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Cohen & Steers
CNS
#3858
Rank
$3.22 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$62.66
Share price
0.85%
Change (1 day)
-17.42%
Change (1 year)
๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment Asset Management
Categories
  1. Cohen & Steers
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q1

Cohen & Steers - 10-Q quarterly report FY2022 Q1


Text size:
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________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO             
Commission File Number: 001-32236 
 ________________
COHEN & STEERS, INC.
(Exact Name of Registrant as Specified in its Charter)
 ________________ 
Delaware14-1904657
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification No.)
280 Park Avenue
New York, NY 10017
(Address of Principal Executive Offices and Zip Code)
(212) 832-3232
(Registrant's Telephone Number, Including Area Code)
  ________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCNSNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated 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 April 29, 2022 was 48,686,336.



COHEN & STEERS, INC. AND SUBSIDIARIES
Form 10-Q
Index
  Page
Part I.Financial Information
Item 1.
1
Condensed Consolidated Statements of Financial Condition (Unaudited)
1
Condensed Consolidated Statements of Operations (Unaudited)
2
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
3
Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests (Unaudited)
4
Condensed Consolidated Statements of Cash Flows (Unaudited)
5
Notes to Condensed Consolidated Financial Statements (Unaudited)
7
Item 2.
20
Item 3.
35
Item 4.
35
Part II.Other Information *
Item 1.
36
Item 1A.
36
Item 2.
36
Item 6.
37
38
* Items other than those listed above have been omitted because they are not applicable.



Forward-Looking Statements
This report and other documents filed by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2021 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.



PART I—Financial Information

Item 1. Financial Statements

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)
March 31,
2022		December 31, 2021
Assets:
Cash and cash equivalents$84,817 $184,373 
Investments ($227,888 and $127,912) (1)
284,503 154,654 
Accounts receivable89,423 84,090 
Due from brokers ($59,897 and $1,340) (1)
63,101 3,567 
Property and equipment—net8,618 8,938 
Operating lease right-of-use assets—net19,473 22,009 
Goodwill and intangible assets—net19,469 19,696 
Other assets ($479 and $1,589) (1)
13,806 15,360 
Total assets$583,210 $492,687 
Liabilities:
Accrued compensation and benefits$24,750 $79,167 
Distribution and service fees payable9,923 10,183 
Operating lease liabilities21,687 24,525 
Income tax payable27,207 22,611 
Due to brokers ($45,686 and $926) (1)
45,819 927 
Other liabilities and accrued expenses ($1,286 and $689) (1)
13,803 10,948 
Total liabilities143,189 148,361 
Commitments and contingencies (See Note 10)
Redeemable noncontrolling interests184,656 89,143 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,993,067 and 54,267,309 shares issued at March 31, 2022 and December 31, 2021, respectively
550 543 
Additional paid-in capital728,644 715,847 
Accumulated deficit(217,453)(231,967)
Accumulated other comprehensive loss(7,437)(5,886)
Treasury stock, at cost, 6,310,559 and 5,997,239 shares at March 31, 2022 and December 31, 2021, respectively
(248,939)(223,354)
Total stockholders' equity255,365 255,183 
Total liabilities, redeemable noncontrolling interests and stockholders' equity$583,210 $492,687 
_________________________
(1)    Asset and liability amounts in parentheses represent the aggregated balances at March 31, 2022 and December 31, 2021 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.

See notes to condensed consolidated financial statements
1

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
 Three Months Ended
March 31,
 20222021
Revenue:
Investment advisory and administration fees$143,669 $116,921 
Distribution and service fees9,869 8,272 
Other651 554 
Total revenue154,189 125,747 
Expenses:
Employee compensation and benefits54,743 45,762 
Distribution and service fees33,951 16,506 
General and administrative13,510 10,374 
Depreciation and amortization994 1,167 
Total expenses103,198 73,809 
Operating income50,991 51,938 
Non-operating income (loss):
Interest and dividend income—net897 616 
Gain (loss) from investments—net3,567 4,559 
Foreign currency gain (loss)—net646 (222)
Total non-operating income (loss)5,110 4,953 
Income before provision for income taxes56,101 56,891 
Provision for income taxes9,260 4,461 
Net income46,841 52,430 
Net (income) loss attributable to redeemable noncontrolling interests(4,823)(3,578)
Net income attributable to common stockholders$42,018 $48,852 
Earnings per share attributable to common stockholders:
Basic$0.86 $1.01 
Diluted$0.85 $1.00 
Weighted average shares outstanding:
Basic48,673 48,145 
Diluted49,337 48,709 









See notes to condensed consolidated financial statements
2

COHEN & STEERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)
Three Months Ended
March 31,
20222021
Net income$46,841 $52,430 
Net (income) loss attributable to redeemable noncontrolling interests(4,823)(3,578)
Net income attributable to common stockholders42,018 48,852 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(1,551)(595)
Total comprehensive income attributable to common stockholders$40,467 $48,257 





























See notes to condensed consolidated financial statements
3

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND
REDEEMABLE NONCONTROLLING INTERESTS (Unaudited)
(in thousands, except per share data)
Three Months Ended March 31, 2022
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2022$543 $715,847 $(231,967)$(5,886)$(223,354)$255,183 $89,143 
Dividends ($0.55 per share)
— — (27,504)— — (27,504)— 
Issuance of common stock7 435 — — — 442 — 
Repurchase of common stock— — — — (25,585)(25,585)— 
Issuance of restricted stock units—net— 1,250 — — — 1,250 — 
Amortization of restricted stock units—net— 11,112 — — — 11,112 — 
Net income (loss)— — 42,018 — — 42,018 4,823 
Other comprehensive income (loss)— — — (1,551)— (1,551)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 90,690 
March 31, 2022$550 $728,644 $(217,453)$(7,437)$(248,939)$255,365 $184,656 
Three Months Ended March 31, 2021
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2021$535 $670,142 $(291,542)$(4,134)$(200,762)$174,239 $50,665 
Dividends ($0.45 per share)
— (22,344)— — (22,344)— 
Issuance of common stock7 423 — — — 430 — 
Repurchase of common stock— — — — (21,256)(21,256)— 
Issuance of restricted stock units—net— 793 — — — 793 — 
Amortization of restricted stock units—net— 9,108 — — — 9,108 — 
Net income (loss)— — 48,852 — — 48,852 3,578 
Other comprehensive income (loss)— — — (595)— (595)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 8,122 
March 31, 2021$542 $680,466 $(265,034)$(4,729)$(222,018)$189,227 $62,365 

See notes to condensed consolidated financial statements
4

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

See notes to condensed consolidated financial statements
5

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
During the three months ended March 31, 2022 and 2021, the Company paid taxes of $1.3 million and $1.2 million, respectively.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of approximately $0.7 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in the issuance of restricted stock units—net and in dividends in the condensed consolidated statements of changes in stockholders' equity.
6

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

1. Organization and Description of Business

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

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Reclassifications—The Company reclassified certain prior period amounts in the Company's condensed consolidated statements of cash flows for the three months ended March 31, 2021 to conform with the current period presentation. Accrued employee benefits were reclassified from other liabilities and accrued expenses to accrued compensation and benefits.
Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model.
A VIE is an entity in which either the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities of the VIE that most significantly affect its performance, and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. Limited partnerships and similar entities are determined to be a VIE when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.
Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund.
7


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company’s ownership is less than 100%.
Cash and Cash Equivalents—Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
Due from/to Brokers—The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows:
•Equity investments at fair value are comprised of corporate investments and investments held within the consolidated Company-sponsored funds, which generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities and other seed investments (see Note 5, Fair Value).
•Trading investments are comprised of corporate investments and investments held within the consolidated Company-sponsored funds, which generally represent U.S. Treasury securities and debt securities.
•Equity method investments, which generally represent seed investments in Company-sponsored funds for which the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used its estimated incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU
8


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.
ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in remeasurement of the lease liability and a corresponding adjustment to the ROU assets.
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes.
Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments.
Distribution fees represent payments made to qualified intermediaries for assistance in connection with the distribution of the Company's sponsored open-end funds' shares and for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds.
9


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period.
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied
to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(7.4) million and $(5.9) million at March 31, 2022 and December 31, 2021, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)-net in the Company’s condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Recently Issued Accounting Pronouncements—During the preparation of the condensed consolidated financial statements, the Company evaluated all newly issued accounting guidance and concluded none of the new guidance is applicable to the Company's financial position or results of operations as of March 31, 2022.

10


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

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

4. Investments

The following table summarizes the Company's investments:
(in thousands)March 31,
2022		December 31, 2021
Equity investments at fair value$217,821 $130,930 
Trading66,671 23,711 
Equity method11 13 
Total investments
$284,503 $154,654 
The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6, Derivatives):
 Three Months Ended
March 31,
(in thousands)20222021
Net realized gains (losses) during the period$8,181 $1,889 
Net unrealized gains (losses) during the period on investments
still held at the end of the period
(4,614)2,670 
Gain (loss) from investments—net (1)
$3,567 $4,559 
________________________
(1)    Included gain (loss) attributable to redeemable noncontrolling interests.
At March 31, 2022 and December 31, 2021, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE), the
11


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) and the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF).
The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs:
March 31, 2022
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPREOFTotal
Assets (1)
Investments
$24,517 $84,219 $100,133 $161 $18,858 $227,888 
Due from brokers
49 52,240 7,573 35 — 59,897 
Other assets
38 177 264 — — 479 
Total assets$24,604 $136,636 $107,970 $196 $18,858 $288,264 
Liabilities (1)
Due to brokers
$— $37,750 $7,936 $— $— $45,686 
Other liabilities and accrued expenses38 105 716 5 422 1,286 
Total liabilities$38 $37,855 $8,652 $5 $422 $46,972 
December 31, 2021
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPREOFTotal
Assets (1)
Investments
$8,266 $57,354 $59,493 $150 $2,649 $127,912 
Due from brokers
— 1,107 86 147 — 1,340 
Other assets
42 214 740 — 593 1,589 
Total assets$8,308 $58,675 $60,319 $297 $3,242 $130,841 
Liabilities (1)
Due to brokers
$— $347 $579 $— $— $926 
Other liabilities and accrued expenses35 126 108 5 415 689 
Total liabilities$35 $473 $687 $5 $415 $1,615 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

5. Fair Value

Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:
•Level 1—Unadjusted quoted prices for identical instruments in active markets.
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.
•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.
12


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


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2021
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$104,591 $— $— $— $104,591 
Equity investments at fair value:
Common stocks$126,301 $116 $— $— $126,417 
Limited partnership interests— — — 1,816 1,816 
Master limited partnership interests986 — — — 986 
Preferred securities1,465 — — — 1,465 
Other103 — — 143 246 
Total$128,855 $116 $— $1,959 $130,930 
Trading investments:
Fixed income$— $23,711 $— $— $23,711 
Equity method investments$— $— $— $13 $13 
Total investments$128,855 $23,827 $— $1,972 $154,654 
Derivatives - assets:
Total return swaps - commodities (2)
$— $481 $— $— $481 
Forward contracts - foreign exchange— 209 — — 209 
Total$— $690 $— $— $690 
Derivatives - liabilities:
Total return swaps - commodities$— $17 $— $— $17 
Total return swaps - equities— 867 — — 867 
Forward contracts - foreign exchange— 3 — — 3 
Total$— $887 $— $— $887 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
(2)    Included total return swaps - commodities held by consolidated Company-sponsored funds.
Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.
Equity investments at fair value classified as level 2 were comprised of common stocks for which quoted prices in active markets are not available. Fair values for the common stocks classified as level 2 were generally based on quoted prices for similar instruments in active markets.
Equity investments at fair value classified as level 3 as of March 31, 2022 were comprised of a limited partnership interest in a joint venture that holds an investment in private real estate. As of March 31, 2022, it was determined that cost approximates fair value.
Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.




14


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient as follows:
•Equity investments at fair value included:
◦limited partnership interests in private real estate funds held by the Company's consolidated funds; and
◦the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table).
•Equity method investments included the Company's partnership interest in Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) which invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% .
At March 31, 2022 and December 31, 2021, the Company did not have the ability to redeem its limited partnership interests in private real estate funds held by the Company's consolidated funds or its interest in GRP-TE. There were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust.
Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
Swap contracts classified as level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis:
(in thousands)March 31,
2022
Balance at beginning of period$— 
Purchases/contributions17,753 
Balance at end of period$17,753 
Valuation Techniques
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review and approval by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

15


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

The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship:
As of March 31, 2022
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps - commodities$2,929 $4,208 $38 $142 
Total return swaps - equities— 22,400 — 1,141 
Forward contracts - foreign exchange— 20,061 1,064 49 
Total corporate derivatives$2,929 $46,669 $1,102 $1,332 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities17,306 — — 620 
Total$20,235 $46,669 $1,102 $1,952 
As of December 31, 2021
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps - commodities$2,549 $3,810 $94 $17 
Total return swaps - equities — 22,899 — 867 
Forward contracts - foreign exchange— 11,969 209 3 
Total corporate derivatives$2,549 $38,678 $303 $887 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities10,931 — 387 — 
Total$13,480 $38,678 $690 $887 
________________________
(1)The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives include:
•Total return equity and commodity swap contracts which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure in the commodities market for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Non-corporate derivatives are comprised of commodity swap contracts that are utilized by certain of the consolidated Company-sponsored funds to gain exposure in the commodities market as part of the funds' investment strategies.
For corporate derivatives, cash included in due from brokers on the condensed consolidated statements of financial condition of $3.1 million and $2.2 million at March 31, 2022 and December 31, 2021, respectively, and U.S. Treasury securities included in investments of $0.2 million at both March 31, 2022 and December 31, 2021, respectively, were held as collateral for forward and swap contracts.
For non-corporate derivatives, due from brokers included $0.7 million of cash collateral due from trade counterparties at March 31, 2022. At December 31, 2021, due to brokers included $0.5 million of cash collateral payable to trade counterparties.
16


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
March 31,
(in thousands)20222021
Corporate derivatives:
Futures - commodities$— $705 
Total return swaps - commodities(307)(658)
Total return swaps - equities 226 (1,068)
Forward contracts - foreign exchange 810 1,134 
Total corporate derivatives$729 $113 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities4,312 (121)
Total (1)
$5,041 $(8)
________________________
(1)    Gains and losses on futures and total return swap contracts 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
March 31,
(in thousands, except per share data)20222021
Net income$46,841 $52,430 
Net (income) loss attributable to redeemable noncontrolling interests(4,823)(3,578)
Net income attributable to common stockholders$42,018 $48,852 
Basic weighted average shares outstanding48,673 48,145 
Dilutive potential shares from restricted stock units664 564 
Diluted weighted average shares outstanding49,337 48,709 
Basic earnings per share attributable to common stockholders$0.86 $1.01 
Diluted earnings per share attributable to common stockholders$0.85 $1.00 
Anti-dilutive common stock equivalents excluded from the calculation 2 — 










17


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. The effective tax rate for the three months ended March 31, 2022 was approximately 18.1%, compared with approximately 8.4% for the three months ended March 31, 2021.
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
March 31,
20222021
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit3.5 4.1 
Non-deductible executive compensation5.2 3.4 
Excess tax benefits related to the vesting and delivery of restricted stock units(11.5)(10.4)
Unrecognized tax benefit adjustments— (10.2)
Other(0.1)0.5 
Effective income tax rate18.1 %8.4 %
Deferred income taxes represent the tax effects of temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset is primarily comprised of future income tax deductions attributable to the delivery of restricted stock units. 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 Company's net deferred tax asset is included in other assets on the condensed consolidated statements of financial condition.

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds for which certain employees are officers and/or directors.
The following table summarizes the amount of revenue the Company earned from these affiliated funds:
 Three Months Ended
March 31,
(in thousands)20222021
Investment advisory and administration fees (1)
$104,237 $84,648 
Distribution and service fees9,869 8,272 
Total$114,106 $92,920 
_________________________
(1)    Investment advisory and administration fees are reflected net of fund reimbursements of $4.4 million and $3.5 million for the three months ended March 31, 2022 and 2021, respectively.
Included in accounts receivable at March 31, 2022 and December 31, 2021 are receivables due from Company-sponsored funds of $40.2 million and $40.8 million, respectively. Included in accounts payable at March 31, 2022 and December 31, 2021 are payables due to Company-sponsored funds of $0.2 million and $1.1 million, respectively.

10. 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 condensed consolidated results of operations, cash flows or financial position.
18


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The Company has committed to invest up to $50.0 million in REOF. As of March 31, 2022, the Company had funded $21.1 million of this commitment. The timing for funding the remaining portion of the Company's commitment is determined by the fund.

11. Concentration of Credit Risk
The Company's cash and cash equivalents are principally on deposit with major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations.

12. 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, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.
On May 5, 2022, the Company declared a quarterly dividend on its common stock in the amount of $0.55 per share. This dividend will be payable on May 26, 2022 to stockholders of record at the close of business on May 16, 2022.
19

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 months ended March 31, 2022 and 2021. 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 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 and Tokyo.
Our primary investment strategies include U.S. real estate, preferred securities and low duration preferred securities, global/international real estate, global listed infrastructure, real assets multi-strategy, midstream energy and MLPs, 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 derived from investment advisory, administration, distribution and service fees from Company-sponsored open-end and closed-end funds. 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 or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
The Russian invasion of Ukraine has impacted global financial markets, introducing new threats to global economic growth and adding to inflationary pressures. We have taken measures to ensure ongoing compliance with all applicable sanctions and guidance issued by authorities globally against certain regions, entities, or individuals. Our overall exposure to Russian and Ukrainian securities is limited and we do not expect a material impact to our financial results.
20

Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended
March 31,
20222021
Open-end Funds
Assets under management, beginning of period$50,911 $35,160 
Inflows4,886 5,070 
Outflows(4,678)(2,906)
Net inflows (outflows)208 2,164 
Market appreciation (depreciation)(2,735)1,537 
Distributions(279)(238)
Total increase (decrease)(2,806)3,463 
Assets under management, end of period$48,105 $38,623 
Percentage of total assets under management47.1 %44.4 %
Average assets under management$48,055 $36,620 
Institutional Accounts
Assets under management, beginning of period$42,727 $33,255 
Inflows2,060 2,335 
Outflows(2,066)(748)
Net inflows (outflows)(6)1,587 
Market appreciation (depreciation)(1,494)2,000 
Distributions(271)(304)
Total increase (decrease)(1,771)3,283 
Assets under management, end of period$40,956 $36,538 
Percentage of total assets under management40.1 %42.0 %
Average assets under management$40,631 $34,622 
Closed-end Funds
Assets under management, beginning of period$12,991 $11,493 
Inflows554 65 
Outflows— — 
Net inflows (outflows)554 65 
Market appreciation (depreciation)(337)469 
Distributions(147)(148)
Total increase (decrease)70 386 
Assets under management, end of period
$13,061 $11,879 
Percentage of total assets under management12.8 %13.6 %
Average assets under management$12,550 $11,601 
Total
Assets under management, beginning of period$106,629 $79,908 
Inflows7,500 7,470 
Outflows(6,744)(3,654)
Net inflows (outflows)756 3,816 
Market appreciation (depreciation)(4,566)4,006 
Distributions(697)(690)
Total increase (decrease)(4,507)7,132 
Assets under management, end of period$102,122 $87,040 
Average assets under management$101,236 $82,843 






21

Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended
March 31,
20222021
Advisory
Assets under management, beginning of period$24,599 $17,628 
Inflows1,573 1,937 
Outflows(1,615)(243)
Net inflows (outflows)(42)1,694 
Market appreciation (depreciation)(831)957 
Total increase (decrease)(873)2,651 
Assets under management, end of period$23,726 $20,279 
Percentage of institutional assets under management57.9 %55.5 %
Average assets under management$23,861 $18,900 
Japan Subadvisory
Assets under management, beginning of period$11,329 $9,720 
Inflows219 98 
Outflows(103)(302)
Net inflows (outflows)116 (204)
Market appreciation (depreciation)(482)712 
Distributions(271)(304)
Total increase (decrease)(637)204 
Assets under management, end of period$10,692 $9,924 
Percentage of institutional assets under management26.1 %27.2 %
Average assets under management$10,351 $9,661 
Subadvisory Excluding Japan
Assets under management, beginning of period$6,799 $5,907 
Inflows268 300 
Outflows(348)(203)
Net inflows (outflows)(80)97 
Market appreciation (depreciation)(181)331 
Total increase (decrease)(261)428 
Assets under management, end of period$6,538 $6,335 
Percentage of institutional assets under management16.0 %17.3 %
Average assets under management$6,419 $6,061 
Total Institutional Accounts
Assets under management, beginning of period$42,727 $33,255 
Inflows2,060 2,335 
Outflows(2,066)(748)
Net inflows (outflows)(6)1,587 
Market appreciation (depreciation)(1,494)2,000 
Distributions(271)(304)
Total increase (decrease)(1,771)3,283 
Assets under management, end of period$40,956 $36,538 
Average assets under management$40,631 $34,622 





22

Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended
March 31,
20222021
U.S. Real Estate
Assets under management, beginning of period$49,915 $32,827 
Inflows3,293 3,126 
Outflows(2,736)(1,391)
Net inflows (outflows)557 1,735 
Market appreciation (depreciation)(2,792)2,837 
Distributions(412)(415)
Total increase (decrease)(2,647)4,157 
Assets under management, end of period$47,268 $36,984 
Percentage of total assets under management46.3 %42.5 %
Average assets under management$46,462 $34,512 
Preferred Securities
Assets under management, beginning of period$26,987 $23,185 
Inflows1,964 2,406 
Outflows(2,872)(1,596)
Net inflows (outflows)(908)810 
Market appreciation (depreciation)(1,400)2 
Distributions(213)(207)
Total increase (decrease)(2,521)605 
Assets under management, end of period$24,466 $23,790 
Percentage of total assets under management24.0 %27.3 %
Average assets under management$25,649 $23,526 
Global/International Real Estate
Assets under management, beginning of period$19,380 $15,214 
Inflows1,556 1,079 
Outflows(780)(567)
Net inflows (outflows)776 512 
Market appreciation (depreciation)(775)709 
Distributions(19)(14)
Total increase (decrease)(18)1,207 
Assets under management, end of period$19,362 $16,421 
Percentage of total assets under management19.0 %18.9 %
Average assets under management$18,867 $15,588 











23

Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended
March 31,
20222021
Global Listed Infrastructure
Assets under management, beginning of period$8,763 $6,729 
Inflows464 679 
Outflows(299)(74)
Net inflows (outflows)165 605 
Market appreciation (depreciation)314 315 
Distributions(45)(45)
Total increase (decrease)434 875 
Assets under management, end of period$9,197 $7,604 
Percentage of total assets under management9.0 %8.7 %
Average assets under management$8,609 $7,137 
Other
Assets under management, beginning of period$1,584 $1,953 
Inflows223 180 
Outflows(57)(26)
Net inflows (outflows)166 154 
Market appreciation (depreciation)87 143 
Distributions(8)(9)
Total increase (decrease)245 288 
Assets under management, end of period$1,829 $2,241 
Percentage of total assets under management1.8 %2.6 %
Average assets under management$1,649 $2,080 
Total
Assets under management, beginning of period$106,629 $79,908 
Inflows7,500 7,470 
Outflows(6,744)(3,654)
Net inflows (outflows)756 3,816 
Market appreciation (depreciation)(4,566)4,006 
Distributions(697)(690)
Total increase (decrease)(4,507)7,132 
Assets under management, end of period$102,122 $87,040 
Average assets under management$101,236 $82,843 











24

Investment Performance at March 31, 2022
cns-20220331_g1.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)    © 2022 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 March 31, 2022. 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 March 31, 2022 increased 17.3% to $102.1 billion from $87.0 billion at March 31, 2021. The increase was due to net inflows of $6.4 billion and market appreciation of $12.4 billion, partially offset by distributions of $3.7 billion. Net inflows included $3.9 billion into U.S. real estate and $2.0 billion into preferred securities. Market appreciation included $8.8 billion from U.S. real estate and $2.4 billion from global/international real estate. Distributions included $2.3 billion from U.S. real estate and $1.0 billion from preferred securities. Our organic growth rate for the twelve months ended March 31, 2022 was 7.3%. The organic growth rate represents the ratio of net flows for the period to the beginning assets under management.
Average assets under management for the three months ended March 31, 2022 increased 22.2% to $101.2 billion from $82.8 billion for the three months ended March 31, 2021.
25

Open-end funds
Assets under management in open-end funds at March 31, 2022, which represented 47.1% of total assets under management, increased 24.6% to $48.1 billion from $38.6 billion at March 31, 2021. The increase was due to net inflows of $6.8 billion and market appreciation of $4.7 billion, partially offset by distributions of $2.0 billion. Net inflows included $3.6 billion into U.S. real estate and $1.6 billion into preferred securities. Market appreciation included $4.6 billion from U.S. real estate. Distributions included $1.0 billion from U.S. real estate ($966 million of which was reinvested and included
in net inflows) and $769 million from preferred securities ($581 million of which was reinvested and included in net inflows). Our organic growth rate for open-end funds for the twelve months ended March 31, 2022 was 17.7%.
Average assets under management for open-end funds for the three months ended March 31, 2022 increased 31.2% to $48.1 billion from $36.6 billion for the three months ended March 31, 2021.
Institutional accounts
Assets under management in institutional accounts at March 31, 2022, which represented 40.1% of total assets under management, increased 12.1% to $41.0 billion from $36.5 billion at March 31, 2021. The increase was due to market appreciation of $6.5 billion, partially offset by net outflows of $1.0 billion and distributions of $1.2 billion. Net outflows included $1.0 billion from real assets multi-strategy (included in "Other" in the table on pages 23 and 24). Market appreciation included $3.5 billion from U.S. real estate, $2.2 billion from global/international real estate and $635 million from global listed infrastructure. Distributions included $1.1 billion from U.S. real estate. Our organic decay rate for institutional accounts for the twelve months ended March 31, 2022 was (2.7%).
Average assets under management for institutional accounts for the three months ended March 31, 2022 increased 17.4% to $40.6 billion from $34.6 billion for the three months ended March 31, 2021.
Assets under management in advisory accounts at March 31, 2022, which represented 57.9% of institutional assets under management, increased 17.0% to $23.7 billion from $20.3 billion at March 31, 2021. The increase was due to net inflows $210 million and market appreciation of $3.2 billion. Net inflows included $485 million into global listed infrastructure, $308 million into preferred securities, $290 million into U.S. real estate, $172 million into global/international real estate, partially offset by net outflows of $1.0 billion from real assets multi-strategy (included in "Other" in the table on pages 23 and 24). Market appreciation included $1.4 billion from U.S. real estate, $1.2 billion from global/international real estate and and $447 million from global listed infrastructure. Our organic growth rate for advisory accounts for the twelve months ended March 31, 2022 was 1.0%.
Average assets under management for advisory accounts for the three months ended March 31, 2022 increased 26.2% to $23.9 billion from $18.9 billion for the three months ended March 31, 2021.
Assets under management in Japan subadvisory accounts at March 31, 2022, which represented 26.1% of institutional assets under management, increased 7.7% to $10.7 billion from $9.9 billion at March 31, 2021. The increase was due to market appreciation of $2.4 billion, partially offset by net outflows of $450 million and distributions of $1.2 billion. Net outflows included $448 million from U.S. real estate. Market appreciation included $1.9 billion from U.S. real estate and $444 million from global/international real estate. Distributions included $1.1 billion from U.S. real estate. Our organic decay rate for Japan subadvisory accounts for the twelve months ended March 31, 2022 was (4.5%).
Average assets under management for Japan subadvisory accounts for the three months ended March 31, 2022 increased 7.1% to $10.4 billion from $9.7 billion for the three months ended March 31, 2021.
Assets under management in subadvisory accounts excluding Japan at March 31, 2022, which represented 16.0% of institutional assets under management, increased 3.2% to $6.5 billion from $6.3 billion at March 31, 2021. The increase was due to market appreciation of $968 million, partially offset by net outflows of $765 million. Net outflows included $401 million from global/international real estate and $283 million from global listed infrastructure. Market appreciation included $550 million from global/international real estate and $217 million from U.S. real estate. Our organic decay rate for subadvisory accounts excluding Japan for the twelve months ended March 31, 2022 was (12.1%).
Average assets under management for subadvisory accounts excluding Japan for the three months ended March 31, 2022 increased 5.9% to $6.4 billion from $6.1 billion for the three months ended March 31, 2021.


26

Closed-end funds
Assets under management in closed-end funds at March 31, 2022, which represented 12.8% of total assets under management, increased 10.0% to $13.1 billion from $11.9 billion at March 31, 2021. The increase was due to net inflows of $576 million and market appreciation of $1.2 billion, partially offset by distributions of $621 million. Inflows of $482 million, which included leverage, were attributable to the Company's initial public offering of the Cohen & Steers Real Estate Opportunities and Income Fund (RLTY). Our organic growth rate for closed-end funds for the twelve months ended March 31, 2022 was 4.8%.
Average assets under management for closed-end funds for the three months ended March 31, 2022 increased 8.2% to $12.6 billion from $11.6 billion for the three months ended March 31, 2021.
27

Summary of Operating Results
Three Months Ended
March 31,
(in thousands, except percentages and per share data)20222021
U.S. GAAP
Revenue$154,189 $125,747 
Expenses$103,198 $73,809 
Operating income$50,991 $51,938 
Non-operating income (loss)$5,110 $4,953 
Net income attributable to common stockholders$42,018 $48,852 
Diluted earnings per share$0.85 $1.00 
Operating margin33.1 %41.3 %
As Adjusted (1)
Net income attributable to common stockholders$51,152 $38,629 
Diluted earnings per share$1.04 $0.79 
Operating margin44.7 %42.3 %
_________________________
(1)    Please refer to pages 31-32 for reconciliations of U.S. GAAP to as adjusted results.
U.S. GAAP

Three Months Ended March 31, 2022 Compared with Three Months Ended March 31, 2021
Revenue
Three Months Ended
March 31,
(in thousands)20222021$ Change% Change
Open-end funds
$79,665 $60,603 $19,062 31.5 %
Institutional accounts
36,683 30,987 $5,696 18.4 %
Closed-end funds
27,321 25,331 $1,990 7.9 %
Investment advisory and administration fees143,669 116,921 $26,748 22.9 %
Distribution and service fees9,869 8,272 $1,597 19.3 %
Other651 554 $97 17.5 %
Total revenue$154,189 $125,747 $28,442 22.6 %

Investment advisory and administration fees increased from the three months ended March 31, 2021, primarily due to higher average assets under management across all three investment vehicles.
•Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.2 bps and 67.1 bps for the three months ended March 31, 2022 and 2021, respectively.
•Total investment advisory revenue from institutional accounts compared with average assets under management implied an annualized effective fee rate of 36.6 bps and 36.3 bps for the three months ended March 31, 2022 and 2021, respectively.
•Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.3 bps and 88.6 bps for the three months ended March 31, 2022 and 2021, respectively.
28

Expenses
Three Months Ended
March 31,
(in thousands)20222021$ Change% Change
Employee compensation and benefits$54,743 $45,762 $8,981 19.6 %
Distribution and service fees33,951 16,506 $17,445 105.7 %
General and administrative13,510 10,374 $3,136 30.2 %
Depreciation and amortization994 1,167 $(173)(14.8)%
Total expenses$103,198 $73,809 $29,389 39.8 %

Employee compensation and benefits increased from the three months ended March 31, 2021, primarily due to higher incentive compensation of $3.4 million, an increase in amortization of restricted stock units of $2.3 million and higher salaries of $1.2 million.
Distribution and service fees increased from the three months ended March 31, 2021, primarily due to costs of $14.2 million associated with the initial public offering of RLTY and higher average assets under management in U.S. open-end funds.
General and administrative expenses increased from the three months ended March 31, 2021, primarily due to higher information technology and market data expenses of $1.1 million, an increase in organizational and offering costs associated with RLTY of $658,000 and higher travel and entertainment of $386,000.
Operating Margin
Operating margin for the three months ended March 31, 2022 decreased to 33.1% from 41.3% for the three months ended March 31, 2021. The three months ended March 31, 2022 included costs associated with the initial public offering of RLTY. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
Three Months Ended
March 31, 2022March 31, 2021
(in thousands)
Seed Investments (1)
OtherTotal
Seed Investments (1)
OtherTotal
Interest and dividend income—net$901 $(4)$897 $604 $12 $616 
Gain (loss) from investments—net3,565 2 3,567 4,485 74 4,559 
Foreign currency gain (loss)—net(295)941 646 191 (413)(222)
Total non-operating income (loss)$4,171 $939 $5,110 $5,280 $(327)$4,953 
_________________________
(1)    Seed investments included net income of $4.8 million and $3.6 million attributable to third-party interests in consolidated Company-sponsored funds for the three months ended March 31, 2022 and 2021, respectively.
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:
Three Months Ended
March 31,
20222021
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit3.5 4.1 
Non-deductible executive compensation5.2 3.4 
Excess tax benefits related to the vesting and delivery of restricted stock units(11.5)(10.4)
Unrecognized tax benefit adjustments— (10.2)
Other(0.1)0.5 
Effective income tax rate18.1 %8.4 %
29

As Adjusted
This section discusses as adjusted results. Please refer to pages 31-32 for reconciliations of U.S. GAAP to as adjusted results.
Three Months Ended March 31, 2022 Compared with Three Months Ended March 31, 2021
Revenue
Revenue, as adjusted, for the three months ended March 31, 2022 was $154.3 million, compared with $125.8 million, as adjusted, for the three months ended March 31, 2021.
Revenue, as adjusted, excluded the consolidation of certain of our seed investments for both periods.
Expenses
Expenses, as adjusted, for the three months ended March 31, 2022 were $85.4 million, compared with $72.6 million, as adjusted, for the three months ended March 31, 2021.
Expenses, as adjusted, excluded the following:
•The consolidation of certain of our seed investments for both periods;
•Amounts related to the accelerated vesting of certain restricted stock units for both periods; and
•Costs associated with the initial public offering of RLTY for the three months ended March 31, 2022.
Operating Margin
Operating margin, as adjusted, for the three months ended March 31, 2022 was 44.7%, compared with 42.3%, as adjusted, for the three months ended March 31, 2021.
Non-operating Income (Loss)
Non-operating loss, as adjusted, for the three months ended March 31, 2022 was $273,000, compared with non-operating loss, as adjusted, of $118,000 for the three months ended March 31, 2021.
Non-operating income (loss), as adjusted, excluded the following for both periods:
•Results from our seed investments; and
•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Income Taxes
The effective tax rate, as adjusted, for the three months ended March 31, 2022 was 25.5%, compared with 27.3%, as adjusted, for the three months ended March 31, 2021.
The effective tax rate, as adjusted, excluded the following for both periods:
•Tax effects associated with items noted above; and
•Discrete tax items.
30

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 we believe 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
March 31,
(in thousands, except per share data)20222021
Net income attributable to common stockholders, U.S. GAAP$42,018 $48,852 
Seed investments (1)
1,051 (1,512)
Accelerated vesting of restricted stock units
2,305 1,088 
Initial public offering costs (2)
15,239 — 
Foreign currency exchange (gains) losses—net (3)
(1,212)209 
Tax adjustments (4)
(8,249)(10,008)
Net income attributable to common stockholders, as adjusted$51,152 $38,629 
Diluted weighted average shares outstanding49,337 48,709 
Diluted earnings per share, U.S. GAAP$0.85 $1.00 
Seed investments
0.02 (0.03)
Accelerated vesting of restricted stock units
0.05 0.02 
Initial public offering costs0.31 — 
Foreign currency exchange (gains) losses—net (0.02)0.01 
Tax adjustments
(0.17)(0.21)
Diluted earnings per share, as adjusted $1.04 $0.79 
_________________________
(1)    Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds as well as non-operating
(income) loss from seed investments that were not consolidated.
(2)    Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
Three Months Ended
March 31,
(in thousands)20222021
Employee compensation and benefits
$357 $— 
Distribution and service fees
14,224 — 
General and administrative
658 — 
Initial public offering costs
$15,239 $— 
(3)    Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(4)    Tax adjustments are summarized in the following table:
Three Months Ended
March 31,
(in thousands)20222021
Exclusion of tax effects associated with items noted above
$(4,281)$231 
Exclusion of discrete tax items
(3,968)(10,239)
Total tax adjustments
$(8,249)$(10,008)


31

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
Three Months Ended
March 31,
(in thousands, except percentages)20222021
Revenue, U.S. GAAP$154,189 $125,747 
Seed investments (1)
123 94 
Revenue, as adjusted$154,312 $125,841 
Expenses, U.S. GAAP$103,198 $73,809 
Seed investments (1)
(276)(96)
Accelerated vesting of restricted stock units
(2,305)(1,088)
Initial public offering costs (2)
(15,239)— 
Expenses, as adjusted$85,378 $72,625 
Operating income, U.S. GAAP$50,991 $51,938 
Seed investments (1)
399 190 
Accelerated vesting of restricted stock units
2,305 1,088 
Initial public offering costs (2)
15,239 — 
Operating income, as adjusted$68,934 $53,216 
Operating margin, U.S. GAAP33.1 %41.3 %
Operating margin, as adjusted 44.7 %42.3 %
_________________________
(1)    Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds.
(2)    Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
Three Months Ended
March 31,
(in thousands)20222021
Employee compensation and benefits
$357 $— 
Distribution and service fees
14,224 — 
General and administrative
658 — 
Initial public offering costs
$15,239 $— 

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Non-operating Income (Loss)
Three Months Ended
March 31,
(in thousands)20222021
Non-operating income (loss), U.S. GAAP$5,110 $4,953 
Seed investments (1)
(4,171)(5,280)
Foreign currency exchange (gains) losses—net (2)
(1,212)209 
Non-operating income (loss), as adjusted$(273)$(118)
_________________________
(1)    Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.
(2)    Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
32

Changes in Financial Condition, Liquidity and Capital Resources
We seek to maintain a capital structure that supports our business strategies and maintains the appropriate amount of liquidity at all times. Furthermore, we currently expect cash flows from operations to be more than adequate to fund our present and reasonably foreseeable future commitments for investing and financing activities.
Net Liquid Assets
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, if any, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities, which are generally defined as obligations due within one year (together, net liquid assets). The Company does not currently have any outstanding debt.
The table below summarizes net liquid assets:
(in thousands)March 31,
2022		December 31,
2021
Cash and cash equivalents$84,817 $184,373 
U.S. Treasury securities29,945 — 
Liquid seed investments—net63,432 62,679 
Other current assets90,178 84,533 
Current liabilities(71,559)(118,888)
Net liquid assets$196,813 $212,697 
Cash and cash equivalents
Cash and cash equivalents are on deposit with several highly-rated financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
During the three months ended March 31, 2022, we paid aggregate costs of $15.2 million associated with the initial public offering of RLTY. We also funded an additional $18.0 million of our up to $50.0 million investment commitment in the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF) during the quarter. Refer to Investment Commitments, Contractual Obligations, Commitments and Contingencies for further discussion.
U.S. Treasury securities
U.S. Treasury securities are directly issued by the U.S. government and were classified as trading investments.
Liquid seed investments—net
Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are presented net of redeemable noncontrolling interests.
Other current assets
Other current assets primarily represent investment advisory and administration fees receivable. At March 31, 2022, institutional accounts comprised 52.0% of total accounts receivable, while open-end and closed-end funds, together, comprised 47.1% of total accounts receivable. We perform a review of our receivables on an ongoing basis in order to assess collectibility and, based on our analysis at March 31, 2022, 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.
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.
33

The table below summarizes our cash flows:
Three Months Ended
March 31,
(in thousands)20222021
Cash Flow Data:
Net cash provided by (used in) operating activities$(106,449)$8,913 
Net cash provided by (used in) investing activities(30,372)39,200 
Net cash provided by (used in) financing activities38,648 (34,495)
Net increase (decrease) in cash and cash equivalents(98,173)13,618 
Effect of foreign exchange rate changes on cash and cash equivalents(1,383)(133)
Cash and cash equivalents, beginning of the period184,373 41,232 
Cash and cash equivalents, end of the period$84,817 $54,717 
We expect that cash flows provided by operating activities will provide sufficient liquidity to meet our obligations and continue to serve as our principal source of working capital for the foreseeable future.
Cash and cash equivalents decreased by $98.2 million, excluding the effect of foreign exchange rate changes, for the three months ended March 31, 2022. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash used in operating activities was $106.4 million for the three months ended March 31, 2022, which included net investment purchases of $100.8 million resulting from the consolidation of certain Company-sponsored funds and costs of $15.2 million associated with the initial public offering of RLTY. Net cash used in investing activities was $30.4 million, which included purchases of U.S. Treasury securities held for corporate purposes of $29.9 million. Net cash provided by financing activities was $38.6 million, including net contributions from redeemable noncontrolling interests of $90.7 million, partially offset by dividends paid to stockholders of $26.8 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $25.6 million.
Cash and cash equivalents increased by $13.6 million, excluding the effect of foreign exchange rate changes, for the three months ended March 31, 2021. 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 $8.9 million for the three months ended March 31, 2021. Net cash provided by investing activities was $39.2 million, which included $41.7 million of proceeds from sales and maturities of U.S. Treasury securities held for corporate purposes, partially offset by net purchases of securities held directly for the purpose of establishing performance track records of $2.3 million. Net cash used in financing activities was $34.5 million, including dividends paid to stockholders of $21.7 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $21.3 million, partially offset by net contributions from redeemable noncontrolling interests of $8.1 million.
Contractual Obligations, Commitments and Contingencies
The following table summarizes our contractual obligations at March 31, 2022:
(in thousands)20222023202420252026
and after		Total
Operating leases$9,245 $11,885 $1,121 $— $— $22,251 
Purchase obligations (1)
4,306 4,744 3,088 2,474 2,385 16,997 
Other liability (2)
665 1,246 1,662 2,077 — 5,650 
Total$14,216 $17,875 $5,871 $4,551 $2,385 $44,898 
_________________________
(1)    Represents contracts which are either noncancellable or cancellable with a penalty. The Company’s obligations primarily reflected 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 March 31, 2022, we had funded $21.1 million of this commitment. The timing for funding the remaining portion of our commitment is determined by the fund.
34

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, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.
On May 5, 2022, we declared a quarterly dividend on our common stock in the amount of $0.55 per share. This dividend will be payable on May 26, 2022 to stockholders of record at the close of business on May 16, 2022.
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, 2021. There were no changes to the Company’s accounting estimates for the three months ended March 31, 2022.
Recently Issued Accounting Pronouncements
During the preparation of our condensed consolidated financial statements, we evaluated all newly issued accounting guidance and concluded none of the new guidance is applicable to our financial position or results of operations as of March 31, 2022.

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 general economic conditions, 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.
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 for which there may be contractual restrictions on redemption.
Our seed investments are subject to market risk. We mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect that a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of redeemable noncontrolling interests, if any, as of March 31, 2022 (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$63,432 $(26,608)$36,824 $40,506 $33,142 
Illiquid seed investments—net$18,637 $— $18,637 $20,501 $16,773 

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 March 31, 2022 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 Securities Exchange Act of 1934, as amended (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.
35

PART II—Other Information

Item 1. Legal Proceedings
For information regarding our legal proceedings, see Note 10, 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, 2021 (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 March 31, 2022, 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
January 1 through January 31, 2022311,932 $81.66 — — 
February 1 through February 28, 20221,361 $80.77 — — 
March 1 through March 31, 202227 $77.45 — — 
Total313,320 $81.66 — — 
_________________________
(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.
36

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 —
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 March 31, 2022 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 and Redeemable Noncontrolling Interests (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 June 30, 2008.
(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.


37

    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:May 6, 2022Cohen & Steers, Inc.
/s/    Matthew S. Stadler        
Name: Matthew S. Stadler
Title: Executive Vice President & Chief Financial Officer
Date:May 6, 2022Cohen & Steers, Inc.
/s/    Elena Dulik        
Name: Elena Dulik
Title: Senior Vice President & Chief Accounting Officer

38

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