COHEN & STEERS, INC.CNS
COHEN & STEERS, INC. Fair Value Disclosure
Fair Value
The following tables present assets and liabilities measured at fair value on a recurring basis:
| December 31, 2025 | |||||||||||||||||||||||||||||
| (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | ||||||||||||||||||||||||
| Cash equivalents | $ | 105,706 | $ | — | $ | — | $ | — | $ | 105,706 | |||||||||||||||||||
| Equity investments at fair value: | |||||||||||||||||||||||||||||
| Equity securities | $ | 118,553 | $ | 80,868 | $ | — | $ | 138 | $ | 199,559 | |||||||||||||||||||
| Limited partnership interests | — | — | 65,335 | 6,140 | 71,475 | ||||||||||||||||||||||||
| Total | 118,553 | 80,868 | 65,335 | 6,278 | 271,034 | ||||||||||||||||||||||||
| Trading investments: | |||||||||||||||||||||||||||||
| Fixed income | — | 165,443 | — | — | 165,443 | ||||||||||||||||||||||||
| Equity method investments | — | — | — | 8 | 8 | ||||||||||||||||||||||||
| Total investments | $ | 118,553 | $ | 246,311 | $ | 65,335 | $ | 6,286 | $ | 436,485 | |||||||||||||||||||
Total return swaps | $ | — | $ | 353 | $ | — | $ | — | $ | 353 | |||||||||||||||||||
| Forward contracts - foreign exchange | — | 433 | — | — | 433 | ||||||||||||||||||||||||
| Total | $ | — | $ | 786 | $ | — | $ | — | $ | 786 | |||||||||||||||||||
| Total return swaps | $ | — | $ | 1,964 | $ | — | $ | — | $ | 1,964 | |||||||||||||||||||
| Forward contracts - foreign exchange | — | 55 | — | — | 55 | ||||||||||||||||||||||||
| Total | $ | — | $ | 2,019 | $ | — | $ | — | $ | 2,019 | |||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | ||||||||||||||||||||||||
| Cash equivalents | $ | 147,832 | $ | — | $ | — | $ | — | $ | 147,832 | |||||||||||||||||||
| Equity investments at fair value: | |||||||||||||||||||||||||||||
| Equity securities | $ | 102,744 | $ | 71,534 | $ | — | $ | 133 | $ | 174,411 | |||||||||||||||||||
| Limited partnership interests | — | — | 32,552 | 1,448 | 34,000 | ||||||||||||||||||||||||
| Total | 102,744 | 71,534 | 32,552 | 1,581 | 208,411 | ||||||||||||||||||||||||
| Trading investments: | |||||||||||||||||||||||||||||
| Fixed income | — | 126,953 | — | — | 126,953 | ||||||||||||||||||||||||
| Equity method investments | — | — | — | 13 | 13 | ||||||||||||||||||||||||
| Total investments | $ | 102,744 | $ | 198,487 | $ | 32,552 | $ | 1,594 | $ | 335,377 | |||||||||||||||||||
| Total return swaps | $ | — | $ | 1,570 | $ | — | $ | — | $ | 1,570 | |||||||||||||||||||
| Forward contracts - foreign exchange | — | 484 | — | — | 484 | ||||||||||||||||||||||||
| Total | $ | — | $ | 2,054 | $ | — | $ | — | $ | 2,054 | |||||||||||||||||||
| Total return swaps | $ | — | $ | 252 | $ | — | $ | — | $ | 252 | |||||||||||||||||||
| Total | $ | — | $ | 252 | $ | — | $ | — | $ | 252 | |||||||||||||||||||
Equity investments at fair value classified as Level 2 primarily represents the Company's seed investment in CNSREIT, for which the fair value option has been elected. Quoted prices in active markets are not available therefore, the valuation is based on the monthly published net asset value (NAV), which is an observable transaction price; however, shares are not actively traded as subscriptions and redemptions are permitted to occur monthly.
The following table summarizes amounts related to CNSREIT:
| (in thousands, except percentages) | December 31, 2025 | December 31, 2024 | |||||||||
| Fair value | $ | 80,865 | $ | 69,998 | |||||||
| Ownership interest | 36.9 | % | 49.4 | % | |||||||
| Years ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Unrealized gains (losses) | $ | 2,758 | $ | 2,784 | $ | — | |||||||||||
Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.
Trading investments classified as Level 2 were comprised of U.S. Treasury securities and investment-grade corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.
Investments measured using NAV (or its equivalent) as a practical expedient primarily consist of limited partnership interests in private real estate funds. As of December 31, 2025 and 2024, the Company did not have the ability to redeem its interests in certain of these investments and others may be redeemed subject to certain restrictions. These investments have
not been classified in the fair value hierarchy and are presented in the above tables to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of financial condition.
Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.
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:
| Years Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Balance at beginning of period | $ | 32,552 | $ | 13,202 | |||||||
| Purchases/contributions | 33,494 | 19,998 | |||||||||
| Realized and unrealized gains (losses) | (711) | (648) | |||||||||
| Balance at end of period | $ | 65,335 | $ | 32,552 | |||||||
The following tables summarize 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 December 31, 2025 (in thousands) | Valuation Technique | Unobservable Inputs | Range | Weighted Average | ||||||||||||||||||||||||||||
Limited partnership interests | $65,335 | Discounted cash flow | Discount rate Terminal capitalization rate | 7.00% - 10.00% 5.25% - 8.75% | 8.82% 7.40% | |||||||||||||||||||||||||||
Fair Value as of December 31, 2024 (in thousands) | Valuation Technique | Unobservable Inputs | Range | Weighted Average | ||||||||||||||||||||||||||||
Limited partnership interests | $32,552 | Discounted cash flow | Discount rate Terminal capitalization rate | 7.00% - 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.