COHEN & STEERS, INC.

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 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.

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 months ended March 31, 2026 and 2025. 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. During the first quarter of 2025, we launched our first active exchange traded funds (ETFs).

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, including active exchange traded funds (ETFs), separate accounts and subadvised portfolios.

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 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.

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. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from open-end funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund’s board of directors for certain contracts.

Previous wording

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 wording

Despite these conditions, we continue to maintain our disciplined investment approach, supported by our portfolio management expertise and robust risk management framework. Our continued focus on prudent cost control and operational efficiency has supported our ability to navigate the evolving environment and respond to changing market conditions.

Previous 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.

Current wording

Below is a discussion of our assets under management for the quarter ended March 31, 2026. For additional details, please refer to the tables on pages 19 - 22.

Previous 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:

Current wording

Assets under management in open-end funds as of March 31, 2026 increased 6.0% to $44.8 billion from $42.3 billion as of March 31, 2025. Activity during the first quarter of 2026 included:

Previous wording

•Market appreciation of $1.2 billion including $499 million from global/international real estate and $418 million from U.S. real estate

Current wording

•Market appreciation of $1.2 billion including $858 million from U.S. real estate; and

Previous 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

Current wording

•Distributions of $306 million including $168 million from U.S. real estate and $133 million from preferred securities, of which $254 million was reinvested and included in net flows.

Previous 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:

Current wording

Assets under management in institutional accounts as of March 31, 2026 increased 6.3% to $36.0 billion from $33.9 billion as of March 31, 2025. Activity during the first quarter of 2026 included:

Previous wording

•Net inflows of $108 million including $105 million into global listed infrastructure

Current wording

•Net inflows of $210 million including $101 million into global listed infrastructure and $79 million into global/international real estate; and

Previous 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:

Current wording

Assets under management in closed-end funds as of March 31, 2026 increased 7.6% to $12.3 billion from $11.4 billion as of March 31, 2025. Activity during the first quarter of 2026 included:

Previous wording

(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.

Current wording

(1)Refer to pages 26-27 for reconciliations of U.S. GAAP to as adjusted results.

Previous 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.

Current wording

Total investment advisory revenue from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.2 bps and 38.8 bps for the three months ended March 31, 2026 and 2025, respectively.

Previous 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.

Current wording

Employee compensation and benefits increased from the three months ended March 31, 2025, primarily due to higher incentive compensation of $1.4 million and salaries of $0.9 million.

Previous 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.

Current wording

General and administrative expenses increased from the three months ended March 31, 2025, primarily due to higher information technology related costs of $0.5 million, expenses of consolidated funds of $0.4 million and higher expenses paid on behalf of certain Company-sponsored funds totaling $0.3 million.

Previous 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.

Current wording

Operating margin for the three months ended March 31, 2026 increased to 34.4% from 33.6% for the three months ended March 31, 2025. Operating margin represents the ratio of operating income to revenue.

Previous wording

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.

Current wording

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 that 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.

Previous 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.

Current wording

(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025.

Previous wording

(6)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.

Current wording

(3)Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.

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 track 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 include securities held directly for the purpose of establishing performance track records, the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests and seed investments in funds that are not consolidated.

Previous wording

Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis at September 30, 2025, no allowance for uncollectible accounts was required.

Current wording

Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis as of March 31, 2026, no allowance for uncollectible accounts was required.

Previous wording

Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.

Current wording

Current liabilities include accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12-months, certain income taxes payable and certain other liabilities and accrued expenses.

Previous 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.

Current wording

We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $69.1 million remained unfunded as of March 31, 2026. The timing for funding the remaining portion of our commitments is uncertain.

Previous 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.

Current wording

Cash and cash equivalents decreased by $89.8 million, excluding the effect of foreign exchange rate changes, for the three months ended March 31, 2026. 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 $51.4 million which included net purchases of investments within consolidated funds of $42.5 million. Net cash used in investing activities was $24.8 million. Net cash used in financing activities was $13.7 million, including net contributions from noncontrolling interests of $37.4 million, partially offset by dividends paid to stockholders of $34.5 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $16.9 million.

Previous wording

The Company’s material contractual obligations, commitments and contingencies at September 30, 2025 include operating leases, investment commitments, and purchase obligations. As of September 30, 2025, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2024 other than the items described below.

Current wording

The Company’s material contractual obligations, commitments and contingencies as of March 31, 2026 include operating leases, investment commitments and purchase obligations. As of March 31, 2026, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2025 other than the items described below.

Previous wording

We have committed to invest up to a total of $175.0 million in certain of our investment vehicles. Refer to Note 11, Commitments and Contingencies, in the notes to the condensed consolidated financial statements included in Part I of this filing for further discussion.

Current wording

Refer to Note 11, Commitments and Contingencies, in the notes to the condensed consolidated financial statements included in Part I of this filing for further discussion.

Previous wording

Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we consider general economic and business conditions, our strategic plans, our results of operations and financial condition, cash flow and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.

Current wording

Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we consider general economic and business conditions, our strategic plans, our results of operations and financial condition, cash flows and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.

Previous 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.

Current wording

On April 30, 2026, we declared a quarterly dividend on our common stock in the amount of $0.67 per share. This dividend will be payable on May 21, 2026 to stockholders of record at the close of business on May 11, 2026.