Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 45

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 45
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,034 1,765 Non-operating income (loss), as adjusted$4,553 $5,407 $13,957 $11,914 

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(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.

30

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)September 30,2025December 31,2024Cash and cash equivalents$98,054 $182,974 U.S. Treasury securities158,947 109,086 Liquid seed investments—net107,262 68,858 Other current assets67,397 75,959 Current liabilities(91,975)(105,396)Net liquid assets$339,685 $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, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are primarily securities held directly for the purpose of establishing performance track records and the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests.

Other current assets

Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis at September 30, 2025, no allowance for uncollectible accounts was required.

Current liabilities

Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.

Future liquidity needs