Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 75

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 8
Chunk 75
---
 stock units1,8352,4962,2044,707Lease transition and other costs - 280 Park Avenue (2)———807Other non-recurring expenses (3)—1,1966161,196Operating income, as adjusted$45,458$42,542$91,904$86,234Operating margin, U.S. GAAP31.8 %31.5 %32.7 %32.2 %Operating margin, as adjusted 33.6 %34.9 %34.2 %35.2 %

_________________________

(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain Company-sponsored funds.

(2)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. 

(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the three and six months ended June 30, 2024.

Non-operating Income (Loss)Three Months Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Non-operating income (loss), U.S. GAAP$10,507 $2,556 $18,259 $7,593 Seed investments—net (1)(8,742)1,162 (12,566)(660)Foreign currency exchange (gain) loss—net (2)2,742 30 3,711 (426)Non-operating income (loss), as adjusted$4,507 $3,748 $9,404 $6,507 

_________________________

(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.

(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

29

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, U.S. Treasury securities, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).

The table