Cohen & Steers(US:CNS)2025-05-02 12:49Assets Under Management - Assets under management increased by 7.8% to $87.6 billion as of March 31, 2025, up from $81.2 billion a year earlier[71]. - Open-end funds saw a 12.2% increase in assets under management, reaching $42.3 billion, with net inflows of $585 million during the first quarter of 2025[72]. - Institutional accounts' assets under management rose by 4.5% to $33.9 billion, compared to $32.4 billion at the same time last year[74]. - Closed-end funds experienced a 2.4% increase in assets under management, totaling $11.4 billion, with market appreciation contributing $1.0 billion[74]. - Assets under management at the beginning of the period were $40.96 billion, with inflows of $3.51 billion[76]. - Total assets under management at the end of the period increased to $42.29 billion, up from $37.68 billion[76]. - Average assets under management rose to $41.80 billion, compared to $36.92 billion in the previous period[76]. - Institutional accounts assets under management at the beginning of the period were $33.56 billion, with inflows of $1.10 billion[76]. - Net inflows for the period were $3.66 billion, compared to $2.54 billion in the previous period[76]. - Market appreciation for the period was $8.53 billion, contributing to the overall asset growth[76]. - Closed-end funds assets under management at the beginning of the period were $11.28 billion, with inflows of $3.34 billion[76]. - Total assets under management for closed-end funds at the end of the period were $11.39 billion, up from $11.12 billion[76]. - Average assets under management for closed-end funds increased to $11.35 billion, compared to $10.96 billion[76]. - The company reported a total increase in assets under management of $3.95 billion, reflecting strong market performance and inflows[76]. - Assets under management increased to $87,579 million at the end of the period, up from $81,235 million in the previous year, representing a growth of 7.9%[80]. Revenue and Income - Revenue for the three months ended March 31, 2025, was $134,467 thousand, a 9.6% increase from $122,710 thousand in the same period of 2024[81]. - Net income attributable to common stockholders rose to $39,778 thousand, reflecting a 17.5% increase compared to $34,004 thousand in the prior year[81]. - Operating margin improved to 33.6% for the three months ended March 31, 2025, compared to 32.8% for the same period in 2024[89]. - Total investment advisory and administration revenue from open-end funds increased by 14.6% to $69,658 thousand, up from $60,787 thousand year-over-year[82]. - Average assets under management for the period were $86,778 million, compared to $80,175 million in the previous year, indicating a growth of 8.2%[80]. - Adjusted operating income for Q1 2025 was $46,446,000, compared to $43,692,000 in Q1 2024, reflecting a 6.4% increase[98]. - Net income attributable to common stockholders for Q1 2025 was $39,778,000, an increase of 17.5% from $34,004,000 in Q1 2024[94]. - Revenue for Q1 2025 was $134,467,000, up 9.3% from $122,710,000 in Q1 2024[98]. - Diluted earnings per share (EPS) for Q1 2025 was $0.77, up from $0.68 in Q1 2024, representing a 13.2% increase[94]. Distributions and Cash Flow - The company reported distributions of $282 million, with $239 million reinvested and included in net flows[75]. - Total distributions decreased to $1.76 billion from $1.90 billion, indicating a reduction in payouts[2]. - Total distributions for the period were $164 million, with an increase (decrease) of $12 million[77]. - Cash and cash equivalents decreased by $117,490,000 in Q1 2025, ending the period at $66,143,000[112]. - Net liquid assets as of March 31, 2025, totaled $318,418,000, a decrease from $331,481,000 as of December 31, 2024[104]. Market Conditions and Strategy - Market volatility and interest rate fluctuations have influenced investor sentiment and asset flows, prompting the company to focus on disciplined risk management[67]. - The company emphasizes a disciplined cost control approach to navigate the current macroeconomic environment[67]. - The company operates through two major distribution channels: wealth and institutional, targeting various client types including sovereign wealth funds and corporate plans[65]. - The company launched its first active exchange traded funds (ETFs) in February 2025, including strategies for U.S. real estate securities, preferred securities, and natural resource equities[64]. Tax and Expenses - Employee compensation and benefits expenses increased by 4.9% to $54,554 thousand, up from $52,003 thousand in the prior year[87]. - The effective income tax rate decreased to 19.5% from 24.3% in the previous year, reflecting a reduction in the overall tax burden[92]. - Non-operating income for Q1 2025 was $7,752,000, compared to $5,037,000 in Q1 2024, indicating a 53.9% increase[100]. Investment Commitments - The company has committed to invest up to $175,000,000 in certain investment vehicles, with $66,300,000 remaining unfunded as of March 31, 2025[111]. - The company declared a quarterly dividend of $0.62 per share on May 1, 2025, payable on May 22, 2025[116].