Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 18

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 1
Chunk 18
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 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 partnership interests$39,451 Discounted cash flow Discount rate Terminal capitalization rate7.00% - 11.75%5.25% - 10.00%9.40%7.91%Fair Value as of December 31, 2024(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited partnership interests$32,552 Discounted cash flowDiscount rate Terminal capitalization rate7.00% - 10.50%5.25% - 8.75%8.82%7.39%Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments:As of March 31, 2025Fair Value (1)(in thousands)Notional AmountAssetsLiabilitiesCorporate derivatives:Total return swaps$83,514 $209 $1,455 Forward contracts - foreign exchange14,092 186 181 Total corporate derivatives97,606 395 1,636 Derivatives held by consolidated funds:Forward contracts - foreign exchange9,428 9 — Total$107,034 $404 $1,636 As of December