Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 44

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 44
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 2024, respectively. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. The unrealized gain on the seed investment in CNSREIT was $0.5 million and $71,366 for the three months ended March 31, 2025 and 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 include limited partnership interests in private real estate funds. At March 31, 2025 and December 31, 2024, the Company did not have the ability to redeem its interests in the majority of these investments. 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.

11

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

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.The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:Three Months Ended March 31,(in thousands)20252024Balance at beginning of period$32,552 13,202 Purchases/contributions7,192 489 Realized and unrealized gains (losses)(293)(795)Balance at end of period$39,451 $12,896 The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:Fair Value as of March 31, 2025(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited