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Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353


COHEN & STEERS REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025


Fourth QuarterFull Year
•Diluted EPS of $0.68; $0.81 as adjusted
•Closed-end fund rights offering raised $513 million resulting in non-recurring expenses of $10.8 million
•Operating margin of 28.0%; 36.4% as adjusted
•Ending AUM of $90.5 billion; average AUM of $90.8 billion
•Net inflows of $1.2 billion
•Diluted EPS of $2.97; $3.09 as adjusted
•Operating margin of 32.0%; 35.2% as adjusted
•Average AUM of $88.6 billion
•Net inflows of $1.5 billion

NEW YORK, NY, January 22, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2025.
Financial Highlights
(in thousands, except percentages and per share data) Three Months EndedYears Ended
December 31, 2025September 30, 2025December 31, 2024December 31, 2025December 31, 2024
U.S. GAAP
Revenue$143,803 $141,720 $139,783$556,116 $517,417
Expenses
$103,493 $92,819 $90,446$378,380 $344,540
Operating income$40,310 $48,901 $49,337$177,736 $172,877
Net income attributable to common stockholders$34,879 $41,711 $45,822$153,217 $151,265
Diluted earnings per share$0.68 $0.81 $0.89$2.97 $2.97
Operating margin28.0 %34.5 %35.3 %32.0 %33.4 %
As Adjusted (1)
Net income attributable to common stockholders$41,718 $41,720 $40,395 $159,115 $149,286 
Diluted earnings per share$0.81 $0.81 $0.78 $3.09 $2.93 
Operating margin36.4 %36.1 %35.5 %35.2 %35.4 %
_________________________
(1)Refer to pages 18-19 for reconciliations of U.S. GAAP to as adjusted results.
1

Revenue
(in thousands)Three Months Ended
December 31, 2025September 30, 2025$ Change% Change
Investment advisory and administration fees:
Open-end funds
$74,387 $74,240 $147 0.2 %
Institutional accounts
34,477 33,210 $1,267 3.8 %
Closed-end funds
27,026 26,178 $848 3.2 %
Total135,890 133,628 $2,262 1.7 %
Distribution and service fees7,475 7,513 $(38)(0.5)%
Other438 579 $(141)(24.4)%
Total revenue$143,803 $141,720 $2,083 1.5 %
•The increase in total investment advisory and administration fees from the third quarter of 2025 was primarily due to higher average assets under management, as well as the recognition of performance fees of $1.7 million.
Expenses
(in thousands)Three Months Ended
December 31, 2025September 30, 2025$ Change% Change
Employee compensation and benefits$56,076 $57,196 $(1,120)(2.0)%
Distribution and service fees25,670 16,329 $9,341 57.2 %
General and administrative19,212 16,775 $2,437 14.5 %
Depreciation and amortization2,535 2,519 $16 0.6 %
Total expenses$103,493 $92,819 $10,674 11.5 %
•Employee compensation and benefits decreased from the third quarter of 2025, primarily due to a decrease in incentive compensation to reflect actual amounts expected to be paid.
•Distribution and service fees increased from the third quarter of 2025, primarily due to $9.9 million of expenses related to the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering. This increase was partially offset by a reduction in fees paid to intermediaries as investors shifted into lower fee share classes.
•General and administrative expenses increased from the third quarter of 2025, primarily due to higher fund organization costs related to the UTF rights offering of $0.9 million, increased talent acquisition costs and higher levels of travel and business development-related expenses.
Operating Margin
Operating margin was 28.0% for the fourth quarter of 2025, compared with 34.5% for the third quarter of 2025, primarily due to expenses associated with the UTF rights offering of $10.8 million. Operating margin represents the ratio of operating income to revenue.
2

Non-operating Income (Loss)
(in thousands)Three Months Ended December 31, 2025
Consolidated
Funds (1)
Corporate - Seed and OtherTotal
Interest and dividend income$637 $4,580 $5,217 
Gain (loss) from investments—net
(1,540)(708)(2,248)
Foreign currency gain (loss)—net— (991)(991)
Total non-operating income (loss)(903)2,881 1,978 
Net (income) loss attributable to noncontrolling interests4,176 — 4,176 
Non-operating income (loss) attributable to the company$3,273 $2,881 $6,154 
(in thousands)Three Months Ended September 30, 2025
Consolidated
Funds (1)
Corporate - Seed and OtherTotal
Interest and dividend income$441 $4,665 $5,106 
Gain (loss) from investments—net(300)992 692 
Foreign currency gain (loss)—net— 859 859 
Total non-operating income (loss)141 6,516 6,657 
Net (income) loss attributable to noncontrolling interests77 — 77 
Non-operating income (loss) attributable to the company$218 $6,516 $6,734 
_________________________
(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
December 31, 2025September 30, 2025
U.S. federal statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit3.2 2.8 
Nontaxable or nondeductible items:
Nondeductible executive compensation2.7 0.8 
Excess tax benefits related to the vesting and delivery of restricted stock units(0.5)— *
Valuation allowance(1.0)0.1 
Effect of cross-border tax laws0.2 0.2 
Foreign tax effects— *(0.4)
Changes in unrecognized tax benefits— *(0.5)
Other(0.7)1.0 
Effective income tax rate24.9 %25.0 %
_________________________
* Percentage rounds to less than 0.1%.
3

Assets Under Management
(in millions)As ofChange
By Investment VehicleDecember 31, 2025September 30, 2025$%
    Open-end funds$43,437 $44,421 $(984)(2.2%)
    Institutional accounts35,060 34,711 $349 1.0%
    Closed-end funds12,047 11,765 $282 2.4%
Total$90,544 $90,897 $(353)(0.4%)
By Investment Strategy
    U.S. real estate$43,503 $44,153 $(650)(1.5%)
    Preferred securities18,081 18,443 $(362)(2.0%)
    Global/international real estate14,273 14,520 $(247)(1.7%)
    Global listed infrastructure11,456 10,521 $935 8.9%
    Other3,231 3,260 $(29)(0.9%)
Total$90,544 $90,897 $(353)(0.4%)
Assets under management at December 31, 2025 were $90.5 billion, a decrease of 0.4% from $90.9 billion at September 30, 2025. The decrease was due to market depreciation of $685 million and distributions of $875 million, partially offset by net inflows of $1.2 billion.
Open-end Funds
Assets under management in open-end funds at December 31, 2025 were $43.4 billion, a decrease of 2.2% from $44.4 billion at September 30, 2025. The change was primarily due to the following:
•Net inflows of $212 million into U.S. real estate, $89 million into real assets multi-strategy (included in "Other") and $59 million into global listed infrastructure, partially offset by net outflows of $358 million from preferred securities;
•Market depreciation of $568 million from U.S. real estate, partially offset by market appreciation of $126 million from preferred securities; and
•Distributions of $232 million from U.S. real estate and $134 million from preferred securities, of which $315 million was reinvested and included in net flows.
Institutional Accounts
Assets under management in institutional accounts at December 31, 2025 were $35.1 billion, an increase of 1.0% from $34.7 billion at September 30, 2025. The change was primarily due to the following:
•Advisory:
◦Net inflows of $768 million into U.S. real estate, partially offset by net outflows of $134 million from real assets multi-strategy (included in "Other"); and
◦Market depreciation of $147 million from U.S. real estate.
•Subadvisory:
◦Net inflows of $403 million into global listed infrastructure, partially offset by net outflows of $186 million from U.S. real estate and $183 million from global/international real estate;
◦Market depreciation of $149 million from U.S. real estate; and
◦Distributions of $151 million from U.S. real estate.
4

Closed-end Funds
Assets under management in closed-end funds at December 31, 2025 were $12.0 billion, an increase of 2.4% from $11.8 billion at September 30, 2025. The change was primarily due to the following:
•Net inflows of $513 million attributable to the UTF rights offering, including leverage;
•Market depreciation of $55 million; and
•Distributions of $176 million.
























5

Investment Performance as of December 31, 2025
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______________________
(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.
(2)    © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at December 31, 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 December 31, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $403.2 million, compared with $364.3 million as of September 30, 2025. As of December 31, 2025, stockholders' equity was $562.0 million, compared with $550.3 million as of September 30, 2025.




6

Conference Call Information
Cohen & Steers will host a conference call on Friday, January 23, 2026, at 10:00 a.m. (ET) to discuss the company’s fourth quarter and full year 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.
# # # #
7

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
 Three Months Ended % Change From
December 31, 2025September 30, 2025December 31, 2024September 30, 2025December 31, 2024
 Revenue:
 Investment advisory and administration fees$135,890 $133,628 $131,740 
 Distribution and service fees7,475 7,513 7,450 
 Other438 579 593 
 Total revenue143,803 141,720 139,783 1.5%2.9%
 Expenses:
 Employee compensation and benefits56,076 57,196 56,504 
 Distribution and service fees25,670 16,329 15,733 
 General and administrative19,212 16,775 15,784 
 Depreciation and amortization2,535 2,519 2,425 
 Total expenses103,493 92,819 90,446 11.5%14.4%
 Operating income40,310 48,901 49,337 (17.6%)(18.3%)
 Non-operating income (loss):
 Interest and dividend income5,217 5,106 4,948 
 Gain (loss) from investments—net(2,248)692 (1,359)
 Foreign currency gain (loss)—net(991)859 2,779 
 Total non-operating income (loss)1,978 6,657 6,368 (70.3%)(68.9%)
 Income before provision for income taxes42,288 55,558 55,705 (23.9%)(24.1%)
 Provision for income taxes11,585 13,924 12,687 
 Net income30,703 41,634 43,018 (26.3%)(28.6%)
 Net (income) loss attributable to noncontrolling
 interests		4,176 77 2,804 
 Net income attributable to common
 stockholders		$34,879 $41,711 $45,822 (16.4%)(23.9%)
 Earnings per share attributable to
 common stockholders:
 Basic$0.68 $0.81 $0.90 (16.4%)(24.4%)
 Diluted$0.68 $0.81 $0.89 (16.5%)(23.8%)
 Weighted average shares outstanding:
 Basic51,243 51,205 50,861 
 Diluted51,639 51,572 51,704 

8

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
Years Ended
December 31, 2025December 31, 2024 % Change
 Revenue:
 Investment advisory and administration fees$524,834 $487,059 
 Distribution and service fees29,338 28,142 
 Other1,944 2,216 
 Total revenue556,116 517,417 7.5%
 Expenses:
 Employee compensation and benefits224,466 217,980 
 Distribution and service fees72,894 57,137 
 General and administrative71,234 60,135 
 Depreciation and amortization9,786 9,288 
 Total expenses378,380 344,540 9.8%
 Operating income177,736 172,877 2.8%
 Non-operating income (loss):
 Interest and dividend income22,009 19,344 
 Gain (loss) from investments—net8,712 16,582 
 Foreign currency gain (loss)—net(3,827)738 
 Total non-operating income (loss)26,894 36,664 (26.6%)
 Income before provision for income taxes204,630 209,541 (2.3%)
 Provision for income taxes47,232 46,749 
 Net income157,398 162,792 (3.3%)
 Net (income) loss attributable to noncontrolling interests(4,181)(11,527)
 Net income attributable to common stockholders$153,217 $151,265 1.3%
 Earnings per share attributable to common stockholders:
 Basic$2.99 $3.00 (0.2%)
 Diluted$2.97 $2.97 0.1%
 Weighted average shares outstanding:
 Basic51,168 50,409 
 Diluted51,526 50,938 

9

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended % Change From
December 31, 2025September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Open-end Funds
Assets under management, beginning of period$44,421 $42,962 $42,979 
Inflows3,487 3,148 3,904 
Outflows(3,474)(2,380)(2,741)
Net inflows (outflows)13 768 1,163 
Market appreciation (depreciation)(378)972 (2,801)
Distributions(535)(305)(379)
Transfers(84)24 — 
Total increase (decrease)(984)1,459 (2,017)
Assets under management, end of period$43,437 $44,421 $40,962 (2.2%)6.0%
Average assets under management$43,812 $43,633 $42,337 0.4%3.5%
Institutional Accounts
Assets under management, beginning of period$34,711 $34,386 $36,892 
Inflows1,790 812 924 
Outflows(1,109)(1,349)(1,230)
Net inflows (outflows)681 (537)(306)
Market appreciation (depreciation)(252)1,054 (2,859)
Distributions(164)(168)(164)
Transfers84 (24)— 
Total increase (decrease)349 325 (3,329)
Assets under management, end of period$35,060 $34,711 $33,563 1.0%4.5%
Average assets under management$34,924 $34,459 $35,435 1.3%(1.4%)
Closed-end Funds
Assets under management, beginning of period$11,765 $11,588 $11,909 
Inflows513 2 3 
Outflows— — — 
Net inflows (outflows)513 2 3 
Market appreciation (depreciation)(55)329 (469)
Distributions(176)(154)(154)
Total increase (decrease)282 177 (620)
Assets under management, end of period$12,047 $11,765 $11,289 2.4%6.7%
Average assets under management$12,015 $11,646 $11,663 3.2%3.0%
Total
Assets under management, beginning of period$90,897 $88,936 $91,780 
Inflows5,790 3,962 4,831 
Outflows(4,583)(3,729)(3,971)
Net inflows (outflows)1,207 233 860 
Market appreciation (depreciation)(685)2,355 (6,129)
Distributions(875)(627)(697)
Total increase (decrease)(353)1,961 (5,966)
Assets under management, end of period$90,544 $90,897 $85,814 (0.4%)5.5%
Average assets under management$90,751 $89,738 $89,435 1.1%1.5%

10

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Years Ended
December 31, 2025December 31, 2024 % Change
Open-end Funds
Assets under management, beginning of period$40,962 $37,032 
Inflows13,226 14,239 
Outflows(11,575)(11,435)
Net inflows (outflows)1,651 2,804 
Market appreciation (depreciation)2,443 2,388 
Distributions(1,559)(1,262)
Transfers(60)— 
Total increase (decrease)2,475 3,930 
Assets under management, end of period$43,437 $40,962 6.0%
Average assets under management$42,847 $39,090 9.6%
Institutional Accounts
Assets under management, beginning of period$33,563 $35,028 
Inflows4,353 3,696 
Outflows(5,094)(6,684)
Net inflows (outflows)(741)(2,988)
Market appreciation (depreciation)2,845 2,216 
Distributions(667)(693)
Transfers60 — 
Total increase (decrease)1,497 (1,465)
Assets under management, end of period$35,060 $33,563 4.5%
Average assets under management$34,216 $33,499 2.1%
Closed-end Funds
Assets under management, beginning of period$11,289 $11,076 
Inflows621 13 
Outflows— — 
Net inflows (outflows)621 13 
Market appreciation (depreciation)775 816 
Distributions(638)(616)
Total increase (decrease)758 213 
Assets under management, end of period$12,047 $11,289 6.7%
Average assets under management$11,578 $11,278 2.7%
Total
Assets under management, beginning of period$85,814 $83,136 
Inflows18,200 17,948 
Outflows(16,669)(18,119)
Net inflows (outflows)1,531 (171)
Market appreciation (depreciation)6,063 5,420 
Distributions(2,864)(2,571)
Total increase (decrease)4,730 2,678 
Assets under management, end of period$90,544 $85,814 5.5%
Average assets under management$88,641 $83,867 5.7%

11

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended % Change From
December 31, 2025September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Advisory
Assets under management, beginning of period$20,208 $20,045 $20,982 
Inflows1,055 515 597 
Outflows(404)(970)(698)
Net inflows (outflows)651 (455)(101)
Market appreciation (depreciation)(100)618 (1,609)
Transfers84 — — 
Total increase (decrease)635 163 (1,710)
Assets under management, end of period$20,843 $20,208 $19,272 3.1%8.2%
Average assets under management$20,513 $20,089 $20,216 2.1%1.5%
Subadvisory
Assets under management, beginning of period$14,503 $14,341 $15,910 
Inflows735 297 327 
Outflows(705)(379)(532)
Net inflows (outflows)30 (82)(205)
Market appreciation (depreciation)(152)436 (1,250)
Distributions(164)(168)(164)
Transfers— (24)— 
Total increase (decrease)(286)162 (1,619)
Assets under management, end of period$14,217 $14,503 $14,291 (2.0%)(0.5%)
Average assets under management$14,411 $14,370 $15,219 0.3%(5.3%)
Total Institutional Accounts
Assets under management, beginning of period$34,711 $34,386 $36,892 
Inflows1,790 812 924 
Outflows(1,109)(1,349)(1,230)
Net inflows (outflows)681 (537)(306)
Market appreciation (depreciation)(252)1,054 (2,859)
Distributions(164)(168)(164)
Transfers84 (24)— 
Total increase (decrease)349 325 (3,329)
Assets under management, end of period$35,060 $34,711 $33,563 1.0%4.5%
Average assets under management$34,924 $34,459 $35,435 1.3%(1.4%)

12

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Years Ended
December 31, 2025December 31, 2024 % Change
Advisory
Assets under management, beginning of period$19,272 $20,264 
Inflows2,603 2,187 
Outflows(2,927)(4,401)
Net inflows (outflows)(324)(2,214)
Market appreciation (depreciation)1,811 1,222 
Transfers84 — 
Total increase (decrease)1,571 (992)
Assets under management, end of period$20,843 $19,272 8.2%
Average assets under management$19,996 $18,998 5.3%
Subadvisory
Assets under management, beginning of period$14,291 $14,764 
Inflows1,750 1,509 
Outflows(2,167)(2,283)
Net inflows (outflows)(417)(774)
Market appreciation (depreciation)1,034 994 
Distributions(667)(693)
Transfers(24)— 
Total increase (decrease)(74)(473)
Assets under management, end of period$14,217 $14,291 (0.5%)
Average assets under management$14,220 $14,501 (1.9%)
Total Institutional Accounts
Assets under management, beginning of period$33,563 $35,028 
Inflows4,353 3,696 
Outflows(5,094)(6,684)
Net inflows (outflows)(741)(2,988)
Market appreciation (depreciation)2,845 2,216 
Distributions(667)(693)
Transfers60 — 
Total increase (decrease)1,497 (1,465)
Assets under management, end of period$35,060 $33,563 4.5%
Average assets under management$34,216 $33,499 2.1%


13

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended % Change From
December 31, 2025September 30, 2025December 31, 2024September 30, 2025December 31, 2024
U.S. Real Estate
Assets under management, beginning of period$44,153 $43,972 $45,685 
Inflows2,747 2,084 2,939 
Outflows(1,953)(2,305)(1,677)
Net inflows (outflows)794 (221)1,262 
Market appreciation (depreciation)(959)782 (3,636)
Distributions(453)(380)(382)
Transfers(32)— 1 
Total increase (decrease)(650)181 (2,755)
Assets under management, end of period$43,503 $44,153 $42,930 (1.5%)1.3%
Average assets under management$43,748 $43,998 $44,973 (0.6%)(2.7%)
Preferred Securities
Assets under management, beginning of period$18,443 $17,902 $18,929 
Inflows956 886 927 
Outflows(1,290)(756)(1,131)
Net inflows (outflows)(334)130 (204)
Market appreciation (depreciation)156 595 (215)
Distributions(184)(184)(179)
Transfers— — (1)
Total increase (decrease)(362)541 (599)
Assets under management, end of period$18,081 $18,443 $18,330 (2.0%)(1.4%)
Average assets under management$18,242 $18,244 $18,681 —%(2.3%)
Global/International Real Estate
Assets under management, beginning of period$14,520 $13,980 $14,986 
Inflows527 520 345 
Outflows(677)(339)(565)
Net inflows (outflows)(150)181 (220)
Market appreciation (depreciation)(68)367 (1,675)
Distributions(61)(8)(33)
Transfers32 — — 
Total increase (decrease)(247)540 (1,928)
Assets under management, end of period$14,273 $14,520 $13,058 (1.7%)9.3%
Average assets under management$14,343 $14,146 $13,909 1.4%3.1%

14

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended % Change From
December 31, 2025September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Global Listed Infrastructure
Assets under management, beginning of period$10,521 $10,052 $9,535 
Inflows1,312 209 219 
Outflows(380)(152)(384)
Net inflows (outflows)932 57 (165)
Market appreciation (depreciation)96 458 (496)
Distributions(93)(46)(81)
Total increase (decrease)935 469 (742)
Assets under management, end of period$11,456 $10,521 $8,793 8.9%30.3%
Average assets under management$11,149 $10,228 $9,246 9.0%20.6%
Other
Assets under management, beginning of period$3,260 $3,030 $2,645 
Inflows248 263 401 
Outflows(283)(177)(214)
Net inflows (outflows)(35)86 187 
Market appreciation (depreciation)90 153 (107)
Distributions(84)(9)(22)
Total increase (decrease)(29)230 58 
Assets under management, end of period$3,231 $3,260 $2,703 (0.9%)19.5%
Average assets under management$3,269 $3,122 $2,626 4.7%24.5%
Total
Assets under management, beginning of period$90,897 $88,936 $91,780 
Inflows5,790 3,962 4,831 
Outflows(4,583)(3,729)(3,971)
Net inflows (outflows)1,207 233 860 
Market appreciation (depreciation)(685)2,355 (6,129)
Distributions(875)(627)(697)
Total increase (decrease)(353)1,961 (5,966)
Assets under management, end of period$90,544 $90,897 $85,814 (0.4%)5.5%
Average assets under management$90,751 $89,738 $89,435 1.1%1.5%


15

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Years Ended
December 31, 2025December 31, 2024 % Change
U.S. Real Estate
Assets under management, beginning of period$42,930 $38,550 
Inflows9,059 10,097 
Outflows(8,354)(7,031)
Net inflows (outflows)705 3,066 
Market appreciation (depreciation)1,539 2,765 
Distributions(1,629)(1,454)
Transfers(42)3 
Total increase (decrease)573 4,380 
Assets under management, end of period$43,503 $42,930 1.3%
Average assets under management$43,567 $40,607 7.3%
Preferred Securities
Assets under management, beginning of period$18,330 $18,164 
Inflows3,427 4,103 
Outflows(4,187)(4,768)
Net inflows (outflows)(760)(665)
Market appreciation (depreciation)1,223 1,552 
Distributions(722)(717)
Transfers10 (4)
Total increase (decrease)(249)166 
Assets under management, end of period$18,081 $18,330 (1.4%)
Average assets under management$18,166 $18,458 (1.6%)
Global/International Real Estate
Assets under management, beginning of period$13,058 $15,789 
Inflows1,910 2,104 
Outflows(2,068)(4,772)
Net inflows (outflows)(158)(2,668)
Market appreciation (depreciation)1,456 43 
Distributions(115)(107)
Transfers32 1 
Total increase (decrease)1,215 (2,731)
Assets under management, end of period$14,273 $13,058 9.3%
Average assets under management$13,798 $13,651 1.1%



16

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
Years Ended
December 31, 2025December 31, 2024 % Change
Global Listed Infrastructure
Assets under management, beginning of period$8,793 $8,356 
Inflows2,733 640 
Outflows(1,137)(870)
Net inflows (outflows)1,596 (230)
Market appreciation (depreciation)1,364 900 
Distributions(267)(233)
Transfers(30)— 
Total increase (decrease)2,663 437 
Assets under management, end of period$11,456 $8,793 30.3%
Average assets under management$10,069 $8,717 15.5%
Other
Assets under management, beginning of period$2,703 $2,277 
Inflows1,071 1,004 
Outflows(923)(678)
Net inflows (outflows)148 326 
Market appreciation (depreciation)481 160 
Distributions(131)(60)
Transfers30 — 
Total increase (decrease)528 426 
Assets under management, end of period$3,231 $2,703 19.5%
Average assets under management$3,041 $2,434 24.9%
Total
Assets under management, beginning of period$85,814 $83,136 
Inflows18,200 17,948 
Outflows(16,669)(18,119)
Net inflows (outflows)1,531 (171)
Market appreciation (depreciation)6,063 5,420 
Distributions(2,864)(2,571)
Total increase (decrease)4,730 2,678 
Assets under management, end of period$90,544 $85,814 5.5%
Average assets under management$88,641 $83,867 5.7%



17

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 EndedYears Ended
(in thousands, except per share data)December 31, 2025September 30, 2025December 31, 2024December 31, 2025December 31, 2024
Net income attributable to common stockholders, U.S. GAAP$34,879 $41,711 $45,822 $153,217 $151,265 
Seed investments—net (1)
(1,498)(1,320)(1,700)(6,391)(6,245)
Accelerated vesting of restricted stock units
(77)1,142 91 3,269 7,134 
Lease transition and other costs - 280 Park Avenue (2)
— — — — 807 
Fund launch and rights offering costs
10,814 650 — 11,464 — 
Other non-recurring expenses (3)
— — — 616 1,196 
Foreign currency exchange (gains) losses—net (4)
422 (677)(2,824)3,456 (1,059)
Tax effects of adjustments above
(2,062)(132)627 (2,851)(2,020)
Tax effects of discrete tax items (5)
(760)346 (1,621)(3,665)(1,792)
Net income attributable to common stockholders, as adjusted$41,718 $41,720 $40,395 $159,115 $149,286 
Diluted weighted average shares outstanding51,639 51,572 51,704 51,526 50,938 
Diluted earnings per share, U.S. GAAP$0.68 $0.81 $0.89 $2.97 $2.97 
Seed investments—net (1)
(0.03)(0.03)(0.03)(0.12)(0.12)
Accelerated vesting of restricted stock units
— *0.02 — *0.06 0.14 
Lease transition and other costs - 280 Park Avenue (2)
— — — — 0.02 
Fund launch and rights offering costs
0.21 0.01 — 0.22 — 
Other non-recurring expenses (3)
— — — 0.01 0.02 
Foreign currency exchange (gains) losses—net (4)
0.01 (0.01)(0.06)0.07 (0.02)
Tax effects of adjustments above
(0.04)— *0.01 (0.05)(0.04)
Tax effects of discrete tax items (5)
(0.02)0.01 (0.03)(0.07)(0.04)
Diluted earnings per share, as adjusted $0.81 $0.81 $0.78 $3.09 $2.93 
_________________________
* 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 the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024.
(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024.
(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(5)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
18

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages) Three Months EndedYears Ended
December 31, 2025September 30, 2025December 31, 2024December 31, 2025December 31, 2024
Revenue, U.S. GAAP$143,803 $141,720 $139,783 $556,116 $517,417 
Fund related amounts (1)
(9)(783)122 (2,275)853 
Revenue, as adjusted$143,794 $140,937 $139,905 $553,841 $518,270 
Expenses, U.S. GAAP$103,493 $92,819 $90,446 $378,380 $344,540 
Fund related amounts (1)
(1,324)(967)(158)(4,333)(698)
Accelerated vesting of restricted stock units
77 (1,142)(91)(3,269)(7,134)
Lease transition and other costs - 280 Park Avenue (2)
— — — — (807)
Fund launch and rights offering costs(10,814)(650)— (11,464)— 
Other non-recurring expenses (3)
— — — (616)(1,196)
Expenses, as adjusted$91,432 $90,060 $90,197 $358,698 $334,705 
Operating income, U.S. GAAP$40,310 $48,901 $49,337 $177,736 $172,877 
Fund related amounts (1)
1,315 184 280 2,058 1,551 
Accelerated vesting of restricted stock units
(77)1,142 91 3,269 7,134 
Lease transition and other costs - 280 Park Avenue (2)
— — — — 807 
Fund launch and rights offering costs10,814 650 — 11,464 — 
Other non-recurring expenses (3)
— — — 616 1,196 
Operating income, as adjusted$52,362 $50,877 $49,708 $195,143 $183,565 
Operating margin, U.S. GAAP28.0 %34.5 %35.3 %32.0 %33.4 %
Operating margin, as adjusted 36.4 %36.1 %35.5 %35.2 %35.4 %
__________________________

(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.
(2)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024.
(3)Represents reimbursement of filing fees paid by certain members of senior leadership for the year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024.

Non-operating Income (Loss)
(in thousands) Three Months EndedYears Ended
December 31, 2025September 30, 2025December 31, 2024December 31, 2025December 31, 2024
Non-operating income (loss), U.S. GAAP$1,978 $6,657 $6,368 $26,894 $36,664 
Seed investments—net (1)
1,363 (1,427)824 (12,630)(19,323)
Foreign currency exchange (gain) loss—net (2)
422 (677)(2,824)3,456 (1,059)
Non-operating income (loss), as adjusted$3,763 $4,553 $4,368 $17,720 $16,282 
_________________________

(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

19