Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 21

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 21
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,953 — — 126,953 Equity method investments— — — 13 13 Total investments$102,744 $198,487 $32,552 $1,594 $335,377 Derivatives - assets:Total return swaps$— $1,570 $— $— $1,570 Forward contracts - foreign exchange— 484 — — 484 Total$— $2,054 $— $— $2,054 Derivatives - liabilities:Total return swaps$— $252 $— $— $252 Total$— $252 $— $— $252 

11

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

Equity investments at fair value classified as Level 2 represents the Company's seed investment in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT), for which quoted prices in active markets are not available. The Company elected the fair value option for CNSREIT to align the measurement of the seed investment and the related gains and losses with other seed investments. The Company's ownership interest was 38.9% and 49.4% at September 30, 2025 and December 31, 2024, respectively. The fair value of this seed investment was $81.1 million and $70.0 million at September 30, 2025 and December 31, 2024, respectively. The valuation is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscriptions and redemptions are permitted to occur monthly. The unrealized gain on the seed investment in CNSREIT was $0.9 million and $3.0 million for the three and nine month periods ended September 30, 2025, respectively, and $0.4 million and $1.5 million for the three and nine month periods ended September 30, 2024, respectively. Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.Trading investments classified as Level 2 were comprised of U.S. Treasury securities and investment-grade corporate debt securities