Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 54

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 8
Chunk 54
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 TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:Three Months Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Balance at beginning of period$39,451 $12,896 $32,552 $13,202 Purchases/contributions119 8,372 7,311 8,861 Realized and unrealized gains (losses)(323)(1,271)(616)(2,066)Balance at end of period$39,247 $19,997 $39,247 $19,997 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 June 30, 2025(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited partnership interests$39,247 Discounted cash flow Discount rate Terminal capitalization rate7.00% - 10.50%5.25% - 8.75%8.88%7.39%Fair Value as of December 31, 2024(in thousands)Valuation TechniqueUnobservable InputsRangeWeighted AverageLimited partnership interests$32,552 Discounted cash flow Discount 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 the Company's outstanding derivative financial instruments:As of June 30, 2025Fair Value (1)(in thousands)Notional AmountAssetsLiabilitiesCorporate derivatives:Total return swaps$76,224 $192 $2,968 Forward contracts - foreign exchange8,099 38 170 Total corporate derivatives84,323 230 3,138 As of December 31, 2024Fair Value (1)(in thousands)Notional AmountAssetsLiabilitiesCorporate derivatives:Total return swaps$45,237 $1,570 $252 Forward contracts - foreign exchange8,622 484 — Total corporate derivatives$53,859 $2,054