Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 47

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 47
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 taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:Three Months Ended March 31,20252024U.S. statutory tax rate21.0 %21.0 %State and local income taxes, net of federal benefit2.9 2.9 Non-deductible executive compensation2.9 0.9 Excess tax benefits related to the vesting and delivery of restricted stock units(6.6)(0.6)Unrecognized tax benefit adjustments(0.4)— Valuation allowance(0.3)(0.2)Other— *0.3 Effective income tax rate19.5 %24.3 %_________________________*Amounts round to less than 0.1%.

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors. The following table summarizes revenue earned from these affiliated funds:  Three Months Ended March 31,(in thousands)20252024Investment advisory and administration fees$91,892 $82,960 Distribution and service fees7,184 6,817 Total$99,076 $89,777 Included in accounts receivable at March 31, 2025 and December 31, 2024 are receivables from Company-sponsored funds of $37.6 million and $37.1 million, respectively. Included in accounts payable at March 31, 2025 and December 31, 2024 are payables to Company-sponsored funds of $1.1 million for both periods. Included in other assets at March 31, 2025 and December 31, 2024 is an advance to CNSREIT of $8.9 million and $8.5 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 CNSREIT's NAV is at least $1.0 billion.See discussion of commitments to Company-sponsored vehicles in Note 11.

10. Credit Agreement

On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 202