10-Q

________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to       

Commission File Number: 001-32236 

 ________________

COHEN & STEERS, INC.

(Exact Name of Registrant as Specified in its Charter)

 ________________ 

Delaware	14-1904657
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

280 Park Avenue, New York, NY 10017

(Address of Principal Executive Offices and Zip Code)

(212) 832-3232

(Registrant's Telephone Number, Including Area Code)

  ________________

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	$.01 par value	CNS	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
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. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of August 3, 2020 was 47,777,375.

COHEN & STEERS, INC. AND SUBSIDIARIES

Form 10-Q

Index

		Page
Part I.	Financial Information
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Financial Condition (Unaudited)	1
	Condensed Consolidated Statements of Operations (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	3
	Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests (Unaudited)	4
	Condensed Consolidated Statements of Cash Flows (Unaudited)	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
Part II.	Other Information *
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 6.	Exhibits	44
Signatures		45

* Items other than those listed above have been omitted because they are not applicable.

Forward-Looking Statements

This report and other documents filed by us 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 management's current views and expectations with respect to, among other things, our operations and financial performance, and the impact of the ongoing coronavirus (COVID-19) pandemic on the current economic environment and our business. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "may," "should," "seeks," "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. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of this report, our Annual Report on Form 10-K for the year ended December 31, 2019 (the Form 10-K) and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the First Quarter 10-Q), each of which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our 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 this report, the Form 10-K, the First Quarter 10-Q and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

PART I—Financial Information

Item 1. Financial Statements

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(in thousands, except share data)

	June 30, 2020		December 31, 2019
ASSETS
Cash and cash equivalents	$	88,135	$	101,352
Investments ($68,255 and $82,829) (1)	147,538		155,213
Accounts receivable	51,995		59,101
Due from brokers ($497 and $1,743) (1)	497		1,743
Property and equipment—net	11,584		12,486
Operating lease right-of-use assets	33,395		38,440
Goodwill and intangible assets—net	19,567		19,560
Deferred income tax asset—net	6,902		7,091
Other assets ($1,451 and $1,041) (1)	8,675		7,433
Total assets	$	368,288	$	402,419
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accrued compensation	$	22,045	$	48,105
Distribution and service fees payable	7,477		7,318
Operating lease liabilities	37,716		43,349
Income tax payable	33,629		22,194
Due to brokers ($62 and $366) (1)	62		366
Other liabilities and accrued expenses ($621 and $784) (1)	10,743		13,972
Total liabilities	111,672		135,304
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests	43,073		53,412
Stockholders' equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,447,883 and 52,580,246 shares issued at June 30, 2020 and December 31, 2019, respectively	535		527
Additional paid-in capital	652,579		636,788
Accumulated deficit	(231,409)		(242,461)
Accumulated other comprehensive loss, net of tax	(7,422)		(6,326)
Less: Treasury stock, at cost, 5,674,168 and 5,329,820 shares at June 30, 2020 and December 31, 2019, respectively	(200,740)		(174,825)
Total stockholders' equity	213,543		213,703
Total liabilities and stockholders' equity	$	368,288	$	402,419

_________________________

(1) Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

See notes to condensed consolidated financial statements

1

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019 (1)		2020		2019 (1)
Revenue:
Investment advisory and administration fees	$	86,648	$	93,854	$	183,937	$	180,658
Distribution and service fees	6,930		7,418		14,713		14,391
Other	509		520		1,267		969
Total revenue	94,087		101,792		199,917		196,018
Expenses:
Employee compensation and benefits	34,320		36,846		72,937		70,561
Distribution and service fees	12,518		14,188		26,622		26,724
General and administrative	10,726		11,539		34,314		22,977
Depreciation and amortization	1,228		1,115		2,380		2,217
Total expenses	58,792		63,688		136,253		122,479
Operating income (loss)	35,295		38,104		63,664		73,539
Non-operating income (loss):
Interest and dividend income—net	893		1,920		2,042		3,461
Gain (loss) from investments—net	7,317		1,874		(14,710)		15,738
Foreign currency gain (loss)—net	(257)		742		778		247
Total non-operating income (loss)	7,953		4,536		(11,890)		19,446
Income before provision for income taxes	43,248		42,640		51,774		92,985
Provision for income taxes	11,086		9,991		11,544		20,359
Net income	32,162		32,649		40,230		72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)		(1,316)		8,862		(8,750)
Net income attributable to common stockholders	$	28,520	$	31,333	$	49,092	$	63,876
Earnings per share attributable to common stockholders:
Basic	$	0.60	$	0.66	$	1.03	$	1.35
Diluted	$	0.59	$	0.65	$	1.01	$	1.33
Dividends declared per share	$	0.39	$	0.36	$	0.78	$	0.72
Weighted average shares outstanding:
Basic	47,826		47,304		47,739		47,226
Diluted	48,572		48,175		48,549		47,942

_________________________

(1) Revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

See notes to condensed consolidated financial statements

2

COHEN & STEERS, INC. AND SUBSIDIARIES

        CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income	$	32,162	$	32,649	$	40,230	$	72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)		(1,316)		8,862		(8,750)
Net income attributable to common stockholders	28,520		31,333		49,092		63,876
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	404		(298)		(1,096)		100
Total comprehensive income attributable to common stockholders	$	28,924	$	31,035	$	47,996	$	63,976

See notes to condensed consolidated financial statements

3

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND

REDEEMABLE NONCONTROLLING INTERESTS (Unaudited)

(in thousands, except per share data)

	Three Months Ended June 30, 2020
	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock		Total Stockholders' Equity		Redeemable Noncontrolling Interests
April 1, 2020	$	535	$	644,397	$	(240,930)	$	(7,826)	$	(200,672)	$	195,504	$	41,601
Dividends ($0.39 per share)	—		—		(18,999)		—		—		(18,999)		—
Issuance of common stock	—		305		—		—		—		305		—
Repurchase of common stock	—		—		—		—		(68)		(68)		—
Issuance of restricted stock units—net	—		516		—		—		—		516		—
Amortization of restricted stock units	—		7,376		—		—		—		7,376		—
Forfeitures of restricted stock units	—		(15)		—		—		—		(15)		—
Net income	—		—		28,520		—		—		28,520		3,642
Other comprehensive income (loss), net of tax	—		—		—		404		—		404		—
Net contributions (distributions) attributable to redeemable noncontrolling interests	—		—		—		—		—		—		(2,170)
June 30, 2020	$	535	$	652,579	$	(231,409)	$	(7,422)	$	(200,740)	$	213,543	$	43,073
	Three Months Ended June 30, 2019
	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock		Total Stockholders' Equity		Redeemable Noncontrolling Interests
April 1, 2019	$	525	$	609,854	$	(193,523)	$	(6,925)	$	(174,770)	$	235,161	$	64,354
Dividends ($0.36 per share)	—		—		(17,662)		—		—		(17,662)		—
Issuance of common stock	1		219		—		—		—		220		—
Repurchase of common stock	—		—		—		—		(32)		(32)		—
Issuance of restricted stock units—net	—		786		—		—		—		786		—
Amortization of restricted stock units	—		6,875		—		—		—		6,875		—
Forfeitures of restricted stock units	—		(8)		—		—		—		(8)		—
Net income	—		—		31,333		—		—		31,333		1,316
Other comprehensive income (loss), net of tax	—		—		—		(298)		—		(298)		—
Net contributions (distributions) attributable to redeemable noncontrolling interests	—		—		—		—		—		—		(27,566)
June 30, 2019	$	526	$	617,726	$	(179,852)	$	(7,223)	$	(174,802)	$	256,375	$	38,104

See notes to condensed consolidated financial statements

4

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND

REDEEMABLE NONCONTROLLING INTERESTS (Unaudited)—(Continued)

(in thousands, except per share data)

	Six Months Ended June 30, 2020
	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock		Total Stockholders' Equity		Redeemable Noncontrolling Interests
January 1, 2020	$	527	$	636,788	$	(242,461)	$	(6,326)	$	(174,825)	$	213,703	$	53,412
Dividends ($0.78 per share)	—		—		(38,040)		—		—		(38,040)		—
Issuance of common stock	8		602		—		—		—		610		—
Repurchase of common stock	—		—		—		—		(25,915)		(25,915)		—
Issuance of restricted stock units—net	—		1,069		—		—		—		1,069		—
Amortization of restricted stock units	—		14,151		—		—		—		14,151		—
Forfeitures of restricted stock units	—		(31)		—		—		—		(31)		—
Net income	—		—		49,092		—		—		49,092		(8,862)
Other comprehensive income (loss), net of tax	—		—		—		(1,096)		—		(1,096)		—
Net contributions (distributions) attributable to redeemable noncontrolling interests	—		—		—		—		—		—		(1,477)
June 30, 2020	$	535	$	652,579	$	(231,409)	$	(7,422)	$	(200,740)	$	213,543	$	43,073
	Six Months Ended June 30, 2019
	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss), Net of Tax		Treasury Stock		Total Stockholders' Equity		Redeemable Noncontrolling Interests
January 1, 2019	$	518	$	602,272	$	(208,404)	$	(7,323)	$	(164,417)	$	222,646	$	114,192
Dividends ($0.72 per share)	—		—		(35,324)		—		—		(35,324)		—
Issuance of common stock	8		534		—		—		—		542		—
Repurchase of common stock	—		—		—		—		(10,385)		(10,385)		—
Issuance of restricted stock units—net	—		1,583		—		—		—		1,583		—
Amortization of restricted stock units	—		13,345		—		—		—		13,345		—
Forfeitures of restricted stock units	—		(8)		—		—		—		(8)		—
Net income	—		—		63,876		—		—		63,876		8,750
Other comprehensive income (loss), net of tax	—		—		—		100		—		100		—
Net contributions (distributions) attributable to redeemable noncontrolling interests	—		—		—		—		—		—		(16,634)
Net consolidation (deconsolidation) of Company-sponsored funds	—		—		—		—		—		—		(68,204)
June 30, 2019	$	526	$	617,726	$	(179,852)	$	(7,223)	$	(174,802)	$	256,375	$	38,104

See notes to condensed consolidated financial statements

5

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

	Six Months Ended June 30,
	2020		2019
Cash flows from operating activities:
Net income	$	40,230	$	72,626
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net	14,561		13,766
Amortization of deferred commissions	885		469
Depreciation and amortization	2,380		2,217
Amortization of right-of-use assets	5,045		5,056
Amortization (accretion) of premium (discount) on held-to-maturity investments	(168)		(301)
(Gain) loss from investments—net	14,710		(15,738)
Deferred income taxes	222		34
Foreign currency (gain) loss	(245)		(158)
Changes in operating assets and liabilities:
Accounts receivable	7,351		(3,823)
Due from brokers	1,246		49
Deferred commissions	(742)		(624)
Investments within consolidated funds	568		1,828
Other assets	(6,549)		136
Accrued compensation	(26,060)		(20,158)
Distribution and service fees payable	159		(1,690)
Operating lease liabilities	(5,633)		(5,459)
Due to brokers	(304)		1,680
Income tax payable	11,435		(22)
Other liabilities and accrued expenses	(3,490)		(3,981)
Net cash provided by (used in) operating activities	55,601		45,907
Cash flows from investing activities:
Purchases of investments	(8,755)		(18,727)
Proceeds from sales and maturities of investments	6,735		44,010
Purchases of property and equipment	(1,564)		(1,583)
Proceeds from sales of property and equipment	73		—
Net cash provided by (used in) investing activities	(3,511)		23,700
Cash flows from financing activities:
Issuance of common stock—net	518		413
Repurchase of common stock	(25,915)		(10,385)
Dividends to stockholders	(37,310)		(34,041)
Distributions to redeemable noncontrolling interests	(5,322)		(32,026)
Contributions from redeemable noncontrolling interests	3,845		15,392
Net cash provided by (used in) financing activities	(64,184)		(60,647)
Net increase (decrease) in cash and cash equivalents	(12,094)		8,960
Effect of foreign exchange rate changes on cash and cash equivalents	(1,123)		416
Cash and cash equivalents, beginning of the period	101,352		92,733
Cash and cash equivalents, end of the period	$	88,135	$	102,109

See notes to condensed consolidated financial statements

6

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

(UNAUDITED)

Supplemental disclosures of cash flow information:

During the six months ended June 30, 2020, the Company paid taxes of approximately $2,492,000 and received tax refunds of approximately $2,654,000. During the six months ended June 30, 2019, the Company paid taxes of approximately $20,699,000 and received tax refunds of approximately $352,000. In March 2020, an emergency declaration pursuant to the Stafford Act was issued, which allowed the Company to defer income tax payments of approximately $9,345,000 to July 15, 2020.

Supplemental disclosures of non-cash investing and financing activities:

In connection with its stock incentive plan, the Company recorded restricted stock unit dividend equivalents, net of forfeitures, in the amount of approximately $730,000 and $1,283,000 for the six months ended June 30, 2020 and 2019, respectively. These amounts are included in the issuance of restricted stock units and dividends in the condensed

consolidated statements of changes in stockholders' equity.

Effective January 1, 2019, the Company's proportionate ownership interest in the Cohen & Steers SICAV Global Preferred Securities Fund (SICAV Preferred) decreased and the Company reclassified its ownership interest to equity

investments at fair value. Accordingly, the Company deconsolidated the assets and liabilities of SICAV Preferred resulting in a non-cash reduction of approximately $114,192,000 from investments and redeemable noncontrolling interests to remove amounts attributable to third-party investors in SICAV Preferred.

Effective January 1, 2019, the Company's proportionate ownership interest in the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE) increased. Accordingly, the Company consolidated the assets and liabilities and the results of operations of SICAV GRE, resulting in a non-cash increase of approximately $45,988,000 to investments and redeemable noncontrolling interests to record amounts attributable to third-party investors in SICAV GRE from equity investments at fair value.

7

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Description of Business

Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Ireland Ltd. (CSIL) (collectively, the Company).

The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.

2. Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

Recently Adopted Accounting Pronouncements—In January 2017, the Financial Accounting Standards Board (FASB) issued guidance to simplify the goodwill impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. This standard amended guidance related to reporting credit losses for financial assets measured at amortized cost and replaced the incurred loss impairment model with a current expected credit loss (CECL) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates due to factors we can not fully predict including the extent of the impact to the Company's business from the ongoing COVID-19 pandemic. The extent to which the COVID-19 pandemic may continue to impact the Company's business, results of operations, financial condition, liquidity or prospects could affect the Company's accounting estimates and will depend on ongoing and future developments which are highly uncertain and cannot be predicted, including the duration and severity of the pandemic, the prospects for a sustained recovery in the financial markets and the length of time it will take for the Company's workforce to fully and safely return to the workplace.

Reclassifications—The Company reclassified certain prior period amounts in the condensed consolidated financial statements to conform with the current period presentation. Prior period revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

8

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests.

A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.

Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company's ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund.

The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%.

Cash and Cash Equivalents—Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less.

Due from/to Brokers—Company-sponsored funds that are consolidated transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.

Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At June 30, 2020, the Company's investments were comprised of the following:

•Equity investments at fair value, which generally represent equity securities held within the consolidated Company-sponsored funds, individual equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence.

•Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and individual debt securities held directly for the purposes of establishing performance track records.

•Held-to-maturity investments, which generally represent fixed income securities recorded at amortized cost. Under the CECL model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not record any provision for credit losses on these securities during the six months ended June 30, 2020.

•Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests in the Company-sponsored fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the Company-sponsored fund's net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios, including options, futures and swaps contracts. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into foreign exchange contracts to hedge its currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.

Leases—The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of the lease commencement dates in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.

Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company's investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts.

Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interest is recorded at fair value which approximates the redemption value at each reporting period.

Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are therefore excluded from the transaction price until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.

Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes.

Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis.

Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds.

Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average assets under management.

Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management.

Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred.

Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete items during the period.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company's global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.

Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was ($7,422,000) and ($6,326,000) at June 30, 2020 and December 31, 2019, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s condensed consolidated statements of operations.

Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax.

Recently Issued Accounting Pronouncements—In December 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the rate approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This new guidance will be effective on January 1, 2021. The Company does not expect the adoption of the new standard to have a material effect on its condensed consolidated financial statements and related disclosures.

3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Client domicile:
North America	$	81,407	$	87,267	$	172,414	$	167,710
Japan	7,486		8,387		15,902		16,618
Asia Pacific excluding Japan	2,536		2,554		5,608		5,706
Europe, Middle East and Africa	2,658		3,584		5,993		5,984
Total	$	94,087	$	101,792	$	199,917	$	196,018

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment vehicle:
Open-end funds (1)	$	51,566	$	53,860	$	109,157	$	102,460
Closed-end funds	17,512		20,002		37,134		39,054
Institutional accounts	24,500		27,410		52,359		53,535
Other (2)	509		520		1,267		969
Total	$	94,087	$	101,792	$	199,917	$	196,018

________________________

(1) Included distribution and service fees of $6.9 million and $7.4 million for the three months ended June 30, 2020 and 2019, respectively, and $14.7 million and $14.4 million for the six months ended June 30, 2020 and 2019, respectively.

(2) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts.

4. Investments

The following table summarizes the Company's investments:

(in thousands)	June 30, 2020		December 31, 2019
Equity investments at fair value	$	79,834	$	89,872
Trading	17,278		14,980
Held-to-maturity carried at amortized cost (1)	49,975		49,807
Equity method	451		554
Total investments	$	147,538	$	155,213

_________________________

(1) Held-to-maturity investments had a fair value of approximately $50.2 million and $50.0 million at June 30, 2020 and December 31, 2019, respectively. These securities would be classified as level 2 within the fair value hierarchy if carried at fair value. Original maturities ranged from 12 to 24 months at June 30, 2020 and December 31, 2019.

The Company seeded one new fund during the six months ended June 30, 2019.

The following table summarizes gain (loss)—net from investments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Net realized gains (losses) during the period	$	(4,191)	$	4,526	$	(5,421)	$	3,759
Net unrealized gains (losses) during the period on investments still held at the end of the period	11,508		(2,652)		(9,289)		11,979
Gain (loss) from investments—net (1)	$	7,317	$	1,874	$	(14,710)	$	15,738

________________________

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

At June 30, 2020 and 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).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

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

	June 30, 2020
(in thousands)	GLI SICAV		GRP-CIP		SICAV GRE		SICAV RAP		Total
Assets (1)
Investments	$	6,474	$	271	$	33,039	$	28,471	$	68,255
Due from brokers	—		69		361		67		497
Other assets	165		—		861		425		1,451
Total assets	$	6,639	$	340	$	34,261	$	28,963	$	70,203
Liabilities (1)
Due to brokers	$	—	$	—	$	—	$	62	$	62
Other liabilities and accrued expenses	110		5		307		199		621
Total liabilities	$	110	$	5	$	307	$	261	$	683

	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

_________________________

(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.

5. Fair Value

Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:

•Level 1—Unadjusted quoted prices for identical instruments in active markets.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

The following tables present fair value measurements:

	June 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	73,897	$	—	$	—	$	—	$	—	$	73,897
Equity investments at fair value
Common stocks	$	77,672	$	—	$	—	$	—	$	—	$	77,672
Company-sponsored funds	125		—		—		—		—		125
Limited partnership interests	756		—		—		271		—		1,027
Preferred securities	839		56		—		—		—		895
Other	—		—		—		115		—		115
Total	$	79,392	$	56	$	—	$	386	$	—	$	79,834
Trading investments
Fixed income	$	83	$	17,195	$	—	$	—	$	—	$	17,278
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,975	$	49,975
Equity method investments	$	—	$	—	$	—	$	451	$	—	$	451
Total investments	$	79,475	$	17,251	$	—	$	837	$	49,975	$	147,538
Derivatives - assets
Commodity futures	$	341	$	—	$	—	$	—	$	—	$	341
Foreign exchange	—		58		—		—		—		58
Total	$	341	$	58	$	—	$	—	$	—	$	399
Derivatives - liabilities
Commodity futures	$	237	$	—	$	—	$	—	$	—	$	237
Commodity swaps	—		49		—		—		—		49
Foreign exchange	—		95		—		—		—		95
Total	$	237	$	144	$	—	$	—	$	—	$	381

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	85,889	$	—	$	—	$	—	$	—	$	85,889
Equity investments at fair value
Common stocks	$	87,408	$	—	$	—	$	—	$	—	$	87,408
Company-sponsored funds	132		—		—		—		—		132
Limited partnership interests	1,048		—		—		337		—		1,385
Preferred securities	704		108		—		—		—		812
Other	—		—		—		135		—		135
Total	$	89,292	$	108	$	—	$	472	$	—	$	89,872
Trading investments
Fixed income	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Equity method investments	$	—	$	—	$	—	$	554	$	—	$	554
Total investments	$	89,292	$	15,088	$	—	$	1,026	$	49,807	$	155,213
Derivatives - assets
Commodity futures	$	570	$	—	$	—	$	—	$	—	$	570
Foreign exchange	—		74		—		—		—		74
Total	$	570	$	74	$	—	$	—	$	—	$	644
Derivatives - liabilities
Commodity futures	$	339	$	—	$	—	$	—	$	—	$	339
Commodity swaps	—		173		—		—		—		173
Foreign exchange	—		44		—		—		—		44
Total	$	339	$	217	$	—	$	—	$	—	$	556

Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.

Equity investments at fair value classified as level 2 were comprised of certain preferred securities with predominately equity-like characteristics whose fair values are generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.

Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts 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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments were comprised of:

•Equity investments at fair value - includes limited partner interests in limited partnership vehicles that invest in non-registered real estate funds and the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table), both of which are valued based on the NAVs of the underlying investments. At June 30, 2020 and December 31, 2019, the Company did not have the ability to redeem the interests in the limited partnership vehicles; there were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust.

•Equity method investments - includes the Company's partnership interests in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) and the Cohen & Steers Global Realty Focus Fund (GRF), a series of Cohen & Steers Series LP. GRP-TE invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either June 30, 2020 or December 31, 2019. GRF invests in global real estate investment trusts and other publicly traded real estate companies. The Company's ownership interest was approximately 1.0% and the Company had the ability to redeem the investment in GRF with 15 days' notice. The Company's risk with respect to both investments is limited to its equity ownership interest and any uncollected management fees.

Held-to-maturity investments were comprised of U.S. Treasury securities, which were directly issued by the U.S. government, with original maturities of 12 to 24 months at June 30, 2020 and December 31, 2019. These securities were purchased with the intent to hold to maturity and are recorded at amortized cost.

Investments measured at NAV and held-to-maturity investments have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.

Commodity swap contracts classified as level 2 were valued based on the underlying futures contracts.

Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate.

Valuation Techniques

In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.

Foreign exchange contracts are valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

6. Derivatives

The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship:

	As of June 30, 2020
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	11,246	$	3,168	$	341	$	237
Commodity swaps	—		7,784		—		49
Foreign exchange	—		9,091		58		95
	$	11,246	$	20,043	$	399	$	381

	As of December 31, 2019
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	14,394	$	4,623	$	570	$	339
Commodity swaps	—		8,909		—		173
Foreign exchange	—		10,787		74		44
	$	14,394	$	24,319	$	644	$	556

________________________

(1) The fair value of the derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the

Company's condensed consolidated statements of financial condition.

The Company's exposure to commodity futures is limited to certain seed investments. Commodity swap contracts are utilized to economically hedge and reduce the overall risk of the Company's market exposure to these investments. The Company enters into foreign exchange contracts to sell currency to economically hedge exposure arising from certain non-U.S. dollar investment advisory fees.

Investments of approximately $1,675,000 and $1,713,000 on the condensed consolidated statements of financial condition at June 30, 2020 and December 31, 2019, respectively, were held as collateral for futures and swap contracts.

The following table summarizes net gains (losses) from derivative financial instruments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Commodity futures	$	412	$	(155)	$	(1,689)	$	741
Commodity swaps	(381)		395		1,760		(346)
Foreign exchange	(164)		(228)		(67)		(36)
Total (1)	$	(133)	$	12	$	4	$	359

________________________

(1) Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's

        condensed consolidated statements of operations.

7. Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.

18

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

Anti-dilutive common stock equivalents of approximately 63,000 shares were excluded from the computation for the three months ended June 30, 2020. There were no anti-dilutive common stock equivalents for either the three months ended June 30, 2019 or six months ended June 30, 2020. Anti-dilutive common stock equivalents of approximately 2,300 shares were excluded from the computation for the six months ended June 30, 2019.

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2020		2019		2020		2019
Net income	$	32,162	$	32,649	40,230		72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)		(1,316)		8,862		(8,750)
Net income attributable to common stockholders	$	28,520	$	31,333	$	49,092	$	63,876
Basic weighted average shares outstanding	47,826		47,304		47,739		47,226
Dilutive potential shares from restricted stock units	746		871		810		716
Diluted weighted average shares outstanding	48,572		48,175		48,549		47,942
Basic earnings per share attributable to common stockholders	$	0.60	$	0.66	1.03		1.35
Diluted earnings per share attributable to common stockholders	$	0.59	$	0.65	1.01		1.33

8. Income Taxes

The provision for income taxes includes U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended June 30, 2020 was approximately 28.0%, compared with approximately 24.2% for the three months ended June 30, 2019. The effective tax rate for the three months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. The effective tax rate for the three months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes.

The effective tax rate for the six months ended June 30, 2020 was approximately 19.0%, compared with approximately 24.2% for the six months ended June 30, 2019. The effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. These were more than offset by discrete tax items, primarily related to the appreciated value of the restricted stock units delivered in January 2020. The effective tax rate for the six months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes, partially offset by a discrete item related to the appreciated value of the restricted stock units delivered in January 2019.

Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset was primarily comprised of future income tax deductions attributable to the delivery of unvested restricted stock units. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized.

9. Regulatory Requirements

CSS, a registered broker-dealer in the U.S., is subject to the SEC's Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker-dealers maintain a minimum level of net capital, as prescribed by the Rule. At June 30, 2020, CSS had net capital of approximately $3.3 million, which exceeded its requirement by approximately $3.1 million. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule.

19

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At June 30, 2020, CSAL had regulatory capital of approximately $2.4 million, which exceeded its minimum regulatory capital requirement by approximately $2.0 million. During the three months ended June 30, 2020, CSAL paid dividends in the amount of approximately $12.9 million to its parent, Cohen & Steers Capital Management, Inc.

CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At June 30, 2020, CSUK had regulatory capital of approximately $26.2 million, which exceeded its minimum regulatory capital requirement by approximately $21.9 million.

10. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds for which certain employees are officers and/or directors.

The following table summarizes the amount of revenue the Company earned from these Company-sponsored funds:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment advisory and administration fees (1)	$	61,035	$	65,409	$	129,377	$	125,105
Distribution and service fees	6,930		7,418		14,713		14,391
Total	$	67,965	$	72,827	$	144,090	$	139,496

_________________________

(1) Investment advisory and administration fees are reflected net of fund reimbursements of $2.9 million and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, and $6.1 million and $4.8 million for the six months ended June 30, 2020 and 2019, respectively.

The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Proceeds from sales	$	—	$	5,399	$	7	$	26,506
Gross realized gains	—		32		—		32
Gross realized losses	—		—		—		(907)
Dividend income	1		28		2		30

Included in accounts receivable at June 30, 2020 and December 31, 2019 are receivables due from Company-sponsored funds of approximately $23,955,000 and $26,701,000, respectively. Included in accounts payable at June 30, 2020 and December 31, 2019 are payables due to Company-sponsored funds of approximately $1,079,000 and $474,000, respectively.

11. Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its condensed consolidated results of operations, cash flows or financial position.

The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of June 30, 2020, the Company had funded approximately $3.8 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds in which GRP-TE and GRP-CIP invest. At June 30, 2020, the unfunded commitment was not recorded on the Company's condensed consolidated statements of financial condition.

20

COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(UNAUDITED)

12. Concentration of Credit Risk

The Company's cash and cash equivalents are principally on deposit with several highly rated financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations.

13. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.

On August 6, 2020, the Company declared a quarterly dividend on its common stock in the amount of $0.39 per share. The dividend will be payable on August 27, 2020 to stockholders of record at the close of business on August 17, 2020.

21

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2020 and 2019. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.

Executive Overview

General

We are a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, we are headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.

Our primary investment strategies include U.S. real estate securities, global/international real estate securities, global listed infrastructure, midstream energy and MLPs, real assets multi-strategy, preferred securities, low duration preferred securities and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts, and subadvised portfolios.

Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers, and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies, and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly, or through consultants and other intermediaries.

Our revenue is derived from fees received from our clients, including fees for managing or subadvising client accounts as well as investment advisory, administration, distribution and service fees received from Company-sponsored open-end and closed-end funds. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, investment performance. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.

COVID-19

On March 11, 2020, the World Health Organization characterized the coronavirus (COVID-19) outbreak as a pandemic. As its impacts became more severe, several governments across the world took rapid steps to contain the virus by restricting human movement through numerous measures including travel bans, social distancing, quarantines, shelter-in-place orders, and business shutdowns. These measures resulted in an unprecedented near-halt of the global economy. While some of these restrictions have begun to ease in certain regions, a return to more ordinary course economic activity is dependent on the duration and severity of the COVID-19 pandemic, which are in turn dependent on a series of evolving factors, including the severity and transmission rate of the virus, the extent and effectiveness of containment efforts, and policy decisions made by governments across the globe as they react to evolving local and global conditions. There are no comparable recent events that can provide guidance as to the effect of the COVID-19 pandemic, and, as a result, the ultimate impact of the coronavirus outbreak or a similar health epidemic is highly uncertain. The U.S. and other countries continue to struggle with rolling outbreaks of the virus, and the full extent of the pandemic’s impact on the global economy, our business and our results of operations is still unfolding.

The Company is continuously managing and evaluating its strategy and response to the COVID-19 pandemic. During the first quarter of 2020, we activated our Business Continuity Plan and the majority of our employees continue to work from home. Ongoing business operations, including investment, trading, operational and client service capabilities have not been materially impacted as a result of the ongoing COVID-19 pandemic; however, there is no assurance that they will not be impacted in future periods. We have also altered our travel policy, suspending all domestic and international air travel, and are leveraging our IT infrastructure to conduct virtual meetings with both internal and external parties. We remain focused on managing our clients' portfolios while maintaining the safety of our employees, families and communities.

22

The full scope and duration of the social, market and economic fallout from the COVID-19 pandemic is currently unfolding and impossible to predict, and conditions emanating from the outbreak could worsen from those already experienced, including the possibility of a steep and prolonged economic downturn or global recession. Please refer to Part II - Item 1A Risk Factors below for additional information regarding the effect on our business COVID-19 has had and may continue to have.

23

Assets Under Management

By Investment Vehicle

(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019 (1)			2020			2019 (1)
Institutional Accounts
Assets under management, beginning of period	$	25,045		$	30,431		$	31,813		$	27,148
Inflows	1,904			953			4,167			1,804
Outflows	(523)			(2,174)			(1,984)			(3,361)
Net inflows (outflows)	1,381			(1,221)			2,183			(1,557)
Market appreciation (depreciation)	2,775			725			(4,479)			4,700
Distributions	(334)			(333)			(650)			(694)
Transfers	—			—			—			5
Total increase (decrease)	3,822			(829)			(2,946)			2,454
Assets under management, end of period	$	28,867		$	29,602		$	28,867		$	29,602
Percentage of total assets under management	43.5		%	44.4		%	43.5		%	44.4		%
Average assets under management	$	27,111		$	30,246		$	28,524		$	29,719
Open-end Funds
Assets under management, beginning of period	$	24,561		$	26,407		$	30,725		$	22,295
Inflows	5,163			3,002			9,540			6,102
Outflows	(3,124)			(1,839)			(7,434)			(3,529)
Net inflows (outflows)	2,039			1,163			2,106			2,573
Market appreciation (depreciation)	2,898			803			(3,106)			3,717
Distributions	(577)			(810)			(804)			(1,017)
Transfers	—			—			—			(5)
Total increase (decrease)	4,360			1,156			(1,804)			5,268
Assets under management, end of period	$	28,921		$	27,563		$	28,921		$	27,563
Percentage of total assets under management	43.6		%	41.4		%	43.6		%	41.4		%
Average assets under management	$	26,799		$	27,056		$	28,329		$	25,863
Closed-end Funds
Assets under management, beginning of period	$	7,763		$	9,290		$	9,644		$	8,410
Inflows	1			—			404			—
Outflows	—			—			(88)			—
Net inflows (outflows)	1			—			316			—
Market appreciation (depreciation)	903			273			(1,165)			1,280
Distributions	(128)			(127)			(256)			(254)
Total increase (decrease)	776			146			(1,105)			1,026
Assets under management, end of period	$	8,539		$	9,436		$	8,539		$	9,436
Percentage of total assets under management	12.9		%	14.2		%	12.9		%	14.2		%
Average assets under management	$	8,322		$	9,338		$	8,804		$	9,161
Total
Assets under management, beginning of period	$	57,369		$	66,128		$	72,182		$	57,853
Inflows	7,068			3,955			14,111			7,906
Outflows	(3,647)			(4,013)			(9,506)			(6,890)
Net inflows (outflows)	3,421			(58)			4,605			1,016
Market appreciation (depreciation)	6,576			1,801			(8,750)			9,697
Distributions	(1,039)			(1,270)			(1,710)			(1,965)
Total increase (decrease)	8,958			473			(5,855)			8,748
Assets under management, end of period	$	66,327		$	66,601		$	66,327		$	66,601
Average assets under management	$	62,232		$	66,640		$	65,657		$	64,743

_________________________

(1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.

24

Assets Under Management - Institutional Accounts

By Account Type

(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019 (1)			2020			2019 (1)
Advisory
Assets under management, beginning of period	$	13,048		$	13,690		$	15,669		$	12,065
Inflows	1,103			725			2,537			1,013
Outflows	(252)			(660)			(989)			(978)
Net inflows (outflows)	851			65			1,548			35
Market appreciation (depreciation)	1,352			344			(1,966)			1,994
Transfers	—			—			—			5
Total increase (decrease)	2,203			409			(418)			2,034
Assets under management, end of period	$	15,251		$	14,099		$	15,251		$	14,099
Percentage of institutional assets under management	52.8		%	47.6		%	52.8		%	47.6		%
Average assets under management	$	14,366		$	13,866		$	14,601		$	13,505
Japan Subadvisory
Assets under management, beginning of period	$	7,792		$	10,160		$	10,323		$	9,288
Inflows	418			72			976			99
Outflows	(100)			(296)			(378)			(583)
Net inflows (outflows)	318			(224)			598			(484)
Market appreciation (depreciation)	960			243			(1,535)			1,736
Distributions	(334)			(333)			(650)			(694)
Total increase (decrease)	944			(314)			(1,587)			558
Assets under management, end of period	$	8,736		$	9,846		$	8,736		$	9,846
Percentage of institutional assets under management	30.3		%	33.3		%	30.3		%	33.3		%
Average assets under management	$	8,128		$	9,888		$	8,866		$	9,896
Subadvisory Excluding Japan
Assets under management, beginning of period	$	4,205		$	6,581		$	5,821		$	5,795
Inflows	383			156			654			692
Outflows	(171)			(1,218)			(617)			(1,800)
Net inflows (outflows)	212			(1,062)			37			(1,108)
Market appreciation (depreciation)	463			138			(978)			970
Total increase (decrease)	675			(924)			(941)			(138)
Assets under management, end of period	$	4,880		$	5,657		$	4,880		$	5,657
Percentage of institutional assets under management	16.9		%	19.1		%	16.9		%	19.1		%
Average assets under management	$	4,617		$	6,492		$	5,057		$	6,318
Total Institutional Accounts
Assets under management, beginning of period	$	25,045		$	30,431		$	31,813		$	27,148
Inflows	1,904			953			4,167			1,804
Outflows	(523)			(2,174)			(1,984)			(3,361)
Net inflows (outflows)	1,381			(1,221)			2,183			(1,557)
Market appreciation (depreciation)	2,775			725			(4,479)			4,700
Distributions	(334)			(333)			(650)			(694)
Transfers	—			—			—			5
Total increase (decrease)	3,822			(829)			(2,946)			2,454
Assets under management, end of period	$	28,867		$	29,602		$	28,867		$	29,602
Average assets under management	$	27,111		$	30,246		$	28,524		$	29,719

_________________________

(1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.

25

Assets Under Management

By Investment Strategy

(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019 (1)			2020			2019 (1)
U.S. Real Estate
Assets under management, beginning of period	$	23,794		$	28,608		$	31,024		$	24,627
Inflows	3,596			1,905			6,083			3,255
Outflows	(1,522)			(1,507)			(3,453)			(2,489)
Net inflows (outflows)	2,074			398			2,630			766
Market appreciation (depreciation)	3,035			807			(4,342)			4,899
Distributions	(784)			(993)			(1,224)			(1,472)
Transfers	—			21			31			21
Total increase (decrease)	4,325			233			(2,905)			4,214
Assets under management, end of period	$	28,119		$	28,841		$	28,119		$	28,841
Percentage of total assets under management	42.4		%	43.3		%	42.4		%	43.3		%
Average assets under management	$	25,642		$	28,778		$	27,595		$	27,937
Preferred Securities
Assets under management, beginning of period	$	14,872		$	14,940		$	17,581		$	13,068
Inflows	2,075			1,277			4,531			3,035
Outflows	(1,319)			(818)			(3,895)			(1,542)
Net inflows (outflows)	756			459			636			1,493
Market appreciation (depreciation)	1,653			481			(742)			1,456
Distributions	(165)			(145)			(328)			(282)
Transfers	—			—			(31)			—
Total increase (decrease)	2,244			795			(465)			2,667
Assets under management, end of period	$	17,116		$	15,735		$	17,116		$	15,735
Percentage of total assets under management	25.8		%	23.6		%	25.8		%	23.6		%
Average assets under management	$	16,422		$	15,293		$	16,856		$	14,705
Global/International Real Estate
Assets under management, beginning of period	$	11,005		$	12,878		$	13,509		$	11,047
Inflows	1,108			579			2,855			1,240
Outflows	(482)			(1,408)			(1,380)			(1,877)
Net inflows (outflows)	626			(829)			1,475			(637)
Market appreciation (depreciation)	1,059			206			(2,286)			1,864
Distributions	(31)			(59)			(39)			(78)
Total increase (decrease)	1,654			(682)			(850)			1,149
Assets under management, end of period	$	12,659		$	12,196		$	12,659		$	12,196
Percentage of total assets under management	19.1		%	18.3		%	19.1		%	18.3		%
Average assets under management	$	11,799		$	12,872		$	12,288		$	12,499

_________________________

(1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.

26

Assets Under Management

By Investment Strategy - continued

(in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019 (1)			2020			2019 (1)
Global Listed Infrastructure
Assets under management, beginning of period	$	6,175		$	7,387		$	8,076		$	6,517
Inflows	252			160			542			282
Outflows	(279)			(200)			(668)			(322)
Net inflows (outflows)	(27)			(40)			(126)			(40)
Market appreciation (depreciation)	670			249			(1,078)			1,167
Distributions	(50)			(52)			(104)			(100)
Total increase (decrease)	593			157			(1,308)			1,027
Assets under management, end of period	$	6,768		$	7,544		$	6,768		$	7,544
Percentage of total assets under management	10.2		%	11.3		%	10.2		%	11.3		%
Average assets under management	$	6,763		$	7,412		$	7,189		$	7,248
Other
Assets under management, beginning of period	$	1,523		$	2,315		$	1,992		$	2,594
Inflows	37			34			100			94
Outflows	(45)			(80)			(110)			(660)
Net inflows (outflows)	(8)			(46)			(10)			(566)
Market appreciation (depreciation)	159			58			(302)			311
Distributions	(9)			(21)			(15)			(33)
Transfers	—			(21)			—			(21)
Total increase (decrease)	142			(30)			(327)			(309)
Assets under management, end of period	$	1,665		$	2,285		$	1,665		$	2,285
Percentage of total assets under management	2.5		%	3.4		%	2.5		%	3.4		%
Average assets under management	$	1,606		$	2,285		$	1,729		$	2,354
Total
Assets under management, beginning of period	$	57,369		$	66,128		$	72,182		$	57,853
Inflows	7,068			3,955			14,111			7,906
Outflows	(3,647)			(4,013)			(9,506)			(6,890)
Net inflows (outflows)	3,421			(58)			4,605			1,016
Market appreciation (depreciation)	6,576			1,801			(8,750)			9,697
Distributions	(1,039)			(1,270)			(1,710)			(1,965)
Total increase (decrease)	8,958			473			(5,855)			8,748
Assets under management, end of period	$	66,327		$	66,601		$	66,327		$	66,601
Average assets under management	$	62,232		$	66,640		$	65,657		$	64,743

_________________________

(1) Amounts have been recast to include model-based portfolios which were previously classified as assets under advisement.

27

Investment Performance at June 30, 2020

_________________________

(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) © 2020 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 June 30, 2020. 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.

Overview

Assets under management at June 30, 2020 decreased 0.4% to $66.3 billion from $66.6 billion at June 30, 2019. The decrease was due to market depreciation of $3.9 billion, which included the impact of the market declines in the first quarter of 2020 primarily related to the COVID-19 pandemic, and distributions of $3.7 billion, partially offset by net inflows of $7.3 billion. Net inflows included $3.8 billion into U.S. real estate, $1.9 billion into global/international real estate and $1.8 billion into preferred securities. Market depreciation included $1.9 billion from U.S. real estate, $1.3 billion from global/international real estate and $725 million from global listed infrastructure. Distributions included $2.6 billion from U.S. real estate and $643 million from preferred securities. Our annualized organic growth rate was 24.0% for the three months ended June 30, 2020, compared with organic decay of 0.4% for the three months ended June 30, 2019. The organic growth/decay rate represents the ratio of annualized net flows for the quarter to the beginning assets under management of the respective period.

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Average assets under management for the three months ended June 30, 2020 decreased 6.6% to $62.2 billion from $66.6 billion for the three months ended June 30, 2019.

Institutional accounts

Assets under management in institutional accounts at June 30, 2020, which represented 43.5% of total assets under management, decreased 2.5% to $28.9 billion from $29.6 billion at June 30, 2019. The decrease was due to market depreciation of $2.3 billion and distributions of $1.3 billion, partially offset by net inflows of $2.8 billion. Net inflows included $1.9 billion into global/international real estate and $1.1 billion into U.S. real estate, partially offset by net outflows of $222 million from preferred securities. Market depreciation included $1.0 billion from global/international real estate, $968 million from U.S. real estate and $222 million from global listed infrastructure. Distributions included $1.2 billion from U.S. real estate. Our annualized organic growth rate for institutional accounts was 22.2% for the three months ended June 30, 2020, compared with organic decay of 16.1% for the three months ended June 30, 2019.

Average assets under management for institutional accounts for the three months ended June 30, 2020 decreased 10.4% to $27.1 billion from $30.2 billion for the three months ended June 30, 2019.

Assets under management in institutional advisory accounts at June 30, 2020, which represented 52.8% of institutional assets under management, increased 8.2% to $15.3 billion from $14.1 billion at June 30, 2019. The increase was due to net inflows of $2.1 billion, partially offset by market depreciation of $929 million. Net inflows included $1.6 billion into global/international real estate and $275 million into U.S. real estate. Market depreciation included $458 million from global/international real estate and $275 million from U.S. real estate. Our annualized organic growth rate for institutional advisory accounts was 26.2% for the three months ended June 30, 2020, compared with 1.9% for the three months ended June 30, 2019.

Average assets under management for institutional advisory accounts for the three months ended June 30, 2020 increased 3.6% to $14.4 billion from $13.9 billion for the three months ended June 30, 2019.

Assets under management in Japan subadvisory accounts at June 30, 2020, which represented 30.3% of institutional assets under management, decreased 11.3% to $8.7 billion from $9.8 billion at June 30, 2019. The decrease was due to market depreciation of $796 million and distributions of $1.3 billion, partially offset by net inflows of $948 million. Net inflows included $921 million into U.S. real estate. Market depreciation included $654 million from U.S. real estate. Distributions included $1.2 billion from U.S. real estate. Our annualized organic growth rate for Japan subadvisory accounts was 16.4% for the three months ended June 30, 2020, compared with organic decay of 8.8% for the three months ended June 30, 2019.

Average assets under management for Japan subadvisory accounts for the three months ended June 30, 2020 decreased 17.8% to $8.1 billion from $9.9 billion for the three months ended June 30, 2019.

Assets under management in institutional subadvisory accounts excluding Japan at June 30, 2020, which represented 16.9% of institutional assets under management, decreased 13.7% to $4.9 billion from $5.7 billion at June 30, 2019. The decrease was due to net outflows of $203 million and market depreciation of $581 million. Net outflows included $130 million from preferred securities and $73 million from U.S. real estate. Market depreciation included $426 million from global/international real estate and $103 million from global listed infrastructure. Our annualized organic growth rate for institutional subadvisory accounts excluding Japan was 20.3% for the three months ended June 30, 2020, compared with organic decay of 64.7% for the three months ended June 30, 2019.

Average assets under management for institutional subadvisory accounts excluding Japan for the three months ended June 30, 2020 decreased 28.9% to $4.6 billion from $6.5 billion for the three months ended June 30, 2019.

Open-end funds

Assets under management in open-end funds at June 30, 2020, which represented 43.6% of total assets under management, increased 4.9% to $28.9 billion from $27.6 billion at June 30, 2019. The increase was due to net inflows of $4.3 billion, partially offset by market depreciation of $942 million and distributions of $2.0 billion. Net inflows included $2.3 billion into U.S. real estate and $2.0 billion into preferred securities. Market depreciation included $729 million from U.S. real estate and $244 million from global/international real estate, partially offset by market appreciation of $191 million from preferred securities. Distributions included $1.2 billion from U.S. real estate and $527 million from preferred securities. Our annualized organic growth rate for open-end funds was 33.4% for the three months ended June 30, 2020, compared with 17.7% for the three months ended June 30, 2019.

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Average assets under management for open-end funds for the three months ended June 30, 2020 decreased 0.9% to $26.8 billion from $27.1 billion for the three months ended June 30, 2019.

Closed-end funds

Assets under management in closed-end funds at June 30, 2020, which represented 12.9% of total assets under management, decreased 9.5% to $8.5 billion from $9.4 billion at June 30, 2019. The decrease was due to market depreciation of $622 million and distributions of $515 million, partially offset by net inflows of $240 million, primarily due to the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering.

Average assets under management for closed-end funds for the three months ended June 30, 2020 decreased 10.9% to $8.3 billion from $9.3 billion for the three months ended June 30, 2019.

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Summary of Operating Information

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except percentages and per share data)	2020			2019			2020			2019
U.S. GAAP
Revenue	$	94,087		$	101,792		$	199,917		$	196,018
Expenses	$	58,792		$	63,688		$	136,253		$	122,479
Operating income	$	35,295		$	38,104		$	63,664		$	73,539
Non-operating income (loss)	$	7,953		$	4,536		$	(11,890)		$	19,446
Net income attributable to common stockholders	$	28,520		$	31,333		$	49,092		$	63,876
Diluted earnings per share	$	0.59		$	0.65		$	1.01		$	1.33
Operating margin	37.5		%	37.4		%	31.8		%	37.5		%
As Adjusted (1)
Net income attributable to common stockholders	$	26,154		$	29,682		$	55,593		$	57,106
Diluted earnings per share	$	0.54		$	0.62		$	1.15		$	1.19
Operating margin	37.7		%	38.2		%	38.0		%	38.1		%

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(1) The "As Adjusted" amounts represent non-GAAP financial measures. Refer to pages 36-37 for reconciliations to the most directly comparable U.S. GAAP financial measures.

U.S. GAAP

Three Months Ended June 30, 2020 Compared with Three Months Ended June 30, 2019

Revenue ⁽¹⁾

	Three Months Ended June 30,
(in thousands)	2020		2019		$ Change		% Change
Institutional accounts	$	24,500	$	27,410	$	(2,910)	(10.6)	%
Open-end funds	44,636		46,442		(1,806)		(3.9)	%
Closed-end funds	17,512		20,002		(2,490)		(12.4)	%
Investment advisory and administration fees	86,648		93,854		(7,206)		(7.7)	%
Distribution and service fees	6,930		7,418		(488)		(6.6)	%
Other	509		520		(11)		(2.1)	%
Total revenue	$	94,087	$	101,792	$	(7,705)	(7.6)	%

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(1) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

Revenue for the three months ended June 30, 2020 decreased primarily due to lower average assets under management in all three investment vehicles. For the three months ended June 30, 2020:

•Total investment advisory revenue compared with average assets under management in institutional accounts implied an annualized effective fee rate of 36.3 bps and 36.4 bps for the three months ended June 30, 2020 and 2019, respectively.

•Total investment advisory and administration revenue compared with average assets under management in open-end funds implied an annualized effective fee rate of 67.0 bps and 68.9 bps for the three months ended June 30, 2020 and 2019, respectively. The decrease in the implied annualized effective fee rate is primarily due to a reduction of the investment advisory fee rate and higher fund reimbursements related to the imposition of an expense cap effective July 1, 2019 by Cohen & Steers Realty Shares, Inc.

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•Total investment advisory and administration revenue compared with average assets under management in closed-end funds implied an annualized effective fee rate of 84.6 bps and 85.9 bps for the three months ended June 30, 2020 and 2019, respectively. The decrease in the implied annualized effective fee rate is primarily due to the reorganization of Cohen & Steers Global Income Builder, Inc. into Cohen & Steers Infrastructure Fund, Inc.

Expenses

	Three Months Ended June 30,
(in thousands)	2020		2019		$ Change		% Change
Employee compensation and benefits	$	34,320	$	36,846	$	(2,526)	(6.9)	%
Distribution and service fees	12,518		14,188		(1,670)		(11.8)	%
General and administrative	10,726		11,539		(813)		(7.0)	%
Depreciation and amortization	1,228		1,115		113		10.1	%
Total expenses	$	58,792	$	63,688	$	(4,896)	(7.7)	%

Employee compensation and benefits expenses for the three months ended June 30, 2020 decreased primarily due to lower incentive compensation of $3.7 million, partially offset by higher salaries of $1.0 million.

Distribution and service fees expense for the three months ended June 30, 2020 decreased primarily due to lower average assets under management in U.S. open-end funds.

General and administrative expenses for the three months ended June 30, 2020 decreased primarily due to lower travel and entertainment expenses of $895,000, partially offset by higher recruiting fees of $180,000.

Operating Margin

Operating margin for the three months ended June 30, 2020 increased to 37.5% from 37.4% for the three months ended June 30, 2019.

Non-operating Income (Loss)

	Three Months Ended
	June 30, 2020							June 30, 2019
(in thousands)	Seed Investments			Other		Total		Seed Investments			Other		Total
Interest and dividend income—net	$	604		$	289	$	893	$	1,013		$	907	$	1,920
Gain (loss) from investments—net	7,317			—		7,317		1,874			—		1,874
Foreign currency gains (losses)—net	(225)			(32)		(257)		505			237		742
Total non-operating income (loss)	$	7,696	(1)	$	257	$	7,953	$	3,392	(1)	$	1,144	$	4,536

_________________________

(1) Amounts included gains of $3.6 million and $1.3 million attributable to third-party interests for the three months ended June 30, 2020 and 2019, respectively.

For the three months ended June 30, 2020, our share of non-operating income from seed investments, excluding a gain of $3.6 million attributable to third-party interests, was $4.1 million. For the three months ended June 30, 2019, our share of non-operating income from seed investments, excluding a gain of $1.3 million attributable to third-party interests, was $2.1 million.

Income Taxes

	Three Months Ended June 30,
(in thousands, except percentages)	2020			2019			$ Change		% Change
Income tax expense	$	11,086		$	9,991		$	1,095	11.0	%
Effective tax rate	28.0		%	24.2		%

The effective tax rate for the three months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. The effective tax rate for the three months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes.

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Six Months Ended June 30, 2020 Compared with Six Months Ended June 30, 2019

Revenue ⁽¹⁾

	Six Months Ended June 30,
(in thousands)	2020		2019		$ Change		% Change
Institutional accounts	$	52,359	$	53,535	$	(1,176)	(2.2)	%
Open-end funds	94,444		88,069		6,375		7.2	%
Closed-end funds	37,134		39,054		(1,920)		(4.9)	%
Investment advisory and administration fees	183,937		180,658		3,279		1.8	%
Distribution and service fees	14,713		14,391		322		2.2	%
Other	1,267		969		298		30.8	%
Total revenue	$	199,917	$	196,018	$	3,899	2.0	%

_________________________

(1) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

Revenue for the six months ended June 30, 2020 increased primarily due to higher average assets under management in open-end funds and one more day in the period, partially offset by lower average assets under management in institutional accounts and closed-end funds. For the six months ended June 30, 2020:

•Total investment advisory revenue compared with average assets under management in institutional accounts implied an annualized effective fee rate of 36.9 bps and 36.3 bps for the six months ended June 30, 2020 and 2019, respectively. The increase in the implied annualized effective fee rate is primarily due to the recognition of performance fees.

•Total investment advisory and administration revenue compared with average assets under management in open-end funds implied an annualized effective fee rate of 67.0 bps and 68.6 bps for the six months ended June 30, 2020 and 2019, respectively. The decrease in the implied annualized effective fee rate is primarily due to a reduction of the investment advisory fee rate and higher fund reimbursements related to the imposition of an expense cap effective July 1, 2019 by Cohen & Steers Realty Shares, Inc.

•Total investment advisory and administration revenue compared with average assets under management in closed-end funds implied an annualized effective fee rate of 84.8 bps and 86.0 bps for the six months ended June 30, 2020 and 2019, respectively. The decrease in the implied annualized effective fee rate is primarily due to the reorganization of Cohen & Steers Global Income Builder, Inc. into Cohen & Steers Infrastructure Fund, Inc.

Expenses

	Six Months Ended June 30,
(in thousands)	2020		2019		$ Change		% Change
Employee compensation and benefits	$	72,937	$	70,561	$	2,376	3.4	%
Distribution and service fees	26,622		26,724		(102)		(0.4)	%
General and administrative	34,314		22,977		11,337		49.3	%
Depreciation and amortization	2,380		2,217		163		7.4	%
Total expenses	$	136,253	$	122,479	$	13,774	11.2	%

Employee compensation and benefits expenses for the six months ended June 30, 2020 increased primarily due to higher salaries of $1.7 million, severance expenses of $1.0 million, payroll taxes of $684,000 and production compensation of $554,000, partially offset by lower incentive compensation of $2.3 million.

General and administrative expenses for the six months ended June 30, 2020 increased primarily due to costs associated with the RQI rights offering of approximately $12.0 million, partially offset by lower travel and entertainment expenses of $913,000.

Operating Margin

Operating margin for the six months ended June 30, 2020 decreased to 31.8% from 37.5% for the six months ended June 30, 2019. Operating margin, which represents the ratio of operating income to revenue, decreased primarily due to higher general and administrative expenses associated with the RQI rights offering.

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Non-operating Income (Loss)

	Six Months Ended
	June 30, 2020							June 30, 2019
(in thousands)	Seed Investments			Other		Total		Seed Investments			Other		Total
Interest and dividend income—net	$	1,211		$	831	$	2,042	$	1,767		$	1,694	$	3,461
Gain (loss) from investments—net	(14,710)			—		(14,710)		15,738			—		15,738
Foreign currency gains (losses)—net	(698)			1,476		778		553			(306)		247
Total non-operating income (loss)	$	(14,197)	(1)	$	2,307	$	(11,890)	$	18,058	(1)	$	1,388	$	19,446

_________________________

(1) Amounts included a loss of $8.9 million and a gain of $8.8 million attributable to third-party interests for the six months ended June 30, 2020 and 2019, respectively.

For the six months ended June 30, 2020, our share of non-operating loss from seed investments, excluding a loss of $8.9 million attributable to third-party interests, was $5.3 million. For the six months ended June 30, 2019, our share of non-operating income from seed investments, excluding a gain of $8.8 million attributable to third-party interests, was $9.3 million.

Income Taxes

	Six Months Ended June 30,
(in thousands, except percentages)	2020			2019			$ Change		% Change
Income tax expense	$	11,544		$	20,359		$	(8,815)	(43.3)	%
Effective tax rate	19.0		%	24.2		%

The effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. These were more than offset by discrete tax items, primarily related to the appreciated value of the restricted stock units delivered in January 2020. The effective tax rate for the six months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes, partially offset by a discrete item related to the appreciated value of the restricted stock units delivered in January 2019.

As Adjusted

The term "As Adjusted" is used to identify non-GAAP financial information in the discussion below. Refer to pages 36-37 for reconciliations to the most directly comparable U.S. GAAP financial measures.

Three Months Ended June 30, 2020 Compared with Three Months Ended June 30, 2019

Revenue

Revenue, as adjusted, for the three months ended June 30, 2020 was $94.0 million, compared with $101.8 million for the three months ended June 30, 2019.

Revenue, as adjusted, excluded the impact of consolidation of certain of our seed investments for both periods.

Expenses

Expenses, as adjusted, for the three months ended June 30, 2020 were $58.6 million, compared with $62.9 million for the three months ended June 30, 2019.

Expenses, as adjusted, excluded the following:

•The impact of consolidation of certain of our seed investments for both periods; and

•Amounts related to the accelerated vesting of certain restricted stock units for the three months ended June 30, 2019.

Operating Margin

Operating margin, as adjusted, for the three months ended June 30, 2020 was 37.7%, compared with 38.2% for the three months ended June 30, 2019.

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Non-operating Income

Non-operating income, as adjusted, for the three months ended June 30, 2020 was $140,000, compared with $877,000 for the three months ended June 30, 2019.

Non-operating income, as adjusted, excluded the following for both periods:

•Results from our seed investments; and

•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Income Taxes

The effective tax rate, as adjusted, for the three months ended June 30, 2020 was 26.5%, compared with 25.3% for the three months ended June 30, 2019.

The effective tax rate, as adjusted, excluded the tax effects associated with non-GAAP adjustments as well as discrete items for both periods.

Six Months Ended June 30, 2020 Compared with Six Months Ended June 30, 2019

Revenue

Revenue, as adjusted, for the six months ended June 30, 2020 was $199.8 million, compared with $195.7 million for the six months ended June 30, 2019.

Revenue, as adjusted, excluded the impact of consolidation of certain of our seed investments for both periods.

Expenses

Expenses, as adjusted, for the six months ended June 30, 2020 were $123.9 million, compared with $121.1 million for the six months ended June 30, 2019.

Expenses, as adjusted, excluded the following:

•The impact of consolidation of certain of our seed investments for both periods;

•Costs associated with the RQI rights offering for the six months ended June 30, 2020; and

•Amounts related to the accelerated vesting of certain restricted stock units for the six months ended June 30, 2019.

Operating Margin

Operating margin, as adjusted, for the six months ended June 30, 2020 was 38.0%, compared with 38.1% for the six months ended June 30, 2019.

Non-operating Income

Non-operating income, as adjusted, for the six months ended June 30, 2020 was $263,000, compared with $1.8 million for the six months ended June 30, 2019.

Non-operating income, as adjusted, excluded the following for both periods:

•Results from our seed investments; and

•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Income Taxes

The effective tax rate, as adjusted, for the six months ended June 30, 2020 was 27.0%, compared with 25.3% for the six months ended June 30, 2019.

The effective tax rate, as adjusted, excluded the tax effects associated with non-GAAP adjustments as well as discrete items for both periods.

•For the six months ended June 30, 2020, the tax effect of non-GAAP adjustments was primarily related to the establishment of a valuation allowance associated with unrealized losses on our seed investments. Discrete items were primarily related to the appreciated value of the restricted stock units delivered in January 2020; and

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•For the six months ended June 30, 2019, the tax effect of non-GAAP adjustments was primarily related to the release of a portion of the valuation allowance associated with unrealized gains on our seed investments. Discrete items were primarily related to the appreciated value of the restricted stock units delivered in January 2019.

Non-GAAP Reconciliations

Management believes that use of these non-GAAP financial measures enhances the evaluation of our results, as they provide greater transparency into our operating performance. In addition, these non-GAAP financial measures are used to prepare our internal management reports and are used by management in evaluating our business.

While we believe that this non-GAAP financial information is useful in evaluating our results and 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.

Reconciliation of U.S. GAAP Net Income Attributable to Common Stockholders and U.S. GAAP Earnings per Share to Net Income Attributable to Common Stockholders, As Adjusted, and Earnings per Share, As Adjusted

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2020			2019			2020		2019
Net income attributable to common stockholders, U.S. GAAP	$	28,520		$	31,333		$	49,092	$	63,876
Seed investments (1)	(3,885)			(1,819)			5,703		(8,835)
Accelerated vesting of restricted stock units	—			470			—		599
General and administrative (2)	—			—			11,859		—
Foreign currency exchange (gains) losses—net (3)	(117)			(267)			(2,044)		397
Tax adjustments (4)	1,636			(35)			(9,017)		1,069
Net income attributable to common stockholders, as adjusted	$	26,154		$	29,682		$	55,593	$	57,106
Diluted weighted average shares outstanding	48,572			48,175			48,549		47,942
Diluted earnings per share, U.S. GAAP	$	0.59		$	0.65		$	1.01	$	1.33
Seed investments (1)	(0.08)			(0.03)			0.12		(0.18)
Accelerated vesting of restricted stock units	—			0.01			—		0.01
General and administrative (2)	—			—			0.25		—
Foreign currency exchange (gains) losses—net (3)	—		*	(0.01)			(0.04)		0.01
Tax adjustments	0.03			—		*	(0.19)		0.02
Diluted earnings per share, as adjusted	$	0.54		$	0.62		$	1.15	$	1.19

_________________________

* Amounts round to less than $0.01 per share.

(1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds as well as non-operating

(income) loss from seed investments that were not consolidated.

(2) Represents costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. rights offering in the first quarter of 2020.

(3) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

(4) Tax adjustments are summarized in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Discrete items	$	13	$	(2)	$	(5,807)	$	(196)
Tax effect of non-GAAP adjustments	1,623		(33)		(3,210)		1,265
Total tax adjustments	$	1,636	$	(35)	$	(9,017)	$	1,069

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Reconciliation of U.S. GAAP Operating Income and U.S. GAAP Operating Margin to Operating Income, As Adjusted, and Operating Margin, As Adjusted

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except percentages)	2020			2019			2020			2019
Revenue, U.S. GAAP	$	94,087		$	101,792		$	199,917		$	196,018
Seed investments (1)	(60)			(40)			(89)			(320)
Revenue, as adjusted	$	94,027		$	101,752		$	199,828		$	195,698
Expenses, U.S. GAAP	$	58,792		$	63,688		$	136,253		$	122,479
Seed investments (1)	(229)			(297)			(457)			(793)
Accelerated vesting of restricted stock units	—			(470)			—			(599)
General and administrative (2)	—			—			(11,859)			—
Expenses, as adjusted	$	58,563		$	62,921		$	123,937		$	121,087
Operating income, U.S. GAAP	$	35,295		$	38,104		$	63,664		$	73,539
Seed investments (1)	169			257			368			473
Accelerated vesting of restricted stock units	—			470			—			599
General and administrative (2)	—			—			11,859			—
Operating income, as adjusted	$	35,464		$	38,831		$	75,891		$	74,611
Operating margin, U.S. GAAP	37.5		%	37.4		%	31.8		%	37.5		%
Operating margin, as adjusted	37.7		%	38.2		%	38.0		%	38.1		%

_________________________

(1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds.

(2) Represents costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. rights offering in the first quarter of 2020.

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Non-operating income (loss), U.S. GAAP	$	7,953	$	4,536	(11,890)		19,446
Seed investments (1)	(7,696)		(3,392)		14,197		(18,058)
Foreign currency exchange (gains) losses—net (2)	(117)		(267)		(2,044)		397
Non-operating income (loss), as adjusted	$	140	$	877	$	263	$	1,785

_________________________

(1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.

(2) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

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Changes in Financial Condition, Liquidity and Capital Resources

Our principal objectives are to maintain a capital structure that supports our business strategies and to maintain the appropriate amount of liquidity at all times. Furthermore, despite the ongoing challenges arising from the COVID-19 pandemic, we currently expect cash flows from operations are more than adequate to fund our present and reasonably foreseeable future commitments for investing and financing activities.

Net Liquid Assets

Our current financial condition is highly liquid, primarily comprising cash and cash equivalents, U.S. Treasury securities, seed investments and current assets. Liquid assets are reduced by current liabilities, which are generally defined as obligations due within one year (together, net liquid assets). The Company does not currently have any outstanding debt. If we were to experience a sustained decline in the investment performance of the portfolios and strategies we manage as a result of negative market, financial and economic conditions caused by the COVID-19 pandemic, our assets under management and the fees we earn in future periods could be adversely impacted. In addition, such negative market conditions could result in declines in the value of our seed investments. Any actual or anticipated reduction in our profitability or the value of our seed investments as a result of the COVID-19 pandemic could negatively impact our future financial condition.

The table below summarizes net liquid assets:

(in thousands)	June 30, 2020		December 31, 2019
Cash and cash equivalents	$	88,135	$	101,352
U.S. Treasury securities	49,975		49,807
Seed investments—net	53,802		53,130
Current assets	52,791		59,927
Current liabilities	(67,579)		(85,274)
Net liquid assets	$	177,124	$	178,942

Cash and cash equivalents

Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less.

U.S. Treasury securities

U.S. Treasury securities are directly issued by the U.S. government and classified as held to maturity, with original maturities ranging from 12 to 24 months.

Seed investments—net

Seed investments are primarily comprised of investments in Company-sponsored funds that we do not consolidate, our pro-rata share of securities held within the funds that we do consolidate, and listed securities held for the purpose of establishing performance track records. Seed investments are recorded at fair value, are generally traded in active markets and can typically be liquidated within a normal settlement cycle.

Current assets

Current assets primarily represent investment advisory and administration fees receivable. At June 30, 2020, institutional accounts comprised 51.2% of total accounts receivable, while open-end and closed-end funds, together, comprised 47.8% of total accounts receivable. We perform a review of our receivables on an ongoing basis in order to assess collectibility and, based on our analysis at June 30, 2020, there was no allowance for uncollectible accounts required.

Current liabilities

Current liabilities are generally defined as obligations due within one year, which include accrued compensation, distribution and service fees payable, certain income taxes payable, and other liabilities and accrued expenses.

Cash flows

Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.

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The table below summarizes cash flows:

	Six Months Ended June 30,
(in thousands)	2020		2019
Cash Flow Data:
Net cash provided by (used in) operating activities	$	55,601	$	45,907
Net cash provided by (used in) investing activities	(3,511)		23,700
Net cash provided by (used in) financing activities	(64,184)		(60,647)
Net increase (decrease) in cash and cash equivalents	(12,094)		8,960
Effect of foreign exchange rate changes on cash and cash equivalents	(1,123)		416
Cash and cash equivalents, beginning of the period	101,352		92,733
Cash and cash equivalents, end of the period	$	88,135	$	102,109

Cash and cash equivalents decreased by $12.1 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2020. Net cash provided by operating activities was $55.6 million for the six months ended June 30, 2020. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash used in investing activities was $3.5 million, which included $8.8 million of investment purchases, partially offset by $6.7 million of proceeds from the sale and maturities of investments. Net cash used in financing activities was $64.2 million, including dividends paid to stockholders of $37.3 million, repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $25.9 million, as well as distributions to redeemable noncontrolling interests of $5.3 million, partially offset by contributions from redeemable noncontrolling interests of $3.8 million.

Cash and cash equivalents increased by $9.0 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2019. Net cash provided by operating activities was $45.9 million for the six months ended June 30, 2019. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by investing activities was $23.7 million, which included $44.0 million of proceeds from the sale and maturities of investments, partially offset by $18.7 million of investment purchases. Net cash used in financing activities was $60.6 million, including dividends paid to stockholders of $34.0 million, distributions to redeemable noncontrolling interests of $32.0 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $10.4 million, partially offset by contributions from redeemable noncontrolling interests of $15.4 million.

Net Capital Requirements

We continually monitor and evaluate the adequacy of our capital. We have consistently maintained net capital in excess of the regulatory requirements for CSS, our registered broker-dealer, as prescribed by the Securities and Exchange Commission (SEC). At June 30, 2020, CSS had net capital of approximately $3.3 million, which exceeded its minimum regulatory capital requirement by approximately $3.1 million. The SEC's Uniform Net Capital Rule 15c3-1 imposes certain requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital and requiring prior notice to the SEC for certain withdrawals of capital.

CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At June 30, 2020, CSAL had regulatory capital of approximately $2.4 million, which exceeded its minimum regulatory capital requirement by approximately $2.0 million. During the three months ended June 30, 2020, CSAL paid dividends in the amount of approximately $12.9 million to its parent, Cohen & Steers Capital Management, Inc.

CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At June 30, 2020, CSUK had regulatory capital of approximately $26.2 million, which exceeded its minimum regulatory capital requirement by approximately $21.9 million.

We believe that our cash and cash equivalents and cash flows from operations will be more than adequate to meet our anticipated capital requirements and other obligations as they become due.

Dividends

        Subject to the approval of our Board of Directors, we anticipate paying dividends. When determining whether to pay a dividend, we take into account general economic and business conditions, our strategic plans, our results of operations and financial condition, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our

39

subsidiaries and such other factors deemed relevant. Any actual or anticipated reduction in our profitability as a result of the COVID-19 pandemic could limit our future dividend capacity.

On August 6, 2020, the Company declared a quarterly dividend on its common stock in the amount of $0.39 per share. The dividend will be payable on August 27, 2020 to stockholders of record at the close of business on August 17, 2020.

Investment Commitments

We have committed to co-invest up to $5.1 million alongside Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE). As of June 30, 2020, we had funded approximately $3.8 million of this commitment. Our co-investment alongside GRP-TE is illiquid and is anticipated to be invested for the life of the fund. The timing of the funding of the unfunded portion of our commitment is currently unknown, as the drawdown of our commitment is contingent on the timing of drawdowns by the underlying funds in which GRP-TE invests. The unfunded portion of this commitment was not recorded on our condensed consolidated statements of financial condition.

Contractual Obligations and Contingencies

The following table summarizes our contractual obligations at June 30, 2020:

(in thousands)	2020		2021		2022		2023		2024		2025 and after		Total
Operating leases	$	6,194	$	12,229	$	11,867	$	11,393	$	957	$	—	$	42,640
Purchase obligations	1,667		2,342		1,496		747		668		1,000		7,920
Other liability	192		665		665		1,246		1,662		2,077		6,507
Total	$	8,053	$	15,236	$	14,028	$	13,386	$	3,287	$	3,077	$	57,067

Operating Leases

Operating leases generally consist of noncancelable long-term leases for office space and certain information technology equipment.

Purchase Obligations

Purchase obligations represent executory contracts, which are either noncancelable or cancelable with a penalty. The Company’s obligations primarily reflected standard service contracts for market data.

Other Liability

Other liability consists of the transition tax liability based on the cumulative undistributed earnings and profits of our foreign subsidiaries in connection with the enactment of the Tax Cuts and Jobs Act in 2017. This tax liability paid over eight years on an interest-free basis and is included as part of income tax payable on our condensed consolidated statements of financial condition.

Off-Balance Sheet Arrangements

We do not invest in any off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk support,

or engage in any leasing activities that expose us to any liability that is not reflected in our condensed consolidated financial statements.

Critical Accounting Policies and Estimates

A complete discussion of our critical accounting policies is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2019. The extent to which the COVID-19 pandemic may impact our business, results of operations, financial condition, liquidity or prospects could affect our accounting estimates and will depend on ongoing and future developments which are highly uncertain and cannot be predicted, including the duration and severity of the pandemic, the prospects for a sustained recovery in the financial markets and the length of time it will take for our workforce to fully and safely return to the workplace.

Recently Issued Accounting Pronouncements

See discussion of Recently Issued Accounting Pronouncements in Note 2 of the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

During March and April, capital, equity and credit markets experienced sudden and substantial volatility and dislocations as a result of the broader implications of the COVID-19 pandemic. While markets are attempting to recover, the full scope and duration of the market and economic fallout from the COVID-19 pandemic is currently unfolding and impossible to predict, and these conditions could worsen from those already experienced, including the possibility of a steep and prolonged economic downturn or global recession. If we were to experience a sustained decline in the performance of the portfolios and strategies we manage as a result of negative market, financial and economic conditions caused by the COVID-19 pandemic, our assets under management and the fees we earn in future periods could be adversely impacted. In addition, these market declines and disruptions could significantly reduce the demand for, and availability of, our investment products and services and contribute to redemptions, withdrawals and the potential loss of institutional separate account clients, which could have a material adverse effect on our revenue and net income. Please refer to Part II - Item 1A Risk Factors below for additional information regarding the effect on our business COVID-19 has had and may continue to have.

At June 30, 2020, we had approximately $79.8 million of equity investments at fair value and $17.3 million of trading investments subject to price fluctuations. Trading investments included individual debt securities held directly for the purposes of establishing performance track records of approximately $13.3 million and debt securities held within the consolidated Company sponsored-funds of approximately $4.0 million. Equity investments at fair value included securities held within the consolidated Company sponsored-funds of approximately $64.3 million, as well as individual securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the we have neither control nor the ability to exercise significant influence of approximately $15.5 million. At June 30, 2020, we consolidated the Cohen & Steers Co-Investment Partnership, L.P., the Cohen & Steers SICAV Diversified Real Assets Fund, the Cohen & Steers SICAV Global Listed Infrastructure Fund and the Cohen & Steers SICAV Global Real Estate Securities Fund.

The following table summarizes the effect of a ten percent increase or decrease in equity prices on our investments subject to price fluctuations as of June 30, 2020:

(in thousands)	Carrying Value		Carrying Value Assuming a 10% Increase		Carrying Value Assuming a 10% Decrease
Equity investments at fair value	$	79,834	$	87,817	$	71,851
Trading	$	17,278	$	19,006	$	15,550

Item 4. Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives.

Our management, including our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) at June 30, 2020. Based on that evaluation and subject to the foregoing, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures at June 30, 2020 were effective to accomplish their objectives at a reasonable assurance level.

There has been no change in our internal control over financial reporting that occurred during the three months ended June 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal control over financial reporting despite our current “work-from-home” operating environment due to the COVID-19 pandemic. We are continually monitoring and assessing the impact of the COVID-19 pandemic on our internal controls and third-party relationships to evaluate the impact, if any, on their design and operating effectiveness.

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PART II—Other Information

Item 1. Legal Proceedings

From time to time, we may become involved in legal matters relating to claims arising in the ordinary course of our business. There are currently no such matters pending that we believe could have a material effect on our condensed consolidated results of operations, cash flows or financial condition. In addition, from time to time, we may receive subpoenas or other requests for information from various U.S. federal and state governmental authorities, domestic and international regulatory authorities and third parties in connection with certain industry-wide inquiries or other investigations or legal proceedings. It is our policy to cooperate fully with such requests.

Item 1A. Risk Factors

For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our

Annual Report on Form 10-K for the year ended December 31, 2019 (the Form 10-K) as well as the risk factor set forth below. Other than as described below, there have been no material changes to the risk factors disclosed in Part 1, Item 1A of the Form 10-K.

Our business and operations are subject to risks associated with and arising from epidemic diseases, such as the ongoing global outbreak of the novel coronavirus, or COVID-19.

In December 2019, a novel coronavirus disease was reported, and in March 2020, the World Health Organization characterized COVID-19 as a pandemic. In March 2020, the United States declared a national emergency and many other countries have done the same, taking preventative measures to try to contain the spread of the virus. The outbreak has spread rapidly across the globe, creating a global health pandemic and severely impacting worldwide economic activity. Capital, equity and credit markets have experienced sudden and substantial volatility and dislocations as a result of the broader implications of the COVID-19 pandemic.

The full scope and duration of the social, market and economic fallout from the COVID-19 pandemic is unfolding and impossible to predict, and these conditions could worsen dramatically from those already experienced, including the possibility of a steep and prolonged economic downturn or global recession. If we were to experience a sustained decline in the performance of the portfolios and strategies we manage as a result of negative market, financial and economic conditions caused by the COVID-19 pandemic, our assets under management and the fees we earn in future periods could be adversely impacted. In addition, these market declines and disruptions could significantly reduce the demand for, and availability of, our investment products and services, and contribute to redemptions and withdrawals from our funds and the loss of institutional separate account clients, which could have a material adverse effect on our revenue and net income. Any actual or anticipated reduction in our profitability could impair our future dividend capacity and cash management policies and have a significant negative impact on the market price of our common stock.

The COVID-19 pandemic also poses risk that our third-party intermediaries, service providers and key vendors may be unable to provide services or conduct business activities at full capacity for a period of time, including due to the spread of the virus or restrictions or shutdowns that are requested or mandated by governmental authorities. These conditions could lead to operational issues and interruptions for the Company and certain of our products, require us to incur significant additional costs, and negatively impact our business. We have critical operations, including portfolio management, trading operations, information technology, finance, investment administration and portfolio accounting services, that are geographically concentrated in New York and New Jersey, where the impact of the COVID-19 pandemic has been particularly pronounced. We are also subject to a heightened risk of cyberattacks or other privacy or data security incidents due to the transition to a remote working environment and the increased use of virtual communication platforms.

The COVID-19 pandemic also presents a significant threat to our employees’ safety and welfare. Our key employees or executive officers may become sick or otherwise unable to perform their duties for an extended period of time as a result of the virus. While we have taken precautionary measures intended to help minimize these risks, including transitioning to a “work-from-home” operating environment, these measures could negatively affect our business, particularly our “client- facing” operations, as well as employee productivity and human capital resources generally. In addition, continuing to carry out these precautionary measures on a sustained or long-term basis, or implementing and carrying out additional precautionary or protective measures to respond to conditions that have been or may be created by the pandemic, may result in the incurrence of significant additional costs and expenses by us and reduce our profitability.

In addition to the foregoing, the COVID-19 pandemic is exacerbating several of the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2019.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2020, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934.

Period	Total Number of Shares  Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 through April 30, 2020	—	$	—	—	—
May 1 through May 31, 2020	1,140	$	60.31	—	—
June 1 through June 30, 2020	—	$	—	—	—
Total	1,140	$	60.31	—	—

_________________________

(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

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Item 6. Exhibits

Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.

Exhibit No.		Description
3.1	—	Form of Amended and Restated Certificate of Incorporation of the Company (1)
3.2	—	Form of Amended and Restated Bylaws of the Company (2)
4.1	—	Specimen Common Stock Certificate (3)
4.2	—	Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1)
31.1	—	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2	—	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1	—	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2	—	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101	—	The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104	—	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

_________________________

(1)Incorporated by reference to the Company's Registration Statement on Form S-1 (Registration No. 333-114027), as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.

(2)Incorporated by reference to the Company's Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2008.

(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2015.

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        SIGNATURES

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

Date:	August 7, 2020	Cohen & Steers, Inc.
		/s/    Matthew S. Stadler
		Name: Matthew S. Stadler
		Title: Executive Vice President & Chief Financial Officer

Date:	August 7, 2020	Cohen & Steers, Inc.
		/s/    Elena Dulik
		Name: Elena Dulik
		Title: Senior Vice President & Chief Accounting Officer

45

EX-31.1

Exhibit 31.1

Chief Executive Officer Certification

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Robert H. Steers, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2020 of Cohen & Steers, Inc. (the Registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Dated:	August 7, 2020	/s/ Robert H. Steers
		Robert H. Steers
		Chief Executive Officer

EX-31.2

Exhibit 31.2

Chief Financial Officer Certification

As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Matthew S. Stadler, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2020 of Cohen & Steers, Inc. (the Registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Dated:	August 7, 2020	/s/ Matthew S. Stadler
		Matthew S. Stadler
		Executive Vice President & Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of the Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Robert H. Steers, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	August 7, 2020	/s/ Robert H. Steers
		Robert H. Steers
		Chief Executive Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

EX-32.2

Exhibit 32.2

Certification of the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Matthew S. Stadler, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	August 7, 2020	/s/ Matthew S. Stadler
		Matthew S. Stadler
		Executive Vice President & Chief Financial Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

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Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-32236
Entity Registrant Name	COHEN & STEERS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1904657
Entity Address, Address Line One	280 Park Avenue,
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	832-3232
Title of 12(b) Security	Common Stock
Trading Symbol	CNS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,777,375
Entity Central Index Key	0001284812
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

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Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 88,135	$ 101,352
Investments ($68,255 and $82,829)	[1]	147,538	155,213
Accounts receivable		51,995	59,101
Due from brokers ($497 and $1,743)	[1]	497	1,743
Property and equipment—net		11,584	12,486
Operating lease right-of-use assets		33,395	38,440
Goodwill and intangible assets—net		19,567	19,560
Deferred income tax asset—net		6,902	7,091
Other assets ($1,451 and $1,041)	[1]	8,675	7,433
Total assets		368,288	402,419
Liabilities:
Accrued compensation		22,045	48,105
Distribution and service fees payable		7,477	7,318
Operating lease liabilities		37,716	43,349
Income tax payable		33,629	22,194
Due to brokers ($62 and $366)	[1]	62	366
Other liabilities and accrued expenses ($621 and $784)	[1]	10,743	13,972
Total liabilities		111,672	135,304
Commitments and contingencies
Redeemable noncontrolling interests		43,073	53,412
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,447,883 and 52,580,246 shares issued at June 30, 2020 and December 31, 2019, respectively		535	527
Additional paid-in capital		652,579	636,788
Accumulated deficit		(231,409)	(242,461)
Accumulated other comprehensive loss, net of tax		(7,422)	(6,326)
Less: Treasury stock, at cost, 5,674,168 and 5,329,820 shares at June 30, 2020 and December 31, 2019, respectively		(200,740)	(174,825)
Total stockholders’ equity		213,543	213,703
Total liabilities and stockholders’ equity		$ 368,288	$ 402,419

[1] Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

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Condensed Consolidated Statements of Financial Condition - (Parenthetical) (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Investments ($68,255 and $82,829)	[1]	$ 147,538	$ 155,213
Other Assets	[1]	8,675	7,433
Due to brokers ($62 and $366)	[1]	62	366
Other liabilities and accrued expenses	[1]	$ 10,743	$ 13,972
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		500,000,000	500,000,000
Common stock, shares issued		53,447,883	52,580,246
Treasury stock, shares		5,674,168	5,329,820
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP
Investments ($68,255 and $82,829)		$ 68,255	$ 82,829
Due from broker		497	1,743
Other Assets		1,451	1,041
Due to brokers ($62 and $366)		62	366
Other liabilities and accrued expenses		$ 621	$ 784

[1] Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019
Revenue:
Total revenue		$ 94,087	$ 101,792		$ 199,917	$ 196,018
Expenses:
Employee compensation and benefits		34,320	36,846		72,937	70,561
Distribution and service fees		12,518	14,188		26,622	26,724
General and administrative		10,726	11,539		34,314	22,977
Depreciation and amortization		1,228	1,115		2,380	2,217
Total expenses		58,792	63,688		136,253	122,479
Operating income		35,295	38,104		63,664	73,539
Non-operating income:
Interest and dividend income—net		893	1,920		2,042	3,461
Gain (loss) from investments—net	[1]	7,317	1,874		(14,710)	15,738
Foreign currency gain (loss)—net		(257)	742		778	247
Total non-operating income (loss)		7,953	4,536		(11,890)	19,446
Income before provision for income taxes		43,248	42,640		51,774	92,985
Provision for income taxes		11,086	9,991		11,544	20,359
Net income		32,162	32,649		40,230	72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests		(3,642)	(1,316)		8,862	(8,750)
Net income attributable to common stockholders		$ 28,520	$ 31,333		$ 49,092	$ 63,876
Earnings per share attributable to common stockholders:
Basic (in dollars per share)		$ 0.60	$ 0.66		$ 1.03	$ 1.35
Diluted (in dollars per share)		0.59	0.65		1.01	1.33
Dividends declared per share (in dollars per share)		$ 0.39	$ 0.36		$ 0.78	$ 0.72
Weighted average shares outstanding:
Basic (shares)		47,826	47,304		47,739	47,226
Diluted (shares)		48,572	48,175		48,549	47,942
Investments ($68,255 and $82,829)	[2]	$ 147,538			$ 147,538
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP
Weighted average shares outstanding:
Investments ($68,255 and $82,829)		68,255			68,255
Investment advisory and administration fees
Revenue:
Total revenue		86,648	$ 93,854	[3]	183,937	$ 180,658
Distribution and service fees
Revenue:
Total revenue		6,930	7,418		14,713	14,391
Other
Revenue:
Total revenue		$ 509	$ 520	[3]	$ 1,267	$ 969

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

[2] Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

[3] (1) Revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 32,162	$ 32,649	$ 40,230	$ 72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)	(1,316)	8,862	(8,750)
Net income attributable to common stockholders	28,520	31,333	49,092	63,876
Foreign currency translation income (loss)	404	(298)	(1,096)	100
Total comprehensive income attributable to common stockholders	$ 28,924	$ 31,035	$ 47,996	$ 63,976

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Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) - USD ($) $ in Thousands	Total	Common stocks	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss), Net of Tax	Redeemable Noncontrolling Interests	Treasury Stock
Beginning balance at Dec. 31, 2018	$ 222,646	$ 518	$ 602,272	$ (208,404)	$ (7,323)		$ (164,417)
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2018						$ 114,192
Dividends	(35,324)			(35,324)
Issuance of common stock	542	8	534
Repurchase of common stock	(10,385)						(10,385)
Issuance of restricted stock units	1,583		1,583
Amortization of restricted stock units	13,345		13,345
Forfeitures of restricted stock units	(8)		(8)
Net Income (Loss) Attributable to Parent	63,876			63,876
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						8,750
Other comprehensive income (loss), net of tax	100				100
Net contributions (distributions) attributable to redeemable noncontrolling interests						(16,634)
Net consolidation (deconsolidation) of Company-sponsored funds						(68,204)
Ending balance at Jun. 30, 2019	$ 256,375	526	617,726	(179,852)	(7,223)		(174,802)
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2019						38,104
Dividends declared per share (in dollars per share)	$ 0.72
Beginning balance at Mar. 31, 2019	$ 235,161	525	609,854	(193,523)	(6,925)		(174,770)
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2019						64,354
Dividends	(17,662)			(17,662)
Issuance of common stock	220	1	219
Repurchase of common stock	(32)						(32)
Issuance of restricted stock units	786		786
Amortization of restricted stock units	6,875		6,875
Forfeitures of restricted stock units	(8)		(8)
Net Income (Loss) Attributable to Parent	31,333			31,333
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						1,316
Other comprehensive income (loss), net of tax	(298)				(298)
Net contributions (distributions) attributable to redeemable noncontrolling interests						(27,566)
Ending balance at Jun. 30, 2019	$ 256,375	526	617,726	(179,852)	(7,223)		(174,802)
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2019						38,104
Dividends declared per share (in dollars per share)	$ 0.36
Beginning balance at Dec. 31, 2019	$ 213,703	527	636,788	(242,461)	(6,326)		(174,825)
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2019						53,412
Dividends	(38,040)			(38,040)
Issuance of common stock	610	8	602
Repurchase of common stock	(25,915)						(25,915)
Issuance of restricted stock units	1,069		1,069
Amortization of restricted stock units	14,151		14,151
Forfeitures of restricted stock units	(31)		(31)
Net Income (Loss) Attributable to Parent	49,092			49,092
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						(8,862)
Other comprehensive income (loss), net of tax	(1,096)				(1,096)
Net contributions (distributions) attributable to redeemable noncontrolling interests						(1,477)
Ending balance at Jun. 30, 2020	$ 213,543	535	652,579	(231,409)	(7,422)		(200,740)
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2020						43,073
Dividends declared per share (in dollars per share)	$ 0.78
Beginning balance at Mar. 31, 2020	$ 195,504	535	644,397	(240,930)	(7,826)		(200,672)
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2020						41,601
Dividends	(18,999)			(18,999)
Issuance of common stock	305	0	305
Repurchase of common stock	(68)						(68)
Issuance of restricted stock units	516		516
Amortization of restricted stock units	7,376		7,376
Forfeitures of restricted stock units	(15)		(15)
Net Income (Loss) Attributable to Parent	28,520			28,520
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						3,642
Other comprehensive income (loss), net of tax	404				404
Net contributions (distributions) attributable to redeemable noncontrolling interests						(2,170)
Ending balance at Jun. 30, 2020	$ 213,543	$ 535	$ 652,579	$ (231,409)	$ (7,422)		$ (200,740)
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2020						$ 43,073
Dividends declared per share (in dollars per share)	$ 0.39

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income		$ 40,230,000	$ 72,626,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		14,561,000	13,766,000
Amortization of deferred commissions		885,000	469,000
Depreciation and amortization		2,380,000	2,217,000
Amortization of right-of-use assets		5,045,000	5,056,000
Amortization (accretion) of premium (discount) on held-to-maturity investments		(168,000)	(301,000)
(Gain) loss from investments—net	[1]	14,710,000	(15,738,000)
Deferred income taxes		222,000	34,000
Foreign currency (gain) losses		(245,000)	(158,000)
Changes in operating assets and liabilities:
Accounts receivable		7,351,000	(3,823,000)
Due from brokers		1,246,000	49,000
Deferred commissions		(742,000)	(624,000)
Investments within consolidated funds		568,000	1,828,000
Other assets		(6,549,000)	136,000
Accrued compensation		(26,060,000)	(20,158,000)
Distribution and service fees payable		159,000	(1,690,000)
Operating lease liabilities		(5,633,000)	(5,459,000)
Due to brokers		(304,000)	1,680,000
Income tax payable		11,435,000	(22,000)
Other liabilities and accrued expenses		(3,490,000)	(3,981,000)
Net cash provided by (used in) operating activities		55,601,000	45,907,000
Cash flows from investing activities:
Purchases to investments		8,755,000	18,727,000
Proceeds from sales of investments		6,735,000	44,010,000
Purchases of property and equipment		(1,564,000)	(1,583,000)
Proceeds from sales of property and equipment		73,000	0
Net cash provided by (used in) investing activities		(3,511,000)	23,700,000
Cash flows from financing activities:
Issuance of common stock		518,000	413,000
Repurchase of common stock		(25,915,000)	(10,385,000)
Dividends to stockholders		(37,310,000)	(34,041,000)
Distributions to redeemable noncontrolling interest		(5,322,000)	(32,026,000)
Contributions from redeemable noncontrolling interests		3,845,000	15,392,000
Net cash provided by (used in) financing activities		(64,184,000)	(60,647,000)
Net increase (decrease) in cash and cash equivalents		(12,094,000)	8,960,000
Effect of foreign exchange rate changes on cash and cash equivalents		(1,123,000)	416,000
Cash and cash equivalents, beginning of the period		101,352,000	92,733,000
Cash and cash equivalents, end of the period		88,135,000	102,109,000
Supplemental Cash Flow Information [Abstract]
Income taxes paid		2,492,000	20,699,000
Proceeds from Income tax refunds		2,654,000	352,000
Deferred income tax expense		9,345,000
Restricted stock unit dividend equivalents, net of forfeitures		730,000	$ 1,283,000
SICAV Preferred
Supplemental Cash Flow Information [Abstract]
Net consolidation (deconsolidation) of Company-sponsored funds		114,192,000
SICAV GRE
Supplemental Cash Flow Information [Abstract]
Noncontrolling interest, period increase (decrease)		$ 45,988,000

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

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Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of BusinessCohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Ireland Ltd. (CSIL) (collectively, the Company).The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.

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Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

Recently Adopted Accounting Pronouncements—In January 2017, the Financial Accounting Standards Board (FASB) issued guidance to simplify the goodwill impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. This standard amended guidance related to reporting credit losses for financial assets measured at amortized cost and replaced the incurred loss impairment model with a current expected credit loss (CECL) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates due to factors we can not fully predict including the extent of the impact to the Company's business from the ongoing COVID-19 pandemic. The extent to which the COVID-19 pandemic may continue to impact the Company's business, results of operations, financial condition, liquidity or prospects could affect the Company's accounting estimates and will depend on ongoing and future developments which are highly uncertain and cannot be predicted, including the duration and severity of the pandemic, the prospects for a sustained recovery in the financial markets and the length of time it will take for the Company's workforce to fully and safely return to the workplace.

Reclassifications—The Company reclassified certain prior period amounts in the condensed consolidated financial statements to conform with the current period presentation. Prior period revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests.

A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.

Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company's ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund.

The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%.

Cash and Cash Equivalents—Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less.

Due from/to Brokers—Company-sponsored funds that are consolidated transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.

Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At June 30, 2020, the Company's investments were comprised of the following:

•Equity investments at fair value, which generally represent equity securities held within the consolidated Company-sponsored funds, individual equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence.

•Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and individual debt securities held directly for the purposes of establishing performance track records.

•Held-to-maturity investments, which generally represent fixed income securities recorded at amortized cost. Under the CECL model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not record any provision for credit losses on these securities during the six months ended June 30, 2020.

•Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests in the Company-sponsored fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the Company-sponsored fund's net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios, including options, futures and swaps contracts. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into foreign exchange contracts to hedge its currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.

Leases—The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of the lease commencement dates in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.

Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company's investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts.

Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interest is recorded at fair value which approximates the redemption value at each reporting period.

Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately

identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are therefore excluded from the transaction price until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.

Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes.

Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis.

Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds.

Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average assets under management.

Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management.

Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred.

Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete items during the period.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company's global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential

interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.

Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was ($7,422,000) and ($6,326,000) at June 30, 2020 and December 31, 2019, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s condensed consolidated statements of operations.

Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax.

Recently Issued Accounting Pronouncements—In December 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the rate approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This new guidance will be effective on January 1, 2021. The Company does not expect the adoption of the new standard to have a material effect on its condensed consolidated financial statements and related disclosures.

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Revenue

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Client domicile:
North America	$	81,407	$	87,267	$	172,414	$	167,710
Japan	7,486		8,387		15,902		16,618
Asia Pacific excluding Japan	2,536		2,554		5,608		5,706
Europe, Middle East and Africa	2,658		3,584		5,993		5,984
Total	$	94,087	$	101,792	$	199,917	$	196,018

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment vehicle:
Open-end funds (1)	$	51,566	$	53,860	$	109,157	$	102,460
Closed-end funds	17,512		20,002		37,134		39,054
Institutional accounts	24,500		27,410		52,359		53,535
Other (2)	509		520		1,267		969
Total	$	94,087	$	101,792	$	199,917	$	196,018

________________________

(1) Included distribution and service fees of $6.9 million and $7.4 million for the three months ended June 30, 2020 and 2019, respectively, and $14.7 million and $14.4 million for the six months ended June 30, 2020 and 2019, respectively.

(2) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts.

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Investments

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Investments

Investments

The following table summarizes the Company's investments:

(in thousands)	June 30, 2020		December 31, 2019
Equity investments at fair value	$	79,834	$	89,872
Trading	17,278		14,980
Held-to-maturity carried at amortized cost (1)	49,975		49,807
Equity method	451		554
Total investments	$	147,538	$	155,213

_________________________

(1) Held-to-maturity investments had a fair value of approximately $50.2 million and $50.0 million at June 30, 2020 and December 31, 2019, respectively. These securities would be classified as level 2 within the fair value hierarchy if carried at fair value. Original maturities ranged from 12 to 24 months at June 30, 2020 and December 31, 2019.

The Company seeded one new fund during the six months ended June 30, 2019.

The following table summarizes gain (loss)—net from investments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Net realized gains (losses) during the period	$	(4,191)	$	4,526	$	(5,421)	$	3,759
Net unrealized gains (losses) during the period on investments still held at the end of the period	11,508		(2,652)		(9,289)		11,979
Gain (loss) from investments—net (1)	$	7,317	$	1,874	$	(14,710)	$	15,738

________________________

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

At June 30, 2020 and 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).

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

	June 30, 2020
(in thousands)	GLI SICAV		GRP-CIP		SICAV GRE		SICAV RAP		Total
Assets (1)
Investments	$	6,474	$	271	$	33,039	$	28,471	$	68,255
Due from brokers	—		69		361		67		497
Other assets	165		—		861		425		1,451
Total assets	$	6,639	$	340	$	34,261	$	28,963	$	70,203
Liabilities (1)
Due to brokers	$	—	$	—	$	—	$	62	$	62
Other liabilities and accrued expenses	110		5		307		199		621
Total liabilities	$	110	$	5	$	307	$	261	$	683

	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

_________________________

(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.

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Fair Value

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:

•Level 1—Unadjusted quoted prices for identical instruments in active markets.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820.

The following tables present fair value measurements:

	June 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	73,897	$	—	$	—	$	—	$	—	$	73,897
Equity investments at fair value
Common stocks	$	77,672	$	—	$	—	$	—	$	—	$	77,672
Company-sponsored funds	125		—		—		—		—		125
Limited partnership interests	756		—		—		271		—		1,027
Preferred securities	839		56		—		—		—		895
Other	—		—		—		115		—		115
Total	$	79,392	$	56	$	—	$	386	$	—	$	79,834
Trading investments
Fixed income	$	83	$	17,195	$	—	$	—	$	—	$	17,278
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,975	$	49,975
Equity method investments	$	—	$	—	$	—	$	451	$	—	$	451
Total investments	$	79,475	$	17,251	$	—	$	837	$	49,975	$	147,538
Derivatives - assets
Commodity futures	$	341	$	—	$	—	$	—	$	—	$	341
Foreign exchange	—		58		—		—		—		58
Total	$	341	$	58	$	—	$	—	$	—	$	399
Derivatives - liabilities
Commodity futures	$	237	$	—	$	—	$	—	$	—	$	237
Commodity swaps	—		49		—		—		—		49
Foreign exchange	—		95		—		—		—		95
Total	$	237	$	144	$	—	$	—	$	—	$	381

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	85,889	$	—	$	—	$	—	$	—	$	85,889
Equity investments at fair value
Common stocks	$	87,408	$	—	$	—	$	—	$	—	$	87,408
Company-sponsored funds	132		—		—		—		—		132
Limited partnership interests	1,048		—		—		337		—		1,385
Preferred securities	704		108		—		—		—		812
Other	—		—		—		135		—		135
Total	$	89,292	$	108	$	—	$	472	$	—	$	89,872
Trading investments
Fixed income	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Equity method investments	$	—	$	—	$	—	$	554	$	—	$	554
Total investments	$	89,292	$	15,088	$	—	$	1,026	$	49,807	$	155,213
Derivatives - assets
Commodity futures	$	570	$	—	$	—	$	—	$	—	$	570
Foreign exchange	—		74		—		—		—		74
Total	$	570	$	74	$	—	$	—	$	—	$	644
Derivatives - liabilities
Commodity futures	$	339	$	—	$	—	$	—	$	—	$	339
Commodity swaps	—		173		—		—		—		173
Foreign exchange	—		44		—		—		—		44
Total	$	339	$	217	$	—	$	—	$	—	$	556

Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV.

Equity investments at fair value classified as level 2 were comprised of certain preferred securities with predominately equity-like characteristics whose fair values are generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.

Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts 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 at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments were comprised of:

•Equity investments at fair value - includes limited partner interests in limited partnership vehicles that invest in non-registered real estate funds and the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table), both of which are valued based on the NAVs of the underlying investments. At June 30, 2020 and December 31, 2019, the Company did not have the ability to redeem the interests in the limited partnership vehicles; there were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust.

•Equity method investments - includes the Company's partnership interests in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) and the Cohen & Steers Global Realty Focus Fund (GRF), a series of Cohen & Steers Series LP. GRP-TE invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either June 30, 2020 or December 31, 2019. GRF invests in global real estate investment trusts and other publicly traded real estate companies. The Company's ownership interest was approximately 1.0% and the Company had the ability to redeem the investment in GRF with 15 days' notice. The Company's risk with respect to both investments is limited to its equity ownership interest and any uncollected management fees.

Held-to-maturity investments were comprised of U.S. Treasury securities, which were directly issued by the U.S. government, with original maturities of 12 to 24 months at June 30, 2020 and December 31, 2019. These securities were purchased with the intent to hold to maturity and are recorded at amortized cost.

Investments measured at NAV and held-to-maturity investments have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.

Commodity swap contracts classified as level 2 were valued based on the underlying futures contracts.

Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate.

Valuation Techniques

In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.

Foreign exchange contracts are valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

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Derivatives

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship:

	As of June 30, 2020
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	11,246	$	3,168	$	341	$	237
Commodity swaps	—		7,784		—		49
Foreign exchange	—		9,091		58		95
	$	11,246	$	20,043	$	399	$	381

	As of December 31, 2019
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	14,394	$	4,623	$	570	$	339
Commodity swaps	—		8,909		—		173
Foreign exchange	—		10,787		74		44
	$	14,394	$	24,319	$	644	$	556

________________________

(1) The fair value of the derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the

Company's condensed consolidated statements of financial condition.

The Company's exposure to commodity futures is limited to certain seed investments. Commodity swap contracts are utilized to economically hedge and reduce the overall risk of the Company's market exposure to these investments. The Company enters into foreign exchange contracts to sell currency to economically hedge exposure arising from certain non-U.S. dollar investment advisory fees.

Investments of approximately $1,675,000 and $1,713,000 on the condensed consolidated statements of financial condition at June 30, 2020 and December 31, 2019, respectively, were held as collateral for futures and swap contracts.

The following table summarizes net gains (losses) from derivative financial instruments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Commodity futures	$	412	$	(155)	$	(1,689)	$	741
Commodity swaps	(381)		395		1,760		(346)
Foreign exchange	(164)		(228)		(67)		(36)
Total (1)	$	(133)	$	12	$	4	$	359

________________________

(1) Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's

        condensed consolidated statements of operations.

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Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.

Anti-dilutive common stock equivalents of approximately 63,000 shares were excluded from the computation for the three months ended June 30, 2020. There were no anti-dilutive common stock equivalents for either the three months ended June 30, 2019 or six months ended June 30, 2020. Anti-dilutive common stock equivalents of approximately 2,300 shares were excluded from the computation for the six months ended June 30, 2019.

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2020		2019		2020		2019
Net income	$	32,162	$	32,649	40,230		72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)		(1,316)		8,862		(8,750)
Net income attributable to common stockholders	$	28,520	$	31,333	$	49,092	$	63,876
Basic weighted average shares outstanding	47,826		47,304		47,739		47,226
Dilutive potential shares from restricted stock units	746		871		810		716
Diluted weighted average shares outstanding	48,572		48,175		48,549		47,942
Basic earnings per share attributable to common stockholders	$	0.60	$	0.66	1.03		1.35
Diluted earnings per share attributable to common stockholders	$	0.59	$	0.65	1.01		1.33

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Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes includes U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended June 30, 2020 was approximately 28.0%, compared with approximately 24.2% for the three months ended June 30, 2019. The effective tax rate for the three months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. The effective tax rate for the three months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes.

The effective tax rate for the six months ended June 30, 2020 was approximately 19.0%, compared with approximately 24.2% for the six months ended June 30, 2019. The effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes as well as the effect of certain permanent differences, the most significant of which related to limitations on the deductibility of executive compensation. These were more than offset by discrete tax items, primarily related to the appreciated value of the restricted stock units delivered in January 2020. The effective tax rate for the six months ended June 30, 2019 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes, partially offset by a discrete item related to the appreciated value of the restricted stock units delivered in January 2019.

Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset was primarily comprised of future income tax deductions attributable to the delivery of unvested restricted stock units. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized.

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Regulatory Requirements	6 Months Ended
	Jun. 30, 2020
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Requirements	Regulatory RequirementsCSS, a registered broker-dealer in the U.S., is subject to the SEC's Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker-dealers maintain a minimum level of net capital, as prescribed by the Rule. At June 30, 2020, CSS had net capital of approximately $3.3 million, which exceeded its requirement by approximately $3.1 million. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule.CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At June 30, 2020, CSAL had regulatory capital of approximately $2.4 million, which exceeded its minimum regulatory capital requirement by approximately $2.0 million. During the three months ended June 30, 2020, CSAL paid dividends in the amount of approximately $12.9 million to its parent, Cohen & Steers Capital Management, Inc.CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At June 30, 2020, CSUK had regulatory capital of approximately $26.2 million, which exceeded its minimum regulatory capital requirement by approximately $21.9 million.

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Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds for which certain employees are officers and/or directors.

The following table summarizes the amount of revenue the Company earned from these Company-sponsored funds:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment advisory and administration fees (1)	$	61,035	$	65,409	$	129,377	$	125,105
Distribution and service fees	6,930		7,418		14,713		14,391
Total	$	67,965	$	72,827	$	144,090	$	139,496

_________________________

(1) Investment advisory and administration fees are reflected net of fund reimbursements of $2.9 million and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, and $6.1 million and $4.8 million for the six months ended June 30, 2020 and 2019, respectively.

The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Proceeds from sales	$	—	$	5,399	$	7	$	26,506
Gross realized gains	—		32		—		32
Gross realized losses	—		—		—		(907)
Dividend income	1		28		2		30

Included in accounts receivable at June 30, 2020 and December 31, 2019 are receivables due from Company-sponsored funds of approximately $23,955,000 and $26,701,000, respectively. Included in accounts payable at June 30, 2020 and December 31, 2019 are payables due to Company-sponsored funds of approximately $1,079,000 and $474,000, respectively.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its condensed consolidated results of operations, cash flows or financial position.

The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of June 30, 2020, the Company had funded approximately $3.8 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds in which GRP-TE and GRP-CIP invest. At June 30, 2020, the unfunded commitment was not recorded on the Company's condensed consolidated statements of financial condition.

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Concentration of Credit Risk

6 Months Ended

Jun. 30, 2020

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Concentration of Credit Risk

The Company's cash and cash equivalents are principally on deposit with several highly rated financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations.

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Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.

On August 6, 2020, the Company declared a quarterly dividend on its common stock in the amount of $0.39 per share. The dividend will be payable on August 27, 2020 to stockholders of record at the close of business on August 17, 2020.

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Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements—In January 2017, the Financial Accounting Standards Board (FASB) issued guidance to simplify the goodwill impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. This standard amended guidance related to reporting credit losses for financial assets measured at amortized cost and replaced the incurred loss impairment model with a current expected credit loss (CECL) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. This new guidance became effective on January 1, 2020. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures.

Accounting Estimates

Accounting Estimates—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates due to factors we can not fully predict including the extent of the impact to the Company's business from the ongoing COVID-19 pandemic. The extent to which the COVID-19 pandemic may continue to impact the Company's business, results of operations, financial condition, liquidity or prospects could affect the Company's accounting estimates and will depend on ongoing and future developments which are highly uncertain and cannot be predicted, including the duration and severity of the pandemic, the prospects for a sustained recovery in the financial markets and the length of time it will take for the Company's workforce to fully and safely return to the workplace.

Reclassification

Reclassifications—The Company reclassified certain prior period amounts in the condensed consolidated financial statements to conform with the current period presentation. Prior period revenue amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to investment advisory and administration fees.

Consolidation of Company-sponsored Funds

Consolidation of Company-sponsored Funds—Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests.

A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Investments and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated.

Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company's ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund.

The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%.

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less.

Due from/to Brokers

Due from/to Brokers—Company-sponsored funds that are consolidated transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers.

Investments

Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At June 30, 2020, the Company's investments were comprised of the following:

•Equity investments at fair value, which generally represent equity securities held within the consolidated Company-sponsored funds, individual equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence.

•Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and individual debt securities held directly for the purposes of establishing performance track records.

•Held-to-maturity investments, which generally represent fixed income securities recorded at amortized cost. Under the CECL model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not record any provision for credit losses on these securities during the six months ended June 30, 2020.

•Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests in the Company-sponsored fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of the Company-sponsored fund's net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios, including options, futures and swaps contracts. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into foreign exchange contracts to hedge its currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition.

Leases

Leases—The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of the lease commencement dates in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.

Goodwill and Intangible Assets

Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company's investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts.

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Interests—Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interest is recorded at fair value which approximates the redemption value at each reporting period.

Investment Advisory and Administration Fees

Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets in the portfolio. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately

identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are therefore excluded from the transaction price until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized.

Distribution and Service Fee Revenue

Distribution and Service Fee Revenue—Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes.

Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily.

Distribution and Service Fee Expense

Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis.

Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds.

Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average assets under management.

Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management.

Stock-based Compensation

Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred.

Income Taxes

Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete items during the period.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company's global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential

interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations.

Currency Translation and Transactions

Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was ($7,422,000) and ($6,326,000) at June 30, 2020 and December 31, 2019, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s condensed consolidated statements of operations.

Comprehensive Income

Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In December 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the rate approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This new guidance will be effective on January 1, 2021. The Company does not expect the adoption of the new standard to have a material effect on its condensed consolidated financial statements and related disclosures

Valuation Techniques

Valuation Techniques

In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.

Foreign exchange contracts are valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures.

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Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Client domicile:
North America	$	81,407	$	87,267	$	172,414	$	167,710
Japan	7,486		8,387		15,902		16,618
Asia Pacific excluding Japan	2,536		2,554		5,608		5,706
Europe, Middle East and Africa	2,658		3,584		5,993		5,984
Total	$	94,087	$	101,792	$	199,917	$	196,018

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment vehicle:
Open-end funds (1)	$	51,566	$	53,860	$	109,157	$	102,460
Closed-end funds	17,512		20,002		37,134		39,054
Institutional accounts	24,500		27,410		52,359		53,535
Other (2)	509		520		1,267		969
Total	$	94,087	$	101,792	$	199,917	$	196,018

________________________

(1) Included distribution and service fees of $6.9 million and $7.4 million for the three months ended June 30, 2020 and 2019, respectively, and $14.7 million and $14.4 million for the six months ended June 30, 2020 and 2019, respectively.

(2) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts.

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Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Summary Investment Holdings

The following table summarizes the Company's investments:

(in thousands)	June 30, 2020		December 31, 2019
Equity investments at fair value	$	79,834	$	89,872
Trading	17,278		14,980
Held-to-maturity carried at amortized cost (1)	49,975		49,807
Equity method	451		554
Total investments	$	147,538	$	155,213

_________________________

(1) Held-to-maturity investments had a fair value of approximately $50.2 million and $50.0 million at June 30, 2020 and December 31, 2019, respectively. These securities would be classified as level 2 within the fair value hierarchy if carried at fair value. Original maturities ranged from 12 to 24 months at June 30, 2020 and December 31, 2019.

Gain (Loss) on Investments

The following table summarizes gain (loss)—net from investments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Net realized gains (losses) during the period	$	(4,191)	$	4,526	$	(5,421)	$	3,759
Net unrealized gains (losses) during the period on investments still held at the end of the period	11,508		(2,652)		(9,289)		11,979
Gain (loss) from investments—net (1)	$	7,317	$	1,874	$	(14,710)	$	15,738

________________________

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

Schedule of Variable Interest Entities

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

	June 30, 2020
(in thousands)	GLI SICAV		GRP-CIP		SICAV GRE		SICAV RAP		Total
Assets (1)
Investments	$	6,474	$	271	$	33,039	$	28,471	$	68,255
Due from brokers	—		69		361		67		497
Other assets	165		—		861		425		1,451
Total assets	$	6,639	$	340	$	34,261	$	28,963	$	70,203
Liabilities (1)
Due to brokers	$	—	$	—	$	—	$	62	$	62
Other liabilities and accrued expenses	110		5		307		199		621
Total liabilities	$	110	$	5	$	307	$	261	$	683

	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

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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.

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present fair value measurements:

	June 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	73,897	$	—	$	—	$	—	$	—	$	73,897
Equity investments at fair value
Common stocks	$	77,672	$	—	$	—	$	—	$	—	$	77,672
Company-sponsored funds	125		—		—		—		—		125
Limited partnership interests	756		—		—		271		—		1,027
Preferred securities	839		56		—		—		—		895
Other	—		—		—		115		—		115
Total	$	79,392	$	56	$	—	$	386	$	—	$	79,834
Trading investments
Fixed income	$	83	$	17,195	$	—	$	—	$	—	$	17,278
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,975	$	49,975
Equity method investments	$	—	$	—	$	—	$	451	$	—	$	451
Total investments	$	79,475	$	17,251	$	—	$	837	$	49,975	$	147,538
Derivatives - assets
Commodity futures	$	341	$	—	$	—	$	—	$	—	$	341
Foreign exchange	—		58		—		—		—		58
Total	$	341	$	58	$	—	$	—	$	—	$	399
Derivatives - liabilities
Commodity futures	$	237	$	—	$	—	$	—	$	—	$	237
Commodity swaps	—		49		—		—		—		49
Foreign exchange	—		95		—		—		—		95
Total	$	237	$	144	$	—	$	—	$	—	$	381

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Investments Measured at NAV as FV		Investments Carried at Amortized Cost		Total
Cash equivalents	$	85,889	$	—	$	—	$	—	$	—	$	85,889
Equity investments at fair value
Common stocks	$	87,408	$	—	$	—	$	—	$	—	$	87,408
Company-sponsored funds	132		—		—		—		—		132
Limited partnership interests	1,048		—		—		337		—		1,385
Preferred securities	704		108		—		—		—		812
Other	—		—		—		135		—		135
Total	$	89,292	$	108	$	—	$	472	$	—	$	89,872
Trading investments
Fixed income	$	—	$	14,980	$	—	$	—	$	—	$	14,980
Held-to-maturity investments	$	—	$	—	$	—	$	—	$	49,807	$	49,807
Equity method investments	$	—	$	—	$	—	$	554	$	—	$	554
Total investments	$	89,292	$	15,088	$	—	$	1,026	$	49,807	$	155,213
Derivatives - assets
Commodity futures	$	570	$	—	$	—	$	—	$	—	$	570
Foreign exchange	—		74		—		—		—		74
Total	$	570	$	74	$	—	$	—	$	—	$	644
Derivatives - liabilities
Commodity futures	$	339	$	—	$	—	$	—	$	—	$	339
Commodity swaps	—		173		—		—		—		173
Foreign exchange	—		44		—		—		—		44
Total	$	339	$	217	$	—	$	—	$	—	$	556

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship:

	As of June 30, 2020
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	11,246	$	3,168	$	341	$	237
Commodity swaps	—		7,784		—		49
Foreign exchange	—		9,091		58		95
	$	11,246	$	20,043	$	399	$	381

	As of December 31, 2019
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Commodity futures	$	14,394	$	4,623	$	570	$	339
Commodity swaps	—		8,909		—		173
Foreign exchange	—		10,787		74		44
	$	14,394	$	24,319	$	644	$	556

________________________

(1) The fair value of the derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the

Company's condensed consolidated statements of financial condition.

Gains (losses) on Derivatives

The following table summarizes net gains (losses) from derivative financial instruments:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Commodity futures	$	412	$	(155)	$	(1,689)	$	741
Commodity swaps	(381)		395		1,760		(346)
Foreign exchange	(164)		(228)		(67)		(36)
Total (1)	$	(133)	$	12	$	4	$	359

________________________

(1) Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's

        condensed consolidated statements of operations.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2020		2019		2020		2019
Net income	$	32,162	$	32,649	40,230		72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)		(1,316)		8,862		(8,750)
Net income attributable to common stockholders	$	28,520	$	31,333	$	49,092	$	63,876
Basic weighted average shares outstanding	47,826		47,304		47,739		47,226
Dilutive potential shares from restricted stock units	746		871		810		716
Diluted weighted average shares outstanding	48,572		48,175		48,549		47,942
Basic earnings per share attributable to common stockholders	$	0.60	$	0.66	1.03		1.35
Diluted earnings per share attributable to common stockholders	$	0.59	$	0.65	1.01		1.33

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following table summarizes the amount of revenue the Company earned from these Company-sponsored funds:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Investment advisory and administration fees (1)	$	61,035	$	65,409	$	129,377	$	125,105
Distribution and service fees	6,930		7,418		14,713		14,391
Total	$	67,965	$	72,827	$	144,090	$	139,496

_________________________

(1) Investment advisory and administration fees are reflected net of fund reimbursements of $2.9 million and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, and $6.1 million and $4.8 million for the six months ended June 30, 2020 and 2019, respectively.

The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2020		2019		2020		2019
Proceeds from sales	$	—	$	5,399	$	7	$	26,506
Gross realized gains	—		32		—		32
Gross realized losses	—		—		—		(907)
Dividend income	1		28		2		30

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Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (7,422,000)	$ (6,326,000)

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Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue		$ 94,087	$ 101,792	$ 199,917	$ 196,018
North America
Disaggregation of Revenue [Line Items]
Total revenue		81,407	87,267	172,414	167,710
Japan
Disaggregation of Revenue [Line Items]
Total revenue		7,486	8,387	15,902	16,618
Asia, excluding Japan
Disaggregation of Revenue [Line Items]
Total revenue		2,536	2,554	5,608	5,706
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue		2,658	3,584	5,993	5,984
Distribution and service fees
Disaggregation of Revenue [Line Items]
Total revenue		6,930	7,418	14,713	14,391
Open-end funds
Disaggregation of Revenue [Line Items]
Total revenue	[1]	51,566	53,860	109,157	102,460
Closed-end funds
Disaggregation of Revenue [Line Items]
Total revenue		17,512	20,002	37,134	39,054
Institutional accounts
Disaggregation of Revenue [Line Items]
Total revenue		24,500	27,410	52,359	53,535
Other
Disaggregation of Revenue [Line Items]
Total revenue	[2]	$ 509	$ 520	$ 1,267	$ 969

[1] Included distribution and service fees of $6.9 million and $7.4 million for the three months ended June 30, 2020 and 2019, respectively, and $14.7 million and $14.4 million for the six months ended June 30, 2020 and 2019, respectively.

[2] Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts.

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Investments Trading and Equity Investments (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) new_funds_seeded	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Trading Securities and Other Trading Assets [Line Items]
Debt Securities, Held-to-maturity, Fair Value		$ 50,200		$ 50,200		$ 50,000
Number of new funds seeded | new_funds_seeded				1
Equity investments at fair value		79,834		$ 79,834		89,872
Equity method investments		451		451		554
Trading		17,278		17,278		14,980
Held-to-maturity	[1]	49,975		49,975		49,807
Investments ($68,255 and $82,829)	[2]	147,538		147,538		$ 155,213
Gain (Loss) on Investments [Abstract]
Net realized gains (losses) during the period		(4,191)	$ 4,526	(5,421)	$ 3,759
Net unrealized gains (losses) during the period on investments still held at the end of the period		11,508	(2,652)	(9,289)	11,979
Gain (loss) from investments—net	[3]	$ 7,317	$ 1,874	$ (14,710)	$ 15,738
Minimum [Member]
Gain (Loss) on Investments [Abstract]
Investments, Held-to-maturity, Fair Value, Original Maturity Period				12 months		12 months
Maximum [Member]
Gain (Loss) on Investments [Abstract]
Investments, Held-to-maturity, Fair Value, Original Maturity Period				24 months		24 months

[1] Held-to-maturity investments had a fair value of approximately $50.2 million and $50.0 million at June 30, 2020 and December 31, 2019, respectively. These securities would be classified as level 2 within the fair value hierarchy if carried at fair value. Original maturities ranged from 12 to 24 months at June 30, 2020 and December 31, 2019.

[2] Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

[3] Included net income (loss) attributable to redeemable noncontrolling interests.

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Investments Variable Interest Entity (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments	[1]	$ 147,538	$ 155,213
Other Assets	[1]	8,675	7,433
Total assets		368,288	402,419
Due to brokers	[1]	62	366
Other liabilities and accrued expenses	[1]	10,743	13,972
Total liabilities		111,672	135,304
GLI SICAV
Variable Interest Entity [Line Items]
Investments		6,474	7,048
Due from broker		0	264
Other Assets		165	92
Total assets		6,639	7,404
Due to brokers		0	45
Other liabilities and accrued expenses		110	100
Total liabilities		110	145
GRP-CIP
Variable Interest Entity [Line Items]
Investments		271	337
Due from broker		69	203
Other Assets		0	0
Total assets		340	540
Due to brokers		0	0
Other liabilities and accrued expenses		5	5
Total liabilities		5	5
SICAV GRE
Variable Interest Entity [Line Items]
Investments		33,039	45,468
Due from broker		361	663
Other Assets		861	681
Total assets		34,261	46,812
Due to brokers		0	92
Other liabilities and accrued expenses		307	466
Total liabilities		307	558
SICAV RAP
Variable Interest Entity [Line Items]
Investments		28,471	29,976
Due from broker		67	613
Other Assets		425	268
Total assets		28,963	30,857
Due to brokers		62	229
Other liabilities and accrued expenses		199	213
Total liabilities		261	442
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP
Variable Interest Entity [Line Items]
Investments		68,255	82,829
Due from broker		497	1,743
Other Assets		1,451	1,041
Total assets		70,203	85,613
Due to brokers		62	366
Other liabilities and accrued expenses		621	784
Total liabilities		$ 683	$ 1,150

[1] Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2020 and December 31, 2019 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion.

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Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading		$ 17,278	$ 14,980
Held-to-maturity	[1]	49,975	49,807
Equity investments at fair value		79,834	89,872
Equity method investments		451	554
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		73,897	85,889
Equity investments at fair value		79,834	89,872
Total investments		147,538	155,213
Derivative - assets		399	644
Derivative - liabilities		381	556
Fair Value, Measurements, Recurring | Commodity futures contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - assets		341	570
Derivative - liabilities		237	339
Fair Value, Measurements, Recurring | Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - liabilities		49	173
Fair Value, Measurements, Recurring | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - assets		58	74
Derivative - liabilities		95	44
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		73,897	85,889
Equity investments at fair value		79,392	89,292
Total investments		79,475	89,292
Derivative - assets		341	570
Derivative - liabilities		237	339
Fair Value, Measurements, Recurring | Level 1 | Commodity futures contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - assets		341	570
Derivative - liabilities		237	339
Fair Value, Measurements, Recurring | Level 1 | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - liabilities		0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		56	108
Total investments		17,251	15,088
Derivative - assets		58	74
Derivative - liabilities		144	217
Fair Value, Measurements, Recurring | Level 2 | Commodity futures contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - liabilities		0
Fair Value, Measurements, Recurring | Level 2 | Commodity swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - liabilities		49	173
Fair Value, Measurements, Recurring | Level 2 | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative - assets		58	74
Derivative - liabilities		95	44
Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		386	472
Total investments		837	1,026
Preferred Stock [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		895	812
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		839	704
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		56	108
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Limited partnership interests | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		1,027	1,385
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		756	1,048
Limited partnership interests | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		271	337
Fixed income | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading		17,278	14,980
Total investments		49,975	49,807
Fixed income | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading		83
Fixed income | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading		17,195	14,980
Fixed income | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading		0	0
Common stocks | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		77,672	87,408
Common stocks | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		77,672	87,408
Common stocks | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Common stocks | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Other | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		115	135
Other | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Other | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		115	135
Company-sponsored funds | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		125	132
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		125	132
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Company-sponsored funds | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments at fair value		0
Held-to-maturity investments | Fixed income | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity		$ 49,975	$ 49,807
Equity Method Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investment, Ownership Percentage		0.20%	1.00%
Equity Method Investments | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 451	$ 554
Equity Method Investments | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0
Equity Method Investments | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		0	0
Equity Method Investments | Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 451	$ 554

[1] Held-to-maturity investments had a fair value of approximately $50.2 million and $50.0 million at June 30, 2020 and December 31, 2019, respectively. These securities would be classified as level 2 within the fair value hierarchy if carried at fair value. Original maturities ranged from 12 to 24 months at June 30, 2020 and December 31, 2019.

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Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Notional Amount, long	$ 11,246		$ 11,246		$ 14,394
Notional Amount, Short	20,043		20,043		24,319
Derivative Assets, Fair Value	399		399		644
Derivative Liabilities, Fair Value	381		381		556
Derivative, Gains (Losses) on derivative, net	(133)	$ 12	4	$ 359
Foreign exchange contracts
Derivative [Line Items]
Notional Amount, long	0		0		0
Notional Amount, Short	9,091		9,091		10,787
Derivative Assets, Fair Value	58		58		74
Derivative Liabilities, Fair Value	95		95		44
Derivative, Gains (Losses) on derivative, net	(164)	(228)	(67)	(36)
Commodity futures contracts
Derivative [Line Items]
Notional Amount, long	11,246		11,246		14,394
Notional Amount, Short	3,168		3,168		4,623
Derivative Assets, Fair Value	341		341		570
Derivative Liabilities, Fair Value	237		237		339
Derivative, Gains (Losses) on derivative, net	412	(155)	(1,689)	741
Commodity swap contracts
Derivative [Line Items]
Notional Amount, long	0		0		0
Notional Amount, Short	7,784		7,784		8,909
Derivative Assets, Fair Value	0		0		0
Derivative Liabilities, Fair Value	49		49		173
Derivative, Gains (Losses) on derivative, net	(381)	$ 395	1,760	$ (346)
Investments
Derivative [Line Items]
Trading investments and pledged as collateral	$ 1,675		$ 1,675		$ 1,713

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 32,162	$ 32,649	$ 40,230	$ 72,626
Less: Net (income) loss attributable to redeemable noncontrolling interests	(3,642)	(1,316)	8,862	(8,750)
Net income attributable to common stockholders	$ 28,520	$ 31,333	$ 49,092	$ 63,876
Basic weighted average shares outstanding (shares)	47,826,000	47,304,000	47,739,000	47,226,000
Dilutive potential shares from restricted stock units (shares)	746,000	871,000	810,000	716,000
Diluted weighted average shares outstanding (shares)	48,572,000	48,175,000	48,549,000	47,942,000
Basic earnings per share attributable to common stockholders (in dollars per share)	$ 0.60	$ 0.66	$ 1.03	$ 1.35
Diluted earnings per share attributable to common stockholders (in dollars per share)	$ 0.59	$ 0.65	$ 1.01	$ 1.33
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	63,000	0	0	2,300

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%	21.00%
Affiliated Funds
Income Tax Contingency [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 2.9	$ 2.4	$ 6.1	$ 4.8
U.S. Federal, State, Local and Foreign Taxes
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, percent	28.00%	24.20%	19.00%	24.20%

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Regulatory Requirements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]
Dividends	$ 18,999	$ 17,662	$ 38,040	$ 35,324
Subsidiaries
Financial Instruments Owned and Pledged as Collateral [Line Items]
Proceeds from Dividends Received	12,900
Securities Registered Domestically
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net Capital	3,300		3,300
Excess Capital	3,100		3,100
Securities Regulated By Foreign Entities - Asia
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net Capital	2,400		2,400
Excess Capital	2,000		2,000
Securities Regulated By Foreign Entities - UK
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net Capital	26,200		26,200
Excess Capital	$ 21,900		$ 21,900

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Related Party Transactions (Details) - Affiliated Funds - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transactions, Revenue [Abstract]
Investment advisory and administrative fees	$ 61,035,000	[1]	$ 65,409,000	[1]	$ 129,377,000	$ 125,105,000
Distribution and service fees	6,930,000		7,418,000		14,713,000	14,391,000
Total	67,965,000		72,827,000		144,090,000	139,496,000
Related Party Transaction, Expenses from Transactions with Related Party	2,900,000		2,400,000		6,100,000	4,800,000
Proceeds from sales	0		5,399,000		7,000	26,506,000
Gross realized gains	0		32,000		0	32,000
Gross realized losses	0		0		0	(907,000)
Dividend income	1,000		$ 28,000		2,000	$ 30,000
Receivables due from company-sponsored mutual funds	23,955,000				23,955,000		$ 26,701,000
Payables due to company-sponsored mutual funds	$ 1,079,000				$ 1,079,000		$ 474,000

[1] Investment advisory and administration fees are reflected net of fund reimbursements of $2.9 million and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, and $6.1 million and $4.8 million for the six months ended June 30, 2020 and 2019, respectively.

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Commitments and Contingencies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Commitments
Contingencies [Line Items]
Long-term purchase commitment, time period	12 years
Commitment to invest
Contingencies [Line Items]
Long-term purchase commitment	$ 5.1
Long-term committment, funded amount	$ 3.8

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Subsequent Events (Details) - $ / shares		3 Months Ended		6 Months Ended
	Aug. 06, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Dividends, Common Stock, Cash		$ 0.39	$ 0.36	$ 0.78	$ 0.72
Dividend Declared | Subsequent Event
Subsequent Event [Line Items]
Dividends, Common Stock, Cash	$ 0.39