SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ ...

Cohen & Steers, Inc. (NYSE:CNS) Q1 2023 Earnings Conference Call April 20, 2023 10:00 AM ET Company Participants Brian Heller - Senior Vice President and Corporate Counsel Joe Harvey - Chief Executive Officer Matt Stadler - Chief Financial Officer Jon Cheigh - Chief Investment Officer Conference Call Participants John Dunn - Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers First Quarter 2023 Earnings Conference Call. During the presentation, all participan ...

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 | --- | --- | --- | |------------------------------------------------------------------------------ ...