COHEN & STEERS, INC.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
CNS$73.20-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001284812-25-000156
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001284812-25-000255
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 129 current paragraphs.
69 unchanged; 21 reworded; 33 added; 14 removed; 2 previous and 6 current paragraphs rearranged.
Tables are not compared: 16 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
During the second quarter of 2025, global markets remained subject to ongoing macroeconomic uncertainty and heightened geopolitical tensions. Central banks in major economies continued to evaluate the trade-off between persistent inflationary pressures and signs of moderating economic growth, contributing to evolving expectations regarding the future path of interest rates. These dynamics contributed to elevated market volatility and shifting investor sentiment, impacting asset flows across regions and sectors.
Current report
Despite these challenges, we maintained our disciplined approach, leveraging our portfolio management expertise and robust risk management framework. We believe our continued focus on prudent cost control and operational efficiency positions us to navigate this complex environment and adapt to evolving market conditions.
Current report
Recently Enacted Tax Legislation
Current report
On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (the Act), which became effective during the third quarter of fiscal year 2025. We are currently evaluating the impact of the Act; however, we do not expect the legislation to have a material impact on our consolidated financial statements and related disclosures.
Current report
•Market appreciation of $1.8 billion including $1.1 billion from U.S. real estate and $310 million from preferred securities
Current report
•Net outflows of $520 million including $297 million from global/international real estate
Current report
•Market appreciation of $1.3 billion including $566 million from global/international real estate and $316 million from U.S. real estate
Current report
Subadvisory accounts:
Current report
•Market appreciation of $750 million including $358 million from global/international real estate and $212 million from U.S. real estate
Current report
•Distributions of $335 million including $326 million from U.S. real estate
Current report
•Net inflows of $106 million including $104 million into global listed infrastructure
Current report
•Market appreciation of $501 million including $248 million from global listed infrastructure and $119 million from U.S. real estate
Current report
•Distributions of $308 million including $105 million from U.S. real estate and $99 million from preferred securities
Current report
under management.
Current report
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.9 bps and 38.3 bps for the three months ended June 30, 2025 and 2024, respectively.
Current report
Distribution and service fees increased from the three months ended June 30, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
Current report
incentive compensation of $5.9 million, partially offset by lower amortization of restricted stock units of $1.3 million and lower severance of $1.6 million.
Current report
Distribution and service fees increased from the three months ended June 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.
Current report
Operating margin for the three months ended June 30, 2025 increased to 31.8% from 31.5% for the three months ended June 30, 2024. Operating margin represents the ratio of operating income to revenue.
Current report
Percentage rounds to less than 0.1%.
Current report
Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024
Current report
Revenue
Current report
Investment advisory and administration fees increased from the six months ended June 30, 2024, primarily due to higher average assets under management.
Current report
under management.
Current report
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.9 bps and 38.1 bps for the six months ended June 30, 2025 and 2024, respectively.
Current report
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.6 bps for the six months ended June 30, 2025 and 2024, respectively.
Current report
Distribution and service fees increased from the six months ended June 30, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
Current report
Expenses
Current report
Distribution and service fees increased from the six months ended June 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.
Current report
General and administrative expenses increased from the six months ended June 30, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $1.7 million, increased talent acquisition costs of $1.1 million and higher sponsorship and business development-related expenses of $974,000.
Current report
Operating Margin
Current report
(5)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
Current report
(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the three and six months ended June 30, 2024.
Removed paragraphs (14)
Previous report
During the quarter, global markets continued to reflect macroeconomic uncertainty and geopolitical tensions. Market volatility and interest rate fluctuations influenced investor sentiment and asset flows. We remain focused on leveraging our portfolio management expertise, disciplined risk management framework and prudent cost control to navigate the current environment.
Previous report
•Market appreciation of $1.0 billion including $780 million from U.S. real estate
Previous report
•Net outflows of $108 million including $318 million from global/international real estate and $111 million from preferred securities, partially offset by net inflows of $266 million into global listed infrastructure and $51 million into U.S. real estate
Previous report
•Market appreciation of $539 million including $212 million from U.S. real estate, $174 million from global listed infrastructure and $113 million from global/international real estate
Previous report
Japan subadvisory accounts:
Previous report
•Market appreciation of $167 million including $126 million from U.S. real estate
Previous report
•Distributions of $164 million including $159 million from U.S. real estate
Previous report
Subadvisory accounts excluding Japan:
Previous report
•Market appreciation of $147 million including $69 million from global listed infrastructure and $45 million from global/international real estate
Previous report
•Market appreciation of $257 million including $118 million from global listed infrastructure and $101 million from U.S. real estate
Previous report
•Distributions of $154 million including $52 million from U.S. real estate and $50 million from preferred securities
Previous report
Distribution and service fee expenses increased from the three months ended March 31, 2024, primarily due to higher average assets under management in U.S. open-end funds.
Previous report
Non-operating Income (Loss)
Previous report
Non-operating Income (Loss)
Reworded paragraphs (21)
Previous wording
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2025 and 2024. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.
Current wording
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2025 and 2024. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.
Previous wording
Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios. In February 2025, we launched our first active exchange traded funds (ETFs). Our initial ETF launch included three strategies: U.S. real estate securities, preferred securities and natural resource equities.
Current wording
Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios. During the first quarter of 2025, we launched our first active exchange traded funds (ETFs).
Previous wording
Assets under management at March 31, 2025 increased 7.8% to $87.6 billion from $81.2 billion at March 31, 2024.
Current wording
Assets under management at June 30, 2025 increased 10.2% to $88.9 billion from $80.7 billion at June 30, 2024.
Previous wording
Assets under management in open-end funds at March 31, 2025 increased 12.2% to $42.3 billion from $37.7 billion at March 31, 2024. Activity during the first quarter of 2025 included:
Current wording
Assets under management in open-end funds at June 30, 2025 increased 14.7% to $43.0 billion from $37.5 billion at June 30, 2024. Activity during the six months ended June 30, 2025 included:
Previous wording
•Net inflows of $585 million including $183 million into U.S. real estate and $175 million into global/international real estate
Current wording
•Net inflows of $870 million including $580 million into U.S. real estate
Previous wording
•Distributions of $282 million including $151 million from U.S. real estate and $129 million from preferred securities, of which $239 million was reinvested and included in net flows
Current wording
•Distributions of $719 million including $366 million from U.S. real estate and $256 million from preferred securities, of which $537 million was reinvested and included in net flows
Previous wording
Assets under management in institutional accounts at March 31, 2025 increased 4.5% to $33.9 billion from $32.4 billion at March 31, 2024. Activity during the first quarter of 2025 included:
Current wording
Assets under management in institutional accounts at June 30, 2025 increased 6.7% to $34.4 billion from $32.2 billion at June 30, 2024. Activity during the six months ended June 30, 2025 included:
Previous wording
•Net outflows of $267 million including $447 million from U.S. real estate, partially offset by net inflows of $233 million into global listed infrastructure
Current wording
•Net outflows of $365 million including $503 million from U.S. real estate, partially offset by net inflows of $248 million into global listed infrastructure
Previous wording
Assets under management in closed-end funds at March 31, 2025 increased 2.4% to $11.4 billion from $11.1 billion at March 31, 2024. Activity during the first quarter of 2025 included:
Current wording
Assets under management in closed-end funds at June 30, 2025 increased 5.0% to $11.6 billion from $11.0 billion at June 30, 2024. Activity during the six months ended June 30, 2025 included:
Previous wording
(1)Refer to pages 26-27 for reconciliations of U.S. GAAP to as adjusted results.
Current wording
(1)Refer to pages 28-29 for reconciliations of U.S. GAAP to as adjusted results.
Previous wording
Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.6 bps and 66.2 bps for the three months ended March 31, 2025 and 2024, respectively. The increase in the implied annual effective fee rate is primarily due to a shift in the mix of assets under management.
Current wording
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.3 bps and 65.6 bps for the three months ended June 30, 2025 and 2024, respectively. The increase in the implied annualized effective fee rate is primarily due to a shift in the mix of assets
Previous wording
Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.8 bps for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.4 for the three months ended June 30, 2025 and 2024, respectively.
Previous wording
Employee compensation and benefits increased from the three months ended March 31, 2024, primarily due to higher incentive compensation of $3.7 million, partially offset by lower amortization of restricted stock units of $2.3 million. The three months ended March 31, 2024 included $2.2 million of accelerated vesting related to certain restricted stock units.
Current wording
Employee compensation and benefits increased from the three months ended June 30, 2024, primarily due to higher
Previous wording
General and administrative expenses increased from the three months ended March 31, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds of $789,000, other non-recurring expenses of $616,000 and higher recruitment fees of $473,000.
Current wording
General and administrative expenses increased from the three months ended June 30, 2024, primarily due to higher expenses paid on behalf of certain Company-sponsored funds totaling $951,000, increased talent acquisition costs of $642,000 and higher sponsorship and business development-related expenses of $638,000.
Previous wording
Total investment advisory revenue from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.8 bps and 37.8 bps for the three months ended March 31, 2025 and 2024, respectively. The increase in the implied annual effective fee rate is primarily due to a shift in the mix of assets under management, partially offset by net outflows from higher fee paying accounts.
Current wording
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.4 bps and 65.9 bps for the six months ended June 30, 2025 and 2024, respectively. The increase in the implied annual effective fee rate is primarily due to a shift in the mix of assets
Previous wording
Operating margin for the three months ended March 31, 2025 increased to 33.6% from 32.8% for the three months ended March 31, 2024.
Current wording
Operating margin for the six months ended June 30, 2025 increased to 32.7% from 32.2% for the six months ended June 30, 2024.
Previous wording
(3)Represents reimbursement of filing fees paid by certain members of senior leadership.
Current wording
(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the three and six months ended June 30, 2024.
Previous wording
Our business may become capital intensive over time to support growth initiatives. Potential uses of capital range from, among other things, seeding new strategies and investment vehicles, co-investing in private real estate vehicles, funding the upfront costs associated with product offerings, and making various investments to grow our firm infrastructure as our business scales. In order to provide us with the financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026.
Current wording
Our business may become capital intensive over time to support growth initiatives. Potential uses of capital range from, among other things, seeding new strategies and investment vehicles, co-investing in private real estate vehicles, funding the upfront costs associated with product offerings, and making various investments to grow our firm infrastructure as our business scales. In order to provide us with additional financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026.
Previous wording
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $66.3 million remained unfunded as of March 31, 2025. The timing for funding the remaining portion of our commitments is uncertain.
Current wording
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $64.1 million remained unfunded as of June 30, 2025. The timing for funding the remaining portion of our commitments is uncertain.
Previous wording
Cash and cash equivalents decreased by $117.5 million, excluding the effect of foreign exchange rate changes, for the three months ended March 31, 2025. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash used in operating activities was $108.9 million which included net purchases of investments within consolidated funds of $115.3 million, of which $54.3 million represented seed investments into the ETFs made by the Company. Net cash provided by investing activities was $2.0 million. Net cash used in financing activities was $10.5 million, including net contributions from noncontrolling interests of $46.8 million, partially offset by dividends paid to stockholders of $31.7 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $26.0 million.
Current wording
included net purchases of investments within consolidated funds of $242.2 million, including $54.3 million of our seed investments into the ETFs. Net cash provided by investing activities was $4.5 million. Net cash provided by financing activities was $83.3 million, including net contributions from noncontrolling interests of $172.7 million, partially offset by dividends paid to stockholders of $63.4 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $26.6 million.
Previous wording
On May 1, 2025, we declared a quarterly dividend on our common stock in the amount of $0.62 per share. This dividend will be payable on May 22, 2025 to stockholders of record at the close of business on May 12, 2025.
Current wording
On July 31,2025, we declared a quarterly dividend on our common stock in the amount of $0.62 per share. This dividend will be payable on August 21, 2025 to stockholders of record at the close of business on August 11, 2025.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Employee compensation and benefits increased from the six months ended June 30, 2024, primarily due to higher
Current report — wording carried from elsewhere
incentive compensation of $9.6 million, partially offset by lower amortization of restricted stock units of $3.6 million.
Current report — wording carried from elsewhere
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.
Current report — wording carried from elsewhere
A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:
Current report — wording carried from elsewhere
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Current report — wording carried from elsewhere
Cash and cash equivalents decreased by $88.8 million, excluding the effect of foreign exchange rate changes, for the six months ended June 30, 2025. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash used in operating activities was $176.6 million, which
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(5)Tax adjustments are summarized in the following table:
Previous report — wording carried elsewhere
(3)Represents reimbursement of filing fees paid by certain members of senior leadership.