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): January 22, 2026
_____________________
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 January 22, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's results for the fourth quarter and year ended December 31, 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 January 22, 2026 |
| 99.2 | Earnings release dated January 22, 2026 |
| 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: January 22, 2026 | By: | /s/ Michael Donohue |
| --- | --- | --- |
| Name: Michael Donohue<br><br>Title: Interim 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 FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025
New York, NY, January 22, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2025. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Fourth Quarter and Year Ended December 31, 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, January 23, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Joseph Harvey, interim chief financial officer, Michael Donohue, 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 THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025
| Fourth Quarter | Full Year |
|---|---|
| •Diluted EPS of $0.68; $0.81 as adjusted<br><br>•Closed-end fund rights offering raised $513 million resulting in non-recurring expenses of $10.8 million<br><br>•Operating margin of 28.0%; 36.4% as adjusted<br><br>•Ending AUM of $90.5 billion; average AUM of $90.8 billion<br><br>•Net inflows of $1.2 billion | •Diluted EPS of $2.97; $3.09 as adjusted<br><br>•Operating margin of 32.0%; 35.2% as adjusted<br><br>•Average AUM of $88.6 billion<br><br>•Net inflows of $1.5 billion |
NEW YORK, NY, January 22, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2025.
Financial Highlights
| (in thousands, except percentages and per share data) | Three Months Ended | Years Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| U.S. GAAP | |||||||||||||||
| Revenue | $ | 143,803 | $ | 141,720 | $ | 139,783 | $ | 556,116 | $ | 517,417 | |||||
| Expenses | $ | 103,493 | $ | 92,819 | $ | 90,446 | $ | 378,380 | $ | 344,540 | |||||
| Operating income | $ | 40,310 | $ | 48,901 | $ | 49,337 | $ | 177,736 | $ | 172,877 | |||||
| Net income attributable to common stockholders | $ | 34,879 | $ | 41,711 | $ | 45,822 | $ | 153,217 | $ | 151,265 | |||||
| Diluted earnings per share | $ | 0.68 | $ | 0.81 | $ | 0.89 | $ | 2.97 | $ | 2.97 | |||||
| Operating margin | 28.0 | % | 34.5 | % | 35.3 | % | 32.0 | % | 33.4 | % | |||||
| As Adjusted (1) | |||||||||||||||
| Net income attributable to common stockholders | $ | 41,718 | $ | 41,720 | $ | 40,395 | $ | 159,115 | $ | 149,286 | |||||
| Diluted earnings per share | $ | 0.81 | $ | 0.81 | $ | 0.78 | $ | 3.09 | $ | 2.93 | |||||
| Operating margin | 36.4 | % | 36.1 | % | 35.5 | % | 35.2 | % | 35.4 | % | |||||
| _________________________<br><br>(1)Refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results. |
Revenue
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | Change | % Change | ||||
| Investment advisory and administration fees: | |||||||
| Open-end funds | $ | 74,387 | $ | 74,240 | 0.2 | % | |
| Institutional accounts | 34,477 | 33,210 | 3.8 | % | |||
| Closed-end funds | 27,026 | 26,178 | 3.2 | % | |||
| Total | 135,890 | 133,628 | 1.7 | % | |||
| Distribution and service fees | 7,475 | 7,513 | (0.5) | % | |||
| Other | 438 | 579 | (24.4) | % | |||
| Total revenue | $ | 143,803 | $ | 141,720 | 1.5 | % |
All values are in US Dollars.
•The increase in total investment advisory and administration fees from the third quarter of 2025 was primarily due to higher average assets under management, as well as the recognition of performance fees of $1.7 million.
Expenses
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | Change | % Change | ||||
| Employee compensation and benefits | $ | 56,076 | $ | 57,196 | (2.0) | % | |
| Distribution and service fees | 25,670 | 16,329 | 57.2 | % | |||
| General and administrative | 19,212 | 16,775 | 14.5 | % | |||
| Depreciation and amortization | 2,535 | 2,519 | 0.6 | % | |||
| Total expenses | $ | 103,493 | $ | 92,819 | 11.5 | % |
All values are in US Dollars.
•Employee compensation and benefits decreased from the third quarter of 2025, primarily due to a decrease in incentive compensation to reflect actual amounts expected to be paid.
•Distribution and service fees increased from the third quarter of 2025, primarily due to $9.9 million of expenses related to the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering. This increase was partially offset by a reduction in fees paid to intermediaries as investors shifted into lower fee share classes.
•General and administrative expenses increased from the third quarter of 2025, primarily due to higher fund organization costs related to the UTF rights offering of $0.9 million, increased talent acquisition costs and higher levels of travel and business development-related expenses.
Operating Margin
Operating margin was 28.0% for the fourth quarter of 2025, compared with 34.5% for the third quarter of 2025, primarily due to expenses associated with the UTF rights offering of $10.8 million. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| (in thousands) | Three Months Ended December 31, 2025 | |||||
|---|---|---|---|---|---|---|
| Consolidated<br><br>Funds (1) | Corporate - Seed and Other | Total | ||||
| Interest and dividend income | $ | 637 | $ | 4,580 | $ | 5,217 |
| Gain (loss) from investments—net | (1,540) | (708) | (2,248) | |||
| Foreign currency gain (loss)—net | — | (991) | (991) | |||
| Total non-operating income (loss) | (903) | 2,881 | 1,978 | |||
| Net (income) loss attributable to noncontrolling interests | 4,176 | — | 4,176 | |||
| Non-operating income (loss) attributable to the company | $ | 3,273 | $ | 2,881 | $ | 6,154 |
| (in thousands) | Three Months Ended September 30, 2025 | |||||
| Consolidated<br><br>Funds (1) | Corporate - 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 |
| _________________________<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 | ||||||
|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | |||||
| U.S. federal statutory tax rate | 21.0 | % | 21.0 | % | ||
| State and local income taxes, net of federal benefit | 3.2 | 2.8 | ||||
| Nontaxable or nondeductible items: | ||||||
| Nondeductible executive compensation | 2.7 | 0.8 | ||||
| Excess tax benefits related to the vesting and delivery of restricted stock units | (0.5) | — | * | |||
| Valuation allowance | (1.0) | 0.1 | ||||
| Effect of cross-border tax laws | 0.2 | 0.2 | ||||
| Foreign tax effects | — | * | (0.4) | |||
| Changes in unrecognized tax benefits | — | * | (0.5) | |||
| Other | (0.7) | 1.0 | ||||
| Effective income tax rate | 24.9 | % | 25.0 | % | ||
| _________________________<br><br>* Percentage rounds to less than 0.1%. |
Assets Under Management
| (in millions) | As of | Change | |||||
|---|---|---|---|---|---|---|---|
| By Investment Vehicle | December 31, 2025 | September 30, 2025 | % | ||||
| Open-end funds | $ | 43,437 | $ | 44,421 | (2.2 | %) | |
| Institutional accounts | 35,060 | 34,711 | 1.0 | % | |||
| Closed-end funds | 12,047 | 11,765 | 2.4 | % | |||
| Total | $ | 90,544 | $ | 90,897 | (0.4 | %) | |
| By Investment Strategy | |||||||
| U.S. real estate | $ | 43,503 | $ | 44,153 | (1.5 | %) | |
| Preferred securities | 18,081 | 18,443 | (2.0 | %) | |||
| Global/international real estate | 14,273 | 14,520 | (1.7 | %) | |||
| Global listed infrastructure | 11,456 | 10,521 | 8.9 | % | |||
| Other | 3,231 | 3,260 | (0.9 | %) | |||
| Total | $ | 90,544 | $ | 90,897 | (0.4 | %) |
All values are in US Dollars.
Assets under management at December 31, 2025 were $90.5 billion, a decrease of 0.4% from $90.9 billion at September 30, 2025. The decrease was due to market depreciation of $685 million and distributions of $875 million, partially offset by net inflows of $1.2 billion.
Open-end Funds
Assets under management in open-end funds at December 31, 2025 were $43.4 billion, a decrease of 2.2% from $44.4 billion at September 30, 2025. The change was primarily due to the following:
•Net inflows of $212 million into U.S. real estate, $89 million into real assets multi-strategy (included in "Other") and $59 million into global listed infrastructure, partially offset by net outflows of $358 million from preferred securities;
•Market depreciation of $568 million from U.S. real estate, partially offset by market appreciation of $126 million from preferred securities; and
•Distributions of $232 million from U.S. real estate and $134 million from preferred securities, of which $315 million was reinvested and included in net flows.
Institutional Accounts
Assets under management in institutional accounts at December 31, 2025 were $35.1 billion, an increase of 1.0% from $34.7 billion at September 30, 2025. The change was primarily due to the following:
•Advisory:
◦Net inflows of $768 million into U.S. real estate, partially offset by net outflows of $134 million from real assets multi-strategy (included in "Other"); and
◦Market depreciation of $147 million from U.S. real estate.
•Subadvisory:
◦Net inflows of $403 million into global listed infrastructure, partially offset by net outflows of $186 million from U.S. real estate and $183 million from global/international real estate;
◦Market depreciation of $149 million from U.S. real estate; and
◦Distributions of $151 million from U.S. real estate.
Closed-end Funds
Assets under management in closed-end funds at December 31, 2025 were $12.0 billion, an increase of 2.4% from $11.8 billion at September 30, 2025. The change was primarily due to the following:
•Net inflows of $513 million attributable to the UTF rights offering, including leverage;
•Market depreciation of $55 million; and
•Distributions of $176 million.
Investment Performance as of December 31, 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) © 2026 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 December 31, 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 December 31, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $403.2 million, compared with $364.3 million as of September 30, 2025. As of December 31, 2025, stockholders' equity was $562.0 million, compared with $550.3 million as of September 30, 2025.
Conference Call Information
Cohen & Steers will host a conference call on Friday, January 23, 2026, at 10:00 a.m. (ET) to discuss the company’s fourth quarter and full year 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 | |||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | ||||||
| Revenue: | ||||||||||
| Investment advisory and administration fees | $ | 135,890 | $ | 133,628 | $ | 131,740 | ||||
| Distribution and service fees | 7,475 | 7,513 | 7,450 | |||||||
| Other | 438 | 579 | 593 | |||||||
| Total revenue | 143,803 | 141,720 | 139,783 | 1.5 | % | 2.9 | % | |||
| Expenses: | ||||||||||
| Employee compensation and benefits | 56,076 | 57,196 | 56,504 | |||||||
| Distribution and service fees | 25,670 | 16,329 | 15,733 | |||||||
| General and administrative | 19,212 | 16,775 | 15,784 | |||||||
| Depreciation and amortization | 2,535 | 2,519 | 2,425 | |||||||
| Total expenses | 103,493 | 92,819 | 90,446 | 11.5 | % | 14.4 | % | |||
| Operating income | 40,310 | 48,901 | 49,337 | (17.6 | %) | (18.3 | %) | |||
| Non-operating income (loss): | ||||||||||
| Interest and dividend income | 5,217 | 5,106 | 4,948 | |||||||
| Gain (loss) from investments—net | (2,248) | 692 | (1,359) | |||||||
| Foreign currency gain (loss)—net | (991) | 859 | 2,779 | |||||||
| Total non-operating income (loss) | 1,978 | 6,657 | 6,368 | (70.3 | %) | (68.9 | %) | |||
| Income before provision for income taxes | 42,288 | 55,558 | 55,705 | (23.9 | %) | (24.1 | %) | |||
| Provision for income taxes | 11,585 | 13,924 | 12,687 | |||||||
| Net income | 30,703 | 41,634 | 43,018 | (26.3 | %) | (28.6 | %) | |||
| Net (income) loss attributable to noncontrolling <br> interests | 4,176 | 77 | 2,804 | |||||||
| Net income attributable to common <br> stockholders | $ | 34,879 | $ | 41,711 | $ | 45,822 | (16.4 | %) | (23.9 | %) |
| Earnings per share attributable to <br>common stockholders: | ||||||||||
| Basic | $ | 0.68 | $ | 0.81 | $ | 0.90 | (16.4 | %) | (24.4 | %) |
| Diluted | $ | 0.68 | $ | 0.81 | $ | 0.89 | (16.5 | %) | (23.8 | %) |
| Weighted average shares outstanding: | ||||||||||
| Basic | 51,243 | 51,205 | 50,861 | |||||||
| Diluted | 51,639 | 51,572 | 51,704 | |||||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2025 | December 31, 2024 | % Change | ||||||||
| Revenue: | ||||||||||
| Investment advisory and administration fees | $ | 524,834 | $ | 487,059 | ||||||
| Distribution and service fees | 29,338 | 28,142 | ||||||||
| Other | 1,944 | 2,216 | ||||||||
| Total revenue | 556,116 | 517,417 | 7.5 | % | ||||||
| Expenses: | ||||||||||
| Employee compensation and benefits | 224,466 | 217,980 | ||||||||
| Distribution and service fees | 72,894 | 57,137 | ||||||||
| General and administrative | 71,234 | 60,135 | ||||||||
| Depreciation and amortization | 9,786 | 9,288 | ||||||||
| Total expenses | 378,380 | 344,540 | 9.8 | % | ||||||
| Operating income | 177,736 | 172,877 | 2.8 | % | ||||||
| Non-operating income (loss): | ||||||||||
| Interest and dividend income | 22,009 | 19,344 | ||||||||
| Gain (loss) from investments—net | 8,712 | 16,582 | ||||||||
| Foreign currency gain (loss)—net | (3,827) | 738 | ||||||||
| Total non-operating income (loss) | 26,894 | 36,664 | (26.6 | %) | ||||||
| Income before provision for income taxes | 204,630 | 209,541 | (2.3 | %) | ||||||
| Provision for income taxes | 47,232 | 46,749 | ||||||||
| Net income | 157,398 | 162,792 | (3.3 | %) | ||||||
| Net (income) loss attributable to noncontrolling interests | (4,181) | (11,527) | ||||||||
| Net income attributable to common stockholders | $ | 153,217 | $ | 151,265 | 1.3 | % | ||||
| Earnings per share attributable to common stockholders: | ||||||||||
| Basic | $ | 2.99 | $ | 3.00 | (0.2 | %) | ||||
| Diluted | $ | 2.97 | $ | 2.97 | 0.1 | % | ||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 51,168 | 50,409 | ||||||||
| Diluted | 51,526 | 50,938 | ||||||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Vehicle | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | ||||||
| Open-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 44,421 | $ | 42,962 | $ | 42,979 | ||||
| Inflows | 3,487 | 3,148 | 3,904 | |||||||
| Outflows | (3,474) | (2,380) | (2,741) | |||||||
| Net inflows (outflows) | 13 | 768 | 1,163 | |||||||
| Market appreciation (depreciation) | (378) | 972 | (2,801) | |||||||
| Distributions | (535) | (305) | (379) | |||||||
| Transfers | (84) | 24 | — | |||||||
| Total increase (decrease) | (984) | 1,459 | (2,017) | |||||||
| Assets under management, end of period | $ | 43,437 | $ | 44,421 | $ | 40,962 | (2.2 | %) | 6.0 | % |
| Average assets under management | $ | 43,812 | $ | 43,633 | $ | 42,337 | 0.4 | % | 3.5 | % |
| Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 34,711 | $ | 34,386 | $ | 36,892 | ||||
| Inflows | 1,790 | 812 | 924 | |||||||
| Outflows | (1,109) | (1,349) | (1,230) | |||||||
| Net inflows (outflows) | 681 | (537) | (306) | |||||||
| Market appreciation (depreciation) | (252) | 1,054 | (2,859) | |||||||
| Distributions | (164) | (168) | (164) | |||||||
| Transfers | 84 | (24) | — | |||||||
| Total increase (decrease) | 349 | 325 | (3,329) | |||||||
| Assets under management, end of period | $ | 35,060 | $ | 34,711 | $ | 33,563 | 1.0 | % | 4.5 | % |
| Average assets under management | $ | 34,924 | $ | 34,459 | $ | 35,435 | 1.3 | % | (1.4 | %) |
| Closed-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 11,765 | $ | 11,588 | $ | 11,909 | ||||
| Inflows | 513 | 2 | 3 | |||||||
| Outflows | — | — | — | |||||||
| Net inflows (outflows) | 513 | 2 | 3 | |||||||
| Market appreciation (depreciation) | (55) | 329 | (469) | |||||||
| Distributions | (176) | (154) | (154) | |||||||
| Total increase (decrease) | 282 | 177 | (620) | |||||||
| Assets under management, end of period | $ | 12,047 | $ | 11,765 | $ | 11,289 | 2.4 | % | 6.7 | % |
| Average assets under management | $ | 12,015 | $ | 11,646 | $ | 11,663 | 3.2 | % | 3.0 | % |
| Total | ||||||||||
| Assets under management, beginning of period | $ | 90,897 | $ | 88,936 | $ | 91,780 | ||||
| Inflows | 5,790 | 3,962 | 4,831 | |||||||
| Outflows | (4,583) | (3,729) | (3,971) | |||||||
| Net inflows (outflows) | 1,207 | 233 | 860 | |||||||
| Market appreciation (depreciation) | (685) | 2,355 | (6,129) | |||||||
| Distributions | (875) | (627) | (697) | |||||||
| Total increase (decrease) | (353) | 1,961 | (5,966) | |||||||
| Assets under management, end of period | $ | 90,544 | $ | 90,897 | $ | 85,814 | (0.4 | %) | 5.5 | % |
| Average assets under management | $ | 90,751 | $ | 89,738 | $ | 89,435 | 1.1 | % | 1.5 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Vehicle | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2025 | December 31, 2024 | % Change | ||||||||
| Open-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 40,962 | $ | 37,032 | ||||||
| Inflows | 13,226 | 14,239 | ||||||||
| Outflows | (11,575) | (11,435) | ||||||||
| Net inflows (outflows) | 1,651 | 2,804 | ||||||||
| Market appreciation (depreciation) | 2,443 | 2,388 | ||||||||
| Distributions | (1,559) | (1,262) | ||||||||
| Transfers | (60) | — | ||||||||
| Total increase (decrease) | 2,475 | 3,930 | ||||||||
| Assets under management, end of period | $ | 43,437 | $ | 40,962 | 6.0 | % | ||||
| Average assets under management | $ | 42,847 | $ | 39,090 | 9.6 | % | ||||
| Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 33,563 | $ | 35,028 | ||||||
| Inflows | 4,353 | 3,696 | ||||||||
| Outflows | (5,094) | (6,684) | ||||||||
| Net inflows (outflows) | (741) | (2,988) | ||||||||
| Market appreciation (depreciation) | 2,845 | 2,216 | ||||||||
| Distributions | (667) | (693) | ||||||||
| Transfers | 60 | — | ||||||||
| Total increase (decrease) | 1,497 | (1,465) | ||||||||
| Assets under management, end of period | $ | 35,060 | $ | 33,563 | 4.5 | % | ||||
| Average assets under management | $ | 34,216 | $ | 33,499 | 2.1 | % | ||||
| Closed-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 11,289 | $ | 11,076 | ||||||
| Inflows | 621 | 13 | ||||||||
| Outflows | — | — | ||||||||
| Net inflows (outflows) | 621 | 13 | ||||||||
| Market appreciation (depreciation) | 775 | 816 | ||||||||
| Distributions | (638) | (616) | ||||||||
| Total increase (decrease) | 758 | 213 | ||||||||
| Assets under management, end of period | $ | 12,047 | $ | 11,289 | 6.7 | % | ||||
| Average assets under management | $ | 11,578 | $ | 11,278 | 2.7 | % | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 85,814 | $ | 83,136 | ||||||
| Inflows | 18,200 | 17,948 | ||||||||
| Outflows | (16,669) | (18,119) | ||||||||
| Net inflows (outflows) | 1,531 | (171) | ||||||||
| Market appreciation (depreciation) | 6,063 | 5,420 | ||||||||
| Distributions | (2,864) | (2,571) | ||||||||
| Total increase (decrease) | 4,730 | 2,678 | ||||||||
| Assets under management, end of period | $ | 90,544 | $ | 85,814 | 5.5 | % | ||||
| Average assets under management | $ | 88,641 | $ | 83,867 | 5.7 | % | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management - Institutional Accounts | ||||||||||
| By Account Type | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | ||||||
| Advisory | ||||||||||
| Assets under management, beginning of period | $ | 20,208 | $ | 20,045 | $ | 20,982 | ||||
| Inflows | 1,055 | 515 | 597 | |||||||
| Outflows | (404) | (970) | (698) | |||||||
| Net inflows (outflows) | 651 | (455) | (101) | |||||||
| Market appreciation (depreciation) | (100) | 618 | (1,609) | |||||||
| Transfers | 84 | — | — | |||||||
| Total increase (decrease) | 635 | 163 | (1,710) | |||||||
| Assets under management, end of period | $ | 20,843 | $ | 20,208 | $ | 19,272 | 3.1 | % | 8.2 | % |
| Average assets under management | $ | 20,513 | $ | 20,089 | $ | 20,216 | 2.1 | % | 1.5 | % |
| Subadvisory | ||||||||||
| Assets under management, beginning of period | $ | 14,503 | $ | 14,341 | $ | 15,910 | ||||
| Inflows | 735 | 297 | 327 | |||||||
| Outflows | (705) | (379) | (532) | |||||||
| Net inflows (outflows) | 30 | (82) | (205) | |||||||
| Market appreciation (depreciation) | (152) | 436 | (1,250) | |||||||
| Distributions | (164) | (168) | (164) | |||||||
| Transfers | — | (24) | — | |||||||
| Total increase (decrease) | (286) | 162 | (1,619) | |||||||
| Assets under management, end of period | $ | 14,217 | $ | 14,503 | $ | 14,291 | (2.0 | %) | (0.5 | %) |
| Average assets under management | $ | 14,411 | $ | 14,370 | $ | 15,219 | 0.3 | % | (5.3 | %) |
| Total Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 34,711 | $ | 34,386 | $ | 36,892 | ||||
| Inflows | 1,790 | 812 | 924 | |||||||
| Outflows | (1,109) | (1,349) | (1,230) | |||||||
| Net inflows (outflows) | 681 | (537) | (306) | |||||||
| Market appreciation (depreciation) | (252) | 1,054 | (2,859) | |||||||
| Distributions | (164) | (168) | (164) | |||||||
| Transfers | 84 | (24) | — | |||||||
| Total increase (decrease) | 349 | 325 | (3,329) | |||||||
| Assets under management, end of period | $ | 35,060 | $ | 34,711 | $ | 33,563 | 1.0 | % | 4.5 | % |
| Average assets under management | $ | 34,924 | $ | 34,459 | $ | 35,435 | 1.3 | % | (1.4 | %) |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management - Institutional Accounts | ||||||||||
| By Account Type | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2025 | December 31, 2024 | % Change | ||||||||
| Advisory | ||||||||||
| Assets under management, beginning of period | $ | 19,272 | $ | 20,264 | ||||||
| Inflows | 2,603 | 2,187 | ||||||||
| Outflows | (2,927) | (4,401) | ||||||||
| Net inflows (outflows) | (324) | (2,214) | ||||||||
| Market appreciation (depreciation) | 1,811 | 1,222 | ||||||||
| Transfers | 84 | — | ||||||||
| Total increase (decrease) | 1,571 | (992) | ||||||||
| Assets under management, end of period | $ | 20,843 | $ | 19,272 | 8.2 | % | ||||
| Average assets under management | $ | 19,996 | $ | 18,998 | 5.3 | % | ||||
| Subadvisory | ||||||||||
| Assets under management, beginning of period | $ | 14,291 | $ | 14,764 | ||||||
| Inflows | 1,750 | 1,509 | ||||||||
| Outflows | (2,167) | (2,283) | ||||||||
| Net inflows (outflows) | (417) | (774) | ||||||||
| Market appreciation (depreciation) | 1,034 | 994 | ||||||||
| Distributions | (667) | (693) | ||||||||
| Transfers | (24) | — | ||||||||
| Total increase (decrease) | (74) | (473) | ||||||||
| Assets under management, end of period | $ | 14,217 | $ | 14,291 | (0.5 | %) | ||||
| Average assets under management | $ | 14,220 | $ | 14,501 | (1.9 | %) | ||||
| Total Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 33,563 | $ | 35,028 | ||||||
| Inflows | 4,353 | 3,696 | ||||||||
| Outflows | (5,094) | (6,684) | ||||||||
| Net inflows (outflows) | (741) | (2,988) | ||||||||
| Market appreciation (depreciation) | 2,845 | 2,216 | ||||||||
| Distributions | (667) | (693) | ||||||||
| Transfers | 60 | — | ||||||||
| Total increase (decrease) | 1,497 | (1,465) | ||||||||
| Assets under management, end of period | $ | 35,060 | $ | 33,563 | 4.5 | % | ||||
| Average assets under management | $ | 34,216 | $ | 33,499 | 2.1 | % | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | ||||||
| U.S. Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 44,153 | $ | 43,972 | $ | 45,685 | ||||
| Inflows | 2,747 | 2,084 | 2,939 | |||||||
| Outflows | (1,953) | (2,305) | (1,677) | |||||||
| Net inflows (outflows) | 794 | (221) | 1,262 | |||||||
| Market appreciation (depreciation) | (959) | 782 | (3,636) | |||||||
| Distributions | (453) | (380) | (382) | |||||||
| Transfers | (32) | — | 1 | |||||||
| Total increase (decrease) | (650) | 181 | (2,755) | |||||||
| Assets under management, end of period | $ | 43,503 | $ | 44,153 | $ | 42,930 | (1.5 | %) | 1.3 | % |
| Average assets under management | $ | 43,748 | $ | 43,998 | $ | 44,973 | (0.6 | %) | (2.7 | %) |
| Preferred Securities | ||||||||||
| Assets under management, beginning of period | $ | 18,443 | $ | 17,902 | $ | 18,929 | ||||
| Inflows | 956 | 886 | 927 | |||||||
| Outflows | (1,290) | (756) | (1,131) | |||||||
| Net inflows (outflows) | (334) | 130 | (204) | |||||||
| Market appreciation (depreciation) | 156 | 595 | (215) | |||||||
| Distributions | (184) | (184) | (179) | |||||||
| Transfers | — | — | (1) | |||||||
| Total increase (decrease) | (362) | 541 | (599) | |||||||
| Assets under management, end of period | $ | 18,081 | $ | 18,443 | $ | 18,330 | (2.0 | %) | (1.4 | %) |
| Average assets under management | $ | 18,242 | $ | 18,244 | $ | 18,681 | — | % | (2.3 | %) |
| Global/International Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 14,520 | $ | 13,980 | $ | 14,986 | ||||
| Inflows | 527 | 520 | 345 | |||||||
| Outflows | (677) | (339) | (565) | |||||||
| Net inflows (outflows) | (150) | 181 | (220) | |||||||
| Market appreciation (depreciation) | (68) | 367 | (1,675) | |||||||
| Distributions | (61) | (8) | (33) | |||||||
| Transfers | 32 | — | — | |||||||
| Total increase (decrease) | (247) | 540 | (1,928) | |||||||
| Assets under management, end of period | $ | 14,273 | $ | 14,520 | $ | 13,058 | (1.7 | %) | 9.3 | % |
| Average assets under management | $ | 14,343 | $ | 14,146 | $ | 13,909 | 1.4 | % | 3.1 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Strategy - continued | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | ||||||
| Global Listed Infrastructure | ||||||||||
| Assets under management, beginning of period | $ | 10,521 | $ | 10,052 | $ | 9,535 | ||||
| Inflows | 1,312 | 209 | 219 | |||||||
| Outflows | (380) | (152) | (384) | |||||||
| Net inflows (outflows) | 932 | 57 | (165) | |||||||
| Market appreciation (depreciation) | 96 | 458 | (496) | |||||||
| Distributions | (93) | (46) | (81) | |||||||
| Total increase (decrease) | 935 | 469 | (742) | |||||||
| Assets under management, end of period | $ | 11,456 | $ | 10,521 | $ | 8,793 | 8.9 | % | 30.3 | % |
| Average assets under management | $ | 11,149 | $ | 10,228 | $ | 9,246 | 9.0 | % | 20.6 | % |
| Other | ||||||||||
| Assets under management, beginning of period | $ | 3,260 | $ | 3,030 | $ | 2,645 | ||||
| Inflows | 248 | 263 | 401 | |||||||
| Outflows | (283) | (177) | (214) | |||||||
| Net inflows (outflows) | (35) | 86 | 187 | |||||||
| Market appreciation (depreciation) | 90 | 153 | (107) | |||||||
| Distributions | (84) | (9) | (22) | |||||||
| Total increase (decrease) | (29) | 230 | 58 | |||||||
| Assets under management, end of period | $ | 3,231 | $ | 3,260 | $ | 2,703 | (0.9 | %) | 19.5 | % |
| Average assets under management | $ | 3,269 | $ | 3,122 | $ | 2,626 | 4.7 | % | 24.5 | % |
| Total | ||||||||||
| Assets under management, beginning of period | $ | 90,897 | $ | 88,936 | $ | 91,780 | ||||
| Inflows | 5,790 | 3,962 | 4,831 | |||||||
| Outflows | (4,583) | (3,729) | (3,971) | |||||||
| Net inflows (outflows) | 1,207 | 233 | 860 | |||||||
| Market appreciation (depreciation) | (685) | 2,355 | (6,129) | |||||||
| Distributions | (875) | (627) | (697) | |||||||
| Total increase (decrease) | (353) | 1,961 | (5,966) | |||||||
| Assets under management, end of period | $ | 90,544 | $ | 90,897 | $ | 85,814 | (0.4 | %) | 5.5 | % |
| Average assets under management | $ | 90,751 | $ | 89,738 | $ | 89,435 | 1.1 | % | 1.5 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2025 | December 31, 2024 | % Change | ||||||||
| U.S. Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 42,930 | $ | 38,550 | ||||||
| Inflows | 9,059 | 10,097 | ||||||||
| Outflows | (8,354) | (7,031) | ||||||||
| Net inflows (outflows) | 705 | 3,066 | ||||||||
| Market appreciation (depreciation) | 1,539 | 2,765 | ||||||||
| Distributions | (1,629) | (1,454) | ||||||||
| Transfers | (42) | 3 | ||||||||
| Total increase (decrease) | 573 | 4,380 | ||||||||
| Assets under management, end of period | $ | 43,503 | $ | 42,930 | 1.3 | % | ||||
| Average assets under management | $ | 43,567 | $ | 40,607 | 7.3 | % | ||||
| Preferred Securities | ||||||||||
| Assets under management, beginning of period | $ | 18,330 | $ | 18,164 | ||||||
| Inflows | 3,427 | 4,103 | ||||||||
| Outflows | (4,187) | (4,768) | ||||||||
| Net inflows (outflows) | (760) | (665) | ||||||||
| Market appreciation (depreciation) | 1,223 | 1,552 | ||||||||
| Distributions | (722) | (717) | ||||||||
| Transfers | 10 | (4) | ||||||||
| Total increase (decrease) | (249) | 166 | ||||||||
| Assets under management, end of period | $ | 18,081 | $ | 18,330 | (1.4 | %) | ||||
| Average assets under management | $ | 18,166 | $ | 18,458 | (1.6 | %) | ||||
| Global/International Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 13,058 | $ | 15,789 | ||||||
| Inflows | 1,910 | 2,104 | ||||||||
| Outflows | (2,068) | (4,772) | ||||||||
| Net inflows (outflows) | (158) | (2,668) | ||||||||
| Market appreciation (depreciation) | 1,456 | 43 | ||||||||
| Distributions | (115) | (107) | ||||||||
| Transfers | 32 | 1 | ||||||||
| Total increase (decrease) | 1,215 | (2,731) | ||||||||
| Assets under management, end of period | $ | 14,273 | $ | 13,058 | 9.3 | % | ||||
| Average assets under management | $ | 13,798 | $ | 13,651 | 1.1 | % | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Strategy - continued | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2025 | December 31, 2024 | % Change | ||||||||
| Global Listed Infrastructure | ||||||||||
| Assets under management, beginning of period | $ | 8,793 | $ | 8,356 | ||||||
| Inflows | 2,733 | 640 | ||||||||
| Outflows | (1,137) | (870) | ||||||||
| Net inflows (outflows) | 1,596 | (230) | ||||||||
| Market appreciation (depreciation) | 1,364 | 900 | ||||||||
| Distributions | (267) | (233) | ||||||||
| Transfers | (30) | — | ||||||||
| Total increase (decrease) | 2,663 | 437 | ||||||||
| Assets under management, end of period | $ | 11,456 | $ | 8,793 | 30.3 | % | ||||
| Average assets under management | $ | 10,069 | $ | 8,717 | 15.5 | % | ||||
| Other | ||||||||||
| Assets under management, beginning of period | $ | 2,703 | $ | 2,277 | ||||||
| Inflows | 1,071 | 1,004 | ||||||||
| Outflows | (923) | (678) | ||||||||
| Net inflows (outflows) | 148 | 326 | ||||||||
| Market appreciation (depreciation) | 481 | 160 | ||||||||
| Distributions | (131) | (60) | ||||||||
| Transfers | 30 | — | ||||||||
| Total increase (decrease) | 528 | 426 | ||||||||
| Assets under management, end of period | $ | 3,231 | $ | 2,703 | 19.5 | % | ||||
| Average assets under management | $ | 3,041 | $ | 2,434 | 24.9 | % | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 85,814 | $ | 83,136 | ||||||
| Inflows | 18,200 | 17,948 | ||||||||
| Outflows | (16,669) | (18,119) | ||||||||
| Net inflows (outflows) | 1,531 | (171) | ||||||||
| Market appreciation (depreciation) | 6,063 | 5,420 | ||||||||
| Distributions | (2,864) | (2,571) | ||||||||
| Total increase (decrease) | 4,730 | 2,678 | ||||||||
| Assets under management, end of period | $ | 90,544 | $ | 85,814 | 5.5 | % | ||||
| Average assets under management | $ | 88,641 | $ | 83,867 | 5.7 | % |
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 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Years Ended | ||||||||||||
| (in thousands, except per share data) | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||
| Net income attributable to common stockholders, U.S. GAAP | 34,879 | $ | 41,711 | $ | 45,822 | $ | 153,217 | $ | 151,265 | |||
| Seed investments—net (1) | (1,320) | (1,700) | (6,391) | (6,245) | ||||||||
| Accelerated vesting of restricted stock units | 1,142 | 91 | 3,269 | 7,134 | ||||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | — | 807 | ||||||||
| Fund launch and rights offering costs | 650 | — | 11,464 | — | ||||||||
| Other non-recurring expenses (3) | — | — | 616 | 1,196 | ||||||||
| Foreign currency exchange (gains) losses—net (4) | (677) | (2,824) | 3,456 | (1,059) | ||||||||
| Tax effects of adjustments above | (132) | 627 | (2,851) | (2,020) | ||||||||
| Tax effects of discrete tax items (5) | 346 | (1,621) | (3,665) | (1,792) | ||||||||
| Net income attributable to common stockholders, as adjusted | 41,718 | $ | 41,720 | $ | 40,395 | $ | 159,115 | $ | 149,286 | |||
| Diluted weighted average shares outstanding | 51,572 | 51,704 | 51,526 | 50,938 | ||||||||
| Diluted earnings per share, U.S. GAAP | 0.68 | $ | 0.81 | $ | 0.89 | $ | 2.97 | $ | 2.97 | |||
| Seed investments—net (1) | (0.03) | (0.03) | (0.12) | (0.12) | ||||||||
| Accelerated vesting of restricted stock units | * | 0.02 | — | * | 0.06 | 0.14 | ||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | — | 0.02 | ||||||||
| Fund launch and rights offering costs | 0.01 | — | 0.22 | — | ||||||||
| Other non-recurring expenses (3) | — | — | 0.01 | 0.02 | ||||||||
| Foreign currency exchange (gains) losses—net (4) | (0.01) | (0.06) | 0.07 | (0.02) | ||||||||
| Tax effects of adjustments above | — | * | 0.01 | (0.05) | (0.04) | |||||||
| Tax effects of discrete tax items (5) | 0.01 | (0.03) | (0.07) | (0.04) | ||||||||
| Diluted earnings per share, as adjusted | 0.81 | $ | 0.81 | $ | 0.78 | $ | 3.09 | $ | 2.93 | |||
| _________________________* 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 the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024.(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024.(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (5)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 | Years Ended | |||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Revenue, U.S. GAAP | $ | 143,803 | $ | 141,720 | $ | 139,783 | $ | 556,116 | $ | 517,417 | |||||
| Fund related amounts (1) | (9) | (783) | 122 | (2,275) | 853 | ||||||||||
| Revenue, as adjusted | $ | 143,794 | $ | 140,937 | $ | 139,905 | $ | 553,841 | $ | 518,270 | |||||
| Expenses, U.S. GAAP | $ | 103,493 | $ | 92,819 | $ | 90,446 | $ | 378,380 | $ | 344,540 | |||||
| Fund related amounts (1) | (1,324) | (967) | (158) | (4,333) | (698) | ||||||||||
| Accelerated vesting of restricted stock units | 77 | (1,142) | (91) | (3,269) | (7,134) | ||||||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | — | — | (807) | ||||||||||
| Fund launch and rights offering costs | (10,814) | (650) | — | (11,464) | — | ||||||||||
| Other non-recurring expenses (3) | — | — | — | (616) | (1,196) | ||||||||||
| Expenses, as adjusted | $ | 91,432 | $ | 90,060 | $ | 90,197 | $ | 358,698 | $ | 334,705 | |||||
| Operating income, U.S. GAAP | $ | 40,310 | $ | 48,901 | $ | 49,337 | $ | 177,736 | $ | 172,877 | |||||
| Fund related amounts (1) | 1,315 | 184 | 280 | 2,058 | 1,551 | ||||||||||
| Accelerated vesting of restricted stock units | (77) | 1,142 | 91 | 3,269 | 7,134 | ||||||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | — | — | 807 | ||||||||||
| Fund launch and rights offering costs | 10,814 | 650 | — | 11,464 | — | ||||||||||
| Other non-recurring expenses (3) | — | — | — | 616 | 1,196 | ||||||||||
| Operating income, as adjusted | $ | 52,362 | $ | 50,877 | $ | 49,708 | $ | 195,143 | $ | 183,565 | |||||
| Operating margin, U.S. GAAP | 28.0 | % | 34.5 | % | 35.3 | % | 32.0 | % | 33.4 | % | |||||
| Operating margin, as adjusted | 36.4 | % | 36.1 | % | 35.5 | % | 35.2 | % | 35.4 | % | |||||
| __________________________<br><br><br><br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br><br>(2)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024.<br><br>(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024. | |||||||||||||||
| Non-operating Income (Loss) | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (in thousands) | Three Months Ended | Years Ended | |||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Non-operating income (loss), U.S. GAAP | $ | 1,978 | $ | 6,657 | $ | 6,368 | $ | 26,894 | $ | 36,664 | |||||
| Seed investments—net (1) | 1,363 | (1,427) | 824 | (12,630) | (19,323) | ||||||||||
| Foreign currency exchange (gain) loss—net (2) | 422 | (677) | (2,824) | 3,456 | (1,059) | ||||||||||
| Non-operating income (loss), as adjusted | $ | 3,763 | $ | 4,553 | $ | 4,368 | $ | 17,720 | $ | 16,282 | |||||
| _________________________<br><br><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 (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. |
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