Cohen & Steers三季度调整后EPS同比增9.9%，净流入15.5亿美元创2021年四季度以来最强

----- cns-20261015.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM
8-K
_____________________
CURRENT REPORT
Pursuant to section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
October 15, 2026
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in Charter)
_____________________
Delaware
001-32236
14-1904657
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
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)
_________________________________________
(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 registered
Common Stock, $0.01 par value
CNS
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Item 2.02. Results of Operations and Financial Condition.
On October 15, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended September 30, 2026. Copies of the press release announcing the availability of the Company’s results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.
The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.
EXHIBIT INDEX
Exhibit No.
Description
99.1
Earnings announcement press release dated October 15, 2026
99.2
Earnings release dated October 15, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cohen & Steers, Inc.
(Registrant)
Date: October 15, 2026
By:
/s/ Amit Muni
Name: Amit Muni
Title: Executive Vice President & Chief Financial Officer

----- cns-earningsannouncement93.htm -----
EX-99.1
2
cns-earningsannouncement93.htm
CNS EARNINGS ANNOUNCEMENT
Document
Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, NY 10036-2708
Tel (212) 832-3232
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2026
New York, NY, October 15, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2026 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."
Conference Call and Webcast Information
The company will host a conference call tomorrow, Friday, October 16, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be Chief Executive Officer, Joseph Harvey, Chief Financial Officer, Amit Muni, and President and Chief Investment Officer, Jon Cheigh.
The earnings presentation will be displayed through the live webcast and referenced by management during the conference call.
Investors and analysts can access the live conference call by dialing +1-833-461-5787 (toll free) or +1-585-542-9983 (international); meeting ID: 350 591 233. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.
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 +1-833-309-1852 (toll free); meeting ID: 350 591 233. A replay of the webcast will be archived on the website at www.cohenandsteers.com under “Company—Investor Relations” under “Financials.”
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.
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353

----- cns-earningsreleasex93026e.htm -----
EX-99.2
3
cns-earningsreleasex93026e.htm
CNS EARNINGS RELEASE
Document
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2026
Fifth consecutive quarter of organic growth, broadening client demand and continued execution across strategic growth initiatives
•
Diluted EPS of $0.81; $0.89, adjusted
•
AUM of $95.9 billion at quarter end
•
Broad based net inflows of $1.6 billion, our strongest quarter since Q4 2021
•
Continued Wealth channel momentum across mutual funds, ETFs and SICAVs
NEW YORK, NY, October 15, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2026.
Joseph M. Harvey, Chief Executive Officer: “Our third-quarter results provide further evidence that our growth strategy is gaining traction. We generated our fifth consecutive quarter of organic growth with $1.6 billion of net inflows and positive contributions across a broad range of strategies, vehicles and client channels.” Mr. Harvey continued, "Demand for real assets is broadening as investors increasingly recognize their role in diversified portfolios. At the same time, our investments in new vehicles and global distribution are expanding how clients can access our capabilities and are increasing our addressable market. With strong investment capabilities, a more diversified platform and a healthy pipeline of future business, we believe Cohen & Steers is well positioned to build on this momentum and deliver sustainable long-term results for clients and shareholders."
Operating and Financial highlights
As of and for the quarters ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Operating results
(in billions)
:
AUM
$
95.9
$
100.1
$
93.1
$
90.5
$
90.9
Net inflows (outflows)
$
1.6
$
1.3
$
0.5
$
1.2
$
0.2
Average AUM
$
101.1
$
99.0
$
94.4
$
90.8
$
89.7
GAAP results
Revenue
(in millions)
$
157.4
$
152.7
$
145.6
$
143.8
$
141.7
Net income
(in millions)
$
42.2
$
49.3
$
42.4
$
34.9
$
41.7
Diluted EPS
$
0.81
$
0.95
$
0.82
$
0.68
$
0.81
Operating margin
32.4
%
34.6
%
34.4
%
28.0
%
34.5
%
Fee Rate
(ex. performance fees)
58.3 bps
58.5 bps
59.0 bps
58.7 bps
59.1 bps
Adjusted results (non-GAAP)
Revenue
(in millions)
$
156.4
$
151.8
$
144.3
$
143.8
$
140.9
Net income
(in millions)
$
46.5
$
44.0
$
40.7
$
41.7
$
41.7
Diluted EPS
$
0.89
$
0.85
$
0.79
$
0.81
$
0.81
Operating margin
37.2
%
36.3
%
35.1
%
36.4
%
36.1
%
Fee Rate
(ex. performance fees)
57.9 bps
58.1 bps
58.4 bps
58.6 bps
58.7 bps
1
Business developments:
•
In August, we launched Cohen & Steers Real Assets Active ETF (CSRA). This increases our active ETF offerings to seven funds across our core capabilities, accelerating our participation in the rapidly expanding ETF market while providing investors with greater flexibility and access to our investment expertise in real assets and preferred securities.
•
The Cohen & Steers Real Estate Opportunities Fund (REOF) acquired two additional properties during the third quarter. Additionally, Cohen & Steers Income Opportunities REIT, Inc, (CNSREIT) acquired an additional shopping center in the third quarter, bringing the fund to a total of twelve properties. These properties demonstrate Cohen & Steers’ commitment to the investment thesis of acquiring well-occupied, income-generating shopping centers anchored by necessity-based retailers in growing, supply-constrained markets.
•
In July, we appointed Erik Schneberger as Chief Marketing Officer, bringing more than two decades of experience leading and building award-winning marketing organizations across leading firms in the financial services industry. His expertise in brand and media strategies, digital innovation, and client engagement across wealth and institutional channels will help drive our global growth strategy as we continue to invest in distribution.
•
Our international business development efforts continued in the third quarter of 2026 with several key milestones including the fundings of both our first Singaporean client and Philippine client, meaningful progress in our SICAV business with onboarding of our Short Duration Hybrid Credit & Income SICAV fund in partnership with a major multinational bank in Asia, and recognition for our Diversified Real Assets SICAV fund with Rayner Spencer Mills Research (RSMR) for “Best Specialist Fund” award beating out our competitors.
2
Quarterly highlights
Assets under management (AUM)
(in millions)
As of
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
By vehicle:
Mutual Funds
$
40,012
$
41,598
$
38,581
$
37,503
$
38,678
ETFs
1,310
1,075
597
374
199
SICAVs
2,225
2,006
1,653
1,533
1,436
Other Wealth Vehicles
4,158
4,314
4,010
4,027
4,108
Total Wealth
47,705
48,993
44,841
43,437
44,421
Institutional
36,208
38,523
36,029
35,060
34,711
Closed-end Funds
12,031
12,583
12,258
12,047
11,765
Total Firm
$
95,944
$
100,099
$
93,128
$
90,544
$
90,897
By strategy:
Real Estate
$
61,647
$
65,248
$
59,395
$
58,165
$
59,053
Preferred Securities
18,092
18,433
17,903
18,139
18,500
Global listed Infrastructure
12,488
13,082
12,808
11,606
10,660
Multi-Strategy Real Assets
3,717
3,336
3,022
2,634
2,684
Total Firm
$
95,944
$
100,099
$
93,128
$
90,544
$
90,897
Average AUM
$
101,105
$
98,977
$
94,361
$
90,751
$
89,738
_________________________
Note: Totals may not foot due to rounding.
AUM at the end of the quarter was $95.9 billion, a decrease of 4.2% from $100.1 billion at the end of the second quarter of 2026 due to market depreciation of $5.1 billion and distributions of $632 million, partially offset by net inflows of $1.6 billion. Average AUM increased 2.1% from the end of the second quarter of 2026. Firmwide net inflows were driven by our wealth channel, with net inflows across all of our strategies.
Revenues
Total revenues increased approximately 3% on both a GAAP and adjusted basis from the second quarter of 2026 due to higher average AUM and one additional day in the current quarter. Total revenues increased approximately 11% on both a GAAP and adjusted basis from the third quarter of 2025 primarily due to higher average AUM.
Expenses
Total operating expenses increased 6.4% on a GAAP basis from the second quarter of 2026 primarily due to distribution and service fees associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering. Adjusted total operating expenses increased 1.7% from the second quarter of 2026 primarily due to higher employee compensation and benefits, in line with the increase in revenues.
Total operating expenses increased 14.6% from the third quarter of 2025 primarily due to higher employee compensation and benefits due to higher revenue and AUM, and higher distribution and service fees primarily due to the RQI rights offering. Total adjusted operating expenses increased 9.1% from the third quarter of 2025 primarily due to higher employee compensation and benefits, consistent with the increase in revenues.
3
Income Taxes
Our effective income tax rate for the third quarter of 2026 was 26.4%, resulting in income tax expense of $15.2 million. Our adjusted effective income tax rate for the third quarter of 2026 was 25.6%.
Capital allocation and balance sheet
As of September 30, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $387.8 million, compared with $354.3 million as of June 30, 2026.
During the quarter, the Board of Directors declared a $0.67 quarterly dividend per share, which was paid on August 20, 2026 to stockholders of record as of the close of business on August 10, 2026.
Investment Performance at September 30, 2026
________________________
(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2)    © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2026. 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.
4
Conference Call and Webcast Information
Cohen & Steers will host a conference call and webcast on Friday, October 16, 2026 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing +1-833-461-5787 (toll free) or +1-585-542-9983 (international); meeting ID: 350 591 233. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.
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 +1-833-309-1852 (toll free); meeting ID: 350 591 233. A replay of the webcast will be archived on the website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.”
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, 2025 (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.
# # # #
5
Cohen & Steers, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Revenue:
Investment advisory and administration fees
$
148,655
$
144,285
$
136,826
$
135,890
$
133,628
Distribution and service fees
8,056
7,919
8,055
7,475
7,513
Other
716
526
758
438
579
Total revenue
157,427
152,730
145,639
143,803
141,720
Expenses:
Employee compensation and benefits
64,115
61,506
57,702
56,076
57,196
Distribution and service fees
22,070
16,890
16,337
25,670
16,329
General and administrative
17,525
18,953
18,904
19,212
16,775
Depreciation and amortization
2,652
2,606
2,574
2,535
2,519
Total expenses
106,362
99,955
95,517
103,493
92,819
Operating income
51,065
52,775
50,122
40,310
48,901
Non-operating income (loss):
Interest and dividend income
5,942
5,218
5,307
5,217
5,106
Gain (loss) from investments—net
(1,320)
14,186
1,011
(2,248)
692
Foreign currency gain (loss)—net
311
(166)
759
(991)
859
Total non-operating income (loss)
4,933
19,238
7,077
1,978
6,657
Income before provision for income taxes
55,998
72,013
57,199
42,288
55,558
Provision for income taxes
15,166
16,447
15,979
11,585
13,924
Net income
40,832
55,566
41,220
30,703
41,634
Net (income) loss attributable to noncontrolling
interests
1,412
(6,223)
1,148
4,176
77
Net income attributable to common stockholders
$
42,244
$
49,343
$
42,368
$
34,879
$
41,711
Earnings per share attributable to common
stockholders:
Basic
$
0.82
$
0.96
$
0.82
$
0.68
$
0.81
Diluted
$
0.81
$
0.95
$
0.82
$
0.68
$
0.81
Weighted average shares outstanding:
Basic
51,567
51,545
51,441
51,243
51,205
Diluted
52,114
51,861
51,595
51,639
51,572
Adjusted (non-GAAP)
Revenue
$
156,408
$
151,837
$
144,264
$
143,794
$
140,937
Expense
$
98,299
$
96,692
$
93,610
$
91,432
$
90,060
Operating income
$
58,109
$
55,145
$
50,654
$
52,362
$
50,877
Net income
$
46,458
$
43,968
$
40,692
$
41,718
$
41,720
Diluted EPS
$
0.89
$
0.85
$
0.79
$
0.81
$
0.81
Operating margin
37.2
%
36.3
%
35.1
%
36.4
%
36.1
%
6
Cohen & Steers, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Nine Months Ended
September 30,
2026
September 30,
2025
Revenue:
Investment advisory and administration fees
$
429,766
$
388,944
Distribution and service fees
24,030
21,863
Other
2,000
1,506
Total revenue
455,796
412,313
Expenses:
Employee compensation and benefits
183,323
168,390
Distribution and service fees
55,297
47,224
General and administrative
55,382
52,022
Depreciation and amortization
7,832
7,251
Total expenses
301,834
274,887
Operating income
153,962
137,426
Non-operating income (loss):
Interest and dividend income
16,467
16,792
Gain (loss) from investments—net
13,877
10,960
Foreign currency gain (loss)—net
904
(2,836)
Total non-operating income (loss)
31,248
24,916
Income before provision for income taxes
185,210
162,342
Provision for income taxes
47,592
35,647
Net income
137,618
126,695
Net (income) loss attributable to noncontrolling interests
(3,663)
(8,357)
Net income attributable to common stockholders
$
133,955
$
118,338
Earnings per share attributable to common stockholders:
Basic
$
2.60
$
2.31
Diluted
$
2.58
$
2.30
Weighted average shares outstanding:
Basic
51,518
51,143
Diluted
51,858
51,488
Adjusted (non-GAAP)
Revenue
$
452,509
$
410,047
Expense
$
288,601
$
267,266
Operating income
$
163,908
$
142,781
Net income
$
131,118
$
117,397
Diluted EPS
$
2.53
$
2.28
Operating margin
36.2
%
34.8
%
7
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Wealth
Assets under management, beginning of period
$
48,993
$
44,841
$
43,437
$
44,421
$
42,962
Inflows
3,685
4,275
3,358
3,487
3,148
Outflows
(2,388)
(2,821)
(2,803)
(3,474)
(2,380)
Net inflows (outflows)
1,297
1,454
555
13
768
Market appreciation (depreciation)
(2,268)
3,147
1,155
(378)
972
Distributions
(317)
(449)
(306)
(535)
(305)
Transfers
—
—
—
(84)
24
Total increase (decrease)
(1,287)
4,152
1,404
(984)
1,459
Assets under management, end of period
$
47,705
$
48,993
$
44,841
$
43,437
$
44,421
Average assets under management
$
49,680
$
48,111
$
45,279
$
43,812
$
43,633
Institutional
Assets under management, beginning of period
$
38,523
$
36,029
$
35,060
$
34,711
$
34,386
Inflows
1,117
1,372
1,103
1,790
812
Outflows
(1,068)
(1,529)
(1,162)
(1,109)
(1,349)
Net inflows (outflows)
49
(157)
(59)
681
(537)
Market appreciation (depreciation)
(2,220)
2,801
1,184
(252)
1,054
Distributions
(144)
(150)
(156)
(164)
(168)
Transfers
—
—
—
84
(24)
Total increase (decrease)
(2,315)
2,494
969
349
325
Assets under management, end of period
$
36,208
$
38,523
$
36,029
$
35,060
$
34,711
Average assets under management
$
38,838
$
38,272
$
36,714
$
34,924
$
34,459
Closed-end Funds
Assets under management, beginning of period
$
12,583
$
12,258
$
12,047
$
11,765
$
11,588
Inflows
204
1
1
513
2
Outflows
—
—
—
—
—
Net inflows (outflows)
204
1
1
513
2
Market appreciation (depreciation)
(585)
493
375
(55)
329
Distributions
(171)
(169)
(165)
(176)
(154)
Total increase (decrease)
(552)
325
211
282
177
Assets under management, end of period
$
12,031
$
12,583
$
12,258
$
12,047
$
11,765
Average assets under management
$
12,587
$
12,594
$
12,368
$
12,015
$
11,646
12587000000
Total
Assets under management, beginning of period
$
100,099
$
93,128
$
90,544
$
90,897
$
88,936
Inflows
5,006
5,648
4,462
5,790
3,962
Outflows
(3,456)
(4,350)
(3,965)
(4,583)
(3,729)
Net inflows (outflows)
1,550
1,298
497
1,207
233
Market appreciation (depreciation)
(5,073)
6,441
2,714
(685)
2,355
Distributions
(632)
(768)
(627)
(875)
(627)
Total increase (decrease)
(4,155)
6,971
2,584
(353)
1,961
Assets under management, end of period
$
95,944
$
100,099
$
93,128
$
90,544
$
90,897
Average assets under management
$
101,105
$
98,977
$
94,361
$
90,751
$
89,738
_________________________
Note: Totals may not foot due to rounding.
8
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Wealth Vehicle
(in millions)
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Mutual Funds
Assets under management, beginning of period
$
41,598
$
38,581
$
37,503
$
38,678
$
37,464
Inflows
2,722
3,185
2,743
2,797
2,732
Outflows
(1,995)
(2,380)
(2,432)
(2,989)
(2,023)
Net inflows (outflows)
727
805
311
(192)
709
Market appreciation (depreciation)
(2,011)
2,838
1,065
(370)
805
Distributions
(301)
(437)
(298)
(529)
(300)
Transfers
—
(189)
—
(84)
—
Total increase (decrease)
(1,585)
3,017
1,078
(1,175)
1,214
Assets under management, end of period
$
40,012
$
41,598
$
38,581
$
37,503
$
38,678
Average assets under management
$
41,918
$
41,196
$
39,053
$
37,966
$
38,033
ETFs
Assets under management, beginning of period
$
1,075
$
597
$
374
$
199
$
124
Inflows
368
358
244
181
76
Outflows
(94)
(77)
(33)
(6)
(6)
Net inflows (outflows)
274
281
211
175
70
Market appreciation (depreciation)
(28)
16
16
3
7
Distributions
(9)
(8)
(4)
(3)
(2)
Transfers
—
189
—
—
—
Total increase (decrease)
236
478
223
175
75
Assets under management, end of period
$
1,310
$
1,075
$
597
$
374
$
199
Average assets under management
$
1,241
$
813
$
488
$
260
$
157
SICAVs
Assets under management, beginning of period
$
2,006
$
1,653
$
1,533
$
1,436
$
1,365
Inflows
395
529
195
366
170
Outflows
(105)
(203)
(132)
(278)
(159)
Net inflows (outflows)
290
326
63
88
11
Market appreciation (depreciation)
(69)
28
58
10
37
Distributions
(3)
(1)
(1)
(1)
(1)
Transfers
—
—
—
—
24
Total increase (decrease)
219
353
120
97
71
Assets under management, end of period
$
2,225
$
2,006
$
1,653
$
1,533
$
1,436
Average assets under management
$
2,207
$
1,890
$
1,659
$
1,511
$
1,376
Other Wealth Vehicles
Assets under management, beginning of period
$
4,314
$
4,010
$
4,027
$
4,108
$
4,009
Inflows
200
203
176
143
170
Outflows
(194)
(161)
(206)
(201)
(192)
Net inflows (outflows)
7
42
(30)
(58)
(22)
Market appreciation (depreciation)
(160)
265
16
(21)
123
Distributions
(4)
(3)
(3)
(2)
(2)
Total increase (decrease)
(157)
304
(17)
(81)
99
Assets under management, end of period
$
4,158
$
4,314
$
4,010
$
4,027
$
4,108
Average assets under management
$
4,314
$
4,212
$
4,079
$
4,075
$
4,067
_________________________
Note: Totals may not foot due to rounding.
9
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Real Estate
Assets under management, beginning of period
$
65,248
$
59,395
$
58,165
$
59,053
$
58,306
Inflows
3,097
3,654
2,883
3,286
2,631
Outflows
(2,413)
(3,077)
(2,788)
(2,632)
(2,648)
Net inflows (outflows)
684
577
95
654
(17)
Market appreciation (depreciation)
(3,911)
5,723
1,518
(1,025)
1,154
Distributions
(374)
(447)
(383)
(517)
(390)
Total increase (decrease)
(3,601)
5,853
1,230
(888)
747
Assets under management, end of period
$
61,647
$
65,248
$
59,395
$
58,165
$
59,053
Average assets under management
$
65,987
$
64,246
$
60,734
$
58,480
$
58,513
Preferred Securities
Assets under management, beginning of period
$
18,433
$
17,903
$
18,139
$
18,500
$
17,955
Inflows
985
954
850
956
886
Outflows
(704)
(773)
(718)
(1,290)
(756)
Net inflows (outflows)
282
181
132
(334)
130
Market appreciation (depreciation)
(428)
539
(185)
157
599
Distributions
(193)
(190)
(183)
(184)
(184)
Total increase (decrease)
(340)
530
(236)
(361)
545
Assets under management, end of period
$
18,092
$
18,433
$
17,903
$
18,139
$
18,500
Average assets under management
$
18,397
$
18,325
$
18,240
$
18,300
$
18,300
Global Listed Infrastructure
Assets under management, beginning of period
$
13,082
$
12,808
$
11,606
$
10,660
$
10,175
Inflows
466
476
438
1,323
214
Outflows
(242)
(316)
(307)
(389)
(155)
Net inflows (outflows)
224
160
131
934
59
Market appreciation (depreciation)
(761)
213
1,125
105
472
Distributions
(57)
(99)
(54)
(93)
(46)
Total increase (decrease)
(594)
274
1,202
946
485
Assets under management, end of period
$
12,488
$
13,082
$
12,808
$
11,606
$
10,660
Average assets under management
$
13,089
$
13,084
$
12,476
$
11,292
$
10,358
10
Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Multi-Strategy Real Assets
Assets under management, beginning of period
$
3,336
$
3,022
$
2,634
$
2,684
$
2,500
Inflows
458
564
291
225
231
Outflows
(97)
(184)
(152)
(272)
(170)
Net inflows (outflows)
361
380
139
(47)
61
Market appreciation (depreciation)
28
(34)
256
78
130
Distributions
(8)
(32)
(7)
(81)
(7)
Total increase (decrease)
381
314
388
(50)
184
Assets under management, end of period
$
3,717
$
3,336
$
3,022
$
2,634
$
2,684
Average assets under management
$
3,633
$
3,322
$
2,911
$
2,679
$
2,567
Total
Assets under management, beginning of period
$
100,099
$
93,128
$
90,544
$
90,897
$
88,936
Inflows
5,006
5,648
4,462
5,790
3,962
Outflows
(3,456)
(4,350)
(3,965)
(4,583)
(3,729)
Net inflows (outflows)
1,550
1,298
497
1,207
233
Market appreciation (depreciation)
(5,073)
6,441
2,714
(685)
2,355
Distributions
(632)
(768)
(627)
(875)
(627)
Total increase (decrease)
(4,155)
6,971
2,584
(353)
1,961
Assets under management, end of period
$
95,944
$
100,099
$
93,128
$
90,544
$
90,897
Average assets under management
$
101,105
$
98,977
$
94,361
$
90,751
$
89,738
_________________________
Notes:
(1) Totals may not foot due to rounding.
(2) Investment strategies were reclassified during the current quarter and prior period amounts have been recast to conform to the current presentation. Such reclassifications had no impact on the total assets under management previously reported.
11
Reconciliations of U.S. GAAP to Adjusted Financial Results
Management believes that use of the following adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these adjusted financial results are used to prepare the company's internal management reports that are used in evaluating its business. While management believes that these 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
Nine Months Ended
(in thousands, except per share data)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
September 30,
2026
September 30,
2025
Net income attributable to common stockholders, U.S. GAAP
$
42,244
$
49,343
$
42,368
$
34,879
$
41,711
$
133,955
$
118,338
Seed investments—net
(1)
(1,330)
(8,974)
(3,299)
(1,498)
(1,320)
(13,603)
(4,893)
Accelerated vesting of restricted stock units
424
771
(4)
(77)
1,142
1,191
3,346
Fund launch and rights offering costs
5,105
1,264
335
10,814
650
6,704
650
Other non-recurring expenses
(2)
1,128
—
—
—
—
1,128
616
Foreign currency (gain) loss—net
(311)
166
(759)
422
(677)
(904)
3,034
Tax effects of adjustments above
(895)
1,928
1,300
(2,062)
(132)
2,333
(789)
Tax effects of discrete tax items
(3)
93
(530)
751
(760)
346
314
(2,905)
Net income attributable to common stockholders, adjusted
$
46,458
$
43,968
$
40,692
$
41,718
$
41,720
$
131,118
$
117,397
Diluted weighted average shares outstanding
52,114
51,861
51,595
51,639
51,572
51,858
51,488
Diluted earnings per share, U.S. GAAP
$
0.81
$
0.95
$
0.82
$
0.68
$
0.81
$
2.58
$
2.30
Seed investments—net
(1)
(0.02)
(0.17)
(0.06)
(0.03)
(0.03)
(0.26)
(0.10)
Accelerated vesting of restricted stock units
0.01
0.02
—
*
—
*
0.02
0.03
0.07
Fund launch and rights offering costs
0.10
0.02
0.01
0.21
0.01
0.13
0.01
Other non-recurring expenses
(2)
0.02
—
—
—
—
0.02
0.01
Foreign currency (gain) loss—net
(0.01)
—
*
(0.02)
0.01
(0.01)
(0.02)
0.06
Tax effects of adjustments above
(0.02)
0.04
0.03
(0.04)
—
*
0.04
(0.01)
Tax effects of discrete tax items
(3)
—
*
(0.01)
0.01
(0.02)
0.01
0.01
(0.06)
Diluted earnings per share, adjusted
$
0.89
$
0.85
$
0.79
$
0.81
$
0.81
$
2.53
$
2.28
_________________________
* 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 a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025.
(3)
Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
12
Reconciliations of U.S. GAAP to Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages)
Three Months Ended
Nine Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
September 30,
2026
September 30,
2025
Revenue, U.S. GAAP
$
157,427
$
152,730
$
145,639
$
143,803
$
141,720
$
455,796
$
412,313
Fund related amounts
(1)
(1,019)
(893)
(1,375)
(9)
(783)
(3,287)
(2,266)
Revenue, adjusted
$
156,408
$
151,837
$
144,264
$
143,794
$
140,937
$
452,509
$
410,047
Expenses, U.S. GAAP
$
106,362
$
99,955
$
95,517
$
103,493
$
92,819
$
301,834
$
274,887
Fund related amounts
(1)
(1,406)
(1,228)
(1,576)
(1,324)
(967)
(4,210)
(3,009)
Accelerated vesting of restricted stock units
(424)
(771)
4
77
(1,142)
(1,191)
(3,346)
Fund launch and rights offering costs
(5,105)
(1,264)
(335)
(10,814)
(650)
(6,704)
(650)
Other non-recurring expenses
(2)
(1,128)
—
—
—
—
(1,128)
(616)
Expenses, adjusted
$
98,299
$
96,692
$
93,610
$
91,432
$
90,060
$
288,601
$
267,266
Operating income, U.S. GAAP
$
51,065
$
52,775
$
50,122
$
40,310
$
48,901
$
153,962
$
137,426
Fund related amounts
(1)
387
335
201
1,315
184
923
743
Accelerated vesting of restricted stock units
424
771
(4)
(77)
1,142
1,191
3,346
Fund launch and rights offering costs
5,105
1,264
335
10,814
650
6,704
650
Other non-recurring expenses
(2)
1,128
—
—
—
—
1,128
616
Operating income, adjusted
$
58,109
$
55,145
$
50,654
$
52,362
$
50,877
$
163,908
$
142,781
Operating margin, U.S. GAAP
32.4
%
34.6
%
34.4
%
28.0
%
34.5
%
33.8
%
33.3
%
Operating margin, adjusted
37.2
%
36.3
%
35.1
%
36.4
%
36.1
%
36.2
%
34.8
%
_________________________
(1)
Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.
(2)
Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025.
Non-operating Income (Loss)
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
September 30,
2026
September 30,
2025
Non-operating income (loss), U.S. GAAP
$
4,933
$
19,238
$
7,077
$
1,978
$
6,657
$
31,248
$
24,916
Seed investments—net
(1)
(305)
(15,532)
(2,352)
1,363
(1,427)
(18,189)
(13,993)
Foreign currency (gain) loss—net
(311)
166
(759)
422
(677)
(904)
3,034
Non-operating income (loss), adjusted
$
4,317
$
3,872
$
3,966
$
3,763
$
4,553
$
12,155
$
13,957
_________________________
(1)
Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
13