COHEN & STEERS, INC.
For the period ended Mar 31, 2026. Filed May 1, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $41,220 | $43,289 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Stock-based compensation expense—net | 10,793 | 11,379 |
| Depreciation and amortization | 3,130 | 2,831 |
| Non-cash lease expense | 1,335 | 1,225 |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities | 361 | 593 |
| (Gain) loss from investments—net | (1,011) | (3,553) |
| Deferred income taxes | 7,859 | 5,709 |
| Foreign currency (gain) loss | (84) | 902 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (9,038) | (3,893) |
| Due from brokers | (374) | (2,960) |
| Investments held by consolidated funds | (42,520) | (115,281) |
| Other assets | (3,659) | (2,704) |
| Accrued compensation and benefits | (60,164) | (51,086) |
| Distribution and service fees payable | (732) | (291) |
| Operating lease liabilities | (1,830) | (1,492) |
| Due to brokers | (38) | 2,574 |
| Income tax payable | 6,400 | 2,053 |
| Other liabilities and accrued expenses | (3,012) | 1,757 |
| Net cash provided by (used in) operating activities | (51,364) | (108,948) |
| Cash flows from investing activities: | ||
| Purchases of investments | (141,392) | (76,329) |
| Proceeds from sales and maturities of investments | 116,471 | 79,405 |
| Purchases of property and equipment | 108 | (1,075) |
| Net cash provided by (used in) investing activities | (24,813) | 2,001 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock under employee stock purchase plan | 401 | 329 |
| Repurchase of common stock for employee tax withholding | (16,917) | (25,977) |
| Dividends to stockholders | (34,524) | (31,710) |
| Net contributions (distributions) from noncontrolling interests | 37,404 | 46,830 |
| Other | (15) | (15) |
| Net cash provided by (used in) financing activities | (13,651) | (10,543) |
| Net increase (decrease) in cash and cash equivalents | (89,828) | (117,490) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (460) | 471 |
| Cash and cash equivalents, beginning of the period | 146,604 | 183,162 |
| Cash and cash equivalents, end of the period | $56,316 | $66,143 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
Supplemental disclosures of cash flow information:
The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:
| As of March 31, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Cash and cash equivalents | $53,094 | $65,227 |
| Cash included in investments (1) | 3,222 | 916 |
| Total cash and cash equivalents within condensed consolidated statements of cash flows | $56,316 | $66,143 |
(1) Cash included in investments represents operating cash held in consolidated funds.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $0.9 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively.
During the first quarter of 2026, the Company deconsolidated an exchange-traded fund, resulting in a non-cash reduction of $8.5 million from both investments and redeemable noncontrolling interests.
During the first quarter of 2026 and 2025, the Company's consolidated exchange-traded funds had non-cash in-kind net subscriptions of $4.0 million and $20.1 million, respectively.
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