8-K
COHEN & STEERS, INC. (CNS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 16, 2025
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in Charter)
_____________________
| Delaware | 001-32236 | 14-1904657 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
1166 Avenue of the Americas
New York, NY 10036
(Address of principal executive offices and Zip Code)
(212) 832-3232
(Registrant's telephone number, including area code)
| _________________________________________<br><br>(Former name or former address, if changed since last report) |
|---|
________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:Title of each class Trading Symbol(s)Name of each exchange on which registeredCommon Stock, $0.01 par valueCNSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On October 16, 2025, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended September 30, 2025. Copies of the press release announcing the availability of the Company’s results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings announcement press release dated October 16, 2025 |
| 99.2 | Earnings release dated October 16, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Cohen & Steers, Inc.<br><br>(Registrant) | ||
|---|---|---|
| Date: October 16, 2025 | By: | /s/ Raja Dakkuri |
| --- | --- | --- |
| Name: Raja Dakkuri<br><br>Title: Executive Vice President and Chief Financial Officer |
Document
Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, NY 10036-2708
Tel (212) 832-3232
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2025
New York, NY, October 16, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2025. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2025 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."
Conference Call
The company will host a conference call tomorrow, Friday, October 17, 2025, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Joseph Harvey, chief financial officer, Raja Dakkuri, and president and chief investment officer, Jon Cheigh.
Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1- 646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under “Financials." The webcast will be archived on the website for one month.
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Document
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2025
•Diluted EPS of $0.81; $0.81, as adjusted
•Operating margin of 34.5%; 36.1%, as adjusted
•Ending AUM of $90.9 billion; average AUM of $89.7 billion
•Net inflows of $233 million
NEW YORK, NY, October 16, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2025.
Financial Highlights
| (in thousands, except percentages and per share data) | Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| September 30,<br>2025 | June 30,<br>2025 | Change | % Change | |||||||
| U.S. GAAP | ||||||||||
| Revenue | $ | 141,720 | $ | 136,126 | 4.1 | % | ||||
| Expenses | $ | 92,819 | $ | 92,799 | — | % | * | |||
| Operating income | $ | 48,901 | $ | 43,327 | 12.9 | % | ||||
| Net income attributable to common stockholders | $ | 41,711 | $ | 36,849 | 13.2 | % | ||||
| Diluted earnings per share | $ | 0.81 | $ | 0.72 | 13.0 | % | ||||
| Operating margin | 34.5 | % | 31.8 | % | N/A | 270 bps | ||||
| As Adjusted (1) | ||||||||||
| Net income attributable to common stockholders | $ | 41,720 | $ | 37,324 | 11.8 | % | ||||
| Diluted earnings per share | $ | 0.81 | $ | 0.73 | 11.6 | % | ||||
| Operating margin | 36.1 | % | 33.6 | % | N/A | 250 bps | ||||
| _________________________<br><br>* Amount rounds to less than 0.1%.<br><br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. |
All values are in US Dollars.
Revenue
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| September 30,<br>2025 | June 30,<br>2025 | Change | % Change | ||||
| Investment advisory and administration fees: | |||||||
| Open-end funds | $ | 74,240 | $ | 70,613 | 5.1 | % | |
| Institutional accounts | 33,210 | 32,854 | 1.1 | % | |||
| Closed-end funds | 26,178 | 25,078 | 4.4 | % | |||
| Total | 133,628 | 128,545 | 4.0 | % | |||
| Distribution and service fees | 7,513 | 7,166 | 4.8 | % | |||
| Other | 579 | 415 | 39.5 | % | |||
| Total revenue | $ | 141,720 | $ | 136,126 | 4.1 | % |
All values are in US Dollars.
•The increase in total investment advisory and administration fees from the second quarter of 2025 was primarily due to higher average assets under management, as well as one additional day in the current quarter
Expenses
| (in thousands) | Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| September 30,<br>2025 | June 30,<br>2025 | Change | % Change | |||||
| Employee compensation and benefits | $ | 57,196 | $ | 56,640 | 1.0 | % | ||
| Distribution and service fees | 16,329 | 15,706 | 4.0 | % | ||||
| General and administrative | 16,775 | 18,078 | (7.2 | %) | ||||
| Depreciation and amortization | 2,519 | 2,375 | 6.1 | % | ||||
| Total expenses | $ | 92,819 | $ | 92,799 | — | % | * | |
| _________________________<br><br>* Amount rounds to less than 0.1%. |
All values are in US Dollars.
•Employee compensation and benefits increased slightly from the second quarter of 2025, primarily due to the timing of new hires
•Distribution and service fees increased from the second quarter of 2025, primarily due to higher average assets under management in U.S. open-end funds
•General and administrative expenses decreased from the second quarter of 2025, primarily due to lower travel expenses and talent acquisition costs
Operating Margin
Operating margin was 34.5% for the third quarter of 2025, compared with 31.8% for the second quarter of 2025. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| (in thousands) | Three Months Ended September 30, 2025 | |||||
|---|---|---|---|---|---|---|
| Consolidated<br><br>Funds (1) | Corporate - <br>Seed and Other | Total | ||||
| Interest and dividend income | $ | 441 | $ | 4,665 | $ | 5,106 |
| Gain (loss) from investments—net | (300) | 992 | 692 | |||
| Foreign currency gain (loss)—net | — | 859 | 859 | |||
| Total non-operating income (loss) | 141 | 6,516 | 6,657 | |||
| Net (income) loss attributable to noncontrolling interests | 77 | — | 77 | |||
| Non-operating income (loss) attributable to the company | $ | 218 | $ | 6,516 | $ | 6,734 |
| (in thousands) | Three Months Ended June 30, 2025 | |||||
| Consolidated<br><br>Funds (1) | Corporate - <br>Seed and Other | Total | ||||
| Interest and dividend income | $ | 2,103 | $ | 4,212 | $ | 6,315 |
| Gain (loss) from investments—net | 4,909 | 1,806 | 6,715 | |||
| Foreign currency gain (loss)—net | (245) | (2,278) | (2,523) | |||
| Total non-operating income (loss) | 6,767 | 3,740 | 10,507 | |||
| Net (income) loss attributable to noncontrolling interests | (4,923) | — | (4,923) | |||
| Non-operating income (loss) attributable to the company | $ | 1,844 | $ | 3,740 | $ | 5,584 |
| _________________________<br><br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. |
Income Taxes
A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:
| Three Months Ended | ||||
|---|---|---|---|---|
| September 30,<br>2025 | June 30,<br>2025 | |||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % |
| State and local income taxes, net of federal benefit | 2.8 | 3.0 | ||
| Non-deductible executive compensation | 0.8 | 1.5 | ||
| Unrecognized tax benefit adjustments | (0.5) | (0.5) | ||
| Other | 0.9 | (0.3) | ||
| Effective income tax rate | 25.0 | % | 24.7 | % |
Assets Under Management
| (in millions) | As of | Change | |||||
|---|---|---|---|---|---|---|---|
| September 30,<br>2025 | June 30,<br>2025 | % | |||||
| By Investment Vehicle | |||||||
| Open-end funds | $ | 44,421 | $ | 42,962 | 3.4 | % | |
| Institutional accounts | 34,711 | 34,386 | 0.9 | % | |||
| Closed-end funds | 11,765 | 11,588 | 1.5 | % | |||
| Total | $ | 90,897 | $ | 88,936 | 2.2 | % | |
| By Investment Strategy | |||||||
| U.S. real estate | $ | 44,153 | $ | 43,972 | 0.4 | % | |
| Preferred securities | 18,443 | 17,902 | 3.0 | % | |||
| Global/international real estate | 14,520 | 13,980 | 3.9 | % | |||
| Global listed infrastructure | 10,521 | 10,052 | 4.7 | % | |||
| Other | 3,260 | 3,030 | 7.6 | % | |||
| Total | $ | 90,897 | $ | 88,936 | 2.2 | % |
All values are in US Dollars.
Assets under management at September 30, 2025 were $90.9 billion, an increase of 2.2% from $88.9 billion at June 30, 2025. The increase was due to net inflows of $233 million and market appreciation of $2.4 billion, partially offset by distributions of $627 million.
Open-end Funds
Assets under management in open-end funds at September 30, 2025 were $44.4 billion, an increase of 3.4% from $43.0 billion at June 30, 2025. The change was primarily due to the following:
•Net inflows of $449 million into U.S. real estate and $146 million into preferred securities
•Market appreciation of $378 million from preferred securities and $360 million from U.S. real estate
•Distributions of $167 million from U.S. real estate and $134 million from preferred securities, of which $257 million was reinvested and included in net flows
Institutional Accounts
Assets under management in institutional accounts at September 30, 2025 were $34.7 billion, an increase of 0.9% from $34.4 billion at June 30, 2025. The change was primarily due to the following:
•Advisory:
◦Net outflows of $585 million from U.S. real estate, partially offset by net inflows of $214 million into global/international real estate
◦Market appreciation of $183 million from global listed infrastructure, $155 million from global/international real estate and $141 million from U.S. real estate
•Subadvisory:
◦Net outflows of $82 million, primarily related to U.S. real estate
◦Market appreciation of $206 million from U.S. real estate and $142 million from global/international real estate
◦Distributions of $160 million from U.S. real estate
Investment Performance at September 30, 2025
_________________________
(1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2) © 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2025. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
Balance Sheet Information
As of September 30, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $364.3 million, compared with $322.8 million as of June 30, 2025. As of September 30, 2025, stockholders' equity was $550.3 million, compared with $528.5 million as of June 30, 2025.
Conference Call Information
Cohen & Steers will host a conference call on Friday, October 17, 2025 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”
A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
# #
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Three Months Ended | % Change From | ||||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Revenue: | |||||||||||
| Investment advisory and administration fees | $ | 133,628 | $ | 128,545 | $ | 125,397 | |||||
| Distribution and service fees | 7,513 | 7,166 | 7,244 | ||||||||
| Other | 579 | 415 | 562 | ||||||||
| Total revenue | 141,720 | 136,126 | 133,203 | 4.1 | % | 6.4 | % | ||||
| Expenses: | |||||||||||
| Employee compensation and benefits | 57,196 | 56,640 | 56,376 | ||||||||
| Distribution and service fees | 16,329 | 15,706 | 14,739 | ||||||||
| General and administrative | 16,775 | 18,078 | 14,874 | ||||||||
| Depreciation and amortization | 2,519 | 2,375 | 2,341 | ||||||||
| Total expenses | 92,819 | 92,799 | 88,330 | — | % | * | 5.1 | % | |||
| Operating income | 48,901 | 43,327 | 44,873 | 12.9 | % | 9.0 | % | ||||
| Non-operating income (loss): | |||||||||||
| Interest and dividend income | 5,106 | 6,315 | 5,420 | ||||||||
| Gain (loss) from investments—net | 692 | 6,715 | 18,975 | ||||||||
| Foreign currency gain (loss)—net | 859 | (2,523) | (1,692) | ||||||||
| Total non-operating income (loss) | 6,657 | 10,507 | 22,703 | (36.6 | %) | (70.7 | %) | ||||
| Income before provision for income taxes | 55,558 | 53,834 | 67,576 | 3.2 | % | (17.8 | %) | ||||
| Provision for income taxes | 13,924 | 12,062 | 12,293 | ||||||||
| Net income | 41,634 | 41,772 | 55,283 | (0.3 | %) | (24.7 | %) | ||||
| Net (income) loss attributable to noncontrolling <br> interests | 77 | (4,923) | (15,615) | ||||||||
| Net income attributable to common stockholders | $ | 41,711 | $ | 36,849 | $ | 39,668 | 13.2 | % | 5.2 | % | |
| Earnings per share attributable to common<br>stockholders: | |||||||||||
| Basic | $ | 0.81 | $ | 0.72 | $ | 0.78 | 13.1 | % | 4.3 | % | |
| Diluted | $ | 0.81 | $ | 0.72 | $ | 0.77 | 13.0 | % | 4.9 | % | |
| Weighted average shares outstanding: | |||||||||||
| Basic | 51,205 | 51,165 | 50,778 | ||||||||
| Diluted | 51,572 | 51,471 | 51,428 | ||||||||
| _________________________<br><br>* Amount rounds to less than 0.1%. | |||||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | |||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Nine Months Ended | |||||||||||
| September 30,<br>2025 | September 30,<br>2024 | % Change | |||||||||
| Revenue: | |||||||||||
| Investment advisory and administration fees | $ | 388,944 | $ | 355,319 | |||||||
| Distribution and service fees | 21,863 | 20,692 | |||||||||
| Other | 1,506 | 1,623 | |||||||||
| Total revenue | 412,313 | 377,634 | 9.2 | % | |||||||
| Expenses: | |||||||||||
| Employee compensation and benefits | 168,390 | 161,476 | |||||||||
| Distribution and service fees | 47,224 | 41,404 | |||||||||
| General and administrative | 52,022 | 44,351 | |||||||||
| Depreciation and amortization | 7,251 | 6,863 | |||||||||
| Total expenses | 274,887 | 254,094 | 8.2 | % | |||||||
| Operating income | 137,426 | 123,540 | 11.2 | % | |||||||
| Non-operating income (loss): | |||||||||||
| Interest and dividend income | 16,792 | 14,396 | |||||||||
| Gain (loss) from investments—net | 10,960 | 17,941 | |||||||||
| Foreign currency gain (loss)—net | (2,836) | (2,041) | |||||||||
| Total non-operating income (loss) | 24,916 | 30,296 | (17.8 | %) | |||||||
| Income before provision for income taxes | 162,342 | 153,836 | 5.5 | % | |||||||
| Provision for income taxes | 35,647 | 34,062 | |||||||||
| Net income | 126,695 | 119,774 | 5.8 | % | |||||||
| Net (income) loss attributable to noncontrolling interests | (8,357) | (14,331) | |||||||||
| Net income attributable to common stockholders | $ | 118,338 | $ | 105,443 | 12.2 | % | |||||
| Earnings per share attributable to common stockholders: | |||||||||||
| Basic | $ | 2.31 | $ | 2.10 | 10.3 | % | |||||
| Diluted | $ | 2.30 | $ | 2.08 | 10.5 | % | |||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 51,143 | 50,257 | |||||||||
| Diluted | 51,488 | 50,681 | |||||||||
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Assets Under Management | |||||||||||
| By Investment Vehicle | |||||||||||
| (in millions) | |||||||||||
| Three Months Ended | % Change From | ||||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Open-end Funds | |||||||||||
| Assets under management, beginning of period | $ | 42,962 | $ | 42,298 | $ | 37,451 | |||||
| Inflows | 3,148 | 3,072 | 4,097 | ||||||||
| Outflows | (2,380) | (2,787) | (2,924) | ||||||||
| Net inflows (outflows) | 768 | 285 | 1,173 | ||||||||
| Market appreciation (depreciation) | 972 | 816 | 4,618 | ||||||||
| Distributions | (305) | (437) | (263) | ||||||||
| Transfers | 24 | — | — | ||||||||
| Total increase (decrease) | 1,459 | 664 | 5,528 | ||||||||
| Assets under management, end of period | $ | 44,421 | $ | 42,962 | $ | 42,979 | 3.4 | % | 3.4 | % | |
| Average assets under management | $ | 43,633 | $ | 42,110 | $ | 40,130 | 3.6 | % | 8.7 | % | |
| Institutional Accounts | |||||||||||
| Assets under management, beginning of period | $ | 34,386 | $ | 33,886 | $ | 32,222 | |||||
| Inflows | 812 | 651 | 1,221 | ||||||||
| Outflows | (1,349) | (1,170) | (1,113) | ||||||||
| Net inflows (outflows) | (537) | (519) | 108 | ||||||||
| Market appreciation (depreciation) | 1,054 | 1,190 | 4,736 | ||||||||
| Distributions | (168) | (171) | (174) | ||||||||
| Transfers | (24) | — | — | ||||||||
| Total increase (decrease) | 325 | 500 | 4,670 | ||||||||
| Assets under management, end of period | $ | 34,711 | $ | 34,386 | $ | 36,892 | 0.9 | % | (5.9 | %) | |
| Average assets under management | $ | 34,459 | $ | 33,844 | $ | 34,594 | 1.8 | % | (0.4 | %) | |
| Closed-end Funds | |||||||||||
| Assets under management, beginning of period | $ | 11,588 | $ | 11,395 | $ | 11,036 | |||||
| Inflows | 2 | 103 | 3 | ||||||||
| Outflows | — | — | — | ||||||||
| Net inflows (outflows) | 2 | 103 | 3 | ||||||||
| Market appreciation (depreciation) | 329 | 244 | 1,024 | ||||||||
| Distributions | (154) | (154) | (154) | ||||||||
| Total increase (decrease) | 177 | 193 | 873 | ||||||||
| Assets under management, end of period | $ | 11,765 | $ | 11,588 | $ | 11,909 | 1.5 | % | (1.2 | %) | |
| Average assets under management | $ | 11,646 | $ | 11,289 | $ | 11,503 | 3.2 | % | 1.2 | % | |
| Total | |||||||||||
| Assets under management, beginning of period | $ | 88,936 | $ | 87,579 | $ | 80,709 | |||||
| Inflows | 3,962 | 3,826 | 5,321 | ||||||||
| Outflows | (3,729) | (3,957) | (4,037) | ||||||||
| Net inflows (outflows) | 233 | (131) | 1,284 | ||||||||
| Market appreciation (depreciation) | 2,355 | 2,250 | 10,378 | ||||||||
| Distributions | (627) | (762) | (591) | ||||||||
| Total increase (decrease) | 1,961 | 1,357 | 11,071 | ||||||||
| Assets under management, end of period | $ | 90,897 | $ | 88,936 | $ | 91,780 | 2.2 | % | (1.0 | %) | |
| Average assets under management | $ | 89,738 | $ | 87,243 | $ | 86,227 | 2.9 | % | 4.1 | % | |
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Assets Under Management - Institutional Accounts | |||||||||||
| By Account Type | |||||||||||
| (in millions) | |||||||||||
| Three Months Ended | % Change From | ||||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Advisory | |||||||||||
| Assets under management, beginning of period | $ | 20,045 | $ | 19,703 | $ | 18,367 | |||||
| Inflows | 515 | 436 | 490 | ||||||||
| Outflows | (970) | (848) | (481) | ||||||||
| Net inflows (outflows) | (455) | (412) | 9 | ||||||||
| Market appreciation (depreciation) | 618 | 754 | 2,606 | ||||||||
| Total increase (decrease) | 163 | 342 | 2,615 | ||||||||
| Assets under management, end of period | $ | 20,208 | $ | 20,045 | $ | 20,982 | 0.8 | % | (3.7 | %) | |
| Average assets under management | $ | 20,089 | $ | 19,789 | $ | 19,724 | 1.5 | % | 1.9 | % | |
| Subadvisory | |||||||||||
| Assets under management, beginning of period | $ | 14,341 | $ | 14,183 | $ | 13,855 | |||||
| Inflows | 297 | 215 | 731 | ||||||||
| Outflows | (379) | (322) | (632) | ||||||||
| Net inflows (outflows) | (82) | (107) | 99 | ||||||||
| Market appreciation (depreciation) | 436 | 436 | 2,130 | ||||||||
| Distributions | (168) | (171) | (174) | ||||||||
| Transfers | (24) | — | — | ||||||||
| Total increase (decrease) | 162 | 158 | 2,055 | ||||||||
| Assets under management, end of period | $ | 14,503 | $ | 14,341 | $ | 15,910 | 1.1 | % | (8.8 | %) | |
| Average assets under management | $ | 14,370 | $ | 14,055 | $ | 14,870 | 2.2 | % | (3.4 | %) | |
| Total Institutional Accounts | |||||||||||
| Assets under management, beginning of period | $ | 34,386 | $ | 33,886 | $ | 32,222 | |||||
| Inflows | 812 | 651 | 1,221 | ||||||||
| Outflows | (1,349) | (1,170) | (1,113) | ||||||||
| Net inflows (outflows) | (537) | (519) | 108 | ||||||||
| Market appreciation (depreciation) | 1,054 | 1,190 | 4,736 | ||||||||
| Distributions | (168) | (171) | (174) | ||||||||
| Transfers | (24) | — | — | ||||||||
| Total increase (decrease) | 325 | 500 | 4,670 | ||||||||
| Assets under management, end of period | $ | 34,711 | $ | 34,386 | $ | 36,892 | 0.9 | % | (5.9 | %) | |
| Average assets under management | $ | 34,459 | $ | 33,844 | $ | 34,594 | 1.8 | % | (0.4 | %) | |
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Assets Under Management | |||||||||||
| By Investment Strategy | |||||||||||
| (in millions) | |||||||||||
| Three Months Ended | % Change From | ||||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| U.S. Real Estate | |||||||||||
| Assets under management, beginning of period | $ | 43,972 | $ | 43,591 | $ | 38,717 | |||||
| Inflows | 2,084 | 1,909 | 3,073 | ||||||||
| Outflows | (2,305) | (1,560) | (1,781) | ||||||||
| Net inflows (outflows) | (221) | 349 | 1,292 | ||||||||
| Market appreciation (depreciation) | 782 | 466 | 6,028 | ||||||||
| Distributions | (380) | (434) | (349) | ||||||||
| Transfers | — | — | (3) | ||||||||
| Total increase (decrease) | 181 | 381 | 6,968 | ||||||||
| Assets under management, end of period | $ | 44,153 | $ | 43,972 | $ | 45,685 | 0.4 | % | (3.4 | %) | |
| Average assets under management | $ | 43,998 | $ | 43,172 | $ | 42,197 | 1.9 | % | 4.3 | % | |
| Preferred Securities | |||||||||||
| Assets under management, beginning of period | $ | 17,902 | $ | 18,207 | $ | 18,094 | |||||
| Inflows | 886 | 738 | 1,120 | ||||||||
| Outflows | (756) | (1,218) | (1,114) | ||||||||
| Net inflows (outflows) | 130 | (480) | 6 | ||||||||
| Market appreciation (depreciation) | 595 | 351 | 1,004 | ||||||||
| Distributions | (184) | (176) | (178) | ||||||||
| Transfers | — | — | 3 | ||||||||
| Total increase (decrease) | 541 | (305) | 835 | ||||||||
| Assets under management, end of period | $ | 18,443 | $ | 17,902 | $ | 18,929 | 3.0 | % | (2.6 | %) | |
| Average assets under management | $ | 18,244 | $ | 17,792 | $ | 18,449 | 2.5 | % | (1.1 | %) | |
| Global/International Real Estate | |||||||||||
| Assets under management, beginning of period | $ | 13,980 | $ | 13,129 | $ | 13,064 | |||||
| Inflows | 520 | 403 | 729 | ||||||||
| Outflows | (339) | (426) | (836) | ||||||||
| Net inflows (outflows) | 181 | (23) | (107) | ||||||||
| Market appreciation (depreciation) | 367 | 915 | 2,038 | ||||||||
| Distributions | (8) | (41) | (9) | ||||||||
| Total increase (decrease) | 540 | 851 | 1,922 | ||||||||
| Assets under management, end of period | $ | 14,520 | $ | 13,980 | $ | 14,986 | 3.9 | % | (3.1 | %) | |
| Average assets under management | $ | 14,146 | $ | 13,521 | $ | 14,112 | 4.6 | % | 0.2 | % | |
| Cohen & Steers, Inc. and Subsidiaries | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Assets Under Management | |||||||||||
| By Investment Strategy - continued | |||||||||||
| (in millions) | |||||||||||
| Three Months Ended | % Change From | ||||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Global Listed Infrastructure | |||||||||||
| Assets under management, beginning of period | $ | 10,052 | $ | 9,710 | $ | 8,446 | |||||
| Inflows | 209 | 460 | 193 | ||||||||
| Outflows | (152) | (439) | (188) | ||||||||
| Net inflows (outflows) | 57 | 21 | 5 | ||||||||
| Market appreciation (depreciation) | 458 | 403 | 1,130 | ||||||||
| Distributions | (46) | (82) | (46) | ||||||||
| Transfers | — | — | — | ||||||||
| Total increase (decrease) | 469 | 342 | 1,089 | ||||||||
| Assets under management, end of period | $ | 10,521 | $ | 10,052 | $ | 9,535 | 4.7 | % | 10.3 | % | |
| Average assets under management | $ | 10,228 | $ | 9,829 | $ | 8,995 | 4.1 | % | 13.7 | % | |
| Other | |||||||||||
| Assets under management, beginning of period | $ | 3,030 | $ | 2,942 | $ | 2,388 | |||||
| Inflows | 263 | 316 | 206 | ||||||||
| Outflows | (177) | (314) | (118) | ||||||||
| Net inflows (outflows) | 86 | 2 | 88 | ||||||||
| Market appreciation (depreciation) | 153 | 115 | 178 | ||||||||
| Distributions | (9) | (29) | (9) | ||||||||
| Transfers | — | — | — | ||||||||
| Total increase (decrease) | 230 | 88 | 257 | ||||||||
| Assets under management, end of period | $ | 3,260 | $ | 3,030 | $ | 2,645 | 7.6 | % | 23.3 | % | |
| Average assets under management | $ | 3,122 | $ | 2,929 | $ | 2,474 | 6.6 | % | 26.2 | % | |
| Total | |||||||||||
| Assets under management, beginning of period | $ | 88,936 | $ | 87,579 | $ | 80,709 | |||||
| Inflows | 3,962 | 3,826 | 5,321 | ||||||||
| Outflows | (3,729) | (3,957) | (4,037) | ||||||||
| Net inflows (outflows) | 233 | (131) | 1,284 | ||||||||
| Market appreciation (depreciation) | 2,355 | 2,250 | 10,378 | ||||||||
| Distributions | (627) | (762) | (591) | ||||||||
| Total increase (decrease) | 1,961 | 1,357 | 11,071 | ||||||||
| Assets under management, end of period | $ | 90,897 | $ | 88,936 | $ | 91,780 | 2.2 | % | (1.0 | %) | |
| Average assets under management | $ | 89,738 | $ | 87,243 | $ | 86,227 | 2.9 | % | 4.1 | % |
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports, which are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
| Net Income Attributable to Common Stockholders and Diluted Earnings per Share | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in thousands, except per share data) | June 30,<br>2025 | September 30,<br>2024 | ||||||
| Net income attributable to common stockholders, U.S. GAAP | 41,711 | $ | 36,849 | $ | 39,668 | |||
| Seed investments—net (1) | (3,523) | (3,458) | ||||||
| Accelerated vesting of restricted stock units | 1,835 | 2,336 | ||||||
| Fund launch and rights offering costs (2) | — | — | ||||||
| Foreign currency exchange (gain) loss—net (3) | 2,742 | 2,191 | ||||||
| Tax effects of adjustments above | (219) | (1,102) | ||||||
| Tax effects of discrete tax items (4) | (360) | 71 | ||||||
| Net income attributable to common stockholders, as adjusted | 41,720 | $ | 37,324 | $ | 39,706 | |||
| Diluted weighted average shares outstanding | 51,471 | 51,428 | ||||||
| Diluted earnings per share, U.S. GAAP | 0.81 | $ | 0.72 | $ | 0.77 | |||
| Seed investments—net (1) | (0.07) | (0.07) | ||||||
| Accelerated vesting of restricted stock units | 0.04 | 0.05 | ||||||
| Fund launch and rights offering costs (2) | — | — | ||||||
| Foreign currency exchange (gain) loss—net (3) | 0.05 | 0.04 | ||||||
| Tax effects of adjustments above | * | — | * | (0.02) | ||||
| Tax effects of discrete tax items (4) | (0.01) | — | * | |||||
| Diluted earnings per share, as adjusted | 0.81 | $ | 0.73 | $ | 0.77 | |||
| _________________________* Amounts round to less than 0.01 per share.(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.(2)Represents costs incurred in connection with a closed-end fund rights offering.(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. |
All values are in US Dollars.
Reconciliations of U.S. GAAP to As Adjusted Financial Results
| Revenue, Expenses, Operating Income and Operating Margin | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except percentages) | Three Months Ended | ||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Revenue, U.S. GAAP | $ | 141,720 | $ | 136,126 | $ | 133,203 | |||
| Fund related amounts (1) | (783) | (806) | 230 | ||||||
| Revenue, as adjusted | $ | 140,937 | $ | 135,320 | $ | 133,433 | |||
| Expenses, U.S. GAAP | $ | 92,819 | $ | 92,799 | $ | 88,330 | |||
| Fund related amounts (1) | (967) | (1,102) | (184) | ||||||
| Accelerated vesting of restricted stock units | (1,142) | (1,835) | (2,336) | ||||||
| Fund launch and rights offering costs (2) | (650) | — | — | ||||||
| Expenses, as adjusted | $ | 90,060 | $ | 89,862 | $ | 85,810 | |||
| Operating income, U.S. GAAP | $ | 48,901 | $ | 43,327 | $ | 44,873 | |||
| Fund related amounts (1) | 184 | 296 | 414 | ||||||
| Accelerated vesting of restricted stock units | 1,142 | 1,835 | 2,336 | ||||||
| Fund launch and rights offering costs (2) | 650 | — | — | ||||||
| Operating income, as adjusted | $ | 50,877 | $ | 45,458 | $ | 47,623 | |||
| Operating margin, U.S. GAAP | 34.5 | % | 31.8 | % | 33.7 | % | |||
| Operating margin, as adjusted | 36.1 | % | 33.6 | % | 35.7 | % | |||
| _________________________<br><br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br><br>(2)Represents costs incurred in connection with a closed-end fund rights offering. | |||||||||
| Non-operating Income (Loss) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| (in thousands) | Three Months Ended | ||||||||
| September 30,<br>2025 | June 30,<br>2025 | September 30,<br>2024 | |||||||
| Non-operating income (loss), U.S. GAAP | $ | 6,657 | $ | 10,507 | $ | 22,703 | |||
| Seed investments—net (1) | (1,427) | (8,742) | (19,487) | ||||||
| Foreign currency exchange (gain) loss—net (2) | (677) | 2,742 | 2,191 | ||||||
| Non-operating income (loss), as adjusted | $ | 4,553 | $ | 4,507 | $ | 5,407 | |||
| _________________________<br><br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br><br>(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. |
14