v3.26.1
Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present assets and liabilities measured at fair value on a recurring basis:
June 30, 2026
(in thousands)Level 1Level 2Level 3Investments Measured at NAVTotal
Cash equivalents$30,224 $— $— $— $30,224 
Equity investments at fair value:
Equity securities$122,228 $119,034 $— $144 $241,406 
Limited partnership interests— — 84,682 3,492 88,174 
Total122,228 119,034 84,682 3,636 329,580 
Trading investments:
Fixed income— 223,455 — — 223,455 
Equity method investments— — — 9 9 
Total investments$122,228 $342,489 $84,682 $3,645 $553,044 
Derivatives - assets:
Total return swaps$— $1,924 $— $— $1,924 
Forward contracts - foreign exchange— 224 — — 224 
Total$— $2,148 $— $— $2,148 
Derivatives - liabilities:
Total return swaps$— $945 $— $— $945 
Forward contracts - foreign exchange— 3 — — 3 
Total$— $948 $— $— $948 
December 31, 2025
(in thousands)Level 1Level 2Level 3Investments Measured at NAVTotal
Cash equivalents$105,706 $— $— $— $105,706 
Equity investments at fair value:
Equity securities$118,553 $80,868 $— $138 $199,559 
Limited partnership interests— — 65,335 6,140 71,475 
Total118,553 80,868 65,335 6,278 271,034 
Trading investments:
Fixed income— 165,443 — — 165,443 
Equity method investments— — — 8 8 
Total investments$118,553 $246,311 $65,335 $6,286 $436,485 
Derivatives - assets:
Total return swaps$— $353 $— $— $353 
Forward contracts - foreign exchange— 433 — — 433 
Total$— $786 $— $— $786 
Derivatives - liabilities:
Total return swaps$— $1,964 $— $— $1,964 
Forward contracts - foreign exchange— 55 — — 55 
Total$— $2,019 $— $— $2,019 
Equity investments at fair value include certain investments for which the Company has elected the fair value option that otherwise would be accounted for under the equity method. The fair value option was elected to align the measurement
and recognition of gains and losses with the Company's other seed investments.
Equity investments at fair value for which the Company has elected the fair value option include:
•Seed investments in certain active exchange-traded funds (ETFs) that are classified as Level 1; and
•Seed investment in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) classified as Level 2. Quoted prices in active markets are not available for CNSREIT and fair value is determined using the monthly published net asset value (NAV), which is an observable transaction price. Shares of CNSREIT are not actively traded, as subscriptions and redemptions are permitted on a monthly basis.
The following tables summarize amounts related to the investments for which the fair value option has been elected:
(in thousands)June 30,
2026		December 31, 2025
Fair value
CNSREIT$119,032 $80,865 
Cohen & Steers Short Duration Preferred and Income Active ETF$19,801 N/A
Cohen & Steers Natural Resources Active ETF$19,703 $17,906 
Cohen & Steers Infrastructure Opportunities Active ETF$16,846 N/A
June 30,
2026		December 31, 2025
Ownership Interest
CNSREIT35.1 %36.9 %
Cohen & Steers Short Duration Preferred and Income Active ETF42.5 %N/A
Cohen & Steers Natural Resources Active ETF21.7 %35.7 %
Cohen & Steers Infrastructure Opportunities Active ETF38.1 %N/A
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 using NAV (or its equivalent) as a practical expedient primarily consist of limited partnership interests in private real estate funds. As of June 30, 2026 and December 31, 2025, the Company did not have the ability to redeem its interests in certain of these investments and others may be redeemed subject to certain restrictions. These investments have not been classified in the fair value hierarchy and are presented in the above tables 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
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Balance at beginning of period$79,825 $39,451 $65,335 $32,552 
Purchases/contributions85 119 14,101 7,311 
Realized and unrealized gains (losses)4,772 (323)5,246 (616)
Balance at end of period$84,682 $39,247 $84,682 $39,247 
The following tables summarize 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 June 30, 2026
(in thousands)
Valuation TechniqueUnobservable InputsRangeWeighted Average
Limited partnership interests
$84,682 Discounted cash flow Discount rate
Terminal capitalization rate
6.75% - 9.50%
5.25% - 8.00%
8.63%
7.20%
Fair Value as of December 31, 2025
(in thousands)
Valuation TechniqueUnobservable InputsRangeWeighted Average
Limited partnership interests
$65,335 Discounted cash flow Discount rate
Terminal capitalization rate
7.00% - 10.00%
5.25% - 8.75%
8.82%
7.40%
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.