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]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

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]

Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (l ...