CNS AR24 Digital - Book - Page 78
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
December 31, 2023
Level 2
Total
(in thousands)
Level 1
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
151,915
$
4
$
4
$
4 $
151,915
Equity investments at fair value:
Common stocks . . . . . . . . . . . . . . . . . . . . . . . . . . $
Limited partnership interests . . . . . . . . . . . . . . . .
Preferred securities . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
163,365
4
1,775
508
165,648
$
$
$
4
13,202
4
4
13,202
$
$
697
4
62
4
759
$
4 $
1,228
4
121
1,349 $
164,062
14,430
1,837
629
180,958
Trading investments:
Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Equity method investments . . . . . . . . . . . . . . . . . . . . . $
4
4
$
$
77,996
4
$
$
4
4
$
$
4 $
16 $
77,996
16
Total investments . . . . . . . . . . . . . . . . . . . . . $
165,648
$
78,755
$
13,202
$
1,365 $
258,970
Derivatives - assets:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . $
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
4
4
$
$
28
28
$
$
4
4
$
$
4 $
4 $
28
28
Derivatives - liabilities:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . $
Forward contracts - foreign exchange . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
4
4
4
$
2,488
405
2,893
$
4
4
4
$
4 $
4
4 $
2,488
405
2,893
$
Level 3
Investments
Measured at
NAV
$
$
Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities
REIT, Inc. (CNSREIT) and exchange-traded 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 December 31, 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. The unrealized gain on the seed investment in CNSREIT was $2.8 million for the year ended
December 31, 2024.
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, over-the-counter preferred
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 December 31, 2024
and 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
consolidated statements of financial condition.
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