Core Insights - Federated Hermes (FHI) is currently rated as a Strong Buy with a Zacks Rank of 1, while Cohen & Steers Inc (CNS) holds a Zacks Rank of 3, indicating a Hold status [3] - FHI demonstrates stronger earnings estimate revision activity compared to CNS, suggesting a more favorable analyst outlook for FHI [3][7] Valuation Metrics - FHI has a forward P/E ratio of 12.12, significantly lower than CNS's forward P/E of 25.21, indicating that FHI may be undervalued [5] - The PEG ratio for FHI is 0.74, while CNS has a PEG ratio of 2.47, further supporting the notion that FHI is a better value investment [5] - FHI's P/B ratio stands at 3.76, compared to CNS's P/B ratio of 7.22, reinforcing the attractiveness of FHI's valuation metrics [6] Value Grades - Based on various valuation metrics, FHI holds a Value grade of B, whereas CNS has a Value grade of F, indicating that FHI is perceived as a more attractive investment opportunity [6]

Core Insights - Corero Network Security has announced an exclusive channel-reseller agreement with Forte Technology, appointing them as the sole authorized reseller of Corero's on-premises DDoS protection solutions in Brazil [1][2] - The partnership aims to enhance the resilience of Brazilian organizations against rising cyberattacks, particularly in critical sectors such as telecom, finance, and government [2][4] - Forte Technology will implement a targeted growth program in Brazil, including participation in trade shows and local marketing campaigns to engage with key decision-makers [3][4] Company Overview - Corero Network Security specializes in DDoS protection solutions, focusing on automatic detection and protection with network visibility, analytics, and reporting tools [5] - The company is headquartered in London and operates in the US and UK, listed on the London Stock Exchange's AIM market and the US OTCQX Market [5] - Forte Technology, with over 20 years of experience from its legacy as a Brazilian Carrier Operator, focuses on cybersecurity and high-performance IT, providing 24/7 support and a Security Operations Center (SOC) [6]

Core Insights - Cohen & Steers, Inc. reported preliminary assets under management (AUM) of $88.6 billion as of July 31, 2025, reflecting a decrease of $353 million from $88.9 billion at June 30, 2025 [1][2]. AUM Breakdown - The decrease in AUM was attributed to market depreciation of $410 million and distributions of $152 million, which were partially offset by net inflows of $209 million [1]. - AUM by investment vehicle as of July 31, 2025: - Institutional Accounts: Total AUM decreased to $34.003 billion, with advisory accounts at $19.862 billion and subadvisory accounts at $14.141 billion [2]. - Open-end Funds: AUM increased to $43.000 billion, with net inflows of $294 million [2]. - Closed-end Funds: AUM slightly decreased to $11.580 billion, with net inflows of $1 million [2]. Company Overview - 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, and commodities [2]. - The firm was founded in 1986 and is headquartered in New York City, with additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore [2].

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. About Sterling Organization. Sterling Organization is a vertically integrated private equity real estate firm ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section presents the Company's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the statements of financial condition, operations, comprehensive income, changes in stockholders' equity, and cash flows, along with their accompanying notes. Key financial metrics show an increase in total assets and stockholders' equity, alongside growth in revenue and net income for both the three and six months ended June 30, 2025, compared to the prior year [Condensed Consolidated Statements of Financial Condition (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition%20(Unaudited)) This section provides a snapshot of the Company's assets, liabilities, and equity at specific points in time Condensed Consolidated Statements of Financial Condition (Unaudited) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total assets | $751,023 | $812,366 | | Total liabilities | $208,702 | $237,463 | | Redeemable noncontrolling interests | $1,250 | $53,460 | | Total stockholders' equity | $541,071 | $521,443 | - Total assets decreased by **$61.3 million** from December 31, 2024, to June 30, 2025, while total liabilities decreased by **$28.7 million**. Total stockholders' equity increased by **$19.6 million**[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) This section details the Company's revenues, expenses, and net income over specific periods Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total revenue | $136,126 | $121,721 | $270,593 | $244,431 | | Total expenses | $92,799 | $83,319 | $182,068 | $165,764 | | Operating income | $43,327 | $38,402 | $88,525 | $78,667 | | Net income attributable to common stockholders | $36,849 | $31,771 | $76,627 | $65,775 | | Basic EPS | $0.72 | $0.63 | $1.50 | $1.32 | | Diluted EPS | $0.72 | $0.63 | $1.49 | $1.31 | - Total revenue increased by **11.8%** for the three months ended June 30, 2025, and by **10.7%** for the six months ended June 30, 2025, compared to the respective prior periods. Net income attributable to common stockholders increased by **16.0%** for the three-month period and **16.5%** for the six-month period[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Unaudited)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Unaudited)) This section presents net income and other comprehensive income components, reflecting total changes in equity from non-owner sources Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net income attributable to common stockholders | $36,849 | $31,771 | $76,627 | $65,775 | | Foreign currency translation gain (loss) | $3,965 | $(184) | $6,067 | $(1,166) | | Total comprehensive income attributable to common stockholders | $40,814 | $31,587 | $82,694 | $64,609 | - Total comprehensive income attributable to common stockholders increased by **29.2%** for the three months ended June 30, 2025, and by **28.0%** for the six months ended June 30, 2025, primarily driven by net income growth and a significant foreign currency translation gain in 2025[17](index=17&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) This section outlines the changes in the Company's equity accounts over a period, including net income, dividends, and stock transactions Key Changes in Stockholders' Equity (Six Months Ended June 30, 2025 vs. January 1, 2025) | Item | January 1, 2025 (in thousands) | June 30, 2025 (in thousands) | | :-------------------------------- | :----------------------------- | :--------------------------- | | Common Stock | $575 | $582 | | Additional Paid-In Capital | $943,281 | $968,684 | | Accumulated Deficit | $(129,339) | $(117,510) | | Accumulated Other Comprehensive Loss | $(10,025) | $(3,958) | | Treasury Stock | $(292,781) | $(319,297) | | Total Stockholders' Equity | $521,443 | $541,071 | - For the six months ended June 30, 2025, total stockholders' equity increased by **$19.6 million**. Significant activities included net income of **$76.6 million**, dividends of **$64.8 million**, and treasury stock repurchases of **$26.6 million**[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This section summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------ | :-------------------- | :-------------------- | | Net cash provided by (used in) operating activities | $(176,585) | $36,237 | | Net cash provided by (used in) investing activities | $4,532 | $(103,743) | | Net cash provided by (used in) financing activities | $83,264 | $1,500 | | Net increase (decrease) in cash and cash equivalents | $(88,789) | $(66,006) | | Cash and cash equivalents, end of period | $95,730 | $122,787 | - Net cash used in operating activities was **$176.6 million** for the six months ended June 30, 2025, a significant change from **$36.2 million** provided in the prior year, primarily due to **$242.2 million** in net purchases of investments within consolidated funds[23](index=23&type=chunk)[129](index=129&type=chunk) - Net cash provided by financing activities increased substantially to **$83.3 million** in 2025 from **$1.5 million** in 2024, driven by **$172.7 million** in net contributions from noncontrolling interests[23](index=23&type=chunk)[129](index=129&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [1. Organization and Description of Business](index=12&type=section&id=1.%20Organization%20and%20Description%20of%20Business) This note describes the Company's business, its global investment management focus, and its operational locations - Cohen & Steers, Inc. (CNS) is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions[30](index=30&type=chunk) - Headquartered in New York City, the Company has offices in London, Dublin, Hong Kong, Tokyo, and Singapore[30](index=30&type=chunk) [2. Basis of Presentation and Significant Accounting Policies](index=12&type=section&id=2.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) This note outlines the accounting principles and policies used in preparing the financial statements - The condensed consolidated financial statements are unaudited and prepared in accordance with GAAP and SEC rules for Form 10-Q[32](index=32&type=chunk) - The Company adopted ASU 2023-09 (Income Taxes) and ASU 2024-01 (Stock Compensation) effective January 1, 2025, with no material impact on financial statements[33](index=33&type=chunk)[34](index=34&type=chunk) - ASU 2024-03 (Expense Disaggregation Disclosures) will be effective January 1, 2027, and its impact is currently being evaluated[35](index=35&type=chunk) [3. Revenue](index=13&type=section&id=3.%20Revenue) This note provides a breakdown of the Company's revenue by client domicile and investment vehicle Revenue by Client Domicile (Six Months Ended June 30, in thousands) | Client Domicile | 2025 (in thousands) | 2024 (in thousands) | | :------------------------ | :-------------------- | :-------------------- | | North America | $235,924 | $212,947 | | Japan | $15,402 | $15,321 | | Europe, Middle East and Africa | $10,791 | $8,927 | | Asia Pacific excluding Japan | $8,476 | $7,236 | | **Total** | **$270,593** | **$244,431** | Revenue by Investment Vehicle (Six Months Ended June 30, in thousands) | Investment Vehicle | 2025 (in thousands) | 2024 (in thousands) | | :------------------- | :-------------------- | :-------------------- | | Open-end funds | $155,548 | $135,597 | | Institutional accounts | $65,021 | $60,531 | | Closed-end funds | $50,024 | $48,303 | | **Total** | **$270,593** | **$244,431** | [4. Investments](index=13&type=section&id=4.%20Investments) This note details the Company's investment portfolio and the gains or losses realized from these investments Summary of Company's Investments | Investment Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :----------------------------- | :------------------------------- | | Equity investments at fair value | $222,317 | $208,411 | | Trading | $134,746 | $126,953 | | Equity method | $567 | $13 | | **Total investments** | **$357,630** | **$335,377** | Gain (Loss) from Investments—Net (Six Months Ended June 30, in thousands) | Item | 2025 (in thousands) | 2024 (in thousands) | | :------------------------------------------------- | :-------------------- | :-------------------- | | Net realized gains (losses) | $1,405 | $(2,373) | | Net unrealized gains (losses) on investments still held | $8,863 | $1,339 | | **Gain (loss) from investments—net** | **$10,268** | **$(1,034)** | - The Company's total investments increased by **$22.3 million** from December 31, 2024, to June 30, 2025. Net gain from investments was **$10.3 million** for the six months ended June 30, 2025, a significant improvement from a net loss of **$1.0 million** in the prior year[38](index=38&type=chunk)[40](index=40&type=chunk) [5. Fair Value](index=14&type=section&id=5.%20Fair%20Value) This note explains the methodologies and categorization of fair value measurements for financial instruments - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[42](index=42&type=chunk) Fair Value Measurements (June 30, 2025, in thousands) | Asset Type | Level 1 | Level 2 | Level 3 | Investments Measured at NAV | Total | | :-------------------------- | :-------- | :-------- | :-------- | :-------------------------- | :------ | | Cash equivalents | $58,340 | $— | $— | $— | $58,340 | | Equity securities | $98,143 | $80,247 | $— | $134 | $178,524 | | Limited partnership interests | $— | $— | $39,247 | $4,546 | $43,793 | | Fixed income (Trading) | $— | $134,746 | $— | $— | $134,746 | | Equity method investments | $— | $— | $— | $567 | $567 | | **Total investments** | **$98,143** | **$214,993** | **$39,247** | **$5,247** | **$357,630** | - Level 2 equity investments include an **$80.2 million** seed investment in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT), valued based on monthly published NAV[43](index=43&type=chunk) - Level 3 investments, primarily limited partnership interests in private real estate, increased to **$39.2 million** at June 30, 2025, from **$32.6 million** at December 31, 2024[43](index=43&type=chunk)[44](index=44&type=chunk)[48](index=48&type=chunk) [6. Derivatives](index=16&type=section&id=6.%20Derivatives) This note describes the Company's use of derivative financial instruments for hedging and their fair values Corporate Derivatives (June 30, 2025, in thousands) | Derivative Type | Notional Amount | Fair Value Assets | Fair Value Liabilities | | :-------------------------- | :-------------- | :---------------- | :--------------------- | | Total return swaps | $76,224 | $192 | $2,968 | | Forward contracts - foreign exchange | $8,099 | $38 | $170 | | **Total corporate derivatives** | **$84,323** | **$230** | **$3,138** | Net Gains (Losses) from Derivative Financial Instruments (Six Months Ended June 30, in thousands) | Derivative Type | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------- | :-------------------- | :-------------------- | | Total return swaps | $(3,683) | $(200) | | Forward contracts - foreign exchange | $(617) | $660 | | **Total corporate derivatives** | **$(4,300)** | **$460** | | Derivatives held by consolidated funds | $9 | $— | | **Total** | **$(4,291)** | **$460** | - The Company uses total return swaps to hedge market risk of seed investments and forward foreign exchange contracts to hedge currency exposure from non-U.S. dollar advisory fees[53](index=53&type=chunk) [7. Earnings Per Share](index=17&type=section&id=7.%20Earnings%20Per%20Share) This note provides details on the calculation of basic and diluted earnings per share Earnings Per Share (Six Months Ended June 30) | Metric | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net income attributable to common stockholders (in thousands) | $76,627 | $65,775 | | Basic weighted average shares outstanding (in thousands) | 51,112 | 49,994 | | Diluted weighted average shares outstanding (in thousands) | 51,445 | 50,303 | | Basic EPS | $1.50 | $1.32 | | Diluted EPS | $1.49 | $1.31 | - Diluted EPS increased to **$1.49** for the six months ended June 30, 2025, from **$1.31** in the prior year, reflecting higher net income attributable to common stockholders[52](index=52&type=chunk) [8. Income Taxes](index=18&type=section&id=8.%20Income%20Taxes) This note reconciles the Company's effective income tax rate to the U.S. statutory tax rate Effective Income Tax Rate Reconciliation (Six Months Ended June 30) | Item | 2025 | 2024 | | :------------------------------------------------- | :----- | :----- | | U.S. statutory tax rate | 21.0 % | 21.0 % | | State and local income taxes, net of federal benefit | 2.9 % | 2.9 % | | Non-deductible executive compensation | 2.2 % | 1.2 % | | Excess tax benefits related to RSU vesting | (3.3) % | (0.3) % | | Unrecognized tax benefit adjustments | (0.5) % | 0.3 % | | Other | (0.2) % | (0.2) % | | **Effective income tax rate** | **22.1 %** | **24.9 %** | - The effective income tax rate decreased to **22.1%** for the six months ended June 30, 2025, from **24.9%** in the prior year, primarily due to higher excess tax benefits related to the vesting and delivery of restricted stock units[54](index=54&type=chunk) [9. Related Party Transactions](index=18&type=section&id=9.%20Related%20Party%20Transactions) This note discloses transactions with affiliated funds and related parties Revenue from Affiliated Funds (Six Months Ended June 30, in thousands) | Revenue Type | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------------- | :-------------------- | :-------------------- | | Investment advisory and administration fees | $185,144 | $165,257 | | Distribution and service fees | $14,350 | $13,448 | | **Total** | **$199,494** | **$178,705** | - Revenue earned from affiliated funds increased by **11.6%** for the six months ended June 30, 2025, reaching **$199.5 million**[55](index=55&type=chunk) - Receivables from Company-sponsored funds were **$37.0 million** at June 30, 2025[56](index=56&type=chunk) [10. Credit Agreement](index=18&type=section&id=10.%20Credit%20Agreement) This note provides details on the Company's revolving credit facility and compliance with its covenants - The Company has a **$100.0 million** senior unsecured revolving credit facility maturing on January 20, 2026, with Bank of America, N.A[57](index=57&type=chunk) - Borrowings bear interest at a variable annual rate based on Term SOFR or Base Rate plus an applicable rate, and the Company was in compliance with all covenants as of June 30, 2025[57](index=57&type=chunk)[60](index=60&type=chunk) [11. Commitments and Contingencies](index=19&type=section&id=11.%20Commitments%20and%20Contingencies) This note outlines the Company's investment commitments and any pending legal matters - The Company has committed to invest up to **$175.0 million** in certain investment vehicles, with **$110.9 million** funded as of June 30, 2025[62](index=62&type=chunk) - There are no pending legal matters that the Company believes could have a material adverse effect on its financial position[61](index=61&type=chunk) [12. Segment Information](index=19&type=section&id=12.%20Segment%20Information) This note clarifies that the Company operates as a single reportable segment - The Company operates in a single reportable segment, using a consolidated approach to assess performance and allocate resources[63](index=63&type=chunk) - The Executive Committee acts as the chief operating decision maker (CODM) and monitors performance using consolidated financial information and metrics like net income and total assets[63](index=63&type=chunk) [13. Subsequent Events](index=19&type=section&id=13.%20Subsequent%20Events) This note reports significant events that occurred after the balance sheet date - On July 31, 2025, the Company declared a quarterly dividend of **$0.62 per share**, payable on August 21, 2025[65](index=65&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance and condition for the three and six months ended June 30, 2025. It highlights growth in assets under management (AUM) across various investment vehicles and strategies, leading to increased revenue and operating income. The discussion also covers macroeconomic impacts, non-GAAP adjustments, and liquidity management [Executive Overview](index=20&type=section&id=Executive%20Overview) This overview introduces the Company's business model, revenue drivers, and strategic focus amidst market conditions - Cohen & Steers is a global investment manager specializing in real assets and alternative income, offering strategies through various investment vehicles including newly launched active ETFs[67](index=67&type=chunk)[68](index=68&type=chunk) - Revenue is primarily derived from investment advisory, administration, distribution, and service fees, based on assets under management (AUM) and, in some cases, performance-based fees[70](index=70&type=chunk) - The Company maintained a disciplined approach amidst macroeconomic uncertainty and geopolitical tensions, focusing on prudent cost control and operational efficiency[71](index=71&type=chunk)[72](index=72&type=chunk) [Investment Performance at June 30, 2025](index=21&type=section&id=Investment%20Performance%20at%20June%2030,%202025) This section discusses the investment performance of the Company's strategies relative to their benchmarks - The report notes that past performance is no guarantee of future results and outperformance is determined by comparing annualized investment performance of strategies to specified reference benchmarks[79](index=79&type=chunk) [Assets Under Management](index=21&type=section&id=Assets%20Under%20Management) This section provides a detailed breakdown of the Company's assets under management by investment vehicle and strategy Total Assets Under Management (AUM) | Metric | June 30, 2025 (in millions) | June 30, 2024 (in millions) | % Change YoY | | :-------------------------- | :-------------------------- | :-------------------------- | :----------- | | Assets under management, end of period | $88,936 | $80,709 | 10.2% | | Average assets under management | $87,243 | $79,585 | 9.6% | - Total AUM increased by **10.2%** to **$88.9 billion** at June 30, 2025, from **$80.7 billion** at June 30, 2024[77](index=77&type=chunk) [By Investment Vehicle](index=21&type=section&id=By%20Investment%20Vehicle) This subsection categorizes AUM by open-end funds, institutional accounts, and closed-end funds AUM by Investment Vehicle (June 30, 2025 vs. June 30, 2024, in millions) | Investment Vehicle | June 30, 2025 | June 30, 2024 | % Change YoY | | :------------------- | :------------ | :------------ | :----------- | | Open-end Funds | $42,962 | $37,451 | 14.7% | | Institutional Accounts | $34,386 | $32,222 | 6.7% | | Closed-end Funds | $11,588 | $11,036 | 5.0% | | **Total** | **$88,936** | **$80,709** | **10.2%** | - Open-end funds saw net inflows of **$870 million** for the six months ended June 30, 2025, including **$580 million** into U.S. real estate[78](index=78&type=chunk)[82](index=82&type=chunk) - Institutional accounts experienced net outflows of **$885 million** for the six months ended June 30, 2025, with **$503 million** from U.S. real estate, partially offset by **$248 million** inflows into global listed infrastructure[80](index=80&type=chunk)[82](index=82&type=chunk) - Closed-end funds had net inflows of **$106 million** for the six months ended June 30, 2025, primarily from global listed infrastructure[81](index=81&type=chunk)[82](index=82&type=chunk) [By Investment Strategy](index=28&type=section&id=By%20Investment%20Strategy) This subsection categorizes AUM by specific investment strategies such as real estate and infrastructure AUM by Investment Strategy (June 30, 2025 vs. June 30, 2024, in millions) | Investment Strategy | June 30, 2025 | June 30, 2024 | % Change YoY | | :-------------------------- | :------------ | :------------ | :----------- | | U.S. Real Estate | $43,972 | $38,717 | 13.6% | | Preferred Securities | $17,902 | $18,094 | -1.1% | | Global/International Real Estate | $13,980 | $13,064 | 7.0% | | Global Listed Infrastructure | $10,052 | $8,446 | 19.0% | | Other | $3,030 | $2,388 | 26.9% | | **Total** | **$88,936** | **$80,709** | **10.2%** | - U.S. Real Estate AUM increased by **13.6%** YoY, with net inflows of **$132 million** and market appreciation of **$1.7 billion** for the six months ended June 30, 2025[85](index=85&type=chunk) - Global Listed Infrastructure AUM grew by **19.0%** YoY, driven by **$607 million** in net inflows and **$810 million** in market appreciation for the six months ended June 30, 2025[86](index=86&type=chunk) [Summary of Operating Results](index=30&type=section&id=Summary%20of%20Operating%20Results) This section provides an overview of the Company's financial performance, including revenue, expenses, and operating income Summary of Operating Results (U.S. GAAP) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YTD 2025 (in thousands) | YTD 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :---------------------- | :---------------------- | | Revenue | $136,126 | $121,721 | $270,593 | $244,431 | | Expenses | $92,799 | $83,319 | $182,068 | $165,764 | | Operating income | $43,327 | $38,402 | $88,525 | $78,667 | | Net income attributable to common stockholders | $36,849 | $31,771 | $76,627 | $65,775 | | Diluted earnings per share | $0.72 | $0.63 | $1.49 | $1.31 | | Operating margin | 31.8% | 31.5% | 32.7% | 32.2% | [Three Months Ended June 30, 2025 Compared with Three Months Ended June 30, 2024](index=30&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20Compared%20with%20Three%20Months%20Ended%20June%2030,%202024) This subsection compares the Company's operating results for the second quarter of 2025 against the same period in the prior year Revenue Breakdown (Q2 2025 vs. Q2 2024, in thousands) | Revenue Type | Q2 2025 | Q2 2024 | $ Change | % Change | | :-------------------------------- | :------ | :------ | :------- | :------- | | Investment advisory and administration fees | $128,545 | $114,577 | $13,968 | 12.2% | | Distribution and service fees | $7,166 | $6,631 | $535 | 8.1% | | Other | $415 | $513 | $(98) | (19.1%) | | **Total revenue** | **$136,126** | **$121,721** | **$14,405** | **11.8%** | - Investment advisory and administration fees increased by **12.2%** due to higher average AUM, with the effective fee rate for open-end funds increasing to **67.3 bps** from **65.6 bps**[88](index=88&type=chunk)[89](index=89&type=chunk) Expenses Breakdown (Q2 2025 vs. Q2 2024, in thousands) | Expense Type | Q2 2025 | Q2 2024 | $ Change | % Change | | :-------------------------- | :------ | :------ | :------- | :------- | | Employee compensation and benefits | $56,640 | $53,097 | $3,543 | 6.7% | | Distribution and service fees | $15,706 | $13,270 | $2,436 | 18.4% | | General and administrative | $18,078 | $14,684 | $3,394 | 23.1% | | Depreciation and amortization | $2,375 | $2,268 | $107 | 4.7% | | **Total expenses** | **$92,799** | **$83,319** | **$9,480** | **11.4%** | - Operating margin increased slightly to **31.8%** from **31.5%** YoY[95](index=95&type=chunk) [Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024](index=32&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20Compared%20with%20Six%20Months%20Ended%20June%2030,%202024) This subsection compares the Company's operating results for the first six months of 2025 against the same period in the prior year Revenue Breakdown (YTD 2025 vs. YTD 2024, in thousands) | Revenue Type | YTD 2025 | YTD 2024 | $ Change | % Change | | :-------------------------------- | :------- | :------- | :------- | :------- | | Investment advisory and administration fees | $255,316 | $229,922 | $25,394 | 11.0% | | Distribution and service fees | $14,350 | $13,448 | $902 | 6.7% | | Other | $927 | $1,061 | $(134) | (12.6%) | | **Total revenue** | **$270,593** | **$244,431** | **$26,162** | **10.7%** | - Total revenue increased by **10.7%** for the six months ended June 30, 2025, driven by higher average AUM, with open-end funds' effective fee rate rising to **67.4 bps** from **65.9 bps**[98](index=98&type=chunk)[99](index=99&type=chunk) Expenses Breakdown (YTD 2025 vs. YTD 2024, in thousands) | Expense Type | YTD 2025 | YTD 2024 | $ Change | % Change | | :-------------------------- | :------- | :------- | :------- | :------- | | Employee compensation and benefits | $111,194 | $105,100 | $6,094 | 5.8% | | Distribution and service fees | $30,895 | $26,665 | $4,230 | 15.9% | | General and administrative | $35,247 | $29,477 | $5,770 | 19.6% | | Depreciation and amortization | $4,732 | $4,522 | $210 | 4.6% | | **Total expenses** | **$182,068** | **$165,764** | **$16,304** | **9.8%** | - Operating margin improved to **32.7%** for the six months ended June 30, 2025, from **32.2%** in the prior year[105](index=105&type=chunk) [Reconciliations of U.S. GAAP to As Adjusted Financial Results](index=36&type=section&id=Reconciliations%20of%20U.S.%20GAAP%20to%20As%20Adjusted%20Financial%20Results) This section reconciles GAAP financial results to non-GAAP 'as adjusted' figures, providing alternative performance views - Management uses 'as adjusted' (non-GAAP) financial results to provide greater transparency into operating performance and for internal management reports[109](index=109&type=chunk) Net Income Attributable to Common Stockholders and Diluted EPS (As Adjusted) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YTD 2025 (in thousands) | YTD 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :---------------------- | :---------------------- | | Net income attributable to common stockholders, U.S. GAAP | $36,849 | $31,771 | $76,627 | $65,775 | | Net income attributable to common stockholders, as adjusted | $37,324 | $34,532 | $75,677 | $69,185 | | Diluted earnings per share, U.S. GAAP | $0.72 | $0.63 | $1.49 | $1.31 | | Diluted earnings per share, as adjusted | $0.73 | $0.68 | $1.47 | $1.38 | Operating Margin (As Adjusted) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------------- | :------ | :------ | :------- | :------- | | Operating margin, U.S. GAAP | 31.8 % | 31.5 % | 32.7 % | 32.2 % | | Operating margin, as adjusted | 33.6 % | 34.9 % | 34.2 % | 35.2 % | [Changes in Financial Condition, Liquidity and Capital Resources](index=38&type=section&id=Changes%20in%20Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) This section analyzes the Company's financial position, liquidity, and capital management strategies - The Company aims to maintain a highly liquid balance sheet to support business strategies and growth initiatives[120](index=120&type=chunk)[127](index=127&type=chunk) [Net Liquid Assets](index=38&type=section&id=Net%20Liquid%20Assets) This subsection details the Company's net liquid assets, including cash, securities, and current liabilities Net Liquid Assets (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $95,372 | $182,974 | | U.S. Treasury securities | $109,242 | $109,086 | | Liquid seed investments—net | $118,185 | $68,858 | | Other current assets | $74,555 | $75,959 | | Current liabilities | $(72,370) | $(105,396) | | **Net liquid assets** | **$324,984** | **$331,481** | - Net liquid assets decreased to **$325.0 million** at June 30, 2025, from **$331.5 million** at December 31, 2024, primarily due to a decrease in cash and cash equivalents[121](index=121&type=chunk) [Cash flows](index=39&type=section&id=Cash%20flows) This subsection analyzes the Company's cash flow activities from operations, investing, and financing Cash Flow Data (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :------------------------------------ | :----- | :----- | | Net cash provided by (used in) operating activities | $(176,585) | $36,237 | | Net cash provided by (used in) investing activities | $4,532 | $(103,743) | | Net cash provided by (used in) financing activities | $83,264 | $1,500 | | Net increase (decrease) in cash and cash equivalents | $(88,789) | $(66,006) | | Cash and cash equivalents, end of period | $95,730 | $122,787 | - Net cash used in operating activities was **$176.6 million** for the six months ended June 30, 2025, largely due to **$242.2 million** in net purchases of investments within consolidated funds, including **$54.3 million** in seed investments into ETFs[129](index=129&type=chunk) [Contractual Obligations, Commitments and Contingencies](index=39&type=section&id=Contractual%20Obligations,%20Commitments%20and%20Contingencies) This subsection outlines the Company's future financial obligations and potential liabilities - The Company has unfunded investment commitments of **$64.1 million** out of a total of **$175.0 million** in certain investment vehicles as of June 30, 2025[128](index=128&type=chunk)[131](index=131&type=chunk) - No material changes to contractual obligations were reported since the December 31, 2024, Form 10-K, other than those described[130](index=130&type=chunk) [Dividends](index=39&type=section&id=Dividends) This subsection discusses the Company's dividend policy and recent declarations - The Company anticipates paying dividends, subject to board approval and consideration of various financial and strategic factors[132](index=132&type=chunk) - A quarterly dividend of **$0.62 per share** was declared on July 31, 2025, payable on August 21, 2025[133](index=133&type=chunk) [Critical Accounting Estimates](index=39&type=section&id=Critical%20Accounting%20Estimates) This subsection addresses the significant judgments and assumptions used in preparing the financial statements - There were no changes to the Company's critical accounting estimates for the three months ended June 30, 2025, as discussed in the Annual Report on Form 10-K for December 31, 2024[134](index=134&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the Company's exposure to market risks, including changes in interest and currency rates, securities markets, and general economic conditions. It also provides a sensitivity analysis for seed investments, which are subject to market fluctuations - The Company is exposed to market risk from changes in interest and currency rates, securities markets, and general economic conditions, which can impact AUM and revenue[135](index=135&type=chunk) - Seed investments include both liquid holdings (traded in active markets) and illiquid holdings (limited partnership interests in private real estate and CNSREIT with redemption restrictions)[137](index=137&type=chunk) Seed Investments Sensitivity Analysis (June 30, 2025, in thousands) | Investment Type | Net Carrying Value | Net Carrying Value Assuming a 10% increase | Net Carrying Value Assuming a 10% decrease | | :-------------------------- | :----------------- | :----------------------------------------- | :----------------------------------------- | | Liquid seed investments—net | $41,961 | $46,157 | $37,765 | | Illiquid seed investments—net | $115,392 | $126,931 | $103,853 | [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Company's disclosure controls and procedures and states that there have been no material changes to internal control over financial reporting during the quarter - The Company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[140](index=140&type=chunk) - There has been no material change in internal control over financial reporting during the three months ended June 30, 2025[139](index=139&type=chunk) [Part II. Other Information](index=41&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for information regarding legal proceedings, indicating no material adverse effects are currently anticipated - Information on legal proceedings is provided in Note 11, Commitments and Contingencies, of the Condensed Consolidated Financial Statements[141](index=141&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, were identified[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's purchases of its common stock during the second quarter of 2025, primarily to satisfy employee tax withholding obligations related to restricted stock units Purchases of Equity Securities (Three Months Ended June 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :-------------------------- | :----------------------------- | :--------------------------- | | April 1 through April 30, 2025 | — | $— | | May 1 through May 31, 2025 | 245 | $80.27 | | June 1 through June 30, 2025 | 7,796 | $76.98 | | **Total** | **8,041** | **$77.08** | - The purchases were made to satisfy income tax withholding obligations of employees upon the vesting and delivery of restricted stock units[144](index=144&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[145](index=145&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including organizational documents, specimen stock certificates, a letter agreement, and certifications required by the Sarbanes-Oxley Act - Exhibits include the Amended and Restated Certificate of Incorporation, Bylaws, Specimen Common Stock Certificate, Registration Rights Agreement, and various certifications (e.g., Section 302 and 906 of Sarbanes-Oxley Act)[149](index=149&type=chunk) [Signatures](index=43&type=section&id=Signatures) This section contains the official signatures certifying the accuracy of the report - The report was signed on August 1, 2025, by Raja Dakkuri, Executive Vice President & Chief Financial Officer, and Elena Dulik, Senior Vice President & Chief Accounting Officer[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)

Core Viewpoint - The press release provides shareholders of Cohen & Steers Closed-End Opportunity Fund, Inc. with details regarding the distribution to be paid on July 31, 2025, and cumulative distributions for the fiscal year to date [1] Distribution Policy - The Fund has a managed distribution policy implemented in December 2021, aiming to deliver long-term total return potential through regular monthly distributions at a fixed rate per common share [2] - This policy allows the Fund to realize long-term capital gains throughout the year and distribute them regularly, although it can be amended or terminated by the Board of Directors [2] Distribution Sources - Monthly distributions may include long-term capital gains, short-term capital gains, net investment income, and/or return of capital for federal income tax purposes [3] - Return of capital reduces a shareholder's tax basis in their shares and is not taxable [3] Distribution Estimates - For July 2025, the estimated distribution per share is $0.0870, with the following breakdown: - Net Investment Income: $0.0264 (30.34%) - Net Realized Short-Term Capital Gains: $0.0070 (8.05%) - Net Realized Long-Term Capital Gains: $0.0536 (61.61%) - Return of Capital: $0.0000 (0.00%) [6] - Year-to-date cumulative distributions for 2025 total $0.6090 per share [6] Fund Performance - The Fund's Year-to-date Cumulative Total Return for fiscal year 2025 (January 1, 2025, to June 30, 2025) is 8.33% [9] - The Cumulative Distribution Rate for the same period is 4.90% [9] - The Average Annual Total Return for the five-year period ending June 30, 2025, is 11.79%, with a Current Annualized Distribution Rate of 8.41% [10]

FHI currently has a forward P/E ratio of 11.17, while CNS has a forward P/E of 24.45. We also note that FHI has a PEG ratio of 0.87. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. CNS currently has a PEG ratio of 2.40. Another notable valuation metric for FHI is its P/B ratio of 3.59. The P/B is a method of comparing a stock's market value to its book value, which is defined as to ...

Core Insights - Corero Network Security has been recognized as both a Leader and an Emerging Innovator in the 2025 SPARK Matrix for DDoS Mitigation, indicating strong market demand for its solutions [1][2] - The company's improved ranking from 2024 reflects increased customer impact, broader market adoption, and stronger global partnerships [2][3] - Corero's SmartWall ONE and CORE solutions provide enhanced protection across layers 3 through 7, offering real-time traffic analytics and improved security for critical applications [2][3] Company Strategy and Performance - Corero's strategy focuses on intelligent traffic inspection and in-line threat prevention, ensuring low latency and high precision in DDoS protection [3] - The integration of AI-driven analytics and a robust channel strategy has positioned Corero as a trusted provider in the DDoS mitigation space [3][4] - The CEO emphasized that the recognition validates the company's customer-centric approach and innovative solutions that address real challenges without adding operational complexity [4] Market Position and Offerings - Corero specializes in automatic detection and protection solutions against DDoS threats, ensuring service availability in complex environments [5] - The company operates from its centers in Marlborough, Massachusetts, and Edinburgh, UK, and is listed on both the London Stock Exchange's AIM market and the US OTCQX Market [5]

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]