COHEN & STEERS, INC.
For the period ended Sep 30, 2025. Filed Oct 31, 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.
Sep 30, 2025 · Filed Oct 31, 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 2025-06-30; filed 2025-08-01.
0001284812-25-000255
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001284812-25-000299
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 129 previous paragraphs and 126 current paragraphs.
79 unchanged; 35 reworded; 12 added; 13 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 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 (12)
Current report
Global economic conditions remained volatile through the third quarter of 2025, shaped by new sources of fiscal policy, monetary policy, and global trade tensions. Key developments included the recent passage of tax legislation, the beginning of the Federal Reserve's interest rate cutting regime and historically large revisions to economic data. While central banks continued to weigh inflation risks against signs of slowing growth, these factors had a more pronounced impact on investor sentiment and asset flows across regions and sectors. These dynamics influenced our business environment and operating results.
Current report
•Net inflows of $1.6 billion including $1.0 billion into U.S. real estate
Current report
•Market appreciation of $2.8 billion including $1.4 billion from U.S. real estate and $688 million from preferred securities
Current report
•Net outflows of $975 million including $532 million from U.S. real estate and $184 million from preferred securities
Current report
•Market appreciation of $1.2 billion including $499 million from global/international real estate and $418 million from U.S. real estate
Current report
•Distributions of $503 million including $486 million from U.S. real estate
Current report
•Market appreciation of $830 million including $373 million from global listed infrastructure and $211 million from preferred securities
Current report
•Distributions of $462 million including $157 million from U.S. real estate and $149 million from preferred securities
Current report
Investment advisory and administration fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management.
Current report
Distribution and service fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.
Current report
(3)Represents costs incurred in connection with a closed-end fund rights offering.
Current report
(3)Represents costs incurred in connection with a closed-end fund rights offering.
Removed paragraphs (13)
Previous 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.
Previous report
Recently Enacted Tax Legislation
Previous 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.
Previous report
•Net inflows of $870 million including $580 million into U.S. real estate
Previous report
•Market appreciation of $1.8 billion including $1.1 billion from U.S. real estate and $310 million from preferred securities
Previous report
•Net outflows of $520 million including $297 million from global/international real estate
Previous report
•Market appreciation of $1.3 billion including $566 million from global/international real estate and $316 million from U.S. real estate
Previous report
•Market appreciation of $750 million including $358 million from global/international real estate and $212 million from U.S. real estate
Previous report
•Distributions of $335 million including $326 million from U.S. real estate
Previous report
•Distributions of $308 million including $105 million from U.S. real estate and $99 million from preferred securities
Previous report
Investment advisory and administration fees increased from the six months ended June 30, 2024, primarily due to higher average assets under management.
Previous report
under management.
Previous 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.
Reworded paragraphs (35)
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 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.
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 nine months ended September 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 revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
Current wording
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles including ETFs. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
Previous wording
Below is a discussion of our assets under management for the quarter ended June 30, 2025. For additional details, please refer to the tables on pages 19 - 22.
Current wording
Below is a discussion of our assets under management for the quarter ended September 30, 2025. For additional details, please refer to the tables on pages 20 - 23.
Previous wording
Assets under management at June 30, 2025 increased 10.2% to $88.9 billion from $80.7 billion at June 30, 2024.
Current wording
Assets under management at September 30, 2025 decreased 1.0% to $90.9 billion from $91.8 billion at September 30, 2024.
Previous 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:
Current wording
Assets under management in open-end funds at September 30, 2025 increased 3.4% to $44.4 billion from $43.0 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
Previous 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
Current wording
•Distributions of $1.0 billion including $533 million from U.S. real estate and $390 million from preferred securities, of which $793 million was reinvested and included in net flows
Previous 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:
Current wording
Assets under management in institutional accounts at September 30, 2025 decreased 5.9% to $34.7 billion from $36.9 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
Previous wording
•Market appreciation of $501 million including $248 million from global listed infrastructure and $119 million from U.S. real estate
Current wording
•Market appreciation of $1.9 billion including $721 million from global/international real estate, $485 million from global listed infrastructure and $457 million from U.S. real estate
Previous 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
Current wording
•Net outflows of $447 million including $590 million from U.S. real estate and $125 million from global/international real estate, partially offset by net inflows of $307 million into global listed infrastructure
Previous 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:
Current wording
Assets under management in closed-end funds at September 30, 2025 decreased 1.2% to $11.8 billion from $11.9 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
Previous wording
•Net inflows of $106 million including $104 million into global listed infrastructure
Current wording
•Net inflows of $108 million including $105 million into global listed infrastructure
Previous wording
(1)Refer to pages 28-29 for reconciliations of U.S. GAAP to as adjusted results.
Current wording
(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.
Previous 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
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 67.5 bps and 66.2 bps for the three months ended September 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 under management.
Previous wording
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 wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.2 bps and 37.9 bps for the three months ended September 30, 2025 and 2024, respectively.
Previous 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.
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 89.2 bps and 88.8 bps for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
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 wording
Employee compensation and benefits increased from the three months ended September 30, 2024, primarily due to higher incentive compensation of $1.2 million and salaries of $0.6 million, partially offset by lower amortization of restricted stock units of $1.3 million.
Previous 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.
Current wording
General and administrative expenses increased from the three months ended September 30, 2024, primarily due to higher expenses paid on behalf of certain Company-sponsored funds totaling $0.9 million, as well as costs of $0.7 million incurred in connection with a closed-end fund rights offering.
Previous wording
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 wording
Operating margin for the three months ended September 30, 2025 increased to 34.5% from 33.7% for the three months ended September 30, 2024. Operating margin represents the ratio of operating income to revenue.
Previous wording
Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Previous 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
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 66.0 bps for the nine months ended September 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 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 wording
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.7 bps and 38.0 bps for the nine months ended September 30, 2025 and 2024, respectively.
Previous 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 88.6 bps for the six months ended June 30, 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 88.6 bps for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
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 wording
Distribution and service fees increased from the nine months ended September 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.
Previous wording
incentive compensation of $9.6 million, partially offset by lower amortization of restricted stock units of $3.6 million.
Current wording
Employee compensation and benefits increased from the nine months ended September 30, 2024, primarily due to higher incentive compensation of $10.8 million, partially offset by lower amortization of restricted stock units of $4.8 million.
Previous wording
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 wording
General and administrative expenses increased from the nine months ended September 30, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $2.6 million, higher business development-related expenses of $1.5 million and increased talent acquisition costs of $1.2 million.
Previous 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.
Current wording
Operating margin for the nine months ended September 30, 2025 increased to 33.3% from 32.7% for the nine months ended September 30, 2024.
Previous 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.
Current wording
(4)Represents reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the nine months ended September 30, 2024.
Previous wording
(4)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Current wording
(5)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Previous wording
(5)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
Current wording
(6)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
Previous 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.
Current wording
(4)Represents reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the nine months ended September 30, 2024.
Previous wording
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are primarily securities held directly for the purpose of establishing performance records and the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests.
Current wording
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are primarily securities held directly for the purpose of establishing performance track records and the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests.
Previous 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.
Current wording
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $58.9 million remained unfunded as of September 30, 2025. The timing for funding the remaining portion of our commitments is uncertain.
Previous wording
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
Current wording
Cash and cash equivalents decreased by $86.0 million, excluding the effect of foreign exchange rate changes, for the nine months ended September 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 $121.5 million, which
Previous 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.
Current wording
included net purchases of investments within consolidated funds of $264.1 million. Net cash used in investing activities was $30.7 million. Net cash provided by financing activities was $66.3 million, including net contributions from noncontrolling interests of $187.9 million, partially offset by dividends paid to stockholders of $95.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $26.9 million.
Previous 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.
Current wording
On October 30,2025, we declared a quarterly dividend on our common stock in the amount of $0.62 per share. This dividend will be payable on November 20, 2025 to stockholders of record at the close of business on November 10, 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Employee compensation and benefits increased from the three months ended June 30, 2024, primarily due to higher
Previous report — wording carried elsewhere
Employee compensation and benefits increased from the six months ended June 30, 2024, primarily due to higher