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): April 20, 2022

_____________________

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.)

280 Park Avenue

New York, NY 10017

(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)

________________

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

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))

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 April 20, 2022, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s operating results for the quarter ended March 31, 2022. Copies of the press release announcing the availability of the Company’s operating 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 April 20, 2022
99.2	Earnings release dated April 20, 2022
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: April 20, 2022	By:	/s/ Matthew S. Stadler
---	---	---
		Name: Matthew S. Stadler<br><br>Title: Executive Vice President and Chief Financial Officer

Document

Cohen & Steers, Inc.

280 Park Avenue

New York, NY 10017-1216

Tel (212) 832-3232

Contact:

Matthew S. Stadler

Executive Vice President

Chief Financial Officer

Cohen & Steers, Inc.

Tel (212) 446-9168

COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2022

New York, NY, April 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported operating results for the three months ended March 31, 2022. The operating results along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for First Quarter 2022 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Press Releases."

Conference Call

The company will host a conference call tomorrow, April 21, 2022, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Matthew Stadler, and chief investment officer, Jon Cheigh.

Investors and analysts can access the live conference call by dialing 877-384-2165 (U.S.) or +1-212-231-2930 (international); passcode: 22017395. 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 at approximately 12:00 p.m. (ET) on April 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22017395. 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—Overview." 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 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 and Tokyo.

Document

Contact:

Matthew S. Stadler

Executive Vice President

Chief Financial Officer

Cohen & Steers, Inc.

Tel (212) 446-9168

COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2022

•Diluted EPS of $0.85; $1.04, as adjusted

•Operating margin of 33.1%; 44.7%, as adjusted

•Ending AUM of $102.1 billion; average AUM of $101.2 billion

•Net inflows of $756 million

NEW YORK, NY, April 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported its operating results for the quarter ended March 31, 2022.

Financial Highlights

	Three Months Ended									% Change From
(in thousands, except percentages and per share data)	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021			December 31,<br>2021		March 31,<br>2021
U.S. GAAP
Revenue	$	154,189		$	159,629		$	125,747		(3.4	%)	22.6	%
Expenses	$	103,198		$	79,123		$	73,809		30.4	%	39.8	%
Operating income	$	50,991		$	80,506		$	51,938		(36.7	%)	(1.8	%)
Non-operating income (loss)	$	5,110		$	6,837		$	4,953		(25.3	%)	3.2	%
Net income attributable to common stockholders	$	42,018		$	64,482		$	48,852		(34.8	%)	(14.0	%)
Diluted earnings per share	$	0.85		$	1.30		$	1.00		(34.7	%)	(15.1	%)
Operating margin	33.1		%	50.4		%	41.3		%
As Adjusted (1)
Net income attributable to common stockholders	$	51,152		$	61,264		$	38,629		(16.5	%)	32.4	%
Diluted earnings per share	$	1.04		$	1.24		$	0.79		16.1	%	31.6	%
Operating margin	44.7		%	51.7		%	42.3		%
_________________________<br><br><br><br>(1)Please refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results.

U.S. GAAP

This section discusses the financial results of the company as presented in accordance with U.S. GAAP.

Revenue

	Three Months Ended
(in thousands)	March 31,<br>2022		December 31,<br>2021		%
Open-end funds	$	79,665	$	80,573	(1.1)	%
Institutional accounts	36,683		39,938		(8.2)	%
Closed-end funds	27,321		28,126		(2.9)	%
Investment advisory and administration fees	143,669		148,637		(3.3)	%
Distribution and service fees	9,869		10,259		(3.8)	%
Other	651		733		(11.2)	%
Total revenue	$	154,189	$	159,629	(3.4)	%

All values are in US Dollars.

•Total investment advisory revenue from institutional accounts decreased from the fourth quarter of 2021, primarily due to lower performance fees and two fewer days in the quarter. The fourth quarter of 2021 included $2.7 million of performance fees from certain institutional accounts.

Expenses

	Three Months Ended
(in thousands)	March 31,<br>2022		December 31,<br>2021		%
Employee compensation and benefits	$	54,743	$	43,348	26.3	%
Distribution and service fees	33,951		20,631		64.6	%
General and administrative	13,510		14,213		(4.9)	%
Depreciation and amortization	994		931		6.8	%
Total expenses	$	103,198	$	79,123	30.4	%

All values are in US Dollars.

•Employee compensation and benefits increased from the fourth quarter of 2021, primarily due to higher incentive compensation of $7.7 million and an increase in amortization of restricted stock units of $2.0 million. The fourth quarter of 2021 included an adjustment to reduce the incentive compensation accrual to reflect actual amounts paid;

•Distribution and service fees for the first quarter of 2022 included costs of $14.2 million associated with the initial public offering of Cohen & Steers Real Estate Opportunities and Income Fund (RLTY); and

•General and administrative expenses decreased from the fourth quarter of 2021, primarily due to lower recruitment fees of $686,000, a decrease in travel and entertainment of $368,000 and lower hosted conferences of $325,000, partially offset by higher organizational and offering costs associated with RLTY of $414,000.

Operating Margin

Operating margin was 33.1% for the first quarter of 2022, compared with 50.4% for the fourth quarter of 2021. The first quarter of 2022 included costs associated with the initial public offering of RLTY. The fourth quarter of 2021 included an adjustment to reduce the incentive compensation accrual to reflect actual amounts paid. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)


(in thousands)						December 31, 2021
		Other		Total		Seed<br><br>Investments (1)		Other		Total
Interest and dividend income—net	901	$	(4)	$	897	$	701	$	4	$	705
Gain (loss) from investments—net		2		3,567		6,865		—		6,865
Foreign currency gain (loss)—net		941		646		(125)		(608)		(733)
Total non-operating income (loss)	4,171	$	939	$	5,110	$	7,441	$	(604)	$	6,837
_________________________(1) Seed investments include net income of 4.8 million and 5.4 million attributable to third-party interests in consolidated company-sponsored funds for the three months ended March 31, 2022 and December 31, 2021, respectively.

All values are in US Dollars.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate and the effective tax rate is summarized in the following table:

	Three Months Ended
	March 31,<br>2022		December 31,<br>2021
U.S. statutory tax rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	3.5		3.8
Non-deductible executive compensation	5.2		3.7
Excess tax benefits related to the vesting and delivery of restricted stock units	(11.5)		(0.3)
Unrecognized tax benefit adjustments	—		(4.5)
Other	(0.1)		(2.4)
Effective income tax rate	18.1	%	21.3	%

As Adjusted

This section discusses as adjusted results. Please refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results.

Revenue

Revenue, as adjusted, for the first quarter of 2022 was $154.3 million, compared with $159.7 million, as adjusted, for the fourth quarter of 2021.

Revenue, as adjusted, excluded the consolidation of certain of the company's seed investments for both periods.

Expenses

Expenses, as adjusted, for the first quarter of 2022 were $85.4 million, compared with $77.1 million, as adjusted, for the fourth quarter of 2021.

Expenses, as adjusted, excluded the following:

•The consolidation of certain of the company's seed investments for both periods;

•Amounts related to the accelerated vesting of certain restricted stock units for both periods; and

•Costs associated with the initial public offering of RLTY for the first quarter of 2022.

Operating Margin

Operating margin, as adjusted, for the first quarter of 2022 was 44.7%, compared with 51.7%, as adjusted, for the fourth quarter of 2021.

Non-operating Income (Loss)

Non-operating loss, as adjusted, for the first quarter of 2022 was $273,000, compared with non-operating loss, as adjusted, of $542,000 for the fourth quarter of 2021.

Non-operating income (loss), as adjusted, excluded the following for both periods:

•Results from the company's seed investments; and

•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Income Taxes

The effective tax rate, as adjusted, for the first quarter of 2022 was 25.5%, compared with 25.4%, as adjusted, for the fourth quarter of 2021.

The effective tax rate, as adjusted, excluded the following for both periods:

•Tax effects associated with the items noted above; and

•Discrete tax items.

Assets Under Management

(in millions)	As of
By Investment Vehicle	March 31,<br>2022		December 31,<br>2021		%
Open-end funds	$	48,105	$	50,911	(5.5	%)
Institutional accounts	40,956		42,727		(4.1	%)
Closed-end funds	13,061		12,991		0.5	%
Total	$	102,122	$	106,629	(4.2	%)
By Investment Strategy
U.S. real estate	$	47,268	$	49,915	(5.3	%)
Preferred securities	24,466		26,987		(9.3	%)
Global/international real estate	19,362		19,380		(0.1	%)
Global listed infrastructure	9,197		8,763		5.0	%
Other	1,829		1,584		15.5	%
Total	$	102,122	$	106,629	(4.2	%)

All values are in US Dollars.

Assets under management at March 31, 2022 were $102.1 billion, a decrease of 4.2% from $106.6 billion at December 31, 2021. The decrease was driven by market depreciation of $4.6 billion and distributions of $697 million, partially offset by net inflows of $756 million.

Open-end Funds

Assets under management in open-end funds at March 31, 2022 were $48.1 billion, a decrease of 5.5% from $50.9 billion at December 31, 2021. The change was primarily due to the following:

•Net inflows of $208 million, including $778 million into U.S. real estate, $180 million into global/international real estate, $144 million into real assets multi-strategy (included in "Other" in the table above) and $90 million into global listed infrastructure, partially offset by net outflows of $986 million from preferred securities;

•Market depreciation of $2.7 billion, including $1.7 billion from U.S. real estate and $1.0 billion from preferred securities; and

•Distributions of $279 million, including $165 million from preferred securities ($125 million of which was reinvested and included in net inflows) and $112 million from U.S. real estate ($104 million of which was reinvested and included in net inflows).

Institutional Accounts

Assets under management in institutional accounts at March 31, 2022 were $41.0 billion, a decrease of 4.1% from $42.7 billion at December 31, 2021. The change was primarily due to the following:

•Advisory:

◦Net outflows of $42 million, including $737 million from U.S. real estate, partially offset by net inflows of $591 million into global/international real estate and $167 million into global listed infrastructure; and

◦Market depreciation of $831 million, including $471 million from U.S. real estate and $356 million from global/international real estate.

•Japan subadvisory:

◦Net inflows of $116 million, including $83 million into global/international real estate;

◦Market depreciation of $482 million, including $366 million from U.S. real estate and $112 million from global/international real estate; and

◦Distributions of $271 million, including $253 million from U.S. real estate.

•Subadvisory excluding Japan:

◦Net outflows of $80 million; and

◦Market depreciation of $181 million, including $176 million from global/international real estate.

Closed-end Funds

Assets under management in closed-end funds at March 31, 2022 were $13.1 billion, an increase of 0.5% from $13.0 billion at December 31, 2021. The increase was due to net inflows of $554 million, primarily from the initial public offering of RLTY, partially offset by market depreciation of $337 million and distributions of $147 million.

Investment Performance at March 31, 2022

_________________________

(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) © 2022 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 March 31, 2022. 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 March 31, 2022, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $180.7 million, compared with $248.2 million as of December 31, 2021. During the first quarter of 2022, the company paid aggregate costs of $15.2 million associated with the initial public offering of RLTY. As of March 31, 2022, stockholders' equity was $255.4 million, compared with $255.2 million as of December 31, 2021, and the company continues to have no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, April 21, 2022 at 10:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing 877-384-2165 (U.S.) or +1-212-231-2930 (international); passcode: 22017395. 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—Press Releases.”

A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on April 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22017395. 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—Overview.” The webcast will be archived on the website for one month.

About Cohen & Steers

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, 2021 (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
	March 31,<br>2022		December 31,<br>2021		March 31,<br>2021		December 31,<br>2021		March 31,<br>2021
Revenue:
Investment advisory and administration fees	$	143,669	$	148,637	$	116,921
Distribution and service fees	9,869		10,259		8,272
Other	651		733		554
Total revenue	154,189		159,629		125,747		(3.4	%)	22.6	%
Expenses:
Employee compensation and benefits	54,743		43,348		45,762
Distribution and service fees	33,951		20,631		16,506
General and administrative	13,510		14,213		10,374
Depreciation and amortization	994		931		1,167
Total expenses	103,198		79,123		73,809		30.4	%	39.8	%
Operating income	50,991		80,506		51,938		(36.7	%)	(1.8	%)
Non-operating income (loss):
Interest and dividend income—net	897		705		616
Gain (loss) from investments—net	3,567		6,865		4,559
Foreign currency gain (loss)—net	646		(733)		(222)
Total non-operating income (loss)	5,110		6,837		4,953		(25.3	%)	3.2	%
Income before provision for income taxes	56,101		87,343		56,891		(35.8	%)	(1.4	%)
Provision for income taxes	9,260		17,412		4,461
Net income	46,841		69,931		52,430		(33.0	%)	(10.7	%)
Net (income) loss attributable to redeemable <br> noncontrolling interests	(4,823)		(5,449)		(3,578)
Net income attributable to common stockholders	$	42,018	$	64,482	$	48,852	(34.8	%)	(14.0	%)
Earnings per share attributable to common <br>stockholders:
Basic	$	0.86	$	1.33	$	1.01	(35.1	%)	(14.9	%)
Diluted	$	0.85	$	1.30	$	1.00	(34.7	%)	(15.1	%)
Weighted average shares outstanding:
Basic	48,673		48,442		48,145
Diluted	49,337		49,429		48,709
Cohen & Steers, Inc. and Subsidiaries
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Assets Under Management
By Investment Vehicle
(in millions)
	Three Months Ended									% Change From
	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021			December 31,<br>2021		March 31,<br>2021
Open-end Funds
Assets under management, beginning of period	$	50,911		$	45,593		$	35,160
Inflows	4,886			5,574			5,070
Outflows	(4,678)			(3,049)			(2,906)
Net inflows (outflows)	208			2,525			2,164
Market appreciation (depreciation)	(2,735)			3,929			1,537
Distributions	(279)			(1,110)			(238)
Transfers	—			(26)			—
Total increase (decrease)	(2,806)			5,318			3,463
Assets under management, end of period	$	48,105		$	50,911		$	38,623		(5.5	%)	24.6	%
Percentage of total assets under management	47.1		%	47.7		%	44.4		%
Average assets under management	$	48,055		$	48,054		$	36,620		—	%	31.2	%
Institutional Accounts
Assets under management, beginning of period	$	42,727		$	39,347		$	33,255
Inflows	2,060			611			2,335
Outflows	(2,066)			(1,365)			(748)
Net inflows (outflows)	(6)			(754)			1,587
Market appreciation (depreciation)	(1,494)			4,384			2,000
Distributions	(271)			(276)			(304)
Transfers	—			26			—
Total increase (decrease)	(1,771)			3,380			3,283
Assets under management, end of period	$	40,956		$	42,727		$	36,538		(4.1	%)	12.1	%
Percentage of total assets under management	40.1		%	40.1		%	42.0		%
Average assets under management	$	40,631		$	40,929		$	34,622		(0.7	%)	17.4	%
Closed-end Funds
Assets under management, beginning of period	$	12,991		$	12,320		$	11,493
Inflows	554			20			65
Outflows	—			—			—
Net inflows (outflows)	554			20			65
Market appreciation (depreciation)	(337)			830			469
Distributions	(147)			(179)			(148)
Total increase (decrease)	70			671			386
Assets under management, end of period	$	13,061		$	12,991		$	11,879		0.5	%	10.0	%
Percentage of total assets under management	12.8		%	12.2		%	13.6		%
Average assets under management	$	12,550		$	12,647		$	11,601		(0.8	%)	8.2	%
Total
Assets under management, beginning of period	$	106,629		$	97,260		$	79,908
Inflows	7,500			6,205			7,470
Outflows	(6,744)			(4,414)			(3,654)
Net inflows (outflows)	756			1,791			3,816
Market appreciation (depreciation)	(4,566)			9,143			4,006
Distributions	(697)			(1,565)			(690)
Total increase (decrease)	(4,507)			9,369			7,132
Assets under management, end of period	$	102,122		$	106,629		$	87,040		(4.2	%)	17.3	%
Average assets under management	$	101,236		$	101,630		$	82,843		(0.4	%)	22.2	%
Cohen & Steers, Inc. and Subsidiaries
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Assets Under Management - Institutional Accounts
By Account Type
For the Periods
(in millions)
	Three Months Ended									% Change From
	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021			December 31,<br>2021		March 31,<br>2021
Advisory
Assets under management, beginning of period	$	24,599		$	22,818		$	17,628
Inflows	1,573			362			1,937
Outflows	(1,615)			(818)			(243)
Net inflows (outflows)	(42)			(456)			1,694
Market appreciation (depreciation)	(831)			2,211			957
Transfers	—			26			—
Total increase (decrease)	(873)			1,781			2,651
Assets under management, end of period	$	23,726		$	24,599		$	20,279		(3.5	%)	17.0	%
Percentage of institutional assets under management	57.9		%	57.6		%	55.5		%
Average assets under management	$	23,861		$	23,650		$	18,900		0.9	%	26.2	%
Japan Subadvisory
Assets under management, beginning of period	$	11,329		$	10,262		$	9,720
Inflows	219			62			98
Outflows	(103)			(304)			(302)
Net inflows (outflows)	116			(242)			(204)
Market appreciation (depreciation)	(482)			1,585			712
Distributions	(271)			(276)			(304)
Total increase (decrease)	(637)			1,067			204
Assets under management, end of period	$	10,692		$	11,329		$	9,924		(5.6	%)	7.7	%
Percentage of institutional assets under management	26.1		%	26.5		%	27.2		%
Average assets under management	$	10,351		$	10,687		$	9,661		(3.1	%)	7.1	%
Subadvisory Excluding Japan
Assets under management, beginning of period	$	6,799		$	6,267		$	5,907
Inflows	268			187			300
Outflows	(348)			(243)			(203)
Net inflows (outflows)	(80)			(56)			97
Market appreciation (depreciation)	(181)			588			331
Total increase (decrease)	(261)			532			428
Assets under management, end of period	$	6,538		$	6,799		$	6,335		(3.8	%)	3.2	%
Percentage of institutional assets under management	16.0		%	15.9		%	17.3		%
Average assets under management	$	6,419		$	6,592		$	6,061		(2.6	%)	5.9	%
Total Institutional Accounts
Assets under management, beginning of period	$	42,727		$	39,347		$	33,255
Inflows	2,060			611			2,335
Outflows	(2,066)			(1,365)			(748)
Net inflows (outflows)	(6)			(754)			1,587
Market appreciation (depreciation)	(1,494)			4,384			2,000
Distributions	(271)			(276)			(304)
Transfers	—			26			—
Total increase (decrease)	(1,771)			3,380			3,283
Assets under management, end of period	$	40,956		$	42,727		$	36,538		(4.1	%)	12.1	%
Average assets under management	$	40,631		$	40,929		$	34,622		(0.7	%)	17.4	%
Cohen & Steers, Inc. and Subsidiaries
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Assets Under Management
By Investment Strategy
(in millions)
	Three Months Ended									% Change From
	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021			December 31,<br>2021		March 31,<br>2021
U.S. Real Estate
Assets under management, beginning of period	$	49,915		$	43,045		$	32,827
Inflows	3,293			3,083			3,126
Outflows	(2,736)			(1,799)			(1,391)
Net inflows (outflows)	557			1,284			1,735
Market appreciation (depreciation)	(2,792)			6,672			2,837
Distributions	(412)			(1,052)			(415)
Transfers	—			(34)			—
Total increase (decrease)	(2,647)			6,870			4,157
Assets under management, end of period	$	47,268		$	49,915		$	36,984		(5.3	%)	27.8	%
Percentage of total assets under management	46.3		%	46.8		%	42.5		%
Average assets under management	$	46,462		$	46,229		$	34,512		0.5	%	34.6	%
Preferred Securities
Assets under management, beginning of period	$	26,987		$	26,715		$	23,185
Inflows	1,964			2,086			2,406
Outflows	(2,872)			(1,521)			(1,596)
Net inflows (outflows)	(908)			565			810
Market appreciation (depreciation)	(1,400)			10			2
Distributions	(213)			(337)			(207)
Transfers	—			34			—
Total increase (decrease)	(2,521)			272			605
Assets under management, end of period	$	24,466		$	26,987		$	23,790		(9.3	%)	2.8	%
Percentage of total assets under management	24.0		%	25.3		%	27.3		%
Average assets under management	$	25,649		$	26,812		$	23,526		(4.3	%)	9.0	%
Global/International Real Estate
Assets under management, beginning of period	$	19,380		$	17,978		$	15,214
Inflows	1,556			562			1,079
Outflows	(780)			(858)			(567)
Net inflows (outflows)	776			(296)			512
Market appreciation (depreciation)	(775)			1,775			709
Distributions	(19)			(77)			(14)
Total increase (decrease)	(18)			1,402			1,207
Assets under management, end of period	$	19,362		$	19,380		$	16,421		(0.1	%)	17.9	%
Percentage of total assets under management	19.0		%	18.2		%	18.9		%
Average assets under management	$	18,867		$	18,642		$	15,588		1.2	%	21.0	%
Cohen & Steers, Inc. and Subsidiaries
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Assets Under Management
By Investment Strategy - continued
(in millions)
	Three Months Ended									% Change From
	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021			December 31,<br>2021		March 31,<br>2021
Global Listed Infrastructure
Assets under management, beginning of period	$	8,763		$	8,138		$	6,729
Inflows	464			238			679
Outflows	(299)			(154)			(74)
Net inflows (outflows)	165			84			605
Market appreciation (depreciation)	314			607			315
Distributions	(45)			(66)			(45)
Total increase (decrease)	434			625			875
Assets under management, end of period	$	9,197		$	8,763		$	7,604		5.0	%	20.9	%
Percentage of total assets under management	9.0		%	8.2		%	8.7		%
Average assets under management	$	8,609		$	8,479		$	7,137		1.5	%	20.6	%
Other
Assets under management, beginning of period	$	1,584		$	1,384		$	1,953
Inflows	223			236			180
Outflows	(57)			(82)			(26)
Net inflows (outflows)	166			154			154
Market appreciation (depreciation)	87			79			143
Distributions	(8)			(33)			(9)
Total increase (decrease)	245			200			288
Assets under management, end of period	$	1,829		$	1,584		$	2,241		15.5	%	(18.4	%)
Percentage of total assets under management	1.8		%	1.5		%	2.6		%
Average assets under management	$	1,649		$	1,468		$	2,080		12.3	%	(20.7	%)
Total
Assets under management, beginning of period	$	106,629		$	97,260		$	79,908
Inflows	7,500			6,205			7,470
Outflows	(6,744)			(4,414)			(3,654)
Net inflows (outflows)	756			1,791			3,816
Market appreciation (depreciation)	(4,566)			9,143			4,006
Distributions	(697)			(1,565)			(690)
Total increase (decrease)	(4,507)			9,369			7,132
Assets under management, end of period	$	102,122		$	106,629		$	87,040		(4.2	%)	17.3	%
Average assets under management	$	101,236		$	101,630		$	82,843		(0.4	%)	22.2	%

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.

Reconciliation of U.S. GAAP to As Adjusted ResultsNet Income Attributable to Common Stockholders and Diluted Earnings per Share

(in thousands, except per share data)		December 31,<br>2021			March 31,<br>2021
Net income attributable to common stockholders, U.S. GAAP	42,018	$	64,482		$	48,852
Seed investments (1)		(1,438)			(1,512)
Accelerated vesting of restricted stock units		1,557			1,088
Initial public offering costs (2)		—			—
Foreign currency exchange (gains) losses—net (3)		62			209
Tax adjustments (4)		(3,399)			(10,008)
Net income attributable to common stockholders, as adjusted	51,152	$	61,264		$	38,629
Diluted weighted average shares outstanding		49,429			48,709
Diluted earnings per share, U.S. GAAP	0.85	$	1.30		$	1.00
Seed investments		(0.03)			(0.03)
Accelerated vesting of restricted stock units		0.04			0.02
Initial public offering costs		—			—
Foreign currency exchange (gains) losses—net		—		*	0.01
Tax adjustments		(0.07)			(0.21)
Diluted earnings per share, as adjusted	1.04	$	1.24		$	0.79
_________________________* Amounts round to less than 0.01 per share.(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.(2)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:

(in thousands)		December 31,<br>2021			March 31,<br>2021
Employee compensation and benefits	357	$	—		$	—
Distribution and service fees		—			—
General and administrative		—			—
Initial public offering costs	15,239	$	—		$	—
(3)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.(4)Tax adjustments are summarized in the following table:

(in thousands)		December 31,<br>2021			March 31,<br>2021
Exclusion of tax effects associated with items noted above	(4,281)	$	(952)		$	231
Exclusion of discrete tax items		(2,447)			(10,239)
Total tax adjustments	(8,249)	$	(3,399)		$	(10,008)

All values are in US Dollars.

Reconciliation of U.S. GAAP to As Adjusted Results<br><br>Revenue, Expenses, Operating Income and Operating Margin
	Three Months Ended
(in thousands, except percentages)	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021
Revenue, U.S. GAAP	$	154,189		$	159,629		$	125,747
Seed investments (1)	123			108			94
Revenue, as adjusted	$	154,312		$	159,737		$	125,841
Expenses, U.S. GAAP	$	103,198		$	79,123		$	73,809
Seed investments (1)	(276)			(446)			(96)
Accelerated vesting of restricted stock units	(2,305)			(1,557)			(1,088)
Initial public offering costs (2)	(15,239)			—			—
Expenses, as adjusted	$	85,378		$	77,120		$	72,625
Operating income, U.S. GAAP	$	50,991		$	80,506		$	51,938
Seed investments (1)	399			554			190
Accelerated vesting of restricted stock units	2,305			1,557			1,088
Initial public offering costs (2)	15,239			—			—
Operating income, as adjusted	$	68,934		$	82,617		$	53,216
Operating margin, U.S. GAAP	33.1		%	50.4		%	41.3		%
Operating margin, as adjusted	44.7		%	51.7		%	42.3		%
_________________________<br><br><br><br>(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds.<br><br>(2)Represents costs associated with the initial public offering of RLTY. Costs are summarized in the following table:
	Three Months Ended
(in thousands)	March 31,<br>2022			December 31,<br>2021			March 31,<br>2021
Employee compensation and benefits	$	357		$	—		$	—
Distribution and service fees	14,224			—			—
General and administrative	658			—			—
Initial public offering costs	$	15,239		$	—		$	—
Reconciliation of U.S. GAAP to As Adjusted Results<br><br>Non-operating Income (Loss)
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	Three Months Ended
(in thousands)	March 31,<br>2022		December 31,<br>2021		March 31,<br>2021
Non-operating income (loss), U.S. GAAP	$	5,110	$	6,837	$	4,953
Seed investments (1)	(4,171)		(7,441)		(5,280)
Foreign currency exchange (gains) losses—net (2)	(1,212)		62		209
Non-operating income (loss), as adjusted	$	(273)	$	(542)	$	(118)
_________________________<br><br><br><br>(1)Represents amounts related to the deconsolidation of seed investments in company-sponsored funds as well as non-operating (income) loss from seed investments that were not consolidated.<br><br>(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.