 $79,406 $79,868 $81,306 

22

Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Advisory
Assets under management, beginning of period$18,196 $18,490 $20,264 $18,631 
Inflows413 282 1,100 504 
Outflows(339)(496)(3,222)(1,117)
Net inflows (outflows)74 (214)(2,122)(613)
Market appreciation (depreciation)97 388 225 646 
Transfers— 160 — 160 
Total increase (decrease)171 334 (1,897)193 
Assets under management, end of period$18,367 $18,824 $18,367 $18,824 
Percentage of institutional assets under management57.0 %56.6 %57.0 %56.6 %
Average assets under management$17,963 $18,602 $18,015 $18,861 
Japan Subadvisory
Assets under management, beginning of period$8,535 $8,713 $9,026 $8,376 
Inflows25 283 68 668 
Outflows(211)(89)(566)(148)
Net inflows (outflows)(186)194 (498)520 
Market appreciation (depreciation)131 312 136 582 
Distributions(171)(259)(355)(518)
Total increase (decrease)(226)247 (717)584 
Assets under management, end of period$8,309 $8,960 $8,309 $8,960 
Percentage of institutional assets under management25.8 %26.9 %25.8 %26.9 %
Average assets under management$8,164 $8,653 $8,402 $8,696 
Subadvisory Excluding Japan
Assets under management, beginning of period$5,693 $5,401 $5,738 $5,366 
Inflows211 105 383 213 
Outflows(346)(91)(553)(244)
Net inflows (outflows)(135)14 (170)(31)
Market appreciation (depreciation)(12)76 (22)156 
Total increase (decrease)(147)90 (192)125 
Assets under management, end of period$5,546 $5,491 $5,546 $5,491 
Percentage of institutional assets under management17.2 %16.5 %17.2 %16.5 %
Average assets under management$5,546 $5,427 $5,554 $5,490 
Total Institutional Accounts
Assets under management, beginning of period$32,424 $32,604 $35,028 $32,373 
Inflows649 670 1,551 1,385 
Outflows(896)(676)(4,341)(1,509)
Net inflows (outflows)(247)(6)(2,790)(124)
Market appreciation (depreciation)216 776 339 1,384 
Distributions(171)(259)(355)(518)
Transfers— 160 — 160 
Total increase (decrease)(202)671 (2,806)902 
Assets under management, end of period$32,222 $33,275 $32,222 $33,275 
Average assets under management$31,673 $32,682 $31,971 $33,047 




23

Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. Real Estate
Assets under management, beginning of period$38,476 $36,080 $38,550 $35,108 
Inflows1,996 1,614 4,085 3,647 
Outflows(1,845)(1,500)(3,573)(3,099)
Net inflows (outflows)151 114 512 548 
Market appreciation (depreciation)452 1,210 373 2,117 
Distributions(367)(456)(723)(893)
Transfers5 — 5 68 
Total increase (decrease)241 868 167 1,840 
Assets under management, end of period$38,717 $36,948 $38,717 $36,948 
Percentage of total assets under management48.0 %45.9 %48.0 %45.9 %
Average assets under management$37,466 $35,800 $37,601 $36,283 
Preferred Securities
Assets under management, beginning of period$18,589 $18,210 $18,164 $19,767 
Inflows823 1,241 2,056 2,695 
Outflows(1,272)(1,606)(2,523)(3,932)
Net inflows (outflows)(449)(365)(467)(1,237)
Market appreciation (depreciation)138 348 763 (144)
Distributions(179)(184)(360)(379)
Transfers(5)— (6)2 
Total increase (decrease)(495)(201)(70)(1,758)
Assets under management, end of period$18,094 $18,009 $18,094 $18,009 
Percentage of total assets under management22.4 %22.4 %22.4 %22.4 %
Average assets under management$18,294 $18,013 $18,352 $19,124 
Global/International Real Estate
Assets under management, beginning of period$13,442 $14,762 $15,789 $14,782 
Inflows410 368 1,030 641 
Outflows(543)(458)(3,371)(875)
Net inflows (outflows)(133)(90)(2,341)(234)
Market appreciation (depreciation)(196)206 (320)408 
Distributions(49)(40)(65)(48)
Transfers— — 1 (70)
Total increase (decrease)(378)76 (2,725)56 
Assets under management, end of period$13,064 $14,838 $13,064 $14,838 
Percentage of total assets under management16.2 %18.5 %16.2 %18.5 %
Average assets under management$13,045 $14,859 $13,290 $15,093 








24

Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Global Listed Infrastructure
Assets under management, beginning of period$8,395 $8,596 $8,356 $8,596 
Inflows148 79 228 214 
Outflows(114)(250)(298)(374)
Net inflows (outflows)34 (171)(70)(160)
Market appreciation (depreciation)73 12 266 47 
Distributions(56)(58)(106)(104)
Total increase (decrease)51 (217)90 (217)
Assets under management, end of period$8,446 $8,379 $8,446 $8,379 
Percentage of total assets under management10.5 %10.4 %10.5 %10.4 %
Average assets under management$8,430 $8,486 $8,310 $8,582 
Other
Assets under management, beginning of period$2,333 $2,257 $2,277 $2,172 
Inflows211 152 397 457 
Outflows(159)(152)(346)(383)
Net inflows (outflows)52 — 51 74 
Market appreciation (depreciation)25 1 89 20 
Distributions(22)(19)(29)(27)
Total increase (decrease)55 (18)111 67 
Assets under management, end of period$2,388 $2,239 $2,388 $2,239 
Percentage of total assets under management3.0 %2.8 %3.0 %2.8 %
Average assets under management$2,350 $2,248 $2,315 $2,224 
Total
Assets under management, beginning of period$81,235 $79,905 $83,136 $80,425 
Inflows3,588 3,454 7,796 7,654 
Outflows(3,933)(3,966)(10,111)(8,663)
Net inflows (outflows)(345)(512)(2,315)(1,009)
Market appreciation (depreciation)492 1,777 1,171 2,448 
Distributions(673)(757)(1,283)(1,451)
Total increase (decrease)(526)508 (2,427)(12)
Assets under management, end of period$80,709 $80,413 $80,709 $80,413 
Average assets under management$79,585 $79,406 $79,868 $81,306 










25

Investment Performance at June 30, 2024
investmentperformance924.jpg_________________________
(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2)    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2024. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
Overview
Assets under management at June 30, 2024 increased 0.4% to $80.7 billion from $80.4 billion at June 30, 2023. The increase was due to market appreciation of $6.2 billion, partially offset by net outflows of $3.3 billion and distributions of $2.6 billion. Net outflows included $2.6 billion from global/international real estate and $1.1 billion from preferred securities. Market appreciation included $2.8 billion from U.S. real estate, $1.9 billion from preferred securities and $887 million from global/international real estate. Distributions included $1.5 billion from U.S. real estate and $720 million from preferred securities. Our organic decay rate for the twelve months ended June 30, 2024 was (4.1%). The organic growth/decay rate represents the ratio of net flows for the period to the beginning assets under management.
Open-end funds
Assets under management in open-end funds at June 30, 2024, which represented 46.4% of total assets under management, increased 3.4% to $37.5 billion from $36.2 billion at June 30, 2023. The increase was due to market appreciation of $2.9 billion, partially offset by net outflows of $395 million and distributions of $1.3 billion. Net outflows
26

included $495 million from preferred securities and $160 million from global listed infrastructure, partially offset by net inflows of $301 million into U.S. real estate. Market appreciation included $1.4 billion from U.S. real estate and $1.2 billion from preferred securities. Distributions included $617 million from U.S. real estate and $521 million from preferred securities. Of these distributions, $978 million was reinvested and included in net flows. Our organic decay rate for open-end funds for the twelve months ended June 30, 2024 was (1.1%).
Institutional accounts
Assets under management in institutional accounts at June 30, 2024, which represented 39.9% of total assets under management, decreased 3.2% to $32.2 billion from $33.3 billion at June 30, 2023. The decrease was due to net outflows of $2.9 billion and distributions of $728 million, partially offset by market appreciation of $2.6 billion. Net outflows included $2.6 billion from global/international real estate. Market appreciation included $1.2 billion from U.S. real estate, $761 million from global/international real estate and $331 million from preferred securities. Distributions included $683 million from U.S. real estate. Our organic decay rate for institutional accounts for the twelve months ended June 30, 2024 was (8.7%).
Assets under management in advisory accounts at June 30, 2024, which represented 57.0% of institutional assets under management, decreased 2.4% to $18.4 billion from $18.8 billion at June 30, 2023. The decrease was due to net outflows of $2.0 billion, partially offset by market appreciation of $1.5 billion. Net outflows included $1.7 billion from global/international real estate. Market appreciation included $513 million from U.S. real estate, $434 million from global/international real estate and $323 million from preferred securities. Our organic decay rate for advisory accounts for the twelve months ended June 30, 2024 was (10.4%).
Assets under management in Japan subadvisory accounts at June 30, 2024, which represented 25.8% of institutional assets under management, decreased 7.3% to $8.3 billion from $9.0 billion at June 30, 2023. The decrease was due to net outflows of $668 million and distributions of $728 million, partially offset by market appreciation of $745 million. Net outflows included $401 million from U.S. real estate and $261 million from global/international real estate. Market appreciation included $551 million from U.S. real estate and $184 million from global/international real estate. Distributions included $683 million from U.S. real estate. Our organic decay rate for Japan subadvisory accounts for the twelve months ended June 30, 2024 was (7.5%).
Assets under management in subadvisory accounts excluding Japan at June 30, 2024, which represented 17.2% of institutional assets under management, were $5.5 billion at both June 30, 2024 and 2023. Assets under management at June 30, 2024 included market appreciation of $330 million, partially offset by net outflows of $275 million. Net outflows included $638 million from global/international real estate, partially offset by net inflows of $292 million into U.S. real estate. Market appreciation included $143 million from global/international real estate and $112 million from U.S. real estate. Our organic decay rate for subadvisory accounts excluding Japan for the twelve months ended June 30, 2024 was (5.0%).
Closed-end funds
Assets under management in closed-end funds at June 30, 2024, which represented 13.7% of total assets under management, increased 1.0% to $11.0 billion from $10.9 billion at June 30, 2023. The increase was primarily due to market appreciation of $719 million, partially offset by distributions of $615 million.
27

Summary of Operating Results
(in thousands, except percentages and per share data)Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. GAAP
Revenue$121,721 $120,630 $244,431 $246,712 
Expenses$83,319 $79,789 $165,764 $160,972 
Operating income$38,402 $40,841 $78,667 $85,740 
Non-operating income (loss) (1)
$2,556 $2,650 $7,593 $4,282 
Net income attributable to common stockholders$31,771 $31,778 $65,775 $67,092 
Diluted earnings per share$0.63 $0.64 $1.31 $1.36 
Operating margin31.5%33.9%32.2%34.8%
As Adjusted (2)
Net income attributable to common stockholders$34,532 $34,742 $69,185 $72,336 
Diluted earnings per share$0.68 $0.70 $1.38 $1.46 
Operating margin34.9%36.4%35.2%37.3%
_________________________
(1)Included amounts attributable to third-party interests in consolidated investment vehicles.
(2)Refer to pages 32-33 for reconciliations of U.S. GAAP to as adjusted results.

Three Months Ended June 30, 2024 Compared with Three Months Ended June 30, 2023
Revenue
(in thousands)Three Months Ended
June 30,
20242023$ Change% Change
Investment advisory and administration fees
Open-end funds
$60,301 $59,062 $1,239 2.1 %
Institutional accounts
30,179 30,166 $13 — %
Closed-end funds
24,097 23,890 $207 0.9 %
Total114,577 113,118 $1,459 1.3 %
Distribution and service fees6,631 6,977 $(346)(5.0 %)
Other513 535 $(22)(4.1 %)
Total revenue$121,721 $120,630 $1,091 0.9 %
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 65.6 bps and 66.0 bps for the three months ended June 30, 2024 and 2023, respectively.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.3 bps and 37.0 bps for the three months ended June 30, 2024 and 2023, respectively. The increase in the implied annualized effective fee rate reflected net inflows into higher fee paying accounts.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.4 and 88.6 bps for the three months ended June 30, 2024 and 2023, respectively.
Distribution and service fees decreased from the three months ended June 30, 2023, primarily due to a shift in the composition of assets under management.
28

Expenses
(in thousands)Three Months Ended
June 30,
20242023$ Change% Change
Employee compensation and benefits$53,097 $48,893 $4,204 8.6 %
Distribution and service fees13,270 13,329 $(59)(0.4 %)
General and administrative14,684 16,728 $(2,044)(12.2 %)
Depreciation and amortization2,268 839 $1,429 170.3 %
Total expenses$83,319 $79,789 $3,530 4.4 %
Employee compensation and benefits increased from the three months ended June 30, 2023, primarily due to higher amortization of restricted stock units of $3.0 million, which included $2.4 million of accelerated vesting attributable to retirements, and an increase in salaries of $864,000.
General and administrative expenses decreased from the three months ended June 30, 2023, primarily due to lower
rent expense of $2.3 million related to the expiration of the lease for the Company’s prior headquarters in January 2024, partially offset by higher travel and entertainment of $473,000.

Depreciation and amortization increased from the three months ended June 30, 2023. The three months ended June 30, 2024 included depreciation and amortization on fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.
Operating Margin
Operating margin for the three months ended June 30, 2024 decreased to 31.5% from 33.9% for the three months ended June 30, 2023. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
(in thousands)Three Months Ended
June 30, 2024
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,205 $1,192 $2,660 $5,057 
Gain (loss) from investments—net
(3,264)1,308 (62)(2,018)
Foreign currency gain (loss)—net(307)(6)(170)(483)
Total non-operating income (loss)(2,366)2,494 2,428 2,556 
Net (income) loss attributable to noncontrolling interests1,694 — — 1,694 
Non-operating income (loss) attributable to the Company$(672)$2,494 $2,428 $4,250 


(in thousands)Three Months Ended
June 30, 2023
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,050 $939 $1,439 $3,428 
Gain (loss) from investments—net
13 25 318 356 
Foreign currency gain (loss)—net(88)1 (1,047)(1,134)
Total non-operating income (loss)975 965 710 2,650 
Net (income) loss attributable to noncontrolling interests(727)— — (727)
Non-operating income (loss) attributable to the Company$248 $965 $710 $1,923 
29

A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Three Months Ended
June 30,
20242023
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit2.9 3.1 
Non-deductible executive compensation1.4 1.4 
Other0.2 0.2 
Effective income tax rate25.5 %25.7 %

Six Months Ended June 30, 2024 Compared with Six Months Ended June 30, 2023
Revenue
(in thousands)Six Months Ended
June 30,
20242023$ Change% Change
Investment advisory and administration fees
Open-end funds
$121,088 $121,582 $(494)(0.4)%
Institutional accounts
60,531 60,795 $(264)(0.4)%
Closed-end funds
48,303 48,775 $(472)(1.0)%
Total229,922 231,152 $(1,230)(0.5)%
Distribution and service fees13,448 14,539 $(1,091)(7.5)%
Other1,061 1,021 $40 3.9 %
Total revenue$244,431 $246,712 $(2,281)(0.9)%
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 65.9 bps for both the six months ended June 30, 2024 and 2023.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.1 bps and 37.1 bps for the six months ended June 30, 2024 and 2023, respectively. The increase in the implied annualized effective fee rate reflected net inflows into higher fee paying accounts.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.6 bps and 88.8 bps for the six months ended June 30, 2024 and 2023, respectively.
Distribution and service fees decreased from the six months ended June 30, 2023, primarily due to a shift in the
composition of assets under management.
Expenses
(in thousands)Six Months Ended
June 30,
20242023$ Change% Change
Employee compensation and benefits$105,100 $97,750 $7,350 7.5 %
Distribution and service fees26,665 27,545 $(880)(3.2)%
General and administrative29,477 33,850 $(4,373)(12.9)%
Depreciation and amortization4,522 1,827 $2,695 147.5 %
Total expenses$165,764 $160,972 $4,792 3.0 %
Employee compensation and benefits increased from the six months ended June 30, 2023, primarily due to higher
amortization of restricted stock units of $6.0 million, which included $4.3 million of accelerated vesting attributable to retirements, and an increase in salaries of $1.7 million.
30

Distribution and service fees decreased from the six months ended June 30, 2023, primarily due to a shift in the
composition of assets under management.
General and administrative expenses decreased from the six months ended June 30, 2023, primarily due to lower
rent expense of $3.9 million related to the expiration of the lease for the Company’s prior headquarters in January 2024.

Depreciation and amortization increased from the six months ended June 30, 2023. The six months ended June 30, 2024 included depreciation and amortization on fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.
Operating Margin
Operating margin for the six months ended June 30, 2024 decreased to 32.2% from 34.8% for the six months ended June 30, 2023.
Non-operating Income (Loss)
(in thousands)Six Months Ended
June 30, 2024
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$2,190 $2,104 $4,682 $8,976 
Gain (loss) from investments—net
(2,703)1,935 (266)(1,034)
Foreign currency gain (loss)—net(515)20 146 (349)
Total non-operating income (loss)(1,028)4,059 4,562 7,593 
Net (income) loss attributable to noncontrolling interests1,284 — — 1,284 
Non-operating income (loss) attributable to the Company$256 $4,059 $4,562 $8,877 

(in thousands)Six Months Ended
June 30, 2023
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,934 $1,782 $2,928 $6,644 
Gain (loss) from investments—net
6 70 (28)48 
Foreign currency gain (loss)—net(47)25 (2,388)(2,410)
Total non-operating income (loss)1,893 1,877 512 4,282 
Net (income) loss attributable to noncontrolling interests(1,711)— — (1,711)
Non-operating income (loss) attributable to the Company$182 $1,877 $512 $2,571 

Income Taxes
A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Six Months Ended
June 30,
20242023
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit2.9 3.1 
Non-deductible executive compensation1.2 2.2 
Excess tax benefits related to the vesting and delivery of restricted stock units(0.3)(2.4)
Other0.1 0.1 
Effective income tax rate24.9 %24.0 %
31

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these as adjusted financial results are used to prepare the Company's internal management reports which are used in evaluating its business.
While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
Reconciliation of U.S. GAAP to As Adjusted Financial Results
Net Income Attributable to Common Stockholders and Diluted Earnings per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2024202320242023
Net income attributable to common stockholders, U.S. GAAP$31,771 $31,778 $65,775 $67,092 
Seed investments—net (1)
(84)35 (1,087)1,003 
Accelerated vesting of restricted stock units
2,496 108 4,707 353 
Other non-recurring expenses (2)
1,196 — 1,196 — 
Lease transition and other costs - 280 Park Avenue (3)
— 2,498 807 4,941 
Foreign currency exchange (gains) losses—net (4)
30 1,073 (426)2,163 
Tax adjustments—net (5)
(877)(750)(1,787)(3,216)
Net income attributable to common stockholders, as adjusted$34,532 $34,742 $69,185 $72,336 
Diluted weighted average shares outstanding50,770 49,463 50,303 49,433 
Diluted earnings per share, U.S. GAAP$0.63 $0.64 $1.31 $1.36 
Seed investments—net (1)
— *— *(0.02)0.02 
Accelerated vesting of restricted stock units
0.05 — *0.09 0.01 
Other non-recurring expenses (2)
0.02 — 0.02 — 
Lease transition and other costs - 280 Park Avenue (3)
— 0.05 0.02 0.10 
Foreign currency exchange (gains) losses—net (4)
— *0.02 (0.01)0.04 
Tax adjustments—net (5)
(0.02)(0.01)(0.03)(0.07)
Diluted earnings per share, as adjusted $0.68 $0.70 $1.38 $1.46 
_________________________
*    Amounts round to less than $0.01 per share.
(1)Represents adjustment to remove the impact of consolidated investment vehicles and the net effect of corporate seed performance.
(2)Represents incremental expenses associated with the separation of certain employees.
(3)Represents adjustment to remove the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.
(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(5)Tax adjustments are summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Exclusion of tax effects associated with items noted above
$(1,045)$(747)$(1,545)$(2,032)
Exclusion of discrete tax items
168 (3)(242)(1,184)
Total tax adjustments
$(877)$(750)$(1,787)$(3,216)
32

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except percentages)2024202320242023
Revenue, U.S. GAAP$121,721$120,630$244,431$246,712
Seed investments (1)
267(321)501(138)
Revenue, as adjusted$121,988$120,309$244,932$246,574
Expenses, U.S. GAAP$83,319$79,789$165,764$160,972
Seed investments (1)
(181)(694)(356)(961)
Accelerated vesting of restricted stock units
(2,496)(108)(4,707)(353)
Other non-recurring expenses (2)
(1,196)—(1,196)—
Lease transition and other costs - 280 Park Avenue (3)
—(2,498)(807)(4,941)
Expenses, as adjusted$79,446$76,489$158,698$154,717
Operating income, U.S. GAAP$38,402$40,841$78,667$85,740
Seed investments (1)
448373857823
Accelerated vesting of restricted stock units
2,4961084,707353
Other non-recurring expenses (2)
1,196—1,196—
Lease transition and other costs - 280 Park Avenue (3)
—2,4988074,941
Operating income, as adjusted$42,542$43,820$86,234$91,857
Operating margin, U.S. GAAP31.5 %33.9 %32.2 %34.8 %
Operating margin, as adjusted 34.9 %36.4 %35.2 %37.3 %
_________________________
(1)Represents adjustment to remove the impact of consolidated investment vehicles from the Company's financial results.
(2)Represents incremental expenses associated with the separation of certain employees.
(3)Represents adjustment to remove the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.
Reconciliation of U.S. GAAP to As Adjusted Financial Results
Non-operating Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Non-operating income (loss), U.S. GAAP$2,556 $2,650 $7,593 $4,282 
Seed investments—net (1)
1,162 (1,065)(660)(1,531)
Foreign currency exchange (gains) losses—net (2)
30 1,073 (426)2,163 
Non-operating income (loss), as adjusted$3,748 $2,658 $6,507 $4,914 
_________________________
(1)Represents adjustment to remove the impact of consolidated investment vehicles and the net effect of corporate seed performance.
(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
33

Changes in Financial Condition, Liquidity and Capital Resources
We seek to maintain a balance sheet that supports our business strategies and provides the appropriate amount of liquidity at all times.
Net Liquid Assets
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).
The table below summarizes net liquid assets:
(in thousands)June 30,
2024		December 31,
2023
Cash and cash equivalents$122,013 $187,442 
U.S. Treasury securities127,803 59,942 
Liquid seed investments—net75,330 71,375 
Other current assets70,020 73,360 
Current liabilities(71,021)(106,603)
Net liquid assets$324,145 $285,516 
Cash and cash equivalents
Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.
U.S. Treasury securities
U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and were classified as trading investments.
Liquid seed investments—net
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments include corporate securities held directly for the purpose of establishing performance track records and the Company's economic interest in consolidated investment vehicles which are presented net of noncontrolling interests.
Other current assets
Other current assets primarily represent investment advisory and administration fees receivable. At June 30, 2024, receivables from institutional accounts comprised 43.5% of other current assets, while receivables from open-end and closed-end funds, together, comprised 49.1% of other current assets. We perform a review of our receivables on an ongoing basis in order to assess collectability and, based on our analysis at June 30, 2024, there was no allowance for uncollectible accounts required.
Current liabilities
Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12-months, certain income taxes payable and other liabilities and accrued expenses.
Future liquidity needs
Our business has become more capital intensive. Potential uses of capital range from, among other things, seeding new strategies and investment vehicles, co-investing in private real estate vehicles, funding the upfront costs associated with closed-end fund launches and rights offerings, and making various investments to grow our firm infrastructure as our business scales. In order to provide us with the financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement, if any, will be used for working capital and other general corporate purposes. To date, we have not drawn on the Credit Agreement.
34

On April 22, 2024, we issued 1,007,057 shares of common stock through an offering. The net proceeds to the Company, after deducting commissions and offering expenses, were approximately $68.5 million. We intend to use the net proceeds for general corporate purposes, including seeding track record strategies and investment vehicles. We will not offer or sell any additional shares of our common stock and terminated the offering effective April 22, 2024.
We have committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF) of which $21.7 million remained unfunded. In addition, we have committed to invest $125.0 million in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) of which $101.2 million remained unfunded as of June 30, 2024. In July 2024, the Company funded an additional $8.4 million of its commitment to CNSREIT. There are contractual restrictions on redemption of our seed investments in REOF and CNSREIT.
Cash flows
Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.
The table below summarizes our cash flows:
Six Months Ended
June 30,
(in thousands)20242023
Cash Flow Data:
Net cash provided by (used in) operating activities$36,237 $38,715 
Net cash provided by (used in) investing activities(103,743)(31,222)
Net cash provided by (used in) financing activities1,500 (77,100)
Net increase (decrease) in cash and cash equivalents(66,006)(69,607)
Effect of foreign exchange rate changes on cash and cash equivalents(810)2,044 
Cash and cash equivalents, beginning of the period189,603 248,714 
Cash and cash equivalents, end of the period$122,787 $181,151 
Cash and cash equivalents decreased by $66.0 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2024. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $36.2 million for the six months ended June 30, 2024. Net cash used in investing activities was $103.7 million, which included net purchases of U.S. Treasury securities held for corporate purposes of $68.0 million and the funding of $23.6 million of our $125.0 million commitment to CNSREIT. Net cash provided by financing activities was $1.5 million, including proceeds from issuance of common stock from offering of $68.5 million and net contributions from noncontrolling interests of $11.1 million, partially offset by dividends paid to stockholders of $59.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $19.5 million.
Cash and cash equivalents decreased by $69.6 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2023. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $38.7 million for the six months ended June 30, 2023. Net cash used in investing activities was $31.2 million, which included purchases of property and equipment of $20.1 million, primarily related to the build-out of our current headquarters, and net purchases of U.S. Treasury securities held for corporate purposes of $11.5 million. Net cash used in financing activities was $77.1 million, including dividends paid to stockholders of $56.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $20.6 million.
35

Contractual Obligations, Commitments and Contingencies
The following table summarizes our contractual obligations at June 30, 2024:
(in thousands)Remainder of 20242025202620272028ThereafterTotal
Operating leases$7,183 $13,940 $14,626 $14,609 $14,421 $153,397 $218,176 
Purchase obligations (1)
4,044 6,542 3,553 403 26 — 14,568 
Other liability (2)
— 2,077 — — — — 2,077 
Total$11,227 $22,559 $18,179 $15,012 $14,447 $153,397 $234,821 
_________________________
(1)Represents contracts that are either noncancellable or cancellable with a penalty. Our obligations primarily reflect information technology equipment, software licenses and standard service contracts for market data.
(2)Consists of the transition tax liability based on the cumulative undistributed earnings and profits of our foreign subsidiaries in connection with the enactment of the Tax Cuts and Jobs Act in 2017.
Investment Commitments
We have committed to invest up to $50.0 million in REOF. As of June 30, 2024, we had funded $28.3 million of this commitment. In addition, we have committed to invest $125.0 million in CNSREIT. As of June 30, 2024, we had funded $23.8 million of this commitment. In July 2024, the Company funded an additional $8.4 million of its commitment to CNSREIT. The timing for funding the remaining portion of our commitments is uncertain.
Dividends
    Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we take into account general economic and business conditions, our strategic plans, our results of operations and financial condition, cash flow and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.
On August 1, 2024, we declared a quarterly dividend on our common stock in the amount of $0.59 per share. This dividend will be payable on August 22, 2024 to stockholders of record at the close of business on August 12, 2024.
Critical Accounting Estimates
A complete discussion of our critical accounting estimates is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023. There were no changes to the Company’s accounting estimates for the three months ended June 30, 2024.
Recently Issued Accounting Pronouncements
See discussion of Recently Issued Accounting Pronouncements in Note 2 of the condensed consolidated financial statements.
36

Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of our business, we are exposed to risk as a result of changes in interest and currency rates,
securities markets and other general economic conditions, including inflation, which may have an adverse impact on the value of our assets under management and our seed investments. The majority of our revenue is derived from investment advisory and administration fees, which are based on average assets under management. Accordingly, where there are changes in the value of the assets we manage as a result of market fluctuations, our revenue and the value of our seed investments may change.
The economic environment may also preclude us from increasing the assets we manage in closed-end funds. The
market conditions for these offerings may not be favorable in the future, which could adversely impact our ability to grow
the assets we manage. Depending on market conditions, the closed-end funds we manage may increase or decrease their leverage in order to maintain the funds’ target leverage ratios, thereby increasing or decreasing the assets we manage.
Corporate Seed investments—net
Our seed investments are comprised of both liquid and illiquid holdings. Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Illiquid seed investments are generally comprised of limited partnership interests in private real estate vehicles and our seed investment in CNSREIT for which there may be contractual restrictions on redemption.
Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of June 30, 2024 (in thousands):
Carrying
Value
Notional Value - Hedges
Net Carrying Value
Net Carrying Value Assuming a 10% increase
Net Carrying Value Assuming a 10% decrease
Liquid seed investments—net$75,330 $(44,210)$31,120 $34,232 $28,008 
Illiquid seed investments—net$47,018 $— $47,018 $51,720 $42,316 

Item 4. Controls and Procedures
Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting that occurred during the three months ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Disclosure Controls and Procedures
Under the direction of our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective.
37

PART II—Other Information
Item 1. Legal Proceedings
For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

Item 1A. Risk Factors
For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part 1, Item 1A of the Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended June 30, 2024, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Exchange Act.
Period
Total Number of Shares Purchased (1)
Average Price
Paid Per Share		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs		Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or
Programs
April 1 through April 30, 202455 $69.94 — — 
May 1 through May 31, 2024247 $70.56 — — 
June 1 through June 30, 20241,600 $70.80 — — 
Total1,902 $70.74 — — 
_________________________
(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

Item 5. Other Information
During the three months ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).
38

Item 6. Exhibits

Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.
Exhibit No.Description
3.1 —
3.2 —
4.1 —
4.2 —
10.1 —
10.2 —
Letter Agreement between the Company and Raja Dakkuri (filed herewith)*
31.1 —
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2 —
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1 —
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2 —
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101 —
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104 —Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
_________________________
(1)Incorporated by reference to the Company's Registration Statement on Form S-1, as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.
(2)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.
(4)Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 9, 2022.
*     Denotes management contract or compensatory plan.
39

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:August 2, 2024Cohen & Steers, Inc.
/s/    Raja Dakkuri        
Name: Raja Dakkuri
Title: Executive Vice President & Chief Financial Officer
Date:August 2, 2024Cohen & Steers, Inc.
/s/    Elena Dulik        
Name: Elena Dulik
Title: Senior Vice President & Chief Accounting Officer

40

Exhibit 10.2

cnslogo.jpg
May 1, 2024


Raja Dakkuri
c/o Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, New York 10036


Dear Raja,

We are pleased to offer you employment as an Executive Vice President, Chief Financial Officer at Cohen & Steers, Inc. (“Cohen & Steers”, or the “Company”) reporting to Joseph Harvey, Chief Executive Officer & President to commence no later than June 24, 2024.

Base Salary and Term. You will be paid a salary at an annual rate of $375,000, less applicable deductions and in accordance with Cohen & Steers’ regular payroll practices, to compensate you for all hours you work, regardless of whether more or less than 40 in a regularly scheduled workweek. Salaries are reviewed annually, and adjustments (if any) will be based on your performance, prevailing economic conditions, and the firm’s profitability.

You will be paid on a semi-monthly basis on the 15th and the last business day of the month unless this regular payday occurs on a Saturday, Sunday, or holiday, in which case you will be paid on the last working day prior to the regular payday.

Annual Incentive Compensation. You will receive a minimum guaranteed bonus of $1,625,000 (less applicable deductions) for the calendar year 2024, payable in or about January, 2025 in accordance with Cohen & Steers’ policy with respect to the payment of bonuses, provided that you do not leave Cohen & Steers before the time of the scheduled payment of this bonus either voluntarily (or have given notice of your intention to leave voluntarily in the future) or by Cohen & Steers as a result of a termination for cause. In the event you are terminated without cause, or upon your death or permanent disability, you or your estate or personal representative shall be paid such minimum guaranteed bonus amount. The bonus for the 2024 calendar year will be subject to Cohen & Steers’ customary incentive compensation deferral policy described further below.

You acknowledge and agree that, upon commencement of employment you will be designated an “executive officer” (as such term is defined under Rule 3(b)-7 of the Securities Exchange Act of 1934, as amended) of the Company and the principal financial officer of the Company, subject to the laws, rules, regulations and Company policies applicable thereto, including without limitation the disclosure and reporting rules and regulations of the Securities and Exchange Commission.

For purposes of this letter agreement, “cause” shall mean one or more of the following: (i) gross negligence or willful misconduct in connection with employment duties; (ii) non-performance of duties (other than by reason of illness, incapacity, or disability) where such non-performance continues for more than 3 days following written notice; (iii) refusal or failure to follow lawful directives where such refusal or failure has continued for more than 3 days following written


notice; (iv) violation of any material Company policy, law, ethical or legal responsibility, or applicable regulation; (v) breach of any obligations to Cohen & Steers, including but not limited to those regarding trade secrets or other confidential information; or (vi) indictment for, admission to, or entry of pleas of no contest to any felony or other conduct by you that has or may result in material injury to the reputation of the Company, including but not limited to for fraud, theft, embezzlement, or a crime involving moral turpitude (provided such conviction will be assessed in accordance with applicable law).

Beginning in respect of the 2025 calendar year, you may be eligible for a discretionary annual incentive performance bonus. Any such discretionary annual incentive performance bonus will be subject to the approval of the compensation committee of the board of directors of the Company (the “Compensation Committee”). We currently anticipate that any discretionary annual incentive performance bonuses will be paid to you in January of the following year. In order to be eligible for a discretionary annual incentive performance bonus, you must be in active working status at the time of the bonus payment and must not have given or received notice of termination. Any such bonus you may receive, including without limitation any criteria or conditions applicable thereto is completely at the discretion of the Compensation Committee, and this decision is typically based upon factors such as your historical performance, active contributions to the firm at the time of payment, performance and executive achievement during the year in respect of which such bonus relates, prevailing economic conditions, peer compensation analysis and the firm’s profitability.

If your employment with Cohen & Steers ceases for any reason prior to the one-year anniversary of your first date of employment with the Company, other than as a result of your termination by the Company without cause or due to your death or permanent disability, the Company reserves the right to deduct monies from the final salary payment due to you (which you hereby authorize) and/or to require reimbursement from you, in either case at the rate of 1/12th of the 2024 annual incentive performance bonus actually paid to you for each whole and partial calendar month during the initial twelve month period following the start of your employment in which you are not employed by the Company.

Your employment with Cohen & Steers is for no specified term and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Cohen & Steers is free to conclude its employment relationship with you at any time, with or without cause.

Incentive Compensation Deferrals. Beginning in respect of calendar year 2024, as an employee meeting a compensation threshold, a portion (currently 40%, but subject to change solely at the discretion of the Compensation Committee ) and further applied to your actual compensation earned during your first year of employment and will be applied to your total compensation in subsequent years, if applicable) of your total compensation will be paid on a tax-deferred basis in Cohen & Steers restricted stock units (RSUs). These RSUs will vest in accordance with the related award agreement subject to your continued employment with Cohen & Steers and receive dividend equivalent RSUs as described in the related award agreement. If your employment is terminated by Cohen & Steers without “cause,” or by you for “good reason,” (as such terms are defined in the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (as may be amended and restated from time to time, the “Plan”)), each within the two-year period following a “change in control” (as defined in the Plan) of Cohen & Steers, then these RSUs will immediately vest. The full terms and conditions (as amended and in place from time to time) for these RSU grants, which include customary one-year non-interference with clients and business relationships, non-solicit of employees, and other restrictions, will be provided in an award agreement


evidencing the grant of the RSUs and all such RSU awards will be subject to your signing and returning the related award agreement evidencing the grant of the RSUs. For the avoidance of doubt, if you are terminated by the Company without cause, any then-unvested RSUs in respect of your 2024 minimum guaranteed bonus amount will immediately vest.

Further, subject to the approval of the Compensation Committee, Cohen & Steers in its sole discretion may pay annual incentive performance bonuses partially or on the whole on a deferred basis (i.e., in the form of RSUs or such other comparable manner) in such amounts and on such deferral periods and other terms as may be determined in the sole discretion of Cohen & Steers.

Long Term Incentives. You represent that certain deferred and unvested compensation of your Prior Employer (as defined below) to which you would otherwise be entitled will be forfeited by you as a result of termination of such employment in order to accept employment by Cohen & Steers.

To compensate you for a portion of the deferred and unvested compensation to be forfeited by you upon your termination of employment with your employer immediately prior to Cohen & Steers (the “Prior Employer”), expressly conditioned upon your commencement of employment with the Company, you will receive a number of RSUs (the “Make-Whole RSUs”) equal to the Equity Make-Whole Amount (as defined herein).

For purposes of this letter agreement certain terms are defined as follows:

•The “Unvested Equity Value” shall be the product of (i) the common stock closing price of your Prior Employer at the close of business on the trading day immediately preceding your employment date at Cohen & Steers as reported on the Nasdaq Stock Market, multiplied by (ii) 166,926 (which you have represented is the aggregate number of unvested equity securities that you will be forfeiting).

•The “Accrued Dividend Amount” shall be $66,931 (which you have represented is the aggregate amount of accrued and unpaid dividends on the unvested equity securities that you will be forfeiting).

•The “Equity Make-Whole Amount” shall be the quotient of (i) the sum of (A) the Accrued Dividend Amount, plus (B) the Unvested Equity Value; divided by (ii) the arithmetic mean of the high and low prices of shares of the Company’s common stock on the date of grant as reported on the New York Stock Exchange.

The fair market value of the Make-Whole RSUs will be based on the average of the high and low price of Cohen & Steers, Inc.’s common stock on your employment start date. The grant date of the Make-Whole RSUs will be your employment start date. Subject to your continued employment with Cohen & Steers, the Make-Whole RSUs will vest ratably on each yearly anniversary of the grant date over a three-year period, and will entitle you to receive shares of Cohen & Steers common stock equal to one-third of the aggregate number of Make-Whole RSUs granted on each of these vesting dates. If your employment is terminated by Cohen & Steers without “cause,” or by you for “good reason” (as defined in the Plan), each within the two-year period following a “change in control” (as defined in the Plan) of the Company, then the Make-Whole RSUs will immediately vest. The full terms and conditions (as amended and in place from time to time) for the Make-Whole RSUs, which include a customary one-year non-solicit of employees, non-interference with clients and business relationships, and other restrictions, will be provided in an award agreement evidencing the grant of these RSUs and such RSU award will be subject to your


signing and returning the award agreement evidencing the grant of the RSUs. For the avoidance of doubt, if your employment with the Company is terminated for any reason other than your death or permanent disability or within the two-year period following a “change of control” of the Company as described above, any then unvested Make-Whole RSUs will be immediately forfeited by you.

To compensate you for the remainder of the deferred and unvested compensation to be forfeited by you, you will receive a one-time cash payment equal to $65,000 (the “Cash Make-Whole Amount”). The one-time cash payment will be payable on June 24, 2024, or otherwise within the next reasonably practicable Company pay cycle. If your employment with Cohen & Steers ceases for any reason, other than as a result of your termination by the Company without cause or due to your death or permanent disability, after payment of the Cash Make-Whole Amount and prior to the one-year anniversary of your first date of employment, the Company reserves the right to deduct monies from the final salary payment due to you (which you hereby authorize) and/or to require reimbursement from you, in either case at the rate of 1/12th of the Cash Make-Whole Amount actually paid to you for each whole and partial calendar month during the initial twelve month period following the start of your employment in which you are not employed by the Company. In such event, you shall also pay to Cohen & Steers all costs of collection, including reasonable attorneys’ fees and court costs, if you do not make repayment of the Cash Make-Whole Amount in accordance with the terms of this paragraph within thirty (30) days following demand by us.

You expressly understand and agree that the payment of the Cash Make-Whole Amount and the grant of the Make-Whole RSUs shall represent compensation in full for your forfeited compensation and that you shall not be entitled to receive, and Cohen & Steers shall not be obligated to pay or provide, any additional amounts or value in connection therewith.

You understand and acknowledge that Cohen & Steers’ agreement to compensate you for your forfeited compensation, as described above, is made in express reliance upon, and is expressly conditioned upon, the accuracy and completeness of the information set forth in the documentation provided by you with respect to your deferred compensation subject to forfeiture upon termination of your employment with your Prior Employer.

Other Benefits. Furthermore, you will be eligible for all benefits afforded to each Cohen & Steers employee as may be modified by Cohen & Steers from time to time. These benefits currently include twenty-eight days of vacation (pro-rated during your first year), health, long-term disability and life insurances and participation in our employee stock purchase plan (where you may purchase Cohen & Steers common stock at a 15% discount) and 401(k) plan (your 401(k) plan contributions are matched 50% by Cohen & Steers upon enrollment into the plan).

No Restrictions. In consideration of this offer, other than as previously disclosed to Cohen & Steers in writing as of the date hereof, you represent that you have the full right and authority to accept employment with Cohen & Steers, that you have no agreement, duty, commitment or responsibility or obligation of any kind or nature whatsoever, including, without limitation, any customer or employee non-solicitation agreements or any non-competition agreements, with any corporation, partnership, firm, company, joint venture or other person or entity which would conflict in any manner whatsoever with any of your expected duties, obligations or responsibilities to Cohen & Steers, including, without limitation, any responsibilities or limitations on your ability to solicit business from existing or new Cohen & Steers clients, or which could interfere with your performance at Cohen & Steers. Further, you represent that you have not violated any customer or employee non-solicitation agreements, non-competition agreements or fiduciary duties to which


you may presently be subject, and that you are not in possession of any document or other tangible property of any person or entity of a confidential or proprietary nature which would conflict in any manner whatsoever with any of your expected duties, obligations or responsibilities to Cohen & Steers, and the performance of your obligations to Cohen & Steers during your employment will not breach any agreement by which you are bound not to disclose any proprietary or confidential information, and that you are fully ready, willing and able to perform each and all of your expected duties, obligations and responsibilities as an employee of Cohen & Steers. If any of the aforementioned representations made by you are inaccurate, this offer and any agreement by Cohen & Steers to employ you shall be deemed void ab initio. In other words, they will be void from the beginning, as if they never existed.

Miscellaneous. You agree to comply fully with all of Cohen & Steers’ policies and procedures, including but not limited to all terms and conditions set forth in Cohen & Steers’ Employee Handbook and any other memoranda and communications pertaining to Cohen & Steers’ policies, procedures, rules and regulations, and all policies and procedures applicable to executive officers of the Company, as any of the foregoing may be changed from time to time.

This offer of employment (as well as continued employment) is contingent upon the successful completion of the final stage of Cohen & Steers’ pre-employment screening process, a criminal background check. Furthermore, in compliance with the Immigration Reform and Control Act of 1986, each new employee, as a condition of employment, must complete an Employment Verification Form I-9 and present proof of identity and employment eligibility. Please bring the necessary documentation on your first day of work.

This letter agreement contains the entire understanding of the parties with respect to your employment with Cohen & Steers and its affiliates and shall be construed, interpreted and governed in accordance with the laws of the State of New York. This letter may be executed in counterparts.

We are very excited about the prospect of your joining Cohen & Steers and look forward to a long and prosperous relationship. Please acknowledge your agreement with the terms of this letter agreement by executing the enclosed copy and returning it to Human Resources.

Sincerely,

/s/ Kristine Manzi

Kristine Manzi
Senior Vice President, Human Resources

Agreed to and Accepted:




_/s/ Raja Dakkuri _________________ __May 1, 2024_________________
Raja Dakkuri Date



Exhibit 31.1
Chief Executive Officer Certification
As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Joseph M. Harvey, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Cohen & Steers, Inc. (the Registrant);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Dated:August 2, 2024    /s/ Joseph M. Harvey
    Joseph M. Harvey
    Chief Executive Officer and President



Exhibit 31.2
Chief Financial Officer Certification
As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Raja Dakkuri, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024 of Cohen & Steers, Inc. (the Registrant);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Dated:August 2, 2024    /s/ Raja Dakkuri
    Raja Dakkuri
    Executive Vice President & Chief Financial Officer



Exhibit 32.1
Certification of the Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Joseph M. Harvey, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated:August 2, 2024    /s/ Joseph M. Harvey
    Joseph M. Harvey
    Chief Executive Officer and President
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.



Exhibit 32.2
Certification of the Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Raja Dakkuri, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated:August 2, 2024    /s/ Raja Dakkuri
    Raja Dakkuri
    Executive Vice President & Chief Financial Officer
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.


v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-32236  
Entity Registrant Name COHEN & STEERS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 14-1904657  
Entity Address, Address Line One 1166 Avenue of the Americas,  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10036  
City Area Code 212  
Local Phone Number 832-3232  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol CNS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   50,551,178
Entity Central Index Key 0001284812  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2.u1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 122,013 $ 187,442
Investments ($175,734 and $159,931) [1] 371,345 258,970
Accounts receivable 65,267 68,889
Due from brokers ($479 and $13) [1] 3,657 4,677
Property and equipment—net 70,326 66,336
Operating lease right-of-use assets—net 101,624 103,302
Goodwill and intangible assets—net 19,091 19,395
Other assets ($509 and $644) [1] 30,729 27,543
Total assets 784,052 736,554
Liabilities:    
Accrued compensation and benefits 32,967 66,382
Distribution and service fees payable 9,051 10,144
Operating lease liabilities 141,437 140,408
Income tax payable 646 5,115
Due to brokers ($501 and $119) [1] 595 201
Other liabilities and accrued expenses ($442 and $449) [1] 14,952 21,657
Total liabilities 199,648 243,907
Commitments and contingencies
Redeemable noncontrolling interests 114,570 106,463
Stockholders' equity:    
Common stock, $0.01 par value; 500,000,000 shares authorized; 57,450,598 and 55,788,720 shares issued at June 30, 2024 and December 31, 2023 respectively 574 558
Additional paid-in capital 916,006 818,269
Accumulated deficit (153,360) (158,186)
Accumulated other comprehensive loss (8,874) (7,708)
Treasury stock, at cost, 6,901,862 and 6,633,273 shares at June 30, 2024 and December 31, 2023, respectively (291,173) (271,705)
Total stockholders’ equity attributable to Cohen & Steers, Inc. 463,173 381,228
Nonredeemable noncontrolling interests 6,661 4,956
Total stockholders' equity 469,834 386,184
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 784,052 $ 736,554
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Condensed Consolidated Statements of Financial Condition - (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Investments ($175,734 and $159,931) [1] $ 371,345 $ 258,970
Other assets [1] 30,729 27,543
Due to brokers ($501 and $119) [1] 595 201
Other liabilities and accrued expenses [1] $ 14,952 $ 21,657
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 57,450,598 55,788,720
Treasury stock, shares (in shares) 6,901,862 6,633,273
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member]    
Investments ($175,734 and $159,931) $ 175,734 $ 159,931
Due from brokers 479 13
Other assets 509 644
Due to brokers ($501 and $119) 501 119
Other liabilities and accrued expenses $ 442 $ 449
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Total revenue $ 121,721 $ 120,630 $ 244,431 $ 246,712
Expenses:        
Employee compensation and benefits 53,097 48,893 105,100 97,750
Distribution and service fees 13,270 13,329 26,665 27,545
General and administrative 14,684 16,728 29,477 33,850
Depreciation and amortization 2,268 839 4,522 1,827
Total expenses 83,319 79,789 165,764 160,972
Operating income 38,402 40,841 78,667 85,740
Non-operating income (loss):        
Interest and dividend income—net 5,057 3,428 8,976 6,644
Gain (loss) from investments—net (2,018) 356 (1,034) 48
Foreign currency gain (loss)—net (483) (1,134) (349) (2,410)
Total non-operating income (loss) 2,556 2,650 7,593 4,282
Income before provision for income taxes 40,958 43,491 86,260 90,022
Provision for income taxes 10,881 10,986 21,769 21,219
Net income 30,077 32,505 64,491 68,803
Net (income) loss attributable to noncontrolling interests 1,694 (727) 1,284 (1,711)
Net income attributable to common stockholders $ 31,771 $ 31,778 $ 65,775 $ 67,092
Earnings per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.63 $ 0.64 $ 1.32 $ 1.36
Diluted (in dollars per share) $ 0.63 $ 0.64 $ 1.31 $ 1.36
Weighted average shares outstanding:        
Basic (shares) 50,419 49,315 49,994 49,257
Diluted (shares) 50,770 49,463 50,303 49,433
Investment advisory and administration fees        
Revenue:        
Total revenue $ 114,577 $ 113,118 $ 229,922 $ 231,152
Distribution and service fees        
Revenue:        
Total revenue 6,631 6,977 13,448 14,539
Other        
Revenue:        
Total revenue $ 513 $ 535 $ 1,061 $ 1,021
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 30,077 $ 32,505 $ 64,491 $ 68,803
Net (income) loss attributable to noncontrolling interests 1,694 (727) 1,284 (1,711)
Net income attributable to common stockholders 31,771 31,778 65,775 67,092
Foreign currency translation gain (loss) (184) 676 (1,166) 2,247
Total comprehensive income attributable to common stockholders $ 31,587 $ 32,454 $ 64,609 $ 69,339
v3.24.2.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Common Stock
Employee Stock
Common Stock
At-the-Market Offering
Additional Paid-In Capital
Additional Paid-In Capital
Employee Stock
Additional Paid-In Capital
At-the-Market Offering
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling Interests
Treasury Stock, Common
Treasury Stock, Common
Employee Stock
Nonredeemable Noncontrolling Interest
Parent, Including Nonredeemable Non-Controlling Interest
Parent, Including Nonredeemable Non-Controlling Interest
Employee Stock
Parent, Including Nonredeemable Non-Controlling Interest
At-the-Market Offering
Beginning balance at Dec. 31, 2022   $ 551     $ 769,373     $ (171,417) $ (10,784)   $ (250,169)          
Nonredeemable Noncontrolling Interest at Dec. 31, 2022                         $ 4,054      
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2022                           $ 341,608    
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2022                   $ 85,335            
Dividends               (57,906)           (57,906)    
Issuance of common stock     $ 7     $ 791                 $ 798  
Repurchase of common stock                     (20,628)     (20,628)    
Issuance of restricted stock units—net         2,486                 2,486    
Amortization of restricted stock units—net         21,509                 21,509    
Net income (loss) $ 67,092             67,092           66,652    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest                   2,151     (440)      
Other Comprehensive Income (Loss), Net of Tax                 2,247         2,247    
Net contributions (distributions) from noncontrolling interests (345)                       1,623 1,623    
Net contributions (distributions) attributable to noncontrolling interests                   (1,968)            
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2023                   85,518            
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2023                           358,389    
Nonredeemable Noncontrolling Interest at Jun. 30, 2023                         5,237      
Ending balance at Jun. 30, 2023   558     794,159     (162,231) (8,537)   (270,797)          
Beginning balance at Mar. 31, 2023   558     781,300     (165,053) (9,213)   (270,610)          
Nonredeemable Noncontrolling Interest at Mar. 31, 2023                         5,363      
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2023                           342,345    
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2023                   87,249            
Dividends               (28,956)           (28,956)    
Issuance of common stock     0     342                 342  
Repurchase of common stock                     (187)     (187)    
Issuance of restricted stock units—net         1,308                 1,308    
Amortization of restricted stock units—net         11,209                 11,209    
Net income (loss) 31,778             31,778           31,585    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest                   920     (193)      
Other Comprehensive Income (Loss), Net of Tax                 676         676    
Net contributions (distributions) from noncontrolling interests                         67 67    
Net contributions (distributions) attributable to noncontrolling interests                   (2,651)            
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2023                   85,518            
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2023                           358,389    
Nonredeemable Noncontrolling Interest at Jun. 30, 2023                         5,237      
Ending balance at Jun. 30, 2023   558     794,159     (162,231) (8,537)   (270,797)          
Beginning balance at Dec. 31, 2023 381,228 558     818,269     (158,186) (7,708)   (271,705)          
Nonredeemable Noncontrolling Interest at Dec. 31, 2023 4,956                       4,956      
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2023 386,184                         386,184    
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2023                   106,463            
Dividends               (60,949)           (60,949)    
Issuance of common stock     6 $ 10   733 $ 68,454         $ 30     769 $ 68,464
Repurchase of common stock                     (19,498)     (19,498)    
Issuance of restricted stock units—net         2,332                 2,332    
Amortization of restricted stock units—net         26,218                 26,218    
Net income (loss) 65,775             65,775           65,500    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest                   (1,009)     (275)      
Other Comprehensive Income (Loss), Net of Tax                 (1,166)         (1,166)    
Net contributions (distributions) from noncontrolling interests 11,096                       1,980 1,980    
Net contributions (distributions) attributable to noncontrolling interests                   9,116            
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2024                   114,570            
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2024 469,834                         469,834    
Nonredeemable Noncontrolling Interest at Jun. 30, 2024 6,661                       6,661      
Ending balance at Jun. 30, 2024 463,173 574     916,006     (153,360) (8,874)   (291,173)          
Beginning balance at Mar. 31, 2024   564     832,496     (154,361) (8,690)   (291,069)          
Nonredeemable Noncontrolling Interest at Mar. 31, 2024                         4,982      
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2024                           383,922    
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2024                   90,909            
Dividends               (30,770)           (30,770)    
Issuance of common stock     $ 0 $ 10   $ 319 $ 68,454         $ 30     $ 349 $ 68,464
Repurchase of common stock                     (134)     (134)    
Issuance of restricted stock units—net         1,062                 1,062    
Amortization of restricted stock units—net         13,675                 13,675    
Net income (loss) 31,771             31,771           31,470    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest                   (1,393)     (301)      
Other Comprehensive Income (Loss), Net of Tax                 (184)         (184)    
Net contributions (distributions) from noncontrolling interests                         1,980 1,980    
Net contributions (distributions) attributable to noncontrolling interests                   25,054            
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2024                   $ 114,570            
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2024 469,834                         $ 469,834    
Nonredeemable Noncontrolling Interest at Jun. 30, 2024 6,661                       $ 6,661      
Ending balance at Jun. 30, 2024 $ 463,173 $ 574     $ 916,006     $ (153,360) $ (8,874)   $ (291,173)          
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 64,491 $ 68,803
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense—net 26,917 22,410
Depreciation and amortization 5,558 2,341
Amortization of right-of-use assets 3,431 7,973
(Gain) loss from investments—net 1,034 (48)
Deferred income taxes 1,157 480
Foreign currency (gain) loss 444 573
Amortization (accretion) of premium (discount) on U.S. Treasury securities—net 71 8
Changes in operating assets and liabilities:    
Accounts receivable 3,178 2,886
Due from brokers 1,236 (474)
Investments within consolidated investment vehicles (19,693) (2,882)
Other assets (3,767) (7,082)
Accrued compensation and benefits (33,415) (46,277)
Distribution and service fees payable (1,093) 139
Operating lease liabilities (724) (2,546)
Due to brokers 382 1,210
Income tax payable (5,975) (9,896)
Other liabilities and accrued expenses (6,995) 1,097
Net cash provided by (used in) operating activities 36,237 38,715
Cash flows from investing activities:    
Purchases of investments (232,960) (45,216)
Proceeds from sales and maturities of investments 137,782 34,125
Purchases of property and equipment (8,565) (20,131)
Net cash provided by (used in) investing activities (103,743) (31,222)
Cash flows from financing activities:    
Repurchase of common stock for employee tax withholding (19,498) (20,628)
Dividends to stockholders (59,201) (56,202)
Payments of Debt Issuance Costs (15) (603)
Net contributions (distributions) from noncontrolling interests 11,096 (345)
Net cash provided by (used in) financing activities 1,500 (77,100)
Net increase (decrease) in cash and cash equivalents (66,006) (69,607)
Effect of foreign exchange rate changes on cash and cash equivalents (810) 2,044
Cash and cash equivalents, beginning of the year 189,603 248,714
Cash and cash equivalents, end of the year 122,787 181,151
Employee Stock    
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee stock purchase plan 654 678
At-the-Market Offering    
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee stock purchase plan $ 68,464 $ 0
v3.24.2.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share (in dollars per share) $ 0.59 $ 0.57 $ 1.18 $ 1.14
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - Supplemental Information - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Statement of Cash Flows [Abstract]    
Cash and cash equivalents $ 122,013 $ 178,471
Investments and Cash [1] 774 2,680
Total cash and cash equivalents within condensed consolidated statements of cash flows 122,787 181,151
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Income taxes paid 26,600 $ 30,600
Restricted stock unit dividend equivalents, net of forfeitures 1,700  
Unpaid non-cash investing activities $ 9,300  
[1] Cash included in investments represents operating cash held in consolidated investment vehicles.
v3.24.2.u1
Organization and Description of Business
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company).
The Company is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
v3.24.2.u1
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies 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, 2023.
Recently Adopted Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities with equity securities subject to a contractual sale restriction. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires enhanced disclosure of reportable segments and additional information about a segment’s expenses. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
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 generally 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%.
Cash and Cash Equivalents—Cash and cash equivalents include short-term, highly liquid investments, which are readily convertible into cash.
Due from/to Brokers—The Company, including the consolidated investment vehicles, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or 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 quarterly. The Company's investments are categorized as follows:
•Equity investments at fair value generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities, and seed investments in Company-sponsored vehicles including its non-traded REIT.
•Trading investments generally represent U.S. Treasury securities and investment-grade corporate debt securities.
The Company has elected the fair value option for a seed investment that otherwise would have been accounted for using the equity method of accounting. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income—net in the Company's condensed consolidated statements of operations when earned.
Realized and unrealized gains and losses on the Company's investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
From time to time, the Company, including the consolidated investment vehicles, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Additionally, from time to time, the Company, including the consolidated investment vehicles, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease and thereafter, are remeasured if there is a change in lease terms. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company uses an estimated incremental borrowing rate based on the information available as of the applicable lease commencement date 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.
Noncontrolling Interests—Noncontrolling interests consist of nonredeemable and redeemable third-party interests in the Company's consolidated investment vehicles. Noncontrolling interests that are not redeemable at the option of the investors are classified as nonredeemable noncontrolling interests and are included in stockholders’ equity. Noncontrolling interests that are redeemable at the option of the investors are classified as redeemable noncontrolling interests and are not treated as permanent equity. Noncontrolling interests are recorded at fair value which approximates the net asset value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of U.S. open-end funds. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes.
Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in an open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments.
Distribution fees represent payments made to qualified intermediaries for assistance in connection with the distribution of certain open-end funds' shares and for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds.
Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of certain open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period.
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(8.9) million and $(7.7) million at June 30, 2024 and December 31, 2023, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations.
Recently Issued Accounting Pronouncements—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. 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.
In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company is currently evaluating the impact that the adoption of this new standard will have on the Company's condensed consolidated financial statements.
v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Client domicile:
North America$106,059 $104,686 $212,947 $214,456 
Japan7,533 8,014 15,321 16,133 
Europe, Middle East and Africa4,544 4,654 8,927 9,541 
Asia Pacific excluding Japan3,585 3,276 7,236 6,582 
Total$121,721 $120,630 $244,431 $246,712 

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment vehicle:
Open-end funds$67,445 $66,574 $135,597 $137,142 
Institutional accounts30,179 30,166 60,531 60,795 
Closed-end funds24,097 23,890 48,303 48,775 
Total$121,721 $120,630 $244,431 $246,712 
v3.24.2.u1
Investments
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Investments Investments
The following table summarizes the Company's investments:

(in thousands)June 30, 2024December 31, 2023
Equity investments at fair value$226,683 $180,958 
Trading144,649 77,996 
Equity method13 16 
Total investments$371,345 $258,970 
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
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Net realized gains (losses) during the period
$(147)$(761)$(2,373)$(3,091)
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(1,871)1,117 1,339 3,139 
Gain (loss) from investments—net (1)
$(2,018)$356 $(1,034)$48 
________________________
(1)Included gain (loss) attributable to noncontrolling interests.
The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)June 30,
2024		December 31, 2023
Assets (1)
Investments
$175,734 $159,931 
Due from brokers
479 $13 
Other assets
509 $644 
Total assets176,722 160,588 
Liabilities (1)
Due to brokers
$501 $119 
Other liabilities and accrued expenses442 $449 
Total liabilities943 568 
Net assets$175,779 $160,020 
Attributable to the Company$54,548 $48,601 
Attributable to noncontrolling interests121,231 111,419 
Net assets$175,779 $160,020 
_________________________
(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.
v3.24.2.u1
Fair Value
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
ASC Topic 820, Fair Value Measurement 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.
These levels are not necessarily an indication of the risk or liquidity associated with the investments.
The following tables present fair value measurements:
June 30, 2024
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$85,500 $— $— $— $85,500 
Equity investments at fair value:
Common stocks$178,535 $— $— $— $178,535 
Limited partnership interests— — 19,997 1,065 21,062 
Master limited partnership interests246 — — — 246 
Preferred securities1,583 67 — — 1,650 
Non-Traded REIT— 24,859 — — 24,859 
Other209 — — 122 331 
Total$180,573 $24,926 $19,997 $1,187 $226,683 
Trading investments:
Fixed income$— $144,649 $— $— $144,649 
Equity method investments$— $— $— $13 $13 
Total investments$180,573 $169,575 $19,997 $1,200 $371,345 
Derivatives - assets:
Total return swaps$— $40 $— $— $40 
Forward contracts - foreign exchange— 274 — — 274 
Total$— $314 $— $— $314 
Derivatives - liabilities:
Total return swaps$— $1,329 $— $— $1,329 
Forward contracts - foreign exchange— 19 — — 19 
Total$— $1,348 $— $— $1,348 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
December 31, 2023
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$151,915 $— $— $— $151,915 
Equity investments at fair value:
Common stocks$163,365 $697 $— $— $164,062 
Limited partnership interests— — 13,202 1,228 14,430 
Master limited partnership interests282 — — — 282 
Preferred securities1,775 62 — — 1,837 
Other226 — — 121 347 
Total$165,648 $759 $13,202 $1,349 $180,958 
Trading investments:
Fixed income$— $77,996 $— $— $77,996 
Equity method investments$— $— $— $16 $16 
Total investments$165,648 $78,755 $13,202 $1,365 $258,970 
Derivatives - assets:
Total return swaps$— $28 $— $— $28 
Total$— $28 $— $— $28 
Derivatives - liabilities:
Total return swaps$— $2,488 $— $— $2,488 
Forward contracts - foreign exchange— 405 — — 405 
Total$— $2,893 $— $— $2,893 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and preferred securities, for which quoted prices in active markets are not available. Fair values were generally based on quoted prices for similar instruments in active markets. Effective January 1, 2024, the Company deconsolidated its investment in CNSREIT and elected the fair value option to align the measurement of the seed investment and the related gains and losses with other seed investments. The fair value of the seed investment in CNSREIT was $24.9 million and the Company's ownership interest was 49.7% at June 30, 2024. The unrealized gain on the seed investment in CNSREIT, which is included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations, was $1.0 million and $1.1 million for the three and six months ended June 30, 2024, respectively.
Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.
Trading investments classified as Level 2 were comprised of U.S. Treasury securities and investment-grade corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient including limited partnership interests in private real estate funds. At June 30, 2024 and December 31, 2023, the Company did not have the ability to redeem its interests in the majority of these investments.
Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Balance at beginning of period$12,896 $13,633 $13,202 $10,759 
Purchases/contributions8,372 4,625 8,861 7,517 
Sales/distributions— (2,975)— (2,975)
Unrealized gains (losses)(1,271)(1,297)(2,066)(1,315)
Balance at end of period$19,997 $13,986 $19,997 $13,986 
Unrealized and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Valuation Techniques
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than quarterly, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.
The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:
Fair Value as of June 30, 2024
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$19,997 Discounted cash flow Discount rate
Terminal capitalization rate
9.50%
7.75%
Transaction price n/a
Fair Value as of December 31, 2023
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$13,202 Discounted cash flow Discount rate
Terminal capitalization rate
9.25%
7.75%
Transaction pricen/a
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.
v3.24.2.u1
Derivatives
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:
As of June 30, 2024
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$1,741 $44,531 $40 $1,329 
Forward contracts - foreign exchange— 9,505 274 19 
Total corporate derivatives$1,741 $54,036 $314 $1,348 
As of December 31, 2023
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,284 $37,933 $28 $2,488 
Forward contracts - foreign exchange— 9,641 — 405 
Total corporate derivatives$2,284 $47,574 $28 $2,893 
________________________
(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives included:
•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Collateral pledged for forward and swap contracts totaled $2.9 million and $4.5 million at June 30, 2024 and December 31, 2023, respectively.
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Corporate derivatives:
Total return swaps$(48)$(25)$(200)$(677)
Forward contracts - foreign exchange(264)769 660 1,200 
Total (1)
$(312)$744 $460 $523 
________________________
(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.
The following table reconciles income and share data used in the basic and diluted earnings per share computations:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2024202320242023
Net income$30,077 $32,505 $64,491 $68,803 
Net (income) loss attributable to noncontrolling interests1,694 (727)1,284 (1,711)
Net income attributable to common stockholders$31,771 $31,778 $65,775 $67,092 
Basic weighted average shares outstanding50,419 49,315 49,994 49,257 
Dilutive potential shares from restricted stock units351 148 309 176 
Diluted weighted average shares outstanding50,770 49,463 50,303 49,433 
Basic earnings per share attributable to common stockholders$0.63 $0.64 $1.32 $1.36 
Diluted earnings per share attributable to common stockholders$0.63 $0.64 $1.31 $1.36 
Anti-dilutive common stock equivalents excluded from the calculation
— 214 5 141 
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. statutory tax rate21.0 %21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit2.9 3.1 2.9 3.1 
Non-deductible executive compensation1.4 1.4 1.2 2.2 
Excess tax benefits related to the vesting and delivery of restricted stock units— — (0.3)(2.4)
Other0.2 0.2 0.1 0.1 
Effective income tax rate25.5 %25.7 %24.9 %24.0 %
v3.24.2.u1
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors.
The following table summarizes revenue the Company earned from these affiliated funds:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment advisory and administration fees $82,297 $81,113 $165,257 $166,612 
Distribution and service fees6,631 6,977 13,448 14,539 
Total$88,928 $88,090 $178,705 $181,151 
Included in accounts receivable at June 30, 2024 and December 31, 2023 are receivables due from Company-sponsored funds, of $33.4 million and $32.5 million, respectively. Included in accounts payable at June 30, 2024 and December 31, 2023 are payables due to Company-sponsored funds of $1.5 million and $1.9 million, respectively.
Included in other assets at June 30, 2024 and December 31, 2023 is an advance to CNSREIT of $7.9 million and $7.3 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion. At June 30, 2024 and December 31, 2023, the Company determined the advance to be collectible.
See discussion of commitments to Company-sponsored vehicles in Note 11.
v3.24.2.u1
Credit Losses
 6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
Credit Agreement Credit Agreement
On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement.
Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of June 30, 2024, the Company was in compliance with these covenants.

To date, the Company has not drawn upon the credit agreement.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.
The Company has committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. As of June 30, 2024, the Company had funded $28.3 million of this commitment.
In addition, the Company has committed to invest $125.0 million in CNSREIT. As of June 30, 2024, the Company had funded $23.8 million of this commitment. In July 2024, the Company funded an additional $8.4 million of this commitment.
The timing for funding the remaining portion of the Company's commitments is uncertain.
v3.24.2.u1
Concentration of Credit Risk
 6 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit Risk
The Company's cash and cash equivalents are principally on deposit with major national financial institutions and are subject to credit risk should these financial institutions be unable to fulfill their obligations. The Company limits its exposure to such credit risks by diversifying its cash and cash equivalents among several highly rated national financial institutions.
v3.24.2.u1
Equity Offering
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity Offering Equity Offering
On April 22, 2024, the Company issued 1,007,057 shares of its common stock through an offering. The net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately $68.5 million. The Company will not offer or sell any additional shares of its common stock and terminated the offering effective April 22, 2024.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.
On August 1, 2024, the Company declared a quarterly dividend on its common stock in the amount of $0.59 per share. This dividend will be payable on August 22, 2024 to stockholders of record at the close of business on August 12, 2024.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 31,771 $ 31,778 $ 65,775 $ 67,092
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Recently Adopted New Accounting Pronouncements
Recently Adopted Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities with equity securities subject to a contractual sale restriction. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires enhanced disclosure of reportable segments and additional information about a segment’s expenses. This new guidance became effective on January 1, 2024. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements.
Accounting Estimates
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
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 generally 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%.
Cash and Cash Equivalents
Cash and Cash Equivalents—Cash and cash equivalents include short-term, highly liquid investments, which are readily convertible into cash.
Due from/to Brokers
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 collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers/custodians.
Investments
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 quarterly. The Company's investments are categorized as follows:
•Equity investments at fair value generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities, and seed investments in Company-sponsored vehicles including its non-traded REIT.
•Trading investments generally represent U.S. Treasury securities and investment-grade corporate debt securities.
The Company has elected the fair value option for a seed investment that otherwise would have been accounted for using the equity method of accounting. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income—net in the Company's condensed consolidated statements of operations when earned.
Realized and unrealized gains and losses on the Company's 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
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease and thereafter, are remeasured if there is a change in lease terms. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company uses an estimated incremental borrowing rate based on the information available as of the applicable lease commencement date 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.
Noncontrolling Interests
Noncontrolling Interests—Noncontrolling interests consist of nonredeemable and redeemable third-party interests in the Company's consolidated investment vehicles. Noncontrolling interests that are not redeemable at the option of the investors are classified as nonredeemable noncontrolling interests and are included in stockholders’ equity. Noncontrolling interests that are redeemable at the option of the investors are classified as redeemable noncontrolling interests and are not treated as permanent equity. Noncontrolling interests are recorded at fair value which approximates the net asset value at each reporting period.
Investment Advisory and Administration Fees
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—Distribution and service fee revenue is based on the average daily net assets of certain share classes of U.S. open-end funds. 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—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
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
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Comprehensive Income
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Currency Translation and Transactions 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 $(8.9) million and $(7.7) million at June 30, 2024 and December 31, 2023, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements—In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. 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.
In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company is currently evaluating the impact that the adoption of this new standard will have on the Company's condensed consolidated financial statements.
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Client domicile:
North America$106,059 $104,686 $212,947 $214,456 
Japan7,533 8,014 15,321 16,133 
Europe, Middle East and Africa4,544 4,654 8,927 9,541 
Asia Pacific excluding Japan3,585 3,276 7,236 6,582 
Total$121,721 $120,630 $244,431 $246,712 

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment vehicle:
Open-end funds$67,445 $66,574 $135,597 $137,142 
Institutional accounts30,179 30,166 60,531 60,795 
Closed-end funds24,097 23,890 48,303 48,775 
Total$121,721 $120,630 $244,431 $246,712 
v3.24.2.u1
Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Summary Investment Holdings
The following table summarizes the Company's investments:

(in thousands)June 30, 2024December 31, 2023
Equity investments at fair value$226,683 $180,958 
Trading144,649 77,996 
Equity method13 16 
Total investments$371,345 $258,970 
Gain (Loss) on Investments
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
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Net realized gains (losses) during the period
$(147)$(761)$(2,373)$(3,091)
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(1,871)1,117 1,339 3,139 
Gain (loss) from investments—net (1)
$(2,018)$356 $(1,034)$48 
________________________
(1)Included gain (loss) attributable to noncontrolling interests.
Schedule of Variable Interest Entities
The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)June 30,
2024		December 31, 2023
Assets (1)
Investments
$175,734 $159,931 
Due from brokers
479 $13 
Other assets
509 $644 
Total assets176,722 160,588 
Liabilities (1)
Due to brokers
$501 $119 
Other liabilities and accrued expenses442 $449 
Total liabilities943 568 
Net assets$175,779 $160,020 
Attributable to the Company$54,548 $48,601 
Attributable to noncontrolling interests121,231 111,419 
Net assets$175,779 $160,020 
_________________________
(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.
v3.24.2.u1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables present fair value measurements:
June 30, 2024
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$85,500 $— $— $— $85,500 
Equity investments at fair value:
Common stocks$178,535 $— $— $— $178,535 
Limited partnership interests— — 19,997 1,065 21,062 
Master limited partnership interests246 — — — 246 
Preferred securities1,583 67 — — 1,650 
Non-Traded REIT— 24,859 — — 24,859 
Other209 — — 122 331 
Total$180,573 $24,926 $19,997 $1,187 $226,683 
Trading investments:
Fixed income$— $144,649 $— $— $144,649 
Equity method investments$— $— $— $13 $13 
Total investments$180,573 $169,575 $19,997 $1,200 $371,345 
Derivatives - assets:
Total return swaps$— $40 $— $— $40 
Forward contracts - foreign exchange— 274 — — 274 
Total$— $314 $— $— $314 
Derivatives - liabilities:
Total return swaps$— $1,329 $— $— $1,329 
Forward contracts - foreign exchange— 19 — — 19 
Total$— $1,348 $— $— $1,348 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
December 31, 2023
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$151,915 $— $— $— $151,915 
Equity investments at fair value:
Common stocks$163,365 $697 $— $— $164,062 
Limited partnership interests— — 13,202 1,228 14,430 
Master limited partnership interests282 — — — 282 
Preferred securities1,775 62 — — 1,837 
Other226 — — 121 347 
Total$165,648 $759 $13,202 $1,349 $180,958 
Trading investments:
Fixed income$— $77,996 $— $— $77,996 
Equity method investments$— $— $— $16 $16 
Total investments$165,648 $78,755 $13,202 $1,365 $258,970 
Derivatives - assets:
Total return swaps$— $28 $— $— $28 
Total$— $28 $— $— $28 
Derivatives - liabilities:
Total return swaps$— $2,488 $— $— $2,488 
Forward contracts - foreign exchange— 405 — — 405 
Total$— $2,893 $— $— $2,893 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Balance at beginning of period$12,896 $13,633 $13,202 $10,759 
Purchases/contributions8,372 4,625 8,861 7,517 
Sales/distributions— (2,975)— (2,975)
Unrealized gains (losses)(1,271)(1,297)(2,066)(1,315)
Balance at end of period$19,997 $13,986 $19,997 $13,986 
Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:
Fair Value as of June 30, 2024
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$19,997 Discounted cash flow Discount rate
Terminal capitalization rate
9.50%
7.75%
Transaction price n/a
Fair Value as of December 31, 2023
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interests
$13,202 Discounted cash flow Discount rate
Terminal capitalization rate
9.25%
7.75%
Transaction pricen/a
v3.24.2.u1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:
As of June 30, 2024
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$1,741 $44,531 $40 $1,329 
Forward contracts - foreign exchange— 9,505 274 19 
Total corporate derivatives$1,741 $54,036 $314 $1,348 
As of December 31, 2023
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,284 $37,933 $28 $2,488 
Forward contracts - foreign exchange— 9,641 — 405 
Total corporate derivatives$2,284 $47,574 $28 $2,893 
________________________
(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Gains (losses) on Derivatives
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Corporate derivatives:
Total return swaps$(48)$(25)$(200)$(677)
Forward contracts - foreign exchange(264)769 660 1,200 
Total (1)
$(312)$744 $460 $523 
________________________
(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table reconciles income and share data used in the basic and diluted earnings per share computations:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2024202320242023
Net income$30,077 $32,505 $64,491 $68,803 
Net (income) loss attributable to noncontrolling interests1,694 (727)1,284 (1,711)
Net income attributable to common stockholders$31,771 $31,778 $65,775 $67,092 
Basic weighted average shares outstanding50,419 49,315 49,994 49,257 
Dilutive potential shares from restricted stock units351 148 309 176 
Diluted weighted average shares outstanding50,770 49,463 50,303 49,433 
Basic earnings per share attributable to common stockholders$0.63 $0.64 $1.32 $1.36 
Diluted earnings per share attributable to common stockholders$0.63 $0.64 $1.31 $1.36 
Anti-dilutive common stock equivalents excluded from the calculation
— 214 5 141 
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. statutory tax rate21.0 %21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit2.9 3.1 2.9 3.1 
Non-deductible executive compensation1.4 1.4 1.2 2.2 
Excess tax benefits related to the vesting and delivery of restricted stock units— — (0.3)(2.4)
Other0.2 0.2 0.1 0.1 
Effective income tax rate25.5 %25.7 %24.9 %24.0 %
v3.24.2.u1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes revenue the Company earned from these affiliated funds:

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Investment advisory and administration fees $82,297 $81,113 $165,257 $166,612 
Distribution and service fees6,631 6,977 13,448 14,539 
Total$88,928 $88,090 $178,705 $181,151 
v3.24.2.u1
Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]    
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax $ (8,900) $ (7,700)
v3.24.2.u1
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 121,721 $ 120,630 $ 244,431 $ 246,712
Open-end funds        
Disaggregation of Revenue [Line Items]        
Total revenue 67,445 66,574 135,597 137,142
Institutional accounts        
Disaggregation of Revenue [Line Items]        
Total revenue 30,179 30,166 60,531 60,795
Closed-end funds        
Disaggregation of Revenue [Line Items]        
Total revenue 24,097 23,890 48,303 48,775
North America        
Disaggregation of Revenue [Line Items]        
Total revenue 106,059 104,686 212,947 214,456
Japan        
Disaggregation of Revenue [Line Items]        
Total revenue 7,533 8,014 15,321 16,133
Europe, Middle East and Africa        
Disaggregation of Revenue [Line Items]        
Total revenue 4,544 4,654 8,927 9,541
Asia Pacific excluding Japan        
Disaggregation of Revenue [Line Items]        
Total revenue $ 3,585 $ 3,276 $ 7,236 $ 6,582
v3.24.2.u1
Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Summary of Investments          
Equity investments at fair value $ 226,683   $ 226,683   $ 180,958
Trading 144,649   144,649   77,996
Equity method 13   13   16
Total investments [1] 371,345   371,345   $ 258,970
Gain (Loss) on Investments [Abstract]          
Net realized gains (losses) during the period (147) $ (761) (2,373) $ (3,091)  
Net unrealized gains (losses) during the period on investments still held at the end of the period (1,871) 1,117 1,339 3,139  
Gain (loss) from investments—net $ (2,018) $ 356 $ (1,034) $ 48  
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Investments Variable Interest Entity (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Investments [1] $ 371,345 $ 258,970
Other assets [1] 30,729 27,543
Total assets 784,052 736,554
Due to brokers [1] 595 201
Other liabilities and accrued expenses [1] 14,952 21,657
Total liabilities 199,648 243,907
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member]    
Variable Interest Entity [Line Items]    
Investments 175,734 159,931
Due from brokers ($145 and $1,743) 479 13
Other assets 509 644
Total assets 176,722 160,588
Due to brokers 501 119
Other liabilities and accrued expenses 442 449
Total liabilities 943 568
Net assets 175,779 160,020
Attributable to the Company 54,548 48,601
Attributable to noncontrolling interests $ 121,231 $ 111,419
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Fair Value - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value $ 226,683,000 $ 226,683,000 $ 180,958,000
Trading 144,649,000 144,649,000 77,996,000
Equity method investments 13,000 13,000 16,000
Debt and Equity Securities, Unrealized Gain (Loss) $ 1 $ 1,100,000  
Non-Traded REIT      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investment, ownership percentage 49.70% 49.70%  
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents $ 85,500,000 $ 85,500,000 151,915,000
Equity investments at fair value     180,958,000
Total investments 371,345,000 371,345,000 258,970,000
Derivatives - assets: 314,000 314,000 28,000
Derivatives - liabilities: 1,348,000 1,348,000 2,893,000
Fair Value, Measurements, Recurring | Forward contracts - foreign exchange      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - assets: 274,000 274,000  
Derivatives - liabilities: 19,000 19,000 405,000
Fair Value, Measurements, Recurring | Total Return Swap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - assets: 40,000 40,000 28,000
Derivatives - liabilities: 1,329,000 1,329,000 2,488,000
Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents 85,500,000 85,500,000 151,915,000
Equity investments at fair value 180,573,000 180,573,000 165,648,000
Total investments 180,573,000 180,573,000 165,648,000
Derivatives - assets: 0 0 0
Derivatives - liabilities: 0 0 0
Fair Value, Measurements, Recurring | Level 1 | Forward contracts - foreign exchange      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - liabilities: 0 0  
Fair Value, Measurements, Recurring | Level 1 | Total Return Swap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - assets: 0 0  
Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 24,926,000 24,926,000 759,000
Total investments 169,575,000 169,575,000 78,755,000
Derivatives - assets: 314,000 314,000 28,000
Derivatives - liabilities: 1,348,000 1,348,000 2,893,000
Fair Value, Measurements, Recurring | Level 2 | Forward contracts - foreign exchange      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - assets: 274,000 274,000  
Derivatives - liabilities: 19,000 19,000 405,000
Fair Value, Measurements, Recurring | Level 2 | Total Return Swap      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives - assets: 40,000 40,000 28,000
Derivatives - liabilities: 1,329,000 1,329,000 2,488,000
Fair Value, Measurements, Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total investments 19,997,000 19,997,000 13,202,000
Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 1,187,000 1,187,000 1,349,000
Total investments 1,200,000 1,200,000 1,365,000
Common stocks | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 178,535,000 178,535,000 164,062,000
Common stocks | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 178,535,000 178,535,000 163,365,000
Common stocks | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0 697,000
Common stocks | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0  
Limited partnership interests | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 21,062,000 21,062,000 14,430,000
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0 0
Limited partnership interests | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0  
Limited partnership interests | Fair Value, Measurements, Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 19,997,000 19,997,000 13,202,000
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 1,065,000 1,065,000 1,228,000
Master limited partnership interests | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 246,000 246,000 282,000
Master limited partnership interests | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 246,000 246,000 282,000
Preferred securities | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 1,650,000 1,650,000 1,837,000
Preferred securities | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 1,583,000 1,583,000 1,775,000
Preferred securities | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 67,000 67,000 62,000
Preferred securities | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0  
Other | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 331,000 331,000 347,000
Other | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 209,000 209,000 226,000
Other | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 0 0  
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 122,000 122,000 121,000
Fixed income | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading     77,996,000
Fixed income | Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading 0 0  
Fixed income | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading 144,649,000 144,649,000 77,996,000
Fixed income | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Trading 0 0 0
Non-Traded REIT | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 24,859,000 24,859,000  
Non-Traded REIT | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity investments at fair value 24,859,000 24,859,000  
Equity method investments | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investments     16,000
Equity method investments | Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investments 0 0 0
Equity method investments | Fair Value, Measurements, Recurring | Investments Measured at NAV      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investments $ 13,000 $ 13,000 $ 16,000
v3.24.2.u1
Fair Value - Fiar Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Fair Value Disclosures [Abstract]        
Balance at beginning of period $ 12,896 $ 13,633 $ 13,202 $ 10,759
Purchases/contributions 8,372 4,625 8,861 7,517
Sales/distributions 0 (2,975) 0 (2,975)
Unrealized gains (losses) (1,271) (1,297) (2,066) (1,315)
Balance at end of period $ 19,997 $ 13,986 $ 19,997 $ 13,986
v3.24.2.u1
Fair Value - Valuation Techniques (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Limited partnership interests $ 19,997 $ 12,896 $ 13,202 $ 13,986 $ 13,633 $ 10,759
Level 3 | Discount Rate            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Measurement input 0.0950   0.0925      
Level 3 | Terminal Capitalization Rate            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Measurement input 0.0775   0.0775      
v3.24.2.u1
Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivative [Line Items]          
Due to brokers [1] $ 595   $ 595   $ 201
Corporate, Non-Segment          
Derivative [Line Items]          
Notional amount, long 1,741   1,741   2,284
Notional amount, short 54,036   54,036   47,574
Derivative assets, fair value 314   314   28
Derivative liabilities, fair value 1,348   1,348   2,893
Derivative, gains (losses) on derivative, net (312) $ 744 460 $ 523  
Forward contracts - foreign exchange          
Derivative [Line Items]          
Notional amount, long 0   0   0
Notional amount, short 9,505   9,505   9,641
Derivative assets, fair value 274   274   0
Derivative liabilities, fair value 19   19   405
Derivative, gains (losses) on derivative, net (264) 769 660 1,200  
Total Return Swap          
Derivative [Line Items]          
Notional amount, long 1,741   1,741   2,284
Notional amount, short 44,531   44,531   37,933
Derivative assets, fair value 40   40   28
Derivative liabilities, fair value 1,329   1,329   2,488
Derivative, gains (losses) on derivative, net (48) $ (25) (200) $ (677)  
Cash | Asset Pledged as Collateral          
Derivative [Line Items]          
Trading investments and pledged as collateral $ 2,900   $ 2,900   $ 4,500
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income $ 30,077 $ 32,505 $ 64,491 $ 68,803
Net (income) loss attributable to noncontrolling interests 1,694 (727) 1,284 (1,711)
Net income attributable to common stockholders $ 31,771 $ 31,778 $ 65,775 $ 67,092
Basic weighted average shares outstanding (shares) 50,419,000 49,315,000 49,994,000 49,257,000
Dilutive potential shares from restricted stock units (shares) 351,000 148,000 309,000 176,000
Diluted weighted average shares outstanding (shares) 50,770,000 49,463,000 50,303,000 49,433,000
Basic earnings per share attributable to common stockholders (in dollars per share) $ 0.63 $ 0.64 $ 1.32 $ 1.36
Diluted earnings per share attributable to common stockholders (in dollars per share) $ 0.63 $ 0.64 $ 1.31 $ 1.36
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 214,000 5,000 141,000
v3.24.2.u1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
U.S. statutory tax rate 21.00% 21.00% 21.00% 21.00%
State and local income taxes, net of federal benefit 2.90% 3.10% 2.90% 3.10%
Non-deductible executive compensation 1.40% 1.40% 1.20% 2.20%
Excess tax benefits related to the vesting and delivery of restricted stock units 0.00% 0.00% (0.30%) (2.40%)
Other 0.20% 0.20% 0.10% 0.10%
Effective income tax rate 25.50% 25.70% 24.90% 24.00%
v3.24.2.u1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transactions, Revenue [Abstract]          
Other assets [1] $ 30,729   $ 30,729   $ 27,543
Affiliated Funds          
Related Party Transactions, Revenue [Abstract]          
Investment advisory and administrative fees 82,297 $ 81,113 165,257 $ 166,612  
Distribution and service fees 6,631 6,977 13,448 14,539  
Total 88,928 $ 88,090 178,705 $ 181,151  
Receivables due from company-sponsored mutual funds 33,400   33,400   32,500
Payables due to company-sponsored mutual funds 1,500   1,500   1,900
Cohen & Steers Income Opportunities REIT          
Related Party Transactions, Revenue [Abstract]          
Other assets $ 7,900   $ 7,900   $ 7,300
Reimbursement term     60 months    
NAV threshold     $ 1,000,000    
[1] Amounts in parentheses represent the aggregate balances at June 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.
v3.24.2.u1
Credit Losses (Details)
$ in Millions
Feb. 20, 2023
USD ($)
Revolving Credit Facility  
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]  
Long-Term Line of Credit $ 100.0
v3.24.2.u1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jul. 16, 2024
Jun. 30, 2024
Commitment to invest | Cohen & Steers Real Estate Opportunities Fund, L.P.    
Contingencies [Line Items]    
Long-term purchase commitment   $ 50.0
Long-term commitment, funded amount   28.3
Commitment to invest | Cohen & Steers Income Opportunities REIT, Inc.    
Contingencies [Line Items]    
Long-term purchase commitment   125.0
Long-term commitment, funded amount   $ 23.8
Commitment to Invest | Subsequent Event    
Contingencies [Line Items]    
Long-term commitment, funded amount $ 8.4  
v3.24.2.u1
Equity Offering (Details) - At-the-Market Offering
$ in Millions
Apr. 22, 2024
USD ($)
shares
Subsidiary or Equity Method Investee [Line Items]  
Number of shares issued in transaction (in shares) | shares 1,007,057
Sale of stock, consideration received on transaction | $ $ 68.5
v3.24.2.u1
Subsequent Events (Details) - $ / shares
 3 Months Ended 6 Months Ended
Aug. 01, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Subsequent Event [Line Items]          
Dividends declared per share (in dollars per share)   $ 0.59 $ 0.57 $ 1.18 $ 1.14
Dividend Declared | Subsequent Event          
Subsequent Event [Line Items]          
Dividends declared per share (in dollars per share) $ 0.59        
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