CNS AR24 Digital - Book - Page 85
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
12. Regulatory Requirements
CSS, a registered broker-dealer in the U.S., is subject to the SEC9s Uniform Net Capital Rule 15c3-1 (the Rule), which
requires that broker-dealers maintain a minimum level of net capital, as prescribed by the Rule. At December 31, 2024, CSS
had net capital of $2.5 million, which exceeded its requirement by $2.2 million.
CSAL, CSUK, CSIL and CSJL are also subject to minimum net capital requirements by the local laws and regulations
to which they are subject. At December 31, 2024, the Company was required to maintain a combined minimum regulatory
capital requirement of $9.8 million. The Company was in compliance with all applicable regulatory net capital requirements
at December 31, 2024.
13. 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 Company9s 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 December 31, 2024, the Company was in compliance with these covenants.
14. 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 a total of $175.0 million in certain of our investment vehicles. As of
December 31, 2024, the Company had funded $95.0 million of the commitments. The timing for funding the remaining
portion of our commitments is uncertain.
In January 2025, the Company funded an additional $8.1 million of this commitment to CNSREIT. The timing for
funding the remaining portion of the Company's commitments is uncertain.
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