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________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO             
Commission File Number: 001-32236 
 ________________
COHEN & STEERS, INC.
(Exact Name of Registrant as Specified in its Charter)
 ________________ 
Delaware14-1904657
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
280 Park Avenue
New York, NY 10017
(Address of Principal Executive Offices and Zip Code)
(212) 832-3232
(Registrant's Telephone Number, Including Area Code)
  ________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock$.01 par valueCNSNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of May 3, 2021 was 48,240,669.




COHEN & STEERS, INC. AND SUBSIDIARIES
Form 10-Q
Index

  Page
Part I.Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II.Other Information *
Item 1.
Item 1A.
Item 2.
Item 6.
* Items other than those listed above have been omitted because they are not applicable.




Forward-Looking Statements
This report and other documents filed by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "may," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2020 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.




PART I—Financial Information

Item 1. Financial Statements

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)
March 31,
2021
December 31, 2020
ASSETS
Cash and cash equivalents$54,717 $41,232 
Investments ($94,318 and $80,743) (1)
128,437 154,978 
Accounts receivable71,957 69,680 
Due from brokers ($339 and $223) (1)
6,081 5,125 
Property and equipment—net9,604 10,341 
Operating lease right-of-use assets—net28,646 31,203 
Goodwill and intangible assets—net20,048 20,495 
Deferred income tax asset—net2,065 6,995 
Other assets ($318 and $637) (1)
11,538 8,404 
Total assets$333,093 $348,453 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accrued compensation$19,660 $52,056 
Distribution and service fees payable8,598 7,748 
Operating lease liabilities32,068 34,926 
Income tax payable10,991 12,672 
Due to brokers ($134 and $128) (1)
134 501 
Other liabilities and accrued expenses ($358 and $326) (1)
10,050 15,646 
Total liabilities81,501 123,549 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests62,365 50,665 
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,220,098 and 53,462,621 shares issued at March 31, 2021 and December 31, 2020, respectively
542 535 
Additional paid-in capital680,466 670,142 
Accumulated deficit(265,034)(291,542)
Accumulated other comprehensive loss, net of tax(4,729)(4,134)
Less: Treasury stock, at cost, 5,983,474 and 5,674,510 shares at March 31, 2021 and December 31, 2020, respectively
(222,018)(200,762)
Total stockholders' equity189,227 174,239 
Total liabilities and stockholders' equity$333,093 $348,453 
_________________________
(1)    Asset and liability amounts in parentheses represent the aggregated balances at March 31, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

See notes to condensed consolidated financial statements
1


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

 Three Months Ended
March 31,
 20212020
Revenue:
Investment advisory and administration fees$116,921 $97,289 
Distribution and service fees8,272 7,783 
Other554 758 
Total revenue125,747 105,830 
Expenses:
Employee compensation and benefits45,762 38,617 
Distribution and service fees16,506 14,104 
General and administrative10,374 23,588 
Depreciation and amortization1,167 1,152 
Total expenses73,809 77,461 
Operating income (loss)51,938 28,369 
Non-operating income (loss):
Interest and dividend income—net616 1,149 
Gain (loss) from investments—net4,559 (22,027)
Foreign currency gain (loss)—net(222)1,035 
Total non-operating income (loss)4,953 (19,843)
Income before provision for income taxes56,891 8,526 
Provision for income taxes4,461 458 
Net income52,430 8,068 
Less: Net (income) loss attributable to redeemable noncontrolling interests(3,578)12,504 
Net income attributable to common stockholders$48,852 $20,572 
Earnings per share attributable to common stockholders:
Basic$1.01 $0.43 
Diluted$1.00 $0.42 
Dividends declared per share$0.45 $0.39 
Weighted average shares outstanding:
Basic48,145 47,651 
Diluted48,709 48,591 









See notes to condensed consolidated financial statements
2


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

Three Months Ended
March 31,
20212020
Net income$52,430 $8,068 
Less: Net (income) loss attributable to redeemable noncontrolling interests(3,578)12,504 
Net income attributable to common stockholders48,852 20,572 
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)(595)(1,500)
Total comprehensive income attributable to common stockholders$48,257 $19,072 





























See notes to condensed consolidated financial statements
3


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

Three Months Ended March 31, 2021
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss), Net of Tax
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
January 1, 2021$535 $670,142 $(291,542)$(4,134)$(200,762)$174,239 $50,665 
Dividends ($0.45 per share)
— — (22,344)— — (22,344)— 
Issuance of common stock7 423 — — — 430 — 
Repurchase of common stock— — — — (21,256)(21,256)— 
Issuance of restricted stock units—net— 793 — — — 793 — 
Amortization of restricted stock units— 9,185 — — — 9,185 — 
Forfeitures of restricted stock units— (77)— — — (77)— 
Net income (loss)— — 48,852 — — 48,852 3,578 
Other comprehensive income (loss), net of tax— — — (595)— (595)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 8,122 
March 31, 2021$542 $680,466 $(265,034)$(4,729)$(222,018)$189,227 $62,365 
Three Months Ended March 31, 2020
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitAccumulated Other
Comprehensive
Income (Loss), Net of Tax
Treasury
Stock
Total
Stockholders'
Equity
Redeemable
Noncontrolling
Interests
January 1, 2020$527 $636,788 $(242,461)$(6,326)$(174,825)$213,703 $53,412 
Dividends ($0.39 per share)
— (19,041)— — (19,041)— 
Issuance of common stock8 297 — — — 305 — 
Repurchase of common stock— — — — (25,847)(25,847)— 
Issuance of restricted stock units—net— 553 — — — 553 — 
Amortization of restricted stock units— 6,775 — — — 6,775 — 
Forfeitures of restricted stock units— (16)— — — (16)— 
Net income (loss)— — 20,572 — — 20,572 (12,504)
Other comprehensive income (loss), net of tax— — — (1,500)— (1,500)— 
Net contributions (distributions) attributable to redeemable noncontrolling interests— — — — — — 693 
March 31, 2020$535 $644,397 $(240,930)$(7,826)$(200,672)$195,504 $41,601 

See notes to condensed consolidated financial statements
4


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)
 Three Months Ended
March 31,
 20212020
Cash flows from operating activities:
Net income$52,430 $8,068 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net9,348 6,970 
Amortization of deferred commissions347 443 
Depreciation and amortization1,167 1,152 
Amortization of right-of-use assets2,557 2,479 
Amortization (accretion) of premium (discount)17 (84)
(Gain) loss from investments—net(4,559)22,027 
Deferred income taxes4,919 281 
Foreign currency (gain) loss1,059 158 
Changes in operating assets and liabilities:
Accounts receivable(3,336)(4,716)
Due from brokers(956)1,598 
Deferred commissions(358)(440)
Investments within consolidated Company-sponsored funds(8,695)(2,011)
Other assets(2,978)(2,343)
Accrued compensation(32,396)(35,309)
Distribution and service fees payable 850 (1,289)
Operating lease liabilities(2,858)(2,762)
Due to brokers(367)(284)
Income tax payable(1,684)968 
Other liabilities and accrued expenses(5,594)(459)
Net cash provided by (used in) operating activities8,913 (5,553)
Cash flows from investing activities:
Purchases of investments(17,417)(9,634)
Proceeds from sales and maturities of investments57,048 2,392 
Purchases of property and equipment(431)(843)
Proceeds from sales of property and equipment 73 
Net cash provided by (used in) investing activities39,200 (8,012)
Cash flows from financing activities:
Issuance of common stock—net365 259 
Repurchase of common stock(21,256)(25,847)
Dividends to stockholders(21,726)(18,653)
Distributions to redeemable noncontrolling interests(733)(1,946)
Contributions from redeemable noncontrolling interests8,855 2,639 
Net cash provided by (used in) financing activities(34,495)(43,548)
Net increase (decrease) in cash and cash equivalents13,618 (57,113)
Effect of foreign exchange rate changes on cash and cash equivalents(133)(1,279)
Cash and cash equivalents, beginning of the period41,232 101,352 
Cash and cash equivalents, end of the period$54,717 $42,960 

See notes to condensed consolidated financial statements
5


COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
During the three months ended March 31, 2021, the Company paid taxes of approximately $1,226,000. During the three months ended March 31, 2020, the Company paid taxes of approximately $1,784,000 and received tax refunds of approximately $2,517,000.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company recorded restricted stock unit dividend equivalents, net of forfeitures, in the amount of approximately $618,000 and $388,000 for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in the issuance of restricted stock units and dividends in the condensed
consolidated statements of changes in stockholders' equity.
6


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

1. Organization and Description of Business

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

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Recently Adopted Accounting Pronouncements—In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying Accounting for Income Taxes. The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests.
A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments 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. 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.
7



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company's ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund.
The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%.
Cash and Cash Equivalents—Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less.
Due from/to Brokers—The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.
Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At March 31, 2021, the Company's investments were comprised of the following:
Equity investments at fair value, which generally represent equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence.
Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purposes of establishing performance track records.
Held-to-maturity investments, if any, generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at March 31, 2021.
Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.
From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge its 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.
8



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Leases—The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment and these leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.
ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.
Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company's investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts.
Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interest is recorded at fair value which approximates the redemption value at each reporting period.
Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.
Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes.
Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. 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
9



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
for as a series satisfied over time using a time-based method (days elapsed). 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 and service fee expense is recorded on an accrual basis.
Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the 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 the average daily assets under management.
Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management.
Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred.
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 items during the period.
The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.
Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(4,729,000) and ($4,134,000) at March 31, 2021 and December 31, 2020, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s condensed consolidated statements of operations.
Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax.
10



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

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
March 31,
(in thousands)20212020
Client domicile:
North America$110,316 $91,007 
Japan8,532 8,416 
Europe, Middle East and Africa3,981 3,335 
Asia Pacific excluding Japan2,918 3,072 
Total$125,747 $105,830 
Three Months Ended
March 31,
(in thousands)20212020
Investment vehicle:
Open-end funds (1)
$68,875 $57,591 
Institutional accounts30,987 27,859 
Closed-end funds25,331 19,622 
Other 554 758 
Total$125,747 $105,830 
________________________
(1)    Included distribution and service fees of $8.3 million and $7.8 million for the three months ended March 31, 2021 and 2020, respectively.

4. Investments

The following table summarizes the Company's investments:
(in thousands)March 31,
2021
December 31, 2020
Equity investments at fair value$100,486 $94,089 
Trading27,936 18,700 
Held-to-maturity carried at amortized cost (1)
 41,648 
Equity method15 541 
Total investments
$128,437 $154,978 
_________________________
(1)    At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of approximately $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value. During the first quarter of 2021, two of these securities matured ($25.0 million) and two securities were sold ($16.7 million).

There were no new funds seeded for either the three months ended March 31, 2021 or 2020.
11



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes gain (loss)—net from investments:
 Three Months Ended
March 31,
(in thousands)20212020
Net realized gains (losses) during the period
$1,889 $(1,230)
Net unrealized gains (losses) during the period on investments
still held at the end of the period
2,670 (20,797)
Gain (loss) from investments—net (1)
$4,559 $(22,027)
________________________
(1)    Included net income (loss) attributable to redeemable noncontrolling interests.
At March 31, 2021 and December 31, 2020, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE), the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP) and the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP).
The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs:
March 31, 2021
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPTotal
Assets (1)
Investments
$7,426 $48,270 $38,357 $265 $94,318 
Due from brokers
7 144 131 57 339 
Other assets
15 165 138  318 
Total assets$7,448 $48,579 $38,626 $322 $94,975 
Liabilities (1)
Due to brokers
$4 $28 $102 $ $134 
Other liabilities and accrued expenses
20 65 263 10 358 
Total liabilities$24 $93 $365 $10 $492 

December 31, 2020
(in thousands)GLI SICAVSICAV GRESICAV RAPGRP-CIPTotal
Assets (1)
Investments
$7,140 $39,672 $33,654 $277 $80,743 
Due from brokers
69 45 52 57 223 
Other assets
44 359 234  637 
Total assets$7,253 $40,076 $33,940 $334 $81,603 
Liabilities (1)
Due to brokers
$27 $40 $61 $ $128 
Other liabilities and accrued expenses
29 211 81 5 326 
Total liabilities$56 $251 $142 $5 $454 
_________________________
(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

12



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:
March 31, 2021
(in thousands)Level 1Level 2Level 3Investments
Measured at
NAV as FV
Total
Cash equivalents$30,596 $— $— $— $30,596 
Equity investments at fair value:
Common stocks$97,246 $224 $— $ $97,470 
Company-sponsored funds174  —  174 
Limited partnership interests965  — 265 1,230 
Preferred securities1,466 18 —  1,484 
Other  — 128 128 
Total$99,851 $242 $— $393 $100,486 
Trading investments:
Fixed income$ $27,936 $— $ $27,936 
Equity method investments$ $ $— $15 $15 
Total investments$99,851 $28,178 $— $408 $128,437 
Derivatives - assets:
Futures - commodities$783 $— $— $— $783 
Total return swaps - commodities 147 — — 147 
Forward contracts - foreign exchange— 801 — — 801 
Total$783 $948 $— $— $1,731 
Derivatives - liabilities:
Futures - commodities$630 $ $— $— $630 
Total return swaps - commodities (1)
— 210 — — 210 
Total return swaps - equities— 1,078 — — 1,078 
Forward contracts - foreign exchange 12 — — 12 
Total$630 $1,300 $— $— $1,930 
________________________
(1)    Included total return swaps - commodities held by consolidated Company-sponsored funds.
13



COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2020
(in thousands)Level 1Level 2Level 3Investments
Measured at
NAV as FV
Investments
Carried at
Amortized Cost
Total
Cash equivalents$23,372 $— $— $— $— $23,372 
Equity investments at fair value:
Common stocks$91,614 $— $— $— $— $91,614 
Company-sponsored funds246 — — — — 246 
Limited partnership interests831 — — 277 — 1,108 
Preferred securities983 12 — — — 995 
Other— — — 126 — 126 
Total$93,674 $12 $— $403 $— $94,089 
Trading investments:
Fixed income$— $18,700 $— $ $— $18,700 
Held-to-maturity investments$— $— $— $— $41,648 $41,648 
Equity method investments$— $ $— $541 $— $541 
Total investments$93,674 $18,712 $— $944 $41,648 $154,978 
Derivatives - assets:
Futures - commodities$1,012 $— $— $— $— $1,012 
Derivatives - liabilities:
Futures - commodities$416 $— $— $— $— $416 
Total return swaps - commodities— 136 — — — 136 
Total return swaps - equities— 1,562 — — — 1,562 
Forward contracts - foreign exchange— 345 — — — 345 
Total$416 $2,043 $— $— $— $2,459 
Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.
Equity investments at fair value classified as level 2 were comprised of common stocks and preferred securities with predominately equity-like characteristics 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. Fair values for the preferred securities classified as level 2 were generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.
Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments were comprised of:
Equity investments at fair value - included limited partner interests in limited partnership vehicles that invest in non-registered 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), both of which are valued based on the NAVs of the underlying investments. At March 31, 2021 and December 31, 2020, the Company
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did not have the ability to redeem the interests in the limited partnership vehicles; there were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust.
Equity method investments - included the Company's partnership interests in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) at March 31, 2021 and December 31, 2020. GRP-TE invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either March 31, 2021 or December 31, 2020. In addition, at December 31, 2020, the Cohen & Steers Global Realty Focus Fund (GRF), a series of Cohen & Steers Series LP was included. During the first quarter of 2021, GRF was redeemed.
Held-to-maturity investments at December 31, 2020, were comprised of U.S. Treasury securities, which were directly issued by the U.S. government. These securities were purchased with the intent to hold to maturity and were recorded at amortized cost.
Investments measured at NAV and held-to-maturity investments have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
Swap contracts classified as level 2 were valued based on the underlying futures contracts or equity indices.
Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.
Valuation Techniques
In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.
In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments, which are generally immaterial, are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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6. Derivatives

The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship:
As of March 31, 2021
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Futures - commodities$13,611 $3,114 $783 $630 
Total return swaps - commodities 10,189 147  
Total return swaps - equities 19,240  1,078 
Forward contracts - foreign exchange 17,648 801 12 
Total corporate derivatives$13,611 $50,191 $1,731 $1,720 
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities7,743   210 
Total$21,354 $50,191 $1,731 $1,930 

As of December 31, 2020
Notional Amount
Fair Value (1)
(in thousands)LongShortAssetsLiabilities
Corporate derivatives:
Futures - commodities$13,624 $4,257 $1,012 $416 
Total return swaps - commodities 9,598  136 
Total return swaps - equities  17,688  1,562 
Forward contracts - foreign exchange 14,061  345 
Total$13,624 $45,604 $1,012 $2,459 
________________________
(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.
Our corporate derivatives include:
Commodity futures utilized to gain exposure in the commodities market for the purpose of establishing a performance track record;
Commodity swap contracts utilized as economic hedges to reduce the overall risk of the Company's market exposure to seed investments in commodity futures;
Equity swap contracts utilized to economically hedge a portion of the market risk of certain other seed investments; and
Foreign exchange forward contracts to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Non-corporate derivatives are comprised of commodity swap contracts that are utilized by certain of the consolidated Company-sponsored funds to gain exposure in the commodities market as part of the funds' investment strategies.
Cash included in due from brokers on the condensed consolidated statements of financial condition of approximately $5,740,000 and $4,902,000 at March 31, 2021 and December 31, 2020, respectively, was held as collateral for corporate derivatives including futures, forward and swap contracts. Investments on the condensed consolidated statements of financial condition of approximately $1,048,000 and $1,544,000 at March 31, 2021 and December 31, 2020, respectively, comprised of U.S. Treasury securities, were held as collateral for corporate derivatives including futures and swap contracts. There was no collateral required for the non-corporate derivatives at March 31, 2021.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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The following table summarizes net gains (losses) from derivative financial instruments:
 Three Months Ended
March 31,
(in thousands)20212020
Corporate derivatives:
Futures - commodities$705