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, 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 January 22, 2025, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's results for the fourth quarter and year ended December 31, 2024. 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, 2025 |
| 99.2 | Earnings release dated January 22, 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: January 22, 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 FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024
New York, NY, January 22, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2024. 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, 2024 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, Thursday, January 23, 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 head of multi-asset solutions, Jeffrey Palma.
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, 2024
| Fourth Quarter | Full Year |
|---|---|
| •Diluted EPS of $0.89; $0.78 as adjusted<br><br>•Operating margin of 35.3%; 35.5% as adjusted<br><br>•Ending AUM of $85.8 billion; average AUM of $89.4 billion<br><br>•Net inflows of $860 million | •Diluted EPS of $2.97; $2.93 as adjusted<br><br>•Operating margin of 33.4%; 35.4% as adjusted<br><br>•Average AUM of $83.9 billion<br><br>•Net outflows of $171 million |
NEW YORK, NY, January 22, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2024.
Financial Highlights
| (in thousands, except percentages and per share data) | Three Months Ended | Years Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||
| U.S. GAAP | |||||||||||||||
| Revenue | $ | 139,783 | $ | 133,203 | $ | 119,188 | $ | 517,417 | $ | 489,637 | |||||
| Expenses | $ | 90,446 | $ | 88,330 | $ | 81,322 | $ | 344,540 | $ | 325,160 | |||||
| Operating income | $ | 49,337 | $ | 44,873 | $ | 37,866 | $ | 172,877 | $ | 164,477 | |||||
| Net income attributable to common stockholders | $ | 45,822 | $ | 39,668 | $ | 29,817 | $ | 151,265 | $ | 129,049 | |||||
| Diluted earnings per share | $ | 0.89 | $ | 0.77 | $ | 0.60 | $ | 2.97 | $ | 2.60 | |||||
| Operating margin | 35.3 | % | 33.7 | % | 31.8 | % | 33.4 | % | 33.6 | % | |||||
| As Adjusted (1) | |||||||||||||||
| Net income attributable to common stockholders | $ | 40,395 | $ | 39,706 | $ | 33,403 | $ | 149,286 | $ | 140,511 | |||||
| Diluted earnings per share | $ | 0.78 | $ | 0.77 | $ | 0.67 | $ | 2.93 | $ | 2.84 | |||||
| Operating margin | 35.5 | % | 35.7 | % | 34.7 | % | 35.4 | % | 36.2 | % | |||||
| _________________________<br><br>(1)Refer to pages 17-18 for reconciliations of U.S. GAAP to as adjusted results. |
Revenue
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| December 31, 2024 | September 30, 2024 | Change | % Change | ||||
| Investment advisory and administration fees: | |||||||
| Open-end funds | $ | 70,161 | $ | 66,761 | 5.1 | % | |
| Institutional accounts | 35,585 | 32,956 | 8.0 | % | |||
| Closed-end funds | 25,994 | 25,680 | 1.2 | % | |||
| Total | 131,740 | 125,397 | 5.1 | % | |||
| Distribution and service fees | 7,450 | 7,244 | 2.8 | % | |||
| Other | 593 | 562 | 5.5 | % | |||
| Total revenue | $ | 139,783 | $ | 133,203 | 4.9 | % |
All values are in US Dollars.
•The increase in total investment advisory and administration fees from the third quarter of 2024 was primarily due to higher average assets under management, as well as the recognition of performance fees of $1.4 million from certain institutional accounts.
Expenses
| (in thousands) | Three Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| December 31, 2024 | September 30, 2024 | Change | % Change | ||||
| Employee compensation and benefits | $ | 56,504 | $ | 56,376 | 0.2 | % | |
| Distribution and service fees | 15,733 | 14,739 | 6.7 | % | |||
| General and administrative | 15,784 | 14,874 | 6.1 | % | |||
| Depreciation and amortization | 2,425 | 2,341 | 3.6 | % | |||
| Total expenses | $ | 90,446 | $ | 88,330 | 2.4 | % |
All values are in US Dollars.
•Employee compensation and benefits was in line with the third quarter of 2024.
•Distribution and service fees increased from the third quarter of 2024, primarily due to higher average assets under management in U.S. open-end funds.
•General and administrative expenses increased from the third quarter of 2024, primarily due to higher levels of travel and business development-related expenses.
Operating Margin
Operating margin was 35.3% for the fourth quarter of 2024, compared with 33.7% for the third quarter of 2024. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| (in thousands) | Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2024 | ||||||||||||
| Consolidated<br><br>Funds (1) | Corporate - Seed and Other | Total | ||||||||||
| Interest and dividend income | $ | 317 | $ | 4,631 | $ | 4,948 | ||||||
| Gain (loss) from investments—net | (2,926) | 1,567 | (1,359) | |||||||||
| Foreign currency gain (loss)—net | (33) | 2,812 | 2,779 | |||||||||
| Total non-operating income (loss) | (2,642) | 9,010 | 6,368 | |||||||||
| Net (income) loss attributable to noncontrolling interests | 2,804 | — | 2,804 | |||||||||
| Non-operating income (loss) attributable to the company | $ | 162 | $ | 9,010 | $ | 9,172 | ||||||
| _________________________<br><br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. | (in thousands) | Three Months Ended | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||
| September 30, 2024 | ||||||||||||
| Consolidated<br><br>Funds (1) | Corporate - Seed and Other | Total | ||||||||||
| Interest and dividend income | $ | 610 | $ | 4,810 | $ | 5,420 | ||||||
| Gain (loss) from investments—net | 21,202 | (2,227) | 18,975 | |||||||||
| Foreign currency gain (loss)—net | (30) | (1,662) | (1,692) | |||||||||
| Total non-operating income (loss) | 21,782 | 921 | 22,703 | |||||||||
| Net (income) loss attributable to noncontrolling interests | (15,615) | — | (15,615) | |||||||||
| Non-operating income (loss) attributable to the company | $ | 6,167 | $ | 921 | $ | 7,088 | ||||||
| _________________________<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, 2024 | September 30, 2024 | |||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % |
| State and local income taxes, net of federal benefit | 2.7 | 2.5 | ||
| Unrecognized tax benefit adjustments | (1.9) | — | ||
| Non-deductible executive compensation | 1.3 | 1.2 | ||
| Valuation allowance | (0.6) | (1.4) | ||
| Other | (0.8) | 0.4 | ||
| Effective income tax rate | 21.7 | % | 23.7 | % |
Assets Under Management
| (in millions) | As of | Change | |||||
|---|---|---|---|---|---|---|---|
| By Investment Vehicle | December 31, 2024 | September 30, 2024 | % | ||||
| Open-end funds | $ | 40,962 | $ | 42,979 | (4.7 | %) | |
| Institutional accounts | 33,563 | 36,892 | (9.0 | %) | |||
| Closed-end funds | 11,289 | 11,909 | (5.2 | %) | |||
| Total | $ | 85,814 | $ | 91,780 | (6.5 | %) | |
| By Investment Strategy | |||||||
| U.S. real estate | $ | 42,930 | $ | 45,685 | (6.0 | %) | |
| Preferred securities | 18,330 | 18,929 | (3.2 | %) | |||
| Global/international real estate | 13,058 | 14,986 | (12.9 | %) | |||
| Global listed infrastructure | 8,793 | 9,535 | (7.8 | %) | |||
| Other | 2,703 | 2,645 | 2.2 | % | |||
| Total | $ | 85,814 | $ | 91,780 | (6.5 | %) |
All values are in US Dollars.
Assets under management at December 31, 2024 were $85.8 billion, a decrease of 6.5% from $91.8 billion at September 30, 2024. The decrease was due to market depreciation of $6.1 billion and distributions of $697 million, partially offset by net inflows of $860 million.
Open-end Funds
Assets under management in open-end funds at December 31, 2024 were $41.0 billion, a decrease of 4.7% from $43.0 billion at September 30, 2024. The change was primarily due to the following:
•Net inflows of $1.0 billion into U.S. real estate
•Market depreciation of $2.2 billion from U.S. real estate
•Distributions of $172 million from U.S. real estate and $129 million from preferred securities, of which $262 million was reinvested and included in net flows
Institutional Accounts
Assets under management in institutional accounts at December 31, 2024 were $33.6 billion, a decrease of 9.0% from $36.9 billion at September 30, 2024. The change was primarily due to the following:
•Advisory:
◦Net outflows of $201 million from global listed infrastructure and $107 million from preferred securities, partially offset by net inflows of $175 million into U.S. real estate
◦Market depreciation of $795 million from global/international real estate and $545 million from U.S. real estate
•Japan subadvisory:
◦Market depreciation of $434 million from U.S. real estate and $213 million from global/international real estate
◦Distributions of $157 million from U.S. real estate
•Subadvisory excluding Japan:
◦Net outflows of $174 million from global/international real estate
◦Market depreciation of $350 million from global/international real estate and $151 million from U.S. real estate
Investment Performance as of December 31, 2024
_________________________
(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 December 31, 2024. 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, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $360.9 million, compared with $348.4 million as of September 30, 2024. As of December 31, 2024, stockholders' equity was $511.7 million, compared with $491.0 million as of September 30, 2024.
Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 23, 2025, 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, 2023 (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, 2024 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||
| Revenue: | ||||||||||
| Investment advisory and administration fees | $ | 131,740 | $ | 125,397 | $ | 112,033 | ||||
| Distribution and service fees | 7,450 | 7,244 | 6,647 | |||||||
| Other | 593 | 562 | 508 | |||||||
| Total revenue | 139,783 | 133,203 | 119,188 | 4.9 | % | 17.3 | % | |||
| Expenses: | ||||||||||
| Employee compensation and benefits | 56,504 | 56,376 | 49,601 | |||||||
| Distribution and service fees | 15,733 | 14,739 | 12,936 | |||||||
| General and administrative | 15,784 | 14,874 | 17,308 | |||||||
| Depreciation and amortization | 2,425 | 2,341 | 1,477 | |||||||
| Total expenses | 90,446 | 88,330 | 81,322 | 2.4 | % | 11.2 | % | |||
| Operating income | 49,337 | 44,873 | 37,866 | 9.9 | % | 30.3 | % | |||
| Non-operating income (loss): | ||||||||||
| Interest and dividend income | 4,948 | 5,420 | 4,211 | |||||||
| Gain (loss) from investments—net | (1,359) | 18,975 | 14,299 | |||||||
| Foreign currency gain (loss)—net | 2,779 | (1,692) | (1,859) | |||||||
| Total non-operating income (loss) | 6,368 | 22,703 | 16,651 | (72.0 | %) | (61.8 | %) | |||
| Income before provision for income taxes | 55,705 | 67,576 | 54,517 | (17.6 | %) | 2.2 | % | |||
| Provision for income taxes | 12,687 | 12,293 | 11,880 | |||||||
| Net income | 43,018 | 55,283 | 42,637 | (22.2 | %) | 0.9 | % | |||
| Net (income) loss attributable to noncontrolling <br> interests | 2,804 | (15,615) | (12,820) | |||||||
| Net income attributable to common <br> stockholders | $ | 45,822 | $ | 39,668 | $ | 29,817 | 15.5 | % | 53.7 | % |
| Earnings per share attributable to <br>common stockholders: | ||||||||||
| Basic | $ | 0.90 | $ | 0.78 | $ | 0.60 | 15.3 | % | 49.2 | % |
| Diluted | $ | 0.89 | $ | 0.77 | $ | 0.60 | 14.9 | % | 47.8 | % |
| Weighted average shares outstanding: | ||||||||||
| Basic | 50,861 | 50,778 | 49,366 | |||||||
| Diluted | 51,704 | 51,428 | 49,725 | |||||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||
| (in thousands, except per share data) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | % Change | ||||||||
| Revenue: | ||||||||||
| Investment advisory and administration fees | $ | 487,059 | $ | 459,411 | ||||||
| Distribution and service fees | 28,142 | 28,200 | ||||||||
| Other | 2,216 | 2,026 | ||||||||
| Total revenue | 517,417 | 489,637 | 5.7 | % | ||||||
| Expenses: | ||||||||||
| Employee compensation and benefits | 217,980 | 200,181 | ||||||||
| Distribution and service fees | 57,137 | 54,170 | ||||||||
| General and administrative | 60,135 | 66,704 | ||||||||
| Depreciation and amortization | 9,288 | 4,105 | ||||||||
| Total expenses | 344,540 | 325,160 | 6.0 | % | ||||||
| Operating income | 172,877 | 164,477 | 5.1 | % | ||||||
| Non-operating income (loss): | ||||||||||
| Interest and dividend income | 19,344 | 14,618 | ||||||||
| Gain (loss) from investments—net | 16,582 | 4,291 | ||||||||
| Foreign currency gain (loss)—net | 738 | (3,135) | ||||||||
| Total non-operating income (loss) | 36,664 | 15,774 | * | |||||||
| Income before provision for income taxes | 209,541 | 180,251 | 16.2 | % | ||||||
| Provision for income taxes | 46,749 | 43,642 | ||||||||
| Net income | 162,792 | 136,609 | 19.2 | % | ||||||
| Net (income) loss attributable to noncontrolling interests | (11,527) | (7,560) | ||||||||
| Net income attributable to common stockholders | $ | 151,265 | $ | 129,049 | 17.2 | % | ||||
| Earnings per share attributable to common stockholders: | ||||||||||
| Basic | $ | 3.00 | $ | 2.62 | 14.7 | % | ||||
| Diluted | $ | 2.97 | $ | 2.60 | 14.0 | % | ||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 50,409 | 49,308 | ||||||||
| Diluted | 50,938 | 49,553 | ||||||||
| _________________________<br><br><br><br>* Not meaningful. | ||||||||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Vehicle | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||
| Open-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 42,979 | $ | 37,451 | $ | 33,671 | ||||
| Inflows | 3,904 | 4,097 | 3,269 | |||||||
| Outflows | (2,741) | (2,924) | (3,773) | |||||||
| Net inflows (outflows) | 1,163 | 1,173 | (504) | |||||||
| Market appreciation (depreciation) | (2,801) | 4,618 | 4,243 | |||||||
| Distributions | (379) | (263) | (378) | |||||||
| Total increase (decrease) | (2,017) | 5,528 | 3,361 | |||||||
| Assets under management, end of period | $ | 40,962 | $ | 42,979 | $ | 37,032 | (4.7 | %) | 10.6 | % |
| Average assets under management | $ | 42,337 | $ | 40,130 | $ | 34,410 | 5.5 | % | 23.0 | % |
| Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 36,892 | $ | 32,222 | $ | 31,216 | ||||
| Inflows | 924 | 1,221 | 675 | |||||||
| Outflows | (1,230) | (1,113) | (1,102) | |||||||
| Net inflows (outflows) | (306) | 108 | (427) | |||||||
| Market appreciation (depreciation) | (2,859) | 4,736 | 4,424 | |||||||
| Distributions | (164) | (174) | (185) | |||||||
| Total increase (decrease) | (3,329) | 4,670 | 3,812 | |||||||
| Assets under management, end of period | $ | 33,563 | $ | 36,892 | $ | 35,028 | (9.0 | %) | (4.2 | %) |
| Average assets under management | $ | 35,435 | $ | 34,594 | $ | 32,102 | 2.4 | % | 10.4 | % |
| Closed-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 11,909 | $ | 11,036 | $ | 10,271 | ||||
| Inflows | 3 | 3 | 1 | |||||||
| Outflows | — | — | (5) | |||||||
| Net inflows (outflows) | 3 | 3 | (4) | |||||||
| Market appreciation (depreciation) | (469) | 1,024 | 963 | |||||||
| Distributions | (154) | (154) | (154) | |||||||
| Total increase (decrease) | (620) | 873 | 805 | |||||||
| Assets under management, end of period | $ | 11,289 | $ | 11,909 | $ | 11,076 | (5.2 | %) | 1.9 | % |
| Average assets under management | $ | 11,663 | $ | 11,503 | $ | 10,476 | 1.4 | % | 11.3 | % |
| Total | ||||||||||
| Assets under management, beginning of period | $ | 91,780 | $ | 80,709 | $ | 75,158 | ||||
| Inflows | 4,831 | 5,321 | 3,945 | |||||||
| Outflows | (3,971) | (4,037) | (4,880) | |||||||
| Net inflows (outflows) | 860 | 1,284 | (935) | |||||||
| Market appreciation (depreciation) | (6,129) | 10,378 | 9,630 | |||||||
| Distributions | (697) | (591) | (717) | |||||||
| Total increase (decrease) | (5,966) | 11,071 | 7,978 | |||||||
| Assets under management, end of period | $ | 85,814 | $ | 91,780 | $ | 83,136 | (6.5 | %) | 3.2 | % |
| Average assets under management | $ | 89,435 | $ | 86,227 | $ | 76,988 | 3.7 | % | 16.2 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Vehicle | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | % Change | ||||||||
| Open-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 37,032 | $ | 36,903 | ||||||
| Inflows | 14,239 | 11,937 | ||||||||
| Outflows | (11,435) | (13,614) | ||||||||
| Net inflows (outflows) | 2,804 | (1,677) | ||||||||
| Market appreciation (depreciation) | 2,388 | 3,231 | ||||||||
| Distributions | (1,262) | (1,265) | ||||||||
| Transfers | — | (160) | ||||||||
| Total increase (decrease) | 3,930 | 129 | ||||||||
| Assets under management, end of period | $ | 40,962 | $ | 37,032 | 10.6 | % | ||||
| Average assets under management | $ | 39,090 | $ | 36,159 | 8.1 | % | ||||
| Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 35,028 | $ | 32,373 | ||||||
| Inflows | 3,696 | 2,985 | ||||||||
| Outflows | (6,684) | (3,225) | ||||||||
| Net inflows (outflows) | (2,988) | (240) | ||||||||
| Market appreciation (depreciation) | 2,216 | 3,626 | ||||||||
| Distributions | (693) | (891) | ||||||||
| Transfers | — | 160 | ||||||||
| Total increase (decrease) | (1,465) | 2,655 | ||||||||
| Assets under management, end of period | $ | 33,563 | $ | 35,028 | (4.2 | %) | ||||
| Average assets under management | $ | 33,499 | $ | 32,878 | 1.9 | % | ||||
| Closed-end Funds | ||||||||||
| Assets under management, beginning of period | $ | 11,076 | $ | 11,149 | ||||||
| Inflows | 13 | 17 | ||||||||
| Outflows | — | (91) | ||||||||
| Net inflows (outflows) | 13 | (74) | ||||||||
| Market appreciation (depreciation) | 816 | 617 | ||||||||
| Distributions | (616) | (616) | ||||||||
| Total increase (decrease) | 213 | (73) | ||||||||
| Assets under management, end of period | $ | 11,289 | $ | 11,076 | 1.9 | % | ||||
| Average assets under management | $ | 11,278 | $ | 10,854 | 3.9 | % | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 83,136 | $ | 80,425 | ||||||
| Inflows | 17,948 | 14,939 | ||||||||
| Outflows | (18,119) | (16,930) | ||||||||
| Net inflows (outflows) | (171) | (1,991) | ||||||||
| Market appreciation (depreciation) | 5,420 | 7,474 | ||||||||
| Distributions | (2,571) | (2,772) | ||||||||
| Total increase (decrease) | 2,678 | 2,711 | ||||||||
| Assets under management, end of period | $ | 85,814 | $ | 83,136 | 3.2 | % | ||||
| Average assets under management | $ | 83,867 | $ | 79,891 | 5.0 | % | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management - Institutional Accounts | ||||||||||
| By Account Type | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||
| Advisory | ||||||||||
| Assets under management, beginning of period | $ | 20,982 | $ | 18,367 | $ | 17,904 | ||||
| Inflows | 597 | 490 | 401 | |||||||
| Outflows | (698) | (481) | (431) | |||||||
| Net inflows (outflows) | (101) | 9 | (30) | |||||||
| Market appreciation (depreciation) | (1,609) | 2,606 | 2,390 | |||||||
| Total increase (decrease) | (1,710) | 2,615 | 2,360 | |||||||
| Assets under management, end of period | $ | 19,272 | $ | 20,982 | $ | 20,264 | (8.1 | %) | (4.9 | %) |
| Average assets under management | $ | 20,216 | $ | 19,724 | $ | 18,515 | 2.5 | % | 9.2 | % |
| Japan Subadvisory | ||||||||||
| Assets under management, beginning of period | $ | 9,365 | $ | 8,309 | $ | 8,090 | ||||
| Inflows | 98 | 124 | 41 | |||||||
| Outflows | (131) | (156) | (210) | |||||||
| Net inflows (outflows) | (33) | (32) | (169) | |||||||
| Market appreciation (depreciation) | (646) | 1,262 | 1,290 | |||||||
| Distributions | (164) | (174) | (185) | |||||||
| Total increase (decrease) | (843) | 1,056 | 936 | |||||||
| Assets under management, end of period | $ | 8,522 | $ | 9,365 | $ | 9,026 | (9.0 | %) | (5.6 | %) |
| Average assets under management | $ | 9,023 | $ | 8,879 | $ | 8,334 | 1.6 | % | 8.3 | % |
| Subadvisory Excluding Japan | ||||||||||
| Assets under management, beginning of period | $ | 6,545 | $ | 5,546 | $ | 5,222 | ||||
| Inflows | 229 | 607 | 233 | |||||||
| Outflows | (401) | (476) | (461) | |||||||
| Net inflows (outflows) | (172) | 131 | (228) | |||||||
| Market appreciation (depreciation) | (604) | 868 | 744 | |||||||
| Total increase (decrease) | (776) | 999 | 516 | |||||||
| Assets under management, end of period | $ | 5,769 | $ | 6,545 | $ | 5,738 | (11.9 | %) | 0.5 | % |
| Average assets under management | $ | 6,196 | $ | 5,991 | $ | 5,253 | 3.4 | % | 18.0 | % |
| Total Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 36,892 | $ | 32,222 | $ | 31,216 | ||||
| Inflows | 924 | 1,221 | 675 | |||||||
| Outflows | (1,230) | (1,113) | (1,102) | |||||||
| Net inflows (outflows) | (306) | 108 | (427) | |||||||
| Market appreciation (depreciation) | (2,859) | 4,736 | 4,424 | |||||||
| Distributions | (164) | (174) | (185) | |||||||
| Total increase (decrease) | (3,329) | 4,670 | 3,812 | |||||||
| Assets under management, end of period | $ | 33,563 | $ | 36,892 | $ | 35,028 | (9.0 | %) | (4.2 | %) |
| Average assets under management | $ | 35,435 | $ | 34,594 | $ | 32,102 | 2.4 | % | 10.4 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management - Institutional Accounts | ||||||||||
| By Account Type | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | % Change | ||||||||
| Advisory | ||||||||||
| Assets under management, beginning of period | $ | 20,264 | $ | 18,631 | ||||||
| Inflows | 2,187 | 1,407 | ||||||||
| Outflows | (4,401) | (1,860) | ||||||||
| Net inflows (outflows) | (2,214) | (453) | ||||||||
| Market appreciation (depreciation) | 1,222 | 1,926 | ||||||||
| Transfers | — | 160 | ||||||||
| Total increase (decrease) | (992) | 1,633 | ||||||||
| Assets under management, end of period | $ | 19,272 | $ | 20,264 | (4.9 | %) | ||||
| Average assets under management | $ | 18,998 | $ | 18,798 | 1.1 | % | ||||
| Japan Subadvisory | ||||||||||
| Assets under management, beginning of period | $ | 9,026 | $ | 8,376 | ||||||
| Inflows | 290 | 823 | ||||||||
| Outflows | (853) | (474) | ||||||||
| Net inflows (outflows) | (563) | 349 | ||||||||
| Market appreciation (depreciation) | 752 | 1,192 | ||||||||
| Distributions | (693) | (891) | ||||||||
| Total increase (decrease) | (504) | 650 | ||||||||
| Assets under management, end of period | $ | 8,522 | $ | 9,026 | (5.6 | %) | ||||
| Average assets under management | $ | 8,678 | $ | 8,633 | 0.5 | % | ||||
| Subadvisory Excluding Japan | ||||||||||
| Assets under management, beginning of period | $ | 5,738 | $ | 5,366 | ||||||
| Inflows | 1,219 | 755 | ||||||||
| Outflows | (1,430) | (891) | ||||||||
| Net inflows (outflows) | (211) | (136) | ||||||||
| Market appreciation (depreciation) | 242 | 508 | ||||||||
| Total increase (decrease) | 31 | 372 | ||||||||
| Assets under management, end of period | $ | 5,769 | $ | 5,738 | 0.5 | % | ||||
| Average assets under management | $ | 5,823 | $ | 5,447 | 6.9 | % | ||||
| Total Institutional Accounts | ||||||||||
| Assets under management, beginning of period | $ | 35,028 | $ | 32,373 | ||||||
| Inflows | 3,696 | 2,985 | ||||||||
| Outflows | (6,684) | (3,225) | ||||||||
| Net inflows (outflows) | (2,988) | (240) | ||||||||
| Market appreciation (depreciation) | 2,216 | 3,626 | ||||||||
| Distributions | (693) | (891) | ||||||||
| Transfers | — | 160 | ||||||||
| Total increase (decrease) | (1,465) | 2,655 | ||||||||
| Assets under management, end of period | $ | 33,563 | $ | 35,028 | (4.2 | %) | ||||
| Average assets under management | $ | 33,499 | $ | 32,878 | 1.9 | % | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||
| U.S. Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 45,685 | $ | 38,717 | $ | 33,719 | ||||
| Inflows | 2,939 | 3,073 | 1,937 | |||||||
| Outflows | (1,677) | (1,781) | (2,110) | |||||||
| Net inflows (outflows) | 1,262 | 1,292 | (173) | |||||||
| Market appreciation (depreciation) | (3,636) | 6,028 | 5,434 | |||||||
| Distributions | (382) | (349) | (427) | |||||||
| Transfers | 1 | (3) | (3) | |||||||
| Total increase (decrease) | (2,755) | 6,968 | 4,831 | |||||||
| Assets under management, end of period | $ | 42,930 | $ | 45,685 | $ | 38,550 | (6.0 | %) | 11.4 | % |
| Average assets under management | $ | 44,973 | $ | 42,197 | $ | 35,072 | 6.6 | % | 28.2 | % |
| Preferred Securities | ||||||||||
| Assets under management, beginning of period | $ | 18,929 | $ | 18,094 | $ | 17,561 | ||||
| Inflows | 927 | 1,120 | 1,291 | |||||||
| Outflows | (1,131) | (1,114) | (1,631) | |||||||
| Net inflows (outflows) | (204) | 6 | (340) | |||||||
| Market appreciation (depreciation) | (215) | 1,004 | 1,117 | |||||||
| Distributions | (179) | (178) | (177) | |||||||
| Transfers | (1) | 3 | 3 | |||||||
| Total increase (decrease) | (599) | 835 | 603 | |||||||
| Assets under management, end of period | $ | 18,330 | $ | 18,929 | $ | 18,164 | (3.2 | %) | 0.9 | % |
| Average assets under management | $ | 18,681 | $ | 18,449 | $ | 17,492 | 1.3 | % | 6.8 | % |
| Global/International Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 14,986 | $ | 13,064 | $ | 14,103 | ||||
| Inflows | 345 | 729 | 357 | |||||||
| Outflows | (565) | (836) | (741) | |||||||
| Net inflows (outflows) | (220) | (107) | (384) | |||||||
| Market appreciation (depreciation) | (1,675) | 2,038 | 2,107 | |||||||
| Distributions | (33) | (9) | (37) | |||||||
| Total increase (decrease) | (1,928) | 1,922 | 1,686 | |||||||
| Assets under management, end of period | $ | 13,058 | $ | 14,986 | $ | 15,789 | (12.9 | %) | (17.3 | %) |
| Average assets under management | $ | 13,909 | $ | 14,112 | $ | 14,381 | (1.4 | %) | (3.3 | %) |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Three Months Ended | % Change From | |||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||
| Global Listed Infrastructure | ||||||||||
| Assets under management, beginning of period | $ | 9,535 | $ | 8,446 | $ | 7,582 | ||||
| Inflows | 219 | 193 | 178 | |||||||
| Outflows | (384) | (188) | (176) | |||||||
| Net inflows (outflows) | (165) | 5 | 2 | |||||||
| Market appreciation (depreciation) | (496) | 1,130 | 828 | |||||||
| Distributions | (81) | (46) | (56) | |||||||
| Total increase (decrease) | (742) | 1,089 | 774 | |||||||
| Assets under management, end of period | $ | 8,793 | $ | 9,535 | $ | 8,356 | (7.8 | %) | 5.2 | % |
| Average assets under management | $ | 9,246 | $ | 8,995 | $ | 7,851 | 2.8 | % | 17.8 | % |
| Other | ||||||||||
| Assets under management, beginning of period | $ | 2,645 | $ | 2,388 | $ | 2,193 | ||||
| Inflows | 401 | 206 | 182 | |||||||
| Outflows | (214) | (118) | (222) | |||||||
| Net inflows (outflows) | 187 | 88 | (40) | |||||||
| Market appreciation (depreciation) | (107) | 178 | 144 | |||||||
| Distributions | (22) | (9) | (20) | |||||||
| Total increase (decrease) | 58 | 257 | 84 | |||||||
| Assets under management, end of period | $ | 2,703 | $ | 2,645 | $ | 2,277 | 2.2 | % | 18.7 | % |
| Average assets under management | $ | 2,626 | $ | 2,474 | $ | 2,192 | 6.1 | % | 19.8 | % |
| Total | ||||||||||
| Assets under management, beginning of period | $ | 91,780 | $ | 80,709 | $ | 75,158 | ||||
| Inflows | 4,831 | 5,321 | 3,945 | |||||||
| Outflows | (3,971) | (4,037) | (4,880) | |||||||
| Net inflows (outflows) | 860 | 1,284 | (935) | |||||||
| Market appreciation (depreciation) | (6,129) | 10,378 | 9,630 | |||||||
| Distributions | (697) | (591) | (717) | |||||||
| Total increase (decrease) | (5,966) | 11,071 | 7,978 | |||||||
| Assets under management, end of period | $ | 85,814 | $ | 91,780 | $ | 83,136 | (6.5 | %) | 3.2 | % |
| Average assets under management | $ | 89,435 | $ | 86,227 | $ | 76,988 | 3.7 | % | 16.2 | % |
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | % Change | ||||||||
| U.S. Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 38,550 | $ | 35,108 | ||||||
| Inflows | 10,097 | 7,077 | ||||||||
| Outflows | (7,031) | (6,521) | ||||||||
| Net inflows (outflows) | 3,066 | 556 | ||||||||
| Market appreciation (depreciation) | 2,765 | 4,495 | ||||||||
| Distributions | (1,454) | (1,679) | ||||||||
| Transfers | 3 | 70 | ||||||||
| Total increase (decrease) | 4,380 | 3,442 | ||||||||
| Assets under management, end of period | $ | 42,930 | $ | 38,550 | 11.4 | % | ||||
| Average assets under management | $ | 40,607 | $ | 36,034 | 12.7 | % | ||||
| Preferred Securities | ||||||||||
| Assets under management, beginning of period | $ | 18,164 | $ | 19,767 | ||||||
| Inflows | 4,103 | 4,997 | ||||||||
| Outflows | (4,768) | (6,890) | ||||||||
| Net inflows (outflows) | (665) | (1,893) | ||||||||
| Market appreciation (depreciation) | 1,552 | 1,029 | ||||||||
| Distributions | (717) | (739) | ||||||||
| Transfers | (4) | — | ||||||||
| Total increase (decrease) | 166 | (1,603) | ||||||||
| Assets under management, end of period | $ | 18,330 | $ | 18,164 | 0.9 | % | ||||
| Average assets under management | $ | 18,458 | $ | 18,439 | 0.1 | % | ||||
| Global/International Real Estate | ||||||||||
| Assets under management, beginning of period | $ | 15,789 | $ | 14,782 | ||||||
| Inflows | 2,104 | 1,529 | ||||||||
| Outflows | (4,772) | (1,975) | ||||||||
| Net inflows (outflows) | (2,668) | (446) | ||||||||
| Market appreciation (depreciation) | 43 | 1,616 | ||||||||
| Distributions | (107) | (93) | ||||||||
| Transfers | 1 | (70) | ||||||||
| Total increase (decrease) | (2,731) | 1,007 | ||||||||
| Assets under management, end of period | $ | 13,058 | $ | 15,789 | (17.3 | %) | ||||
| Average assets under management | $ | 13,651 | $ | 14,899 | (8.4 | %) | ||||
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||
| Assets Under Management | ||||||||||
| By Investment Strategy | ||||||||||
| (in millions) | ||||||||||
| Years Ended | ||||||||||
| December 31, 2024 | December 31, 2023 | % Change | ||||||||
| Global Listed Infrastructure | ||||||||||
| Assets under management, beginning of period | $ | 8,356 | $ | 8,596 | ||||||
| Inflows | 640 | 487 | ||||||||
| Outflows | (870) | (725) | ||||||||
| Net inflows (outflows) | (230) | (238) | ||||||||
| Market appreciation (depreciation) | 900 | 204 | ||||||||
| Distributions | (233) | (206) | ||||||||
| Total increase (decrease) | 437 | (240) | ||||||||
| Assets under management, end of period | $ | 8,793 | $ | 8,356 | 5.2 | % | ||||
| Average assets under management | $ | 8,717 | $ | 8,291 | 5.1 | % | ||||
| Other | ||||||||||
| Assets under management, beginning of period | $ | 2,277 | $ | 2,172 | ||||||
| Inflows | 1,004 | 849 | ||||||||
| Outflows | (678) | (819) | ||||||||
| Net inflows (outflows) | 326 | 30 | ||||||||
| Market appreciation (depreciation) | 160 | 130 | ||||||||
| Distributions | (60) | (55) | ||||||||
| Total increase (decrease) | 426 | 105 | ||||||||
| Assets under management, end of period | $ | 2,703 | $ | 2,277 | 18.7 | % | ||||
| Average assets under management | $ | 2,434 | $ | 2,228 | 9.2 | % | ||||
| Total | ||||||||||
| Assets under management, beginning of period | $ | 83,136 | $ | 80,425 | ||||||
| Inflows | 17,948 | 14,939 | ||||||||
| Outflows | (18,119) | (16,930) | ||||||||
| Net inflows (outflows) | (171) | (1,991) | ||||||||
| Market appreciation (depreciation) | 5,420 | 7,474 | ||||||||
| Distributions | (2,571) | (2,772) | ||||||||
| Total increase (decrease) | 2,678 | 2,711 | ||||||||
| Assets under management, end of period | $ | 85,814 | $ | 83,136 | 3.2 | % | ||||
| Average assets under management | $ | 83,867 | $ | 79,891 | 5.0 | % |
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, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||
| Net income attributable to common stockholders, U.S. GAAP | 45,822 | $ | 39,668 | $ | 29,817 | $ | 151,265 | $ | 129,049 | ||
| Seed investments—net (1) | (3,458) | (1,651) | (6,245) | 2,252 | |||||||
| Accelerated vesting of restricted stock units | 2,336 | 638 | 7,134 | 1,318 | |||||||
| Other non-recurring expenses (2) | — | — | 1,196 | — | |||||||
| Lease transition and other costs - 280 Park Avenue (3) | — | 2,459 | 807 | 9,721 | |||||||
| Foreign currency exchange (gains) losses—net (4) | 2,191 | 1,921 | (1,059) | 2,371 | |||||||
| Tax adjustments—net (5) | (1,031) | 219 | (3,812) | (4,200) | |||||||
| Net income attributable to common stockholders, as adjusted | 40,395 | $ | 39,706 | $ | 33,403 | $ | 149,286 | $ | 140,511 | ||
| Diluted weighted average shares outstanding | 51,428 | 49,725 | 50,938 | 49,553 | |||||||
| Diluted earnings per share, U.S. GAAP | 0.89 | $ | 0.77 | $ | 0.60 | $ | 2.97 | $ | 2.60 | ||
| Seed investments—net (1) | (0.07) | (0.03) | (0.12) | 0.05 | |||||||
| Accelerated vesting of restricted stock units | * | 0.05 | 0.01 | 0.14 | 0.03 | ||||||
| Other non-recurring expenses (2) | — | — | 0.02 | — | |||||||
| Lease transition and other costs - 280 Park Avenue (3) | — | 0.05 | 0.02 | 0.20 | |||||||
| Foreign currency exchange (gains) losses—net (4) | 0.04 | 0.04 | (0.02) | 0.05 | |||||||
| Tax adjustments—net (5) | (0.02) | — | * | (0.08) | (0.09) | ||||||
| Diluted earnings per share, as adjusted | 0.78 | $ | 0.77 | $ | 0.67 | $ | 2.93 | $ | 2.84 | ||
| _________________________* 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 incremental expenses associated with the separation of certain employees.(3)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.(5)Tax adjustments are summarized in the following table: | |||||||||||
| (in thousands) | Years Ended | ||||||||||
| September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
| Impact of tax effects associated with items noted above | 627 | $ | (1,102) | $ | 158 | $ | (2,020) | $ | (3,085) | ||
| Impact of discrete tax items | 71 | 61 | (1,792) | (1,115) | |||||||
| Total tax adjustments | (994) | $ | (1,031) | $ | 219 | $ | (3,812) | $ | (4,200) |
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, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||
| Revenue, U.S. GAAP | $ | 139,783 | $ | 133,203 | $ | 119,188 | $ | 517,417 | $ | 489,637 | |||||
| Consolidated funds | 122 | 230 | (142) | 853 | (466) | ||||||||||
| Revenue, as adjusted | $ | 139,905 | $ | 133,433 | $ | 119,046 | $ | 518,270 | $ | 489,171 | |||||
| Expenses, U.S. GAAP | $ | 90,446 | $ | 88,330 | $ | 81,322 | $ | 344,540 | $ | 325,160 | |||||
| Consolidated funds | (158) | (184) | (528) | (698) | (2,021) | ||||||||||
| Accelerated vesting of restricted stock units | (91) | (2,336) | (638) | (7,134) | (1,318) | ||||||||||
| Other non-recurring expenses (1) | — | — | — | (1,196) | — | ||||||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | (2,459) | (807) | (9,721) | ||||||||||
| Expenses, as adjusted | $ | 90,197 | $ | 85,810 | $ | 77,697 | $ | 334,705 | $ | 312,100 | |||||
| Operating income, U.S. GAAP | $ | 49,337 | $ | 44,873 | $ | 37,866 | $ | 172,877 | $ | 164,477 | |||||
| Consolidated funds | 280 | 414 | 386 | 1,551 | 1,555 | ||||||||||
| Accelerated vesting of restricted stock units | 91 | 2,336 | 638 | 7,134 | 1,318 | ||||||||||
| Other non-recurring expenses (1) | — | — | — | 1,196 | — | ||||||||||
| Lease transition and other costs - 280 Park Avenue (2) | — | — | 2,459 | 807 | 9,721 | ||||||||||
| Operating income, as adjusted | $ | 49,708 | $ | 47,623 | $ | 41,349 | $ | 183,565 | $ | 177,071 | |||||
| Operating margin, U.S. GAAP | 35.3 | % | 33.7 | % | 31.8 | % | 33.4 | % | 33.6 | % | |||||
| Operating margin, as adjusted | 35.5 | % | 35.7 | % | 34.7 | % | 35.4 | % | 36.2 | % | |||||
| __________________________<br><br><br><br>(1)Represents the impact of incremental expenses associated with the separation of certain employees.<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. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms. | |||||||||||||||
| Non-operating Income (Loss) | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (in thousands) | Three Months Ended | Years Ended | |||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||
| Non-operating income (loss), U.S. GAAP | $ | 6,368 | $ | 22,703 | $ | 16,651 | $ | 36,664 | $ | 15,774 | |||||
| Seed investments—net (1) | 824 | (19,487) | (14,857) | (19,323) | (6,863) | ||||||||||
| Foreign currency exchange (gain) loss—net (2) | (2,824) | 2,191 | 1,921 | (1,059) | 2,371 | ||||||||||
| Non-operating income (loss), as adjusted | $ | 4,368 | $ | 5,407 | $ | 3,715 | $ | 16,282 | $ | 11,282 | |||||
| _________________________<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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