Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 53

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 53
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 AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

The Company evaluates its financial interests in seed investments to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity model. As part of this assessment, the Company determines whether it is the primary beneficiary of any identified VIEs by analyzing its economic interests in those entities. As of September 30, 2025 and December 31, 2024, the Company's investments in VIEs for which it is not the primary beneficiary totaled $0.3 million and $4.8 million, respectively. Receivables from these VIEs of $0.7 million and $0.6 million at September 30, 2025 and December 31, 2024, respectively, were recorded in accounts receivable on the Company's condensed consolidated statements of financial condition. Liabilities related to these VIEs were $0.5 million and $0.9 million at September 30, 2025 and December 31, 2024, respectively, and were recorded in other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. The Company’s maximum exposure to loss related to these VIEs is limited to its investments and uncollected receivables.The following table summarizes gain (loss) from investments—net: Three Months Ended September 30,Nine Months Ended September 30,(in thousands)2025202420252024Net realized gains (losses) during the period$(17)$(840)$1,388 $(3,213)Net unrealized gains (losses) during the period on investmentsstill held at the end of the period709 19,815 9,572 21,154 Gain (loss) from investments—net$692 $18,975 $10,960 $17,941 

5. Fair Value

ASC Topic 820, Fair Value Measurement specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:•Level 1—Unadjusted quoted prices for identical instruments in active markets.•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value