COHEN & STEERS, INC.
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 2026
CNS$73.20-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001284812-26-000146
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001284812-26-000200
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 118 previous paragraphs and 131 current paragraphs.
44 unchanged; 42 reworded; 44 added; 31 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 18 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
Wealth
Current report
Assets under management in wealth vehicles at September 30, 2026 increased 7.4% to $47.7 billion from $44.4 billion at September 30, 2025. Activity during the nine months ended September 30, 2026 included:
Current report
Mutual funds:
Current report
•Distributions of $1.0 billion including $566 million from real estate and $403 million from preferred securities.
Current report
ETFs:
Current report
•Net inflows of $765 million including $402 million into real estate and $287 million into preferred securities;
Current report
•Market appreciation of $3 million; and
Current report
•Distributions of $21 million.
Current report
SICAVs:
Current report
•Net inflows of $679 million including $446 million into multi-strategy real assets and $110 million into real estate;
Current report
•Market appreciation of $17 million; and
Current report
•Distributions of $5 million.
Current report
Other wealth:
Current report
•Net inflows of $19 million;
Current report
•Market appreciation of $121 million; and
Current report
•Distributions of $10 million.
Current report
Institutional
Current report
•Market appreciation of $1.8 billion including $1.4 billion from real estate; and
Current report
•Distributions of $450 million from real estate.
Current report
•Net inflows of $206 million primarily from real estate;
Current report
•Market appreciation of $283 million including $149 million from real estate and $131 million from global listed infrastructure; and
Current report
•Distributions of $505 million including $171 million from real estate, $163 million from global listed infrastructure and $149 million from preferred securities.
Current report
Note: Totals may not foot due to rounding.
Current report
By Wealth Vehicle
Current report
Note: Totals may not foot due to rounding.
Current report
Notes:
Current report
Totals may not foot due to rounding.
Current report
Investment strategies were reclassified during the current quarter and prior period amounts have been recast to conform to the current presentation. Such reclassifications had no impact on the total assets under management previously reported.
Current report
Total investment advisory and administration fees from wealth vehicles compared with average assets under management implied an annualized effective fee rate of 66.9 bps and 67.5 bps for the three months ended September 30, 2026 and 2025, respectively.
Current report
General and administrative expenses increased from the three months ended September 30, 2025, primarily due to higher travel and business development-related expenses of $0.7 million.
Current report
The condensed consolidated statements of operations on a GAAP basis include amounts attributable to certain funds that we are required to consolidate. The table below reflects our non-operating income (loss) excluding these funds. While management believes that non-operating income (loss)-excluding consolidated funds is useful in evaluating the economic impact of our seed investment performance, this information should be considered supplemental in nature and not as a substitute for non-operating income (loss) prepared in accordance with U.S. GAAP.
Current report
The table below reconciles non-operating income (loss) presented on a GAAP basis to non-operating income (loss) excluding consolidated funds:
Current report
Investment advisory and administration fees increased from the nine months ended September 30, 2025, primarily due to higher average assets under management.
Current report
Distribution and service fees increased from the nine months ended September 30, 2025, primarily due to higher average assets under management in mutual funds.
Current report
Distribution and service fees increased from the nine months ended September 30, 2025, primarily due to costs associated with the RQI rights offering of $4.8 million and higher average assets under management in mutual funds.
Current report
The table below reconciles non-operating income (loss) presented on a GAAP basis to non-operating income (loss) excluding consolidated funds:
Current report
Adjusted Statement of Financial Condition
Current report
The condensed consolidated statements of financial condition on a GAAP basis include amounts attributable to certain funds that we are required to consolidate. The adjusted statement of financial condition provided below excludes amounts attributable to these consolidated funds and instead presents our economic interest in our seed investments on the condensed consolidated statements of financial condition. While management believes that this adjusted statement of financial condition is useful in evaluating the Company’s financial condition, this information should be considered supplemental in nature and not as a substitute for the related statement of financial condition prepared in accordance with U.S. GAAP.
Current report
The table below reconciles the condensed consolidated statement of financial condition presented on a GAAP basis to the adjusted statement of financial condition excluding the impact of consolidated funds:
Current report
(1)Other assets include accounts receivable, property and equipment—net, operating lease right-of-use assets—net, goodwill and intangible assets—net, and other assets.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (31)
Previous report
Open-end funds
Previous report
Assets under management in open-end funds at June 30, 2026 increased 14.0% to $49.0 billion from $43.0 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
Previous report
•Market appreciation of $4.3 billion including $3.5 billion from U.S. real estate; and
Previous report
•Distributions of $755 million including $368 million from U.S. real estate and $273 million from preferred securities, of which $542 million was reinvested and included in net flows.
Previous report
Institutional accounts
Previous report
Advisory accounts:
Previous report
•Net outflows of $54 million including $362 million from global/international real estate, partially offset by net inflows of $134 million into global listed infrastructure and $126 million into U.S. real estate; and
Previous report
•Market appreciation of $2.1 billion including $1.0 billion from U.S. real estate, $546 million from global/international real estate and $485 million from global listed infrastructure.
Previous report
Subadvisory accounts:
Previous report
•Distributions of $306 million including $286 million from U.S. real estate.
Previous report
•Market appreciation of $868 million including $378 million from global listed infrastructure and $355 million from U.S. real estate; and
Previous report
•Distributions of $334 million including $113 million from U.S. real estate and $107 million from global listed infrastructure.
Previous report
Assets Under Management - Institutional Accounts
Previous report
By Account Type
Previous report
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.1 bps and 67.3 bps for the three months ended June 30, 2026 and 2025, respectively.
Previous report
Distribution and service fees increased from the three months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
Previous report
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.
Previous report
Investment advisory and administration fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management.
Previous report
Distribution and service fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
Previous report
Distribution and service fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
Previous report
Operating Margin
Previous report
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.
Previous report
Cash and cash equivalents
Previous report
Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.
Previous report
U.S. Treasury securities
Previous report
U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and are classified as trading investments.
Previous report
Liquid seed investments—net
Previous report
Other current assets
Previous report
Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis as of June 30, 2026, no allowance for uncollectible accounts was required.
Previous report
Current liabilities
Previous report
Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.
Reworded paragraphs (42)
Previous wording
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, 2026 and 2025. 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.
Current wording
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2026 and 2025. 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.
Previous wording
Our primary investment strategies include U.S. real estate, preferred securities, global/international real estate, global listed infrastructure, real assets multi-strategy, global natural resource equities, and private real estate solutions. 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 (which include active exchange-traded funds (ETFs)), other commingled vehicles, separate accounts and subadvised portfolios.
Current wording
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 mutual funds, active exchange-traded funds (ETFs), non-U.S. registered funds (SICAVs), other commingled vehicles, institutional accounts and closed-end funds.
Previous wording
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end funds, including ETFs, and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from open-end funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund’s board of directors for certain contracts.
Current wording
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from mutual funds, ETFs, SICAVs and other commingled vehicles (collectively, “wealth vehicles”) as well as closed-end funds. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from mutual funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund’s board of directors for certain contracts.
Previous wording
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 to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
Current wording
Our revenue fluctuates with changes in our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
Previous wording
Global economic conditions remained volatile through the second quarter of 2026, with many of the uncertainties that characterized the first quarter continuing to influence markets. Investors remained focused on the potential economic implications of artificial intelligence adoption, conditions within private credit markets, and ongoing geopolitical developments in the Middle East and their potential effects on commodity prices and inflation. Central banks continued to balance gradual progress on core inflation against signs of moderating employment growth and energy prices, and policy uncertainty remained a driver of market dynamics even as corporate fundamentals were generally upbeat.
Current wording
Global economic conditions remained volatile through the third quarter of 2026, as geopolitical developments, persistent inflationary pressures and evolving monetary policy expectations continued to influence financial markets. Investors remained focused on the potential economic and productivity implications of artificial intelligence investment and adoption, conditions within private credit markets, and ongoing geopolitical developments in the Middle East and their effects on energy prices and inflation. Central banks continued to balance resilient economic activity against persistent inflationary pressures, while economic growth and corporate fundamentals generally remained solid.
Previous wording
Assets under management at June 30, 2026 increased 12.6% to $100.1 billion from $88.9 billion at June 30, 2025.
Current wording
Assets under management at September 30, 2026 increased 5.6% to $95.9 billion from $90.9 billion at September 30, 2025.
Previous wording
•Net inflows of $2.0 billion including $674 million into U.S. real estate, $530 million into real assets multi-strategy (included in "Other") and $331 million into preferred securities;
Current wording
•Net inflows of $1.8 billion including $899 million into real estate and $414 million into preferred securities;
Previous wording
•Market appreciation of $1.9 billion including $1.1 billion from U.S. real estate and $501 million from global/international real estate; and
Current wording
•Market appreciation of $1.9 billion including $1.6 billion from real estate; and
Previous wording
Assets under management in institutional accounts at June 30, 2026 increased 12.0% to $38.5 billion from $34.4 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
Current wording
Assets under management in institutional accounts at September 30, 2026 increased 4.3% to $36.2 billion from $34.7 billion at September 30, 2025. Activity during the nine months ended September 30, 2026 included:
Previous wording
•Net outflows of $162 million including $184 million from global/international real estate, partially offset by net inflows of $62 million into U.S. real estate;
Current wording
•Net outflows of $167 million including $384 million from real estate, partially offset by net inflows of $250 million into global listed infrastructure;
Previous wording
Assets under management in closed-end funds at June 30, 2026 increased 8.6% to $12.6 billion from $11.6 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
Current wording
Assets under management in closed-end funds at September 30, 2026 increased 2.3% to $12.0 billion from $11.8 billion at September 30, 2025. Activity during the nine months ended September 30, 2026 included:
Previous wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.5 bps and 38.9 bps for the three months ended June 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Current wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.4 bps and 38.2 bps for the three months ended September 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Previous wording
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.1 bps for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.2 bps for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Distribution and service fees increased from the three months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
Current wording
Distribution and service fees increased from the three months ended September 30, 2025, primarily due to higher average assets under management in mutual funds, partially offset by a shift into lower fee paying share classes.
Previous wording
Employee compensation and benefits increased from the three months ended June 30, 2025, primarily due to higher incentive compensation of $3.1 million associated with increased revenue and higher salaries of $1.3 million.
Current wording
Employee compensation and benefits increased from the three months ended September 30, 2025, primarily due to higher incentive compensation of $4.1 million associated with increased revenue and higher salaries of $1.1 million.
Previous wording
General and administrative expenses increased from the three months ended June 30, 2025, primarily due to fund organization cost related to the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering of $1.1 million.
Current wording
Distribution and service fees increased from the three months ended September 30, 2025, primarily due to costs associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering of $4.8 million and higher average assets under management in mutual funds.
Previous wording
Operating margin for the three months ended June 30, 2026 increased to 34.6% from 31.8% for the three months ended June 30, 2025. Operating margin represents the ratio of operating income to revenue.
Current wording
Operating margin for the three months ended September 30, 2026 decreased to 32.4% from 34.5% for the three months ended September 30, 2025. Operating margin represents the ratio of operating income to revenue.
Previous wording
The Company’s effective income tax rate for the three months ended June 30, 2026 was 25.0%, compared with 24.7% for the three months ended June 30, 2025.
Current wording
The Company’s effective income tax rate for the three months ended September 30, 2026 was 26.4%, compared with 25.0% for the three months ended September 30, 2025. The higher effective income tax rate in 2026 was primarily attributable to the tax impact of nondeductible executive compensation.
Previous wording
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Current wording
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025
Previous wording
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.1 bps and 67.4 bps for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Total investment advisory and administration fees from wealth vehicles compared with average assets under management implied an annualized effective fee rate of 67.1 bps and 67.4 bps for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.8 bps and 38.9 bps for the six months ended June 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Current wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.6 bps and 38.7 bps for the nine months ended September 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Previous wording
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.1 bps for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.1 bps for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Employee compensation and benefits increased from the six months ended June 30, 2025, primarily due to higher incentive compensation of $4.5 million associated with increased revenue and higher salaries of $2.2 million.
Current wording
Employee compensation and benefits increased from the nine months ended September 30, 2025, primarily due to higher incentive compensation of $8.6 million associated with increased revenue and higher salaries of $3.3 million.
Previous wording
General and administrative expenses increased from the six months ended June 30, 2025, primarily due to fund organization costs related to the RQI rights offering and increased investments in scaling the Company's ETF vehicles of $1.4 million, higher expenses paid on behalf of certain Company-sponsored funds totaling $0.5 million and higher information technology related costs of $0.5 million.
Current wording
General and administrative expenses increased from the nine months ended September 30, 2025, primarily due to fund organization costs related to the RQI rights offering of $1.9 million and higher information technology related costs of $0.7 million.
Previous wording
Operating margin for the six months ended June 30, 2026 increased to 34.5% from 32.7% for the six months ended June 30, 2025.
Current wording
Operating margin for the nine months ended September 30, 2026 increased to 33.8% from 33.3% for the nine months ended September 30, 2025.
Previous wording
The Company’s effective income tax rate for the six months ended June 30, 2026 was 26.1%, compared with 22.1% for the six months ended June 30, 2025. The higher effective income tax rate in 2026 was primarily attributable to the tax impact of the vesting and delivery of restricted stock units.
Current wording
The Company’s effective income tax rate for the nine months ended September 30, 2026 was 26.2%, compared with 23.1% for the nine months ended September 30, 2025. The higher effective income tax rate in 2026 was primarily attributable to the tax impact of the vesting and delivery of restricted stock units.
Previous wording
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Current wording
Reconciliations of U.S. GAAP to Adjusted Financial Results
Previous wording
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these as adjusted financial results are used to prepare the Company's internal management reports that are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating 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.
Current wording
Management believes that use of the following adjusted (non-GAAP) financial results provides greater transparency into the Company’s operating performance. In addition, these adjusted financial results are used to prepare the Company's internal management reports that are used in evaluating its business. While management believes that these adjusted financial results are useful in evaluating 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.
Previous wording
(2)Represents the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.
Current wording
(2)Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025.
Previous wording
(3)Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
Current wording
(3)Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units, unrecognized tax benefit adjustments and changes in valuation allowances.
Previous wording
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Current wording
Reconciliations of U.S. GAAP to Adjusted Financial Results
Previous wording
(2)Represents the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.
Current wording
(2)Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025.
Previous wording
Current liabilities include accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.
Current wording
(2)Other liabilities and accrued expenses include accrued compensation and benefits, distribution and service fees payable, operating lease liabilities, income tax payable, and other liabilities and accrued expenses.
Previous wording
We seek to maintain a balance sheet that supports our business strategies and provides the appropriate amount of liquidity at all times.
Current wording
We seek to maintain a financial condition that supports our business strategies and provides sufficient liquidity to fund operations, invest in growth opportunities and return capital to stockholders. Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, liquid seed investments and cash generated from operating activities.
Previous wording
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments include securities held directly for the purpose of establishing performance track records, the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests and seed investments in funds that are not consolidated.
Current wording
(1)Consolidated fund amounts are presented net of noncontrolling interests.
Previous wording
Our business may become capital intensive over time to support growth initiatives. Potential uses of capital may include seeding or co-investing in new strategies and investment vehicles, funding the upfront costs associated with product offerings and making various investments to grow our business, among other things. In order to provide us with additional financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on August 15, 2029.
Current wording
Our business may become capital intensive over time as we pursue growth initiatives, including seeding or co-investing in new strategies and investment vehicles, funding product launches and making other strategic investments. To provide additional financial flexibility, we maintain a $100.0 million senior unsecured revolving credit facility maturing on August 15, 2029.
Previous wording
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $38.5 million remained unfunded as of June 30, 2026. The timing for funding the remaining portion of our commitments is uncertain.
Current wording
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $34.5 million remained unfunded as of September 30, 2026. The timing for funding the remaining portion of our commitments is uncertain.
Previous wording
The condensed consolidated statements of cash flows on a GAAP basis include amounts attributable to certain funds that we are required to consolidate. The adjusted cash flow data provided below excludes amounts attributable to these consolidated funds. While management believes that this adjusted cash flow data is useful in evaluating the Company’s ability to fund future operating, investing and financing activities, this information should be considered supplemental in nature and not as a substitute for the related cash flow data prepared in accordance with U.S. GAAP.
Current wording
Our cash flows are primarily generated by investment advisory and administration fees earned from our asset management business. The condensed consolidated statements of cash flows on a GAAP basis include amounts attributable to certain funds that we are required to consolidate. The adjusted cash flow data provided below excludes amounts attributable to these consolidated funds. While management believes that this adjusted cash flow data is useful in evaluating the Company’s ability to fund future operating, investing and financing activities, this information should be considered supplemental in nature and not as a substitute for the related cash flow data prepared in accordance with U.S. GAAP.
Previous wording
The table below reconciles our cash flows presented on a GAAP basis to the adjusted cash flows excluding our consolidated funds:
Current wording
The table below reconciles our cash flows presented on a GAAP basis to the adjusted cash flows excluding consolidated funds:
Previous wording
For details of the Company’s GAAP basis cash flows from operating, investing and financing activities, please refer to the condensed consolidated statements of cash flows included in Part I, Item 1 of this filing.
Current wording
For details of the Company’s GAAP basis cash flows, please refer to the condensed consolidated statements of cash flows included in Part I, Item 1 of this filing.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For details of the Company’s GAAP basis statement of financial condition, please refer to the condensed consolidated statements of financial condition included in Part I, Item 1 of this filing.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).