COHEN & STEERS Q1 2023 Earnings Presentation Cohen & Steers: Summary of first quarter 2023 results Assets under management Flows Financial results, as adjusted • March 31, 2023 AUM was $79.9 billion versus $80.4 billion at December 31, 2022 • Average AUM was $83.2 billion for Q1 2023 versus $80.5 billion for Q4 2022 • Market appreciation was $671 million for Q1 2023 versus market appreciation of $3.5 billion for Q4 2022 • Net outflows of $497 million in Q1 2023 versus net outflows of $1.1 billion in Q4 2022 ...

February 24, 2023 46 | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------| | | | | Management's Report on Internal Control over Financial Reporting | F-2 | | Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | F-3 | | Consolidated Statements of Financial Condition | F-6 | | Consolidated Statements of Operations | F-7 | | | | | Consolidated Statements of Comprehensive Income | F-8 | | Consolidated Statements ...

Financial Data and Key Metrics Changes - Earnings per share for Q4 2022 were $0.79, down from $1.24 in the prior year and $0.96 sequentially [7] - Revenue for the quarter was $125.5 million, compared to $159.7 million in the prior year and $140.2 million sequentially, primarily due to lower average assets under management [7] - Operating income was $50.9 million for the quarter, down from $60.1 million sequentially [33] - The effective fee rate was 57.8 basis points, slightly down from 58 basis points in the previous quarter [33] - Assets under management increased to $80.4 billion at December 31, 2022, from $79.2 billion at September 30, 2022, due to market appreciation [11] Business Line Data and Key Metrics Changes - The compensation to revenue ratio was 36.4% for Q4 2022, reflecting a reduction in incentive compensation [8] - The firm experienced outflows of $1 billion from open-end funds, with significant outflows from core preferred mutual funds totaling $819 million [27] - Institutional advisory had outflows of $392 million, with existing client outflows totaling $573 million [28] Market Data and Key Metrics Changes - Global equities were up 9.9% in Q4, with U.S. REITs up 4.1% and international real estate up 10.3% [43] - The performance of U.S. REITs was down approximately 25% in 2022, while private real estate values generally increased [22] - The firm’s market share in preferreds declined to 43%, reflecting increased competition in the space [79] Company Strategy and Development Direction - The company plans to balance anticipated revenue declines with a disciplined approach to human capital [12] - Expected G&A expenses are projected to increase by 12% to 14% in 2023, primarily due to costs associated with the new corporate headquarters [13] - The firm aims to expand its market share in U.S. real estate, global real estate, and global listed infrastructure [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a transition to an early cycle economy by the end of 2023, with positive returns expected across all asset classes [21] - The firm expects inflation to stabilize around 3% by year-end, with an average recession likely [46] - Management remains optimistic about the investment performance and believes the firm is well-positioned to capture investor allocations [26] Other Important Information - The firm arranged for a $100 million three-year senior unsecured revolving credit facility to provide financial flexibility [36] - The firm’s liquidity totaled $316.1 million at quarter-end, up from $269.9 million in the previous quarter [35] - The company is focused on integrating private and listed real estate capabilities to optimize client portfolios [88] Q&A Session Summary Question: What are the expected inflows versus outflows in the wealth management channel for 2023? - Management noted improved flows this year, indicating a shift from tax loss selling to capitalizing on price declines, suggesting better entry points for REIT investors [64] Question: What is the outlook for preferreds in the current rate environment? - Management expects double-digit returns from preferreds, driven by high income levels and favorable fundamentals [66] Question: What is the potential for U.S. infrastructure flows in 2023? - Management indicated a pickup in flows due to increased focus on infrastructure spending, but noted it is still early for broader adoption [70] Question: How does the company view the competitive landscape in the REIT space? - Management highlighted that while some competitors have shrunk, the firm continues to gain market share due to consistent performance [108] Question: What is the vision for the next few years regarding private real estate? - The firm is focused on building a private real estate team and expects to see emerging opportunities to deploy capital as prices correct [114]

$ in billions Subadvisory ex. APAC ex. Japan 4.4% As of December 31, 2022. Totals may not foot due to rounding. $ in billions Totals may not foot due to rounding. Totals may not foot due to rounding. | --- | --- | --- | --- | --- | --- | |-----------------------------|------------------------------|----------------|----------------------|---------------|------------------------------| | Organic growth/ \n(decay) | (6.5%) \n$0.6 | 16.2% \n$0.8 | (6.3%) \n$1.6 $0.9 | 3.3% \n$0.5 | (1.3%) \n$0.9 \n$0.1 ($0.0) ...

________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |------------------------------------------------------------------------------- ...

COHEN & STEERS Cohen & Steers: Q3 2022 Earnings Presentation Summary of third quarter 2022 results Assets under management Flows Financial results, as adjusted • September 30, 2022 AUM was $79.2 billion versus $87.9 billion at June 30, 2022 • Average AUM was $89.7 billion for Q3 2022 versus $95.1 billion for Q2 2022 • Market depreciation was $7.4 billion for Q3 2022 versus $12.5 billion for Q2 2022 • Net outflows of $598 million in Q3 2022 versus net outflows of $717 million in Q2 2022 • Net inflows in suba ...

Financial Data and Key Metrics Changes - Earnings per share for Q3 2022 were $0.92, down from $1.06 in the prior year's quarter and $0.96 sequentially [7] - Revenue decreased to $140.2 million from $154.3 million year-over-year and $147.7 million sequentially [8] - Operating income was $60.1 million, down from $70.4 million in the prior year's quarter and $64 million sequentially [9] - Assets under management (AUM) decreased to $79.2 billion, down $8.7 billion or 9.9% from June 30 [12] Business Line Data and Key Metrics Changes - Advisory accounts had net outflows of $220 million, an improvement from $408 million in the previous quarter [13] - Japan sub-advisory saw net inflows of $132 million, compared to $23 million in the second quarter [13] - Open-end funds experienced net outflows of $732 million, worsening from $244 million in the previous quarter [14] Market Data and Key Metrics Changes - The firm experienced a total of $598 million in net outflows firmwide for the quarter, bringing year-to-date outflows to $559 million [47] - The outflows were primarily driven by U.S. REITs, with one allocator accounting for $1 billion of the outflows [49] - Preferred securities had inflows in the first part of the quarter but faced redemptions in September [50] Company Strategy and Development Direction - The company plans to prioritize initiatives more stringently and defer discretionary spending until the recession's magnitude becomes clearer [40] - There is a focus on increasing allocations to global listed infrastructure and multi-strategy real assets due to accelerating demand [57] - The company believes that corrections in REIT and preferred security prices will present compelling entry points over the next year [59] Management's Comments on Operating Environment and Future Outlook - Management noted that the current environment is one of the biggest regime shifts in the macroeconomic landscape [40] - There is an expectation that the Fed's tightening process will create investment opportunities, particularly in preferred securities [71] - The company anticipates that REITs will provide better returns than core real estate over the next three years [30] Other Important Information - The firm’s liquidity totaled $269.9 million at quarter end, an increase from $227.7 million last quarter [12] - The effective tax rate remained consistent at 25.25% [11] - The company is continuing investments in technology to improve operational efficiencies despite the current market challenges [18] Q&A Session Summary Question: Update on private real estate efforts and tactical opportunities - The company is in the market for strategies to raise assets and is being patient in deploying capital due to macroeconomic conditions [66][67] Question: Potential for inflows in REITs and preferreds - Management indicated that investors are waiting for the Fed's tightening process to play out before making moves into preferreds, while real estate interest is currently low [71][72] Question: Outlook for U.S. real estate portfolio - The portfolio is balanced with little exposure to office space, focusing on residential and self-storage sectors due to their pricing power [91] Question: Investments in non-U.S. advisory and Asia - The company has made significant investments in U.S. advisory and is seeing green shoots of interest in Asia Pacific, planning to allocate more resources there [79][82] Question: Cost structure and organic growth - The company is balancing near-term market challenges with long-term investments in talent and seeding new strategies [84][86]

________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |------------------------------------------------------------------------------ ...

Cohen & Steers Inc. (NYSE:CNS) Q2 2022 Results Conference Call July 21, 2022 10:00 AM ET Company Participants Brian Heller - Senior Vice President and Corporate Counsel Joe Harvey - Chief Executive Officer Matt Stadler - Chief Financial Officer John Cheigh - Chief Investment Officer Conference Call Participants John Dunn - Evercore ISI Marla Backer - Sidoti Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers' Second Quarter 2022 Earnings Conference Call. [Operator Instruc ...

________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO | --- | --- | |----------------------------------------------------------------------------------- ...