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Investments
12 Months Ended
Dec. 31, 2015
Investments [Abstract]  
Investment Holdings
Investments
The following is a summary of the Company's investments as of December 31, 2015 and December 31, 2014 (in thousands):
 
December 31,
 
2015
 
2014
Trading investments
$
37,169

 
$
9,509

Equity method investments
16,974

 
28,550

Available-for-sale investments
17,191

 
21,269


Gain (loss) from investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Loss from trading investments—net (1)
$
(2,376
)
 
$
(1,567
)
 
$
(6,612
)
Equity in (losses) earnings of affiliates
(10,378
)
 
(1,955
)
 
840

(Loss) gain from available-for-sale investments—net
(2,648
)
 
2,041

 
2,259

 
 
 
 
 
 
Number of new funds seeded
2

 
1

 
2

_________________________
(1)    Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented.
The Cohen & Steers Low Duration Preferred and Income Fund, Inc. (LPX), launched by the Company in December 2015, is an open-end fund for which the Company is the investment adviser. LPX is a VOE and the Company owned the majority of the outstanding voting interests in the fund as of December 31, 2015. Accordingly, the underlying assets and liabilities and results of operations of LPX have been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest.
The Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), a Luxembourg-domiciled undertaking for collective investments in transferable securities (UCITS), was launched by the Company in September 2015, and meets the definition of an investment company. The Company is the investment adviser of GLI SICAV for which it receives a management fee. GLI SICAV is a VIE and the Company is the primary beneficiary. As of December 31, 2015, the Company was the only investor in the fund and therefore, the Company would absorb all of the expected losses and residual returns of GLI SICAV. Accordingly, the underlying assets and liabilities and results of operations of GLI SICAV have been included in the Company's consolidated financial statements.
The following represents the portion of the consolidated statements of financial condition attributable to the consolidated GLI SICAV as of December 31, 2015. The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands):
 
December 31, 2015
Assets:
 
Trading investments
$
4,719

Due from broker
176

Other assets
53

Total assets
$
4,948

 
 
Liabilities:
 
Due to broker
$
12

Other liabilities and accrued expenses
50

Total liabilities
$
62


The Cohen & Steers Active Commodities Strategy Fund, Inc. (CDF), launched by the Company in May 2014, is an open-end fund for which the Company is the investment adviser. CDF is a VOE and the Company owned the majority of the outstanding voting interest in the fund as of December 31, 2015. Accordingly, the underlying assets and liabilities and results of operations of CDF have been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest.
ACOM, launched by the Company in April 2013, is structured as a partnership. The Company is the investment adviser of ACOM for which it is entitled to receive a management fee. The Company owned all of the voting interest in ACOM through September 30, 2014. Accordingly, the underlying assets and liabilities and results of operations of ACOM had been included in the Company's consolidated financial statements. As a result of third-party investments into the fund, effective October 1, 2014, the Company no longer held a controlling financial interest in ACOM. The Company determined that ACOM was not a VIE as the limited partners, unaffiliated with the Company, have the ability to liquidate the fund with a majority vote. As a result, the Company does not have financial control and ACOM is not consolidated into the Company's consolidated financial statements. The Company's equity interest in ACOM represents a seed investment to launch the fund, adjusted for the Company's proportionate share of the fund's earnings. As of December 31, 2015, the Company's ownership in ACOM was approximately 11%; however, as the general partner, the Company has significant influence over the financial decisions of ACOM and therefore records its investment in ACOM using the equity method of accounting.
Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE), which had its closing in October 2011, is structured as a partnership. The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee and is entitled to receive an incentive distribution, if earned. GRP-TE is a VIE and the Company is not the primary beneficiary. As the general partner, the Company has significant influence over the financial decisions of GRP-TE and therefore records its investment using the equity method of accounting. The Company's equity interest in GRP-TE represents a seed investment to launch the fund, adjusted for the Company’s proportionate share of the fund’s earnings. As of December 31, 2015, the Company's ownership in GRP-TE was approximately 0.2%. The Company's risk with respect to its investment in GRP-TE is limited to its equity ownership and any uncollected management fees. In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 13 for further discussion regarding the Company's co-investment commitment. As of December 31, 2015, the Company owned all of the voting interest in GRP-CIP. Accordingly, the underlying assets and liabilities and results of operations of GRP-CIP have been included in the Company's consolidated financial statements.
MLO, launched by the Company in December 2013, is an open-end fund for which the Company is the investment adviser. MLO is a VOE and the Company owned the majority of the outstanding voting interest in MLO through October 31, 2014. Accordingly, the underlying assets and liabilities and results of operations of MLO had been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. Effective November 1, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer owned the majority of the outstanding voting interest in MLO, however it was determined that the Company has significant influence over the financial decisions of MLO and therefore records its investment in MLO using the equity method of accounting. As of December 31, 2015, the Company's ownership in MLO was approximately 23%.
RAP, launched by the Company in January 2012, is an open-end fund for which the Company is the investment adviser. RAP is a VOE. During the period August 1, 2013 through September 30, 2014, the Company did not hold a controlling financial interest in RAP, however it was determined that the Company had significant influence over RAP. Accordingly, the Company recorded its investment in RAP using the equity method of accounting. Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence over RAP. Accordingly, the Company began recording its investment in RAP as an available-for-sale investment.
The Company owned the majority of the voting interests in Cohen & Steers Global Real Estate Long-Short Fund, L.P. (the Onshore Fund) prior to its liquidation in April 2014. Accordingly, the underlying assets and liabilities and results of operations of the Onshore Fund had been included in the Company's consolidated financial statements. The Onshore Fund was structured as a partnership and the Company was the general partner and investment adviser of the fund.
The Cohen & Steers Global Real Estate Long-Short Offshore Fund, L.P. (the Offshore Fund), which was liquidated in April 2014, was structured as a partnership. The Company was the general partner and investment adviser of the Offshore Fund for which it received a management fee and was entitled to receive a performance fee, if earned. The Company determined that the Offshore Fund was not a VIE as the limited partners, unaffiliated with the Company, had the ability to dissolve the fund with a majority vote. As a result, the Company did not have financial control and the Offshore Fund was not consolidated into the Company's consolidated financial statements. As the general partner, the Company had significant influence over the financial decisions of the Offshore Fund and therefore recorded its investment in this fund using the equity method of accounting.
The Company met the significant subsidiaries test for total equity method investments as of December 31, 2014 and is required to provide the summarized financial information for all equity method investments for all periods presented. The following is the aggregate condensed statement of financial condition information for the Company's equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
 
December 31,
 
2015
 
2014
Total assets
$
147,590

 
$
166,111

Total liabilities
2,038

 
5,434

Net assets
145,552

 
160,677



The following is the condensed statement of operations for the aggregate of the Company's equity method investments for the years ended December 31, 2015, 2014 and 2013 (in thousands):
 
Years Ended December 31, (1)
 
2015
 
2014
 
2013
Total revenue
$
2,753

 
$
2,896

 
$
1,142

Total expenses
1,194

 
2,019

 
1,985

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments
(44,936
)
 
(14,827
)
 
12,833

Net (loss) income
$
(43,377
)
 
$
(13,950
)
 
$
11,990


_________________________
(1)    Amounts are included only for the time in which the investees were accounted for under the equity method.
The following is a summary of the fair value of trading investments and equity method investments as of December 31, 2015 and December 31, 2014 (in thousands):
 
December 31, 2015
 
December 31, 2014
 
Trading Investments
 
Equity Method Investments
 
Trading Investments
 
Equity Method Investments
ACOM
$

 
$
5,624

 
$

 
$
7,612

CDF
5,606

 

 
7,000

 

GLI SICAV
4,719

 

 

 

GRP-CIP
2,131

 

 
2,509

 

GRP-TE

 
92

 

 
111

LPX
24,713

 

 

 

MLO

 
11,258

 

 
20,827

Total
$
37,169

 
$
16,974

 
$
9,509

 
$
28,550


Gain (loss) from trading investments—net for the years ended December 31, 2015, 2014 and 2013, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
ACOM
$

 
$
(505
)
 
$
(484
)
CDF
(2,167
)
 
(2,804
)
 

GLI SICAV
(135
)
 

 

GRP-CIP
(80
)
 
151

 
356

LPX
6

 

 

MLO

 
1,567

 
155

Onshore Fund

 
24

 
495

RAP

 

 
(7,134
)
Total loss from trading investments—net
$
(2,376
)
 
$
(1,567
)
 
$
(6,612
)

Equity in earnings (losses) of affiliates for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
 
Years Ended December 31,
 
2015

2014
 
2013
ACOM
$
(1,988
)
 
$
(1,228
)
 
$

GRP-TE
7

 
11

 
13

MLO
(8,397
)
 
(1,511
)
 

Offshore Fund

 
20

 
149

RAP

 
753

 
678

Total equity in (losses) earnings of affiliates
$
(10,378
)
 
$
(1,955
)
 
$
840


The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of December 31, 2015 and December 31, 2014 (in thousands):
 
December 31, 2015
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
(1)
 
Fair
Value
Preferred securities
$
1,115

 
$
66

 
$
(3
)
 
$
1,178

Common stocks
3,828

 
288

 
(282
)
 
3,834

Company-sponsored funds
12,184

 
1

 
(6
)
 
12,179

Total available-for-sale investments
$
17,127

 
$
355

 
$
(291
)
 
$
17,191


_________________________
(1)    At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months.

 
December 31, 2014
 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses (1)
 
Fair
Value
Preferred securities
$
1,043

 
$
54

 
$
(2
)
 
$
1,095

Common stocks
5,366

 
627

 
(155
)
 
5,838

Company-sponsored funds
15,010

 
4

 
(678
)
 
14,336

Total available-for-sale investments
$
21,419

 
$
685

 
$
(835
)
 
$
21,269


_________________________
(1)    At December 31, 2014, there were no securities with unrealized losses continuously for a period of more than 12 months.
Available-for-sale investments with a fair value of approximately $1,779,000 and $15,875,000 at December 31, 2015 and December 31, 2014, respectively, were in an unrealized loss position.
Unrealized losses on available-for-sale investments as of December 31, 2015 were generally caused by market conditions. When evaluating whether an unrealized loss on an available-for-sale investment is other than temporary, the Company reviews such factors as the extent and duration of the loss, as well as qualitative and quantitative information about the financial condition and near term prospects of the funds. As of December 31, 2015, the Company determined, based on an analysis of quantitative and qualitative factors including the estimated recovery period, that the seed investment in RAP was other-than-temporarily impaired. Accordingly, the Company recorded an other-than-temporary impairment of $2,846,000 on its investment in RAP. The Company determined that it had the ability and intent to hold the remaining available-for-sale investments for which no other-than-temporary impairment has occurred until a recovery of fair value. Accordingly, impairment of these investments is considered temporary.
Sales proceeds, gross realized gains and losses from available-for-sale investments for the years ended December 31, 2015, 2014 and 2013 are summarized below (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Proceeds from sales
$
7,298

 
$
12,704

 
$
26,541

Gross realized gains
759

 
2,251

 
2,743

Gross realized losses, including other-than-temporary impairment
(3,407
)
(1)
(210
)
 
(484
)

_________________________
(1)    Includes other-than-temporary impairment charge of $2,846,000 related to the Company's seed investment in RAP.