CNS AR24 Digital - Book - Page 80
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
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 December 31, 2024
Fair Value (1)
Notional Amount
(in thousands)
Corporate derivatives:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Forward contracts - foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total corporate derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
45,237
8,622
53,859
Assets
$
$
Liabilities
1,570
484
2,054
$
252
4
252
$
As of December 31, 2023
Fair Value (1)
Notional Amount
(in thousands)
Corporate derivatives:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Forward contracts - foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total corporate derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
40,217
9,641
49,858
Assets
$
$
Liabilities
28
4
28
$
2,488
405
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 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 are included in certain portfolios the Company maintains 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 forward and swap contracts totaled $0.3 million and $4.5 million at December 31, 2024 and
2023, respectively. Collateral received for swap contracts was $1.3 million at December 31, 2024.
The following table summarizes net gains (losses) from derivative financial instruments:
(in thousands)
Corporate derivatives:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Forward contracts - foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total corporate derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Derivatives held by consolidated funds:
Total return swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total
(1)
........................................................ $
________________________
2024
Years Ended December 31,
2023
2022
(3,449) $
889
(2,560) $
(2,589) $
337
(2,252) $
3,691
(948)
2,743
4
4
3,988
(2,560) $
(2,252) $
6,731
(1) Gains and losses on total return swaps are included in gain (loss) from investments4net in the Company's consolidated statements of
operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)4net in the Company's
consolidated statements of operations.
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