COHEN & STEERS, INC.CNS

COHEN & STEERS, INC. Segments Disclosure

10-KFiled Feb 27, 20262 min read
Segment Information
The Company provides investment management and related services to various investment vehicles and client accounts. The Company uses a consolidated approach to assess performance and allocate resources and as such operates in a single reportable segment. The Company’s Executive Committee is the chief operating decision maker (CODM) and regularly receives financial information and management reports that are prepared on a consolidated basis. The CODM uses net income as reported on the consolidated statements of operations, total assets as reported on the consolidated statements of financial condition and other metrics to monitor performance against specific business objectives, evaluate performance against peers and benchmarks, manage expenses and allocate capital. The CODM receives expense information prepared on the same basis as the Company’s consolidated statements of operations and is not provided with any measures that differ from those used in the consolidated financial statements.
The following affiliated funds provided 10% or more of the total revenue of the Company:
 Years Ended December 31,
(in thousands, except percentages)202520242023
Cohen & Steers Preferred Securities and Income Fund, Inc.:$65,665 $67,283 $66,954 
Percent of total revenue11.8 %13.0 %13.7 %
Cohen & Steers Real Estate Securities Fund, Inc.:$64,741 $61,360 $57,322 
Percent of total revenue11.6 %11.9 %11.7 %
Cohen & Steers Realty Shares, Inc.:$63,699 $51,412 $44,222 
Percent of total revenue11.5 %9.9 %9.0 %
Cohen & Steers Institutional Realty Shares:$58,856 $52,294 $44,054 
Percent of total revenue10.6 %10.1 %9.0 %

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance