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Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR SECOND QUARTER 2025

•Diluted EPS of $0.72; $0.73, as adjusted

•Operating margin of 31.8%; 33.6%, as adjusted

•Ending AUM of $88.9 billion; average AUM of $87.2 billion

•Net outflows of $131 million

NEW YORK, NY, July 17, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2025.

Financial Highlights

(in thousands, except percentages and per share data)			Three Months Ended
			June 30, 2025						March 31, 2025												$ Change						% Change
U.S. GAAP
Revenue			$	136,126					$	134,467											$	1,659					1.2		%
Expenses			$	92,799					$	89,269											$	3,530					4.0		%
Operating income			$	43,327					$	45,198											$	(1,871)					(4.1		%)
Net income attributable to common stockholders			$	36,849					$	39,778											$	(2,929)					(7.4		%)
Diluted earnings per share			$	0.72					$	0.77											$	(0.05)					(7.5		%)
Operating margin			31.8		%				33.6		%										N/A						(180 bps)
As Adjusted (1)
Net income attributable to common stockholders			$	37,324					$	38,353											$	(1,029)					(2.7		%)
Diluted earnings per share			$	0.73					$	0.75											$	(0.02)					(2.8		%)
Operating margin			33.6		%				34.7		%										N/A						(110 bps)
_________________________ (1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results.

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Revenue

(in thousands)			Three Months Ended
			June 30, 2025						March 31, 2025						$ Change						% Change
Investment advisory and administration fees:
Open-end funds			$	70,613					$	69,658					$	955					1.4		%
Institutional accounts			32,854						32,167						$	687					2.1		%
Closed-end funds			25,078						24,946						$	132					0.5		%
Total			128,545						126,771						$	1,774					1.4		%
Distribution and service fees			7,166						7,184						$	(18)					(0.3		%)
Other			415						512						$	(97)					(18.9		%)
Total revenue			$	136,126					$	134,467					$	1,659					1.2		%

•The increase in total investment advisory and administration fees from the first quarter of 2025 was primarily due to higher average assets under management in open-end funds and institutional accounts, as well as one additional day in the current quarter

Expenses

(in thousands)			Three Months Ended
			June 30, 2025						March 31, 2025						$ Change						% Change
Employee compensation and benefits			$	56,640					$	54,554					$	2,086					3.8		%
Distribution and service fees			15,706						15,189						$	517					3.4		%
General and administrative			18,078						17,169						$	909					5.3		%
Depreciation and amortization			2,375						2,357						$	18					0.8		%
Total expenses			$	92,799					$	89,269					$	3,530					4.0		%

•Employee compensation and benefits increased from the first quarter of 2025, primarily due to the accelerated vesting of restricted stock due to retirements

•Distribution and service fees increased from the first quarter of 2025, primarily due to higher average assets under management in U.S. open-end funds

•General and administrative expenses increased from the first quarter of 2025, primarily due to increased talent acquisition costs and higher levels of travel and business development-related expenses

Operating Margin

Operating margin was 31.8% for the second quarter of 2025, compared with 33.6% for the first quarter of 2025. Operating margin represents the ratio of operating income to revenue.

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Non-operating Income (Loss)

(in thousands)			Three Months Ended June 30, 2025
			Consolidated Funds (1)						Corporate - Seed and Other						Total
Interest and dividend income			$	2,103					$	4,212					$	6,315
Gain (loss) from investments—net			4,909						1,806						6,715
Foreign currency gain (loss)—net			(245)						(2,278)						(2,523)
Total non-operating income (loss)			6,767						3,740						10,507
Net (income) loss attributable to noncontrolling interests			(4,923)						—						(4,923)
Non-operating income (loss) attributable to the company			$	1,844					$	3,740					$	5,584
(in thousands)			Three Months Ended March 31, 2025
			Consolidated Funds (1)						Corporate - Seed and Other						Total
Interest and dividend income			$	1,140					$	4,231					$	5,371
Gain (loss) from investments—net			4,208						(655)						3,553
Foreign currency gain (loss)—net			(8)						(1,164)						(1,172)
Total non-operating income (loss)			5,340						2,412						7,752
Net (income) loss attributable to noncontrolling interests			(3,511)						—						(3,511)
Non-operating income (loss) attributable to the company			$	1,829					$	2,412					$	4,241
_________________________ (1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Three Months Ended
			June 30, 2025						March 31, 2025
U.S. statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			3.0						2.9
Non-deductible executive compensation			1.5						2.9
Excess tax benefits related to the vesting and delivery of restricted stock units			—			*			(6.6)
Unrecognized tax benefit adjustments			(0.5)						(0.4)
Valuation allowance			(0.2)						(0.3)
Other			(0.1)						—			*
Effective income tax rate			24.7		%				19.5		%
_________________________ * Percentage rounds to less than 0.1%.

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Assets Under Management

(in millions)			As of												Change
			June 30, 2025						March 31, 2025						$						%
By Investment Vehicle
Open-end funds			$	42,962					$	42,298					$	664					1.6		%
Institutional accounts			34,386						33,886						$	500					1.5		%
Closed-end funds			11,588						11,395						$	193					1.7		%
Total			$	88,936					$	87,579					$	1,357					1.5		%
By Investment Strategy
U.S. real estate			$	43,972					$	43,591					$	381					0.9		%
Preferred securities			17,902						18,207						$	(305)					(1.7		%)
Global/international real estate			13,980						13,129						$	851					6.5		%
Global listed infrastructure			10,052						9,710						$	342					3.5		%
Other			3,030						2,942						$	88					3.0		%
Total			$	88,936					$	87,579					$	1,357					1.5		%

Assets under management at June 30, 2025 were $88.9 billion, an increase of 1.5% from $87.6 billion at March 31, 2025. The increase was due to market appreciation of $2.3 billion, partially offset by net outflows of $131 million and distributions of $762 million.

Open-end Funds

Assets under management in open-end funds at June 30, 2025 were $43.0 billion, an increase of 1.6% from $42.3 billion at March 31, 2025. The change was primarily due to the following:

•Net inflows of $397 million into U.S. real estate, $156 million into global listed infrastructure and $141 million into real assets multi-strategy (included in "Other" in the table above), partially offset by net outflows of $418 million from preferred securities

•Market appreciation of $290 million from U.S. real estate and $229 million from preferred securities

•Distributions of $215 million from U.S. real estate and $127 million from preferred securities, of which $297 million was reinvested and included in net flows

Institutional Accounts

Assets under management in institutional accounts at June 30, 2025 were $34.4 billion, an increase of 1.5% from $33.9 billion at March 31, 2025. The change was primarily due to the following:

•Advisory:    

◦Net outflows of $252 million from global listed infrastructure

◦Market appreciation of $452 million from global/international real estate and $128 million from global listed infrastructure

•Subadvisory:

◦Net outflows of $107 million

◦Market appreciation of $269 million from global/international real estate and $103 million from global listed infrastructure

◦Distributions of $167 million from U.S. real estate

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Investment Performance at June 30, 2025

_________________________

(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2)    © 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2025. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Balance Sheet Information

As of June 30, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $322.8 million, compared with $295.4 million as of March 31, 2025. As of June 30, 2025, stockholders' equity was $528.5 million, compared with $507.7 million as of March 31, 2025.

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Conference Call Information

Cohen & Steers will host a conference call on Friday, July 18, 2025 at 10:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.

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, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #

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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
			Three Months Ended																		% Change From
			June 30, 2025						March 31, 2025						June 30, 2024						March 31, 2025						June 30, 2024
Revenue:
Investment advisory and administration fees			$	128,545					$	126,771					$	114,577
Distribution and service fees			7,166						7,184						6,631
Other			415						512						513
Total revenue			136,126						134,467						121,721						1.2		%				11.8		%
Expenses:
Employee compensation and benefits			56,640						54,554						53,097
Distribution and service fees			15,706						15,189						13,270
General and administrative			18,078						17,169						14,684
Depreciation and amortization			2,375						2,357						2,268
Total expenses			92,799						89,269						83,319						4.0		%				11.4		%
Operating income			43,327						45,198						38,402						(4.1		%)				12.8		%
Non-operating income (loss):
Interest and dividend income			6,315						5,371						5,057
Gain (loss) from investments—net			6,715						3,553						(2,018)
Foreign currency gain (loss)—net			(2,523)						(1,172)						(483)
Total non-operating income (loss)			10,507						7,752						2,556						35.5		%				*
Income before provision for income taxes			53,834						52,950						40,958						1.7		%				31.4		%
Provision for income taxes			12,062						9,661						10,881
Net income			41,772						43,289						30,077						(3.5		%)				38.9		%
Net (income) loss attributable to noncontrolling  interests			(4,923)						(3,511)						1,694
Net income attributable to common stockholders			$	36,849					$	39,778					$	31,771					(7.4		%)				16.0		%
Earnings per share attributable to common  stockholders:
Basic			$	0.72					$	0.78					$	0.63					(7.6		%)				14.3		%
Diluted			$	0.72					$	0.77					$	0.63					(7.5		%)				14.4		%
Weighted average shares outstanding:
Basic			51,165						51,058						50,419
Diluted			51,471						51,418						50,770
_________________________ * Not meaningful.

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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
			Six Months Ended
			June 30, 2025						June 30, 2024						% Change
Revenue:
Investment advisory and administration fees			$	255,316					$	229,922
Distribution and service fees			14,350						13,448
Other			927						1,061
Total revenue			270,593						244,431						10.7		%
Expenses:
Employee compensation and benefits			111,194						105,100
Distribution and service fees			30,895						26,665
General and administrative			35,247						29,477
Depreciation and amortization			4,732						4,522
Total expenses			182,068						165,764						9.8		%
Operating income			88,525						78,667						12.5		%
Non-operating income (loss):
Interest and dividend income			11,686						8,976
Gain (loss) from investments—net			10,268						(1,034)
Foreign currency gain (loss)—net			(3,695)						(349)
Total non-operating income (loss)			18,259						7,593						140.5		%
Income before provision for income taxes			106,784						86,260						23.8		%
Provision for income taxes			21,723						21,769
Net income			85,061						64,491						31.9		%
Net (income) loss attributable to noncontrolling interests			(8,434)						1,284
Net income attributable to common stockholders			$	76,627					$	65,775					16.5		%
Earnings per share attributable to common stockholders:
Basic			$	1.50					$	1.32					14.0		%
Diluted			$	1.49					$	1.31					13.9		%
Weighted average shares outstanding:
Basic			51,112						49,994
Diluted			51,445						50,303

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
			Three Months Ended																		% Change From
			June 30, 2025						March 31, 2025						June 30, 2024						March 31, 2025						June 30, 2024
Open-end Funds
Assets under management, beginning of period			$	42,298					$	40,962					$	37,685
Inflows			3,072						3,519						2,936
Outflows			(2,787)						(2,934)						(3,037)
Net inflows (outflows)			285						585						(101)
Market appreciation (depreciation)			816						1,033						215
Distributions			(437)						(282)						(348)
Total increase (decrease)			664						1,336						(234)
Assets under management, end of period			$	42,962					$	42,298					$	37,451					1.6		%				14.7		%
Average assets under management			$	42,110					$	41,801					$	36,943					0.7		%				14.0		%
Institutional Accounts
Assets under management, beginning of period			$	33,886					$	33,563					$	32,424
Inflows			651						1,100						649
Outflows			(1,170)						(1,466)						(896)
Net inflows (outflows)			(519)						(366)						(247)
Market appreciation (depreciation)			1,190						853						216
Distributions			(171)						(164)						(171)
Total increase (decrease)			500						323						(202)
Assets under management, end of period			$	34,386					$	33,886					$	32,222					1.5		%				6.7		%
Average assets under management			$	33,844					$	33,623					$	31,673					0.7		%				6.9		%
Closed-end Funds
Assets under management, beginning of period			$	11,395					$	11,289					$	11,126
Inflows			103						3						3
Outflows			—						—						—
Net inflows (outflows)			103						3						3
Market appreciation (depreciation)			244						257						61
Distributions			(154)						(154)						(154)
Total increase (decrease)			193						106						(90)
Assets under management, end of period			$	11,588					$	11,395					$	11,036					1.7		%				5.0		%
Average assets under management			$	11,289					$	11,354					$	10,969					(0.6		%)				2.9		%
Total
Assets under management, beginning of period			$	87,579					$	85,814					$	81,235
Inflows			3,826						4,622						3,588
Outflows			(3,957)						(4,400)						(3,933)
Net inflows (outflows)			(131)						222						(345)
Market appreciation (depreciation)			2,250						2,143						492
Distributions			(762)						(600)						(673)
Total increase (decrease)			1,357						1,765						(526)
Assets under management, end of period			$	88,936					$	87,579					$	80,709					1.5		%				10.2		%
Average assets under management			$	87,243					$	86,778					$	79,585					0.5		%				9.6		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
			Three Months Ended																		% Change From
			June 30, 2025						March 31, 2025						June 30, 2024						March 31, 2025						June 30, 2024
Advisory
Assets under management, beginning of period			$	19,703					$	19,272					$	18,196
Inflows			436						597						413
Outflows			(848)						(705)						(339)
Net inflows (outflows)			(412)						(108)						74
Market appreciation (depreciation)			754						539						97
Total increase (decrease)			342						431						171
Assets under management, end of period			$	20,045					$	19,703					$	18,367					1.7		%				9.1		%
Average assets under management			$	19,789					$	19,581					$	17,963					1.1		%				10.2		%
Subadvisory
Assets under management, beginning of period			$	14,183					$	14,291					$	14,228
Inflows			215						503						236
Outflows			(322)						(761)						(557)
Net inflows (outflows)			(107)						(258)						(321)
Market appreciation (depreciation)			436						314						119
Distributions			(171)						(164)						(171)
Total increase (decrease)			158						(108)						(373)
Assets under management, end of period			$	14,341					$	14,183					$	13,855					1.1		%				3.5		%
Average assets under management			$	14,055					$	14,042					$	13,710					0.1		%				2.5		%
Total Institutional Accounts
Assets under management, beginning of period			$	33,886					$	33,563					$	32,424
Inflows			651						1,100						649
Outflows			(1,170)						(1,466)						(896)
Net inflows (outflows)			(519)						(366)						(247)
Market appreciation (depreciation)			1,190						853						216
Distributions			(171)						(164)						(171)
Total increase (decrease)			500						323						(202)
Assets under management, end of period			$	34,386					$	33,886					$	32,222					1.5		%				6.7		%
Average assets under management			$	33,844					$	33,623					$	31,673					0.7		%				6.9		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
			Three Months Ended																		% Change From
			June 30, 2025						March 31, 2025						June 30, 2024						March 31, 2025						June 30, 2024
U.S. Real Estate
Assets under management, beginning of period			$	43,591					$	42,930					$	38,476
Inflows			1,909						2,319						1,996
Outflows			(1,560)						(2,536)						(1,845)
Net inflows (outflows)			349						(217)						151
Market appreciation (depreciation)			466						1,250						452
Distributions			(434)						(362)						(367)
Transfers			—						(10)						5
Total increase (decrease)			381						661						241
Assets under management, end of period			$	43,972					$	43,591					$	38,717					0.9		%				13.6		%
Average assets under management			$	43,172					$	43,340					$	37,466					(0.4		%)				15.2		%
Preferred Securities
Assets under management, beginning of period			$	18,207					$	18,330					$	18,589
Inflows			738						847						823
Outflows			(1,218)						(923)						(1,272)
Net inflows (outflows)			(480)						(76)						(449)
Market appreciation (depreciation)			351						121						138
Distributions			(176)						(178)						(179)
Transfers			—						10						(5)
Total increase (decrease)			(305)						(123)						(495)
Assets under management, end of period			$	17,902					$	18,207					$	18,094					(1.7		%)				(1.1		%)
Average assets under management			$	17,792					$	18,380					$	18,294					(3.2		%)				(2.7		%)
Global/International Real Estate
Assets under management, beginning of period			$	13,129					$	13,058					$	13,442
Inflows			403						460						410
Outflows			(426)						(626)						(543)
Net inflows (outflows)			(23)						(166)						(133)
Market appreciation (depreciation)			915						242						(196)
Distributions			(41)						(5)						(49)
Total increase (decrease)			851						71						(378)
Assets under management, end of period			$	13,980					$	13,129					$	13,064					6.5		%				7.0		%
Average assets under management			$	13,521					$	13,170					$	13,045					2.7		%				3.6		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
			Three Months Ended																		% Change From
			June 30, 2025						March 31, 2025						June 30, 2024						March 31, 2025						June 30, 2024
Global Listed Infrastructure
Assets under management, beginning of period			$	9,710					$	8,793					$	8,395
Inflows			460						752						148
Outflows			(439)						(166)						(114)
Net inflows (outflows)			21						586						34
Market appreciation (depreciation)			403						407						73
Distributions			(82)						(46)						(56)
Transfers			—						(30)						—
Total increase (decrease)			342						917						51
Assets under management, end of period			$	10,052					$	9,710					$	8,446					3.5		%				19.0		%
Average assets under management			$	9,829					$	9,047					$	8,430					8.6		%				16.6		%
Other
Assets under management, beginning of period			$	2,942					$	2,703					$	2,333
Inflows			316						244						211
Outflows			(314)						(149)						(159)
Net inflows (outflows)			2						95						52
Market appreciation (depreciation)			115						123						25
Distributions			(29)						(9)						(22)
Transfers			—						30						—
Total increase (decrease)			88						239						55
Assets under management, end of period			$	3,030					$	2,942					$	2,388					3.0		%				26.9		%
Average assets under management			$	2,929					$	2,841					$	2,350					3.1		%				24.6		%
Total
Assets under management, beginning of period			$	87,579					$	85,814					$	81,235
Inflows			3,826						4,622						3,588
Outflows			(3,957)						(4,400)						(3,933)
Net inflows (outflows)			(131)						222						(345)
Market appreciation (depreciation)			2,250						2,143						492
Distributions			(762)						(600)						(673)
Total increase (decrease)			1,357						1,765						(526)
Assets under management, end of period			$	88,936					$	87,579					$	80,709					1.5		%				10.2		%
Average assets under management			$	87,243					$	86,778					$	79,585					0.5		%				9.6		%

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports, which are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Stockholders and Diluted Earnings per Share
			Three Months Ended
(in thousands, except per share data)			June 30, 2025						March 31, 2025						June 30, 2024
Net income attributable to common stockholders, U.S. GAAP			$	36,849					$	39,778					$	31,771
Seed investments—net (1)			(3,523)						(50)						(84)
Accelerated vesting of restricted stock units			1,835						369						2,496
Other non-recurring expenses (2)			—						616						1,196
Foreign currency exchange (gain) loss—net (3)			2,742						969						30
Tax effects of adjustments above			(219)						(438)						(1,045)
Tax effects of discrete tax items (4)			(360)						(2,891)						168
Net income attributable to common stockholders, as adjusted			$	37,324					$	38,353					$	34,532
Diluted weighted average shares outstanding			51,471						51,418						50,770
Diluted earnings per share, U.S. GAAP			$	0.72					$	0.77					$	0.63
Seed investments—net (1)			(0.07)						—			*			—			*
Accelerated vesting of restricted stock units			0.04						0.01						0.05
Other non-recurring expenses (2)			—						0.01						0.02
Foreign currency exchange (gain) loss—net (3)			0.05						0.02						—			*
Tax effects of adjustments above			—			*			(0.01)						(0.02)
Tax effects of discrete tax items (4)			(0.01)						(0.05)						—			*
Diluted earnings per share, as adjusted			$	0.73					$	0.75					$	0.68
_________________________ * 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 reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024. (3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages)			Three Months Ended
			June 30, 2025						March 31, 2025						June 30, 2024
Revenue, U.S. GAAP			$	136,126					$	134,467					$	121,721
Fund related amounts (1)			(806)						(677)						267
Revenue, as adjusted			$	135,320					$	133,790					$	121,988
Expenses, U.S. GAAP			$	92,799					$	89,269					$	83,319
Fund related amounts (1)			(1,102)						(940)						(181)
Accelerated vesting of restricted stock units			(1,835)						(369)						(2,496)
Other non-recurring expenses (2)			—						(616)						(1,196)
Expenses, as adjusted			$	89,862					$	87,344					$	79,446
Operating income, U.S. GAAP			$	43,327					$	45,198					$	38,402
Fund related amounts (1)			296						263						448
Accelerated vesting of restricted stock units			1,835						369						2,496
Other non-recurring expenses (2)			—						616						1,196
Operating income, as adjusted			$	45,458					$	46,446					$	42,542
Operating margin, U.S. GAAP			31.8		%				33.6		%				31.5		%
Operating margin, as adjusted			33.6		%				34.7		%				34.9		%
_________________________ (1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.

Non-operating Income (Loss)
(in thousands)			Three Months Ended
			June 30, 2025						March 31, 2025						June 30, 2024
Non-operating income (loss), U.S. GAAP			$	10,507					$	7,752					$	2,556
Seed investments—net (1)			(8,742)						(3,824)						1,162
Foreign currency exchange (gain) loss—net (2)			2,742						969						30
Non-operating income (loss), as adjusted			$	4,507					$	4,897					$	3,748
_________________________ (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

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