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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)
-15.92%
Change (1 year)
๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment Asset Management
Categories
  1. Cohen & Steers
  2. Quarterly Reports (10-Q)
  3. Submitted on 2023-08-04

Cohen & Steers - 10-Q quarterly report FY


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 June 30, 2023
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 July 31, 2023 was 49,129,843.


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 (Unaudited)
4
Condensed Consolidated Statements of Cash Flows (Unaudited)
6
Notes to Condensed Consolidated Financial Statements (Unaudited)
8
Item 2.
21
Item 3.
39
Item 4.
39
Part II.Other Information *
Item 1.
40
Item 1A.
40
Item 2.
40
Item 5.
40
Item 6.
41
42
* 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, 2022 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.



PART I—Financial Information

Item 1. Financial Statements
COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)

June 30,
2023		December 31,
2022
Assets:
Cash and cash equivalents$178,471 $247,418 
Investments ($139,197 and $134,929) (1)
188,227 172,955 
Accounts receivable63,217 66,676 
Due from brokers ($867 and $38) (1)
2,570 2,080 
Property and equipment—net36,328 8,757 
Operating lease right-of-use assets—net107,759 136,430 
Goodwill and intangible assets—net19,269 19,049 
Other assets ($548 and $576) (1)
29,146 20,014 
Total assets$624,987 $673,379 
Liabilities:
Accrued compensation and benefits$31,487 $77,764 
Distribution and service fees payable8,560 8,421 
Operating lease liabilities115,565 138,809 
Income tax payable216 7,750 
Due to brokers ($630 and $11) (1)
1,257 835 
Other liabilities and accrued expenses ($626 and $664) (1)
23,995 12,857 
Total liabilities181,080 246,436 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests85,518 85,335 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 55,744,666 and 55,051,975 shares issued at June 30, 2023 and December 31, 2022, respectively
558 551 
Additional paid-in capital794,159 769,373 
Accumulated deficit(162,231)(171,417)
Accumulated other comprehensive loss(8,537)(10,784)
Treasury stock, at cost, 6,617,428 and 6,329,178 shares at June 30, 2023 and December 31, 2022, respectively
(270,797)(250,169)
Total stockholders’ equity attributable to Cohen & Steers, Inc.353,152 337,554 
Nonredeemable noncontrolling interests5,237 4,054 
Total stockholders’ equity358,389 341,608 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$624,987 $673,379 
_________________________
(1)    Amounts in parentheses represent the aggregate balances at June 30, 2023 and December 31, 2022 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion.


See notes to condensed consolidated financial statements
1

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Revenue:
Investment advisory and administration fees$113,118 $137,655 $231,152 $281,324 
Distribution and service fees6,977 9,005 14,539 18,874 
Other535 771 1,021 1,422 
Total revenue120,630 147,431 246,712 301,620 
Expenses:
Employee compensation and benefits48,893 53,857 97,750 108,600 
Distribution and service fees13,329 18,236 27,545 52,187 
General and administrative16,728 13,238 33,850 26,748 
Depreciation and amortization839 1,106 1,827 2,100 
Total expenses79,789 86,437 160,972 189,635 
Operating income40,841 60,994 85,740 111,985 
Non-operating income (loss):
Interest and dividend income—net3,428 1,888 6,644 2,785 
Gain (loss) from investments—net356 (28,573)48 (25,006)
Foreign currency gain (loss)—net(1,134)1,683 (2,410)2,329 
Total non-operating income (loss)2,650 (25,002)4,282 (19,892)
Income before provision for income taxes43,491 35,992 90,022 92,093 
Provision for income taxes10,986 9,843 21,219 19,103 
Net income32,505 26,149 68,803 72,990 
Net (income) loss attributable to noncontrolling interests(727)25,807 (1,711)20,984 
Net income attributable to common stockholders$31,778 $51,956 $67,092 $93,974 
Earnings per share attributable to common stockholders:
Basic$0.64 $1.06 $1.36 $1.93 
Diluted$0.64 $1.06 $1.36 $1.91 
Weighted average shares outstanding:
Basic49,315 48,805 49,257 48,739 
Diluted49,463 49,208 49,433 49,272 
















See notes to condensed consolidated financial statements
2

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

Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Net income$32,505 $26,149 $68,803 $72,990 
Net (income) loss attributable to noncontrolling interests(727)25,807 (1,711)20,984 
Net income attributable to common stockholders31,778 51,956 67,092 93,974 
Other comprehensive income (loss):
Foreign currency translation gain (loss)676 (3,614)2,247 (5,165)
Total comprehensive income attributable to common stockholders$32,454 $48,342 $69,339 $88,809 





























See notes to condensed consolidated financial statements
3

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

Three Months Ended June 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
April 1, 2023$558 $781,300 $(165,053)$(9,213)$(270,610)$5,363 $342,345 $87,249 
Dividends ($0.57 per share)
— — (28,956)— — — (28,956)— 
Issuance of common stock— 342 — — — — 342 — 
Repurchase of common stock— — — — (187)— (187)— 
Issuance of restricted stock units—net— 1,308 — — — — 1,308 — 
Amortization of restricted stock units—net— 11,209 — — — — 11,209 — 
Net income (loss)— — 31,778 — — (193)31,585 920 
Other comprehensive income (loss)— — — 676 — — 676 — 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 67 67 (2,651)
June 30, 2023
$558 $794,159 $(162,231)$(8,537)$(270,797)$5,237 $358,389 $85,518 
Three Months Ended June 30, 2022
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
April 1, 2022$550 $728,644 $(217,453)$(7,437)$(248,939)$— $255,365 $184,656 
Dividends ($0.55 per share)
— — (27,649)— — — (27,649)— 
Issuance of common stock— 358 — — — — 358 — 
Repurchase of common stock— — — — (173)— (173)— 
Issuance of restricted stock units—net— 1,391 — — — — 1,391 — 
Amortization of restricted stock units—net— 11,751 — — — — 11,751 — 
Net income (loss)— — 51,956 — — 51,956 (25,807)
Other comprehensive income (loss)— — — (3,614)— — (3,614)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — — — 27,149 
June 30, 2022
$550 $742,144 $(193,146)$(11,051)$(249,112)$— $289,385 $185,998 

See notes to condensed consolidated financial statements
4

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

Six Months Ended June 30, 2023
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2023$551 $769,373 $(171,417)$(10,784)$(250,169)$4,054 $341,608 $85,335 
Dividends ($1.14 per share)
— — (57,906)— — — (57,906)— 
Issuance of common stock7 791 — — — — 798 — 
Repurchase of common stock— — — — (20,628)— (20,628)— 
Issuance of restricted stock units—net— 2,486 — — — — 2,486 — 
Amortization of restricted stock units—net— 21,509 — — — — 21,509 — 
Net income (loss)— — 67,092 — — (440)66,652 2,151 
Other comprehensive income (loss)— — — 2,247 — — 2,247 — 
Net contributions (distributions) attributable to noncontrolling interests— — — — — 1,623 1,623 (1,968)
June 30, 2023
$558 $794,159 $(162,231)$(8,537)$(270,797)$5,237 $358,389 $85,518 
Six Months Ended June 30, 2022
Common
Stock		Additional
Paid-In
Capital		Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss)		Treasury
Stock		Nonredeemable
Noncontrolling
Interests		Total
Stockholders'
Equity		Redeemable
Noncontrolling
Interests
January 1, 2022$543 $715,847 $(231,967)$(5,886)$(223,354)$— $255,183 $89,143 
Dividends ($1.10 per share)
— — (55,153)— — — (55,153)— 
Issuance of common stock7 793 — — — — 800 — 
Repurchase of common stock— — — — (25,758)— (25,758)— 
Issuance of restricted stock units—net— 2,641 — — — — 2,641 — 
Amortization of restricted stock units—net— 22,863 — — — — 22,863 — 
Net income (loss)— — 93,974 — — — 93,974 (20,984)
Other comprehensive income (loss)— — — (5,165)— — (5,165)— 
Net contributions (distributions) attributable to noncontrolling interests— — — — — — — 117,839 
June 30, 2022
$550 $742,144 $(193,146)$(11,051)$(249,112)$— $289,385 $185,998 
See notes to condensed consolidated financial statements
5

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

 Six Months Ended
June 30,
 20232022
Cash flows from operating activities:
Net income$68,803 $72,990 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net22,410 24,139 
Depreciation and amortization2,349 2,713 
Amortization of right-of-use assets7,973 5,426 
(Gain) loss from investments—net(48)25,006 
Deferred income taxes480 1,834 
Foreign currency (gain) loss573 2,462 
Changes in operating assets and liabilities:
Accounts receivable2,886 5,914 
Due from brokers(474)(2,977)
Investments within consolidated investment vehicles(2,882)(142,774)
Other assets(7,082)6,799 
Accrued compensation and benefits(46,277)(34,499)
Distribution and service fees payable 139 1,773 
Operating lease liabilities(2,546)(6,033)
Due to brokers1,210 4,754 
Income tax payable(9,896)(17,068)
Other liabilities and accrued expenses1,097 771 
Net cash provided by (used in) operating activities38,715 (48,770)
Cash flows from investing activities:
Purchases of investments(45,216)(73,866)
Proceeds from sales and maturities of investments34,125 31,827 
Purchases of property and equipment(20,131)(1,562)
Net cash provided by (used in) investing activities(31,222)(43,601)
Cash flows from financing activities:
Issuance of common stock—net678 680 
Repurchase of common stock(20,628)(25,758)
Dividends to stockholders(56,202)(53,668)
Debt issuance costs(603)— 
Net contributions (distributions) from noncontrolling interests(345)117,839 
Net cash provided by (used in) financing activities(77,100)39,093 
Net increase (decrease) in cash and cash equivalents(69,607)(53,278)
Effect of foreign exchange rate changes on cash and cash equivalents2,044 (4,526)
Cash and cash equivalents, beginning of the period248,714 184,373 
Cash and cash equivalents, end of the period$181,151 $126,569 
See notes to condensed consolidated financial statements
6

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:
Six Months Ended
June 30,
(in thousands)20232022
Cash and cash equivalents
$178,471 $126,569 
Cash included in investments (1)
2,680 — 
Total cash and cash equivalents within condensed consolidated statements of cash flows
$181,151 $126,569 
________________________
(1)    Cash included in investments represents operating cash held in consolidated investment vehicles.
During the six months ended June 30, 2023 and 2022, the Company paid taxes, net of tax refunds, of $30.6 million and $34.3 million, respectively.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $1.7 million and $1.5 million for the six months ended June 30, 2023 and 2022, 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.
Non-cash investing activities included $9.3 million related to purchases of property and equipment in connection with the Company's future headquarters that remain unpaid at June 30, 2023.
7

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

1. Organization and Description of Business

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

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Consolidation of Investment Vehicles—The Company's financial interests in investment vehicles, including the management fees that are received, are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model.
A VIE is an entity in which either the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities of the VIE that most significantly affect its performance, and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. Limited partnerships and similar entities are determined to be a VIE when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.
Investments that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the vehicle.
The Company records noncontrolling interests in consolidated investment vehicles for which the Company’s ownership is less than 100%.
8


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Cash and Cash Equivalents—Cash and cash equivalents include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
Due from/to Brokers—The Company, including the consolidated investment vehicles, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers/custodians.
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows:
•Equity investments at fair value generally represent common stocks, limited partnership interests, master limited partnership interests, preferred securities and other seed investments in Company-sponsored vehicles.
•Trading investments generally represent U.S. Treasury securities and investment-grade corporate debt securities.
Realized and unrealized gains and losses on our investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
From time to time, the Company, including the consolidated investment vehicles, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Additionally, from time to time, the Company, including the consolidated investment vehicles, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease and thereafter, are remeasured if there is a change in lease terms. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company 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. During the second quarter of 2023, the Company incurred costs related to the build-out of its future headquarters which qualified for reimbursement from the landlord. As a result, the Company remeasured its ROU asset and lease liability resulting in a $22.2 million reduction.
The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.
ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in remeasurement of the lease liability and a corresponding adjustment to the ROU asset.
9


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Noncontrolling Interests—Noncontrolling interests consist of nonredeemable and redeemable third-party interests in the Company's consolidated investment vehicles. Noncontrolling interests that are not redeemable at the option of the investors are classified as nonredeemable noncontrolling interests and are included in stockholders’ equity. Noncontrolling interests that are redeemable at the option of the investors are classified as redeemable noncontrolling interests and are not treated as permanent equity. Noncontrolling interests are recorded at fair value which approximates the net asset value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes.
Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in an open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.
Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments.
Distribution fees represent payments made to qualified intermediaries for assistance in connection with the distribution of certain open-end funds' shares and for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds.
Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of certain open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to 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.
10


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss).
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(8.5) million and $(10.8) million at June 30, 2023 and December 31, 2022, respectively, and was reported within accumulated other comprehensive income (loss) on the condensed consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations.
Recently Issued Accounting Pronouncements—In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities with equity securities subject to a contractual sale restriction. This new guidance will be effective on January 1, 2024. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.



11


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

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Client domicile:
North America$104,686 $129,428 $214,456 $264,628 
Japan8,014 9,263 16,133 18,786 
Europe, Middle East and Africa4,654 5,405 9,541 11,358 
Asia Pacific excluding Japan3,276 3,335 6,582 6,848 
Total$120,630 $147,431 $246,712 $301,620 

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Investment vehicle:
Open-end funds$66,574 $85,561 $137,142 $175,746 
Institutional accounts30,166 34,429 60,795 71,112 
Closed-end funds23,890 27,441 48,775 54,762 
Total$120,630 $147,431 $246,712 $301,620 
4. Investments

The following table summarizes the Company's investments:

(in thousands)June 30,
2023		December 31, 2022
Equity investments at fair value$161,051 $157,646 
Trading27,155 15,289 
Equity method21 20 
Total investments$188,227 $172,955 

The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6, Derivatives):

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Net realized gains (losses) during the period
$(761)$2,664 $(3,091)$10,845 
Net unrealized gains (losses) during the period on investments
still held at the end of the period
1,117 (31,237)3,139 (35,851)
Gain (loss) from investments—net (1)
$356 $(28,573)$48 $(25,006)
________________________
(1)Included gain (loss) attributable to noncontrolling interests.


12


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
At June 30, 2023 and December 31, 2022, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (SICAV GLI), the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) and the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF).
The following tables summarize the statements of financial condition attributable to the Company's consolidated VIEs:

June 30, 2023
(in thousands)SICAV GLISICAV GREGRP-CIPREOFTotal
Assets (1)
Investments
$37,011 $79,033 $151 $23,002 $139,197 
Due from brokers
233 609 25 — 867 
Other assets
190 357 — 1 548 
Total assets37,434 79,999 176 23,003 140,612 
Liabilities (1)
Due to brokers
$272 $358 $— $— $630 
Other liabilities and accrued expenses70 140 5 411 626 
Total liabilities342 498 5 411 1,256 
Net assets$37,092 $79,501 $171 $22,592 $139,356 
Attributable to the Company$19,232 $11,843 $171 $17,355 $48,601 
Attributable to noncontrolling interests17,860 67,658 — 5,237 90,755 
Net assets$37,092 $79,501 $171 $22,592 $139,356 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.
December 31, 2022
(in thousands)SICAV GLISICAV GREGRP-CIPREOFTotal
Assets (1)
Investments
$36,296 $79,434 $147 $19,052 $134,929 
Due from brokers
11 — 27 — 38 
Other assets
151 370 — 55 576 
Total assets36,458 79,804 174 19,107 135,543 
Liabilities (1)
Due to brokers
$11 $— $— $— $11 
Other liabilities and accrued expenses91 214 5 354 664 
Total liabilities102 214 5 354 675 
Net assets$36,356 $79,590 $169 $18,753 $134,868 
Attributable to the Company$19,116 $11,495 $169 $14,699 $45,479 
Attributable to noncontrolling interests17,240 68,095 — 4,054 89,389 
Net assets$36,356 $79,590 $169 $18,753 $134,868 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

13


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
5. Fair Value

Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:
•Level 1—Unadjusted quoted prices for identical instruments in active markets.
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.
•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.
Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments.
The following tables present fair value measurements:
June 30, 2023
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$133,860 $— $— $— $133,860 
Equity investments at fair value:
Common stocks$143,489 $— $— $— $143,489 
Limited partnership interests— — 13,986 1,397 15,383 
Master limited partnership interests321 — — — 321 
Preferred securities1,415 108 — — 1,523 
Other215 — — 120 335 
Total$145,440 $108 $13,986 $1,517 $161,051 
Trading investments:
Fixed income$— $27,155 $— $— $27,155 
Equity method investments$— $— $— $21 $21 
Total investments$145,440 $27,263 $13,986 $1,538 $188,227 
Derivatives - assets:
Total return swaps$— $374 $— $— $374 
Forward contracts - foreign exchange— 476 — — 476 
Total$— $850 $— $— $850 
Derivatives - liabilities:
Total return swaps$— $249 $— $— $249 
Forward contracts - foreign exchange— 18 — — 18 
Total$— $267 $— $— $267 
________________________
(1)    Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient.
14


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2022
(in thousands)Level 1Level 2Level 3
Investments
Measured at
NAV (1)
Total
Cash equivalents$208,557 $— $— $— $208,557 
Equity investments at fair value:
Common stocks$142,268 $987 $— $— $143,255 
Limited partnership interests— — 10,759 1,544 12,303 
Master limited partnership interests316 — — — 316 
Preferred securities1,391 49 — — 1,440 
Other200 — — 132 332 
Total$144,175 $1,036 $10,759 $1,676 $157,646 
Trading investments:
Fixed income$— $15,289 $— $— $15,289 
Equity method investments$— $— $— $20 $20 
Total investments$144,175 $16,325 $10,759 $1,696 $172,955 
Derivatives - assets:
Total return swaps$— $276 $— $— $276 
Total$— $276 $— $— $276 
Derivatives - liabilities:
Total return swaps$— $717 $— $— $717 
Forward contracts - foreign exchange— 742 — — 742 
Total$— $1,459 $— $— $1,459 
________________________
(1)    Comprised of certain investments measured at fair value using NAV as a practical expedient.
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 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.
Trading investments classified as Level 2 were comprised of U.S. Treasury securities and corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient as follows:
•Equity investments at fair value included:
◦limited partnership interests in private real estate 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 interests in Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) and Cohen & Steers Global Listed Infrastructure Fund L.P. (LPGI). GRP-TE invests in non-registered real estate funds and LPGI invests in global infrastructure securities. The Company's ownership interest in GRP-TE was approximately 0.2% at June 30, 2023 and December 31, 2022. The Company's ownership interest in LPGI was approximately 0.01% at June 30, 2023 and December 31, 2022.
15


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
At June 30, 2023 and December 31, 2022, the Company did not have the ability to redeem its limited partnership interests in private real estate 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 or LPGI.
Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Balance at beginning of period$13,633 $17,753 $10,759 $— 
Purchases/contributions4,625 — 7,517 19,380 
Sales/distributions(2,975)— (2,975)— 
Unrealized gains (losses)(1,297)839 (1,315)(788)
Balance at end of period$13,986 $18,592 $13,986 $18,592 
Unrealized gains (losses) and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Valuation Techniques
In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than 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 Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures. Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.




16


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:
Fair Value as of June 30, 2023
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interest
$13,986 Discounted cash flow Discount rate
Terminal capitalization rate
8.75%
7.25%
Transaction price n/a
Fair Value as of December 31, 2022
(in thousands)
Valuation TechniqueUnobservable InputsValue
Limited partnership interest
$10,759 Discounted cash flow Discount rate
Terminal capitalization rate
8.75%
7.25%
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:

As of June 30, 2023
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,330 $40,996 $374 $249 
Forward contracts - foreign exchange— 10,039 476 18 
Total corporate derivatives$2,330 $51,035 $850 $267 
As of December 31, 2022
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Total return swaps$2,340 $33,637 $276 $717 
Forward contracts - foreign exchange— 9,810 — 742 
Total corporate derivatives$2,340 $43,447 $276 $1,459 
________________________
(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
The Company's corporate derivatives included:
•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and
•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Cash and U.S. Treasury securities pledged as collateral for forward and swap contracts totaled $1.7 million and $2.2 million at June 30, 2023 and December 31, 2022, respectively. Cash collateral received for swap contracts was $0.6 million at June 30, 2023.
17


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Corporate derivatives:
Total return swaps$(25)$3,269 $(677)$3,188 
Forward contracts - foreign exchange769 (420)1,200 390 
Total corporate derivatives$744 $2,849 $523 $3,578 
Derivatives held by consolidated investment vehicles:
Total return swaps— (1,152)— 3,160 
Total (1)
$744 $1,697 $523 $6,738 
________________________
(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

7. Earnings Per Share

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

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2023202220232022
Net income$32,505 $26,149 $68,803 $72,990 
Net (income) loss attributable to noncontrolling interests(727)25,807 (1,711)20,984 
Net income attributable to common stockholders$31,778 $51,956 $67,092 $93,974 
Basic weighted average shares outstanding49,315 48,805 49,257 48,739 
Dilutive potential shares from restricted stock units148 403 176 533 
Diluted weighted average shares outstanding49,463 49,208 49,433 49,272 
Basic earnings per share attributable to common stockholders$0.64 $1.06 $1.36 $1.93 
Diluted earnings per share attributable to common stockholders$0.64 $1.06 $1.36 $1.91 
Anti-dilutive common stock equivalents excluded from the calculation
214 2 141 2 










18


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

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:

Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
U.S. statutory tax rate21.0 %21.0 %21.0 %21.0 %
State and local income taxes, net of federal benefit3.1 3.1 3.1 3.1 
Non-deductible executive compensation1.4 1.6 2.2 3.3 
Excess tax benefits related to the vesting and delivery of restricted stock units— 0.2 (2.4)(5.1)
Unrecognized tax benefit adjustments— (10.1)0.1 (5.5)
Other0.2 0.1 — 0.1 
Effective income tax rate25.7 %15.9 %24.0 %16.9 %

9. Related Party Transactions

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

 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Investment advisory and administration fees (1)
$81,113 $100,803 $166,612 $205,040 
Distribution and service fees6,977 9,005 14,539 18,874 
Total$88,090 $109,808 $181,151 $223,914 
_________________________
(1)    Investment advisory and administration fees are reflected net of fund reimbursements of $4.3 million for both the three months ended June 30, 2023 and 2022, and $8.9 million and $8.6 million for the six months ended June 30, 2023 and 2022, respectively.
Included in accounts receivable at June 30, 2023 and December 31, 2022 are receivables due from Company-sponsored funds, which are generally collectible the next business day, of $30.7 million and $32.9 million, respectively. Included in accounts payable at June 30, 2023 and December 31, 2022 are payables due to Company-sponsored funds of $0.8 million and $1.0 million, respectively.
Included in other assets at June 30, 2023 and December 31, 2022 is an advance to Cohen & Steers Income
Opportunities REIT, Inc. (CNSREIT) of $6.4 million and $3.5 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNREIT's NAV is at least $1.0 billion. At June 30, 2023 and December 31, 2022, the Company determined the advance to be collectible. At June 30, 2023, the Company reclassified the advance from accounts receivable to other assets on its condensed consolidated statement of financial condition as of December 31, 2022.
See discussion of commitments to Company-sponsored vehicles in Note 11.





19


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
10. Credit Agreement

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

Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of June 30, 2023, the Company was in compliance with these covenants.

As of June 30, 2023, the Company had not drawn upon the credit agreement.

11. Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.
The Company has committed to invest up to $50.0 million in REOF. As of June 30, 2023, the Company had funded $21.2 million of this commitment. In addition, the Company has committed to invest up to $125.0 million in CNSREIT. As of June 30, 2023, the Company had funded $0.2 million of this commitment to enable CNSREIT to capitalize a share class in preparation for an offering. The timing for funding the remaining portion of the Company's commitments is determined by the investment vehicles.

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

13. 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 August 3, 2023, the Company declared a quarterly dividend on its common stock in the amount of $0.57 per share. This dividend will be payable on August 24, 2023 to stockholders of record at the close of business on August 14, 2023.
20

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2023 and 2022. 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, Tokyo and Singapore.
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, as well as global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios.
Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.
Our revenue from the wealth channel is primarily derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
21

Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Open-end Funds
Assets under management, beginning of period$36,427 $48,105 $36,903 $50,911 
Inflows2,782 4,859 6,256 9,745 
Outflows(3,290)(5,103)(7,069)(9,781)
Net inflows (outflows)(508)(244)(813)(36)
Market appreciation (depreciation)794 (5,654)904 (8,389)
Distributions(344)(624)(625)(903)
Transfers(160)— (160)— 
Total increase (decrease)(218)(6,522)(694)(9,328)
Assets under management, end of period$36,209 $41,583 $36,209 $41,583 
Percentage of total assets under management45.0 %47.3 %45.0 %47.3 %
Average assets under management$35,911 $45,188 $37,178 $46,602 
Institutional Accounts
Assets under management, beginning of period$32,604 $40,956 $32,373 $42,727 
Inflows670 1,259 1,385 3,319 
Outflows(676)(1,734)(1,509)(3,800)
Net inflows (outflows)(6)(475)(124)(481)
Market appreciation (depreciation)776 (5,733)1,384 (7,227)
Distributions(259)(242)(518)(513)
Transfers160 — 160 — 
Total increase (decrease)671 (6,450)902 (8,221)
Assets under management, end of period$33,275 $34,506 $33,275 $34,506 
Percentage of total assets under management41.4 %39.3 %41.4 %39.3 %
Average assets under management$32,682 $37,506 $33,047 $39,048 
Closed-end Funds
Assets under management, beginning of period$10,874 $13,061 $11,149 $12,991 
Inflows2 2 13 556 
Outflows— — (85)— 
Net inflows (outflows)2 2 (72)556 
Market appreciation (depreciation)207 (1,137)160 (1,474)
Distributions(154)(153)(308)(300)
Total increase (decrease)55 (1,288)(220)(1,218)
Assets under management, end of period
$10,929 $11,773 $10,929 $11,773 
Percentage of total assets under management13.6 %13.4 %13.6 %13.4 %
Average assets under management$10,813 $12,428 $11,081 $12,489 
Total
Assets under management, beginning of period$79,905 $102,122 $80,425 $106,629 
Inflows3,454 6,120 7,654 13,620 
Outflows(3,966)(6,837)(8,663)(13,581)
Net inflows (outflows)(512)(717)(1,009)39 
Market appreciation (depreciation)1,777 (12,524)2,448 (17,090)
Distributions(757)(1,019)(1,451)(1,716)
Total increase (decrease)508 (14,260)(12)(18,767)
Assets under management, end of period$80,413 $87,862 $80,413 $87,862 
Average assets under management$79,406 $95,122 $81,306 $98,139 

22

Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Advisory
Assets under management, beginning of period$18,490 $23,726 $18,631 $24,599 
Inflows282 769 504 2,342 
Outflows(496)(1,177)(1,117)(2,792)
Net inflows (outflows)(214)(408)(613)(450)
Market appreciation (depreciation)388 (3,183)646 (4,014)
Transfers160 — 160 — 
Total increase (decrease)334 (3,591)193 (4,464)
Assets under management, end of period$18,824 $20,135 $18,824 $20,135 
Percentage of institutional assets under management56.6 %58.4 %56.6 %58.4 %
Average assets under management$18,602 $21,869 $18,861 $22,860 
Japan Subadvisory
Assets under management, beginning of period$8,713 $10,692 $8,376 $11,329 
Inflows283 249 668 468 
Outflows(89)(226)(148)(329)
Net inflows (outflows)194 23 520 139 
Market appreciation (depreciation)312 (1,534)582 (2,016)
Distributions(259)(242)(518)(513)
Total increase (decrease)247 (1,753)584 (2,390)
Assets under management, end of period$8,960 $8,939 $8,960 $8,939 
Percentage of institutional assets under management26.9 %25.9 %26.9 %25.9 %
Average assets under management$8,653 $9,604 $8,696 $9,975 
Subadvisory Excluding Japan
Assets under management, beginning of period$5,401 $6,538 $5,366 $6,799 
Inflows105 241 213 509 
Outflows(91)(331)(244)(679)
Net inflows (outflows)14 (90)(31)(170)
Market appreciation (depreciation)76 (1,016)156 (1,197)
Total increase (decrease)90 (1,106)125 (1,367)
Assets under management, end of period$5,491 $5,432 $5,491 $5,432 
Percentage of institutional assets under management16.5 %15.7 %16.5 %15.7 %
Average assets under management$5,427 $6,033 $5,490 $6,213 
Total Institutional Accounts
Assets under management, beginning of period$32,604 $40,956 $32,373 $42,727 
Inflows670 1,259 1,385 3,319 
Outflows(676)(1,734)(1,509)(3,800)
Net inflows (outflows)(6)(475)(124)(481)
Market appreciation (depreciation)776 (5,733)1,384 (7,227)
Distributions(259)(242)(518)(513)
Transfers160 — 160 — 
Total increase (decrease)671 (6,450)902 (8,221)
Assets under management, end of period$33,275 $34,506 $33,275 $34,506 
Average assets under management$32,682 $37,506 $33,047 $39,048 




23

Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
U.S. Real Estate
Assets under management, beginning of period$36,080 $47,268 $35,108 $49,915 
Inflows1,614 2,582 3,647 5,875 
Outflows(1,500)(2,433)(3,099)(5,169)
Net inflows (outflows)114 149 548 706 
Market appreciation (depreciation)1,210 (6,542)2,117 (9,334)
Distributions(456)(697)(893)(1,109)
Transfers— — 68 — 
Total increase (decrease)868 (7,090)1,840 (9,737)
Assets under management, end of period$36,948 $40,178 $36,948 $40,178 
Percentage of total assets under management45.9 %45.7 %45.9 %45.7 %
Average assets under management$35,800 $43,917 $36,283 $45,174 
Preferred Securities
Assets under management, beginning of period$18,210 $24,466 $19,767 $26,987 
Inflows1,241 1,711 2,695 3,675 
Outflows(1,606)(2,757)(3,932)(5,629)
Net inflows (outflows)(365)(1,046)(1,237)(1,954)
Market appreciation (depreciation)348 (1,769)(144)(3,169)
Distributions(184)(202)(379)(415)
Transfers— — 2 — 
Total increase (decrease)(201)(3,017)(1,758)(5,538)
Assets under management, end of period$18,009 $21,449 $18,009 $21,449 
Percentage of total assets under management22.4 %24.4 %22.4 %24.4 %
Average assets under management$18,013 $22,915 $19,124 $24,272 
Global/International Real Estate
Assets under management, beginning of period$14,762 $19,362 $14,782 $19,380 
Inflows368 861 641 2,417 
Outflows(458)(1,164)(875)(1,944)
Net inflows (outflows)(90)(303)(234)473 
Market appreciation (depreciation)206 (3,303)408 (4,078)
Distributions(40)(47)(48)(66)
Transfers— — (70)— 
Total increase (decrease)76 (3,653)56 (3,671)
Assets under management, end of period$14,838 $15,709 $14,838 $15,709 
Percentage of total assets under management18.5 %17.9 %18.5 %17.9 %
Average assets under management$14,859 $17,524 $15,093 $18,183 








24

Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Global Listed Infrastructure
Assets under management, beginning of period$8,596 $9,197 $8,596 $8,763 
Inflows79 461 214 925 
Outflows(250)(353)(374)(652)
Net inflows (outflows)(171)108 (160)273 
Market appreciation (depreciation)12 (673)47 (359)
Distributions(58)(58)(104)(103)
Total increase (decrease)(217)(623)(217)(189)
Assets under management, end of period$8,379 $8,574 $8,379 $8,574 
Percentage of total assets under management10.4 %9.8 %10.4 %9.8 %
Average assets under management$8,486 $8,853 $8,582 $8,729 
Other
Assets under management, beginning of period$2,257 $1,829 $2,172 $1,584 
Inflows152 505 457 728 
Outflows(152)(130)(383)(187)
Net inflows (outflows)— 375 74 541 
Market appreciation (depreciation)1 (237)20 (150)
Distributions(19)(15)(27)(23)
Total increase (decrease)(18)123 67 368 
Assets under management, end of period$2,239 $1,952 $2,239 $1,952 
Percentage of total assets under management2.8 %2.2 %2.8 %2.2 %
Average assets under management$2,248 $1,913 $2,224 $1,781 
Total
Assets under management, beginning of period$79,905 $102,122 $80,425 $106,629 
Inflows3,454 6,120 7,654 13,620 
Outflows(3,966)(6,837)(8,663)(13,581)
Net inflows (outflows)(512)(717)(1,009)39 
Market appreciation (depreciation)1,777 (12,524)2,448 (17,090)
Distributions(757)(1,019)(1,451)(1,716)
Total increase (decrease)508 (14,260)(12)(18,767)
Assets under management, end of period$80,413 $87,862 $80,413 $87,862 
Average assets under management$79,406 $95,122 $81,306 $98,139 










25

Investment Performance at June 30, 2023
investmentgraph623.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)    © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2023. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
Overview
Assets under management at June 30, 2023 decreased 8.5% to $80.4 billion from $87.9 billion at June 30, 2022. The decrease was due to net outflows of $2.7 billion, market depreciation of $1.4 billion and distributions of $3.4 billion. Net outflows included $2.4 billion from preferred securities. Market depreciation included $647 million from U.S. real estate and $552 million from global/international real estate. Distributions included $2.2 billion from U.S. real estate, $798 million from preferred securities and $218 million from global listed infrastructure. Our organic decay rate for the twelve months ended June 30, 2023 was (3.1%). The organic growth/decay rate represents the ratio of net flows for the period to the beginning assets under management.
Open-end funds
Assets under management in open-end funds at June 30, 2023, which represented 45.0% of total assets under management, decreased 12.9% to $36.2 billion from $41.6 billion at June 30, 2022. The decrease was due to net outflows of
26

$2.5 billion, market depreciation of $989 million and distributions of $1.7 billion. Net outflows included $2.0 billion from preferred securities and $823 million from U.S. real estate, partially offset by net inflows of $324 million into real assets multi-strategy (included in "Other" in the Assets under Management - By Investment Strategy table). Market depreciation included $627 million from U.S. real estate and $224 million from preferred securities. Distributions included $960 million from U.S. real estate and $572 million from preferred securities. Of these distributions, $1.3 billion was reinvested and included in net flows. Our organic decay rate for open-end funds for the twelve months ended June 30, 2023 was (6.0%).
Institutional accounts
Assets under management in institutional accounts at June 30, 2023, which represented 41.4% of total assets under management, decreased 3.6% to $33.3 billion from $34.5 billion at June 30, 2022. The decrease was due to net outflows of $86 million, market depreciation of $314 million and distributions of $991 million. Net outflows included $374 million from preferred securities and $89 million from global/international real estate, partially offset by net inflows of $363 million into U.S. real estate. Market depreciation included $425 million from global/international real estate, partially offset by market appreciation of $45 million from U.S. real estate. Distributions included $958 million from U.S. real estate. Our organic decay rate for institutional accounts for the twelve months ended June 30, 2023 was (0.2%).
Assets under management in advisory accounts at June 30, 2023, which represented 56.6% of institutional assets under management, decreased 6.5% to $18.8 billion from $20.1 billion at June 30, 2022. The decrease was due to net outflows of $1.2 billion and market depreciation of $244 million. Net outflows included $774 million from U.S. real estate and $357 million from preferred securities. Market depreciation included $258 million from global/international real estate. Our organic decay rate for advisory accounts for the twelve months ended June 30, 2023 was (6.0%).
Assets under management in Japan subadvisory accounts at June 30, 2023, which represented 26.9% of institutional assets under management, increased 0.2% to $9.0 billion from $8.9 billion at June 30, 2022. The increase was primarily due to net inflows of $933 million and market appreciation of $79 million, partially offset by distributions of $991 million. Net inflows included $980 million into U.S. real estate. Market appreciation included $127 million from U.S. real estate, partially offset by market depreciation of $54 million from global/international real estate. Distributions included $958 million from U.S. real estate. Our organic growth rate for Japan subadvisory accounts for the twelve months ended June 30, 2023 was 10.6%.
Assets under management in subadvisory accounts excluding Japan at June 30, 2023, which represented 16.5% of institutional assets under management, increased 1.1% to $5.5 billion from $5.4 billion at June 30, 2022. The increase was primarily due to net inflows of $206 million, partially offset by market depreciation of $148 million. Net inflows included $157 million into U.S. real estate. Market depreciation included $114 million from global/international real estate. Our organic growth rate for subadvisory accounts excluding Japan for the twelve months ended June 30, 2023 was 3.6%.
Closed-end funds
Assets under management in closed-end funds at June 30, 2023, which represented 13.6% of total assets under management, decreased 7.2% to $10.9 billion from $11.8 billion at June 30, 2022. The decrease was due to net outflows of $53 million, market depreciation of $88 million and distributions of $704 million. Our organic decay rate for closed-end funds for the twelve months ended June 30, 2023 was (0.4%).
27

Summary of Operating Results
(in thousands, except percentages and per share data)Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
U.S. GAAP
Revenue$120,630 $147,431 $246,712 $301,620 
Expenses$79,789 $86,437 $160,972 $189,635 
Operating income$40,841 $60,994 $85,740 $111,985 
Non-operating income (loss) (1)
$2,650 $(25,002)$4,282 $(19,892)
Net income attributable to common stockholders$31,778 $51,956 $67,092 $93,974 
Diluted earnings per share$0.64 $1.06 $1.36 $1.91 
Operating margin33.9 %41.4 %34.8 %37.1 %
As Adjusted (2)
Net income attributable to common stockholders$34,742 $47,202 $72,336 $98,354 
Diluted earnings per share$0.70 $0.96 $1.46 $2.00 
Operating margin36.4 %43.3 %37.3 %44.0 %
_________________________
(1)Included amounts attributable to third-party interests in consolidated investment vehicles. Refer to non-operating income (loss) tables on pages 29-32 for additional detail.    
(2)Refer to pages 33-35 for reconciliations of U.S. GAAP to as adjusted results.

Three Months Ended June 30, 2023 Compared with Three Months Ended June 30, 2022
Revenue
(in thousands)Three Months Ended
June 30,
20232022$ Change% Change
Investment advisory and administration fees
Open-end funds
$59,062 $75,785 $(16,723)(22.1 %)
Institutional accounts
30,166 34,429 $(4,263)(12.4 %)
Closed-end funds
23,890 27,441 $(3,551)(12.9 %)
Total113,118 137,655 $(24,537)(17.8 %)
Distribution and service fees6,977 9,005 $(2,028)(22.5 %)
Other535 771 $(236)(30.6 %)
Total revenue$120,630 $147,431 $(26,801)(18.2 %)

Investment advisory and administration fees decreased from the three months ended June 30, 2022, primarily due to lower average assets under management across all three types of 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 66.0 bps and 67.3 bps for the three months ended June 30, 2023 and 2022, respectively. The decrease in the implied annualized effective fee rate was primarily due to a shift in the composition of assets under management.
•Total investment advisory revenue from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.0 bps and 36.8 bps for the three months ended June 30, 2023 and 2022, respectively.
•Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.6 bps for both the three months ended June 30, 2023 and 2022.
Distribution and service fees decreased from the three months ended June 30, 2022, primarily due to lower average assets under management in U.S. open-end funds.
28

Expenses
(in thousands)Three Months Ended
June 30,
20232022$ Change% Change
Employee compensation and benefits$48,893 $53,857 $(4,964)(9.2 %)
Distribution and service fees13,329 18,236 $(4,907)(26.9 %)
General and administrative16,728 13,238 $3,490 26.4 %
Depreciation and amortization839 1,106 $(267)(24.1 %)
Total expenses$79,789 $86,437 $(6,648)(7.7 %)
Employee compensation and benefits decreased from the three months ended June 30, 2022, primarily due to lower incentive compensation of $6.0 million and a decrease in amortization of restricted stock units of $1.3 million, partially offset by higher salaries of $1.8 million and an increase in severance expense of $603,000.
Distribution and service fees decreased from the three months ended June 30, 2022, primarily due to lower average assets under management in U.S. open-end funds.
General and administrative expenses increased from the three months ended June 30, 2022, primarily due to incremental lease costs of $2.8 million related to the Company's future headquarters at 1166 Avenue of the Americas.
Operating Margin
Operating margin for the three months ended June 30, 2023 decreased to 33.9% from 41.4% for the three months ended June 30, 2022. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
(in thousands)Three Months Ended
June 30, 2023
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,050 $939 $1,439 $3,428 
Gain (loss) from investments—net
13 25 318 (1)356 
Foreign currency gain (loss)—net(88)1 (1,047)(2)(1,134)
Total non-operating income (loss)975 965 710 2,650 
Net (income) loss attributable to noncontrolling interests(727)— — (727)
Non-operating income (loss) attributable to the Company$248 $965 $710 $1,923 
_________________________
(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the Company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments.
(2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.



29

(in thousands)Three Months Ended
June 30, 2022
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,499 $292 $97 $1,888 
Gain (loss) from investments—net
(29,558)(2,461)3,446 (1)(28,573)
Foreign currency gain (loss)—net(623)(5)2,311 (2)1,683 
Total non-operating income (loss)(28,682)(2,174)5,854 (25,002)
Net (income) loss attributable to noncontrolling interests25,807 — — 25,807 
Non-operating income (loss) attributable to the Company$(2,875)$(2,174)$5,854 $805 
_________________________
(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the Company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments.
(2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
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
June 30,
20232022
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit3.1 3.1 
Non-deductible executive compensation1.4 1.6 
Excess tax benefits related to the vesting and delivery of restricted stock units— 0.2 
Unrecognized tax benefit adjustments— (10.1)
Other0.2 0.1 
Effective income tax rate25.7 %15.9 %

Six Months Ended June 30, 2023 Compared with Six Months Ended June 30, 2022
Revenue
(in thousands)Six Months Ended
June 30,
20232022$ Change% Change
Investment advisory and administration fees
Open-end funds
$121,582 $155,450 $(33,868)(21.8)%
Institutional accounts
60,795 71,112 $(10,317)(14.5)%
Closed-end funds
48,775 54,762 $(5,987)(10.9)%
Total231,152 281,324 $(50,172)(17.8)%
Distribution and service fees14,539 18,874 $(4,335)(23.0)%
Other1,021 1,422 $(401)(28.2)%
Total revenue$246,712 $301,620 $(54,908)(18.2)%
Investment advisory and administration fees decreased from the six months ended June 30, 2022, primarily due to lower average assets under management across all three types of 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 65.9 bps and 67.3 bps for the six months ended June 30, 2023 and 2022, respectively. The decrease in the implied annualized effective fee rate was primarily due to a shift in the composition of assets under management.
30

•Total investment advisory revenue from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.1 bps and 36.7 bps for the six months ended June 30, 2023 and 2022, respectively.
•Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.8 bps and 88.4 bps for the six months ended June 30, 2023 and 2022, respectively.
Distribution and service fees decreased from the six months ended June 30, 2022, primarily due to lower average assets under management in U.S. open-end funds.
Expenses
(in thousands)Six Months Ended
June 30,
20232022$ Change% Change
Employee compensation and benefits$97,750 $108,600 $(10,850)(10.0)%
Distribution and service fees27,545 52,187 $(24,642)(47.2)%
General and administrative33,850 26,748 $7,102 26.6 %
Depreciation and amortization1,827 2,100 $(273)(13.0)%
Total expenses$160,972 $189,635 $(28,663)(15.1)%
Employee compensation and benefits decreased from the six months ended June 30, 2022, primarily due to lower incentive compensation of $13.3 million and a decrease in amortization of restricted stock units of $2.4 million, partially offset by higher salaries of $3.9 million and an increase in benefits of $1.4 million.
Distribution and service fees decreased from the six months ended June 30, 2022, primarily due to lower average assets under management in U.S. open-end funds and costs of $14.2 million associated with the initial public offering of the Cohen & Steers Real Estate Opportunities and Income Fund (RLTY) included in the six months ended June 30, 2022.
General and administrative expenses increased from the six months ended June 30, 2022, primarily due to incremental lease costs of $6.0 million related to the Company's future headquarters at 1166 Avenue of the Americas.
Operating Margin
Operating margin for the six months ended June 30, 2023 decreased to 34.8% from 37.1% for the six months ended June 30, 2022.
Non-operating Income (Loss)
(in thousands)Six Months Ended
June 30, 2023
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$1,934 $1,782 $2,928 $6,644 
Gain (loss) from investments—net
6 70 (28)(1)48 
Foreign currency gain (loss)—net(47)25 (2,388)(2)(2,410)
Total non-operating income (loss)1,893 1,877 512 4,282 
Net (income) loss attributable to noncontrolling interests(1,711)— — (1,711)
Non-operating income (loss) attributable to the Company$182 $1,877 $512 $2,571 
_________________________
(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the Company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments.
(2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.


31

(in thousands)Six Months Ended
June 30, 2022
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income—net$2,233 $459 $93 $2,785 
Gain (loss) from investments—net
(26,045)(1,709)2,748 (1)(25,006)
Foreign currency gain (loss)—net(917)(6)3,252 (2)2,329 
Total non-operating income (loss)(24,729)(1,256)6,093 (19,892)
Net (income) loss attributable to noncontrolling interests20,984 — — 20,984 
Non-operating income (loss) attributable to the Company$(3,745)$(1,256)$6,093 $1,092 
_________________________
(1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the Company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments.
(2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Income Taxes
A reconciliation of the Company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Six Months Ended
June 30,
20232022
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit3.1 3.1 
Non-deductible executive compensation2.2 3.3 
Excess tax benefits related to the vesting and delivery of restricted stock units(2.4)(5.1)
Unrecognized tax benefit adjustments0.1 (5.5)
Other— 0.1 
Effective income tax rate24.0 %16.9 %











32

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these as adjusted financial results are used to prepare the Company's internal management reports which are used in evaluating its business.
While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
Effective January 1, 2023, the Company revised its methodology for as adjusted results to include interest and dividends from seed investments. Prior period amounts have not been recast to conform with the current period results as the impact was not significant.

























33

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Net Income Attributable to Common Stockholders and Diluted Earnings per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except per share data)2023202220232022
Net income attributable to common stockholders, U.S. GAAP$31,778 $51,956 $67,092 $93,974 
Seed investments—net (1)
35 2,170 1,003 3,221 
Accelerated vesting of restricted stock units
108 2,490 353 4,795 
Lease transition and other costs - 280 Park Avenue (2)
2,498 — 4,941 — 
Initial public offering costs (3)
— — — 15,239 
Foreign currency exchange (gains) losses—net (4)
1,073 (3,542)2,163 (4,754)
Tax adjustments—net (5)
(750)(5,872)(3,216)(14,121)
Net income attributable to common stockholders, as adjusted$34,742 $47,202 $72,336 $98,354 
Diluted weighted average shares outstanding49,463 49,208 49,433 49,272 
Diluted earnings per share, U.S. GAAP$0.64 $1.06 $1.36 $1.91 
Seed investments—net
— *0.04 0.02 0.07 
Accelerated vesting of restricted stock units
— *0.05 0.01 0.10 
Lease transition and other costs - 280 Park Avenue0.05 — 0.10 — 
Initial public offering costs— — — 0.31 
Foreign currency exchange (gains) losses—net0.02 (0.07)0.04 (0.10)
Tax adjustments—net
(0.01)(0.12)(0.07)(0.29)
Diluted earnings per share, as adjusted $0.70 $0.96 $1.46 $2.00 
_________________________
*    Amounts round to less than $0.01 per share.
(1)Represents adjustment to remove the impact of consolidated investment vehicles and other seed investments from the Company's financial results. In accordance with the Company’s revised methodology, interest and dividends from seed investments were not included in the adjustment for the three and six months ended June 30, 2023.
(2)Represents lease and other expenses related to the Company's current headquarters at 280 Park Avenue, which it expects to vacate in the fourth quarter of 2023. In connection with the transition to its future headquarters, the Company will recognize additional GAAP expense as a result of the overlapping terms for both its current and future headquarters until its current headquarters lease expires in January 2024.
(3)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Employee compensation and benefits
$— $— $— $357 
Distribution and service fees
— — — 14,224 
General and administrative
— — — 658 
Initial public offering costs
$— $— $— $15,239 

(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(5)Tax adjustments are summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Exclusion of tax effects associated with items noted above
$(747)$15 $(2,032)$(4,266)
Exclusion of discrete tax items
(3)(5,887)(1,184)(9,855)
Total tax adjustments
$(750)$(5,872)$(3,216)$(14,121)
34

Reconciliation of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except percentages)2023202220232022
Revenue, U.S. GAAP$120,630 $147,431$246,712$301,620
Seed investments (1)
(321)292(138)415
Revenue, as adjusted$120,309 $147,723$246,574$302,035
Expenses, U.S. GAAP$79,789 $86,437$160,972$189,635
Seed investments (1)
(694)(218)(961)(494)
Accelerated vesting of restricted stock units
(108)(2,490)(353)(4,795)
Lease transition and other costs - 280 Park Avenue (2)
(2,498)—(4,941)—
Initial public offering costs (3)
— ——(15,239)
Expenses, as adjusted$76,489 $83,729$154,717$169,107
Operating income, U.S. GAAP$40,841 $60,994$85,740$111,985
Seed investments (1)
373 510823909
Accelerated vesting of restricted stock units
108 2,4903534,795
Lease transition and other costs - 280 Park Avenue (2)
2,498 —4,941—
Initial public offering costs (3)
— ——15,239
Operating income, as adjusted$43,820 $63,994$91,857$132,928
Operating margin, U.S. GAAP33.9 %41.4 %34.8 %37.1 %
Operating margin, as adjusted 36.4 %43.3 %37.3 %44.0 %
_________________________
(1)Represents adjustment to remove the impact of consolidated investment vehicles from the company's financial results.
(2)Represents lease and other expenses related to the Company's current headquarters at 280 Park Avenue, which it expects to vacate in the fourth quarter of 2023. In connection with the transition to its future headquarters, the Company will recognize additional GAAP expense as a result of the overlapping terms for both its current and future headquarters until its current headquarters lease expires in January 2024.
(3)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
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
June 30,		Six Months Ended
June 30,
(in thousands)2023202220232022
Non-operating income (loss), U.S. GAAP$2,650 $(25,002)$4,282 $(19,892)
Seed investments—net (1)
(1,065)27,467 (1,531)23,296 
Foreign currency exchange (gains) losses—net (2)
1,073 (3,542)2,163 (4,754)
Non-operating income (loss), as adjusted$2,658 $(1,077)$4,914 $(1,350)
_________________________
(1)    Represents adjustment to remove the impact of consolidated investment vehicles and other seed investments from the Company's financial results. In accordance with the Company’s revised methodology, interest and dividends from seed investments were not included in the adjustment for the three and six months ended June 30, 2023.
(2)    Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
35

Changes in Financial Condition, Liquidity and Capital Resources
We seek to maintain a balance sheet that supports our business strategies and provides the appropriate amount of liquidity at all times.
Net Liquid Assets
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).
The table below summarizes net liquid assets:
(in thousands)June 30,
2023		December 31,
2022
Cash and cash equivalents$178,471 $247,418 
U.S. Treasury securities9,927 — 
Liquid seed investments—net70,083 67,987 
Other current assets93,801 70,716 
Current liabilities(72,849)(114,522)
Net liquid assets$279,433 $271,599 
Cash and cash equivalents
Cash and cash equivalents are on deposit with several major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less.
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 include corporate securities held directly for the purpose of establishing performance track records and the Company's economic interest in consolidated investment vehicles which are presented net of noncontrolling interests.
Other current assets
Other current assets primarily represent investment advisory and administration fees receivable. At June 30, 2023, receivables from institutional accounts comprised 32.9% of other current assets, while receivables from open-end and closed-end funds, together, comprised 33.9% of other current assets. In addition, other currents assets included a receivable from the landlord related to the build-out of our future headquarters which was netted against the operating lease liabilities on the condensed consolidated statements of financial condition. We perform a review of our receivables on an ongoing basis in order to assess collectability and, based on our analysis at June 30, 2023, there was no allowance for uncollectible accounts required.
Current liabilities
Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and other liabilities and accrued expenses.
Future liquidity needs
Our business has become more capital intensive. Potential uses of capital range from funding the upfront costs associated with closed-end fund launches and rights offerings, seeding new strategies and vehicles, co-investing in private real estate vehicles, and making various one-time investments to grow our firm infrastructure as our business scales. In order to provide us with the financial flexibility to pursue these opportunities, on January 20, 2023, we entered into a Credit Agreement providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement will be used for working capital and other general corporate purposes. To date, we have not drawn on the Credit Agreement.
36


In connection with the build-out of our future headquarters located at 1166 Avenue of the Americas, we expect to incur costs of approximately $35 million to $45 million, net of lease incentives, by the end of fiscal year 2023. During the first half of 2023, all of the costs incurred in connection with the build-out qualified for reimbursement from the landlord. The lease for our current headquarters, also in New York City, is scheduled to expire in January 2024.
We have committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF) of which $28.8 million remains unfunded. In addition, we have committed to invest up to $125.0 million in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) of which $124.8 million remains unfunded. The timing for funding the remaining portion of our commitments is determined by the investment vehicles.
Cash flows
Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.
The table below summarizes our cash flows:
Six Months Ended
June 30,
(in thousands)20232022
Cash Flow Data:
Net cash provided by (used in) operating activities$38,715 $(48,770)
Net cash provided by (used in) investing activities(31,222)(43,601)
Net cash provided by (used in) financing activities(77,100)39,093 
Net increase (decrease) in cash and cash equivalents(69,607)(53,278)
Effect of foreign exchange rate changes on cash and cash equivalents2,044 (4,526)
Cash and cash equivalents, beginning of the period248,714 184,373 
Cash and cash equivalents, end of the period$181,151 $126,569 
Cash and cash equivalents decreased by $69.6 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2023. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $38.7 million for the six months ended June 30, 2023. Net cash used in investing activities was $31.2 million, which included purchases of property and equipment of $20.1 million, primarily related to the build-out of our future headquarters and net purchases of U.S. Treasury securities held for corporate purposes of $11.5 million. Net cash used in financing activities was $77.1 million, including dividends paid to stockholders of $56.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $20.6 million.
Cash and cash equivalents decreased by $53.3 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 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 $48.8 million for the six months ended June 30, 2022, which included net investment purchases of $142.8 million resulting from the consolidation of certain investment vehicles. Net cash used in investing activities was $43.6 million, which included net purchases of U.S. Treasury securities held for corporate purposes and securities held directly for the purpose of establishing performance track records of $42.5 million. Net cash provided by financing activities was $39.1 million, including net contributions from noncontrolling interests of $117.8 million, partially offset by dividends paid to stockholders of $53.7 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $25.8 million.
37

Contractual Obligations, Commitments and Contingencies
The following table summarizes our contractual obligations at June 30, 2023:
(in thousands)Remainder of 20232024202520262027ThereafterTotal
Operating leases$5,903 $11,499 $13,379 $13,038 $13,038 $161,161 $218,018 
Purchase obligations (1)
3,642 5,923 4,421 2,597 316 — 16,899 
Other liability (2)
— 1,662 2,077 — — — 3,739 
Total$9,545 $19,084 $19,877 $15,635 $13,354 $161,161 $238,656 
_________________________
(1)Represents contracts that are either noncancellable or cancellable with a penalty. Our obligations primarily reflect information technology equipment, software licenses and standard service contracts for market data.
(2)Consists of the transition tax liability based on the cumulative undistributed earnings and profits of our foreign subsidiaries in connection with the enactment of the Tax Cuts and Jobs Act in 2017.
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 August 3, 2023, we declared a quarterly dividend on our common stock in the amount of $0.57 per share. This dividend will be payable on August 24, 2023 to stockholders of record at the close of business on August 14, 2023.
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, 2022. There were no changes to the Company’s accounting estimates for the three months ended June 30, 2023.
Recently Issued Accounting Pronouncements
See discussion of Recently Issued Accounting Pronouncements in Note 2 of the condensed consolidated financial statements.
38

Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of our business, we are exposed to risk as a result of changes in interest and currency rates,
securities markets and other general economic conditions which may have an adverse impact on the value of our assets under management and our seed investments. The majority of our revenue is derived from investment advisory and administration fees which are based on average assets under management. Accordingly, where there are changes in the value of the assets we manage as a result of market fluctuations, our revenue and the value of our seed investments may change.
The economic environment may also preclude us from increasing the assets we manage in closed-end funds. The
market conditions for these offerings may not be as favorable in the future, which could adversely impact our ability to grow
the assets we manage. Depending on market conditions, the closed-end funds we manage may increase or decrease their leverage in order to maintain the funds’ target leverage ratios, thereby increasing or decreasing the assets we manage.
Corporate Seed investments—net
Our seed investments are comprised of both liquid and illiquid holdings. Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Illiquid seed investments are generally comprised of limited partnership interests in private real estate vehicles for which there may be contractual restrictions on redemption.
Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of June 30, 2023 (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$70,083 $(40,996)$29,087 $31,996 $26,178 
Illiquid seed investments—net$17,739 $— $17,739 $19,513 $15,965 

Item 4. Controls and Procedures
Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting that occurred during the three months ended June 30, 2023 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.
39

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

Item 1A. Risk Factors
For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 (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, Use of Proceeds and Issuer Purchases of Equity Securities
During the three months ended June 30, 2023, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934.
Period
Total Number of Shares Purchased (1)
Average Price
Paid Per Share		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs		Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or
Programs
April 1 through April 30, 2023229 $61.51 — — 
May 1 through May 31, 20231,699 $54.32 — — 
June 1 through June 30, 20231,390 $58.32 — — 
Total3,318 $56.49 — — 
_________________________
(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

Item 5. Other Information
During the three months ended June 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).
40

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 June 30, 2023 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104 —Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
_________________________
(1)Incorporated by reference to the Company's Registration Statement on Form S-1, as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.
(2)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.
41

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:August 4, 2023Cohen & Steers, Inc.
/s/    Matthew S. Stadler        
Name: Matthew S. Stadler
Title: Executive Vice President & Chief Financial Officer
Date:August 4, 2023Cohen & Steers, Inc.
/s/    Elena Dulik        
Name: Elena Dulik
Title: Senior Vice President & Chief Accounting Officer

42

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