Financial Data and Key Metrics Changes - Earnings per share for Q2 was $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending AUM (Assets Under Management) was $88.9 billion, up from $87.6 billion in the prior quarter [6] - Operating margin decreased to 33.6% from 34.7% in the prior quarter [6] - Total expenses increased by 2.9% compared to the prior quarter [8] - Liquidity at the end of Q2 was $323 million, compared to $295 million in the prior quarter [10] Business Line Data and Key Metrics Changes - Open-end funds experienced net inflows of $285 million, marking the fourth consecutive quarter of inflows [33] - Closed-end funds had inflows of $103 million [33] - Advisory services had net outflows of $412 million, attributed to account rebalancing [35] - The one unfunded pipeline increased to $776 million, compared to a low watermark of $61 million last quarter [36] Market Data and Key Metrics Changes - Global equities and global listed infrastructure outperformed U.S. equities in the first half of 2025 [18][20] - U.S. REITs saw slightly negative performance, while international REITs performed in line with the market [29] - Global real estate flows were stronger than U.S. real estate flows in Q2 [57] Company Strategy and Development Direction - The company is focused on launching more active ETFs and expanding its wealth management channel [39][43] - There is a strategic emphasis on integrating listed and private real estate allocations into a single portfolio [24] - The company aims to enhance its distribution capabilities and invest in data analysis to support growth [43] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic resiliency and market performance have been impressive, driven by demographics and strong private sector balance sheets [31] - The company expects to see continued interest in real assets as valuations become more attractive [19] - Management highlighted that the era of ultra-low interest rates is over, leading to a need for true diversification in portfolios [20] Other Important Information - The company has successfully launched its first three active ETFs, with strong initial performance [38] - The launch of a tactical listed and private real estate strategy is expected to provide compelling solutions for institutional investors [24] Q&A Session Summary Question: What is the current appetite in the wealth management channel? - Management indicated that there is ongoing investment to reach more independent RIAs, with good progress in gaining allocations in real estate and infrastructure [47] Question: How are the active ETFs performing in the market? - The company reported a strong start for its active ETFs, attracting new investors and existing ones transitioning from open-end funds [50] Question: What drove the outflows in global listed infrastructure? - Outflows were attributed to institutional investors rebalancing their portfolios, although the strategy remains popular [54] Question: How does demand differ geographically, particularly in advisory? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [62]

Financial Data and Key Metrics Changes - Earnings per share for Q2 was reported at $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending assets under management (AUM) rose to $88.9 billion from $87.6 billion in the previous quarter [6] - The effective fee rate remained stable at 59 basis points, while the operating margin decreased to 33.6% from 34.7% [6] Business Line Data and Key Metrics Changes - Net inflows into open-end funds were positive for the last four consecutive quarters, although institutional net outflows offset these gains [7] - Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and benefits [8] - Compensation ratio remained at 40.5%, consistent with previous guidance [10] Market Data and Key Metrics Changes - The second quarter saw 89% of AUM outperforming benchmarks, with 94% outperforming on a one-year basis [14] - Global equities and listed infrastructure outperformed U.S. equities, with global strategies showing stronger performance [30][31] Company Strategy and Development Direction - The company is focused on launching active ETFs and expanding its wealth management channel, particularly in the independent RIA segment [49][50] - A new tactical listed and private real estate strategy was launched, aimed at integrating listed and private real estate allocations [24][42] - The company plans to continue investing in talent acquisition and data analysis to support growth initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been resilient, with strong private sector balance sheets and liquidity [31] - The outlook for real estate is favorable, with valuations seen as attractive for new investors [19][22] - The company expects G&A expenses to increase by 7% to 8% for the full year 2025 compared to 2024 [11] Other Important Information - The company moved into a new Hong Kong office, completing its planned foreign office upgrades [12] - Liquidity at the end of Q2 was reported at $323 million, an increase from $295 million in the prior quarter [11] Q&A Session Summary Question: What is the temperature of the wealth management channel? - The wealth channel is important, with progress in gaining allocations from sophisticated RIAs, although gross sales were about 10% lower than recent trends [48][49] Question: How are active ETFs performing? - Early results show good flows, with RIAs who only allocate to ETFs making allocations, indicating a positive start for the active ETFs [51][52] Question: What drove the outflows in global listed infrastructure? - Outflows were driven by institutional investors rebalancing their portfolios, although the strategy remains popular [55] Question: What is the demand for global real estate? - There has been stronger demand for global real estate, with more global allocators in the pipeline, although U.S. real estate remains the largest market [58][59] Question: Any geographical differences in advisory demand? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [63]

Assets Under Management (AUM) - Ending AUM increased to $88.9 billion as of June 30, 2025, compared to $87.6 billion as of March 31, 2025[2] - Average AUM for Q2 2025 was $87.2 billion, up from $86.8 billion in Q1 2025[2] - Market appreciation contributed $2.3 billion to AUM in Q2 2025, compared to $2.1 billion in Q1 2025[2] Flows - The company experienced net outflows of $131 million in Q2 2025, a shift from net inflows of $222 million in Q1 2025[2] - Open-end funds and closed-end funds saw net inflows, while advisory and subadvisory experienced net outflows[2] - Total firm net flows were -$0.1 billion in Q2 2025, representing an organic decay of -0.6%[18] Financial Performance (As Adjusted) - Net income was $37.3 million in Q2 2025, slightly lower than $38.4 million in Q1 2025[2] - Diluted EPS was $0.73 in Q2 2025, compared to $0.75 in Q1 2025[2] - Operating margin was 33.6% in Q2 2025, a decrease from 34.7% in Q1 2025[2] - Revenue reached $135.3 million in Q2 2025, compared to $133.8 million in Q1 2025[4] - Expenses totaled $89.9 million in Q2 2025, up from $87.3 million in Q1 2025[4] Revenue Breakdown (As Adjusted) - Open-end fund fees generated $69.9 million in revenue in Q2 2025[8] - Institutional fees contributed $32.8 million in revenue in Q2 2025[8] - Closed-end fund fees accounted for $24.9 million in revenue in Q2 2025[8] Expense Breakdown (As Adjusted) - Employee compensation and benefits amounted to $54.8 million in Q2 2025[11] - Distribution and service fees were $15.7 million in Q2 2025[11] - General and administrative expenses totaled $17.0 million in Q2 2025[11] Investment Performance - 94% of total AUM was in outperforming strategies over the 1-year period as of June 30, 2025[32] - 90% of total AUM was in outperforming strategies over the 10-year period as of June 30, 2025[32] - 96% of U S open-end fund AUM was rated 4 or 5 stars by Morningstar[32]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the second quarter of 2025, Cohen & Steers reported a U.S. GAAP diluted EPS of **$0.72** and an adjusted diluted EPS of **$0.73**, with revenue increasing **1.2%** to **$136.1 million** while expenses grew **4.0%**, leading to a **4.1%** decrease in operating income and ending AUM of **$88.9 billion** despite **$131 million** in net outflows Q2 2025 Financial Highlights vs. Q1 2025 (U.S. GAAP) | (in thousands, except per share data) | June 30, 2025 | March 31, 2025 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $136,126 | $134,467 | 1.2% | | **Operating income** | $43,327 | $45,198 | (4.1%) | | **Net income attributable to common stockholders** | $36,849 | $39,778 | (7.4%) | | **Diluted earnings per share** | $0.72 | $0.77 | (7.5%) | | **Operating margin** | 31.8% | 33.6% | (180 bps) | Q2 2025 As Adjusted Financial Highlights vs. Q1 2025 | (in thousands, except per share data) | June 30, 2025 | March 31, 2025 | % Change | | :--- | :--- | :--- | :--- | | **Net income attributable to common stockholders** | $37,324 | $38,353 | (2.7%) | | **Diluted earnings per share** | $0.73 | $0.75 | (2.8%) | | **Operating margin** | 33.6% | 34.7% | (110 bps) | - Key metrics for Q2 2025 include: - Ending AUM of **$88.9 billion** - Average AUM of **$87.2 billion** - Net outflows of **$131 million**[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Revenue Analysis](index=2&type=section&id=Revenue) Total revenue for Q2 2025 was **$136.1 million**, a **1.2%** increase from Q1 2025, primarily driven by a **1.4%** rise in investment advisory and administration fees due to higher average AUM and an additional day Revenue Breakdown (Q2 2025 vs Q1 2025) | (in thousands) | June 30, 2025 | March 31, 2025 | % Change | | :--- | :--- | :--- | :--- | | **Open-end funds** | $70,613 | $69,658 | 1.4% | | **Institutional accounts** | $32,854 | $32,167 | 2.1% | | **Closed-end funds** | $25,078 | $24,946 | 0.5% | | **Total investment advisory and administration fees** | $128,545 | $126,771 | 1.4% | | **Total revenue** | $136,126 | $134,467 | 1.2% | [Expense Analysis](index=2&type=section&id=Expenses) Total expenses increased by **4.0%** to **$92.8 million** in Q2 2025, mainly due to higher employee compensation from accelerated restricted stock vesting, increased distribution fees, and higher general and administrative costs Expense Breakdown (Q2 2025 vs Q1 2025) | (in thousands) | June 30, 2025 | March 31, 2025 | % Change | | :--- | :--- | :--- | :--- | | **Employee compensation and benefits** | $56,640 | $54,554 | 3.8% | | **Distribution and service fees** | $15,706 | $15,189 | 3.4% | | **General and administrative** | $18,078 | $17,169 | 5.3% | | **Total expenses** | $92,799 | $89,269 | 4.0% | - Key drivers for the expense increase include: - **Employee compensation:** Accelerated vesting of restricted stock due to retirements - **Distribution and service fees:** Higher average AUM in U.S. open-end funds - **General and administrative:** Increased talent acquisition costs and higher travel and business development expenses[9](index=9&type=chunk) [Operating Margin](index=2&type=section&id=Operating%20Margin) The operating margin for Q2 2025 was **31.8%**, a decrease from **33.6%** in Q1 2025, reflecting expense growth outpacing revenue growth during the quarter - Operating margin decreased by **180 basis points** from **33.6%** in Q1 2025 to **31.8%** in Q2 2025[8](index=8&type=chunk) [Non-operating Income (Loss)](index=3&type=section&id=Non-operating%20Income%20(Loss)) Total non-operating income attributable to the company was **$5.6 million** in Q2 2025, an increase from **$4.2 million** in Q1 2025, driven by higher net gains from investments and increased interest and dividend income Non-operating Income Attributable to the Company (Q2 2025 vs Q1 2025) | (in thousands) | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | **Consolidated Funds** | $1,844 | $1,829 | | **Corporate - Seed and Other** | $3,740 | $2,412 | | **Total** | **$5,584** | **$4,241** | [Income Taxes](index=3&type=section&id=Income%20Taxes) The effective income tax rate for Q2 2025 was **24.7%**, significantly higher than the **19.5%** rate in Q1 2025, primarily due to the absence of large excess tax benefits from restricted stock unit vesting Effective Income Tax Rate Reconciliation | | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | **U.S. statutory tax rate** | 21.0% | 21.0% | | **State and local income taxes** | 3.0% | 2.9% | | **Excess tax benefits related to RSU vesting** | — | (6.6%) | | **Effective income tax rate** | **24.7%** | **19.5%** | [Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) For Q2 2025 year-over-year, revenue grew **11.8%**, operating income increased **12.8%**, and net income attributable to common stockholders rose **16.0%** to **$36.8 million**, with six-month net income up **16.5%** compared to 2024 Quarterly Performance (YoY) | (in thousands) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue** | $136,126 | $121,721 | 11.8% | | **Operating income** | $43,327 | $38,402 | 12.8% | | **Net income attributable to common stockholders** | $36,849 | $31,771 | 16.0% | Six-Month Performance (YoY) | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue** | $270,593 | $244,431 | 10.7% | | **Operating income** | $88,525 | $78,667 | 12.5% | | **Net income attributable to common stockholders** | $76,627 | $65,775 | 16.5% | [Assets Under Management (AUM)](index=4&type=section&id=Assets%20Under%20Management) [AUM Overview](index=4&type=section&id=Assets%20Under%20Management%20Overview) Total AUM increased by **1.5%** to **$88.9 billion** at the end of Q2 2025, driven by **$2.3 billion** in market appreciation, offsetting **$131 million** in net outflows and **$762 million** in distributions - AUM increased from **$87.6 billion** at March 31, 2025, to **$88.9 billion** at June 30, 2025[12](index=12&type=chunk) - The AUM change was composed of: - Market appreciation: **+$2.3 billion** - Net outflows: **-$131 million** - Distributions: **-$762 million**[12](index=12&type=chunk) [AUM by Investment Vehicle](index=4&type=section&id=By%20Investment%20Vehicle) AUM increased across all investment vehicles in Q2 2025, with open-end funds growing **1.6%** to **$43.0 billion** and institutional accounts rising **1.5%** to **$34.4 billion**, despite institutional net outflows of **$519 million** AUM by Investment Vehicle (as of June 30, 2025) | Investment Vehicle | AUM (in millions) | QoQ % Change | | :--- | :--- | :--- | | **Open-end funds** | $42,962 | 1.6% | | **Institutional accounts** | $34,386 | 1.5% | | **Closed-end funds** | $11,588 | 1.7% | | **Total** | **$88,936** | **1.5%** | Quarterly Net Flows by Vehicle | (in millions) | Q2 2025 Net Flows | | :--- | :--- | | **Open-end Funds** | $285 | | **Institutional Accounts** | ($519) | | **Closed-end Funds** | $103 | [AUM by Investment Strategy](index=4&type=section&id=By%20Investment%20Strategy) Global/International Real Estate saw the largest AUM growth at **6.5%**, while U.S. Real Estate grew **0.9%** to **$44.0 billion**, and Preferred Securities declined **1.7%** due to **$480 million** in net outflows AUM by Investment Strategy (as of June 30, 2025) | Investment Strategy | AUM (in millions) | QoQ % Change | | :--- | :--- | :--- | | **U.S. real estate** | $43,972 | 0.9% | | **Preferred securities** | $17,902 | (1.7%) | | **Global/international real estate** | $13,980 | 6.5% | | **Global listed infrastructure** | $10,052 | 3.5% | | **Other** | $3,030 | 3.0% | - Key net flows by strategy for Q2 2025: - **U.S. Real Estate:** Net inflows of **$349 million**[27](index=27&type=chunk) - **Preferred Securities:** Net outflows of **$480 million**[28](index=28&type=chunk) - **Global Listed Infrastructure:** Net inflows of **$21 million**[27](index=27&type=chunk) - **Global/International Real Estate:** Net outflows of **$23 million**[28](index=28&type=chunk) [AUM - Institutional Accounts Breakdown](index=10&type=section&id=Assets%20Under%20Management%20-%20Institutional%20Accounts) Within institutional accounts, Advisory AUM grew **1.7%** to **$20.0 billion** despite **$412 million** in net outflows, while Subadvisory AUM increased **1.1%** to **$14.3 billion** with **$107 million** in net outflows Institutional Accounts AUM and Flows (Q2 2025) | Account Type | Ending AUM (in millions) | Net Flows (in millions) | | :--- | :--- | :--- | | **Advisory** | $20,045 | ($412) | | **Subadvisory** | $14,341 | ($107) | | **Total** | **$34,386** | **($519)** | [Balance Sheet and Other Information](index=5&type=section&id=Balance%20Sheet%20and%20Other%20Information) [Balance Sheet Information](index=5&type=section&id=Balance%20Sheet%20Information) As of June 30, 2025, liquidity improved to **$322.8 million** from **$295.4 million**, and stockholders' equity grew to **$528.5 million**, reflecting a stronger financial position - Cash, cash equivalents, U.S. Treasurys and liquid seed investments increased to **$322.8 million** as of June 30, 2025, from **$295.4 million** as of March 31, 2025[16](index=16&type=chunk) - Stockholders' equity increased to **$528.5 million** as of June 30, 2025, compared with **$507.7 million** as of March 31, 2025[16](index=16&type=chunk) [Conference Call Information](index=6&type=section&id=Conference%20Call%20Information) The company will host a conference call on July 18, 2025, at 10:00 a.m. (ET) to discuss the second quarter results, with an accompanying presentation and webcast available online - A conference call to discuss Q2 2025 results is scheduled for Friday, July 18, 2025, at 10:00 a.m. (ET)[18](index=18&type=chunk) [Reconciliation of U.S. GAAP to As Adjusted Results](index=13&type=section&id=Reconciliations%20of%20U.S.%20GAAP%20to%20As%20Adjusted%20Financial%20Results) [Net Income and EPS Reconciliation](index=13&type=section&id=Net%20Income%20and%20Diluted%20Earnings%20per%20Share) For Q2 2025, U.S. GAAP net income of **$36.8 million** was adjusted to **$37.3 million**, resulting in an adjusted diluted EPS of **$0.73** compared to the U.S. GAAP figure of **$0.72**, with adjustments for seed investments and foreign currency GAAP to As Adjusted EPS Reconciliation (Q2 2025) | | Per Share | | :--- | :--- | | **Diluted earnings per share, U.S. GAAP** | **$0.72** | | Seed investments—net | ($0.07) | | Accelerated vesting of restricted stock units | $0.04 | | Foreign currency exchange (gain) loss—net | $0.05 | | Tax effects | ($0.01) | | **Diluted earnings per share, as adjusted** | **$0.73** | [Operating Results and Non-operating Income Reconciliation](index=14&type=section&id=Revenue,%20Expenses,%20Operating%20Income%20and%20Operating%20Margin) Adjusted operating income for Q2 2025 was **$45.5 million** with an adjusted operating margin of **33.6%**, compared to the U.S. GAAP operating margin of **31.8%**, after removing consolidated funds and non-recurring expenses GAAP to As Adjusted Operating Results (Q2 2025) | (in thousands) | U.S. GAAP | As Adjusted | | :--- | :--- | :--- | | **Revenue** | $136,126 | $135,320 | | **Expenses** | $92,799 | $89,862 | | **Operating income** | $43,327 | $45,458 | | **Operating margin** | 31.8% | 33.6% |

Core Viewpoint - Cohen & Steers, Inc. reported its financial results for the second quarter of 2025, with a conference call scheduled to discuss these results [1]. Group 1: Financial Results - The earnings release for the quarter ended June 30, 2025, is available on the company's website [1]. - The conference call to discuss the results will be hosted by key executives including the CEO, CFO, and President [1]. Group 2: Conference Call Details - Investors and analysts can access the live conference call by dialing specific numbers for U.S. and international participants [2]. - A replay of the call will be available for two weeks after the conclusion of the conference call [2]. - The webcast of the conference call will be archived on the company's website for one month [2]. Group 3: Company Overview - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income [3]. - The firm was founded in 1986 and is headquartered in New York City, with additional offices in major global cities [3].

Core Viewpoint - Investors in the Financial - Investment Management sector should consider AllianceBernstein (AB) and Cohen & Steers Inc (CNS) for potential value opportunities [1] Valuation Metrics - AllianceBernstein has a forward P/E ratio of 12.76, while Cohen & Steers has a forward P/E of 25.95 [5] - The PEG ratio for AB is 1.64, indicating a more favorable earnings growth outlook compared to CNS's PEG ratio of 2.55 [5] - AB's P/B ratio is 2.31, significantly lower than CNS's P/B ratio of 7.61, suggesting AB is more undervalued relative to its book value [6] Investment Rankings - AllianceBernstein holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Cohen & Steers has a Zacks Rank of 3 (Hold) [3] - The stronger estimate revision activity for AB, along with its more attractive valuation metrics, positions it as the superior investment option compared to CNS [7]

Group 1 - Cohen & Steers, Inc. is set to release its second quarter 2025 results after market close on July 17, 2025 [1] - A conference call will be held on July 18, 2025, at 10:00 a.m. (ET) to discuss the operating results and outlook [1] - Key executives including CEO Joseph Harvey, CFO Raja Dakkuri, and President Jon Cheigh will be present for the call [1] Group 2 - Investors can access the live conference call via specific phone numbers and a passcode [2] - A replay of the call will be available for two weeks after the event [2] - The webcast will be archived on the company's website for one month [2] Group 3 - Cohen & Steers is a global investment manager specializing in real assets and alternative income [3] - The firm was founded in 1986 and is headquartered in New York City, with additional offices in major global cities [3]

Group 1 - The analysis focuses on closed-end funds (CEFs) offered by Cohen & Steers, highlighting positive investor experiences with these funds [1] - David A. Johnson, the founder of Endurance Capital Management, has over 30 years of investment experience and holds multiple advanced degrees in finance and business [1] Group 2 - The article does not provide specific financial data or performance metrics related to the CEFs mentioned [2][3]

Group 1 - Corero Network Security has been named a Certified Partner in the World Wide Technology (WWT) ecosystem, enhancing its visibility and availability to WWT customers [1][2] - The partnership aligns with WWT's 2025 cybersecurity priorities, focusing on optimizing security toolsets and building comprehensive cyber resilience strategies [2][3] - Corero's SmartWall ONE™ platform provides scalable, automated DDoS mitigation that integrates into existing environments, supporting on-premises, edge, and hybrid-cloud deployments [2][3] Group 2 - The partnership enhances the value of Business and Cyber Resilience for WWT's clients, recognizing the need for protection across various components of the customer's value chain, especially for new AI workloads [3] - Corero's technology is designed to protect against both external and internal DDoS threats, ensuring internet service availability in complex environments [4] - Corero's existing alliances with technology partners like Juniper and Akamai further strengthen the interoperability of its solutions within the WWT ecosystem [3]

Core Viewpoint - Gorilla Technology Group Inc. has entered into a definitive agreement to acquire CNS and its subsidiary CANS, enhancing its capabilities in AI, cybersecurity, and customer engagement infrastructure, with the transaction expected to close in summer 2025 [1][2][4] Company Expansion - The acquisition significantly enhances Gorilla's product portfolio and opens new monetization opportunities through a mobile-first AI-powered customer engagement platform [2][4] - This move marks a strategic expansion for Gorilla in Thailand and the broader ASEAN region, focusing on digital infrastructure and AI deployments [2][4] Technology and Market Position - CNS and CANS are recognized for their scalable, low-latency AI systems in video analytics and network defense, with a client base of over 200 businesses across all 77 Thai provinces [3][5] - The integration of CNS and CANS's products will support Gorilla's rollout of smart infrastructure projects and enhance its global platform [5] Market Opportunity - The Edge AI, Video Analytics, and Cybersecurity market in Southeast Asia is projected to exceed $6.8 billion by 2027, driven by government investments in smart cities and digital infrastructure [6] - The global market for contact and customer engagement software is expected to reach $173.9 billion by 2032, growing at a CAGR of 21.2 percent, positioning Gorilla to capitalize on this growth [7]