Document

Financial Highlights


(in thousands, except percentages and per share data)	Three Months Ended
	March 31, 2025			December 31, 2024			$ Change		% Change
U.S. GAAP
Revenue	$	134,467		$	139,783		$	(5,316)	(3.8	%)
Expenses	$	89,269		$	90,446		$	(1,177)	(1.3	%)
Operating income	$	45,198		$	49,337		$	(4,139)	(8.4	%)
Net income attributable to common stockholders	$	39,778		$	45,822		$	(6,044)	(13.2	%)
Diluted earnings per share	$	0.77		$	0.89		$	(0.12)	(12.7	%)
Operating margin	33.6		%	35.3		%	N/A		(170 bps)

As Adjusted (1)
Net income attributable to common stockholders	$	38,353		$	40,395		$	(2,042)	(5.1	%)
Diluted earnings per share	$	0.75		$	0.78		$	(0.03)	(4.5	%)
Operating margin	34.7		%	35.5		%	N/A		(80 bps)
_________________________ (1)Refer to pages 12-13 for reconciliations of U.S. GAAP to as adjusted results.


(in thousands)	Three Months Ended
	March 31, 2025		December 31, 2024		$ Change		% Change
Investment advisory and administration fees:
Open-end funds	$	69,658	$	70,161	$	(503)	(0.7)	%
Institutional accounts	32,167		35,585		$	(3,418)	(9.6)	%
Closed-end funds	24,946		25,994		$	(1,048)	(4.0)	%
Total	126,771		131,740		$	(4,969)	(3.8)	%
Distribution and service fees	7,184		7,450		$	(266)	(3.6)	%
Other	512		593		$	(81)	(13.7)	%
Total revenue	$	134,467	$	139,783	$	(5,316)	(3.8)	%

Non-operating Income (Loss)


(in thousands)	Three Months Ended March 31, 2025
	Consolidated Funds (1)			Corporate - Seed and Other		Total
Interest and dividend income	$	1,140		$	4,231	$	5,371
Gain (loss) from investments—net	4,208			(655)		3,553
Foreign currency gain (loss)—net	(8)			(1,164)		(1,172)
Total non-operating income (loss)	5,340			2,412		7,752
Net (income) loss attributable to noncontrolling interests	(3,511)			—		(3,511)
Non-operating income (loss) attributable to the company	$	1,829		$	2,412	$	4,241

(in thousands)	Three Months Ended December 31, 2024
	Consolidated 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		162	9,010		9,172
_________________________ (1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.


	Three Months Ended
	March 31, 2025		December 31, 2024
U.S. statutory tax rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.9		2.7
Non-deductible executive compensation	2.9		1.3
Excess tax benefits related to the vesting and delivery of restricted stock units	(6.6)		(0.4)
Unrecognized tax benefit adjustments	(0.4)		(1.9)
Valuation allowance	(0.3)		(0.6)

Other	—		(0.4)
Effective income tax rate	19.5	%	21.7	%

Assets Under Management


(in millions)	As of				Change
By Investment Vehicle	March 31, 2025		December 31, 2024		$		%
Open-end funds	$	42,298	$	40,962	$	1,336	3.3	%
Institutional accounts	33,886		33,563		$	323	1.0	%
Closed-end funds	11,395		11,289		$	106	0.9	%
Total	$	87,579	$	85,814	$	1,765	2.1	%

By Investment Strategy
U.S. real estate	$	43,591	$	42,930	$	661	1.5	%
Preferred securities	18,207		18,330		$	(123)	(0.7	%)
Global/international real estate	13,129		13,058		$	71	0.5	%
Global listed infrastructure	9,710		8,793		$	917	10.4	%
Other	2,942		2,703		$	239	8.8	%
Total	$	87,579	$	85,814	$	1,765	2.1	%

(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 March 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.

Cohen & Steers will host a conference call on Thursday, April 17, 2025 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 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.

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
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
Revenue:
Investment advisory and administration fees	$	126,771	$	131,740	$	115,345
Distribution and service fees	7,184		7,450		6,817
Other	512		593		548
Total revenue	134,467		139,783		122,710		(3.8	%)	9.6	%
Expenses:
Employee compensation and benefits	54,554		56,504		52,003
Distribution and service fees	15,189		15,733		13,395
General and administrative	17,169		15,784		14,793
Depreciation and amortization	2,357		2,425		2,254
Total expenses	89,269		90,446		82,445		(1.3	%)	8.3	%
Operating income	45,198		49,337		40,265		(8.4	%)	12.3	%
Non-operating income (loss):
Interest and dividend income—net	5,371		4,948		3,919
Gain (loss) from investments—net	3,553		(1,359)		984
Foreign currency gain (loss)—net	(1,172)		2,779		134
Total non-operating income (loss)	7,752		6,368		5,037		21.7	%	53.9	%
Income before provision for income taxes	52,950		55,705		45,302		(4.9	%)	16.9	%
Provision for income taxes	9,661		12,687		10,888
Net income	43,289		43,018		34,414		0.6	%	25.8	%
Net (income) loss attributable to noncontrolling interests	(3,511)		2,804		(410)
Net income attributable to common stockholders	$	39,778	$	45,822	$	34,004	(13.2	%)	17.0	%

Earnings per share attributable to common stockholders:
Basic	$	0.78	$	0.90	$	0.69	(13.5	%)	13.6	%
Diluted	$	0.77	$	0.89	$	0.68	(12.7	%)	13.4	%

Weighted average shares outstanding:
Basic	51,058		50,861		49,569
Diluted	51,418		51,704		49,835
_________________________ * Not meaningful.


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle

(in millions)
	Three Months Ended						% Change From
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
Open-end Funds
Assets under management, beginning of period	$	40,962	$	42,979	$	37,032
Inflows	3,519		3,904		3,302
Outflows	(2,934)		(2,741)		(2,733)
Net inflows (outflows)	585		1,163		569
Market appreciation (depreciation)	1,033		(2,801)		356
Distributions	(282)		(379)		(272)

Total increase (decrease)	1,336		(2,017)		653
Assets under management, end of period	$	42,298	$	40,962	$	37,685	3.3	%	12.2	%
Average assets under management	$	41,801	$	42,337	$	36,923	(1.3	%)	13.2	%

Institutional Accounts
Assets under management, beginning of period	$	33,563	$	36,892	$	35,028
Inflows	1,100		924		902
Outflows	(1,466)		(1,230)		(3,445)
Net inflows (outflows)	(366)		(306)		(2,543)
Market appreciation (depreciation)	853		(2,859)		123
Distributions	(164)		(164)		(184)

Total increase (decrease)	323		(3,329)		(2,604)
Assets under management, end of period	$	33,886	$	33,563	$	32,424	1.0	%	4.5	%
Average assets under management	$	33,623	$	35,435	$	32,284	(5.1	%)	4.1	%

Closed-end Funds
Assets under management, beginning of period	$	11,289	$	11,909	$	11,076
Inflows	3		3		4
Outflows	—		—		—
Net inflows (outflows)	3		3		4
Market appreciation (depreciation)	257		(469)		200
Distributions	(154)		(154)		(154)
Total increase (decrease)	106		(620)		50
Assets under management, end of period	$	11,395	$	11,289	$	11,126	0.9	%	2.4	%
Average assets under management	$	11,354	$	11,663	$	10,968	(2.6	%)	3.5	%

Total
Assets under management, beginning of period	$	85,814	$	91,780	$	83,136
Inflows	4,622		4,831		4,208
Outflows	(4,400)		(3,971)		(6,178)
Net inflows (outflows)	222		860		(1,970)
Market appreciation (depreciation)	2,143		(6,129)		679
Distributions	(600)		(697)		(610)
Total increase (decrease)	1,765		(5,966)		(1,901)
Assets under management, end of period	$	87,579	$	85,814	$	81,235	2.1	%	7.8	%
Average assets under management	$	86,778	$	89,435	$	80,175	(3.0	%)	8.2	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
	Three Months Ended						% Change From
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
Advisory
Assets under management, beginning of period	$	19,272	$	20,982	$	20,264
Inflows	597		597		687
Outflows	(705)		(698)		(2,883)
Net inflows (outflows)	(108)		(101)		(2,196)
Market appreciation (depreciation)	539		(1,609)		128

Total increase (decrease)	431		(1,710)		(2,068)
Assets under management, end of period	$	19,703	$	19,272	$	18,196	2.2	%	8.3	%
Average assets under management	$	19,581	$	20,216	$	18,066	(3.1	%)	8.4	%

Japan Subadvisory
Assets under management, beginning of period	$	8,522	$	9,365	$	9,026
Inflows	118		98		43
Outflows	(109)		(131)		(355)
Net inflows (outflows)	9		(33)		(312)
Market appreciation (depreciation)	167		(646)		5
Distributions	(164)		(164)		(184)

Total increase (decrease)	12		(843)		(491)
Assets under management, end of period	$	8,534	$	8,522	$	8,535	0.1	%	—	%
Average assets under management	$	8,584	$	9,023	$	8,640	(4.9	%)	(0.6	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,769	$	6,545	$	5,738
Inflows	385		229		172
Outflows	(652)		(401)		(207)
Net inflows (outflows)	(267)		(172)		(35)
Market appreciation (depreciation)	147		(604)		(10)

Total increase (decrease)	(120)		(776)		(45)
Assets under management, end of period	$	5,649	$	5,769	$	5,693	(2.1	%)	(0.8	%)
Average assets under management	$	5,458	$	6,196	$	5,578	(11.9	%)	(2.2	%)

Total Institutional Accounts
Assets under management, beginning of period	$	33,563	$	36,892	$	35,028
Inflows	1,100		924		902
Outflows	(1,466)		(1,230)		(3,445)
Net inflows (outflows)	(366)		(306)		(2,543)
Market appreciation (depreciation)	853		(2,859)		123
Distributions	(164)		(164)		(184)

Total increase (decrease)	323		(3,329)		(2,604)
Assets under management, end of period	$	33,886	$	33,563	$	32,424	1.0	%	4.5	%
Average assets under management	$	33,623	$	35,435	$	32,284	(5.1	%)	4.1	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy

(in millions)
	Three Months Ended						% Change From
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
U.S. Real Estate
Assets under management, beginning of period	$	42,930	$	45,685	$	38,550
Inflows	2,319		2,939		2,089
Outflows	(2,536)		(1,677)		(1,728)
Net inflows (outflows)	(217)		1,262		361
Market appreciation (depreciation)	1,250		(3,636)		(79)
Distributions	(362)		(382)		(356)
Transfers	(10)		1		—
Total increase (decrease)	661		(2,755)		(74)
Assets under management, end of period	$	43,591	$	42,930	$	38,476	1.5	%	13.3	%
Average assets under management	$	43,340	$	44,973	$	37,737	(3.6	%)	14.8	%

Preferred Securities
Assets under management, beginning of period	$	18,330	$	18,929	$	18,164
Inflows	847		927		1,233
Outflows	(923)		(1,131)		(1,251)
Net inflows (outflows)	(76)		(204)		(18)
Market appreciation (depreciation)	121		(215)		625
Distributions	(178)		(179)		(181)
Transfers	10		(1)		(1)
Total increase (decrease)	(123)		(599)		425
Assets under management, end of period	$	18,207	$	18,330	$	18,589	(0.7	%)	(2.1	%)
Average assets under management	$	18,380	$	18,681	$	18,420	(1.6	%)	(0.2	%)

Global/International Real Estate
Assets under management, beginning of period	$	13,058	$	14,986	$	15,789
Inflows	460		345		620
Outflows	(626)		(565)		(2,828)
Net inflows (outflows)	(166)		(220)		(2,208)
Market appreciation (depreciation)	242		(1,675)		(124)
Distributions	(5)		(33)		(16)
Transfers	—		—		1
Total increase (decrease)	71		(1,928)		(2,347)
Assets under management, end of period	$	13,129	$	13,058	$	13,442	0.5	%	(2.3	%)
Average assets under management	$	13,170	$	13,909	$	13,547	(5.3	%)	(2.8	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued

(in millions)
	Three Months Ended						% Change From
	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2024		March 31, 2024
Global Listed Infrastructure
Assets under management, beginning of period	$	8,793	$	9,535	$	8,356
Inflows	752		219		80
Outflows	(166)		(384)		(184)
Net inflows (outflows)	586		(165)		(104)
Market appreciation (depreciation)	407		(496)		193
Distributions	(46)		(81)		(50)
Transfers	(30)		—		—
Total increase (decrease)	917		(742)		39
Assets under management, end of period	$	9,710	$	8,793	$	8,395	10.4	%	15.7	%
Average assets under management	$	9,047	$	9,246	$	8,191	(2.2	%)	10.5	%

Other
Assets under management, beginning of period	$	2,703	$	2,645	$	2,277
Inflows	244		401		186
Outflows	(149)		(214)		(187)
Net inflows (outflows)	95		187		(1)
Market appreciation (depreciation)	123		(107)		64
Distributions	(9)		(22)		(7)
Transfers	30		—		—
Total increase (decrease)	239		58		56
Assets under management, end of period	$	2,942	$	2,703	$	2,333	8.8	%	26.1	%
Average assets under management	$	2,841	$	2,626	$	2,280	8.2	%	24.6	%

Total
Assets under management, beginning of period	$	85,814	$	91,780	$	83,136
Inflows	4,622		4,831		4,208
Outflows	(4,400)		(3,971)		(6,178)
Net inflows (outflows)	222		860		(1,970)
Market appreciation (depreciation)	2,143		(6,129)		679
Distributions	(600)		(697)		(610)

Total increase (decrease)	1,765		(5,966)		(1,901)
Assets under management, end of period	$	87,579	$	85,814	$	81,235	2.1	%	7.8	%
Average assets under management	$	86,778	$	89,435	$	80,175	(3.0	%)	8.2	%

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


	Three Months Ended
(in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Net income attributable to common stockholders, U.S. GAAP	$	39,778		$	45,822		$	34,004
Seed investments—net (1)	(50)			(1,700)			(1,003)
Accelerated vesting of restricted stock units	369			91			2,211
Lease transition and other costs - 280 Park Avenue (2)	—			—			807

Other non-recurring expense (3)	616			—			—

Foreign currency exchange (gain) loss—net (4)	969			(2,824)			(456)
Tax adjustments—net (5)	(3,329)			(994)			(910)
Net income attributable to common stockholders, as adjusted	$	38,353		$	40,395		$	34,653

Diluted weighted average shares outstanding	51,418			51,704			49,835
Diluted earnings per share, U.S. GAAP	$	0.77		$	0.89		$	0.68
Seed investments—net (1)	—		*	(0.03)			(0.02)
Accelerated vesting of restricted stock units	0.01			—		*	0.05
Lease transition and other costs - 280 Park Avenue (2)	—			—			0.02

Other non-recurring expense (3)	0.01			—			—
Foreign currency exchange (gain) loss—net (4)	0.02			(0.06)			(0.01)
Tax adjustments—net (5)	(0.06)			(0.02)			(0.02)
Diluted earnings per share, as adjusted	$	0.75		$	0.78		$	0.70
_________________________ * 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. (4)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (5)Tax adjustments are summarized in the following table:
(in thousands)	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Impact of tax effects associated with items noted above	$	(438)		$	627		$	(500)
Impact of discrete tax items	(2,891)			(1,621)			(410)
Total tax adjustments	$	(3,329)		$	(994)		$	(910)


Revenue, Expenses, Operating Income and Operating Margin

(in thousands, except percentages)	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Revenue, U.S. GAAP	$	134,467		$	139,783		$	122,710
Fund related amounts (1)	(677)			122			234

Revenue, as adjusted	$	133,790		$	139,905		$	122,944

Expenses, U.S. GAAP	$	89,269		$	90,446		$	82,445
Fund related amounts (1)	(940)			(158)			(175)
Accelerated vesting of restricted stock units	(369)			(91)			(2,211)
Lease transition and other costs - 280 Park Avenue (2)	—			—			(807)

Other non-recurring expense (3)	(616)			—			—

Expenses, as adjusted	$	87,344		$	90,197		$	79,252

Operating income, U.S. GAAP	$	45,198		$	49,337		$	40,265
Fund related amounts (1)	263			280			409
Accelerated vesting of restricted stock units	369			91			2,211
Lease transition and other costs - 280 Park Avenue (2)	—			—			807

Other non-recurring expense (3)	616			—			—

Operating income, as adjusted	$	46,446		$	49,708		$	43,692

Operating margin, U.S. GAAP	33.6		%	35.3		%	32.8		%
Operating margin, as adjusted	34.7		%	35.5		%	35.5		%
__________________________ (1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (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.


Non-operating Income (Loss)

(in thousands)	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Non-operating income (loss), U.S. GAAP	$	7,752	$	6,368	$	5,037
Seed investments—net (1)	(3,824)		824		(1,822)
Foreign currency exchange (gain) loss—net (2)	969		(2,824)		(456)
Non-operating income (loss), as adjusted	$	4,897	$	4,368	$	2,759
_________________________ (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.