Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 24, 2024

_____________________

Cohen & Steers, Inc.

(Exact Name of Registrant as Specified in Charter)

_____________________


Delaware	001-32236	14-1904657
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1166 Avenue of the Americas

New York, NY 10036

(Address of principal executive offices and Zip Code)

(212) 832-3232

(Registrant's telephone number, including area code)


_________________________________________ (Former name or former address, if changed since last report)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. o

Item 2.02. Results of Operations and Financial Condition

On January 24, 2024, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's results for the fourth quarter and year ended December 31, 2023. Copies of the press release announcing the availability of the Company’s results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.

EXHIBIT INDEX


Exhibit No.			Description
99.1			Earnings announcement press release dated January 24, 2024
99.2			Earnings release dated January 24, 2024
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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


			Cohen & Steers, Inc. (Registrant)


Date: January 24, 2024	By:	/s/ Matthew S. Stadler
		Name: Matthew S. Stadler Title: Executive Vice President and Chief Financial Officer

Cohen & Steers, Inc.

1166 Avenue of the Americas

New York, NY 10036-2708

Tel (212) 832-3232

Contact:

Matthew S. Stadler

Executive Vice President

Chief Financial Officer

Cohen & Steers, Inc.

Tel (212) 446-9168

COHEN & STEERS REPORTS RESULTS FOR FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2023

New York, NY, January 24, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2023. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Fourth Quarter and Year Ended December 31, 2023 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

Conference Call

The company will host a conference call tomorrow, January 25, 2024, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Matthew Stadler, and chief investment officer, Jon Cheigh.

Investors and analysts can access the live conference call by dialing 888-300-4150 (U.S.) or +1-646-970-1530 (international); passcode: 4855092. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes on January 25, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-647-362-9199 (international); passcode: 4855092. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The webcast will be archived on the website for one month.

About Cohen & Steers

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

Contact:

Matthew S. Stadler

Executive Vice President

Chief Financial Officer

Cohen & Steers, Inc.

Tel (212) 446-9168

COHEN & STEERS REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2023


Fourth Quarter			Full Year
•Diluted EPS of $0.60; $0.67 as adjusted •Operating margin of 31.8%; 34.7% as adjusted •Ending AUM of $83.1 billion; average AUM of $77.0 billion •Net outflows of $935 million			•Diluted EPS of $2.60; $2.84 as adjusted •Operating margin of 33.6%; 36.2% as adjusted •Average AUM of $79.9 billion •Net outflows of $2.0 billion

NEW YORK, NY, January 24, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2023.

Financial Highlights


(in thousands, except percentages and per share data)	Three Months Ended									Years Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
U.S. GAAP
Revenue	$	119,188		$	123,737		$	125,335		$	489,637		$	566,906
Expenses	$	81,322		$	82,866		$	78,563		$	325,160		$	350,968
Operating income	$	37,866		$	40,871		$	46,772		$	164,477		$	215,938
Non-operating income (loss) (1)	$	16,651		$	(5,159)		$	2,825		$	15,774		$	(19,041)
Net income attributable to common stockholders	$	29,817		$	32,140		$	32,498		$	129,049		$	171,042
Diluted earnings per share	$	0.60		$	0.65		$	0.66		$	2.60		$	3.47
Operating margin	31.8		%	33.0		%	37.3		%	33.6		%	38.1		%

As Adjusted (2)
Net income attributable to common stockholders	$	33,403		$	34,772		$	38,730		$	140,511		$	182,251
Diluted earnings per share	$	0.67		$	0.70		$	0.79		$	2.84		$	3.70
Operating margin	34.7		%	35.5		%	40.5		%	36.2		%	43.0		%
_________________________ (1)Includes amounts attributable to third-party interests in consolidated investment vehicles. Refer to non-operating income (loss) tables on page 3 for additional detail. (2)Refer to pages 18-20 for reconciliations of U.S. GAAP to as adjusted results.

Revenue


(in thousands)	Three Months Ended
	December 31, 2023		September 30, 2023		$ Change		% Change
Investment advisory and administration fees
Open-end funds	$	57,680	$	60,239	$	(2,559)	(4.2)	%
Institutional accounts	30,925		31,845		$	(920)	(2.9)	%
Closed-end funds	23,428		24,142		$	(714)	(3.0)	%
Total	112,033		116,226		$	(4,193)	(3.6)	%
Distribution and service fees	6,647		7,014		$	(367)	(5.2)	%
Other	508		497		$	11	2.2	%
Total revenue	$	119,188	$	123,737	$	(4,549)	(3.7)	%

•The decrease in total investment advisory and administration fees from the third quarter of 2023 was primarily due to lower average assets under management across all three types of investment vehicles; and

•The decrease in distribution and service fees from the third quarter of 2023 was primarily due to lower average assets under management in U.S. open-end funds.

Expenses


(in thousands)	Three Months Ended
	December 31, 2023		September 30, 2023		$ Change		% Change
Employee compensation and benefits	$	49,601	$	52,830	$	(3,229)	(6.1)	%
Distribution and service fees	12,936		13,689		$	(753)	(5.5)	%
General and administrative	17,308		15,546		$	1,762	11.3	%
Depreciation and amortization	1,477		801		$	676	84.4	%
Total expenses	$	81,322	$	82,866	$	(1,544)	(1.9)	%

•Employee compensation and benefits decreased $3.2 million from the third quarter of 2023. Due to the full year decline in operating results, incentive compensation in the fourth quarter was reduced to reflect actual amounts expected to be paid;

•Distribution and service fees decreased from the third quarter of 2023, primarily due to lower average assets under management in U.S. open-end funds;

•General and administrative expenses increased $1.8 million from the third quarter of 2023. The third quarter included an adjustment of $1.4 million that reduced projected costs associated with the completed implementation of the company's new trade order management system to reflect the actual amount paid; and

•Depreciation and amortization increased from the third quarter of 2023. The company began depreciating fixed assets and leasehold improvements associated with its new corporate headquarters which became operational in December. This accounts for the majority of the incremental expense from the third quarter.

Operating Margin

Operating margin was 31.8% for the fourth quarter of 2023, compared with 33.0% for the third quarter of 2023. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)


(in thousands)	Three Months Ended
	December 31, 2023
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other			Total
Interest and dividend income—net	$	983	$	943	$	2,285		$	4,211
Gain (loss) from investments—net	16,345		1,943		(3,989)		(1)	14,299
Foreign currency gain (loss)—net	(390)		(28)		(1,441)		(2)	(1,859)
Total non-operating income (loss)	16,938		2,858		(3,145)			16,651
Net (income) loss attributable to noncontrolling interests	(12,820)		—		—			(12,820)
Non-operating income (loss) attributable to the company	$	4,118	$	2,858	$	(3,145)		$	3,831
_________________________ (1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments. (2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.


(in thousands)	Three Months Ended
	September 30, 2023
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other			Total
Interest and dividend income—net	$	705	$	822	$	2,236		$	3,763
Gain (loss) from investments—net	(11,436)		(767)		2,147		(1)	(10,056)
Foreign currency gain (loss)—net	(119)		(19)		1,272		(2)	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
_________________________ (1)Comprised primarily of gain (loss) on derivative contracts, which are utilized to economically hedge a portion of the market risk of the company's seed investments included in both Consolidated Investment Vehicles and Corporate Seed Investments. (2)Comprised primarily of net foreign currency exchange gain (loss) associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Income Taxes

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


	Three Months Ended
	December 31, 2023		September 30, 2023
U.S. statutory tax rate	21.0	%	21.0	%

State and local income taxes, net of federal benefit	3.4		3.1
Valuation allowance on corporate seed investments	1.9		(0.5)
Non-deductible executive compensation	1.5		1.5


Other	0.7		(0.4)
Effective income tax rate	28.5	%	24.7	%

Assets Under Management


(in millions)	As of				Change
By Investment Vehicle	December 31, 2023		September 30, 2023		$		%
Open-end funds	$	37,032	$	33,671	$	3,361	10.0	%
Institutional accounts	35,028		31,216		$	3,812	12.2	%
Closed-end funds	11,076		10,271		$	805	7.8	%
Total	$	83,136	$	75,158	$	7,978	10.6	%

By Investment Strategy
U.S. real estate	$	38,550	$	33,719	$	4,831	14.3	%
Preferred securities	18,164		17,561		$	603	3.4	%
Global/international real estate	15,789		14,103		$	1,686	12.0	%
Global listed infrastructure	8,356		7,582		$	774	10.2	%
Other	2,277		2,193		$	84	3.8	%
Total	$	83,136	$	75,158	$	7,978	10.6	%

Assets under management at December 31, 2023 were $83.1 billion, an increase of 10.6% from $75.2 billion at September 30, 2023. The increase was due to market appreciation of $9.6 billion, partially offset by net outflows of $935 million and distributions of $717 million.

Open-end Funds

Assets under management in open-end funds at December 31, 2023 were $37.0 billion, an increase of 10.0% from $33.7 billion at September 30, 2023. The increase was primarily due to the following:

•Net outflows of $291 million from U.S. real estate and $200 million from preferred securities;

•Market appreciation of $3.0 billion from U.S. real estate and $684 million from preferred securities; and

•Distributions of $197 million from U.S. real estate and $127 million from preferred securities. Of these distributions, $282 million was reinvested and included in net flows.

Institutional Accounts

Assets under management in institutional accounts at December 31, 2023 were $35.0 billion, an increase of 12.2% from $31.2 billion at September 30, 2023. The increase was primarily due to the following:

•Advisory:

◦Net outflows of $139 million from preferred securities and $21 million from global/international real estate, partially offset by net inflows of $134 million from U.S. real estate; and

◦Market appreciation of $1.0 billion from global/international real estate, $789 million from U.S. real estate and $324 million from global listed infrastructure.

•Japan subadvisory:

◦Net outflows of $144 million from U.S. real estate;

◦Market appreciation of $968 million from U.S. real estate and $315 million from global/international real estate; and

◦Distributions of $178 million from U.S. real estate.

•Subadvisory excluding Japan:

◦Net outflows of $320 million from global/international real estate, partially offset by net inflows of $131 million into U.S. real estate; and

◦Market appreciation of $402 million from global/international real estate and $192 million from U.S. real estate.

Closed-end Funds

Assets under management in closed-end funds at December 31, 2023 were $11.1 billion, an increase of 7.8% from $10.3 billion at September 30, 2023. The increase was primarily due to market appreciation of $963 million, partially offset by distributions of $154 million.

Investment Performance as of December 31, 2023

_________________________

(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 December 31, 2023. 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.

Balance Sheet Information

As of December 31, 2023, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $318.8 million, compared with $279.9 million as of September 30, 2023. As of December 31, 2023, stockholders' equity was $381.2 million, compared with $366.6 million as of September 30, 2023.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, January 25, 2024, at 10:00 a.m. (ET) to discuss the company’s fourth quarter and full year results. Investors and analysts can access the live conference call by dialing 888-300-4150 (U.S.) or +1-646-970-1530 (international); passcode: 4855092. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes on January 25, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-647-362-9199 (international); passcode: 4855092. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.

About Cohen & Steers

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make may 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, which reflect the company's current views with respect to, among other things, the company's 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. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2022 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's 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 the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #


Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

	Three Months Ended						% Change From
	December 31, 2023		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Revenue:
Investment advisory and administration fees	$	112,033	$	116,226	$	117,102
Distribution and service fees	6,647		7,014		7,662
Other	508		497		571
Total revenue	119,188		123,737		125,335		(3.7	%)	(4.9	%)
Expenses:
Employee compensation and benefits	49,601		52,830		48,562
Distribution and service fees	12,936		13,689		14,323
General and administrative	17,308		15,546		14,530
Depreciation and amortization	1,477		801		1,148
Total expenses	81,322		82,866		78,563		(1.9	%)	3.5	%
Operating income	37,866		40,871		46,772		(7.4	%)	(19.0	%)
Non-operating income (loss):
Interest and dividend income—net	4,211		3,763		2,492
Gain (loss) from investments—net	14,299		(10,056)		5,820
Foreign currency gain (loss)—net	(1,859)		1,134		(5,487)
Total non-operating income (loss)	16,651		(5,159)		2,825		*		*
Income before provision for income taxes	54,517		35,712		49,597		52.7	%	9.9	%
Provision for income taxes	11,880		10,543		12,715
Net income	42,637		25,169		36,882		69.4	%	15.6	%
Net (income) loss attributable to noncontrolling interests	(12,820)		6,971		(4,384)
Net income attributable to common stockholders	$	29,817	$	32,140	$	32,498	(7.2	%)	(8.2	%)

Earnings per share attributable to common stockholders:
Basic	$	0.60	$	0.65	$	0.67	(7.3	%)	(9.2	%)
Diluted	$	0.60	$	0.65	$	0.66	(7.4	%)	(9.0	%)

Weighted average shares outstanding:
Basic	49,366		49,351		48,831
Diluted	49,725		49,617		49,328
_________________________ * Not meaningful.


Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

	Years Ended
	December 31, 2023		December 31, 2022		% Change
Revenue:
Investment advisory and administration fees	$	459,411	$	529,311
Distribution and service fees	28,200		35,093
Other	2,026		2,502
Total revenue	489,637		566,906		(13.6	%)
Expenses:
Employee compensation and benefits	200,181		208,831
Distribution and service fees	54,170		82,928
General and administrative	66,704		54,826
Depreciation and amortization	4,105		4,383
Total expenses	325,160		350,968		(7.4	%)
Operating income	164,477		215,938		(23.8	%)
Non-operating income (loss):
Interest and dividend income—net	14,618		6,818
Gain (loss) from investments—net	4,291		(25,106)
Foreign currency gain (loss)—net	(3,135)		(753)
Total non-operating income (loss)	15,774		(19,041)		*
Income before provision for income taxes	180,251		196,897		(8.5	%)
Provision for income taxes	43,642		47,411
Net income	136,609		149,486		(8.6	%)
Net (income) loss attributable to noncontrolling interests	(7,560)		21,556
Net income attributable to common stockholders	$	129,049	$	171,042	(24.6	%)

Earnings per share attributable to common stockholders:
Basic	$	2.62	$	3.51	(25.4	%)
Diluted	$	2.60	$	3.47	(24.9	%)

Weighted average shares outstanding:
Basic	49,308		48,781
Diluted	49,553		49,297
_________________________ * Not meaningful.


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
	Three Months Ended									% Change From
	December 31, 2023			September 30, 2023			December 31, 2022			September 30, 2023		December 31, 2022
Open-end Funds
Assets under management, beginning of period	$	33,671		$	36,209		$	37,346
Inflows	3,269			2,412			4,175
Outflows	(3,773)			(2,772)			(5,181)
Net inflows (outflows)	(504)			(360)			(1,006)
Market appreciation (depreciation)	4,243			(1,916)			1,319
Distributions	(378)			(262)			(756)

Total increase (decrease)	3,361			(2,538)			(443)
Assets under management, end of period	$	37,032		$	33,671		$	36,903		10.0	%	0.3	%
Percentage of total assets under management	44.5		%	44.8		%	45.9		%
Average assets under management	$	34,410		$	35,878		$	37,311		(4.1	%)	(7.8	%)

Institutional Accounts
Assets under management, beginning of period	$	31,216		$	33,275		$	30,867
Inflows	675			925			1,222
Outflows	(1,102)			(614)			(1,306)
Net inflows (outflows)	(427)			311			(84)
Market appreciation (depreciation)	4,424			(2,182)			1,827
Distributions	(185)			(188)			(237)

Total increase (decrease)	3,812			(2,059)			1,506
Assets under management, end of period	$	35,028		$	31,216		$	32,373		12.2	%	8.2	%
Percentage of total assets under management	42.1		%	41.5		%	40.3		%
Average assets under management	$	32,102		$	33,304		$	32,032		(3.6	%)	0.2	%

Closed-end Funds
Assets under management, beginning of period	$	10,271		$	10,929		$	10,985
Inflows	1			3			8
Outflows	(5)			(1)			—
Net inflows (outflows)	(4)			2			8
Market appreciation (depreciation)	963			(506)			399
Distributions	(154)			(154)			(243)
Total increase (decrease)	805			(658)			164
Assets under management, end of period	$	11,076		$	10,271		$	11,149		7.8	%	(0.7	%)
Percentage of total assets under management	13.3		%	13.7		%	13.9		%
Average assets under management	$	10,476		$	10,784		$	11,168		(2.9	%)	(6.2	%)

Total
Assets under management, beginning of period	$	75,158		$	80,413		$	79,198
Inflows	3,945			3,340			5,405
Outflows	(4,880)			(3,387)			(6,487)
Net inflows (outflows)	(935)			(47)			(1,082)
Market appreciation (depreciation)	9,630			(4,604)			3,545
Distributions	(717)			(604)			(1,236)
Total increase (decrease)	7,978			(5,255)			1,227
Assets under management, end of period	$	83,136		$	75,158		$	80,425		10.6	%	3.4	%
Average assets under management	$	76,988		$	79,966		$	80,511		(3.7	%)	(4.4	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
	Years Ended
	December 31, 2023			December 31, 2022			% Change
Open-end Funds
Assets under management, beginning of period	$	36,903		$	50,911
Inflows	11,937			17,939
Outflows	(13,614)			(19,713)
Net inflows (outflows)	(1,677)			(1,774)
Market appreciation (depreciation)	3,231			(10,282)
Distributions	(1,265)			(1,952)
Transfers	(160)			—
Total increase (decrease)	129			(14,008)
Assets under management, end of period	$	37,032		$	36,903		0.3	%
Percentage of total assets under management	44.5		%	45.9		%
Average assets under management	$	36,159		$	43,202		(16.3	%)

Institutional Accounts
Assets under management, beginning of period	$	32,373		$	42,727
Inflows	2,985			5,915
Outflows	(3,225)			(6,357)
Net inflows (outflows)	(240)			(442)
Market appreciation (depreciation)	3,626			(8,927)
Distributions	(891)			(985)
Transfers	160			—
Total increase (decrease)	2,655			(10,354)
Assets under management, end of period	$	35,028		$	32,373		8.2	%
Percentage of total assets under management	42.1		%	40.3		%
Average assets under management	$	32,878		$	36,383		(9.6	%)

Closed-end Funds
Assets under management, beginning of period	$	11,149		$	12,991
Inflows	17			575
Outflows	(91)			—
Net inflows (outflows)	(74)			575
Market appreciation (depreciation)	617			(1,722)
Distributions	(616)			(695)
Total increase (decrease)	(73)			(1,842)
Assets under management, end of period	$	11,076		$	11,149		(0.7	%)
Percentage of total assets under management	13.3		%	13.9		%
Average assets under management	$	10,854		$	12,039		(9.8	%)

Total
Assets under management, beginning of period	$	80,425		$	106,629
Inflows	14,939			24,429
Outflows	(16,930)			(26,070)
Net inflows (outflows)	(1,991)			(1,641)
Market appreciation (depreciation)	7,474			(20,931)
Distributions	(2,772)			(3,632)
Total increase (decrease)	2,711			(26,204)
Assets under management, end of period	$	83,136		$	80,425		3.4	%
Average assets under management	$	79,891		$	91,624		(12.8	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
	Three Months Ended									% Change From
	December 31, 2023			September 30, 2023			December 31, 2022			September 30, 2023		December 31, 2022
Advisory
Assets under management, beginning of period	$	17,904		$	18,824		$	17,974
Inflows	401			502			517
Outflows	(431)			(312)			(909)
Net inflows (outflows)	(30)			190			(392)
Market appreciation (depreciation)	2,390			(1,110)			1,049

Total increase (decrease)	2,360			(920)			657
Assets under management, end of period	$	20,264		$	17,904		$	18,631		13.2	%	8.8	%
Percentage of institutional assets under management	57.9		%	57.4		%	57.6		%
Average assets under management	$	18,515		$	18,958		$	18,557		(2.3	%)	(0.2	%)

Japan Subadvisory
Assets under management, beginning of period	$	8,090		$	8,960		$	7,915
Inflows	41			114			327
Outflows	(210)			(116)			(46)
Net inflows (outflows)	(169)			(2)			281
Market appreciation (depreciation)	1,290			(680)			417
Distributions	(185)			(188)			(237)
Total increase (decrease)	936			(870)			461
Assets under management, end of period	$	9,026		$	8,090		$	8,376		11.6	%	7.8	%
Percentage of institutional assets under management	25.8		%	25.9		%	25.9		%
Average assets under management	$	8,334		$	8,810		$	8,197		(5.4	%)	1.7	%

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,222		$	5,491		$	4,978
Inflows	233			309			378
Outflows	(461)			(186)			(351)
Net inflows (outflows)	(228)			123			27
Market appreciation (depreciation)	744			(392)			361

Total increase (decrease)	516			(269)			388
Assets under management, end of period	$	5,738		$	5,222		$	5,366		9.9	%	6.9	%
Percentage of institutional assets under management	16.4		%	16.7		%	16.6		%
Average assets under management	$	5,253		$	5,536		$	5,278		(5.1	%)	(0.5	%)

Total Institutional Accounts
Assets under management, beginning of period	$	31,216		$	33,275		$	30,867
Inflows	675			925			1,222
Outflows	(1,102)			(614)			(1,306)
Net inflows (outflows)	(427)			311			(84)
Market appreciation (depreciation)	4,424			(2,182)			1,827
Distributions	(185)			(188)			(237)

Total increase (decrease)	3,812			(2,059)			1,506
Assets under management, end of period	$	35,028		$	31,216		$	32,373		12.2	%	8.2	%
Average assets under management	$	32,102		$	33,304		$	32,032		(3.6	%)	0.2	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
	Years Ended
	December 31, 2023			December 31, 2022			% Change
Advisory
Assets under management, beginning of period	$	18,631		$	24,599
Inflows	1,407			3,672
Outflows	(1,860)			(4,734)
Net inflows (outflows)	(453)			(1,062)
Market appreciation (depreciation)	1,926			(4,906)
Transfers	160			—
Total increase (decrease)	1,633			(5,968)
Assets under management, end of period	$	20,264		$	18,631		8.8	%
Percentage of institutional assets under management	57.9		%	57.6		%
Average assets under management	$	18,798		$	21,233		(11.5	%)

Japan Subadvisory
Assets under management, beginning of period	$	8,376		$	11,329
Inflows	823			988
Outflows	(474)			(436)
Net inflows (outflows)	349			552
Market appreciation (depreciation)	1,192			(2,520)
Distributions	(891)			(985)
Total increase (decrease)	650			(2,953)
Assets under management, end of period	$	9,026		$	8,376		7.8	%
Percentage of institutional assets under management	25.8		%	25.9		%
Average assets under management	$	8,633		$	9,302		(7.2	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,366		$	6,799
Inflows	755			1,255
Outflows	(891)			(1,187)
Net inflows (outflows)	(136)			68
Market appreciation (depreciation)	508			(1,501)

Total increase (decrease)	372			(1,433)
Assets under management, end of period	$	5,738		$	5,366		6.9	%
Percentage of institutional assets under management	16.4		%	16.6		%
Average assets under management	$	5,447		$	5,848		(6.9	%)

Total Institutional Accounts
Assets under management, beginning of period	$	32,373		$	42,727
Inflows	2,985			5,915
Outflows	(3,225)			(6,357)
Net inflows (outflows)	(240)			(442)
Market appreciation (depreciation)	3,626			(8,927)
Distributions	(891)			(985)
Transfers	160			—
Total increase (decrease)	2,655			(10,354)
Assets under management, end of period	$	35,028		$	32,373		8.2	%
Average assets under management	$	32,878		$	36,383		(9.6	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
	Three Months Ended									% Change From
	December 31, 2023			September 30, 2023			December 31, 2022			September 30, 2023		December 31, 2022
U.S. Real Estate
Assets under management, beginning of period	$	33,719		$	36,948		$	34,696
Inflows	1,937			1,493			2,554
Outflows	(2,110)			(1,312)			(2,618)
Net inflows (outflows)	(173)			181			(64)
Market appreciation (depreciation)	5,434			(3,056)			1,366
Distributions	(427)			(359)			(883)
Transfers	(3)			5			(7)
Total increase (decrease)	4,831			(3,229)			412
Assets under management, end of period	$	38,550		$	33,719		$	35,108		14.3	%	9.8	%
Percentage of total assets under management	46.4		%	44.9		%	43.7		%
Average assets under management	$	35,072		$	36,494		$	35,326		(3.9	%)	(0.7	%)

Preferred Securities
Assets under management, beginning of period	$	17,561		$	18,009		$	20,519
Inflows	1,291			1,011			1,485
Outflows	(1,631)			(1,327)			(2,358)
Net inflows (outflows)	(340)			(316)			(873)
Market appreciation (depreciation)	1,117			56			333
Distributions	(177)			(183)			(219)
Transfers	3			(5)			7
Total increase (decrease)	603			(448)			(752)
Assets under management, end of period	$	18,164		$	17,561		$	19,767		3.4	%	(8.1	%)
Percentage of total assets under management	21.8		%	23.4		%	24.6		%
Average assets under management	$	17,492		$	18,027		$	20,083		(3.0	%)	(12.9	%)

Global/International Real Estate
Assets under management, beginning of period	$	14,103		$	14,838		$	13,871
Inflows	357			531			904
Outflows	(741)			(359)			(949)
Net inflows (outflows)	(384)			172			(45)
Market appreciation (depreciation)	2,107			(899)			995
Distributions	(37)			(8)			(39)

Total increase (decrease)	1,686			(735)			911
Assets under management, end of period	$	15,789		$	14,103		$	14,782		12.0	%	6.8	%
Percentage of total assets under management	19.0		%	18.8		%	18.4		%
Average assets under management	$	14,381		$	15,022		$	14,454		(4.3	%)	(0.5	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
	Three Months Ended									% Change From
	December 31, 2023			September 30, 2023			December 31, 2022			September 30, 2023		December 31, 2022
Global Listed Infrastructure
Assets under management, beginning of period	$	7,582		$	8,379		$	8,030
Inflows	178			95			247
Outflows	(176)			(175)			(309)
Net inflows (outflows)	2			(80)			(62)
Market appreciation (depreciation)	828			(671)			696
Distributions	(56)			(46)			(68)

Total increase (decrease)	774			(797)			566
Assets under management, end of period	$	8,356		$	7,582		$	8,596		10.2	%	(2.8	%)
Percentage of total assets under management	10.1		%	10.1		%	10.7		%
Average assets under management	$	7,851		$	8,157		$	8,469		(3.8	%)	(7.3	%)

Other
Assets under management, beginning of period	$	2,193		$	2,239		$	2,082
Inflows	182			210			215
Outflows	(222)			(214)			(253)
Net inflows (outflows)	(40)			(4)			(38)
Market appreciation (depreciation)	144			(34)			155
Distributions	(20)			(8)			(27)

Total increase (decrease)	84			(46)			90
Assets under management, end of period	$	2,277		$	2,193		$	2,172		3.8	%	4.8	%
Percentage of total assets under management	2.7		%	2.9		%	2.7		%
Average assets under management	$	2,192		$	2,266		$	2,179		(3.3	%)	0.6	%

Total
Assets under management, beginning of period	$	75,158		$	80,413		$	79,198
Inflows	3,945			3,340			5,405
Outflows	(4,880)			(3,387)			(6,487)
Net inflows (outflows)	(935)			(47)			(1,082)
Market appreciation (depreciation)	9,630			(4,604)			3,545
Distributions	(717)			(604)			(1,236)

Total increase (decrease)	7,978			(5,255)			1,227
Assets under management, end of period	$	83,136		$	75,158		$	80,425		10.6	%	3.4	%
Average assets under management	$	76,988		$	79,966		$	80,511		(3.7	%)	(4.4	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
	Years Ended
	December 31, 2023			December 31, 2022			% Change
U.S. Real Estate
Assets under management, beginning of period	$	35,108		$	49,915
Inflows	7,077			10,572
Outflows	(6,521)			(10,869)
Net inflows (outflows)	556			(297)
Market appreciation (depreciation)	4,495			(12,097)
Distributions	(1,679)			(2,406)
Transfers	70			(7)
Total increase (decrease)	3,442			(14,807)
Assets under management, end of period	$	38,550		$	35,108		9.8	%
Percentage of total assets under management	46.4		%	43.7		%
Average assets under management	$	36,034		$	41,627		(13.4	%)

Preferred Securities
Assets under management, beginning of period	$	19,767		$	26,987
Inflows	4,997			7,059
Outflows	(6,890)			(10,212)
Net inflows (outflows)	(1,893)			(3,153)
Market appreciation (depreciation)	1,029			(3,240)
Distributions	(739)			(834)
Transfers	—			7
Total increase (decrease)	(1,603)			(7,220)
Assets under management, end of period	$	18,164		$	19,767		(8.1	%)
Percentage of total assets under management	21.8		%	24.6		%
Average assets under management	$	18,439		$	22,638		(18.5	%)

Global/International Real Estate
Assets under management, beginning of period	$	14,782		$	19,380
Inflows	1,529			3,848
Outflows	(1,975)			(3,289)
Net inflows (outflows)	(446)			559
Market appreciation (depreciation)	1,616			(5,039)
Distributions	(93)			(118)
Transfers	(70)			—
Total increase (decrease)	1,007			(4,598)
Assets under management, end of period	$	15,789		$	14,782		6.8	%
Percentage of total assets under management	19.0		%	18.4		%
Average assets under management	$	14,899		$	16,692		(10.7	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
	Years Ended
	December 31, 2023			December 31, 2022			% Change
Global Listed Infrastructure
Assets under management, beginning of period	$	8,596		$	8,763
Inflows	487			1,566
Outflows	(725)			(1,112)
Net inflows (outflows)	(238)			454
Market appreciation (depreciation)	204			(405)
Distributions	(206)			(216)

Total increase (decrease)	(240)			(167)
Assets under management, end of period	$	8,356		$	8,596		(2.8	%)
Percentage of total assets under management	10.1		%	10.7		%
Average assets under management	$	8,291		$	8,700		(4.7	%)

Other
Assets under management, beginning of period	$	2,172		$	1,584
Inflows	849			1,384
Outflows	(819)			(588)
Net inflows (outflows)	30			796
Market appreciation (depreciation)	130			(150)
Distributions	(55)			(58)

Total increase (decrease)	105			588
Assets under management, end of period	$	2,277		$	2,172		4.8	%
Percentage of total assets under management	2.7		%	2.7		%
Average assets under management	$	2,228		$	1,967		13.3	%

Total
Assets under management, beginning of period	$	80,425		$	106,629
Inflows	14,939			24,429
Outflows	(16,930)			(26,070)
Net inflows (outflows)	(1,991)			(1,641)
Market appreciation (depreciation)	7,474			(20,931)
Distributions	(2,772)			(3,632)

Total increase (decrease)	2,711			(26,204)
Assets under management, end of period	$	83,136		$	80,425		3.4	%
Average assets under management	$	79,891		$	91,624		(12.8	%)

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.

Effective January 1, 2023, the company revised its methodology for as adjusted results to include interest and dividends from seed investments. Prior period amounts have not been recast to conform with the current period results as the impact was not significant.


Reconciliation of U.S. GAAP to As Adjusted Financial Results Net Income Attributable to Common Stockholders and Diluted Earnings per Share
	Three Months Ended							Years Ended
(in thousands, except per share data)	December 31, 2023			September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Net income attributable to common stockholders, U.S. GAAP	$	29,817		$	32,140	$	32,498	$	129,049	$	171,042
Seed investments—net (1)	(1,651)			2,900		(539)		2,252		4,317
Accelerated vesting of restricted stock units	638			327		2,909		1,318		10,260
Lease transition and other costs - 280 Park Avenue (2)	2,459			2,321		776		9,721		776
Closed-end fund offering costs (3)	—			—		—		—		15,239

Foreign currency exchange (gains) losses—net (4)	1,921			(1,713)		3,944		2,371		(4,741)
Tax adjustments—net (5)	219			(1,203)		(858)		(4,200)		(14,642)
Net income attributable to common stockholders, as adjusted	$	33,403		$	34,772	$	38,730	$	140,511	$	182,251

Diluted weighted average shares outstanding	49,725			49,617		49,328		49,553		49,297
Diluted earnings per share, U.S. GAAP	$	0.60		$	0.65	$	0.66	$	2.60	$	3.47
Seed investments—net (1)	(0.03)			0.06		(0.01)		0.05		0.09
Accelerated vesting of restricted stock units	0.01			0.01		0.06		0.03		0.21
Lease transition and other costs - 280 Park Avenue (2)	0.05			0.05		0.02		0.20		0.02
Closed-end fund offering costs (3)	—			—		—		—		0.31

Foreign currency exchange (gains) losses—net (4)	0.04			(0.04)		0.08		0.05		(0.10)
Tax adjustments—net (5)	—		*	(0.03)		(0.02)		(0.09)		(0.30)
Diluted earnings per share, as adjusted	$	0.67		$	0.70	$	0.79	$	2.84	$	3.70
_________________________ * Amounts round to less than $0.01 per share. (1)Represents adjustment to remove the impact of consolidated investment vehicles and other seed investments from the company's financial results. In accordance with the company’s revised methodology, interest and dividends from seed investments were not included in the adjustment for the three months ended December 31, 2023 and September 30, 2023 and the year ended December 31, 2023. (2)Represents adjustment to remove the impact of lease and other expenses related to the company's prior headquarters, for which the lease expires in January 2024. From a GAAP perspective, the company is recognizing lease expense on both its prior and current headquarters as a result of overlapping lease terms. (3)Represents costs associated with the initial public offering of Cohen & Steers Real Estate Opportunities and Income Fund (RLTY). Costs are summarized in the following table:
(in thousands)	Three Months Ended							Years Ended
	December 31, 2023			September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Employee compensation and benefits	$	—		$	—	$	—	$	—	$	357
Distribution and service fees	—			—		—		—		14,224
General and administrative	—			—		—		—		658
Closed-end fund offering costs	$	—		$	—	$	—	$	—	$	15,239
(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:
(in thousands)	Three Months Ended							Years Ended
	December 31, 2023			September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Exclusion of tax effects associated with items noted above	$	158		$	(1,211)	$	443	$	(3,085)	$	(3,522)
Exclusion of discrete tax items	61			8		(1,301)		(1,115)		(11,120)
Total tax adjustments	$	219		$	(1,203)	$	(858)	$	(4,200)	$	(14,642)


Reconciliation of U.S. GAAP to As Adjusted Financial Results Revenue, Expenses, Operating Income and Operating Margin

(in thousands, except percentages)	Three Months Ended									Years Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Revenue, U.S. GAAP	$	119,188		$	123,737		$	125,335		$	489,637		$	566,906
Seed investments (1)	(142)			(186)			160			(466)			790
Revenue, as adjusted	$	119,046		$	123,551		$	125,495		$	489,171		$	567,696

Expenses, U.S. GAAP	$	81,322		$	82,866		$	78,563		$	325,160		$	350,968
Seed investments (1)	(528)			(532)			(240)			(2,021)			(838)
Accelerated vesting of restricted stock units	(638)			(327)			(2,909)			(1,318)			(10,260)
Lease transition and other costs - 280 Park Avenue (2)	(2,459)			(2,321)			(776)			(9,721)			(776)
Closed-end fund offering costs (3)	—			—			—			—			(15,239)

Expenses, as adjusted	$	77,697		$	79,686		$	74,638		$	312,100		$	323,855

Operating income, U.S. GAAP	$	37,866		$	40,871		$	46,772		$	164,477		$	215,938
Seed investments (1)	386			346			400			1,555			1,628
Accelerated vesting of restricted stock units	638			327			2,909			1,318			10,260
Lease transition and other costs - 280 Park Avenue (2)	2,459			2,321			776			9,721			776
Closed-end fund offering costs (3)	—			—			—			—			15,239


Operating income, as adjusted	$	41,349		$	43,865		$	50,857		$	177,071		$	243,841

Operating margin, U.S. GAAP	31.8		%	33.0		%	37.3		%	33.6		%	38.1		%
Operating margin, as adjusted	34.7		%	35.5		%	40.5		%	36.2		%	43.0		%
__________________________ (1)Represents adjustment to remove the impact of consolidated investment vehicles from the company's financial results. (2)Represents adjustment to remove the impact of lease and other expenses related to the company's prior headquarters, for which the lease expires in January 2024. From a GAAP perspective, the company is recognizing lease expense on both its prior and current headquarters as a result of overlapping lease terms. (3)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
(in thousands)	Three Months Ended									Years Ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Employee compensation and benefits	$	—		$	—		$	—		$	—		$	357
Distribution and service fees	—			—			—			—			14,224
General and administrative	—			—			—			—			658
Closed-end fund offering costs	$	—		$	—		$	—		$	—		$	15,239


Reconciliation of U.S. GAAP to As Adjusted Financial Results Non-operating Income (Loss)

(in thousands)	Three Months Ended						Years Ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Non-operating income (loss), U.S. GAAP	$	16,651	$	(5,159)	$	2,825	$	15,774	$	(19,041)
Seed investments—net (1)	(14,857)		9,525		(5,323)		(6,863)		24,245
Foreign currency exchange (gain) loss—net (2)	1,921		(1,713)		3,944		2,371		(4,741)
Non-operating income (loss), as adjusted	$	3,715	$	2,653	$	1,446	$	11,282	$	463
_________________________ (1)Represents adjustment to remove the impact of consolidated investment vehicles and other seed investments from the company's financial results. In accordance with the company’s revised methodology, interest and dividends from seed investments were not included in the adjustment for the three months ended December 31, 2023 and September 30, 2023 and the year ended December 31, 2023. (2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Cover Page	Jan. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 24, 2024
Entity Registrant Name	Cohen & Steers, Inc.
Entity Central Index Key	0001284812
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32236
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CNS
Security Exchange Name	NYSE
Entity Emerging Growth Company	false