Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO

   

Commission File Number: 001-32236 

 ________________

COHEN & STEERS, INC.

(Exact Name of Registrant as Specified in its Charter)

 ________________ 

Delaware			14-1904657
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

1166 Avenue of the Americas, New York, NY 10036

(Address of Principal Executive Offices and Zip Code)

[phone]

(Registrant's Telephone Number, Including Area Code)

  ________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

CNS

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of October 31, 2024 was 50,557,758.

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COHEN & STEERS, INC. AND SUBSIDIARIES

Form 10-Q

Index

						Page
Part I.			Financial Information
Item 1.			Financial Statements			1
			Condensed Consolidated Statements of Financial Condition (Unaudited)			1
			Condensed Consolidated Statements of Operations (Unaudited)			2
			Condensed Consolidated Statements of Comprehensive Income (Unaudited)			3
			Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)			4
			Condensed Consolidated Statements of Cash Flows (Unaudited)			6
			Notes to Condensed Consolidated Financial Statements (Unaudited)			8
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			34
Item 4.			Controls and Procedures			34
Part II.			Other Information *
Item 1.			Legal Proceedings			35
Item 1A.			Risk Factors			35
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			35
Item 5.			Other Information			35
Item 6.			Exhibits			36
Signatures						37

* Items other than those listed above have been omitted because they are not applicable.

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Forward-Looking Statements

This report and other documents filed by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which reflect management's current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. We intend to use our website, www.cohenandsteers.com, as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

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PART I—Financial Information

Item 1. Financial Statements

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(in thousands, except share data)

			September 30, 2024						December 31, 2023
Assets:
Cash and cash equivalents			$	106,474					$	187,442
Investments ($68,244 and $159,931) (1)			320,883						258,970
Accounts receivable			78,673						68,889
Due from brokers ($101 and $13) (1)			2,446						4,677
Property and equipment—net			69,659						66,336
Operating lease right-of-use assets—net			100,927						103,302
Goodwill and intangible assets—net			19,500						19,395
Other assets ($76 and $644) (1)			29,225						27,543
Total assets			$	727,787					$	736,554
Liabilities:
Accrued compensation and benefits			$	48,679					$	66,382
Distribution and service fees payable			8,314						10,144
Operating lease liabilities			140,595						140,408
Income tax payable			1,490						5,115
Due to brokers ($102 and $119) (1)			1,325						201
Other liabilities and accrued expenses ($347 and $449) (1)			14,832						21,657
Total liabilities			215,235						243,907
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests			14,491						106,463
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 57,458,126 shares issued and 50,555,483 shares outstanding at September 30, 2024; and 55,788,720 shares issued and 49,155,447 shares outstanding at December 31, 2023			574						558
Additional paid-in capital			931,510						818,269
Accumulated deficit			(144,420)						(158,186)
Accumulated other comprehensive loss			(5,414)						(7,708)
Treasury stock, at cost, 6,902,643 and 6,633,273 shares at September 30, 2024 and December 31, 2023, respectively			(291,241)						(271,705)
Total stockholders’ equity attributable to Cohen & Steers, Inc.			491,009						381,228
Nonredeemable noncontrolling interests			7,052						4,956
Total stockholders’ equity			498,061						386,184
Total liabilities, redeemable noncontrolling interests and stockholders’ equity			$	727,787					$	736,554

_________________________

(1)    Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

See notes to condensed consolidated financial statements

1

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Revenue:
Investment advisory and administration fees			$	125,397					$	116,226					$	355,319					$	347,378
Distribution and service fees			7,244						7,014						20,692						21,553
Other			562						497						1,623						1,518
Total revenue			133,203						123,737						377,634						370,449
Expenses:
Employee compensation and benefits			56,376						52,830						161,476						150,580
Distribution and service fees			14,739						13,689						41,404						41,234
General and administrative			14,874						15,546						44,351						49,396
Depreciation and amortization			2,341						801						6,863						2,628
Total expenses			88,330						82,866						254,094						243,838
Operating income			44,873						40,871						123,540						126,611
Non-operating income (loss):
Interest and dividend income			5,420						3,763						14,396						10,407
Gain (loss) from investments—net			18,975						(10,056)						17,941						(10,008)
Foreign currency gain (loss)—net			(1,692)						1,134						(2,041)						(1,276)
Total non-operating income (loss)			22,703						(5,159)						30,296						(877)
Income before provision for income taxes			67,576						35,712						153,836						125,734
Provision for income taxes			12,293						10,543						34,062						31,762
Net income			55,283						25,169						119,774						93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Earnings per share attributable to common stockholders:
Basic			$	0.78					$	0.65					$	2.10					$	2.01
Diluted			$	0.77					$	0.65					$	2.08					$	2.00
Weighted average shares outstanding:
Basic			50,778						49,351						50,257						49,289
Diluted			51,428						49,617						50,681						49,495

See notes to condensed consolidated financial statements

2

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COHEN & STEERS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income			$	55,283					$	25,169					$	119,774					$	93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			39,668						32,140						105,443						99,232
Other comprehensive income (loss):
Foreign currency translation gain (loss)			3,460						(1,643)						2,294						604
Total comprehensive income attributable to common stockholders			$	43,128					$	30,497					$	107,737					$	99,836

See notes to condensed consolidated financial statements

3

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

(in thousands, except per share data)

			Three Months Ended September 30, 2024
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
July 1, 2024			$	574		$	916,006		$	(153,360)		$	(8,874)		$	(291,173)		$	6,661		$	469,834		$	114,570
Dividends ($0.59 per share)			—			—			(30,728)			—			—			—			(30,728)			—
Issuance of common stock			—			303			—			—			—			—			303			—
Repurchase of common stock			—			—			—			—			(68)			—			(68)			—
Issuance of restricted stock units—net			—			2,713			—			—			—			—			2,713			—
Amortization of restricted stock units—net			—			12,488			—			—			—			—			12,488			—
Net income (loss)			—			—			39,668			—			—			391			40,059			15,224
Other comprehensive income (loss)			—			—			—			3,460			—			—			3,460			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			—			—			33,356
Deconsolidation of investment vehicle			—			—			—			—			—			—			—			(148,659)
September 30, 2024			$	574		$	931,510		$	(144,420)		$	(5,414)		$	(291,241)		$	7,052		$	498,061		$	14,491
			Three Months Ended September 30, 2023
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
July 1, 2023			$	558		$	794,159		$	(162,231)		$	(8,537)		$	(270,797)		$	5,237		$	358,389		$	85,518
Dividends ($0.57 per share)			—			—			(28,991)			—			—			—			(28,991)			—
Issuance of common stock			—			269			—			—			—			—			269			—
Repurchase of common stock			—			—			—			—			(50)			—			(50)			—
Issuance of restricted stock units—net			—			983			—			—			—			—			983			—
Amortization of restricted stock units—net			—			10,734			—			—			—			—			10,734			—
Net income (loss)			—			—			32,140						—			(523)			31,617			(6,448)
Other comprehensive income (loss)			—			—			—			(1,643)			—			—			(1,643)			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			869			869			5,049
September 30, 2023			$	558		$	806,145		$	(159,082)		$	(10,180)		$	(270,847)		$	5,583		$	372,177		$	84,119

See notes to condensed consolidated financial statements

4

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)—(Continued)

(in thousands, except per share data)

			Nine Months Ended September 30, 2024
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
January 1, 2024			$	558		$	818,269		$	(158,186)		$	(7,708)		$	(271,705)		$	4,956		$	386,184		$	106,463
Dividends ($1.77 per share)			—			—			(91,677)			—			—			—			(91,677)			—
Issuance of common stock			6			1,036			—			—			30			—			1,072			—
Issuance of common stock from offering, net of issuance costs			10			68,454			—			—			—			—			68,464			—
Repurchase of common stock			—			—			—			—			(19,566)			—			(19,566)			—
Issuance of restricted stock units—net			—			5,045			—			—			—			—			5,045			—
Amortization of restricted stock units—net			—			38,706			—			—			—			—			38,706			—
Net income (loss)			—			—			105,443			—			—			116			105,559			14,215
Other comprehensive income (loss)			—			—			—			2,294			—			—			2,294			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			1,980			1,980			42,472
Deconsolidation of investment vehicle			—			—			—			—			—			—			—			(148,659)
September 30, 2024			$	574		$	931,510		$	(144,420)		$	(5,414)		$	(291,241)		$	7,052		$	498,061		$	14,491
			Nine Months Ended September 30, 2023
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
January 1, 2023			$	551		$	769,373		$	(171,417)		$	(10,784)		$	(250,169)		$	4,054		$	341,608		$	85,335
Dividends ($1.71 per share)			—			—			(86,897)			—			—			—			(86,897)			—
Issuance of common stock			7			1,060			—			—			—			—			1,067			—
Repurchase of common stock			—			—			—			—			(20,678)			—			(20,678)			—
Issuance of restricted stock units—net			—			3,469			—			—			—			—			3,469			—
Amortization of restricted stock units—net			—			32,243			—			—			—			—			32,243			—
Net income (loss)			—			—			99,232			—			—			(963)			98,269			(4,297)
Other comprehensive income (loss)			—			—			—			604			—			—			604			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			2,492			2,492			3,081
September 30, 2023			$	558		$	806,145		$	(159,082)		$	(10,180)		$	(270,847)		$	5,583		$	372,177		$	84,119

See notes to condensed consolidated financial statements

5

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

			Nine Months Ended September 30,
			2024						2023
Cash flows from operating activities:
Net income			$	119,774					$	93,972
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net			41,432						33,334
Depreciation and amortization			8,299						3,374
Non-cash lease expense			4,572						11,851
(Gain) loss from investments—net			(17,941)						10,008
Deferred income taxes			99						(7,994)
Foreign currency (gain) loss			(1,865)						609
Amortization (accretion) of premium (discount) on U.S. Treasury securities—net			(1,339)						(989)
Changes in operating assets and liabilities:
Accounts receivable			(7,919)						(4,222)
Due from brokers			(22,360)						(687)
Investments within consolidated investment vehicles			(43,440)						(12,175)
Other assets			(3,901)						(9,912)
Accrued compensation and benefits			(17,703)						(27,775)
Distribution and service fees payable			(1,830)						889
Operating lease liabilities			(1,981)						19,452
Due to brokers			23,693						2,652
Income tax payable			(3,249)						1,245
Other liabilities and accrued expenses			(12,479)						(248)
Net cash provided by (used in) operating activities			61,862						113,384
Cash flows from investing activities:
Purchases of investments			(337,877)						(132,205)
Proceeds from sales and maturities of investments			205,028						50,311
Purchases of property and equipment			(9,973)						(46,139)
Net cash provided by (used in) investing activities			(142,822)						(128,033)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan			911						907
Proceeds from issuance of common stock from offering, net of issuance costs			68,464						—
Repurchase of common stock for employee tax withholding			(19,566)						(20,678)
Dividends to stockholders			(89,185)						(84,359)
Net contributions (distributions) from noncontrolling interests			44,452						5,573
Other			(15)						(603)
Net cash provided by (used in) financing activities			5,061						(99,160)
Net increase (decrease) in cash and cash equivalents			(75,899)						(113,809)
Effect of foreign exchange rate changes on cash and cash equivalents			1,988						724
Cash and cash equivalents, beginning of the period			189,603						248,714
Cash and cash equivalents, end of the period			$	115,692					$	135,629

See notes to condensed consolidated financial statements

6

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

(UNAUDITED)

 

Supplemental disclosures of cash flow information:

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:

			As of September 30,
(in thousands)			2024						2023
Cash and cash equivalents			$	106,474					$	133,050
Cash included in investments (1)			9,218						2,579
Total cash and cash equivalents within condensed consolidated statements of cash flows			$	115,692					$	135,629

________________________

(1)    Cash included in investments represents operating cash held in consolidated investment vehicles.

During the nine months ended September 30, 2024 and 2023, the Company paid taxes, net of tax refunds, of $37.2 million and $38.5 million, respectively.

Supplemental disclosures of non-cash investing and financing activities:

In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $2.5 million for both the nine months ended September 30, 2024 and 2023, respectively.

Effective September 1, 2024, the Company deconsolidated the Cohen & Steers SICAV Global Real Estate Fund resulting in a non-cash reduction of $148.7 million from both investments and redeemable noncontrolling interests.

7

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Description of Business

Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company).

The Company is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The Company’s significant accounting policies, which have been consistently applied, are summarized in its Form 10-K.

New Accounting Standards Not Yet Implemented

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

8

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Client domicile:
North America			$	115,989					$	106,273					$	328,936					$	320,729
Japan			8,151						8,068						23,472						24,201
Europe, Middle East and Africa			5,092						6,028						14,019						15,569
Asia Pacific excluding Japan			3,971						3,368						11,207						9,950
Total			$	133,203					$	123,737					$	377,634					$	370,449

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Investment vehicle:
Open-end funds			$	74,567					$	67,750					$	210,164					$	204,892
Institutional accounts			32,956						31,845						93,487						92,640
Closed-end funds			25,680						24,142						73,983						72,917
Total			$	133,203					$	123,737					$	377,634					$	370,449

4. Investments

The following table summarizes the Company's investments:

(in thousands)			September 30, 2024						December 31, 2023
Equity investments at fair value			$	134,711					$	180,958
Trading			186,158						77,996
Equity method			14						16
Total investments			$	320,883					$	258,970

The following table summarizes gain (loss) from investments—net, including derivative financial instruments (see Note 6, Derivatives) and gain (loss) attributable to noncontrolling interests:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Net realized gains (losses) during the period			$	(840)					$	(600)					$	(3,213)					$	(3,691)
Net unrealized gains (losses) during the period on investments still held at the end of the period			19,815						(9,456)						21,154						(6,317)
Gain (loss) from investments—net			$	18,975					$	(10,056)					$	17,941					$	(10,008)

9

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)			September 30, 2024						December 31, 2023
Assets (1)
Investments			$	68,244					$	159,931
Due from brokers			101						13
Other assets			76						644
Total assets			68,421						160,588
Liabilities (1)
Due to brokers			$	102					$	119
Other liabilities and accrued expenses			347						449
Total liabilities			449						568
Net assets			$	67,972					$	160,020
Attributable to the Company			$	46,429					$	48,601
Attributable to noncontrolling interests			21,543						111,419
Net assets			$	67,972					$	160,020

_________________________

(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

5. Fair Value

ASC Topic 820, Fair Value Measurement specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in three broad levels:

•Level 1—Unadjusted quoted prices for identical instruments in active markets.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

These levels are not necessarily an indication of the risk or liquidity associated with the investments.

10

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following tables present fair value measurements:

			September 30, 2024
(in thousands)			Level 1						Level 2						Level 3						Investments Measured at NAV												Total
Cash equivalents			$	80,767					$	—					$	—					$	—											$	80,767
Equity investments at fair value:
Common stocks			$	67,316					$	748					$	—					$	—											$	68,064
Limited partnership interests			—						—						20,287						1,150												21,437
Preferred securities			1,583						69						—						—												1,652
Non-Traded REIT			—						33,687						—						—												33,687
Other			9,736						—						—						135												9,871
Total			$	78,635					$	34,504					$	20,287					$	1,285											$	134,711
Trading investments:
Fixed income			$	—					$	186,158					$	—					$	—											$	186,158
Equity method investments			$	—					$	—					$	—					$	14											$	14
Total investments			$	78,635					$	220,662					$	20,287					$	1,299											$	320,883
Derivatives - assets:
Total return swaps			$	—					$	87					$	—					$	—											$	87
Forward contracts - foreign exchange			—						18						—						—												18
Total			$	—					$	105					$	—					$	—											$	105
Derivatives - liabilities:
Total return swaps			$	—					$	1,613					$	—					$	—											$	1,613
Forward contracts - foreign exchange			—						746						—						—												746
Total			$	—					$	2,359					$	—					$	—											$	2,359

11

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

			December 31, 2023
(in thousands)			Level 1						Level 2						Level 3						Investments Measured at NAV						Total
Cash equivalents			$	151,915					$	—					$	—					$	—					$	151,915
Equity investments at fair value:
Common stocks			$	163,365					$	697					$	—					$	—					$	164,062
Limited partnership interests			—						—						13,202						1,228						14,430
Preferred securities			1,775						62						—						—						1,837
Other			508						—						—						121						629
Total			$	165,648					$	759					$	13,202					$	1,349					$	180,958
Trading investments:
Fixed income			$	—					$	77,996					$	—					$	—					$	77,996
Equity method investments			$	—					$	—					$	—					$	16					$	16
Total investments			$	165,648					$	78,755					$	13,202					$	1,365					$	258,970
Derivatives - assets:
Total return swaps			$	—					$	28					$	—					$	—					$	28
Total			$	—					$	28					$	—					$	—					$	28
Derivatives - liabilities:
Total return swaps			$	—					$	2,488					$	—					$	—					$	2,488
Forward contracts - foreign exchange			—						405						—						—						405
Total			$	—					$	2,893					$	—					$	—					$	2,893

Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and preferred securities, for which quoted prices in active markets are not available. Effective January 1, 2024, the Company deconsolidated CNSREIT and elected the fair value option to align the measurement of the seed investment and the related gains and losses with other seed investments. The Company's ownership interest was 49.4% at September 30, 2024. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income in the Company's condensed consolidated statements of operations when earned. The unrealized gain on the seed investment in CNSREIT was $0.4 million and $1.5 million for the three and nine months ended September 30, 2024, respectively.

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 at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient including limited partnership interests in private real estate funds. At September 30, 2024 and December 31, 2023, the Company did not have the ability to redeem its interests in the majority of these investments.

Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.

12

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

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:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Balance at beginning of period			$	19,997					$	13,986					$	13,202					$	10,759
Purchases/contributions			140						3,139						9,001						10,656
Sales/distributions			—						—						—						(2,975)
Unrealized gains (losses)			150						(1,528)						(1,916)						(2,843)
Balance at end of period			$	20,287					$	15,597					$	20,287					$	15,597

Unrealized and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

Valuation Techniques

In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than quarterly, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.

13

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

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 September 30, 2024 (in thousands)

Valuation Technique

Unobservable Inputs

Range

Limited partnership interests

$

16,344

Discounted cash flow

Discount rate Terminal capitalization rate

7.25% - 10.75% 5.25% - 8.75%

$

3,943

Transaction price

n/a

Fair Value as of December 31, 2023 (in thousands)

Valuation Technique

Unobservable Inputs

Value

Limited partnership interests

$

13,202

Discounted cash flow

Discount rate Terminal capitalization rate

9.25% 7.75%

Transaction price

n/a

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, none of which were designated in a formal hedging relationship:

			As of September 30, 2024
									Fair Value (1)
(in thousands)			Notional Amount						Assets						Liabilities
Corporate derivatives:
Total return swaps			$	46,837					$	87					$	1,613
Forward contracts - foreign exchange			15,849						18						746
Total corporate derivatives			$	62,686					$	105					$	2,359

			As of December 31, 2023
									Fair Value (1)
(in thousands)			Notional Amount						Assets						Liabilities
Corporate derivatives:
Total return swaps			$	40,217					$	28					$	2,488
Forward contracts - foreign exchange			9,641						—						405
Total corporate derivatives			$	49,858					$	28					$	2,893

________________________

(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

The Company's corporate derivatives included:

•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and

•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.

Collateral pledged for swap contracts totaled $1.5 million and $4.5 million at September 30, 2024 and December 31, 2023, respectively.

14

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following table summarizes net gains (losses) from derivative financial instruments:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Corporate derivatives:
Total return swaps			$	(5,597)					$	2,222					$	(5,797)					$	1,545
Forward contracts - foreign exchange			(983)						673						(323)						1,873
Total (1)			$	(6,580)					$	2,895					$	(6,120)					$	3,418

________________________

(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

7. Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share data)			2024						2023						2024						2023
Net income			$	55,283					$	25,169					$	119,774					$	93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Basic weighted average shares outstanding			50,778						49,351						50,257						49,289
Dilutive potential shares from restricted stock units			650						266						424						206
Diluted weighted average shares outstanding			51,428						49,617						50,681						49,495
Basic earnings per share attributable to common stockholders			$	0.78					$	0.65					$	2.10					$	2.01
Diluted earnings per share attributable to common stockholders			$	0.77					$	0.65					$	2.08					$	2.00
Anti-dilutive common stock equivalents excluded from the calculation			—						26						4						102

15

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

8. Income Taxes

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. statutory tax rate			21.0		%				21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.5						3.1						2.8						3.1
Non-deductible executive compensation			1.2						1.5						1.2						2.0
Valuation allowance			(1.4)						(0.5)						(0.7)						(0.2)
Excess tax benefits related to the vesting and delivery of restricted stock units			—						—						(0.2)						(1.6)
Other			0.4						(0.4)						0.3						(0.1)
Effective income tax rate			23.7		%				24.7		%				24.4		%				24.2		%

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors.

The following table summarizes revenue earned from these affiliated funds:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Investment advisory and administration fees			$	90,118					$	82,472					$	255,375					$	249,084
Distribution and service fees			7,244						7,014						20,692						21,553
Total			$	97,362					$	89,486					$	276,067					$	270,637

Included in accounts receivable at September 30, 2024 and December 31, 2023 are receivables from Company-sponsored funds, of $37.2 million and $32.5 million, respectively. Included in accounts payable at September 30, 2024 and December 31, 2023 are payables to Company-sponsored funds of $0.8 million and $1.9 million, respectively.

Included in other assets at September 30, 2024 and December 31, 2023 is an advance to CNSREIT of $8.2 million and $7.3 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion.

See discussion of commitments to Company-sponsored vehicles in Note 11.

10. Credit Agreement

On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement.

16

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of September 30, 2024, the Company was in compliance with these covenants.

To date, the Company has not drawn upon the credit facility.

11. Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.

The Company has committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. As of September 30, 2024, the Company had funded $28.3 million of this commitment.

In addition, the Company has committed to invest $125.0 million in CNSREIT. As of September 30, 2024, the Company had funded $32.2 million of this commitment.

The timing for funding the remaining portion of the Company's commitments is uncertain.

12. Equity Offering

On April 22, 2024, the Company issued 1,007,057 shares of its common stock through an offering. The net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately $68.5 million. The offering was completed on April 22, 2024 after the issuance of the shares.

13. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.

On November 7, 2024, the Company declared a quarterly dividend on its common stock in the amount of $0.59 per share. This dividend will be payable on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.

17

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2024 and 2023. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.

Executive Overview

General

We are a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, we are headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios.

Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.

Our revenue from the wealth channel is primarily derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.

18

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Assets Under Management

By Investment Vehicle

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Open-end Funds
Assets under management, beginning of period			$	37,451					$	36,209					$	37,032					$	36,903
Inflows			4,097						2,412						10,335						8,668
Outflows			(2,924)						(2,772)						(8,694)						(9,841)
Net inflows (outflows)			1,173						(360)						1,641						(1,173)
Market appreciation (depreciation)			4,618						(1,916)						5,189						(1,012)
Distributions			(263)						(262)						(883)						(887)
Transfers			—						—						—						(160)
Total increase (decrease)			5,528						(2,538)						5,947						(3,232)
Assets under management, end of period			$	42,979					$	33,671					$	42,979					$	33,671
Percentage of total assets under management			46.8		%				44.8		%				46.8		%				44.8		%
Average assets under management			$	40,130					$	35,878					$	38,013					$	36,739
Institutional Accounts
Assets under management, beginning of period			$	32,222					$	33,275					$	35,028					$	32,373
Inflows			1,221						925						2,772						2,310
Outflows			(1,113)						(614)						(5,454)						(2,123)
Net inflows (outflows)			108						311						(2,682)						187
Market appreciation (depreciation)			4,736						(2,182)						5,075						(798)
Distributions			(174)						(188)						(529)						(706)
Transfers			—						—						—						160
Total increase (decrease)			4,670						(2,059)						1,864						(1,157)
Assets under management, end of period			$	36,892					$	31,216					$	36,892					$	31,216
Percentage of total assets under management			40.2		%				41.5		%				40.2		%				41.5		%
Average assets under management			$	34,594					$	33,304					$	32,858					$	33,136
Closed-end Funds
Assets under management, beginning of period			$	11,036					$	10,929					$	11,076					$	11,149
Inflows			3						3						10						16
Outflows			—						(1)						—						(86)
Net inflows (outflows)			3						2						10						(70)
Market appreciation (depreciation)			1,024						(506)						1,285						(346)
Distributions			(154)						(154)						(462)						(462)
Total increase (decrease)			873						(658)						833						(878)
Assets under management, end of period			$	11,909					$	10,271					$	11,909					$	10,271
Percentage of total assets under management			13.0		%				13.7		%				13.0		%				13.7		%
Average assets under management			$	11,503					$	10,784					$	11,148					$	10,981
Total
Assets under management, beginning of period			$	80,709					$	80,413					$	83,136					$	80,425
Inflows			5,321						3,340						13,117						10,994
Outflows			(4,037)						(3,387)						(14,148)						(12,050)
Net inflows (outflows)			1,284						(47)						(1,031)						(1,056)
Market appreciation (depreciation)			10,378						(4,604)						11,549						(2,156)
Distributions			(591)						(604)						(1,874)						(2,055)
Total increase (decrease)			11,071						(5,255)						8,644						(5,267)
Assets under management, end of period			$	91,780					$	75,158					$	91,780					$	75,158
Average assets under management			$	86,227					$	79,966					$	82,019					$	80,856

19

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Assets Under Management - Institutional Accounts

By Investment Vehicle - Institutional Accounts

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Advisory
Assets under management, beginning of period			$	18,367					$	18,824					$	20,264					$	18,631
Inflows			490						502						1,590						1,006
Outflows			(481)						(312)						(3,703)						(1,429)
Net inflows (outflows)			9						190						(2,113)						(423)
Market appreciation (depreciation)			2,606						(1,110)						2,831						(464)
Transfers			—						—						—						160
Total increase (decrease)			2,615						(920)						718						(727)
Assets under management, end of period			$	20,982					$	17,904					$	20,982					$	17,904
Percentage of institutional assets under management			56.9		%				57.4		%				56.9		%				57.4		%
Average assets under management			$	19,724					$	18,958					$	18,588					$	18,894
Japan Subadvisory
Assets under management, beginning of period			$	8,309					$	8,960					$	9,026					$	8,376
Inflows			124						114						192						782
Outflows			(156)						(116)						(722)						(264)
Net inflows (outflows)			(32)						(2)						(530)						518
Market appreciation (depreciation)			1,262						(680)						1,398						(98)
Distributions			(174)						(188)						(529)						(706)
Total increase (decrease)			1,056						(870)						339						(286)
Assets under management, end of period			$	9,365					$	8,090					$	9,365					$	8,090
Percentage of institutional assets under management			25.4		%				25.9		%				25.4		%				25.9		%
Average assets under management			$	8,879					$	8,810					$	8,562					$	8,734
Subadvisory Excluding Japan
Assets under management, beginning of period			$	5,546					$	5,491					$	5,738					$	5,366
Inflows			607						309						990						522
Outflows			(476)						(186)						(1,029)						(430)
Net inflows (outflows)			131						123						(39)						92
Market appreciation (depreciation)			868						(392)						846						(236)
Total increase (decrease)			999						(269)						807						(144)
Assets under management, end of period			$	6,545					$	5,222					$	6,545					$	5,222
Percentage of institutional assets under management			17.7		%				16.7		%				17.7		%				16.7		%
Average assets under management			$	5,991					$	5,536					$	5,708					$	5,508
Total Institutional Accounts
Assets under management, beginning of period			$	32,222					$	33,275					$	35,028					$	32,373
Inflows			1,221						925						2,772						2,310
Outflows			(1,113)						(614)						(5,454)						(2,123)
Net inflows (outflows)			108						311						(2,682)						187
Market appreciation (depreciation)			4,736						(2,182)						5,075						(798)
Distributions			(174)						(188)						(529)						(706)
Transfers			—						—						—						160
Total increase (decrease)			4,670						(2,059)						1,864						(1,157)
Assets under management, end of period			$	36,892					$	31,216					$	36,892					$	31,216
Average assets under management			$	34,594					$	33,304					$	32,858					$	33,136

20

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Assets Under Management

By Investment Strategy

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. Real Estate
Assets under management, beginning of period			$	38,717					$	36,948					$	38,550					$	35,108
Inflows			3,073						1,493						7,158						5,140
Outflows			(1,781)						(1,312)						(5,354)						(4,411)
Net inflows (outflows)			1,292						181						1,804						729
Market appreciation (depreciation)			6,028						(3,056)						6,401						(939)
Distributions			(349)						(359)						(1,072)						(1,252)
Transfers			(3)						5						2						73
Total increase (decrease)			6,968						(3,229)						7,135						(1,389)
Assets under management, end of period			$	45,685					$	33,719					$	45,685					$	33,719
Percentage of total assets under management			49.8		%				44.9		%				49.8		%				44.9		%
Average assets under management			$	42,197					$	36,494					$	39,150					$	36,352
Preferred Securities
Assets under management, beginning of period			$	18,094					$	18,009					$	18,164					$	19,767
Inflows			1,120						1,011						3,176						3,706
Outflows			(1,114)						(1,327)						(3,637)						(5,259)
Net inflows (outflows)			6						(316)						(461)						(1,553)
Market appreciation (depreciation)			1,004						56						1,767						(88)
Distributions			(178)						(183)						(538)						(562)
Transfers			3						(5)						(3)						(3)
Total increase (decrease)			835						(448)						765						(2,206)
Assets under management, end of period			$	18,929					$	17,561					$	18,929					$	17,561
Percentage of total assets under management			20.6		%				23.4		%				20.6		%				23.4		%
Average assets under management			$	18,449					$	18,027					$	18,388					$	18,756
Global/International Real Estate
Assets under management, beginning of period			$	13,064					$	14,838					$	15,789					$	14,782
Inflows			729						531						1,759						1,172
Outflows			(836)						(359)						(4,207)						(1,234)
Net inflows (outflows)			(107)						172						(2,448)						(62)
Market appreciation (depreciation)			2,038						(899)						1,718						(491)
Distributions			(9)						(8)						(74)						(56)
Transfers			—						—						1						(70)
Total increase (decrease)			1,922						(735)						(803)						(679)
Assets under management, end of period			$	14,986					$	14,103					$	14,986					$	14,103
Percentage of total assets under management			16.3		%				18.8		%				16.3		%				18.8		%
Average assets under management			$	14,112					$	15,022					$	13,572					$	15,069

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Assets Under Management

By Investment Strategy

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Global Listed Infrastructure
Assets under management, beginning of period			$	8,446					$	8,379					$	8,356					$	8,596
Inflows			193						95						421						309
Outflows			(188)						(175)						(486)						(549)
Net inflows (outflows)			5						(80)						(65)						(240)
Market appreciation (depreciation)			1,130						(671)						1,396						(624)
Distributions			(46)						(46)						(152)						(150)
Total increase (decrease)			1,089						(797)						1,179						(1,014)
Assets under management, end of period			$	9,535					$	7,582					$	9,535					$	7,582
Percentage of total assets under management			10.4		%				10.1		%				10.4		%				10.1		%
Average assets under management			$	8,995					$	8,157					$	8,541					$	8,438
Other
Assets under management, beginning of period			$	2,388					$	2,239					$	2,277					$	2,172
Inflows			206						210						603						667
Outflows			(118)						(214)						(464)						(597)
Net inflows (outflows)			88						(4)						139						70
Market appreciation (depreciation)			178						(34)						267						(14)
Distributions			(9)						(8)						(38)						(35)
Total increase (decrease)			257						(46)						368						21
Assets under management, end of period			$	2,645					$	2,193					$	2,645					$	2,193
Percentage of total assets under management			2.9		%				2.9		%				2.9		%				2.9		%
Average assets under management			$	2,474					$	2,266					$	2,368					$	2,241
Total
Assets under management, beginning of period			$	80,709					$	80,413					$	83,136					$	80,425
Inflows			5,321						3,340						13,117						10,994
Outflows			(4,037)						(3,387)						(14,148)						(12,050)
Net inflows (outflows)			1,284						(47)						(1,031)						(1,056)
Market appreciation (depreciation)			10,378						(4,604)						11,549						(2,156)
Distributions			(591)						(604)						(1,874)						(2,055)
Total increase (decrease)			11,071						(5,255)						8,644						(5,267)
Assets under management, end of period			$	91,780					$	75,158					$	91,780					$	75,158
Average assets under management			$	86,227					$	79,966					$	82,019					$	80,856

22

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Investment Performance at September 30, 2024

_________________________

(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2)    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2024. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Overview

Assets under management at September 30, 2024 increased 22.1% to $91.8 billion from $75.2 billion at September 30, 2023. The increase was due to market appreciation of $21.2 billion, partially offset by net outflows of $2.0 billion and distributions of $2.6 billion. Our organic decay rate for the twelve months ended September 30, 2024 was (2.6%). The organic growth/decay rate represents the ratio of net flows for the period to the beginning assets under management.

Open-end funds

Assets under management in open-end funds at September 30, 2024, which represented 46.8% of total assets under management, increased 27.6% to $43.0 billion from $33.7 billion at September 30, 2023. The change was primarily due to:

•Net inflows of $1.1 billion including $1.4 billion into U.S. real estate, partially offset by net outflows of $190 million from global/international real estate and $108 million from global listed infrastructure

23

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•Market appreciation of $9.4 billion including $6.5 billion from U.S. real estate and $1.8 billion from preferred securities

•Distributions of $1.3 billion including $622 million from U.S. real estate and $518 million from preferred securities, of which $982 million was reinvested and included in net flows

Our organic growth rate for open-end funds for the twelve months ended September 30, 2024 was 3.4%.

Institutional accounts

Assets under management in institutional accounts at September 30, 2024, which represented 40.2% of total assets under management, increased 18.2% to $36.9 billion from $31.2 billion at September 30, 2023. The change was primarily due to:

Advisory:

•Net outflows of $2.1 billion including $1.9 billion from global/international real estate

•Market appreciation of $5.2 billion including $1.9 billion from U.S. real estate, $1.8 billion from global/international real estate and $926 million from global listed infrastructure

Our organic decay rate for advisory accounts for the twelve months ended September 30, 2024 was (12.0%).

Japan subadvisory accounts:

•Net outflows of $699 million including $392 million from U.S. real estate and $275 million from global/international real estate

•Market appreciation of $2.7 billion including $2.1 billion from U.S. real estate

•Distributions of $714 million including $668 million from U.S. real estate

Our organic decay rate for Japan subadvisory accounts for the twelve months ended September 30, 2024 was (8.6%).

Subadvisory accounts excluding Japan:

•Net outflows of $267 million including $444 million from global/international real estate, partially offset by net inflows of $207 million into U.S. real estate

•Market appreciation of $1.6 billion including $760 million from global/international real estate and $451 million from U.S. real estate

Our organic decay rate for subadvisory accounts excluding Japan for the twelve months ended September 30, 2024 was (5.1%).

Closed-end funds

Assets under management in closed-end funds at September 30, 2024, which represented 13.0% of total assets under management, increased 15.9% to $11.9 billion from $10.3 billion at September 30, 2023. The change was primarily due to:

•Market appreciation of $2.2 billion

•Distributions of $616 million

24

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Summary of Operating Results

(in thousands, except percentages and per share data)			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. GAAP
Revenue			$	133,203					$	123,737					$	377,634					$	370,449
Expenses			$	88,330					$	82,866					$	254,094					$	243,838
Operating income			$	44,873					$	40,871					$	123,540					$	126,611
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Diluted earnings per share			$	0.77					$	0.65					$	2.08					$	2.00
Operating margin			33.7%						33.0%						32.7%						34.2%
As Adjusted (1)
Net income attributable to common stockholders			$	39,706					$	34,772					$	108,891					$	107,108
Diluted earnings per share			$	0.77					$	0.70					$	2.15					$	2.16
Operating margin			35.7%						35.5%						35.4%						36.7%

_________________________

(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.

Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023

Revenue

(in thousands)			Three Months Ended September 30,
			2024						2023						$ Change						% Change
Investment advisory and administration fees
Open-end funds			$	66,761					$	60,239					$	6,522					10.8		%
Institutional accounts			32,956						31,845						$	1,111					3.5		%
Closed-end funds			25,680						24,142						$	1,538					6.4		%
Total			125,397						116,226						$	9,171					7.9		%
Distribution and service fees			7,244						7,014						$	230					3.3		%
Other			562						497						$	65					13.1		%
Total revenue			$	133,203					$	123,737					$	9,466					7.7		%

Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 66.2 bps and 66.6 bps for the three months ended September 30, 2024 and 2023, respectively.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.9 bps for both the three months ended September 30, 2024 and 2023.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.8 bps for both the three months ended September 30, 2024 and 2023.

Distribution and service fees increased from the three months ended September 30, 2023 primarily due to higher average assets under management in U.S. open-end funds.

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Expenses

(in thousands)			Three Months Ended September 30,
			2024						2023						$ Change						% Change
Employee compensation and benefits			$	56,376					$	52,830					$	3,546					6.7		%
Distribution and service fees			14,739						13,689						$	1,050					7.7		%
General and administrative			14,874						15,546						$	(672)					(4.3		%)
Depreciation and amortization			2,341						801						$	1,540					192.3		%
Total expenses			$	88,330					$	82,866					$	5,464					6.6		%

Employee compensation and benefits increased from the three months ended September 30, 2023 primarily due to higher amortization of restricted stock units of $2.3 million including $2.0 million of accelerated vesting of certain restricted stock units, and an increase in salaries of $621,000.

Distribution and service fees increased from the three months ended September 30, 2023 primarily due to higher average assets under management in U.S. open-end funds.

General and administrative expenses decreased from the three months ended September 30, 2023 primarily due to lower rent expense of $2.3 million related to the expiration of the lease for the Company’s prior headquarters in January 2024. The three months ended September 30, 2023 also included $1.4 million of reduced projected costs associated with the implementation of the Company's trade order management system to reflect the actual amount paid.

Depreciation and amortization increased from the three months ended September 30, 2023 primarily due to depreciation and amortization of fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.

Operating Margin

Operating margin for the three months ended September 30, 2024 increased to 33.7% from 33.0% for the three months ended September 30, 2023. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)

(in thousands)			Three Months Ended
			September 30, 2024
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	610					$	1,410					$	3,400					$	5,420
Gain (loss) from investments—net			21,202						3,099						(5,326)						18,975
Foreign currency gain (loss)—net			(30)						(68)						(1,594)						(1,692)
Total non-operating income (loss)			21,782						4,441						(3,520)						22,703
Net (income) loss attributable to noncontrolling interests			(15,615)						—						—						(15,615)
Non-operating income (loss) attributable to the Company			$	6,167					$	4,441					$	(3,520)					$	7,088

(in thousands)			Three Months Ended
			September 30, 2023
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	705					$	822					$	2,236					$	3,763
Gain (loss) from investments—net			(11,436)						(767)						2,147						(10,056)
Foreign currency gain (loss)—net			(119)						(19)						1,272						1,134
Total non-operating income (loss)			(10,850)						36						5,655						(5,159)
Net (income) loss attributable to noncontrolling interests			6,971						—						—						6,971
Non-operating income (loss) attributable to the Company			$	(3,879)					$	36					$	5,655					$	1,812

26

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A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Three Months Ended September 30,
			2024						2023
U.S. statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.5						3.1
Valuation allowance			(1.4)						(0.5)
Non-deductible executive compensation			1.2						1.5
Other			0.4						(0.4)
Effective income tax rate			23.7		%				24.7		%

Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023

Revenue

(in thousands)			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
Investment advisory and administration fees
Open-end funds			$	187,849					$	181,821					$	6,028					3.3		%
Institutional accounts			93,487						92,640						$	847					0.9		%
Closed-end funds			73,983						72,917						$	1,066					1.5		%
Total			355,319						347,378						$	7,941					2.3		%
Distribution and service fees			20,692						21,553						$	(861)					(4.0)		%
Other			1,623						1,518						$	105					6.9		%
Total revenue			$	377,634					$	370,449					$	7,185					1.9		%

Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 66.0 bps and 66.2 bps for the nine months ended September 30, 2024 and 2023, respectively.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.0 bps and 37.4 bps for the nine months ended September 30, 2024 and 2023, respectively.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.6 bps and 88.8 bps for the nine months ended September 30, 2024 and 2023, respectively.

Distribution and service fees decreased from the nine months ended September 30, 2023, primarily due to a shift in the composition of assets under management.

Expenses

(in thousands)			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
Employee compensation and benefits			$	161,476					$	150,580					$	10,896					7.2		%
Distribution and service fees			41,404						41,234						$	170					0.4		%
General and administrative			44,351						49,396						$	(5,045)					(10.2)		%
Depreciation and amortization			6,863						2,628						$	4,235					161.1		%
Total expenses			$	254,094					$	243,838					$	10,256					4.2		%

Employee compensation and benefits increased from the nine months ended September 30, 2023 primarily due to higher amortization of restricted stock units of $8.3 million including $6.3 million of accelerated vesting of certain restricted stock units, and an increase in salaries of $2.3 million.

27

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General and administrative expenses decreased from the nine months ended September 30, 2023 primarily due to lower rent expense of $6.2 million related to the expiration of the lease for the Company’s prior headquarters in January 2024. The nine months ended September 30, 2023 also included $1.4 million of reduced projected costs associated with the implementation of the Company's trade order management system to reflect the actual amount paid.

Depreciation and amortization increased from the nine months ended September 30, 2023 primarily due to depreciation and amortization of fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.

Operating Margin

Operating margin for the nine months ended September 30, 2024 decreased to 32.7% from 34.2% for the nine months ended September 30, 2023.

Non-operating Income (Loss)

(in thousands)			Nine Months Ended
			September 30, 2024
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	2,800					$	3,514					$	8,082					$	14,396
Gain (loss) from investments—net			18,499						5,034						(5,592)						17,941
Foreign currency gain (loss)—net			(545)						(48)						(1,448)						(2,041)
Total non-operating income (loss)			20,754						8,500						1,042						30,296
Net (income) loss attributable to noncontrolling interests			(14,331)						—						—						(14,331)
Non-operating income (loss) attributable to the Company			$	6,423					$	8,500					$	1,042					$	15,965

(in thousands)			Nine Months Ended
			September 30, 2023
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	2,639					$	2,604					$	5,164					$	10,407
Gain (loss) from investments—net			(11,430)						(697)						2,119						(10,008)
Foreign currency gain (loss)—net			(166)						6						(1,116)						(1,276)
Total non-operating income (loss)			(8,957)						1,913						6,167						(877)
Net (income) loss attributable to noncontrolling interests			5,260						—						—						5,260
Non-operating income (loss) attributable to the Company			$	(3,697)					$	1,913					$	6,167					$	4,383

Income Taxes

A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Nine Months Ended September 30,
			2024						2023
U.S. statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.8						3.1
Non-deductible executive compensation			1.2						2.0
Valuation allowance			(0.7)						(0.2)
Excess tax benefits related to the vesting and delivery of restricted stock units			(0.2)						(1.6)
Other			0.3						(0.1)
Effective income tax rate			24.4		%				24.2		%

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these as adjusted financial results are used to prepare the Company's internal management reports which are used in evaluating its business.

While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Stockholders and Diluted Earnings per Share

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share data)			2024						2023						2024						2023
Net income attributable to common stockholders, U.S. GAAP			$	39,668					$	32,140					$	105,443					$	99,232
Seed investments—net (1)			(3,458)						2,900						(4,545)						3,903
Accelerated vesting of restricted stock units			2,336						327						7,043						680
Other non-recurring expenses (2)			—						—						1,196						—
Lease transition and other costs - 280 Park Avenue (3)			—						2,321						807						7,262
Foreign currency exchange (gains) losses—net (4)			2,191						(1,713)						1,765						450
Tax adjustments—net (5)			(1,031)						(1,203)						(2,818)						(4,419)
Net income attributable to common stockholders, as adjusted			$	39,706					$	34,772					$	108,891					$	107,108
Diluted weighted average shares outstanding			51,428						49,617						50,681						49,495
Diluted earnings per share, U.S. GAAP			$	0.77					$	0.65					$	2.08					$	2.00
Seed investments—net (1)			(0.07)						0.06						(0.09)						0.08
Accelerated vesting of restricted stock units			0.05						0.01						0.14						0.01
Other non-recurring expenses (2)			—						—						0.02						—
Lease transition and other costs - 280 Park Avenue (3)			—						0.05						0.02						0.15
Foreign currency exchange (gains) losses—net (4)			0.04						(0.04)						0.03						0.01
Tax adjustments—net (5)			(0.02)						(0.03)						(0.05)						(0.09)
Diluted earnings per share, as adjusted			$	0.77					$	0.70					$	2.15					$	2.16

_________________________

*    Amounts round to less than $0.01 per share.

(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.

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

(3)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.

(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

(5)Tax adjustments are summarized in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Impact of tax effects associated with items noted above			$	(1,102)					$	(1,211)					$	(2,647)					$	(3,243)
Impact of discrete tax items			71						8						(171)						(1,176)
Total tax adjustments			$	(1,031)					$	(1,203)					$	(2,818)					$	(4,419)

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Revenue, Expenses, Operating Income and Operating Margin

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except percentages)			2024						2023						2024						2023
Revenue, U.S. GAAP			$	133,203					$	123,737					$	377,634					$	370,449
Consolidated investment vehicles			230						(186)						731						(324)
Revenue, as adjusted			$	133,433					$	123,551					$	378,365					$	370,125
Expenses, U.S. GAAP			$	88,330					$	82,866					$	254,094					$	243,838
Consolidated investment vehicles			(184)						(532)						(540)						(1,493)
Accelerated vesting of restricted stock units			(2,336)						(327)						(7,043)						(680)
Other non-recurring expenses (1)			—						—						(1,196)						—
Lease transition and other costs - 280 Park Avenue (2)			—						(2,321)						(807)						(7,262)
Expenses, as adjusted			$	85,810					$	79,686					$	244,508					$	234,403
Operating income, U.S. GAAP			$	44,873					$	40,871					$	123,540					$	126,611
Consolidated investment vehicles			414						346						1,271						1,169
Accelerated vesting of restricted stock units			2,336						327						7,043						680
Other non-recurring expenses (1)			—						—						1,196						—
Lease transition and other costs - 280 Park Avenue (2)			—						2,321						807						7,262
Operating income, as adjusted			$	47,623					$	43,865					$	133,857					$	135,722
Operating margin, U.S. GAAP			33.7		%				33.0		%				32.7		%				34.2		%
Operating margin, as adjusted			35.7		%				35.5		%				35.4		%				36.7		%

_________________________

(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.

Non-operating Income (Loss)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Non-operating income (loss), U.S. GAAP			$	22,703					$	(5,159)					$	30,296					$	(877)
Seed investments—net (1)			(19,487)						9,525						(20,147)						7,994
Foreign currency exchange (gains) losses—net (2)			2,191						(1,713)						1,765						450
Non-operating income (loss), as adjusted			$	5,407					$	2,653					$	11,914					$	7,567

_________________________

(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.

(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

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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 current liabilities (together, net liquid assets).

The table below summarizes net liquid assets:

(in thousands)			September 30, 2024						December 31, 2023
Cash and cash equivalents			$	106,474					$	187,442
U.S. Treasury securities			168,218						59,942
Liquid seed investments—net			73,706						71,375
Other current assets			82,481						73,360
Current liabilities			(84,883)						(106,603)
Net liquid assets			$	345,996					$	285,516

Cash and cash equivalents

Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.

U.S. Treasury securities

U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and were classified as trading investments.

Liquid seed investments—net

Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are primarily securities held directly for the purpose of establishing performance track records and the Company's economic interest in certain consolidated investment vehicles which are presented net of noncontrolling interests.

Other current assets

Other current assets primarily represent investment advisory and administration fees receivable. At September 30, 2024, receivables from institutional accounts comprised 48.4% of other current assets, while receivables from open-end and closed-end funds, together, comprised 46.3% of other current assets. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis at September 30, 2024, there was no allowance for uncollectible accounts required.

Current liabilities

Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.

Future liquidity needs

Our business has become more capital intensive. Potential uses of capital range from, among other things, seeding new strategies and investment vehicles, co-investing in private real estate vehicles, funding the upfront costs associated with closed-end fund launches and rights offerings, and making various investments to grow our firm infrastructure as our business scales. In order to provide us with the financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. To date, we have not drawn on the credit facility.

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On April 22, 2024, we issued 1,007,057 shares of common stock through an offering. The net proceeds, after deducting commissions and offering expenses, were approximately $68.5 million. We intend to use the net proceeds for general corporate purposes, including seeding track record strategies and investment vehicles. The offering was completed on April 22, 2024 after the issuance of the shares.

We have committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF) of which $21.7 million remained unfunded as of September 30, 2024. In addition, we have committed to invest $125.0 million in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) of which $92.8 million remained unfunded as of September 30, 2024. There are contractual restrictions on redemption of our seed investments in REOF and CNSREIT.

Cash flows

Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.

The table below summarizes our cash flows:

			Nine Months Ended September 30,
(in thousands)			2024						2023
Cash Flow Data:
Net cash provided by (used in) operating activities			$	61,862					$	113,384
Net cash provided by (used in) investing activities			(142,822)						(128,033)
Net cash provided by (used in) financing activities			5,061						(99,160)
Net increase (decrease) in cash and cash equivalents			(75,899)						(113,809)
Effect of foreign exchange rate changes on cash and cash equivalents			1,988						724
Cash and cash equivalents, beginning of the period			189,603						248,714
Cash and cash equivalents, end of the period			$	115,692					$	135,629

Cash and cash equivalents decreased by $75.9 million, excluding the effect of foreign exchange rate changes, for the nine months ended September 30, 2024. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $61.9 million for the nine months ended September 30, 2024. Net cash used in investing activities was $142.8 million, which included net purchases of U.S. Treasury securities held for corporate purposes of $106.8 million and the funding of $32.0 million of our $125.0 million commitment to CNSREIT. Net cash provided by financing activities was $5.1 million, including proceeds from issuance of common stock from offering of $68.5 million and net contributions from noncontrolling interests of $44.5 million, partially offset by dividends paid to stockholders of $89.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $19.6 million.

Contractual Obligations, Commitments and Contingencies

Contractual Obligations

The Company’s material contractual obligations, commitments and contingencies at September 30, 2024 include operating leases, investment commitments, and purchase obligations. As of September 30, 2024, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2023 other than the items described below.

Investment Commitments

We have committed to invest up to $50.0 million in REOF. As of September 30, 2024, we had funded $28.3 million of this commitment. In addition, we have committed to invest $125.0 million in CNSREIT. As of September 30, 2024, we had funded $32.2 million of this commitment.

Dividends

    Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we take into account general economic and business conditions, our strategic plans, our results of operations and

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financial condition, cash flow and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.

On November 7, 2024, we declared a quarterly dividend on our common stock in the amount of $0.59 per share. This dividend will be payable on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.

Critical Accounting Estimates

A complete discussion of our critical accounting estimates is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023. There were no changes to the Company’s accounting estimates for the three months ended September 30, 2024.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of our business, we are exposed to risk as a result of changes in interest and currency rates,

securities markets and other general economic conditions, including inflation, which may have an adverse impact on the value of our assets under management and our seed investments. The majority of our revenue is derived from investment advisory and administration fees, which are based on average assets under management. Accordingly, where there are changes in the value of the assets we manage as a result of market fluctuations our revenue may change.

The economic environment may also preclude us from increasing the assets we manage in closed-end funds. The

market conditions for these offerings may not be favorable in the future, which could adversely impact our ability to grow

the assets we manage. Depending on market conditions, the closed-end funds we manage may increase or decrease their leverage in order to maintain target leverage ratios, thereby increasing or decreasing the assets we manage and the associated revenue.

Seed Investments

Our seed investments include both liquid and illiquid holdings. Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Illiquid seed investments are generally comprised of limited partnership interests in private real estate vehicles and our seed investment in CNSREIT for which there may be contractual restrictions on redemption.

Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of September 30, 2024 (in thousands):

						Carrying Value						Notional Value - Hedges						Net Carrying Value						Net Carrying Value Assuming a 10% increase						Net Carrying Value Assuming a 10% decrease
Liquid seed investments—net						$	73,706					$	(44,623)					$	29,083					$	31,991					$	26,175
Illiquid seed investments—net						$	57,146					$	—					$	57,146					$	62,861					$	51,431

Item 4. Controls and Procedures

Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Disclosure Controls and Procedures

Under the direction of our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective.

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PART II—Other Information

Item 1. Legal Proceedings

For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

Item 1A. Risk Factors

For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part 1, Item 1A of the Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended September 30, 2024, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Exchange Act.

Period			Total Number of Shares Purchased (1)						Average Price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 through July 31, 2024			169						$	84.39		—			—
August 1 through August 31, 2024			612						$	87.82		—			—
September 1 through September 30, 2024			—						$	—		—			—
Total			781						$	87.08		—			—

_________________________

(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

Item 5. Other Information

During the three months ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

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Item 6. Exhibits

Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.

Exhibit No.						Description
3.1			—			Form of Amended and Restated Certificate of Incorporation of the Company (1)
3.2			—			Amended and Restated Bylaws of the Company (2)
4.1			—			Specimen Common Stock Certificate (3)
4.2			—			Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1)
10.1			—			Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (4)
31.1			—			Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2			—			Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1			—			Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2			—			Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101			—			The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104			—			Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

_________________________

(1)Incorporated by reference to the Company's Registration Statement on Form S-1, as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.

(2)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.

(4)Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 9, 2022.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:

November 8, 2024

Cohen & Steers, Inc.

/s/    Raja Dakkuri

Name: Raja Dakkuri

Title: Executive Vice President & Chief Financial Officer

Date:

November 8, 2024

Cohen & Steers, Inc.

/s/    Elena Dulik

Name: Elena Dulik

Title: Senior Vice President & Chief Accounting Officer

37

Exhibit 31.1

Chief Executive Officer Certification

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Joseph M. Harvey, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2024 of Cohen & Steers, Inc. (the Registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

 

Dated:			November 8, 2024						/s/ Joseph M. Harvey
									Joseph M. Harvey
									Chief Executive Officer and President

Exhibit 31.2

Chief Financial Officer Certification

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Raja Dakkuri, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2024 of Cohen & Steers, Inc. (the Registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

 

Dated:			November 8, 2024						/s/ Raja Dakkuri
									Raja Dakkuri
									Executive Vice President & Chief Financial Officer

Exhibit 32.1

Certification of the Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Joseph M. Harvey, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated:			November 8, 2024						/s/ Joseph M. Harvey
									Joseph M. Harvey
									Chief Executive Officer and President

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Exhibit 32.2

Certification of the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Raja Dakkuri, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated:			November 8, 2024						/s/ Raja Dakkuri
									Raja Dakkuri
									Executive Vice President & Chief Financial Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32236
Entity Registrant Name	COHEN & STEERS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1904657
Entity Address, Address Line One	1166 Avenue of the Americas,
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	832-3232
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CNS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,557,758
Entity Central Index Key	0001284812
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 106,474	$ 187,442
Investments ($68,244 and $159,931)	[1]	320,883	258,970
Accounts receivable		78,673	68,889
Due from brokers ($101 and $13)	[1]	2,446	4,677
Property and equipment—net		69,659	66,336
Operating lease right-of-use assets—net		100,927	103,302
Goodwill and intangible assets—net		19,500	19,395
Other assets ($76 and $644)	[1]	29,225	27,543
Total assets		727,787	736,554
Liabilities:
Accrued compensation and benefits		48,679	66,382
Distribution and service fees payable		8,314	10,144
Operating lease liabilities		140,595	140,408
Income tax payable		1,490	5,115
Due to brokers ($102 and $119)	[1]	1,325	201
Other liabilities and accrued expenses ($347 and $449)	[1]	14,832	21,657
Total liabilities		215,235	243,907
Commitments and contingencies
Redeemable noncontrolling interests		14,491	106,463
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 57,458,126 shares issued and 50,555,483 shares outstanding at September 30, 2024; and 55,788,720 shares issued and 49,155,447 shares outstanding at December 31, 2023		574	558
Additional paid-in capital		931,510	818,269
Accumulated deficit		(144,420)	(158,186)
Accumulated other comprehensive loss		(5,414)	(7,708)
Treasury stock, at cost, 6,902,643 and 6,633,273 shares at September 30, 2024 and December 31, 2023, respectively		(291,241)	(271,705)
Total stockholders’ equity attributable to Cohen & Steers, Inc.		491,009	381,228
Nonredeemable noncontrolling interests		7,052	4,956
Total stockholders' equity		498,061	386,184
Total liabilities, redeemable noncontrolling interests and stockholders’ equity		$ 727,787	$ 736,554
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Condensed Consolidated Statements of Financial Condition - (Parenthetical) (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Investments ($68,244 and $159,931)	[1]	$ 320,883	$ 258,970
Other assets	[1]	29,225	27,543
Due to brokers ($102 and $119)	[1]	1,325	201
Other liabilities and accrued expenses	[1]	$ 14,832	$ 21,657
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares issued (in shares)		57,458,126	55,788,720
Common stock, shares outstanding (in shares)		50,555,483	49,155,447
Treasury stock, shares (in shares)		6,902,643	6,633,273
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member]
Investments ($68,244 and $159,931)		$ 68,244	$ 159,931
Due from brokers		101	13
Other assets		76	644
Due to brokers ($102 and $119)		102	119
Other liabilities and accrued expenses		$ 347	$ 449
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 133,203	$ 123,737	$ 377,634	$ 370,449
Expenses:
Employee compensation and benefits	56,376	52,830	161,476	150,580
Distribution and service fees	14,739	13,689	41,404	41,234
General and administrative	14,874	15,546	44,351	49,396
Depreciation and amortization	2,341	801	6,863	2,628
Total expenses	88,330	82,866	254,094	243,838
Operating income	44,873	40,871	123,540	126,611
Non-operating income (loss):
Interest and dividend income	5,420	3,763	14,396	10,407
Gain (loss) from investments—net	18,975	(10,056)	17,941	(10,008)
Foreign currency gain (loss)—net	(1,692)	1,134	(2,041)	(1,276)
Total non-operating income (loss)	22,703	(5,159)	30,296	(877)
Income before provision for income taxes	67,576	35,712	153,836	125,734
Provision for income taxes	12,293	10,543	34,062	31,762
Net income	55,283	25,169	119,774	93,972
Net (income) loss attributable to noncontrolling interests	(15,615)	6,971	(14,331)	5,260
Net income attributable to common stockholders	$ 39,668	$ 32,140	$ 105,443	$ 99,232
Earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.78	$ 0.65	$ 2.10	$ 2.01
Diluted (in dollars per share)	$ 0.77	$ 0.65	$ 2.08	$ 2.00
Weighted average shares outstanding:
Basic (shares)	50,778	49,351	50,257	49,289
Diluted (shares)	51,428	49,617	50,681	49,495
Investment advisory and administration fees
Revenue:
Total revenue	$ 125,397	$ 116,226	$ 355,319	$ 347,378
Distribution and service fees
Revenue:
Total revenue	7,244	7,014	20,692	21,553
Other
Revenue:
Total revenue	$ 562	$ 497	$ 1,623	$ 1,518

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 55,283	$ 25,169	$ 119,774	$ 93,972
Net (income) loss attributable to noncontrolling interests	(15,615)	6,971	(14,331)	5,260
Net income attributable to common stockholders	39,668	32,140	105,443	99,232
Foreign currency translation gain (loss)	3,460	(1,643)	2,294	604
Total comprehensive income attributable to common stockholders	$ 43,128	$ 30,497	$ 107,737	$ 99,836

Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Employee Stock	Common Stock At-the-Market Offering	Additional Paid-In Capital	Additional Paid-In Capital Employee Stock	Additional Paid-In Capital At-the-Market Offering	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Redeemable Noncontrolling Interests	Treasury Stock, Common	Treasury Stock, Common Employee Stock	Nonredeemable Noncontrolling Interest	Parent, Including Nonredeemable Non-Controlling Interest	Parent, Including Nonredeemable Non-Controlling Interest Employee Stock	Parent, Including Nonredeemable Non-Controlling Interest At-the-Market Offering
Beginning balance at Dec. 31, 2022		$ 551			$ 769,373			$ (171,417)	$ (10,784)		$ (250,169)
Nonredeemable Noncontrolling Interest at Dec. 31, 2022													$ 4,054
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2022														$ 341,608
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2022										$ 85,335
Dividends								(86,897)						(86,897)
Issuance of common stock			$ 7			$ 1,060									$ 1,067
Repurchase of common stock											(20,678)			(20,678)
Issuance of restricted stock units—net					3,469									3,469
Amortization of restricted stock units—net					32,243									32,243
Net income (loss)	$ 99,232							99,232						98,269
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest										(4,297)			(963)
Other Comprehensive Income (Loss), Net of Tax									604					604
Net contributions (distributions) from noncontrolling interests	5,573												2,492	2,492
Net contributions (distributions) attributable to noncontrolling interests										3,081
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2023										84,119
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2023														372,177
Nonredeemable Noncontrolling Interest at Sep. 30, 2023													5,583
Ending balance at Sep. 30, 2023		558			806,145			(159,082)	(10,180)		(270,847)
Beginning balance at Jun. 30, 2023		558			794,159			(162,231)	(8,537)		(270,797)
Nonredeemable Noncontrolling Interest at Jun. 30, 2023													5,237
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2023														358,389
Beginning balance (redeemable noncontrolling interest) at Jun. 30, 2023										85,518
Dividends								(28,991)						(28,991)
Issuance of common stock			0			269									269
Repurchase of common stock											(50)			(50)
Issuance of restricted stock units—net					983									983
Amortization of restricted stock units—net					10,734									10,734
Net income (loss)	32,140							32,140						31,617
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest										(6,448)			(523)
Other Comprehensive Income (Loss), Net of Tax									(1,643)					(1,643)
Net contributions (distributions) from noncontrolling interests													869	869
Net contributions (distributions) attributable to noncontrolling interests										5,049
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2023										84,119
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2023														372,177
Nonredeemable Noncontrolling Interest at Sep. 30, 2023													5,583
Ending balance at Sep. 30, 2023		558			806,145			(159,082)	(10,180)		(270,847)
Beginning balance at Dec. 31, 2023	381,228	558			818,269			(158,186)	(7,708)		(271,705)
Nonredeemable Noncontrolling Interest at Dec. 31, 2023	4,956												4,956
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2023	386,184													386,184
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2023										106,463
Dividends								(91,677)						(91,677)
Issuance of common stock			6	$ 10		1,036	$ 68,454					$ 30			1,072	$ 68,464
Repurchase of common stock											(19,566)			(19,566)
Issuance of restricted stock units—net					5,045									5,045
Amortization of restricted stock units—net					38,706									38,706
Net income (loss)	105,443							105,443						105,559
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest										14,215			116
Other Comprehensive Income (Loss), Net of Tax									2,294					2,294
Net contributions (distributions) from noncontrolling interests	44,452												1,980	1,980
Net contributions (distributions) attributable to noncontrolling interests										42,472
Deconsolidation of investment vehicle										148,659
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2024										14,491
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2024	498,061													498,061
Nonredeemable Noncontrolling Interest at Sep. 30, 2024	7,052												7,052
Ending balance at Sep. 30, 2024	491,009	574			931,510			(144,420)	(5,414)		(291,241)
Beginning balance at Jun. 30, 2024		574			916,006			(153,360)	(8,874)		(291,173)
Nonredeemable Noncontrolling Interest at Jun. 30, 2024													6,661
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2024														469,834
Beginning balance (redeemable noncontrolling interest) at Jun. 30, 2024										114,570
Dividends								(30,728)						(30,728)
Issuance of common stock			$ 0			$ 303						$ 0			$ 303
Repurchase of common stock											(68)			(68)
Issuance of restricted stock units—net					2,713									2,713
Amortization of restricted stock units—net					12,488									12,488
Net income (loss)	39,668							39,668						40,059
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest										15,224			391
Other Comprehensive Income (Loss), Net of Tax									3,460					3,460
Net contributions (distributions) from noncontrolling interests													0	0
Net contributions (distributions) attributable to noncontrolling interests										33,356
Deconsolidation of investment vehicle	148,659
Ending balance (redeemable noncontrolling interest) at Sep. 30, 2024										$ 14,491
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2024	498,061													$ 498,061
Nonredeemable Noncontrolling Interest at Sep. 30, 2024	7,052												$ 7,052
Ending balance at Sep. 30, 2024	$ 491,009	$ 574			$ 931,510			$ (144,420)	$ (5,414)		$ (291,241)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 119,774	$ 93,972
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net	41,432	33,334
Depreciation and amortization	8,299	3,374
Non-cash lease expense	4,572	11,851
(Gain) loss from investments—net	(17,941)	10,008
Deferred income taxes	99	(7,994)
Foreign currency (gain) loss	(1,865)	609
Amortization (accretion) of premium (discount) on U.S. Treasury securities—net	(1,339)	(989)
Changes in operating assets and liabilities:
Accounts receivable	(7,919)	(4,222)
Due from brokers	(22,360)	(687)
Investments within consolidated investment vehicles	(43,440)	(12,175)
Other assets	(3,901)	(9,912)
Accrued compensation and benefits	(17,703)	(27,775)
Distribution and service fees payable	(1,830)	889
Operating lease liabilities	(1,981)	19,452
Due to brokers	23,693	2,652
Income tax payable	(3,249)	1,245
Other liabilities and accrued expenses	(12,479)	(248)
Net cash provided by (used in) operating activities	61,862	113,384
Cash flows from investing activities:
Purchases of investments	(337,877)	(132,205)
Proceeds from sales and maturities of investments	205,028	50,311
Purchases of property and equipment	(9,973)	(46,139)
Net cash provided by (used in) investing activities	(142,822)	(128,033)
Cash flows from financing activities:
Repurchase of common stock for employee tax withholding	(19,566)	(20,678)
Dividends to stockholders	(89,185)	(84,359)
Net contributions (distributions) from noncontrolling interests	44,452	5,573
Other	(15)	(603)
Net cash provided by (used in) financing activities	5,061	(99,160)
Net increase (decrease) in cash and cash equivalents	(75,899)	(113,809)
Effect of foreign exchange rate changes on cash and cash equivalents	1,988	724
Cash and cash equivalents, beginning of the year	189,603	248,714
Cash and cash equivalents, end of the year	115,692	135,629
Employee Stock
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan	911	907
At-the-Market Offering
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan	$ 68,464	$ 0

Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.59	$ 0.57	$ 1.77	$ 1.71

Condensed Consolidated Statements of Cash Flows - Supplemental Information - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Cash and cash equivalents		$ 106,474	$ 106,474	$ 133,050
Cash included in investments	[1]	9,218	9,218	2,579
Total cash and cash equivalents within condensed consolidated statements of cash flows		115,692	115,692	135,629
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Income taxes paid			37,200	$ 38,500
Restricted stock unit dividend equivalents, net of forfeitures			2,500
Deconsolidation of investment vehicle		$ 148,659
The Cohen & Steers SICAV Global Real Estate Fund [Member]
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Deconsolidation of investment vehicle			$ 148,700
[1] Cash included in investments represents operating cash held in consolidated investment vehicles.

Organization and Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company). The Company is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The Company’s significant accounting policies, which have been consistently applied, are summarized in its Form 10-K. New Accounting Standards Not Yet Implemented In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Client domicile: North America $ 115,989  $ 106,273  $ 328,936  $ 320,729  Japan 8,151  8,068  23,472  24,201  Europe, Middle East and Africa 5,092  6,028  14,019  15,569  Asia Pacific excluding Japan 3,971  3,368  11,207  9,950  Total $ 133,203  $ 123,737  $ 377,634  $ 370,449  Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Investment vehicle: Open-end funds $ 74,567  $ 67,750  $ 210,164  $ 204,892  Institutional accounts 32,956  31,845  93,487  92,640  Closed-end funds 25,680  24,142  73,983  72,917  Total $ 133,203  $ 123,737  $ 377,634  $ 370,449

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments	Investments The following table summarizes the Company's investments: (in thousands) September 30, 2024 December 31, 2023 Equity investments at fair value $ 134,711  $ 180,958  Trading 186,158  77,996  Equity method 14  16  Total investments $ 320,883  $ 258,970  The following table summarizes gain (loss) from investments—net, including derivative financial instruments (see Note 6, Derivatives) and gain (loss) attributable to noncontrolling interests:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Net realized gains (losses) during the period $ (840) $ (600) $ (3,213) $ (3,691) Net unrealized gains (losses) during the period on investments still held at the end of the period 19,815  (9,456) 21,154  (6,317) Gain (loss) from investments—net $ 18,975  $ (10,056) $ 17,941  $ (10,008) The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs: (in thousands) September 30, 2024 December 31, 2023 Assets (1) Investments $ 68,244  $ 159,931  Due from brokers 101  13  Other assets 76  644  Total assets 68,421  160,588  Liabilities (1) Due to brokers $ 102  $ 119  Other liabilities and accrued expenses 347  449  Total liabilities 449  568  Net assets $ 67,972  $ 160,020  Attributable to the Company $ 46,429  $ 48,601  Attributable to noncontrolling interests 21,543  111,419  Net assets $ 67,972  $ 160,020  _________________________ (1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value ASC Topic 820, Fair Value Measurement specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in three broad levels: •Level 1—Unadjusted quoted prices for identical instruments in active markets. •Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. •Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. These levels are not necessarily an indication of the risk or liquidity associated with the investments. The following tables present fair value measurements: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 80,767  $ —  $ —  $ —  $ 80,767  Equity investments at fair value: Common stocks $ 67,316  $ 748  $ —  $ —  $ 68,064  Limited partnership interests —  —  20,287  1,150  21,437  Preferred securities 1,583  69  —  —  1,652  Non-Traded REIT —  33,687  —  —  33,687  Other 9,736  —  —  135  9,871  Total $ 78,635  $ 34,504  $ 20,287  $ 1,285  $ 134,711  Trading investments: Fixed income $ —  $ 186,158  $ —  $ —  $ 186,158  Equity method investments $ —  $ —  $ —  $ 14  $ 14  Total investments $ 78,635  $ 220,662  $ 20,287  $ 1,299  $ 320,883  Derivatives - assets: Total return swaps $ —  $ 87  $ —  $ —  $ 87  Forward contracts - foreign exchange —  18  —  —  18  Total $ —  $ 105  $ —  $ —  $ 105  Derivatives - liabilities: Total return swaps $ —  $ 1,613  $ —  $ —  $ 1,613  Forward contracts - foreign exchange —  746  —  —  746  Total $ —  $ 2,359  $ —  $ —  $ 2,359  December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 151,915  $ —  $ —  $ —  $ 151,915  Equity investments at fair value: Common stocks $ 163,365  $ 697  $ —  $ —  $ 164,062  Limited partnership interests —  —  13,202  1,228  14,430  Preferred securities 1,775  62  —  —  1,837  Other 508  —  —  121  629  Total $ 165,648  $ 759  $ 13,202  $ 1,349  $ 180,958  Trading investments: Fixed income $ —  $ 77,996  $ —  $ —  $ 77,996  Equity method investments $ —  $ —  $ —  $ 16  $ 16  Total investments $ 165,648  $ 78,755  $ 13,202  $ 1,365  $ 258,970  Derivatives - assets: Total return swaps $ —  $ 28  $ —  $ —  $ 28  Total $ —  $ 28  $ —  $ —  $ 28  Derivatives - liabilities: Total return swaps $ —  $ 2,488  $ —  $ —  $ 2,488  Forward contracts - foreign exchange —  405  —  —  405  Total $ —  $ 2,893  $ —  $ —  $ 2,893  Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and preferred securities, for which quoted prices in active markets are not available. Effective January 1, 2024, the Company deconsolidated CNSREIT and elected the fair value option to align the measurement of the seed investment and the related gains and losses with other seed investments. The Company's ownership interest was 49.4% at September 30, 2024. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income in the Company's condensed consolidated statements of operations when earned. The unrealized gain on the seed investment in CNSREIT was $0.4 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. 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 at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient including limited partnership interests in private real estate funds. At September 30, 2024 and December 31, 2023, the Company did not have the ability to redeem its interests in the majority of these investments. Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to 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. 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 19,997  $ 13,986  $ 13,202  $ 10,759  Purchases/contributions 140  3,139  9,001  10,656  Sales/distributions —  —  —  (2,975) Unrealized gains (losses) 150  (1,528) (1,916) (2,843) Balance at end of period $ 20,287  $ 15,597  $ 20,287  $ 15,597  Unrealized and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than quarterly, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments. 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 September 30, 2024 (in thousands) Valuation Technique Unobservable Inputs Range Limited partnership interests $ 16,344  Discounted cash flow Discount rate Terminal capitalization rate 7.25% - 10.75% 5.25% - 8.75% $ 3,943  Transaction price n/a Fair Value as of December 31, 2023 (in thousands) Valuation Technique Unobservable Inputs Value Limited partnership interests $ 13,202  Discounted cash flow Discount rate Terminal capitalization rate 9.25% 7.75% Transaction price n/a Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship: As of September 30, 2024 Fair Value (1) (in thousands) Notional Amount Assets Liabilities Corporate derivatives: Total return swaps $ 46,837  $ 87  $ 1,613  Forward contracts - foreign exchange 15,849  18  746  Total corporate derivatives $ 62,686  $ 105  $ 2,359  As of December 31, 2023 Fair Value (1) (in thousands) Notional Amount Assets Liabilities Corporate derivatives: Total return swaps $ 40,217  $ 28  $ 2,488  Forward contracts - foreign exchange 9,641  —  405  Total corporate derivatives $ 49,858  $ 28  $ 2,893  ________________________ (1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. The Company's corporate derivatives included: •Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and •Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees. Collateral pledged for swap contracts totaled $1.5 million and $4.5 million at September 30, 2024 and December 31, 2023, respectively. The following table summarizes net gains (losses) from derivative financial instruments:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Corporate derivatives: Total return swaps $ (5,597) $ 2,222  $ (5,797) $ 1,545  Forward contracts - foreign exchange (983) 673  (323) 1,873  Total (1) $ (6,580) $ 2,895  $ (6,120) $ 3,418  ________________________ (1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive. The following table reconciles income and share data used in the basic and diluted earnings per share computations:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net income $ 55,283  $ 25,169  $ 119,774  $ 93,972  Net (income) loss attributable to noncontrolling interests (15,615) 6,971  (14,331) 5,260  Net income attributable to common stockholders $ 39,668  $ 32,140  $ 105,443  $ 99,232  Basic weighted average shares outstanding 50,778  49,351  50,257  49,289  Dilutive potential shares from restricted stock units 650  266  424  206  Diluted weighted average shares outstanding 51,428  49,617  50,681  49,495  Basic earnings per share attributable to common stockholders $ 0.78  $ 0.65  $ 2.10  $ 2.01  Diluted earnings per share attributable to common stockholders $ 0.77  $ 0.65  $ 2.08  $ 2.00  Anti-dilutive common stock equivalents excluded from the calculation —  26  4  102

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 U.S. statutory tax rate 21.0  % 21.0  % 21.0  % 21.0  % State and local income taxes, net of federal benefit 2.5  3.1  2.8  3.1  Non-deductible executive compensation 1.2  1.5  1.2  2.0  Valuation allowance (1.4) (0.5) (0.7) (0.2) Excess tax benefits related to the vesting and delivery of restricted stock units —  —  (0.2) (1.6) Other 0.4  (0.4) 0.3  (0.1) Effective income tax rate 23.7  % 24.7  % 24.4  % 24.2  %

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors. The following table summarizes revenue earned from these affiliated funds:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Investment advisory and administration fees $ 90,118  $ 82,472  $ 255,375  $ 249,084  Distribution and service fees 7,244  7,014  20,692  21,553  Total $ 97,362  $ 89,486  $ 276,067  $ 270,637  Included in accounts receivable at September 30, 2024 and December 31, 2023 are receivables from Company-sponsored funds, of $37.2 million and $32.5 million, respectively. Included in accounts payable at September 30, 2024 and December 31, 2023 are payables to Company-sponsored funds of $0.8 million and $1.9 million, respectively. Included in other assets at September 30, 2024 and December 31, 2023 is an advance to CNSREIT of $8.2 million and $7.3 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion. See discussion of commitments to Company-sponsored vehicles in Note 11.

Credit Losses	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
Credit Agreement	Credit Agreement On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement. Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of September 30, 2024, the Company was in compliance with these covenants. To date, the Company has not drawn upon the credit facility.

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position. The Company has committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. As of September 30, 2024, the Company had funded $28.3 million of this commitment. In addition, the Company has committed to invest $125.0 million in CNSREIT. As of September 30, 2024, the Company had funded $32.2 million of this commitment. The timing for funding the remaining portion of the Company's commitments is uncertain.

Equity Offering	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity Offering	Equity Offering On April 22, 2024, the Company issued 1,007,057 shares of its common stock through an offering. The net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately $68.5 million. The offering was completed on April 22, 2024 after the issuance of the shares.

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On November 7, 2024, the Company declared a quarterly dividend on its common stock in the amount of $0.59 per share. This dividend will be payable on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 39,668	$ 32,140	$ 105,443	$ 99,232

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The Company’s significant accounting policies, which have been consistently applied, are summarized in its Form 10-K.
Recently Issued Accounting Pronouncements	New Accounting Standards Not Yet Implemented In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Client domicile: North America $ 115,989  $ 106,273  $ 328,936  $ 320,729  Japan 8,151  8,068  23,472  24,201  Europe, Middle East and Africa 5,092  6,028  14,019  15,569  Asia Pacific excluding Japan 3,971  3,368  11,207  9,950  Total $ 133,203  $ 123,737  $ 377,634  $ 370,449  Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Investment vehicle: Open-end funds $ 74,567  $ 67,750  $ 210,164  $ 204,892  Institutional accounts 32,956  31,845  93,487  92,640  Closed-end funds 25,680  24,142  73,983  72,917  Total $ 133,203  $ 123,737  $ 377,634  $ 370,449

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Summary Investment Holdings	The following table summarizes the Company's investments: (in thousands) September 30, 2024 December 31, 2023 Equity investments at fair value $ 134,711  $ 180,958  Trading 186,158  77,996  Equity method 14  16  Total investments $ 320,883  $ 258,970
Gain (Loss) on Investments	The following table summarizes gain (loss) from investments—net, including derivative financial instruments (see Note 6, Derivatives) and gain (loss) attributable to noncontrolling interests:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Net realized gains (losses) during the period $ (840) $ (600) $ (3,213) $ (3,691) Net unrealized gains (losses) during the period on investments still held at the end of the period 19,815  (9,456) 21,154  (6,317) Gain (loss) from investments—net $ 18,975  $ (10,056) $ 17,941  $ (10,008)
Schedule of Variable Interest Entities	The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs: (in thousands) September 30, 2024 December 31, 2023 Assets (1) Investments $ 68,244  $ 159,931  Due from brokers 101  13  Other assets 76  644  Total assets 68,421  160,588  Liabilities (1) Due to brokers $ 102  $ 119  Other liabilities and accrued expenses 347  449  Total liabilities 449  568  Net assets $ 67,972  $ 160,020  Attributable to the Company $ 46,429  $ 48,601  Attributable to noncontrolling interests 21,543  111,419  Net assets $ 67,972  $ 160,020  _________________________ (1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following tables present fair value measurements: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 80,767  $ —  $ —  $ —  $ 80,767  Equity investments at fair value: Common stocks $ 67,316  $ 748  $ —  $ —  $ 68,064  Limited partnership interests —  —  20,287  1,150  21,437  Preferred securities 1,583  69  —  —  1,652  Non-Traded REIT —  33,687  —  —  33,687  Other 9,736  —  —  135  9,871  Total $ 78,635  $ 34,504  $ 20,287  $ 1,285  $ 134,711  Trading investments: Fixed income $ —  $ 186,158  $ —  $ —  $ 186,158  Equity method investments $ —  $ —  $ —  $ 14  $ 14  Total investments $ 78,635  $ 220,662  $ 20,287  $ 1,299  $ 320,883  Derivatives - assets: Total return swaps $ —  $ 87  $ —  $ —  $ 87  Forward contracts - foreign exchange —  18  —  —  18  Total $ —  $ 105  $ —  $ —  $ 105  Derivatives - liabilities: Total return swaps $ —  $ 1,613  $ —  $ —  $ 1,613  Forward contracts - foreign exchange —  746  —  —  746  Total $ —  $ 2,359  $ —  $ —  $ 2,359  December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 151,915  $ —  $ —  $ —  $ 151,915  Equity investments at fair value: Common stocks $ 163,365  $ 697  $ —  $ —  $ 164,062  Limited partnership interests —  —  13,202  1,228  14,430  Preferred securities 1,775  62  —  —  1,837  Other 508  —  —  121  629  Total $ 165,648  $ 759  $ 13,202  $ 1,349  $ 180,958  Trading investments: Fixed income $ —  $ 77,996  $ —  $ —  $ 77,996  Equity method investments $ —  $ —  $ —  $ 16  $ 16  Total investments $ 165,648  $ 78,755  $ 13,202  $ 1,365  $ 258,970  Derivatives - assets: Total return swaps $ —  $ 28  $ —  $ —  $ 28  Total $ —  $ 28  $ —  $ —  $ 28  Derivatives - liabilities: Total return swaps $ —  $ 2,488  $ —  $ —  $ 2,488  Forward contracts - foreign exchange —  405  —  —  405  Total $ —  $ 2,893  $ —  $ —  $ 2,893
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 19,997  $ 13,986  $ 13,202  $ 10,759  Purchases/contributions 140  3,139  9,001  10,656  Sales/distributions —  —  —  (2,975) Unrealized gains (losses) 150  (1,528) (1,916) (2,843) Balance at end of period $ 20,287  $ 15,597  $ 20,287  $ 15,597
Fair Value Measurement Inputs and Valuation Techniques	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 September 30, 2024 (in thousands) Valuation Technique Unobservable Inputs Range Limited partnership interests $ 16,344  Discounted cash flow Discount rate Terminal capitalization rate 7.25% - 10.75% 5.25% - 8.75% $ 3,943  Transaction price n/a Fair Value as of December 31, 2023 (in thousands) Valuation Technique Unobservable Inputs Value Limited partnership interests $ 13,202  Discounted cash flow Discount rate Terminal capitalization rate 9.25% 7.75% Transaction price n/a

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship: As of September 30, 2024 Fair Value (1) (in thousands) Notional Amount Assets Liabilities Corporate derivatives: Total return swaps $ 46,837  $ 87  $ 1,613  Forward contracts - foreign exchange 15,849  18  746  Total corporate derivatives $ 62,686  $ 105  $ 2,359  As of December 31, 2023 Fair Value (1) (in thousands) Notional Amount Assets Liabilities Corporate derivatives: Total return swaps $ 40,217  $ 28  $ 2,488  Forward contracts - foreign exchange 9,641  —  405  Total corporate derivatives $ 49,858  $ 28  $ 2,893  ________________________ (1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.
Gains (losses) on Derivatives	The following table summarizes net gains (losses) from derivative financial instruments:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Corporate derivatives: Total return swaps $ (5,597) $ 2,222  $ (5,797) $ 1,545  Forward contracts - foreign exchange (983) 673  (323) 1,873  Total (1) $ (6,580) $ 2,895  $ (6,120) $ 3,418  ________________________ (1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles income and share data used in the basic and diluted earnings per share computations:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2024 2023 2024 2023 Net income $ 55,283  $ 25,169  $ 119,774  $ 93,972  Net (income) loss attributable to noncontrolling interests (15,615) 6,971  (14,331) 5,260  Net income attributable to common stockholders $ 39,668  $ 32,140  $ 105,443  $ 99,232  Basic weighted average shares outstanding 50,778  49,351  50,257  49,289  Dilutive potential shares from restricted stock units 650  266  424  206  Diluted weighted average shares outstanding 51,428  49,617  50,681  49,495  Basic earnings per share attributable to common stockholders $ 0.78  $ 0.65  $ 2.10  $ 2.01  Diluted earnings per share attributable to common stockholders $ 0.77  $ 0.65  $ 2.08  $ 2.00  Anti-dilutive common stock equivalents excluded from the calculation —  26  4  102

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 U.S. statutory tax rate 21.0  % 21.0  % 21.0  % 21.0  % State and local income taxes, net of federal benefit 2.5  3.1  2.8  3.1  Non-deductible executive compensation 1.2  1.5  1.2  2.0  Valuation allowance (1.4) (0.5) (0.7) (0.2) Excess tax benefits related to the vesting and delivery of restricted stock units —  —  (0.2) (1.6) Other 0.4  (0.4) 0.3  (0.1) Effective income tax rate 23.7  % 24.7  % 24.4  % 24.2  %

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes revenue earned from these affiliated funds:   Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Investment advisory and administration fees $ 90,118  $ 82,472  $ 255,375  $ 249,084  Distribution and service fees 7,244  7,014  20,692  21,553  Total $ 97,362  $ 89,486  $ 276,067  $ 270,637

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 133,203	$ 123,737	$ 377,634	$ 370,449
Open-end funds
Disaggregation of Revenue [Line Items]
Total revenue	74,567	67,750	210,164	204,892
Institutional accounts
Disaggregation of Revenue [Line Items]
Total revenue	32,956	31,845	93,487	92,640
Closed-end funds
Disaggregation of Revenue [Line Items]
Total revenue	25,680	24,142	73,983	72,917
North America
Disaggregation of Revenue [Line Items]
Total revenue	115,989	106,273	328,936	320,729
Japan
Disaggregation of Revenue [Line Items]
Total revenue	8,151	8,068	23,472	24,201
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	5,092	6,028	14,019	15,569
Asia Pacific excluding Japan
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,971	$ 3,368	$ 11,207	$ 9,950

Investments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Investments
Equity investments at fair value		$ 134,711		$ 134,711		$ 180,958
Trading		186,158		186,158		77,996
Equity method		14		14		16
Total investments	[1]	320,883		320,883		$ 258,970
Gain (Loss) on Investments [Abstract]
Net realized gains (losses) during the period		(840)	$ (600)	(3,213)	$ (3,691)
Net unrealized gains (losses) during the period on investments still held at the end of the period		19,815	(9,456)	21,154	(6,317)
Gain (loss) from investments—net		$ 18,975	$ (10,056)	$ 17,941	$ (10,008)
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Investments Variable Interest Entity (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments	[1]	$ 320,883	$ 258,970
Other assets	[1]	29,225	27,543
Total assets		727,787	736,554
Due to brokers	[1]	1,325	201
Other liabilities and accrued expenses	[1]	14,832	21,657
Total liabilities		215,235	243,907
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member]
Variable Interest Entity [Line Items]
Investments		68,244	159,931
Due from brokers ($145 and $1,743)		101	13
Other assets		76	644
Total assets		68,421	160,588
Due to brokers		102	119
Other liabilities and accrued expenses		347	449
Total liabilities		449	568
Net assets		67,972	160,020
Attributable to the Company		46,429	48,601
Attributable to noncontrolling interests		$ 21,543	$ 111,419
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Fair Value - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	$ 134,711,000	$ 134,711,000	$ 180,958,000
Trading	186,158,000	186,158,000	77,996,000
Equity method investments	14,000	14,000	16,000
Debt and Equity Securities, Unrealized Gain (Loss)	$ 400,000	$ 1,500,000
Non-Traded REIT
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	49.40%	49.40%
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 80,767,000	$ 80,767,000	151,915,000
Equity investments at fair value			180,958,000
Total investments	320,883,000	320,883,000	258,970,000
Derivatives - assets:	105,000	105,000	28,000
Derivatives - liabilities:	2,359,000	2,359,000	2,893,000
Fair Value, Measurements, Recurring | Forward contracts - foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - assets:	18,000	18,000
Derivatives - liabilities:	746,000	746,000	405,000
Fair Value, Measurements, Recurring | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - assets:	87,000	87,000	28,000
Derivatives - liabilities:	1,613,000	1,613,000	2,488,000
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	80,767,000	80,767,000	151,915,000
Equity investments at fair value	78,635,000	78,635,000	165,648,000
Total investments	78,635,000	78,635,000	165,648,000
Derivatives - assets:	0	0	0
Derivatives - liabilities:	0	0	0
Fair Value, Measurements, Recurring | Level 1 | Forward contracts - foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - liabilities:	0	0
Fair Value, Measurements, Recurring | Level 1 | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - assets:	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	34,504,000	34,504,000	759,000
Total investments	220,662,000	220,662,000	78,755,000
Derivatives - assets:	105,000	105,000	28,000
Derivatives - liabilities:	2,359,000	2,359,000	2,893,000
Fair Value, Measurements, Recurring | Level 2 | Forward contracts - foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - assets:	18,000	18,000
Derivatives - liabilities:	746,000	746,000	405,000
Fair Value, Measurements, Recurring | Level 2 | Total Return Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives - assets:	87,000	87,000	28,000
Derivatives - liabilities:	1,613,000	1,613,000	2,488,000
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	20,287,000	20,287,000	13,202,000
Total investments	20,287,000	20,287,000	13,202,000
Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	1,285,000	1,285,000	1,349,000
Total investments	1,299,000	1,299,000	1,365,000
Common stocks | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	68,064,000	68,064,000	164,062,000
Common stocks | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	67,316,000	67,316,000	163,365,000
Common stocks | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	748,000	748,000	697,000
Common stocks | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	0	0
Limited partnership interests | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	21,437,000	21,437,000	14,430,000
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	0	0	0
Limited partnership interests | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	0	0
Limited partnership interests | Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	20,287,000	20,287,000
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	1,150,000	1,150,000	1,228,000
Preferred securities | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	1,652,000	1,652,000	1,837,000
Preferred securities | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	1,583,000	1,583,000	1,775,000
Preferred securities | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	69,000	69,000	62,000
Preferred securities | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	0	0
Other | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	9,871,000	9,871,000	629,000
Other | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	9,736,000	9,736,000	508,000
Other | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	0	0
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	135,000	135,000	121,000
Fixed income | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading			77,996,000
Fixed income | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading	0	0
Fixed income | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading	186,158,000	186,158,000	77,996,000
Fixed income | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading	0	0	0
Non-Traded REIT | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	33,687,000	33,687,000
Non-Traded REIT | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value	33,687,000	33,687,000
Equity method investments | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments			16,000
Equity method investments | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	0	0	0
Equity method investments | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments	$ 14,000	$ 14,000	$ 16,000

Fair Value - Fiar Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 19,997	$ 13,986	$ 13,202	$ 10,759
Purchases/contributions	140	3,139	9,001	10,656
Sales/distributions	0	0	0	(2,975)
Unrealized gains (losses)	150	(1,528)	(1,916)	(2,843)
Balance at end of period	$ 20,287	$ 15,597	$ 20,287	$ 15,597

Fair Value - Valuation Techniques (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Limited partnership interests	$ 20,287	$ 19,997	$ 13,202	$ 15,597	$ 13,986	$ 10,759
Equity investments at fair value	134,711		180,958
Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value			180,958
Fair Value, Measurements, Recurring | Limited partnership interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value	21,437		14,430
Level 3 | Fair Value, Measurements, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value	20,287		13,202
Level 3 | Fair Value, Measurements, Recurring | Limited partnership interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value	20,287
Level 3 | Fair Value, Measurements, Recurring | Limited partnership interests | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value	16,344		$ 13,202
Level 3 | Fair Value, Measurements, Recurring | Limited partnership interests | Transaction price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments at fair value	$ 3,943
Level 3 | Discount Rate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.0925
Level 3 | Discount Rate | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0725
Level 3 | Discount Rate | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1075
Level 3 | Terminal Capitalization Rate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.0775
Level 3 | Terminal Capitalization Rate | Discounted cash flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0525
Level 3 | Terminal Capitalization Rate | Discounted cash flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0875

Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Due to brokers	[1]	$ 1,325		$ 1,325		$ 201
Corporate, Non-Segment
Derivative [Line Items]
Notional amount, long		62,686		62,686		49,858
Derivative assets, fair value		105		105		28
Derivative liabilities, fair value		2,359		2,359		2,893
Derivative, gains (losses) on derivative, net		(6,580)	$ 2,895	(6,120)	$ 3,418
Forward contracts - foreign exchange
Derivative [Line Items]
Notional amount, long		15,849		15,849		9,641
Derivative assets, fair value		18		18		0
Derivative liabilities, fair value		746		746		405
Derivative, gains (losses) on derivative, net		(983)	673	(323)	1,873
Total Return Swap
Derivative [Line Items]
Notional amount, long		46,837		46,837		40,217
Derivative assets, fair value		87		87		28
Derivative liabilities, fair value		1,613		1,613		2,488
Derivative, gains (losses) on derivative, net		(5,597)	$ 2,222	(5,797)	$ 1,545
Cash | Asset Pledged as Collateral
Derivative [Line Items]
Trading investments and pledged as collateral		$ 1,500		$ 1,500		$ 4,500
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 55,283	$ 25,169	$ 119,774	$ 93,972
Net (income) loss attributable to noncontrolling interests	(15,615)	6,971	(14,331)	5,260
Net income attributable to common stockholders	$ 39,668	$ 32,140	$ 105,443	$ 99,232
Basic weighted average shares outstanding (shares)	50,778,000	49,351,000	50,257,000	49,289,000
Dilutive potential shares from restricted stock units (shares)	650,000	266,000	424,000	206,000
Diluted weighted average shares outstanding (shares)	51,428,000	49,617,000	50,681,000	49,495,000
Basic earnings per share attributable to common stockholders (in dollars per share)	$ 0.78	$ 0.65	$ 2.10	$ 2.01
Diluted earnings per share attributable to common stockholders (in dollars per share)	$ 0.77	$ 0.65	$ 2.08	$ 2.00
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	26,000	4,000	102,000

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	2.50%	3.10%	2.80%	3.10%
Non-deductible executive compensation	1.20%	1.50%	1.20%	2.00%
Valuation allowance	(0.014)	(0.005)	(0.007)	(0.002)
Excess tax benefits related to the vesting and delivery of restricted stock units	0.00%	0.00%	(0.20%)	(1.60%)
Other	0.40%	(0.40%)	0.30%	(0.10%)
Effective income tax rate	23.70%	24.70%	24.40%	24.20%

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transactions, Revenue [Abstract]
Other assets	[1]	$ 29,225		$ 29,225		$ 27,543
Affiliated Funds
Related Party Transactions, Revenue [Abstract]
Investment advisory and administrative fees		90,118	$ 82,472	255,375	$ 249,084
Distribution and service fees		7,244	7,014	20,692	21,553
Total		97,362	$ 89,486	276,067	$ 270,637
Receivables due from company-sponsored mutual funds		37,200		37,200		32,500
Payables due to company-sponsored mutual funds		800		800		1,900
Cohen & Steers Income Opportunities REIT
Related Party Transactions, Revenue [Abstract]
Other assets		$ 8,200		$ 8,200		$ 7,300
Reimbursement term				60 months
NAV threshold				$ 1,000,000
[1] Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

Credit Losses (Details) $ in Millions	Feb. 20, 2023 USD ($)
Revolving Credit Facility
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Long-Term Line of Credit	$ 100.0

Commitments and Contingencies (Details) - Commitment to invest $ in Millions	Sep. 30, 2024 USD ($)
Cohen & Steers Real Estate Opportunities Fund, L.P.
Contingencies [Line Items]
Long-term purchase commitment	$ 50.0
Long-term commitment, funded amount	28.3
Cohen & Steers Income Opportunities REIT, Inc.
Contingencies [Line Items]
Long-term purchase commitment	125.0
Long-term commitment, funded amount	$ 32.2

Equity Offering (Details) - At-the-Market Offering $ in Millions	Apr. 22, 2024 USD ($) shares
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued in transaction (in shares) | shares	1,007,057
Sale of stock, consideration received on transaction | $	$ 68.5

Subsequent Events (Details) - $ / shares		3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)		$ 0.59	$ 0.57	$ 1.77	$ 1.71
Dividend Declared | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.59

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