v3.26.1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
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 
Fair Value Option, Disclosures
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
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 
Fair Value Measurement Inputs and Valuation Techniques
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%