Company: CNS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001284812-25-000087
Chunk: 51

Company: COHEN & STEERS, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 51
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 Operating income, U.S. GAAP$172,877 $164,477 $215,938 Consolidated funds1,551 1,555 1,628 Accelerated vesting of restricted stock units7,134 1,318 10,260 Other non-recurring expenses (1)1,196 — — Lease transition and other costs - 280 Park Avenue (2)807 9,721 776 Closed-end fund offering costs (3)— — 15,239 Operating income, as adjusted$183,565 $177,071 $243,841 Operating margin, U.S. GAAP33.4 %33.6 %38.1 %Operating margin, as adjusted 35.4 %36.2 %43.0 %

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(1)Represents the impact of incremental expenses associated with the separation of certain employees.

(2)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.

(3)Represents costs associated with the offering of RLTY.

Non-operating Income (Loss)Years Ended December 31,(in thousands)202420232022Non-operating income (loss), U.S. GAAP$36,664 $15,774 $(19,041)Seed investments—net (1)(19,323)(6,863)24,245 Foreign currency exchange (gains) losses—net (2)(1,059)2,371 (4,741)Non-operating income (loss), as adjusted$16,282 $11,282 $463 

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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 (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

31

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