Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 34

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 34
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AP33.6 %32.8 %Operating margin, as adjusted 34.7 %35.5 %

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(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.

Non-operating Income (Loss)Three Months Ended March 31,(in thousands)20252024Non-operating income (loss), U.S. GAAP$7,752 $5,037 Seed investments—net (1)(3,824)(1,822)Foreign currency exchange (gain) loss—net (2)969 (456)Non-operating income (loss), as adjusted$4,897 $2,759 

_________________________

(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.

27

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 below summarizes net liquid assets:(in thousands)March 31,2025December 31,2024Cash and cash equivalents$65,227 $182,974 U.S. Treasury securities109,212 109,086 Liquid seed investments—net120,965 68,858 Other current assets80,997 75,959 Current liabilities(57,983)(105,396)Net liquid assets$318,418 $331,481 

Cash and cash equivalents

Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.

U.S. Treasury securities

U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and were classified as trading investments. 

Liquid seed investments—net

Liquid seed investments, recorded at fair value,