Delaware | 14-1904657 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $0.01 par value | CNS | New York Stock Exchange |
Large accelerated filer | ☒ | Smaller reporting company | ☐ | |||||||||||||||||
Accelerated filer | o | Emerging growth company | ☐ | |||||||||||||||||
Non-accelerated filer | o |
Page | ||||||||
Part I | ||||||||
Item 1 | ||||||||
Item 1A | ||||||||
Item 1B | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
Part II | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
Item 7 | ||||||||
Item 7A | ||||||||
Item 8 | ||||||||
Item 9 | ||||||||
Item 9A | ||||||||
Item 9B | ||||||||
Item 9C | ||||||||
Part III | ||||||||
Item 10 | ||||||||
Item 11 | ||||||||
Item 12 | ||||||||
Item 13 | ||||||||
Item 14 | ||||||||
Part IV | ||||||||
Item 15 | ||||||||
Item 16 |
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 | |||||||||||||
October 1 through October 31, 2021 | — | $ | — | — | — | ||||||||||||
November 1 through November 30, 2021 | 12,280 | $ | 99.75 | — | — | ||||||||||||
December 1 through December 31, 2021 | — | $ | — | — | — | ||||||||||||
Total | 12,280 | $ | 99.75 | — | — |
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 | |||||||||||||
October 1 through October 31, 2022 | — | $ | — | — | — | ||||||||||||
November 1 through November 30, 2022 | 14,451 | $ | 64.99 | — | — | ||||||||||||
December 1 through December 31, 2022 | 66 | $ | 66.85 | — | — | ||||||||||||
Total | 14,517 | $ | 65.00 | — | — |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Institutional Accounts | ||||||||||||||||||||||||||||||||||
Open-end Funds | Open-end Funds | |||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 33,255 | $ | 31,813 | $ | 27,148 | Assets under management, beginning of period | $ | 50,911 | $ | 35,160 | $ | 30,725 | ||||||||||||||||||||
Inflows | Inflows | 6,152 | 7,192 | 3,993 | Inflows | 17,939 | 19,542 | 17,556 | ||||||||||||||||||||||||||
Outflows | Outflows | (5,563) | (4,418) | (4,908) | Outflows | (19,713) | (10,765) | (12,135) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 589 | 2,774 | (915) | Net inflows (outflows) | (1,774) | 8,777 | 5,421 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 10,041 | 53 | 6,873 | Market appreciation (depreciation) | (10,282) | 8,936 | 405 | ||||||||||||||||||||||||||
Distributions | Distributions | (1,184) | (1,385) | (1,306) | Distributions | (1,952) | (1,936) | (1,391) | ||||||||||||||||||||||||||
Transfers | Transfers | 26 | — | 13 | Transfers | — | (26) | — | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 9,472 | 1,442 | 4,665 | Total increase (decrease) | (14,008) | 15,751 | 4,435 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 42,727 | $ | 33,255 | $ | 31,813 | Assets under management, end of period | $ | 36,903 | $ | 50,911 | $ | 35,160 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 40.1 | % | 41.6 | % | 44.1 | % | Percentage of total assets under management | 45.9 | % | 47.7 | % | 44.0 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 38,906 | $ | 29,883 | $ | 30,301 | Average assets under management | $ | 43,202 | $ | 42,991 | $ | 30,152 | ||||||||||||||||||||
Open-end Funds | ||||||||||||||||||||||||||||||||||
Institutional Accounts | Institutional Accounts | |||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 35,160 | $ | 30,725 | $ | 22,295 | Assets under management, beginning of period | $ | 42,727 | $ | 33,255 | $ | 31,813 | ||||||||||||||||||||
Inflows | Inflows | 19,542 | 17,556 | 12,484 | Inflows | 5,915 | 6,152 | 7,192 | ||||||||||||||||||||||||||
Outflows | Outflows | (10,765) | (12,135) | (7,745) | Outflows | (6,357) | (5,563) | (4,418) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 8,777 | 5,421 | 4,739 | Net inflows (outflows) | (442) | 589 | 2,774 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 8,936 | 405 | 5,881 | Market appreciation (depreciation) | (8,927) | 10,041 | 53 | ||||||||||||||||||||||||||
Distributions | Distributions | (1,936) | (1,391) | (2,177) | Distributions | (985) | (1,184) | (1,385) | ||||||||||||||||||||||||||
Transfers | Transfers | (26) | — | (13) | Transfers | — | 26 | — | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 15,751 | 4,435 | 8,430 | Total increase (decrease) | (10,354) | 9,472 | 1,442 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 50,911 | $ | 35,160 | $ | 30,725 | Assets under management, end of period | $ | 32,373 | $ | 42,727 | $ | 33,255 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 47.7 | % | 44.0 | % | 42.6 | % | Percentage of total assets under management | 40.3 | % | 40.1 | % | 41.6 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 42,991 | $ | 30,152 | $ | 27,595 | Average assets under management | $ | 36,383 | $ | 38,906 | $ | 29,883 | ||||||||||||||||||||
Closed-end Funds | Closed-end Funds | Closed-end Funds | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 11,493 | $ | 9,644 | $ | 8,410 | Assets under management, beginning of period | $ | 12,991 | $ | 11,493 | $ | 9,644 | ||||||||||||||||||||
Inflows | Inflows | 206 | 2,652 | 5 | Inflows | 575 | 206 | 2,652 | ||||||||||||||||||||||||||
Outflows | Outflows | (119) | (89) | (80) | Outflows | — | (119) | (89) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 87 | 2,563 | (75) | Net inflows (outflows) | 575 | 87 | 2,563 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 2,033 | (197) | 1,823 | Market appreciation (depreciation) | (1,722) | 2,033 | (197) | ||||||||||||||||||||||||||
Distributions | Distributions | (622) | (517) | (514) | Distributions | (695) | (622) | (517) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 1,498 | 1,849 | 1,234 | Total increase (decrease) | (1,842) | 1,498 | 1,849 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 12,991 | $ | 11,493 | $ | 9,644 | Assets under management, end of period | $ | 11,149 | $ | 12,991 | $ | 11,493 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 12.2 | % | 14.4 | % | 13.4 | % | Percentage of total assets under management | 13.9 | % | 12.2 | % | 14.4 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 12,317 | $ | 9,140 | $ | 9,381 | Average assets under management | $ | 12,039 | $ | 12,317 | $ | 9,140 | ||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 79,908 | $ | 72,182 | $ | 57,853 | Assets under management, beginning of period | $ | 106,629 | $ | 79,908 | $ | 72,182 | ||||||||||||||||||||
Inflows | Inflows | 25,900 | 27,400 | 16,482 | Inflows | 24,429 | 25,900 | 27,400 | ||||||||||||||||||||||||||
Outflows | Outflows | (16,447) | (16,642) | (12,733) | Outflows | (26,070) | (16,447) | (16,642) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 9,453 | 10,758 | 3,749 | Net inflows (outflows) | (1,641) | 9,453 | 10,758 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 21,010 | 261 | 14,577 | Market appreciation (depreciation) | (20,931) | 21,010 | 261 | ||||||||||||||||||||||||||
Distributions | Distributions | (3,742) | (3,293) | (3,997) | Distributions | (3,632) | (3,742) | (3,293) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 26,721 | 7,726 | 14,329 | Total increase (decrease) | (26,204) | 26,721 | 7,726 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 106,629 | $ | 79,908 | $ | 72,182 | Assets under management, end of period | $ | 80,425 | $ | 106,629 | $ | 79,908 | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 94,214 | $ | 69,175 | $ | 67,277 | Average assets under management | $ | 91,624 | $ | 94,214 | $ | 69,175 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Advisory | Advisory | Advisory | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 17,628 | $ | 15,669 | $ | 12,065 | Assets under management, beginning of period | $ | 24,599 | $ | 17,628 | $ | 15,669 | ||||||||||||||||||||
Inflows | Inflows | 4,891 | 4,324 | 1,918 | Inflows | 3,672 | 4,891 | 4,324 | ||||||||||||||||||||||||||
Outflows | Outflows | (2,945) | (2,771) | (1,351) | Outflows | (4,734) | (2,945) | (2,771) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 1,946 | 1,553 | 567 | Net inflows (outflows) | (1,062) | 1,946 | 1,553 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 4,999 | 406 | 3,032 | Market appreciation (depreciation) | (4,906) | 4,999 | 406 | ||||||||||||||||||||||||||
Transfers | Transfers | 26 | — | 5 | Transfers | — | 26 | — | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 6,971 | 1,959 | 3,604 | Total increase (decrease) | (5,968) | 6,971 | 1,959 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 24,599 | $ | 17,628 | $ | 15,669 | Assets under management, end of period | $ | 18,631 | $ | 24,599 | $ | 17,628 | ||||||||||||||||||||
Percentage of institutional assets under management | Percentage of institutional assets under management | 57.6 | % | 53.0 | % | 49.3 | % | Percentage of institutional assets under management | 57.6 | % | 57.6 | % | 53.0 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 22,092 | $ | 15,650 | $ | 14,752 | Average assets under management | $ | 21,233 | $ | 22,092 | $ | 15,650 | ||||||||||||||||||||
Japan Subadvisory | Japan Subadvisory | Japan Subadvisory | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 9,720 | $ | 10,323 | $ | 9,288 | Assets under management, beginning of period | $ | 11,329 | $ | 9,720 | $ | 10,323 | ||||||||||||||||||||
Inflows | Inflows | 305 | 1,601 | 942 | Inflows | 988 | 305 | 1,601 | ||||||||||||||||||||||||||
Outflows | Outflows | (1,075) | (626) | (1,076) | Outflows | (436) | (1,075) | (626) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | (770) | 975 | (134) | Net inflows (outflows) | 552 | (770) | 975 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 3,563 | (193) | 2,475 | Market appreciation (depreciation) | (2,520) | 3,563 | (193) | ||||||||||||||||||||||||||
Distributions | Distributions | (1,184) | (1,385) | (1,306) | Distributions | (985) | (1,184) | (1,385) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 1,609 | (603) | 1,035 | Total increase (decrease) | (2,953) | 1,609 | (603) | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 11,329 | $ | 9,720 | $ | 10,323 | Assets under management, end of period | $ | 8,376 | $ | 11,329 | $ | 9,720 | ||||||||||||||||||||
Percentage of institutional assets under management | Percentage of institutional assets under management | 26.5 | % | 29.2 | % | 32.4 | % | Percentage of institutional assets under management | 25.9 | % | 26.5 | % | 29.2 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 10,335 | $ | 9,014 | $ | 9,954 | Average assets under management | $ | 9,302 | $ | 10,335 | $ | 9,014 | ||||||||||||||||||||
Subadvisory Excluding Japan | Subadvisory Excluding Japan | Subadvisory Excluding Japan | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 5,907 | $ | 5,821 | $ | 5,795 | Assets under management, beginning of period | $ | 6,799 | $ | 5,907 | $ | 5,821 | ||||||||||||||||||||
Inflows | Inflows | 956 | 1,267 | 1,133 | Inflows | 1,255 | 956 | 1,267 | ||||||||||||||||||||||||||
Outflows | Outflows | (1,543) | (1,021) | (2,481) | Outflows | (1,187) | (1,543) | (1,021) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | (587) | 246 | (1,348) | Net inflows (outflows) | 68 | (587) | 246 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 1,479 | (160) | 1,366 | Market appreciation (depreciation) | (1,501) | 1,479 | (160) | ||||||||||||||||||||||||||
Transfers | — | — | 8 | |||||||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 892 | 86 | 26 | Total increase (decrease) | (1,433) | 892 | 86 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 6,799 | $ | 5,907 | $ | 5,821 | Assets under management, end of period | $ | 5,366 | $ | 6,799 | $ | 5,907 | ||||||||||||||||||||
Percentage of institutional assets under management | Percentage of institutional assets under management | 15.9 | % | 17.8 | % | 18.3 | % | Percentage of institutional assets under management | 16.6 | % | 15.9 | % | 17.8 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 6,479 | $ | 5,219 | $ | 5,595 | Average assets under management | $ | 5,848 | $ | 6,479 | $ | 5,219 | ||||||||||||||||||||
Total Institutional Accounts | Total Institutional Accounts | Total Institutional Accounts | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 33,255 | $ | 31,813 | $ | 27,148 | Assets under management, beginning of period | $ | 42,727 | $ | 33,255 | $ | 31,813 | ||||||||||||||||||||
Inflows | Inflows | 6,152 | 7,192 | 3,993 | Inflows | 5,915 | 6,152 | 7,192 | ||||||||||||||||||||||||||
Outflows | Outflows | (5,563) | (4,418) | (4,908) | Outflows | (6,357) | (5,563) | (4,418) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 589 | 2,774 | (915) | Net inflows (outflows) | (442) | 589 | 2,774 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 10,041 | 53 | 6,873 | Market appreciation (depreciation) | (8,927) | 10,041 | 53 | ||||||||||||||||||||||||||
Distributions | Distributions | (1,184) | (1,385) | (1,306) | Distributions | (985) | (1,184) | (1,385) | ||||||||||||||||||||||||||
Transfers | Transfers | 26 | — | 13 | Transfers | — | 26 | — | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 9,472 | 1,442 | 4,665 | Total increase (decrease) | (10,354) | 9,472 | 1,442 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 42,727 | $ | 33,255 | $ | 31,813 | Assets under management, end of period | $ | 32,373 | $ | 42,727 | $ | 33,255 | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 38,906 | $ | 29,883 | $ | 30,301 | Average assets under management | $ | 36,383 | $ | 38,906 | $ | 29,883 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
U.S. Real Estate | U.S. Real Estate | U.S. Real Estate | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 32,827 | $ | 31,024 | $ | 24,627 | Assets under management, beginning of period | $ | 49,915 | $ | 32,827 | $ | 31,024 | ||||||||||||||||||||
Inflows | Inflows | 11,538 | 11,114 | 7,298 | Inflows | 10,572 | 11,538 | 11,114 | ||||||||||||||||||||||||||
Outflows | Outflows | (6,499) | (6,478) | (5,363) | Outflows | (10,869) | (6,499) | (6,478) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 5,039 | 4,636 | 1,935 | Net inflows (outflows) | (297) | 5,039 | 4,636 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 14,417 | (574) | 7,346 | Market appreciation (depreciation) | (12,097) | 14,417 | (574) | ||||||||||||||||||||||||||
Distributions | Distributions | (2,294) | (2,282) | (2,886) | Distributions | (2,406) | (2,294) | (2,282) | ||||||||||||||||||||||||||
Transfers | Transfers | (74) | 23 | 2 | Transfers | (7) | (74) | 23 | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 17,088 | 1,803 | 6,397 | Total increase (decrease) | (14,807) | 17,088 | 1,803 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 49,915 | $ | 32,827 | $ | 31,024 | Assets under management, end of period | $ | 35,108 | $ | 49,915 | $ | 32,827 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 46.8 | % | 41.1 | % | 43.0 | % | Percentage of total assets under management | 43.7 | % | 46.8 | % | 41.1 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 41,315 | $ | 28,972 | $ | 29,117 | Average assets under management | $ | 41,627 | $ | 41,315 | $ | 28,972 | ||||||||||||||||||||
Preferred Securities | Preferred Securities | Preferred Securities | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 23,185 | $ | 17,581 | $ | 13,068 | Assets under management, beginning of period | $ | 26,987 | $ | 23,185 | $ | 17,581 | ||||||||||||||||||||
Inflows | Inflows | 8,802 | 10,979 | 5,726 | Inflows | 7,059 | 8,802 | 10,979 | ||||||||||||||||||||||||||
Outflows | Outflows | (5,053) | (5,828) | (3,041) | Outflows | (10,212) | (5,053) | (5,828) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 3,749 | 5,151 | 2,685 | Net inflows (outflows) | (3,153) | 3,749 | 5,151 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 964 | 1,172 | 2,406 | Market appreciation (depreciation) | (3,240) | 964 | 1,172 | ||||||||||||||||||||||||||
Distributions | Distributions | (985) | (696) | (597) | Distributions | (834) | (985) | (696) | ||||||||||||||||||||||||||
Transfers | Transfers | 74 | (23) | 19 | Transfers | 7 | 74 | (23) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 3,802 | 5,604 | 4,513 | Total increase (decrease) | (7,220) | 3,802 | 5,604 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 26,987 | $ | 23,185 | $ | 17,581 | Assets under management, end of period | $ | 19,767 | $ | 26,987 | $ | 23,185 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 25.3 | % | 29.0 | % | 24.4 | % | Percentage of total assets under management | 24.6 | % | 25.3 | % | 29.0 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 25,262 | $ | 18,278 | $ | 15,702 | Average assets under management | $ | 22,638 | $ | 25,262 | $ | 18,278 | ||||||||||||||||||||
Global/International Real Estate | Global/International Real Estate | Global/International Real Estate | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 15,214 | $ | 13,509 | $ | 11,047 | Assets under management, beginning of period | $ | 19,380 | $ | 15,214 | $ | 13,509 | ||||||||||||||||||||
Inflows | Inflows | 3,263 | 4,122 | 2,541 | Inflows | 3,848 | 3,263 | 4,122 | ||||||||||||||||||||||||||
Outflows | Outflows | (2,833) | (2,436) | (2,714) | Outflows | (3,289) | (2,833) | (2,436) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 430 | 1,686 | (173) | Net inflows (outflows) | 559 | 430 | 1,686 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 3,933 | 102 | 2,887 | Market appreciation (depreciation) | (5,039) | 3,933 | 102 | ||||||||||||||||||||||||||
Distributions | Distributions | (197) | (83) | (252) | Distributions | (118) | (197) | (83) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 4,166 | 1,705 | 2,462 | Total increase (decrease) | (4,598) | 4,166 | 1,705 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 19,380 | $ | 15,214 | $ | 13,509 | Assets under management, end of period | $ | 14,782 | $ | 19,380 | $ | 15,214 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 18.2 | % | 19.0 | % | 18.7 | % | Percentage of total assets under management | 18.4 | % | 18.2 | % | 19.0 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 17,688 | $ | 13,193 | $ | 12,718 | Average assets under management | $ | 16,692 | $ | 17,688 | $ | 13,193 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Global Listed Infrastructure | Global Listed Infrastructure | Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 6,729 | $ | 8,076 | $ | 6,517 | Assets under management, beginning of period | $ | 8,763 | $ | 6,729 | $ | 8,076 | ||||||||||||||||||||
Inflows | Inflows | 1,751 | 997 | 713 | Inflows | 1,566 | 1,751 | 997 | ||||||||||||||||||||||||||
Outflows | Outflows | (765) | (1,722) | (699) | Outflows | (1,112) | (765) | (1,722) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 986 | (725) | 14 | Net inflows (outflows) | 454 | 986 | (725) | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 1,256 | (423) | 1,520 | Market appreciation (depreciation) | (405) | 1,256 | (423) | ||||||||||||||||||||||||||
Distributions | Distributions | (208) | (199) | (201) | Distributions | (216) | (208) | (199) | ||||||||||||||||||||||||||
Transfers | — | — | 226 | |||||||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 2,034 | (1,347) | 1,559 | Total increase (decrease) | (167) | 2,034 | (1,347) | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 8,763 | $ | 6,729 | $ | 8,076 | Assets under management, end of period | $ | 8,596 | $ | 8,763 | $ | 6,729 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 8.2 | % | 8.4 | % | 11.2 | % | Percentage of total assets under management | 10.7 | % | 8.2 | % | 8.4 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 7,970 | $ | 6,972 | $ | 7,455 | Average assets under management | $ | 8,700 | $ | 7,970 | $ | 6,972 | ||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 1,953 | $ | 1,992 | $ | 2,594 | Assets under management, beginning of period | $ | 1,584 | $ | 1,953 | $ | 1,992 | ||||||||||||||||||||
Inflows | Inflows | 546 | 188 | 204 | Inflows | 1,384 | 546 | 188 | ||||||||||||||||||||||||||
Outflows | Outflows | (1,297) | (178) | (916) | Outflows | (588) | (1,297) | (178) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | (751) | 10 | (712) | Net inflows (outflows) | 796 | (751) | 10 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 440 | (16) | 418 | Market appreciation (depreciation) | (150) | 440 | (16) | ||||||||||||||||||||||||||
Distributions | Distributions | (58) | (33) | (61) | Distributions | (58) | (58) | (33) | ||||||||||||||||||||||||||
Transfers | — | — | (247) | |||||||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | (369) | (39) | (602) | Total increase (decrease) | 588 | (369) | (39) | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 1,584 | $ | 1,953 | $ | 1,992 | Assets under management, end of period | $ | 2,172 | $ | 1,584 | $ | 1,953 | ||||||||||||||||||||
Percentage of total assets under management | Percentage of total assets under management | 1.5 | % | 2.4 | % | 2.8 | % | Percentage of total assets under management | 2.7 | % | 1.5 | % | 2.4 | % | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 1,979 | $ | 1,760 | $ | 2,285 | Average assets under management | $ | 1,967 | $ | 1,979 | $ | 1,760 | ||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||
Assets under management, beginning of period | Assets under management, beginning of period | $ | 79,908 | $ | 72,182 | $ | 57,853 | Assets under management, beginning of period | $ | 106,629 | $ | 79,908 | $ | 72,182 | ||||||||||||||||||||
Inflows | Inflows | 25,900 | 27,400 | 16,482 | Inflows | 24,429 | 25,900 | 27,400 | ||||||||||||||||||||||||||
Outflows | Outflows | (16,447) | (16,642) | (12,733) | Outflows | (26,070) | (16,447) | (16,642) | ||||||||||||||||||||||||||
Net inflows (outflows) | Net inflows (outflows) | 9,453 | 10,758 | 3,749 | Net inflows (outflows) | (1,641) | 9,453 | 10,758 | ||||||||||||||||||||||||||
Market appreciation (depreciation) | Market appreciation (depreciation) | 21,010 | 261 | 14,577 | Market appreciation (depreciation) | (20,931) | 21,010 | 261 | ||||||||||||||||||||||||||
Distributions | Distributions | (3,742) | (3,293) | (3,997) | Distributions | (3,632) | (3,742) | (3,293) | ||||||||||||||||||||||||||
Total increase (decrease) | Total increase (decrease) | 26,721 | 7,726 | 14,329 | Total increase (decrease) | (26,204) | 26,721 | 7,726 | ||||||||||||||||||||||||||
Assets under management, end of period | Assets under management, end of period | $ | 106,629 | $ | 79,908 | $ | 72,182 | Assets under management, end of period | $ | 80,425 | $ | 106,629 | $ | 79,908 | ||||||||||||||||||||
Average assets under management | Average assets under management | $ | 94,214 | $ | 69,175 | $ | 67,277 | Average assets under management | $ | 91,624 | $ | 94,214 | $ | 69,175 |
(in thousands, except percentages and per share data) | Years Ended December 31, | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
U.S. GAAP | |||||||||||||||||
Revenue | $ | 566,906 | $ | 583,832 | $ | 427,536 | |||||||||||
Expenses (1) | $ | 350,968 | $ | 323,460 | $ | 332,479 | |||||||||||
Operating income | $ | 215,938 | $ | 260,372 | $ | 95,057 | |||||||||||
Non-operating income (loss) (2) | $ | (19,041) | $ | 21,572 | $ | (1,670) | |||||||||||
Net income attributable to common stockholders | $ | 171,042 | $ | 211,396 | $ | 76,584 | |||||||||||
Diluted earnings per share | $ | 3.47 | $ | 4.31 | $ | 1.57 | |||||||||||
Operating margin | 38.1 | % | 44.6 | % | 22.2 | % | |||||||||||
As Adjusted (3) | |||||||||||||||||
Net income attributable to common stockholders | $ | 182,251 | $ | 197,947 | $ | 125,291 | |||||||||||
Diluted earnings per share | $ | 3.70 | $ | 4.03 | $ | 2.57 | |||||||||||
Operating margin | 43.0 | % | 46.0 | % | 39.6 | % |
Years Ended December 31, | |||||||||||||||||
(in thousands, except percentages and per share data) | 2021 | 2020 | 2019 | ||||||||||||||
U.S. GAAP | |||||||||||||||||
Revenue | $ | 583,832 | $ | 427,536 | $ | 410,830 | |||||||||||
Expenses (1) | $ | 323,460 | $ | 332,479 | $ | 250,696 | |||||||||||
Operating income | $ | 260,372 | $ | 95,057 | $ | 160,134 | |||||||||||
Non-operating income (loss) | $ | 21,572 | $ | (1,670) | $ | 27,415 | |||||||||||
Net income attributable to common stockholders | $ | 211,396 | $ | 76,584 | $ | 134,621 | |||||||||||
Diluted earnings per share | $ | 4.31 | $ | 1.57 | $ | 2.79 | |||||||||||
Operating margin | 44.6 | % | 22.2 | % | 39.0 | % | |||||||||||
As Adjusted (2) | |||||||||||||||||
Net income attributable to common stockholders | $ | 197,947 | $ | 125,291 | $ | 124,360 | |||||||||||
Diluted earnings per share | $ | 4.03 | $ | 2.57 | $ | 2.57 | |||||||||||
Operating margin | 46.0 | % | 39.6 | % | 39.6 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | $ Change | % Change | (in thousands) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Investment advisory and administration fees | Investment advisory and administration fees | |||||||||||||||||||||||||||||||||||||||||||||
Open-end funds | Open-end funds | $ | 288,359 | $ | 201,135 | $ | 87,224 | 43.4 | % | Open-end funds | $ | 288,577 | $ | 288,359 | $ | 218 | 0.1 | % | ||||||||||||||||||||||||||||
Institutional accounts | Institutional accounts | 146,345 | 115,876 | 30,469 | 26.3 | % | Institutional accounts | 134,012 | 146,345 | $ | (12,333) | (8.4) | % | |||||||||||||||||||||||||||||||||
Closed-end funds | Closed-end funds | 108,840 | 78,026 | 30,814 | 39.5 | % | Closed-end funds | 106,722 | 108,840 | $ | (2,118) | (1.9) | % | |||||||||||||||||||||||||||||||||
Investment advisory and administration fees | 543,544 | 395,037 | 148,507 | 37.6 | % | |||||||||||||||||||||||||||||||||||||||||
Total | Total | 529,311 | 543,544 | $ | (14,233) | (2.6) | % | |||||||||||||||||||||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 37,630 | 30,134 | 7,496 | 24.9 | % | Distribution and service fees | 35,093 | 37,630 | $ | (2,537) | (6.7) | % | |||||||||||||||||||||||||||||||||
Other | Other | 2,658 | 2,365 | 293 | 12.4 | % | Other | 2,502 | 2,658 | $ | (156) | (5.9) | % | |||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 583,832 | $ | 427,536 | $ | 156,296 | 36.6 | % | Total revenue | $ | 566,906 | $ | 583,832 | $ | (16,926) | (2.9) | % |
(in thousands) | Years Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Employee compensation and benefits | $ | 208,831 | $ | 195,443 | $ | 13,388 | 6.9 | % | |||||||||||||||
Distribution and service fees | 82,928 | 75,891 | $ | 7,037 | 9.3 | % | |||||||||||||||||
General and administrative | 54,826 | 48,034 | $ | 6,792 | 14.1 | % | |||||||||||||||||
Depreciation and amortization | 4,383 | 4,092 | $ | 291 | 7.1 | % | |||||||||||||||||
Total expenses | $ | 350,968 | $ | 323,460 | $ | 27,508 | 8.5 | % |
(in thousands) | Year Ended December 31, 2022 | ||||||||||||||||||||||
Consolidated Investment Vehicles | Corporate Seed Investments | Corporate Other | Total | ||||||||||||||||||||
Interest and dividend income—net | $ | 3,718 | $ | 1,355 | $ | 1,745 | $ | 6,818 | |||||||||||||||
Gain (loss) from investments—net | (26,480) | (2,345) | 3,719 | (1) | (25,106) | ||||||||||||||||||
Foreign currency gain (loss)—net | (3,765) | (14) | 3,026 | (753) | |||||||||||||||||||
Total non-operating income (loss) | (26,527) | (1,004) | 8,490 | (19,041) | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 21,556 | — | — | 21,556 | |||||||||||||||||||
Non-operating income (loss) attributable to the Company | $ | (4,971) | $ | (1,004) | $ | 8,490 | $ | 2,515 |
(in thousands) | Year Ended December 31, 2021 | ||||||||||||||||||||||
Consolidated Investment Vehicles | Corporate Seed Investments | Corporate Other | Total | ||||||||||||||||||||
Interest and dividend income—net | $ | 2,166 | $ | 652 | $ | 59 | $ | 2,877 | |||||||||||||||
Gain (loss) from investments—net | 20,072 | 6,130 | (7,418) | (1) | 18,784 | ||||||||||||||||||
Foreign currency gain (loss)—net | 331 | (1) | (419) | (89) | |||||||||||||||||||
Total non-operating income (loss) | 22,569 | 6,781 | (7,778) | 21,572 | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (14,758) | — | — | (14,758) | |||||||||||||||||||
Non-operating income (loss) attributable to the Company | $ | 7,811 | $ | 6,781 | $ | (7,778) | $ | 6,814 |
Years Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
U.S. statutory tax rate | 21.0 | % | 21.0 | % | |||||||
State and local income taxes, net of federal benefit | 3.3 | 3.8 | |||||||||
Non-deductible executive compensation | 3.0 | 2.3 | |||||||||
Unrecognized tax benefit adjustments | (3.3) | (3.2) | |||||||||
Excess tax benefits related to the vesting and delivery of restricted stock units | (2.7) | (2.2) | |||||||||
Other | 0.4 | (0.8) | |||||||||
Effective income tax rate | 21.7 | % | 20.9 | % |
(in thousands) | Years Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
Investment advisory and administration fees | |||||||||||||||||||||||
Open-end funds | $ | 288,359 | $ | 201,135 | $ | 87,224 | 43.4 | % | |||||||||||||||
Institutional accounts | 146,345 | 115,876 | $ | 30,469 | 26.3 | % | |||||||||||||||||
Closed-end funds | 108,840 | 78,026 | $ | 30,814 | 39.5 | % | |||||||||||||||||
Total | 543,544 | 395,037 | $ | 148,507 | 37.6 | % | |||||||||||||||||
Distribution and service fees | 37,630 | 30,134 | $ | 7,496 | 24.9 | % | |||||||||||||||||
Other | 2,658 | 2,365 | $ | 293 | 12.4 | % | |||||||||||||||||
Total revenue | $ | 583,832 | $ | 427,536 | $ | 156,296 | 36.6 | % |
Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Employee compensation and benefits | $ | 195,443 | $ | 156,457 | $ | 38,986 | 24.9 | % | |||||||||||||||
Distribution and service fees | 75,891 | 115,084 | (39,193) | (34.1) | % | ||||||||||||||||||
General and administrative | 48,034 | 56,286 | (8,252) | (14.7) | % | ||||||||||||||||||
Depreciation and amortization | 4,092 | 4,652 | (560) | (12.0) | % | ||||||||||||||||||
Total expenses | $ | 323,460 | $ | 332,479 | $ | (9,019) | (2.7) | % |
(in thousands) | Years Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
Employee compensation and benefits | $ | 195,443 | $ | 156,457�� | $ | 38,986 | 24.9 | % | |||||||||||||||
Distribution and service fees | 75,891 | 115,084 | $ | (39,193) | (34.1) | % | |||||||||||||||||
General and administrative | 48,034 | 56,286 | $ | (8,252) | (14.7) | % | |||||||||||||||||
Depreciation and amortization | 4,092 | 4,652 | $ | (560) | (12.0) | % | |||||||||||||||||
Total expenses | $ | 323,460 | $ | 332,479 | $ | (9,019) | (2.7) | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Seed Investments (1) | Other | Total | Seed Investments (1) | Other | Total | (in thousands) | Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Investment Vehicles | Corporate Seed Investments | Corporate Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income—net | Interest and dividend income—net | $ | 2,818 | $ | 59 | $ | 2,877 | $ | 2,358 | $ | 1,004 | $ | 3,362 | Interest and dividend income—net | $ | 2,166 | $ | 652 | $ | 59 | $ | 2,877 | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investments—net | Gain (loss) from investments—net | 18,710 | 74 | 18,784 | (4,116) | — | (4,116) | Gain (loss) from investments—net | 20,072 | 6,130 | (7,418) | (1) | 18,784 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency gain (loss)—net | Foreign currency gain (loss)—net | 330 | (419) | (89) | (399) | (517) | (916) | Foreign currency gain (loss)—net | 331 | (1) | (419) | (89) | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-operating income (loss) | Total non-operating income (loss) | $ | 21,858 | $ | (286) | $ | 21,572 | $ | (2,157) | $ | 487 | $ | (1,670) | Total non-operating income (loss) | 22,569 | 6,781 | (7,778) | 21,572 | ||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | (14,758) | — | — | (14,758) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (loss) attributable to the Company | Non-operating income (loss) attributable to the Company | $ | 7,811 | $ | 6,781 | $ | (7,778) | $ | 6,814 |
(in thousands) | Year Ended December 31, 2020 | ||||||||||||||||||||||
Consolidated Investment Vehicles | Corporate Seed Investments | Corporate Other | Total | ||||||||||||||||||||
Interest and dividend income—net | $ | 1,763 | $ | 595 | $ | 1,004 | $ | 3,362 | |||||||||||||||
Gain (loss) from investments—net | (2,492) | 204 | (1,828) | (1) | (4,116) | ||||||||||||||||||
Foreign currency gain (loss)—net | (399) | — | (517) | (916) | |||||||||||||||||||
Total non-operating income (loss) | (1,128) | 799 | (1,341) | (1,670) | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 1,419 | — | — | 1,419 | |||||||||||||||||||
Non-operating income (loss) attributable to the Company | $ | 291 | $ | 799 | $ | (1,341) | $ | (251) |
Years Ended December 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Income tax expense | $ | 55,790 | $ | 18,222 | $ | 37,568 | 206.2 | % | |||||||||||||||
Effective tax rate | 20.9 | % | 19.2 | % |
Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Open-end funds | $ | 201,135 | $ | 187,730 | $ | 13,405 | 7.1 | % | |||||||||||||||
Institutional accounts | 115,876 | 110,346 | 5,530 | 5.0 | % | ||||||||||||||||||
Closed-end funds | 78,026 | 80,502 | (2,476) | (3.1) | % | ||||||||||||||||||
Investment advisory and administration fees | 395,037 | 378,578 | 16,459 | 4.3 | % | ||||||||||||||||||
Distribution and service fees | 30,134 | 30,048 | 86 | 0.3 | % | ||||||||||||||||||
Other | 2,365 | 2,204 | 161 | 7.3 | % | ||||||||||||||||||
Total revenue | $ | 427,536 | $ | 410,830 | $ | 16,706 | 4.1 | % |
Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Employee compensation and benefits | $ | 156,457 | $ | 143,431 | $ | 13,026 | 9.1 | % | |||||||||||||||
Distribution and service fees | 115,084 | 55,237 | 59,847 | 108.3 | % | ||||||||||||||||||
General and administrative | 56,286 | 47,632 | 8,654 | 18.2 | % | ||||||||||||||||||
Depreciation and amortization | 4,652 | 4,396 | 256 | 5.8 | % | ||||||||||||||||||
Total expenses | $ | 332,479 | $ | 250,696 | $ | 81,783 | 32.6 | % |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in thousands) | Seed Investments (1) | Other | Total | Seed Investments (1) | Other | Total | |||||||||||||||||||||||||||||
Interest and dividend income—net | $ | 2,358 | $ | 1,004 | $ | 3,362 | $ | 3,052 | $ | 3,664 | $ | 6,716 | |||||||||||||||||||||||
Gain (loss) from investments—net | (4,116) | — | (4,116) | 21,673 | — | 21,673 | |||||||||||||||||||||||||||||
Foreign currency gain (loss)—net | (399) | (517) | (916) | 381 | (1,355) | (974) | |||||||||||||||||||||||||||||
Total non-operating income (loss) | $ | (2,157) | $ | 487 | $ | (1,670) | $ | 25,106 | $ | 2,309 | $ | 27,415 |
Years Ended December 31, | |||||||||||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Income tax expense | $ | 18,222 | $ | 40,565 | $ | (22,343) | (55.1) | % | |||||||||||||||
Effective tax rate | 19.2 | % | 23.2 | % |
Years Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
U.S. statutory tax rate | 21.0 | % | 21.0 | % | |||||||
State and local income taxes, net of federal benefit | 3.8 | 4.1 | |||||||||
Non-deductible executive compensation | 2.3 | 2.6 | |||||||||
Unrecognized tax benefit adjustments | (3.2) | 0.4 | |||||||||
Excess tax benefits related to the vesting and delivery of restricted stock units | (2.2) | (9.0) | |||||||||
Other | (0.8) | 0.1 | |||||||||
Effective income tax rate | 20.9 | % | 19.2 | % |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2021 | 2020 | 2019 | (in thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Net income attributable to common stockholders, U.S. GAAP | Net income attributable to common stockholders, U.S. GAAP | $ | 211,396 | $ | 76,584 | $ | 134,621 | Net income attributable to common stockholders, U.S. GAAP | $ | 171,042 | $ | 211,396 | $ | 76,584 | ||||||||||||||||||||
Seed investments (1) | Seed investments (1) | (5,870) | 1,443 | (11,858) | Seed investments (1) | 4,317 | (5,870) | 1,443 | ||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | Accelerated vesting of restricted stock units | 7,197 | 774 | 1,344 | Accelerated vesting of restricted stock units | 10,260 | 7,197 | 774 | ||||||||||||||||||||||||||
Initial public offering costs (2) | — | 60,559 | — | |||||||||||||||||||||||||||||||
Rights offering costs (3) | — | 11,859 | 346 | |||||||||||||||||||||||||||||||
Other non-recurring expenses (4) | — | 500 | — | |||||||||||||||||||||||||||||||
Foreign currency exchange (gains) losses—net (5) | (475) | 871 | 1,909 | |||||||||||||||||||||||||||||||
Tax adjustments (6) | (14,301) | (27,299) | (2,002) | |||||||||||||||||||||||||||||||
Lease expense - 280 Park Avenue (2) | Lease expense - 280 Park Avenue (2) | 776 | — | — | ||||||||||||||||||||||||||||||
Initial public offering costs (3) | Initial public offering costs (3) | 15,239 | — | 60,559 | ||||||||||||||||||||||||||||||
Rights offering costs (4) | Rights offering costs (4) | — | — | 11,859 | ||||||||||||||||||||||||||||||
Other non-recurring expenses (5) | Other non-recurring expenses (5) | — | — | 500 | ||||||||||||||||||||||||||||||
Foreign currency exchange (gains) losses—net (6) | Foreign currency exchange (gains) losses—net (6) | (4,741) | (475) | 871 | ||||||||||||||||||||||||||||||
Tax adjustments (7) | Tax adjustments (7) | (14,642) | (14,301) | (27,299) | ||||||||||||||||||||||||||||||
Net income attributable to common stockholders, as adjusted | Net income attributable to common stockholders, as adjusted | $ | 197,947 | $ | 125,291 | $ | 124,360 | Net income attributable to common stockholders, as adjusted | $ | 182,251 | $ | 197,947 | $ | 125,291 | ||||||||||||||||||||
Diluted weighted average shares outstanding | Diluted weighted average shares outstanding | 49,090 | 48,676 | 48,297 | Diluted weighted average shares outstanding | 49,297 | 49,090 | 48,676 | ||||||||||||||||||||||||||
Diluted earnings per share, U.S. GAAP | Diluted earnings per share, U.S. GAAP | $ | 4.31 | $ | 1.57 | $ | 2.79 | Diluted earnings per share, U.S. GAAP | $ | 3.47 | $ | 4.31 | $ | 1.57 | ||||||||||||||||||||
Seed investments | Seed investments | (0.12) | 0.03 | (0.25) | Seed investments | 0.09 | (0.12) | 0.03 | ||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | Accelerated vesting of restricted stock units | 0.15 | 0.02 | 0.02 | Accelerated vesting of restricted stock units | 0.21 | 0.15 | 0.02 | ||||||||||||||||||||||||||
Lease expense - 280 Park Avenue | Lease expense - 280 Park Avenue | 0.02 | — | — | ||||||||||||||||||||||||||||||
Initial public offering costs | Initial public offering costs | — | 1.24 | — | Initial public offering costs | 0.31 | — | 1.24 | ||||||||||||||||||||||||||
Rights offering costs | Rights offering costs | — | 0.24 | 0.01 | Rights offering costs | — | — | 0.24 | ||||||||||||||||||||||||||
Other non-recurring expenses | Other non-recurring expenses | — | 0.01 | — | Other non-recurring expenses | — | — | 0.01 | ||||||||||||||||||||||||||
Foreign currency exchange (gains) losses—net | Foreign currency exchange (gains) losses—net | (0.01) | 0.02 | 0.04 | Foreign currency exchange (gains) losses—net | (0.10) | (0.01) | 0.02 | ||||||||||||||||||||||||||
Tax adjustments | Tax adjustments | (0.30) | (0.56) | (0.04) | Tax adjustments | (0.30) | (0.30) | (0.56) | ||||||||||||||||||||||||||
Diluted earnings per share, as adjusted | Diluted earnings per share, as adjusted | $ | 4.03 | $ | 2.57 | $ | 2.57 | Diluted earnings per share, as adjusted | $ | 3.70 | $ | 4.03 | $ | 2.57 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Employee compensation and benefits | Employee compensation and benefits | $ | — | $ | 1,317 | $ | — | Employee compensation and benefits | $ | 357 | $ | �� | $ | 1,317 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | — | 57,818 | — | Distribution and service fees | 14,224 | — | 57,818 | ||||||||||||||||||||||||||
General and administrative | General and administrative | — | 1,424 | — | General and administrative | 658 | — | 1,424 | ||||||||||||||||||||||||||
Initial public offering costs | Initial public offering costs | $ | — | $ | 60,559 | $ | — | Initial public offering costs | $ | 15,239 | $ | — | $ | 60,559 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Exclusion of tax effects associated with items noted above | Exclusion of tax effects associated with items noted above | $ | (2,262) | $ | (17,119) | $ | 38 | Exclusion of tax effects associated with items noted above | $ | (3,522) | $ | (2,262) | $ | (17,119) | ||||||||||||||||||||
Exclusion of discrete tax items | Exclusion of discrete tax items | (12,039) | (10,180) | (2,040) | Exclusion of discrete tax items | (11,120) | (12,039) | (10,180) | ||||||||||||||||||||||||||
Total tax adjustments | Total tax adjustments | $ | (14,301) | $ | (27,299) | $ | (2,002) | Total tax adjustments | $ | (14,642) | $ | (14,301) | $ | (27,299) |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | 2021 | 2020 | 2019 | (in thousands, except percentages) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenue, U.S. GAAP | Revenue, U.S. GAAP | $ | 583,832 | $ | 427,536 | $ | 410,830 | Revenue, U.S. GAAP | $ | 566,906 | $ | 583,832 | $ | 427,536 | ||||||||||||||||||||
Seed investments (1) | Seed investments (1) | 411 | 281 | (438) | Seed investments (1) | 790 | 411 | 281 | ||||||||||||||||||||||||||
Revenue, as adjusted | Revenue, as adjusted | $ | 584,243 | $ | 427,817 | $ | 410,392 | Revenue, as adjusted | $ | 567,696 | $ | 584,243 | $ | 427,817 | ||||||||||||||||||||
Expenses, U.S. GAAP | Expenses, U.S. GAAP | $ | 323,460 | $ | 332,479 | $ | 250,696 | Expenses, U.S. GAAP | $ | 350,968 | $ | 323,460 | $ | 332,479 | ||||||||||||||||||||
Seed investments (1) | Seed investments (1) | (819) | (424) | (1,323) | Seed investments (1) | (838) | (819) | (424) | ||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | Accelerated vesting of restricted stock units | (7,197) | (774) | (1,344) | Accelerated vesting of restricted stock units | (10,260) | (7,197) | (774) | ||||||||||||||||||||||||||
Initial public offering costs (2) | — | (60,559) | — | |||||||||||||||||||||||||||||||
Rights offering costs (3) | — | (11,859) | (346) | |||||||||||||||||||||||||||||||
Other non-recurring expenses (4) | — | (500) | — | |||||||||||||||||||||||||||||||
Lease expense - 280 Park Avenue (2) | Lease expense - 280 Park Avenue (2) | (776) | — | — | ||||||||||||||||||||||||||||||
Initial public offering costs (3) | Initial public offering costs (3) | (15,239) | — | (60,559) | ||||||||||||||||||||||||||||||
Rights offering costs (4) | Rights offering costs (4) | — | — | (11,859) | ||||||||||||||||||||||||||||||
Other non-recurring expenses (5) | Other non-recurring expenses (5) | — | — | (500) | ||||||||||||||||||||||||||||||
Expenses, as adjusted | Expenses, as adjusted | $ | 315,444 | $ | 258,363 | $ | 247,683 | Expenses, as adjusted | $ | 323,855 | $ | 315,444 | $ | 258,363 | ||||||||||||||||||||
Operating income, U.S. GAAP | Operating income, U.S. GAAP | $ | 260,372 | $ | 95,057 | $ | 160,134 | Operating income, U.S. GAAP | $ | 215,938 | $ | 260,372 | $ | 95,057 | ||||||||||||||||||||
Seed investments (1) | Seed investments (1) | 1,230 | 705 | 885 | Seed investments (1) | 1,628 | 1,230 | 705 | ||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | Accelerated vesting of restricted stock units | 7,197 | 774 | 1,344 | Accelerated vesting of restricted stock units | 10,260 | 7,197 | 774 | ||||||||||||||||||||||||||
Initial public offering costs (2) | — | 60,559 | — | |||||||||||||||||||||||||||||||
Rights offering costs (3) | — | 11,859 | 346 | |||||||||||||||||||||||||||||||
Other non-recurring expenses (4) | — | 500 | — | |||||||||||||||||||||||||||||||
Lease expense - 280 Park Avenue (2) | Lease expense - 280 Park Avenue (2) | 776 | — | — | ||||||||||||||||||||||||||||||
Initial public offering costs (3) | Initial public offering costs (3) | 15,239 | — | 60,559 | ||||||||||||||||||||||||||||||
Rights offering costs (4) | Rights offering costs (4) | — | — | 11,859 | ||||||||||||||||||||||||||||||
Other non-recurring expenses (5) | Other non-recurring expenses (5) | — | — | 500 | ||||||||||||||||||||||||||||||
Operating income, as adjusted | Operating income, as adjusted | $ | 268,799 | $ | 169,454 | $ | 162,709 | Operating income, as adjusted | $ | 243,841 | $ | 268,799 | $ | 169,454 | ||||||||||||||||||||
Operating margin, U.S. GAAP | Operating margin, U.S. GAAP | 44.6 | % | 22.2 | % | 39.0 | % | Operating margin, U.S. GAAP | 38.1 | % | 44.6 | % | 22.2 | % | ||||||||||||||||||||
Operating margin, as adjusted | Operating margin, as adjusted | 46.0 | % | 39.6 | % | 39.6 | % | Operating margin, as adjusted | 43.0 | % | 46.0 | % | 39.6 | % |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Employee compensation and benefits | Employee compensation and benefits | $ | — | $ | 1,317 | $ | — | Employee compensation and benefits | $ | 357 | $ | — | $ | 1,317 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | — | 57,818 | — | Distribution and service fees | 14,224 | — | 57,818 | ||||||||||||||||||||||||||
General and administrative | General and administrative | — | 1,424 | — | General and administrative | 658 | — | 1,424 | ||||||||||||||||||||||||||
Initial public offering costs | Initial public offering costs | $ | — | $ | 60,559 | $ | — | Initial public offering costs | $ | 15,239 | $ | — | $ | 60,559 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Non-operating income (loss), U.S. GAAP | Non-operating income (loss), U.S. GAAP | $ | 21,572 | $ | (1,670) | $ | 27,415 | Non-operating income (loss), U.S. GAAP | $ | (19,041) | $ | 21,572 | $ | (1,670) | ||||||||||||||||||||
Seed investments (1) | Seed investments (1) | (21,858) | 2,157 | (25,106) | Seed investments (1) | 24,245 | (21,858) | 2,157 | ||||||||||||||||||||||||||
Foreign currency exchange (gains) losses—net (2) | Foreign currency exchange (gains) losses—net (2) | (475) | 871 | 1,909 | Foreign currency exchange (gains) losses—net (2) | (4,741) | (475) | 871 | ||||||||||||||||||||||||||
Non-operating income (loss), as adjusted | Non-operating income (loss), as adjusted | $ | (761) | $ | 1,358 | $ | 4,218 | Non-operating income (loss), as adjusted | $ | 463 | $ | (761) | $ | 1,358 |
(in thousands) | (in thousands) | December 31, 2021 | December 31, 2020 | (in thousands) | December 31, 2022 | December 31, 2021 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 184,373 | $ | 41,232 | Cash and cash equivalents | $ | 247,418 | $ | 184,373 | ||||||||||||
U.S. Treasury securities | — | 41,648 | ||||||||||||||||||||
Seed investments—net | 62,679 | 60,083 | ||||||||||||||||||||
Liquid seed investments—net | Liquid seed investments—net | 67,987 | 62,679 | |||||||||||||||||||
Other current assets | Other current assets | 84,533 | 70,208 | Other current assets | 70,716 | 84,533 | ||||||||||||||||
Current liabilities | Current liabilities | (118,888) | (93,870) | Current liabilities | (114,522) | (118,888) | ||||||||||||||||
Net liquid assets | Net liquid assets | $ | 212,697 | $ | 119,301 | Net liquid assets | $ | 271,599 | $ | 212,697 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Cash Flow Data: | Cash Flow Data: | Cash Flow Data: | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | $ | 242,901 | $ | 89,186 | $ | 141,445 | Net cash provided by (used in) operating activities | $ | 61,680 | $ | 242,901 | $ | 89,186 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 47,648 | (1,770) | 35,949 | Net cash provided by (used in) investing activities | (2,857) | 47,648 | (1,770) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (145,426) | (148,895) | (170,130) | Net cash provided by (used in) financing activities | 8,975 | (145,426) | (148,895) | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 145,123 | (61,479) | 7,264 | Net increase (decrease) in cash and cash equivalents | 67,798 | 145,123 | (61,479) | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | Effect of foreign exchange rate changes on cash and cash equivalents | (999) | 1,359 | 1,355 | Effect of foreign exchange rate changes on cash and cash equivalents | (4,440) | (999) | 1,359 | ||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | Cash and cash equivalents, beginning of the period | 41,232 | 101,352 | 92,733 | Cash and cash equivalents, beginning of the period | 185,356 | 41,232 | 101,352 | ||||||||||||||||||||||||||
Cash and cash equivalents, end of the period | Cash and cash equivalents, end of the period | $ | 185,356 | $ | 41,232 | $ | 101,352 | Cash and cash equivalents, end of the period | $ | 248,714 | $ | 185,356 | $ | 41,232 |
(in thousands) | (in thousands) | 2022 | 2023 | 2024 | 2025 | Total | (in thousands) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | $ | 12,354 | $ | 11,912 | $ | 1,131 | $ | — | $ | 25,397 | Operating leases | $ | 11,824 | $ | 10,880 | $ | 13,038 | $ | 13,038 | $ | 13,038 | $ | 161,161 | $ | 222,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations | Purchase obligations | 4,047 | 2,825 | 1,092 | 378 | 8,342 | Purchase obligations | 6,173 | 4,540 | 3,305 | 2,382 | 316 | — | 16,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liability | Other liability | 665 | 1,246 | 1,662 | 2,077 | 5,650 | Other liability | 1,246 | 1,662 | 2,077 | — | — | — | 4,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,066 | $ | 15,983 | $ | 3,885 | $ | 2,455 | $ | 39,389 | Total | $ | 19,243 | $ | 17,082 | $ | 18,420 | $ | 15,420 | $ | 13,354 | $ | 161,161 | $ | 244,680 |
Carrying Value | Notional Value - Hedges | Net Carrying Value | Net Carrying Value Assuming a 10% increase | Net Carrying Value Assuming a 10% decrease | ||||||||||||||||||||||||||||
Seed investments—net | $ | 62,679 | $ | (26,709) | $ | 35,970 | $ | 39,567 | $ | 32,373 |
Carrying Value | Notional Value - Hedges | Net Carrying Value | Net Carrying Value Assuming a 10% increase | Net Carrying Value Assuming a 10% decrease | ||||||||||||||||||||||||||||
Liquid seed investments—net | $ | 67,987 | $ | (33,637) | $ | 34,350 | $ | 37,785 | $ | 30,915 | ||||||||||||||||||||||
Illiquid seed investments—net | $ | 15,076 | $ | — | $ | 15,076 | $ | 16,584 | $ | 13,568 |
(a) | 1 | Financial Statements Included herein at pages F-1 through F-31. | ||||||
2 | Financial Data Schedules All schedules have been omitted because they are not applicable, not required, or the information required is included in the financial statements or notes thereto. | |||||||
3 | Exhibits |
Exhibit Number | Description | |||||||
3.1 | — | |||||||
3.2 | — | |||||||
4.1 | — | |||||||
4.2 | — | |||||||
4.3 | — | |||||||
10.1 | — | |||||||
10.2 | — | |||||||
10.4 | — | |||||||
10.5 | — | |||||||
10.6 | — | |||||||
10.7 | — | |||||||
10.8 | — | |||||||
10.9 | — | |||||||
21.1 | — | |||||||
23.1 | — | |||||||
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 Annual Report on Form 10-K for the year ended December 31, | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
COHEN & STEERS, INC. | ||||||||||||||
By: | /s/ | |||||||||||||
Chief Executive Officer, President and Director |
Signature | Title | Date | |||||||||
/s/ Martin Cohen | |||||||||||
Martin Cohen | Chairman and Director | February | |||||||||
/s/ Robert H. Steers | |||||||||||
Robert H. Steers | February | ||||||||||
/s/ Joseph M. Harvey | |||||||||||
Joseph M. Harvey | Chief Executive Officer, President and Director (Principal Executive Officer) | February | |||||||||
/s/ Matthew S. Stadler | |||||||||||
Matthew S. Stadler | Chief Financial Officer (Principal Financial Officer) | February | |||||||||
/s/ Elena Dulik | |||||||||||
Elena Dulik | Chief Accounting Officer (Principal Accounting Officer) | February | |||||||||
/s/ Reena Aggarwal | |||||||||||
Reena Aggarwal | Director | February 24, 2023 | |||||||||
/s/ Frank T. Connor | |||||||||||
Frank T. Connor | Director | February 24, 2023 | |||||||||
/s/ Peter L. Rhein | |||||||||||
Peter L. Rhein | Director | February 24, 2023 | |||||||||
/s/ Richard P. Simon | |||||||||||
Richard P. Simon | Director | February 24, 2023 | |||||||||
/s/ Dasha Smith | |||||||||||
Dasha Smith | Director | February 24, 2023 | |||||||||
/s/ Edmond D. Villani | |||||||||||
Edmond D. Villani | Director | February 24, 2023 | |||||||||
December 31, 2021 | December 31, 2020 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 184,373 | $ | 41,232 | Cash and cash equivalents | $ | 247,418 | $ | 184,373 | ||||||||||||
Investments ($127,912 and $80,743) (1) | 154,654 | 154,978 | ||||||||||||||||||||
Investments ($134,929 and $127,912) (1) | Investments ($134,929 and $127,912) (1) | 172,955 | 154,654 | |||||||||||||||||||
Accounts receivable | Accounts receivable | 84,090 | 69,680 | Accounts receivable | 70,193 | 84,090 | ||||||||||||||||
Due from brokers ($1,340 and $223) (1) | 3,567 | 5,125 | ||||||||||||||||||||
Due from brokers ($38 and $1,340) (1) | Due from brokers ($38 and $1,340) (1) | 2,080 | 3,567 | |||||||||||||||||||
Property and equipment—net | Property and equipment—net | 8,938 | 10,341 | Property and equipment—net | 8,757 | 8,938 | ||||||||||||||||
Operating lease right-of-use assets—net | Operating lease right-of-use assets—net | 22,009 | 31,203 | Operating lease right-of-use assets—net | 136,430 | 22,009 | ||||||||||||||||
Goodwill and intangible assets—net | Goodwill and intangible assets—net | 19,696 | 20,495 | Goodwill and intangible assets—net | 19,049 | 19,696 | ||||||||||||||||
Other assets ($1,589 and $637) (1) | 15,360 | 15,399 | ||||||||||||||||||||
Other assets ($576 and $1,589) (1) | Other assets ($576 and $1,589) (1) | 16,497 | 15,360 | |||||||||||||||||||
Total assets | Total assets | $ | 492,687 | $ | 348,453 | Total assets | $ | 673,379 | $ | 492,687 | ||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Accrued compensation and benefits | Accrued compensation and benefits | $ | 79,167 | $ | 56,384 | Accrued compensation and benefits | $ | 77,764 | $ | 79,167 | ||||||||||||
Distribution and service fees payable | Distribution and service fees payable | 10,183 | 7,748 | Distribution and service fees payable | 8,421 | 10,183 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 24,525 | 34,926 | Operating lease liabilities | 138,809 | 24,525 | ||||||||||||||||
Income tax payable | Income tax payable | 22,611 | 12,672 | Income tax payable | 7,750 | 22,611 | ||||||||||||||||
Due to brokers ($926 and $128) (1) | 927 | 501 | ||||||||||||||||||||
Other liabilities and accrued expenses ($689 and $326) (1) | 10,948 | 11,318 | ||||||||||||||||||||
Due to brokers ($11 and $926) (1) | Due to brokers ($11 and $926) (1) | 835 | 927 | |||||||||||||||||||
Other liabilities and accrued expenses ($664 and $689) (1) | Other liabilities and accrued expenses ($664 and $689) (1) | 12,857 | 10,948 | |||||||||||||||||||
Total liabilities | Total liabilities | 148,361 | 123,549 | Total liabilities | 246,436 | 148,361 | ||||||||||||||||
Commitments and contingencies (See Note 13) | Commitments and contingencies (See Note 13) | 0 | 0 | Commitments and contingencies (See Note 13) | ||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 89,143 | 50,665 | Redeemable noncontrolling interests | 85,335 | 89,143 | ||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,267,309 and 53,462,621 shares issued at December 31, 2021 and 2020, respectively | 543 | 535 | ||||||||||||||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 55,051,975 and 54,267,309 shares issued at December 31, 2022 and 2021, respectively | Common stock, $0.01 par value; 500,000,000 shares authorized; 55,051,975 and 54,267,309 shares issued at December 31, 2022 and 2021, respectively | 551 | 543 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 715,847 | 670,142 | Additional paid-in capital | 769,373 | 715,847 | ||||||||||||||||
Accumulated deficit | Accumulated deficit | (231,967) | (291,542) | Accumulated deficit | (171,417) | (231,967) | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (5,886) | (4,134) | Accumulated other comprehensive loss | (10,784) | (5,886) | ||||||||||||||||
Treasury stock, at cost, 5,997,239 and 5,674,510 shares at December 31, 2021 and 2020, respectively | (223,354) | (200,762) | ||||||||||||||||||||
Treasury stock, at cost, 6,329,178 and 5,997,239 shares at December 31, 2022 and 2021, respectively | Treasury stock, at cost, 6,329,178 and 5,997,239 shares at December 31, 2022 and 2021, respectively | (250,169) | (223,354) | |||||||||||||||||||
Total stockholders’ equity attributable to Cohen & Steers, Inc. | Total stockholders’ equity attributable to Cohen & Steers, Inc. | 337,554 | 255,183 | |||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 4,054 | — | |||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 255,183 | 174,239 | Total stockholders’ equity | 341,608 | 255,183 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interests and stockholders’ equity | Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ | 492,687 | $ | 348,453 | Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ | 673,379 | $ | 492,687 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||
Investment advisory and administration fees | Investment advisory and administration fees | $ | 543,544 | $ | 395,037 | $ | 378,578 | Investment advisory and administration fees | $ | 529,311 | $ | 543,544 | $ | 395,037 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 37,630 | 30,134 | 30,048 | Distribution and service fees | 35,093 | 37,630 | 30,134 | ||||||||||||||||||||||||||
Other | Other | 2,658 | 2,365 | 2,204 | Other | 2,502 | 2,658 | 2,365 | ||||||||||||||||||||||||||
Total revenue | Total revenue | 583,832 | 427,536 | 410,830 | Total revenue | 566,906 | 583,832 | 427,536 | ||||||||||||||||||||||||||
Expenses: | Expenses: | Expenses: | ||||||||||||||||||||||||||||||||
Employee compensation and benefits | Employee compensation and benefits | 195,443 | 156,457 | 143,431 | Employee compensation and benefits | 208,831 | 195,443 | 156,457 | ||||||||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 75,891 | 115,084 | 55,237 | Distribution and service fees | 82,928 | 75,891 | 115,084 | ||||||||||||||||||||||||||
General and administrative | General and administrative | 48,034 | 56,286 | 47,632 | General and administrative | 54,826 | 48,034 | 56,286 | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 4,092 | 4,652 | 4,396 | Depreciation and amortization | 4,383 | 4,092 | 4,652 | ||||||||||||||||||||||||||
Total expenses | Total expenses | 323,460 | 332,479 | 250,696 | Total expenses | 350,968 | 323,460 | 332,479 | ||||||||||||||||||||||||||
Operating income (loss) | 260,372 | 95,057 | 160,134 | |||||||||||||||||||||||||||||||
Operating income | Operating income | 215,938 | 260,372 | 95,057 | ||||||||||||||||||||||||||||||
Non-operating income (loss): | Non-operating income (loss): | Non-operating income (loss): | ||||||||||||||||||||||||||||||||
Interest and dividend income—net | Interest and dividend income—net | 2,877 | 3,362 | 6,716 | Interest and dividend income—net | 6,818 | 2,877 | 3,362 | ||||||||||||||||||||||||||
Gain (loss) from investments—net | Gain (loss) from investments—net | 18,784 | (4,116) | 21,673 | Gain (loss) from investments—net | (25,106) | 18,784 | (4,116) | ||||||||||||||||||||||||||
Foreign currency gain (loss)—net | Foreign currency gain (loss)—net | (89) | (916) | (974) | Foreign currency gain (loss)—net | (753) | (89) | (916) | ||||||||||||||||||||||||||
Total non-operating income (loss) | Total non-operating income (loss) | 21,572 | (1,670) | 27,415 | Total non-operating income (loss) | (19,041) | 21,572 | (1,670) | ||||||||||||||||||||||||||
Income before provision for income taxes | Income before provision for income taxes | 281,944 | 93,387 | 187,549 | Income before provision for income taxes | 196,897 | 281,944 | 93,387 | ||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 55,790 | 18,222 | 40,565 | Provision for income taxes | 47,411 | 55,790 | 18,222 | ||||||||||||||||||||||||||
Net income | Net income | 226,154 | 75,165 | 146,984 | Net income | 149,486 | 226,154 | 75,165 | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (14,758) | 1,419 | (12,363) | |||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 21,556 | (14,758) | 1,419 | ||||||||||||||||||||||||||||||
Net income attributable to common stockholders | Net income attributable to common stockholders | $ | 211,396 | $ | 76,584 | $ | 134,621 | Net income attributable to common stockholders | $ | 171,042 | $ | 211,396 | $ | 76,584 | ||||||||||||||||||||
Earnings per share attributable to common stockholders: | Earnings per share attributable to common stockholders: | Earnings per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||
Basic | Basic | $ | 4.38 | $ | 1.60 | $ | 2.85 | Basic | $ | 3.51 | $ | 4.38 | $ | 1.60 | ||||||||||||||||||||
Diluted | Diluted | $ | 4.31 | $ | 1.57 | $ | 2.79 | Diluted | $ | 3.47 | $ | 4.31 | $ | 1.57 | ||||||||||||||||||||
Weighted average shares outstanding: | Weighted average shares outstanding: | Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | Basic | 48,316 | 47,800 | 47,273 | Basic | 48,781 | 48,316 | 47,800 | ||||||||||||||||||||||||||
Diluted | Diluted | 49,090 | 48,676 | 48,297 | Diluted | 49,297 | 49,090 | 48,676 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Net income | Net income | $ | 226,154 | $ | 75,165 | $ | 146,984 | Net income | $ | 149,486 | $ | 226,154 | $ | 75,165 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (14,758) | 1,419 | (12,363) | |||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 21,556 | (14,758) | 1,419 | ||||||||||||||||||||||||||||||
Net income attributable to common stockholders | Net income attributable to common stockholders | 211,396 | 76,584 | 134,621 | Net income attributable to common stockholders | 171,042 | 211,396 | 76,584 | ||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Foreign currency translation gain (loss) | Foreign currency translation gain (loss) | (1,752) | 2,192 | 997 | Foreign currency translation gain (loss) | (4,898) | (1,752) | 2,192 | ||||||||||||||||||||||||||
Total comprehensive income attributable to common stockholders | Total comprehensive income attributable to common stockholders | $ | 209,644 | $ | 78,776 | $ | 135,618 | Total comprehensive income attributable to common stockholders | $ | 166,144 | $ | 209,644 | $ | 78,776 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | Shares of Common Stock, Net | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | Shares of Common Stock, Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 | $ | 518 | $ | 602,272 | $ | (208,404) | $ | (7,323) | $ | (164,417) | $ | 222,646 | $ | 114,192 | 46,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($3.44 per share) | — | — | (168,678) | — | — | (168,678) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | January 1, 2020 | $ | 527 | $ | 636,788 | $ | (242,461) | $ | (6,326) | $ | (174,825) | $ | — | $ | 213,703 | $ | 53,412 | 47,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($2.56 per share) | Dividends ($2.56 per share) | — | — | (125,665) | — | — | — | (125,665) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 9 | 861 | — | — | — | 870 | — | 762 | Issuance of common stock | 8 | 1,002 | — | — | — | — | 1,010 | — | 883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | (10,408) | (10,408) | — | (280) | Repurchase of common stock | — | — | — | — | (25,937) | — | (25,937) | — | (345) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units—net | Issuance of restricted stock units—net | — | 7,039 | — | — | — | 7,039 | — | — | Issuance of restricted stock units—net | — | 3,865 | — | — | — | — | 3,865 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units | — | 26,883 | — | — | — | 26,883 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock units | — | (267) | — | — | — | (267) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units—net | Amortization of restricted stock units—net | — | 28,487 | — | — | — | — | 28,487 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 134,621 | — | — | 134,621 | 12,363 | — | Net income (loss) | — | — | 76,584 | — | — | — | 76,584 | (1,419) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 997 | — | 997 | — | — | Other comprehensive income (loss) | — | — | — | 2,192 | — | — | 2,192 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | — | — | — | — | — | — | 2,242 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidation (deconsolidation) of Company-sponsored funds | — | — | — | — | — | — | (75,385) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 527 | $ | 636,788 | $ | (242,461) | $ | (6,326) | $ | (174,825) | $ | 213,703 | $ | 53,412 | 47,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($2.56 per share) | — | — | (125,665) | — | — | (125,665) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net contributions (distributions) attributable to noncontrolling interests | Net contributions (distributions) attributable to noncontrolling interests | — | — | — | — | — | — | — | (1,328) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 535 | $ | 670,142 | $ | (291,542) | $ | (4,134) | $ | (200,762) | $ | — | $ | 174,239 | $ | 50,665 | 47,788 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($3.05 per share) | Dividends ($3.05 per share) | — | — | (151,821) | — | — | — | (151,821) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 8 | 1,002 | — | — | — | 1,010 | — | 883 | Issuance of common stock | 8 | 1,170 | — | — | — | — | 1,178 | — | 805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | (25,937) | (25,937) | — | (345) | Repurchase of common stock | — | — | — | — | (22,592) | — | (22,592) | — | (323) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units—net | Issuance of restricted stock units—net | — | 3,865 | — | — | — | 3,865 | — | — | Issuance of restricted stock units—net | — | 6,389 | — | — | — | — | 6,389 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units | — | 28,740 | — | — | — | 28,740 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock units | — | (253) | — | — | — | (253) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units—net | Amortization of restricted stock units—net | — | 38,146 | — | — | — | — | 38,146 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 76,584 | — | — | 76,584 | (1,419) | — | Net income (loss) | — | — | 211,396 | — | — | — | 211,396 | 14,758 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 2,192 | — | 2,192 | — | — | Other comprehensive income (loss) | — | — | — | (1,752) | — | — | (1,752) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidation (deconsolidation) of Company-sponsored funds | — | — | — | — | — | — | (1,328) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 535 | $ | 670,142 | $ | (291,542) | $ | (4,134) | $ | (200,762) | $ | 174,239 | $ | 50,665 | 47,788 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($3.05 per share) | — | — | (151,821) | — | — | (151,821) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net contributions (distributions) attributable to noncontrolling interests | Net contributions (distributions) attributable to noncontrolling interests | — | — | — | — | — | — | — | 23,720 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 543 | $ | 715,847 | $ | (231,967) | $ | (5,886) | $ | (223,354) | $ | — | $ | 255,183 | $ | 89,143 | 48,270 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($2.20 per share) | Dividends ($2.20 per share) | — | — | (110,492) | — | — | — | (110,492) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 8 | 1,170 | — | — | — | 1,178 | — | 805 | Issuance of common stock | 8 | 1,219 | — | — | — | — | 1,227 | — | 785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | (22,592) | (22,592) | — | (323) | Repurchase of common stock | — | — | — | — | (26,815) | — | (26,815) | — | (332) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units—net | Issuance of restricted stock units—net | — | 6,389 | — | — | — | 6,389 | — | — | Issuance of restricted stock units—net | — | 5,803 | — | — | — | — | 5,803 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units | — | 40,766 | — | — | — | 40,766 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeitures of restricted stock units | — | (2,620) | — | — | — | (2,620) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock units—net | Amortization of restricted stock units—net | — | 46,504 | — | — | — | — | 46,504 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 211,396 | — | — | 211,396 | 14,758 | — | Net income (loss) | — | — | 171,042 | — | — | (765) | 170,277 | (20,791) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (1,752) | — | (1,752) | — | — | Other comprehensive income (loss) | — | — | — | (4,898) | — | — | (4,898) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | — | — | — | — | — | — | 23,720 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | 543 | $ | 715,847 | $ | (231,967) | $ | (5,886) | $ | (223,354) | $ | 255,183 | $ | 89,143 | 48,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net contributions (distributions) attributable to noncontrolling interests | Net contributions (distributions) attributable to noncontrolling interests | — | — | — | — | — | 4,819 | 4,819 | 137,280 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidation (deconsolidation) of investment vehicles | Net consolidation (deconsolidation) of investment vehicles | — | — | — | — | — | — | — | (120,297) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 551 | $ | 769,373 | $ | (171,417) | $ | (10,784) | $ | (250,169) | $ | 4,054 | $ | 341,608 | $ | 85,335 | 48,723 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income | Net income | $ | 226,154 | $ | 75,165 | $ | 146,984 | Net income | $ | 149,486 | $ | 226,154 | $ | 75,165 | ||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Stock-based compensation expense—net | Stock-based compensation expense—net | 40,464 | 29,337 | 27,811 | Stock-based compensation expense—net | 49,352 | 40,464 | 29,337 | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 5,690 | 6,145 | 4,982 | Depreciation and amortization | 5,552 | 5,690 | 6,145 | ||||||||||||||||||||||||||
Amortization of right-of-use assets | Amortization of right-of-use assets | 10,343 | 10,128 | 10,048 | Amortization of right-of-use assets | 11,798 | 10,343 | 10,128 | ||||||||||||||||||||||||||
(Gain) loss from investments—net | (Gain) loss from investments—net | (18,784) | 4,116 | (21,673) | (Gain) loss from investments—net | 25,106 | (18,784) | 4,116 | ||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 104 | 107 | 96 | Deferred income taxes | (1,199) | 104 | 107 | ||||||||||||||||||||||||||
Foreign currency (gain) loss | Foreign currency (gain) loss | 1,974 | (1,269) | 9 | Foreign currency (gain) loss | 1,587 | 1,974 | (1,269) | ||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (16,384) | (9,310) | (8,729) | Accounts receivable | 12,310 | (16,384) | (9,310) | ||||||||||||||||||||||||||
Due from brokers | Due from brokers | 1,539 | (3,382) | 989 | Due from brokers | (1,632) | 1,539 | (3,382) | ||||||||||||||||||||||||||
Deferred commissions | (1,440) | (1,474) | (1,628) | |||||||||||||||||||||||||||||||
Investments within consolidated Company-sponsored funds | (27,525) | (3,605) | (13,997) | |||||||||||||||||||||||||||||||
Investments within consolidated investment vehicles | Investments within consolidated investment vehicles | (170,372) | (27,525) | (3,605) | ||||||||||||||||||||||||||||||
Other assets | Other assets | 4,334 | (771) | (120) | Other assets | 5,229 | 2,894 | (2,245) | ||||||||||||||||||||||||||
Accrued compensation and benefits | Accrued compensation and benefits | 22,783 | 4,622 | 4,988 | Accrued compensation and benefits | (1,403) | 22,783 | 4,622 | ||||||||||||||||||||||||||
Distribution and service fees payable | Distribution and service fees payable | 2,435 | 430 | (1,175) | Distribution and service fees payable | (1,762) | 2,435 | 430 | ||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | (11,550) | (11,314) | (10,955) | Operating lease liabilities | (11,935) | (11,550) | (11,314) | ||||||||||||||||||||||||||
Due to brokers | Due to brokers | 450 | 135 | 45 | Due to brokers | 3,046 | 450 | 135 | ||||||||||||||||||||||||||
Income tax payable | Income tax payable | 9,991 | (9,640) | 3,531 | Income tax payable | (15,036) | 9,991 | (9,640) | ||||||||||||||||||||||||||
Other liabilities and accrued expenses | Other liabilities and accrued expenses | (7,677) | (234) | 239 | Other liabilities and accrued expenses | 1,553 | (7,677) | (234) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 242,901 | 89,186 | 141,445 | Net cash provided by (used in) operating activities | 61,680 | 242,901 | 89,186 | ||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of investments | Purchases of investments | (54,043) | (70,963) | (50,943) | Purchases of investments | (145,345) | (54,043) | (70,963) | ||||||||||||||||||||||||||
Proceeds from sales and maturities of investments | Proceeds from sales and maturities of investments | 104,386 | 71,695 | 89,644 | Proceeds from sales and maturities of investments | 146,711 | 104,386 | 71,695 | ||||||||||||||||||||||||||
Purchases of property and equipment | Purchases of property and equipment | (2,695) | (2,502) | (2,752) | Purchases of property and equipment | (4,223) | (2,695) | (2,502) | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 47,648 | (1,770) | 35,949 | Net cash provided by (used in) investing activities | (2,857) | 47,648 | (1,770) | ||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Issuance of common stock—net | Issuance of common stock—net | 1,001 | 859 | 741 | Issuance of common stock—net | 1,043 | 1,001 | 859 | ||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (22,592) | (25,937) | (10,408) | Repurchase of common stock | (26,815) | (22,592) | (25,937) | ||||||||||||||||||||||||||
Dividends to stockholders | Dividends to stockholders | (147,555) | (122,489) | (162,705) | Dividends to stockholders | (107,352) | (147,555) | (122,489) | ||||||||||||||||||||||||||
Net contributions (distributions) from redeemable noncontrolling interests | 23,720 | (1,328) | 2,242 | |||||||||||||||||||||||||||||||
Net contributions (distributions) from noncontrolling interests | Net contributions (distributions) from noncontrolling interests | 142,099 | 23,720 | (1,328) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (145,426) | (148,895) | (170,130) | Net cash provided by (used in) financing activities | 8,975 | (145,426) | (148,895) | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 145,123 | (61,479) | 7,264 | Net increase (decrease) in cash and cash equivalents | 67,798 | 145,123 | (61,479) | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | Effect of foreign exchange rate changes on cash and cash equivalents | (999) | 1,359 | 1,355 | Effect of foreign exchange rate changes on cash and cash equivalents | (4,440) | (999) | 1,359 | ||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the year | Cash and cash equivalents, beginning of the year | 41,232 | 101,352 | 92,733 | Cash and cash equivalents, beginning of the year | 185,356 | 41,232 | 101,352 | ||||||||||||||||||||||||||
Cash and cash equivalents, end of the year | Cash and cash equivalents, end of the year | $ | 185,356 | $ | 41,232 | $ | 101,352 | Cash and cash equivalents, end of the year | $ | 248,714 | $ | 185,356 | $ | 41,232 |
Years ended December 31, | As of December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 184,373 | $ | 41,232 | $ | 101,352 | Cash and cash equivalents | $ | 247,418 | $ | 184,373 | $ | 41,232 | ||||||||||||||||||||
Cash included in investments (1) | Cash included in investments (1) | 983 | — | — | Cash included in investments (1) | 1,296 | 983 | — | ||||||||||||||||||||||||||
Total cash and cash equivalents within consolidated statements of cash flows | Total cash and cash equivalents within consolidated statements of cash flows | $ | 185,356 | $ | 41,232 | $ | 101,352 | Total cash and cash equivalents within consolidated statements of cash flows | $ | 248,714 | $ | 185,356 | $ | 41,232 |
Years ended December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Client domicile: | |||||||||||||||||
North America | $ | 496,368 | $ | 506,364 | $ | 363,834 | |||||||||||
Japan | 36,056 | 38,039 | 32,517 | ||||||||||||||
Europe, Middle East and Africa | 21,439 | 26,330 | 19,869 | ||||||||||||||
Asia Pacific excluding Japan | 13,043 | 13,099 | 11,316 | ||||||||||||||
Total | $ | 566,906 | $ | 583,832 | $ | 427,536 | |||||||||||
Years ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Client domicile: | |||||||||||||||||
North America | $ | 506,364 | $ | 363,834 | $ | 352,629 | |||||||||||
Japan | 38,039 | 32,517 | 33,967 | ||||||||||||||
Europe, Middle East and Africa | 26,330 | 19,869 | 11,087 | ||||||||||||||
Asia Pacific excluding Japan | 13,099 | 11,316 | 13,147 | ||||||||||||||
Total | $ | 583,832 | $ | 427,536 | $ | 410,830 | |||||||||||
Years ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Investment vehicle: | |||||||||||||||||
Open-end funds (1) | $ | 328,647 | $ | 233,634 | $ | 219,982 | |||||||||||
Institutional accounts | 146,345 | 115,876 | 110,346 | ||||||||||||||
Closed-end funds | 108,840 | 78,026 | 80,502 | ||||||||||||||
Total | $ | 583,832 | $ | 427,536 | $ | 410,830 |
Years ended December 31, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Investment vehicle: | |||||||||||||||||
Open-end funds | $ | 326,172 | $ | 328,647 | $ | 233,634 | |||||||||||
Institutional accounts | 134,012 | 146,345 | 115,876 | ||||||||||||||
Closed-end funds | 106,722 | 108,840 | 78,026 | ||||||||||||||
Total | $ | 566,906 | $ | 583,832 | $ | 427,536 |
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Equity investments at fair value | $ | 130,930 | $ | 94,089 | |||||||
Trading | 23,711 | 18,700 | |||||||||
Held-to-maturity carried at amortized cost (1) | — | 41,648 | |||||||||
Equity method | 13 | 541 | |||||||||
Total investments | $ | 154,654 | $ | 154,978 |
(in thousands) | December 31, 2022 | December 31, 2021 | |||||||||
Equity investments at fair value | $ | 157,646 | $ | 130,930 | |||||||
Trading | 15,289 | 23,711 | |||||||||
Equity method | 20 | 13 | |||||||||
Total investments | $ | 172,955 | $ | 154,654 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Net realized gains (losses) during the period | Net realized gains (losses) during the period | $ | 8,402 | $ | (5,395) | $ | 12,227 | Net realized gains (losses) during the period | $ | 7,147 | $ | 8,402 | $ | (5,395) | ||||||||||||||||||||
Net unrealized gains (losses) during the period on investments still held at the end of the period | Net unrealized gains (losses) during the period on investments still held at the end of the period | 10,382 | 1,279 | 9,446 | Net unrealized gains (losses) during the period on investments still held at the end of the period | (32,253) | 10,382 | 1,279 | ||||||||||||||||||||||||||
Gain (loss) from investments—net (1) | Gain (loss) from investments—net (1) | $ | 18,784 | $ | (4,116) | $ | 21,673 | Gain (loss) from investments—net (1) | $ | (25,106) | $ | 18,784 | $ | (4,116) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | GLI SICAV | SICAV GRE | SICAV RAP | GRP-CIP | REOF | Total | |||||||||||||||||||||||||||||
Assets (1) | |||||||||||||||||||||||||||||||||||
Investments | $ | 8,266 | $ | 57,354 | $ | 59,493 | $ | 150 | $ | 2,649 | $ | 127,912 | |||||||||||||||||||||||
Due from brokers | — | 1,107 | 86 | 147 | — | 1,340 | |||||||||||||||||||||||||||||
Other assets | 42 | 214 | 740 | — | 593 | 1,589 | |||||||||||||||||||||||||||||
Total assets | $ | 8,308 | $ | 58,675 | $ | 60,319 | $ | 297 | $ | 3,242 | $ | 130,841 | |||||||||||||||||||||||
Liabilities (1) | |||||||||||||||||||||||||||||||||||
Due to brokers | $ | — | $ | 347 | $ | 579 | $ | — | $ | — | 926 | ||||||||||||||||||||||||
Other liabilities and accrued expenses | 35 | 126 | 108 | 5 | 415 | 689 | |||||||||||||||||||||||||||||
Total liabilities | $ | 35 | $ | 473 | $ | 687 | $ | 5 | $ | 415 | $ | 1,615 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | GLI SICAV | SICAV GRE | SICAV RAP | GRP-CIP | Total | (in thousands) | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SICAV GLI | SICAV GRE | GRP-CIP | REOF | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets (1) | Assets (1) | Assets (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | $ | 7,140 | $ | 39,672 | $ | 33,654 | $ | 277 | $ | 80,743 | Investments | $ | 36,296 | $ | 79,434 | $ | 147 | $ | 19,052 | $ | 134,929 | ||||||||||||||||||||||||||||||||||||||||||
Due from brokers | Due from brokers | 69 | 45 | 52 | 57 | 223 | Due from brokers | 11 | — | 27 | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 44 | 359 | 234 | — | 637 | Other assets | 151 | 370 | — | 55 | 576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,253 | $ | 40,076 | $ | 33,940 | $ | 334 | $ | 81,603 | Total assets | 36,458 | 79,804 | 174 | 19,107 | 135,543 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities (1) | Liabilities (1) | Liabilities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to brokers | Due to brokers | $ | 27 | $ | 40 | $ | 61 | $ | — | $ | 128 | Due to brokers | $ | 11 | $ | — | $ | — | $ | — | $ | 11 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities and accrued expenses | Other liabilities and accrued expenses | 29 | 211 | 81 | 5 | 326 | Other liabilities and accrued expenses | 91 | 214 | 5 | 354 | 664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 56 | $ | 251 | $ | 142 | $ | 5 | $ | 454 | Total liabilities | 102 | 214 | 5 | 354 | 675 | |||||||||||||||||||||||||||||||||||||||||||||||
Net assets | Net assets | $ | 36,356 | $ | 79,590 | $ | 169 | $ | 18,753 | $ | 134,868 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to the Company | Attributable to the Company | $ | 19,116 | $ | 11,495 | $ | 169 | $ | 14,699 | $ | 45,479 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Attributable to noncontrolling interests | Attributable to noncontrolling interests | 17,240 | 68,095 | — | 4,054 | 89,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets | Net assets | $ | 36,356 | $ | 79,590 | $ | 169 | $ | 18,753 | $ | 134,868 |
(in thousands) | December 31, 2021 | ||||||||||||||||||||||||||||||||||
SICAV GLI | SICAV GRE | SICAV RAP | GRP-CIP | REOF | Total | ||||||||||||||||||||||||||||||
Assets (1) | |||||||||||||||||||||||||||||||||||
Investments | $ | 8,266 | $ | 57,354 | $ | 59,493 | $ | 150 | $ | 2,649 | $ | 127,912 | |||||||||||||||||||||||
Due from brokers | — | 1,107 | 86 | 147 | — | 1,340 | |||||||||||||||||||||||||||||
Other assets | 42 | 214 | 740 | — | 593 | 1,589 | |||||||||||||||||||||||||||||
Total assets | 8,308 | 58,675 | 60,319 | 297 | 3,242 | 130,841 | |||||||||||||||||||||||||||||
Liabilities (1) | |||||||||||||||||||||||||||||||||||
Due to brokers | $ | — | $ | 347 | $ | 579 | $ | — | $ | — | $ | 926 | |||||||||||||||||||||||
Other liabilities and accrued expenses | 35 | 126 | 108 | 5 | 415 | 689 | |||||||||||||||||||||||||||||
Total liabilities | 35 | 473 | 687 | 5 | 415 | 1,615 | |||||||||||||||||||||||||||||
Net assets | $ | 8,273 | $ | 58,202 | $ | 59,632 | $ | 292 | $ | 2,827 | $ | 129,226 | |||||||||||||||||||||||
Attributable to the Company | $ | 8,261 | $ | 15,355 | $ | 13,348 | $ | 292 | $ | 2,827 | $ | 40,083 | |||||||||||||||||||||||
Attributable to noncontrolling interests | 12 | 42,847 | 46,284 | — | — | 89,143 | |||||||||||||||||||||||||||||
Net assets | $ | 8,273 | $ | 58,202 | $ | 59,632 | $ | 292 | $ | 2,827 | $ | 129,226 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (1) | Total | (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 104,591 | $ | — | $ | — | $ | — | $ | 104,591 | Cash equivalents | $ | 208,557 | $ | — | $ | — | $ | — | $ | 208,557 | ||||||||||||||||||||||||||||||||||||
Equity investments at fair value: | Equity investments at fair value: | Equity investments at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stocks | Common stocks | $ | 126,301 | $ | 116 | $ | — | $ | — | $ | 126,417 | Common stocks | $ | 142,268 | $ | 987 | $ | — | $ | — | $ | 143,255 | ||||||||||||||||||||||||||||||||||||
Company-sponsored funds | 103 | — | — | — | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnership interests | Limited partnership interests | 986 | — | — | 1,816 | 2,802 | Limited partnership interests | — | — | 10,759 | 1,544 | 12,303 | ||||||||||||||||||||||||||||||||||||||||||||||
Master limited partnership interests | Master limited partnership interests | 316 | — | — | — | 316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred securities | Preferred securities | 1,465 | — | — | — | 1,465 | Preferred securities | 1,391 | 49 | — | — | 1,440 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | 143 | 143 | Other | 200 | — | — | 132 | 332 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 128,855 | $ | 116 | $ | — | $ | 1,959 | $ | 130,930 | Total | $ | 144,175 | $ | 1,036 | $ | 10,759 | $ | 1,676 | $ | 157,646 | ||||||||||||||||||||||||||||||||||||
Trading investments: | Trading investments: | Trading investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | Fixed income | $ | — | $ | 23,711 | $ | — | $ | — | $ | 23,711 | Fixed income | $ | — | $ | 15,289 | $ | — | $ | — | $ | 15,289 | ||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments | $ | — | $ | — | $ | — | $ | 13 | $ | 13 | Equity method investments | $ | — | $ | — | $ | — | $ | 20 | $ | 20 | ||||||||||||||||||||||||||||||||||||
Total investments | Total investments | $ | 128,855 | $ | 23,827 | $ | — | $ | 1,972 | $ | 154,654 | Total investments | $ | 144,175 | $ | 16,325 | $ | 10,759 | $ | 1,696 | $ | 172,955 | ||||||||||||||||||||||||||||||||||||
Derivatives - assets: | Derivatives - assets: | Derivatives - assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities (2) | $ | — | $ | 481 | $ | — | $ | — | $ | 481 | ||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | — | 209 | — | — | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | $ | — | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | — | 248 | — | — | 248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 690 | $ | — | $ | — | $ | 690 | Total | $ | — | $ | 276 | $ | — | $ | — | $ | 276 | ||||||||||||||||||||||||||||||||||||
Derivatives - liabilities: | Derivatives - liabilities: | Derivatives - liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | Total return swaps - commodities | $ | — | $ | 27 | $ | — | $ | — | $ | 27 | ||||||||||||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | — | 867 | — | — | 867 | Total return swaps - equities | — | 690 | — | — | 690 | ||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | — | 3 | — | — | 3 | Forward contracts - foreign exchange | — | 742 | — | — | 742 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 887 | $ | — | $ | — | $ | 887 | Total | $ | — | $ | 1,459 | $ | — | $ | — | $ | 1,459 |
December 31, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (1) | Investments Carried at Amortized Cost | Total | (in thousands) | Level 1 | Level 2 | Level 3 | Investments Measured at NAV (1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 23,372 | $ | — | $ | — | $ | — | $ | — | $ | 23,372 | Cash equivalents | $ | 104,591 | $ | — | $ | — | $ | — | $ | 104,591 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity investments at fair value: | Equity investments at fair value: | Equity investments at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stocks | Common stocks | $ | 91,614 | $ | — | $ | — | $ | — | $ | — | $ | 91,614 | Common stocks | $ | 126,301 | $ | 116 | $ | — | $ | — | $ | 126,417 | ||||||||||||||||||||||||||||||||||||||||||||||
Company-sponsored funds | 246 | — | — | — | — | 246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnership interests | Limited partnership interests | 831 | — | — | 277 | — | 1,108 | Limited partnership interests | — | — | — | 1,816 | 1,816 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Master limited partnership interests | Master limited partnership interests | 986 | — | — | — | 986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred securities | Preferred securities | 983 | 12 | — | — | — | 995 | Preferred securities | 1,465 | — | — | — | 1,465 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | 126 | — | 126 | Other | 103 | — | — | 143 | 246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 93,674 | $ | 12 | $ | — | $ | 403 | $ | — | $ | 94,089 | Total | $ | 128,855 | $ | 116 | $ | — | $ | 1,959 | $ | 130,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Trading investments: | Trading investments: | Trading investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | Fixed income | $ | — | $ | 18,700 | $ | — | $ | — | $ | — | $ | 18,700 | Fixed income | $ | — | $ | 23,711 | $ | — | $ | — | $ | 23,711 | ||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity investments | $ | — | $ | — | $ | — | $ | — | $ | 41,648 | $ | 41,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments | $ | — | $ | — | $ | — | $ | 541 | $ | — | $ | 541 | Equity method investments | $ | — | $ | — | $ | — | $ | 13 | $ | 13 | ||||||||||||||||||||||||||||||||||||||||||||||
Total investments | Total investments | $ | 93,674 | $ | 18,712 | $ | — | $ | 944 | $ | 41,648 | $ | 154,978 | Total investments | $ | 128,855 | $ | 23,827 | $ | — | $ | 1,972 | $ | 154,654 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives - assets: | Derivatives - assets: | Derivatives - assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Futures - commodities | $ | 1,012 | $ | — | $ | — | $ | — | $ | — | $ | 1,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities (2) | Total return swaps - commodities (2) | $ | — | $ | 481 | $ | — | $ | — | $ | 481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | — | 209 | — | — | 209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 690 | $ | — | $ | — | $ | 690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives - liabilities: | Derivatives - liabilities: | Derivatives - liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Futures - commodities | $ | 416 | $ | — | $ | — | $ | — | $ | — | $ | 416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | — | 136 | — | — | — | 136 | Total return swaps - commodities | $ | — | $ | 17 | $ | — | $ | — | $ | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | — | 1,562 | — | — | — | 1,562 | Total return swaps - equities | — | 867 | — | — | 867 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | — | 345 | — | — | — | 345 | Forward contracts - foreign exchange | — | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 416 | $ | 2,043 | $ | — | $ | — | $ | — | $ | 2,459 | Total | $ | — | $ | 887 | $ | — | $ | — | $ | 887 |
Years Ended December 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Balance at beginning of period | $ | — | $ | — | |||||||
Purchases/contributions | 19,380 | — | |||||||||
Sales/distributions | (5,874) | — | |||||||||
Unrealized gains (losses) | (2,747) | — | |||||||||
Balance at end of period | $ | 10,759 | $ | — |
Fair Value (in thousands) | Valuation Technique | Unobservable Inputs | Value | |||||||||||||||||||||||
Limited partnership interests | $10,759 | Discounted cash flow | Discount rate Terminal capitalization rate | 8.75% 7.25% |
As of December 31, 2021 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value (1) | Notional Amount | Fair Value (1) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Long | Short | Assets | Liabilities | (in thousands) | Long | Short | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
Corporate derivatives: | Corporate derivatives: | Corporate derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | $ | 2,549 | $ | 3,810 | $ | 94 | $ | 17 | Total return swaps - commodities | $ | 2,340 | $ | 1,980 | $ | 28 | $ | 27 | ||||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | — | 22,899 | — | 867 | Total return swaps - equities | — | 31,657 | 248 | 690 | ||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | — | 11,969 | 209 | 3 | Forward contracts - foreign exchange | — | 9,810 | — | 742 | ||||||||||||||||||||||||||||||||||||
Total corporate derivatives | Total corporate derivatives | $ | 2,549 | $ | 38,678 | $ | 303 | $ | 887 | Total corporate derivatives | $ | 2,340 | $ | 43,447 | $ | 276 | $ | 1,459 | ||||||||||||||||||||||||||||
Derivatives held by consolidated Company-sponsored funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | 10,931 | — | 387 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 13,480 | $ | 38,678 | $ | 690 | $ | 887 |
As of December 31, 2020 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value (1) | Notional Amount | Fair Value (1) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Long | Short | Assets | Liabilities | (in thousands) | Long | Short | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
Corporate derivatives: | Corporate derivatives: | Corporate derivatives: | ||||||||||||||||||||||||||||||||||||||||||||
Futures - commodities | $ | 13,624 | $ | 4,257 | $ | 1,012 | $ | 416 | ||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | — | 9,598 | — | 136 | Total return swaps - commodities | $ | 2,549 | $ | 3,810 | $ | 94 | $ | 17 | ||||||||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | — | 17,688 | — | 1,562 | Total return swaps - equities | — | 22,899 | — | 867 | ||||||||||||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | — | 14,061 | — | 345 | Forward contracts - foreign exchange | — | 11,969 | 209 | 3 | ||||||||||||||||||||||||||||||||||||
Total corporate derivatives | Total corporate derivatives | $ | 2,549 | $ | 38,678 | $ | 303 | $ | 887 | |||||||||||||||||||||||||||||||||||||
Derivatives held by consolidated investment vehicles: | Derivatives held by consolidated investment vehicles: | |||||||||||||||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | 10,931 | — | 387 | — | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,624 | $ | 45,604 | $ | 1,012 | $ | 2,459 | Total | $ | 13,480 | $ | 38,678 | $ | 690 | $ | 887 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Corporate derivatives: | Corporate derivatives: | Corporate derivatives: | ||||||||||||||||||||||||||||||||
Futures - commodities (1) | Futures - commodities (1) | $ | 3,391 | $ | (105) | $ | 881 | Futures - commodities (1) | $ | — | $ | 3,391 | $ | (105) | ||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | (3,082) | (266) | (485) | Total return swaps - commodities | (251) | (3,082) | (266) | ||||||||||||||||||||||||||
Total return swaps - equities | Total return swaps - equities | (4,530) | (1,562) | — | Total return swaps - equities | 3,942 | (4,530) | (1,562) | ||||||||||||||||||||||||||
Forward contracts - foreign exchange | Forward contracts - foreign exchange | 550 | (375) | 235 | Forward contracts - foreign exchange | (948) | 550 | (375) | ||||||||||||||||||||||||||
Total corporate derivatives | Total corporate derivatives | $ | (3,671) | $ | (2,308) | $ | 631 | Total corporate derivatives | $ | 2,743 | $ | (3,671) | $ | (2,308) | ||||||||||||||||||||
Derivatives held by consolidated Company-sponsored funds: | ||||||||||||||||||||||||||||||||||
Derivatives held by consolidated investment vehicles: | Derivatives held by consolidated investment vehicles: | |||||||||||||||||||||||||||||||||
Total return swaps - commodities | Total return swaps - commodities | 1,526 | — | — | Total return swaps - commodities | 3,988 | 1,526 | — | ||||||||||||||||||||||||||
Total (2) | Total (2) | $ | (2,145) | $ | (2,308) | $ | 631 | Total (2) | $ | 6,731 | $ | (2,145) | $ | (2,308) |
December 31, | December 31, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2022 | 2021 | ||||||||||||||||
Equipment | Equipment | $ | 7,274 | $ | 6,725 | Equipment | $ | 8,153 | $ | 7,274 | ||||||||||||
Furniture and fixtures | Furniture and fixtures | 3,683 | 3,685 | Furniture and fixtures | 3,704 | 3,683 | ||||||||||||||||
Software | Software | 23,556 | 21,789 | Software | 26,848 | 23,556 | ||||||||||||||||
Leasehold improvements | Leasehold improvements | 15,518 | 16,085 | Leasehold improvements | 15,466 | 15,518 | ||||||||||||||||
Subtotal | Subtotal | 50,031 | 48,284 | Subtotal | 54,171 | 50,031 | ||||||||||||||||
Less: Accumulated depreciation and amortization | Less: Accumulated depreciation and amortization | (41,093) | (37,943) | Less: Accumulated depreciation and amortization | (45,414) | (41,093) | ||||||||||||||||
Property and equipment, net | Property and equipment, net | $ | 8,938 | $ | 10,341 | Property and equipment, net | $ | 8,757 | $ | 8,938 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | 2021 | 2020 | 2019 | (in thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Net income | Net income | $ | 226,154 | $ | 75,165 | $ | 146,984 | Net income | $ | 149,486 | $ | 226,154 | $ | 75,165 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (14,758) | 1,419 | (12,363) | |||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 21,556 | (14,758) | 1,419 | ||||||||||||||||||||||||||||||
Net income attributable to common stockholders | Net income attributable to common stockholders | $ | 211,396 | $ | 76,584 | $ | 134,621 | Net income attributable to common stockholders | $ | 171,042 | $ | 211,396 | $ | 76,584 | ||||||||||||||||||||
Basic weighted average shares outstanding | Basic weighted average shares outstanding | 48,316 | 47,800 | 47,273 | Basic weighted average shares outstanding | 48,781 | 48,316 | 47,800 | ||||||||||||||||||||||||||
Dilutive potential shares from restricted stock units | Dilutive potential shares from restricted stock units | 774 | 876 | 1,024 | Dilutive potential shares from restricted stock units | 516 | 774 | 876 | ||||||||||||||||||||||||||
Diluted weighted average shares outstanding | Diluted weighted average shares outstanding | 49,090 | 48,676 | 48,297 | Diluted weighted average shares outstanding | 49,297 | 49,090 | 48,676 | ||||||||||||||||||||||||||
Basic earnings per share attributable to common stockholders | Basic earnings per share attributable to common stockholders | $ | 4.38 | $ | 1.60 | $ | 2.85 | Basic earnings per share attributable to common stockholders | $ | 3.51 | $ | 4.38 | $ | 1.60 | ||||||||||||||||||||
Diluted earnings per share attributable to common stockholders | Diluted earnings per share attributable to common stockholders | $ | 4.31 | $ | 1.57 | $ | 2.79 | Diluted earnings per share attributable to common stockholders | $ | 3.47 | $ | 4.31 | $ | 1.57 | ||||||||||||||||||||
Anti-dilutive common stock equivalents excluded from the calculation | Anti-dilutive common stock equivalents excluded from the calculation | — | — | — | Anti-dilutive common stock equivalents excluded from the calculation | 3 | — | — |
Vested Restricted Stock Unit Grants | Unvested Restricted Stock Unit Grants | Incentive Bonus Plans Restricted Stock Unit Grants | Vested Restricted Stock Unit Grants | Unvested Restricted Stock Unit Grants | Incentive Bonus Plans Restricted Stock Unit Grants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | (in thousands, except per share data) | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 45 | $ | 37.93 | 306 | $ | 35.80 | 1,745 | $ | 36.55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | 22 | 50.29 | 132 | 40.97 | 763 | 39.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivered | (13) | 37.61 | (131) | 35.46 | (601) | 36.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | (5) | 38.15 | (33) | 38.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 54 | 44.06 | 302 | 38.78 | 1,874 | 38.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | Balance at January 1, 2020 | 54 | $ | 44.06 | 302 | $ | 38.78 | 1,874 | $ | 38.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 12 | 55.71 | 189 | 63.17 | 437 | 73.29 | Granted | 12 | 55.71 | 189 | 63.17 | 437 | 73.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivered | Delivered | (16) | 38.22 | (143) | 36.96 | (705) | 36.30 | Delivered | (16) | 38.22 | (143) | 36.96 | (705) | 36.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | — | — | (7) | 50.60 | (78) | 49.73 | Forfeited | — | — | (7) | 50.60 | (78) | 49.73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 50 | 48.80 | 341 | 52.80 | 1,528 | 48.76 | Balance at December 31, 2020 | 50 | 48.80 | 341 | 52.80 | 1,528 | 48.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 26 | 81.05 | 285 | 71.74 | 672 | 72.81 | Granted | 26 | 81.05 | 285 | 71.74 | 672 | 72.81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivered | Delivered | (18) | 46.34 | (139) | 46.80 | (632) | 44.15 | Delivered | (18) | 46.34 | (139) | 46.80 | (632) | 44.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | — | — | (31) | 59.35 | (186) | 57.61 | Forfeited | — | — | (31) | 59.35 | (186) | 57.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 58 | 64.07 | 456 | 66.02 | 1,382 | 61.37 | Balance at December 31, 2021 | 58 | 64.07 | 456 | 66.02 | 1,382 | 61.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 16 | 71.26 | 64 | 74.96 | 662 | 82.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivered | Delivered | (22) | 54.86 | (160) | 57.90 | (586) | 52.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | Forfeited | — | — | (4) | 72.98 | (50) | 69.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | 52 | 70.12 | 356 | 71.18 | 1,408 | 74.57 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Investment advisory and administration fees (1) | Investment advisory and administration fees (1) | $ | 389,648 | $ | 274,566 | $ | 264,116 | Investment advisory and administration fees (1) | $ | 386,000 | $ | 389,648 | $ | 274,566 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 37,630 | 30,134 | 30,048 | Distribution and service fees | 35,093 | 37,630 | 30,134 | ||||||||||||||||||||||||||
Total | Total | $ | 427,278 | $ | 304,700 | $ | 294,164 | Total | $ | 421,093 | $ | 427,278 | $ | 304,700 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Income before provision for income taxes - U.S. (1) | Income before provision for income taxes - U.S. (1) | $ | 262,102 | $ | 83,617 | $ | 171,497 | Income before provision for income taxes - U.S. (1) | $ | 189,577 | $ | 262,102 | $ | 83,617 | ||||||||||||||||||||
Income before provision for income taxes - Non-U.S. | Income before provision for income taxes - Non-U.S. | 19,842 | 9,770 | 16,052 | Income before provision for income taxes - Non-U.S. | 7,320 | 19,842 | 9,770 | ||||||||||||||||||||||||||
Total income before provision for income taxes | Total income before provision for income taxes | $ | 281,944 | $ | 93,387 | $ | 187,549 | Total income before provision for income taxes | $ | 196,897 | $ | 281,944 | $ | 93,387 | ||||||||||||||||||||
_________________________ (1)Included income of $14.8 million, loss of $1.4 million and income of $12.4 million attributable to third-party interests for the years ended December 31, 2021, 2020 and 2019, respectively. | ||||||||||||||||||||||||||||||||||
_________________________ (1)Included loss of $21.6 million, income of $14.8 million and loss of $1.4 million attributable to noncontrolling interests for the years ended December 31, 2022, 2021 and 2020, respectively. | _________________________ (1)Included loss of $21.6 million, income of $14.8 million and loss of $1.4 million attributable to noncontrolling interests for the years ended December 31, 2022, 2021 and 2020, respectively. | |||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Current tax expense: | Current tax expense: | Current tax expense: | ||||||||||||||||||||||||||||||||
U.S. federal | U.S. federal | $ | 41,658 | $ | 12,859 | $ | 30,818 | U.S. federal | $ | 44,965 | $ | 41,658 | $ | 12,859 | ||||||||||||||||||||
State and local | State and local | 12,068 | 3,291 | 7,627 | State and local | 1,125 | 12,068 | 3,291 | ||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 1,960 | 1,965 | 2,024 | Non-U.S. | 2,520 | 1,960 | 1,965 | ||||||||||||||||||||||||||
55,686 | 18,115 | 40,469 | 48,610 | 55,686 | 18,115 | |||||||||||||||||||||||||||||
Deferred tax (benefit) expense: | Deferred tax (benefit) expense: | Deferred tax (benefit) expense: | ||||||||||||||||||||||||||||||||
U.S. federal | U.S. federal | (739) | (67) | (133) | U.S. federal | 82 | (739) | (67) | ||||||||||||||||||||||||||
State and local | State and local | (149) | (32) | (74) | State and local | (59) | (149) | (32) | ||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | 992 | 206 | 303 | Non-U.S. | (1,222) | 992 | 206 | ||||||||||||||||||||||||||
104 | 107 | 96 | (1,199) | 104 | 107 | |||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | $ | 55,790 | $ | 18,222 | $ | 40,565 | Provision for income taxes | $ | 47,411 | $ | 55,790 | $ | 18,222 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. statutory tax rate | U.S. statutory tax rate | $ | 56,110 | 21.0 | % | $ | 19,908 | 21.0 | % | $ | 36,789 | 21.0 | % | U.S. statutory tax rate | $ | 45,875 | 21.0 | % | $ | 56,110 | 21.0 | % | $ | 19,908 | 21.0 | % | ||||||||||||||||||||||||||
State and local income taxes, net of federal benefit | State and local income taxes, net of federal benefit | 10,190 | 3.8 | % | 3,867 | 4.1 | % | 5,972 | 3.4 | % | State and local income taxes, net of federal benefit | 7,210 | 3.3 | % | 10,190 | 3.8 | % | 3,867 | 4.1 | % | ||||||||||||||||||||||||||||||||
Non-deductible executive compensation | Non-deductible executive compensation | 6,534 | 3.0 | % | 6,037 | 2.3 | % | 2,468 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Unrecognized tax benefit adjustments | Unrecognized tax benefit adjustments | (8,515) | (3.2) | % | 323 | 0.4 | % | (650) | (0.3) | % | Unrecognized tax benefit adjustments | (7,244) | (3.3) | % | (8,515) | (3.2) | % | 323 | 0.4 | % | ||||||||||||||||||||||||||||||||
Non-deductible executive compensation | 6,037 | 2.3 | % | 2,468 | 2.6 | % | 695 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Excess tax benefits related to the vesting of share-based compensation | (5,762) | (2.2) | % | (8,494) | (9.0) | % | (368) | (0.2) | % | |||||||||||||||||||||||||||||||||||||||||||
Excess tax benefits related to the vesting and delivery of restricted stock units | Excess tax benefits related to the vesting and delivery of restricted stock units | (5,784) | (2.7) | % | (5,762) | (2.2) | % | (8,494) | (9.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Foreign tax rate differential | (661) | (0.2) | % | 120 | 0.1 | % | (866) | (0.5) | % | |||||||||||||||||||||||||||||||||||||||||||
Other | Other | (1,609) | (0.6) | % | 30 | — | % | (1,007) | (0.6) | % | Other | 820 | 0.4 | % | (2,270) | (0.8) | % | 150 | 0.1 | % | ||||||||||||||||||||||||||||||||
Income tax expense and effective income tax rate | Income tax expense and effective income tax rate | $ | 55,790 | 20.9 | % | $ | 18,222 | 19.2 | % | $ | 40,565 | 23.2 | % | Income tax expense and effective income tax rate | $ | 47,411 | 21.7 | % | $ | 55,790 | 20.9 | % | $ | 18,222 | 19.2 | % |
At December 31, | At December 31, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | (in thousands) | 2022 | 2021 | ||||||||||||||||
Deferred income tax assets (liabilities): | Deferred income tax assets (liabilities): | Deferred income tax assets (liabilities): | ||||||||||||||||||||
Stock-based compensation | Stock-based compensation | $ | 6,951 | $ | 7,064 | Stock-based compensation | $ | 7,611 | $ | 6,951 | ||||||||||||
Realized losses on investments | Realized losses on investments | 2,374 | 3,567 | Realized losses on investments | 1,624 | 2,374 | ||||||||||||||||
Net unrealized (gains) losses on investments | Net unrealized (gains) losses on investments | (2,861) | (1,364) | Net unrealized (gains) losses on investments | 552 | (2,861) | ||||||||||||||||
Deferred rent | Deferred rent | 556 | 608 | |||||||||||||||||||
Property and equipment depreciation | Property and equipment depreciation | 937 | (337) | Property and equipment depreciation | 4 | 937 | ||||||||||||||||
Deferred rent | 608 | 904 | ||||||||||||||||||||
Other | Other | 14 | (141) | Other | 538 | 14 | ||||||||||||||||
Subtotal | Subtotal | 8,023 | 9,693 | Subtotal | 10,885 | 8,023 | ||||||||||||||||
Less: valuation allowance | Less: valuation allowance | (1,132) | (2,698) | Less: valuation allowance | (2,698) | (1,132) | ||||||||||||||||
Deferred income tax asset—net | Deferred income tax asset—net | $ | 6,891 | $ | 6,995 | Deferred income tax asset—net | $ | 8,187 | $ | 6,891 |
(in thousands) | Liability for Unrecognized Tax Benefits | ||||
Gross unrecognized tax benefits balance at January 1, | |||||
$ | 12,880 | ||||
Addition for tax positions of current year | 1,697 | ||||
Addition for tax positions of prior years | 3,599 | ||||
Reduction of tax positions from prior years | (4,560) | ||||
Gross unrecognized tax benefits balance at December 31, 2020 | $ | 13,616 | |||
Addition for tax positions of current year | 4,092 | ||||
Reduction of tax positions from prior years | (7,322) | ||||
Gross unrecognized tax benefits balance at December 31, 2021 | $ | 10,386 | |||
Addition for tax positions of current year | 958 | ||||
Reduction of tax positions from prior years | (6,367) | ||||
Gross unrecognized tax benefits balance at December 31, 2022 | $ | 4,977 |
2022 | $ | 665 | |||
2023 | 1,246 | ||||
2024 | 1,662 | ||||
2025 | 2,077 | ||||
$ | 5,650 |
2023 | $ | 1,246 | |||
2024 | 1,662 | ||||
2025 | 2,077 | ||||
$ | 4,985 |
(in thousands) | Goodwill | Indefinite-Lived Intangible Assets | |||||||||||||||
Balance at January 1, 2020 | $ | 18,310 | $ | 1,250 | |||||||||||||
Currency revaluation | 935 | — | |||||||||||||||
Balance at December 31, 2020 | $ | 19,245 | $ | 1,250 | |||||||||||||
Currency revaluation | (799) | — | |||||||||||||||
Balance at December 31, 2021 | $ | 18,446 | $ | 1,250 |
(in thousands) | Goodwill | Indefinite-Lived Intangible Assets | |||||||||||||||
Balance at January 1, 2021 | $ | 19,245 | $ | 1,250 | |||||||||||||
Currency revaluation | (799) | — | |||||||||||||||
Balance at December 31, 2021 | $ | 18,446 | $ | 1,250 | |||||||||||||
Currency revaluation | (647) | — | |||||||||||||||
Balance at December 31, 2022 | $ | 17,799 | $ | 1,250 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 11,097 | $ | 11,247 | $ | 11,495 | Operating lease cost | $ | 12,148 | $ | 11,097 | $ | 11,247 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2021 | 2020 | 2019 | (in thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | $ | 12,303 | $ | 12,408 | $ | 12,365 | Cash paid for amounts included in the measurement of lease liabilities | $ | 12,271 | $ | 12,303 | $ | 12,408 | ||||||||||||||||||||
Supplemental non-cash information: | Supplemental non-cash information: | Supplemental non-cash information: | ||||||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | Right-of-use assets obtained in exchange for new lease liabilities | 1,149 | 3,026 | — | Right-of-use assets obtained in exchange for new lease liabilities | 126,230 | 1,149 | 3,026 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Weighted-average remaining lease term (years) | Weighted-average remaining lease term (years) | 2 | 3 | 4 | Weighted-average remaining lease term (years) | 15 | 2 | 3 | ||||||||||||||||||||||||||
Weighted-average discount rate | Weighted-average discount rate | 2.7 | % | 2.8 | % | 2.8 | % | Weighted-average discount rate | 5.7 | % | 2.7 | % | 2.8 | % |
Year Ending December 31, | Operating Leases | ||||
2022 | $ | 12,281 | |||
2023 | 11,836 | ||||
2024 | 1,131 | ||||
Total remaining undiscounted lease payments | 25,248 | ||||
Less: imputed interest | 723 | ||||
Total remaining discounted lease payments | $ | 24,525 |
Year Ending December 31, | Operating Leases | ||||
2023 | $ | 11,824 | |||
2024 | 10,880 | ||||
2025 | 13,038 | ||||
2026 | 13,038 | ||||
2027 | 13,038 | ||||
Thereafter | 161,161 | ||||
Total lease payments | 222,979 | ||||
Less: interest | (84,170) | ||||
Present value of lease payments | $ | 138,809 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | 2021 | 2020 | 2019 | (in thousands, except percentages) | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): | Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): | Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): | ||||||||||||||||||||||||||||||||
Investment advisory and administration fees | Investment advisory and administration fees | $ | 88,705 | $ | 69,197 | $ | 56,638 | Investment advisory and administration fees | $ | 74,683 | $ | 88,705 | $ | 69,197 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 15,279 | 13,499 | 12,753 | Distribution and service fees | 12,549 | 15,279 | 13,499 | ||||||||||||||||||||||||||
Total | Total | $ | 103,984 | $ | 82,696 | $ | 69,391 | Total | $ | 87,232 | $ | 103,984 | $ | 82,696 | ||||||||||||||||||||
Percent of total revenue | Percent of total revenue | 17.8 | % | 19.3 | % | 16.9 | % | Percent of total revenue | 15.4 | % | 17.8 | % | 19.3 | % | ||||||||||||||||||||
Cohen & Steers Real Estate Securities Fund, Inc. (CSI): | Cohen & Steers Real Estate Securities Fund, Inc. (CSI): | Cohen & Steers Real Estate Securities Fund, Inc. (CSI): | ||||||||||||||||||||||||||||||||
Investment advisory and administration fees | Investment advisory and administration fees | $ | 53,250 | $ | 38,961 | $ | 41,971 | Investment advisory and administration fees | $ | 54,973 | $ | 53,250 | $ | 38,961 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 8,658 | 6,943 | 8,128 | Distribution and service fees | 8,313 | 8,658 | 6,943 | ||||||||||||||||||||||||||
Total | Total | $ | 61,908 | $ | 45,904 | $ | 50,099 | Total | $ | 63,286 | $ | 61,908 | $ | 45,904 | ||||||||||||||||||||
Percent of total revenue | Percent of total revenue | 10.6 | % | 10.7 | % | 12.2 | % | Percent of total revenue | 11.2 | % | 10.6 | % | 10.7 | % | ||||||||||||||||||||
Cohen & Steers Realty Shares, Inc. (CSR): | Cohen & Steers Realty Shares, Inc. (CSR): | Cohen & Steers Realty Shares, Inc. (CSR): | ||||||||||||||||||||||||||||||||
Investment advisory and administration fees | Investment advisory and administration fees | $ | 55,402 | $ | 34,190 | $ | 32,884 | Investment advisory and administration fees | $ | 52,499 | $ | 55,402 | $ | 34,190 | ||||||||||||||||||||
Distribution and service fees | Distribution and service fees | 7,279 | 4,711 | 4,079 | Distribution and service fees | 7,048 | 7,279 | 4,711 | ||||||||||||||||||||||||||
Total | Total | $ | 62,681 | $ | 38,901 | $ | 36,963 | Total | $ | 59,547 | $ | 62,681 | $ | 38,901 | ||||||||||||||||||||
Percent of total revenue | Percent of total revenue | 10.7 | % | 9.1 | % | 9.0 | % | Percent of total revenue | 10.5 | % | 10.7 | % | 9.1 | % |