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Investments (Tables)

12 Months Ended

Dec. 31, 2019

The following table summarizes the Company’s investments:



(in thousands)	December 31, 2019		December 31, 2018
Equity investments at fair value	$	89,872	$	66,795
Trading	14,980		108,363
Held-to-maturity carried at amortized cost ⁽¹⁾	49,807		49,748
Equity method	554		26
Total investments	$	155,213	$	224,932

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(1)	Held-to-maturity investments had a fair value of $50.0 million and $49.8 million at December 31, 2019 and 2018, respectively. Original maturities ranged from 12 to 24 months at December 31, 2019 and 6 to 24 months at December 31, 2018.

The Company seeded two new funds for the year ended December 31, 2019 and one new fund for the year ended December 31, 2018.

Gain (Loss) on Investments

The following tables summarize gain (loss)—net from investments:



	Years Ended December 31,
(in thousands)	2019		2018
Net realized gains (losses) during the period	$	12,227	$	(1,486	)
Net unrealized gains (losses) during the period on investments still held at the end of the period	9,446		(12,778		)
Gain (loss) from investments—net⁽¹⁾	$	21,673	$	(14,264	)

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(1)	Included net income (loss) attributable to redeemable noncontrolling interests.



(in thousands)	Year Ended December 31, 2017
Gain (loss) from trading investments—net ⁽¹⁾	$	1,915
Equity in earnings (losses) of affiliates—net	(242		)
Gain (loss) from available-for-sale investments—net	347
Gain (loss) from investments—net	$	2,020

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(1) Included net income (loss) attributable to redeemable noncontrolling interests.

Schedule of Variable Interest Entities

At December 31, 2019, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), SICAV GRE and the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP). At December 31, 2018, the Company's consolidated VIEs included GLI SICAV, GRP-CIP, SICAV Preferred and SICAV RAP.

The following tables summarize the consolidated statements of financial condition attributable to the Company's consolidated VIEs:



	December 31, 2019
(in thousands)	GLI SICAV		GRP-CIP		SICAV GRE		SICAV RAP		Total
Assets ⁽¹⁾
Investments	$	7,048	$	337	$	45,468	$	29,976	$	82,829
Due from brokers	264		203		663		613		1,743
Other assets	92		—		681		268		1,041
Total assets	$	7,404	$	540	$	46,812	$	30,857	$	85,613

Liabilities ⁽¹⁾
Due to brokers	$	45	$	—	$	92	$	229	$	366
Other liabilities and accrued expenses	100		5		466		213		784
Total liabilities	$	145	$	5	$	558	$	442	$	1,150



	December 31, 2018
(in thousands)	GLI SICAV		GRP-CIP		SICAV Preferred		SICAV RAP		Total
Assets ⁽¹⁾
Investments	$	5,704	$	550	$	120,930	$	8,929	$	136,113
Due from brokers	49		103		10,868		167		11,187
Other assets	171		—		2,136		297		2,604
Total assets	$	5,924	$	653	$	133,934	$	9,393	$	149,904

Liabilities ⁽¹⁾
Due to brokers	$	—	$	—	$	4,398	$	24	$	4,422
Other liabilities and accrued expenses	74		5		212		149		440
Total liabilities	$	74	$	5	$	4,610	$	173	$	4,862

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(1)

The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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