DERECHIN ADAM M

Adam M. Derechin's Form 4 history at Cohen & Steers shows 512,174 shares sold against just 1,500 bought — a ratio that would look like a two-decade bearish campaign if read at face value. It isn't one. The selling traces almost entirely to a recurring pattern: every January 31 for at least three straight years (2023, 2024, 2025), Derechin has received a large stock grant — 10,876, 8,647 and 7,670 shares respectively — and had a majority of it withheld the same day to cover taxes, a mechanical disposition rather than a market sale. The 2025 cycle withheld 5,204 shares at $88.83; the year before, 5,059 shares at $72.42; the year before that, 7,244 shares at $71.74. Beyond CNS, Derechin's Form 4 record spans eight more Cohen & Steers-branded closed-end funds — RQI, RTU, FOF, UTF, DVM, RFI, RLF and RNP — reflecting board or officer roles across the fund family, though most of that activity is small and infrequent. The most recent transaction, a 7,243-share RQI grant priced at $12.15 on July 15, 2026, continues the same compensation-driven cadence rather than signaling a fresh view on any one fund.