Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 56

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 56
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 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 using NAV (or its equivalent) as a practical expedient primarily consist of limited partnership interests in private real estate funds. At September 30, 2025 and December 31, 2024, the Company did not have the ability to redeem its interests in certain of these investments and others may be redeemed subject to certain restrictions. These investments have not been classified in the fair value hierarchy and are presented in the above tables 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 September 30,Nine Months Ended September 30,(in thousands)2025202420252024Balance at beginning of period$39,247 $19,997 $32,552 $13,202 Purchases/contributions6,643 140 13,954 9,001 Realized and unrealized gains (losses)(749)150 (1,365)(1,916)Balance at end of period$45,141 $20,287 $45,141 $20,287 

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COHEN & STEERS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

The following tables summarize 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 September 30, 2025(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited partnership interests$39,437 Discounted cash flow Discount rate Terminal capitalization rate7.00% - 10.50%5.25% - 8.75%9.13%7.68%$5,704 Transaction pricen/aFair Value as of December 31, 2024(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited partnership interests$32,