v3.26.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
September 30, 2026
(in thousands)Level 1Level 2Level 3Investments Measured at NAVTotal
Cash equivalents$40,027 $— $— $— $40,027 
Equity investments at fair value:
Equity securities$127,437 $121,926 $— $135 $249,498 
Limited partnership interests— — 99,920 7,692 107,612 
Total127,437 121,926 99,920 7,827 357,110 
Trading investments:
Fixed income— 263,896 — — 263,896 
Equity method investments— — — 9 9 
Total investments$127,437 $385,822 $99,920 $7,836 $621,015 
Derivatives - assets:
Total return swaps$— $2,990 $— $— $2,990 
Forward contracts - foreign exchange— 316 — — 316 
Total$— $3,306 $— $— $3,306 
Derivatives - liabilities:
Total return swaps$— $1,126 $— $— $1,126 
Forward contracts - foreign exchange— 119 — — 119 
Total$— $1,245 $— $— $1,245 
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)September 30,
2026		December 31, 2025
Fair value
CNSREIT$121,909 $80,865 
Cohen & Steers Natural Resources Active ETF$21,458 $17,906 
Cohen & Steers Short Duration Preferred and Income Active ETF$19,305 N/A
Cohen & Steers Infrastructure Opportunities Active ETF$15,977 N/A
September 30,
2026		December 31, 2025
Ownership Interest
CNSREIT31.0 %36.9 %
Cohen & Steers Natural Resources Active ETF17.4 %35.7 %
Cohen & Steers Short Duration Preferred and Income Active ETF30.9 %N/A
Cohen & Steers Infrastructure Opportunities Active ETF32.6 %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
September 30,		Nine Months Ended
September 30,
(in thousands)2026202520262025
Balance at beginning of period$84,682 $39,247 $65,335 $32,552 
Purchases/contributions14,954 6,643 29,055 13,954 
Realized and unrealized gains (losses)284 (749)5,530 (1,365)
Balance at end of period$99,920 $45,141 $99,920 $45,141 
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 September 30, 2026
(in thousands)
Valuation TechniqueUnobservable InputsRangeWeighted Average
Limited partnership interests
$87,321 Discounted cash flow Discount rate
Terminal capitalization rate
6.75% - 9.50%
5.25% - 8.00%
8.62%
7.23%
$12,599 Transaction priceN/A
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%