"Stayin' Alive" Means "Muddling Through" Uncertain Times Some of us remember the movie "Saturday Night Fever" where the title song "Stayin' Alive" captured the day-to-day challenges facing the lead character, Tony Manero, played so convincingly by John Travolta. I see "Stayin' Alive" as an appropriate goal for my investing generally, but especially in 2026, given the unprecedented risks and unknowns we face in our economy, our country overall, and in our global geopolitical environment. Investors familiar w ...

Company Overview - Ovid Therapeutics Inc. (OVID) is a CNS drug developer focusing on therapies for disorders related to neuronal hyperexcitability [1] Pipeline Focus - OVID's pipeline primarily targets two mechanisms: 1) A GABA-AT inhibitor aimed at treating uncontrolled epilepsy 2) KCC2 [1]

Core Viewpoint - Shares of Cohen & Steers (CNS) have underperformed over the past year, losing approximately 25% of their value [1] Company Performance - The company is managing its controllable factors effectively despite the decline in appetite for real estate-oriented investments [1] Investment Strategy - The article reflects a contrarian investment approach based on macro views and stock-specific turnaround stories aimed at achieving outsized returns with a favorable risk/reward profile [1]

Core Insights - Cohen & Steers reported strong net inflows of $1.28 billion in Q4 and $1.5 billion for the full year 2025, with positive trends across all investment vehicles and improved advisory flows [2][7][8] Group 1: Financial Performance - The firm ended Q4 with $90.5 billion in assets under management (AUM), slightly down from Q3, but average AUM increased during the period [3] - Operating income rose 3% sequentially to $52.4 million in Q4, with full-year operating income increasing 6.3% to $195.1 million [4] - Revenue increased 2% sequentially to $143.8 million in Q4, with a full-year revenue rise of 6.9% to $554 million [5] - As-adjusted earnings for Q4 were $0.81 per share, matching the prior quarter, while full-year earnings rose to $3.09 per share from $2.93 [6] Group 2: Investment Flows and Pipeline - The firm experienced net inflows across various segments, including $30 million in sub-advisory, $689 million in advisory, and $13 million in open-end funds [1] - The unfunded pipeline ended the year at $1.72 billion across 20 mandates, with $660 million in new mandates awarded during the quarter [9][11] - The pipeline mix consists of 54% U.S. REIT strategies, 23% global listed infrastructure, and 16% global real estate, reflecting improved allocator activity [10] Group 3: Market Outlook and Strategy - The firm expects economic activity and market returns to broaden in 2026, with anticipated above-consensus global growth, inflation, and interest rates [16] - The company aims to focus on "harvesting ROI" from recent investments in strategies and talent, including scaling active ETFs and offshore SICAV vehicles [19] - The firm reported that 95% of AUM outperformed benchmarks over one year, with long-term outperformance rates above 95% for three, five, and ten years [13]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4][5] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [4][5] - Operating income for Q4 increased by 3% to $52.4 million, with full-year operating income up 6.3% to $195.1 million [6][5] - The effective fee rate for Q4 was stable at 59 basis points, consistent with the prior quarter [5] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [6][19] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds, offset by market depreciation and distributions [6][19] - The institutional pipeline strengthened, ending the year with $1.72 billion across 20 mandates [22] Market Data and Key Metrics Changes - U.S. REITs returned just 3.2% in 2025, ranking last among the 11 GICS sectors in the S&P 500 [20] - Natural resource equities performed well, with a return of nearly 30%, while global listed infrastructure saw returns ranging from 14% to 22% [21] - Global real estate stocks were flat in Q4, with gains in Asia-Pacific markets countered by weakness elsewhere [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and expand its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity and market returns are expected to broaden in 2026, with above-consensus global growth anticipated [14] - The company is optimistic about the return of investor interest in private real estate, driven by improving market conditions [36] - There is a belief that the combination of broadening economic growth and relative valuation attractiveness will benefit the company's asset classes in 2026 [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The effective tax rate for the quarter was 25.7%, consistent with the previous year [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and commitment to listed markets [31][32] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, with expectations for it to become a more significant contributor in 2026 [36][38] Question: Progress in the institutional channel - Management indicated a strong pipeline for the institutional channel, with improved conversations and a broader range of mandates [45][46] Question: Dynamics driving the won and unfunded pipeline - Management confirmed that the recent increase in the won and unfunded pipeline reflects broader market dynamics and improved allocator confidence [48][50] Question: Regional demand for advisory and sub-advisory - Management observed expanding demand in non-U.S. markets, with allocators from various countries showing interest [53][54] Question: Areas of demand for active ETFs - Management reported strong interest from RIAs and existing holders of open-end funds converting to active ETFs, indicating a positive trend for future growth [61][62]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5][6] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [6] - The effective fee rate during Q4 was stable at 59 basis points, consistent with the prior quarter [5] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [6][19] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds, offset by market depreciation [6] - The institutional pipeline strengthened, ending the year with $1.72 billion across 20 mandates [22] Market Data and Key Metrics Changes - Equities finished 2025 with double-digit gains for the third consecutive year, with diversified real assets rising about 3% in Q4 [11] - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat overall in Q4, with significant disparities in returns by property type [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in recent years and increasing coverage in the RIA channel while maintaining presence in wirehouses [25] - The largest AUM strategy, U.S. REITs, is expected to enter a favorable return cycle, with earnings anticipated to accelerate [25][26] - The company is positioning itself to benefit from a broadening economic growth engine and relative valuation attractiveness in 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity and market returns are expected to broaden in 2026, with above-consensus global growth anticipated [14] - The company is optimistic about the return of investor interest in private real estate, driven by adjustments in commercial real estate prices and reduced interest rates [36][38] - The institutional channel is showing improved activity, with a strong pipeline and increased interest from allocators [45][46] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The effective tax rate for the quarter was 25.7%, consistent with the previous year [8] - The company launched five active ETFs with total AUM of $378 million, indicating strong market acceptance [29] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, with expectations for it to become a more significant contributor in 2026 [36][38] Question: Progress in the institutional channel - Management highlighted a strong pipeline for two consecutive quarters, with improved allocator confidence and more liquidity in portfolios [45][46] Question: Dynamics driving the won and unfunded pipeline - Management indicated that the recent increase in the won and unfunded pipeline reflects broader positive dynamics in the market [48][50] Question: Demand for active ETFs - Management observed that active ETFs are gaining traction, particularly among RIAs who exclusively use ETFs, which is driving new capital into these vehicles [62]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [5] - The effective tax rate was 25.7% for Q4 and 25.3% for the year, consistent with 2024 [8] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [5] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds [5] - The compensation ratio decreased to 39% for the quarter, below the guidance of 40.5% [6] Market Data and Key Metrics Changes - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat in Q4, with significant disparities in returns by property type [11] - Private real estate had a total return of 0.9%, marking the sixth consecutive quarter of increasing total returns [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and grow its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - The management anticipates a broadening of economic activity and market returns in 2026, moving away from a historically narrow growth pattern [13] - There is a belief that the economic and market rotation is underway, with real assets expected to outperform equities [13] - The company is optimistic about the potential for natural resource equities and listed infrastructure to play a larger role in portfolios [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and the importance of listed markets [31] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, driven by issues in private credit markets [34] Question: Scaling of active ETFs - Active ETFs are expected to scale quickly due to established strategies and market acceptance [36] Question: Progress in the institutional channel - Conversations have improved, with a strong pipeline and increased interest from allocators [40] Question: Regional demand for advisory and sub-advisory - There is expanding demand from non-U.S. markets, with allocators from various countries showing interest [44] Question: Dynamics that could change global real estate performance - A re-acceleration in demand from global institutions and improved performance of international real estate are expected to be positive factors [46]

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Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. Cohen & Steers: Q4 2025 and Full Year 2025 Earnings Presentation Summary of fourth quarter and full year 2025 results Fourth quarter 2025 Full year 2025 Assets under management • Net inflows of $1.5 billion in FY 2025 versus net outflows of $171 million in FY 2024 2 Flows Financial results, as adjusted • December 31, 2025 AUM was $90.5 billion versus $85.8 billion at December 31, 2024 • Average AUM was $88.6 b ...

Financial Performance - Revenue for Q4 2025 was $143.8 million, a 1.5% increase from $141.7 million in Q3 2025[4] - Operating income for Q4 2025 was $40.3 million, resulting in an operating margin of 28.0%, down from 34.5% in Q3 2025[4][8] - Net income attributable to common stockholders for Q4 2025 was $34.9 million, with diluted earnings per share of $0.68[4] - Total revenue for Q4 2025 was $143.8 million, representing a 1.5% increase from Q3 2025 and a 2.9% increase from Q4 2024[21] - Net income attributable to common stockholders for Q4 2025 was $34.9 million, a decrease of 16.4% compared to Q3 2025 and a decrease of 23.9% compared to Q4 2024[21] - Total revenue for the year ended December 31, 2025, was $556.1 million, reflecting a 7.5% increase from $517.4 million in 2024[23] - Operating income for the year ended December 31, 2025, was $177.7 million, a 2.8% increase from $172.9 million in 2024[23] - Earnings per share (EPS) for Q4 2025 was $0.68, down 16.4% from $0.81 in Q3 2025 and down 24.4% from $0.90 in Q4 2024[21] - Diluted earnings per share (EPS) for the year ended December 31, 2025, was $2.97, unchanged from the previous year[34] Assets Under Management (AUM) - Assets under management (AUM) at December 31, 2025, were $90.5 billion, a decrease of 0.4% from $90.9 billion at September 30, 2025[12] - Average AUM increased to $90,751 million, reflecting a 1.1% rise from $89,738 million in the previous quarter[25] - Total assets under management at the end of the period were $12.04 billion, up 6.7% from $11.29 billion[26] - Assets under management (AUM) increased to $20,843 million, representing an 8.2% growth year-over-year[28] - Assets under management (AUM) increased to $90,544 million at the end of December 2025, a 5.5% increase from $85,814 million in December 2024[32] Inflows and Outflows - Net inflows for Q4 2025 totaled $1.2 billion, contributing to the overall AUM despite market depreciation[12] - Total inflows for the quarter were $5,790 million, compared to $3,962 million in the prior quarter, representing a significant increase[25] - Net inflows for the quarter were $1,207 million, up from $233 million in the previous quarter, indicating strong demand[25] - Total inflows for the year ended December 31, 2025, were $18,200 million, compared to $17,948 million in 2024[32] - Net inflows for the total AUM were $1,531 million for the year ended December 31, 2025, compared to a net outflow of $171 million in the previous year[32] Expenses - Total expenses for Q4 2025 were $103.5 million, an increase of 11.5% from $92.8 million in Q3 2025[4] - Employee compensation and benefits decreased by 2.0% to $56.1 million in Q4 2025 compared to Q3 2025[7] - Total expenses for Q4 2025 were $103.5 million, an increase of 11.5% from Q3 2025 and an increase of 14.4% from Q4 2024[21] - The company incurred $10.814 million in fund launch and rights offering costs in Q4 2025[38] Market Performance - The company reported a foreign currency loss of $991,000 in Q4 2025, compared to a gain of $859,000 in Q3 2025[21] - The company experienced market appreciation of $6,063 million for the total AUM in 2025, compared to $5,420 million in 2024[32] - Market depreciation for the quarter was $685 million, contrasting with a market appreciation of $2,355 million in the prior quarter[25] Future Outlook - The company expects to see continued growth in revenue and operating income in the upcoming quarters, driven by strategic market expansions and new product launches[38] - The lease for the prior headquarters is set to expire in January 2024, which may lead to cost savings in future periods[39]