Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 53

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 8
Chunk 53
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 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 39.8% and 49.4% at June 30, 2025 and December 31, 2024, respectively. The fair value of this seed investment was $80.2 million and $70.0 million at June 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 $1.6 million and $2.1 million for the three and six month periods ended June 30, 2025, respectively, and $1.0 million and $1.1 million for the three and six month periods ended June 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, over-the-counter preferred securities and investment-grade corporate debt 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 June 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.

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COHEN & STEERS, INC. AND SUBSIDIARIESNOTES