Cohen & Steers(CNS) - 2025 Q3 - Quarterly Results

Executive Summary This section provides an overview of Cohen & Steers' financial performance and key operational metrics for the third quarter of 2025 Third Quarter 2025 Financial Highlights Cohen & Steers reported strong financial performance for Q3 2025, with significant increases in revenue, operating income, and net income attributable to common stockholders compared to the previous quarter, alongside a notable rise in diluted EPS Q3 2025 Financial Highlights (U.S. GAAP vs. Q2 2025) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | $ Change (in thousands of USD) | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Revenue | $141,720 | $136,126 | $5,594 | 4.1% | | Expenses | $92,819 | $92,799 | $20 | —% | | Operating income | $48,901 | $43,327 | $5,574 | 12.9% | | Net income attributable to common stockholders | $41,711 | $36,849 | $4,862 | 13.2% | | Diluted earnings per share | $0.81 | $0.72 | $0.09 | 13.0% | | Operating margin | 34.5% | 31.8% | N/A | 270 bps | Q3 2025 Financial Highlights (As Adjusted vs. Q2 2025) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | $ Change (in thousands of USD) | % Change | | :----------------------------------- | :----------- | :----------- | :------- | :------- | | Net income attributable to common stockholders | $41,720 | $37,324 | $4,396 | 11.8% | | Diluted earnings per share | $0.81 | $0.73 | $0.08 | 11.6% | | Operating margin | 36.1% | 33.6% | N/A | 250 bps | Key Operational Metrics The company achieved diluted EPS of $0.81 (both GAAP and as adjusted) and an operating margin of 34.5% (36.1% as adjusted), with Assets Under Management (AUM) reaching $90.9 billion, driven by $233 million in net inflows - Diluted EPS was $0.81, both on a U.S. GAAP and as adjusted basis[5] - Operating margin stood at 34.5% (U.S. GAAP) and 36.1% (as adjusted)[5] - Ending Assets Under Management (AUM) reached $90.9 billion, with average AUM at $89.7 billion[5] - The company recorded net inflows of $233 million during the quarter[5] Condensed Consolidated Statements of Operations (Unaudited) This section details the company's financial performance for the three and nine months ended September 30, 2025 Three Months Ended September 30, 2025 For the third quarter of 2025, Cohen & Steers reported a 4.1% QoQ increase in total revenue and a 12.9% QoQ rise in operating income, with net income attributable to common stockholders growing by 13.2% QoQ to $41.7 million, despite a significant decrease in non-operating income Revenue Breakdown (QoQ and YoY) | Revenue Category | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Investment advisory and administration fees | $133,628 | $128,545 | $125,397 | 4.0% | 6.6% | | Distribution and service fees | $7,513 | $7,166 | $7,244 | 4.8% | 3.7% | | Other | $579 | $415 | $562 | 39.5% | 3.0% | | Total revenue | $141,720 | $136,126 | $133,203 | 4.1% | 6.4% | - The increase in total investment advisory and administration fees was primarily due to higher average assets under management and one additional day in the current quarter[6] Expenses Breakdown (QoQ and YoY) | Expense Category | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Employee compensation and benefits | $57,196 | $56,640 | $56,376 | 1.0% | 1.5% | | Distribution and service fees | $16,329 | $15,706 | $14,739 | 4.0% | 10.8% | | General and administrative | $16,775 | $18,078 | $14,874 | (7.2%) | 12.8% | | Depreciation and amortization | $2,519 | $2,375 | $2,341 | 6.1% | 7.6% | | Total expenses | $92,819 | $92,799 | $88,330 | —% | 5.1% | - Employee compensation and benefits increased slightly due to the timing of new hires[9] - Distribution and service fees rose due to higher average assets under management in U.S. open-end funds[9] - General and administrative expenses decreased primarily due to lower travel expenses and talent acquisition costs[9] Operating Income and Margin (QoQ and YoY) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :---------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Operating income | $48,901 | $43,327 | $44,873 | 12.9% | 9.0% | | Operating margin | 34.5% | 31.8% | 33.7% | 270 bps | 80 bps | Non-operating Income (Loss) (QoQ and YoY) | Non-operating Item | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Interest and dividend income | $5,106 | $6,315 | $5,420 | (19.1%) | (5.8%) | | Gain (loss) from investments—net | $692 | $6,715 | $18,975 | (89.7%) | (96.4%) | | Foreign currency gain (loss)—net | $859 | $(2,523) | $(1,692) | N/A | N/A | | Total non-operating income (loss) | $6,657 | $10,507 | $22,703 | (36.6%) | (70.7%) | Effective Income Tax Rate (QoQ) | Tax Rate Component | Sep 30, 2025 | Jun 30, 2025 | | :-------------------------------- | :----------- | :----------- | | U.S. statutory tax rate | 21.0% | 21.0% | | State and local income taxes, net of federal benefit | 2.8% | 3.0% | | Non-deductible executive compensation | 0.8% | 1.5% | | Unrecognized tax benefit adjustments | (0.5%) | (0.5%) | | Other | 0.9% | (0.3%) | | Effective income tax rate | 25.0% | 24.7% | Net Income and EPS (QoQ and YoY) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Net income | $41,634 | $41,772 | $55,283 | (0.3%) | (24.7%) | | Net income attributable to common stockholders | $41,711 | $36,849 | $39,668 | 13.2% | 5.2% | | Basic EPS | $0.81 | $0.72 | $0.78 | 13.1% | 4.3% | | Diluted EPS | $0.81 | $0.72 | $0.77 | 13.0% | 4.9% | | Diluted weighted average shares outstanding | 51,572 | 51,471 | 51,428 | 0.2% | 0.3% | Nine Months Ended September 30, 2025 For the first nine months of 2025, total revenue increased by 9.2% year-over-year, reaching $412.3 million, operating income grew by 11.2% YoY, and net income attributable to common stockholders rose by 12.2% YoY to $118.3 million, with diluted EPS increasing by 10.5% Revenue Breakdown (YoY) | Revenue Category | Sep 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Investment advisory and administration fees | $388,944 | $355,319 | 9.5% | | Distribution and service fees | $21,863 | $20,692 | 5.7% | | Other | $1,506 | $1,623 | (7.3%) | | Total revenue | $412,313 | $377,634 | 9.2% | Expenses Breakdown (YoY) | Expense Category | Sep 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Employee compensation and benefits | $168,390 | $161,476 | 4.3% | | Distribution and service fees | $47,224 | $41,404 | 14.0% | | General and administrative | $52,022 | $44,351 | 17.3% | | Depreciation and amortization | $7,251 | $6,863 | 5.7% | | Total expenses | $274,887 | $254,094 | 8.2% | Operating Income (YoY) | Metric | Sep 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change | | :---------------- | :----------- | :----------- | :------- | | Operating income | $137,426 | $123,540 | 11.2% | Non-operating Income (Loss) (YoY) | Non-operating Item | Sep 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Interest and dividend income | $16,792 | $14,396 | 16.6% | | Gain (loss) from investments—net | $10,960 | $17,941 | (38.9%) | | Foreign currency gain (loss)—net | $(2,836) | $(2,041) | (38.9%) | | Total non-operating income (loss) | $24,916 | $30,296 | (17.8%) | Net Income and EPS (YoY) | Metric | Sep 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Net income | $126,695 | $119,774 | 5.8% | | Net income attributable to common stockholders | $118,338 | $105,443 | 12.2% | | Basic EPS | $2.31 | $2.10 | 10.3% | | Diluted EPS | $2.30 | $2.08 | 10.5% | | Diluted weighted average shares outstanding | 51,488 | 50,681 | 1.6% | Assets Under Management (AUM) This section details the changes and composition of the company's Assets Under Management by investment vehicle and strategy Overall AUM Trends Total Assets Under Management (AUM) increased by 2.2% QoQ to $90.9 billion at September 30, 2025, primarily driven by market appreciation and net inflows, partially offset by distributions Total AUM by Investment Vehicle (QoQ and YoY) | Investment Vehicle | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Sep 30, 2024 (in millions of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | Open-end funds | $44,421 | $42,962 | $42,979 | 3.4% | 3.4% | | Institutional accounts | $34,711 | $34,386 | $36,892 | 0.9% | (5.9%) | | Closed-end funds | $11,765 | $11,588 | $11,909 | 1.5% | (1.2%) | | Total | $90,897 | $88,936 | $91,780 | 2.2% | (1.0%) | Total AUM by Investment Strategy (QoQ and YoY) | Investment Strategy | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Sep 30, 2024 (in millions of USD) | % Change From Jun 30, 2025 | % Change From Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | :----------- | :--------------------------- | :--------------------------- | | U.S. real estate | $44,153 | $43,972 | $45,685 | 0.4% | (3.4%) | | Preferred securities | $18,443 | $17,902 | $18,929 | 3.0% | (2.6%) | | Global/international real estate | $14,520 | $13,980 | $14,986 | 3.9% | (3.1%) | | Global listed infrastructure | $10,521 | $10,052 | $9,535 | 4.7% | 10.3% | | Other | $3,260 | $3,030 | $2,645 | 7.6% | 23.3% | | Total | $90,897 | $88,936 | $91,780 | 2.2% | (1.0%) | - The overall AUM increase was due to net inflows of $233 million and market appreciation of $2.4 billion, partially offset by distributions of $627 million[12] AUM by Investment Vehicle AUM growth was observed across all investment vehicles, with open-end funds leading the increase, followed by closed-end funds and institutional accounts, while net inflows were positive for open-end funds and total AUM, institutional accounts experienced net outflows AUM Changes by Investment Vehicle (QoQ) | Investment Vehicle | AUM End of Period (Sep 30, 2025) (in millions of USD) | Change from Jun 30, 2025 (in millions of USD) | Net Inflows (Outflows) (in millions of USD) | | :------------------- | :------------------------------- | :----------------------- | :--------------------- | | Open-end funds | $44,421 | +$1,459 (3.4%) | +$768 | | Institutional accounts | $34,711 | +$325 (0.9%) | -$537 | | Closed-end funds | $11,765 | +$177 (1.5%) | +$2 | | Total | $90,897 | +$1,961 (2.2%) | +$233 | Open-end Funds AUM Open-end funds AUM increased by 3.4% QoQ to $44.4 billion, driven by $768 million in net inflows and $972 million in market appreciation Open-end Funds AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $42,962 | $42,298 | +$664 | | Inflows | $3,148 | $3,072 | +$76 | | Outflows | $(2,380) | $(2,787) | +$407 | | Net inflows (outflows) | $768 | $285 | +$483 | | Market appreciation (depreciation) | $972 | $816 | +$156 | | Distributions | $(305) | $(437) | +$132 | | Transfers | $24 | $0 | +$24 | | Total increase (decrease) | $1,459 | $664 | +$795 | | AUM, end of period | $44,421 | $42,962 | +$1,459 | | Average AUM | $43,633 | $42,110 | +$1,523 | Institutional Accounts AUM Institutional accounts AUM grew by 0.9% QoQ to $34.7 billion, despite net outflows of $537 million, with growth primarily due to market appreciation of $1.054 billion Institutional Accounts AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $34,386 | $33,886 | +$500 | | Inflows | $812 | $651 | +$161 | | Outflows | $(1,349) | $(1,170) | $(179) | | Net inflows (outflows) | $(537) | $(519) | $(18) | | Market appreciation (depreciation) | $1,054 | $1,190 | $(136) | | Distributions | $(168) | $(171) | +$3 | | Transfers | $(24) | $0 | $(24) | | Total increase (decrease) | $325 | $500 | $(175) | | AUM, end of period | $34,711 | $34,386 | +$325 | | Average AUM | $34,459 | $33,844 | +$615 | - Institutional accounts experienced net inflows of $449 million into U.S. real estate and $146 million into preferred securities[13] - Market appreciation for institutional accounts included $378 million from preferred securities and $360 million from U.S. real estate[13] - Advisory accounts saw net outflows of $585 million from U.S. real estate, partially offset by net inflows of $214 million into global/international real estate[13] - Subadvisory accounts had net outflows of $82 million, primarily related to U.S. real estate[13] Closed-end Funds AUM Closed-end funds AUM increased by 1.5% QoQ to $11.8 billion, primarily due to market appreciation of $329 million, despite minimal net inflows Closed-end Funds AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $11,588 | $11,395 | +$193 | | Inflows | $2 | $103 | $(101) | | Outflows | $0 | $0 | $0 | | Net inflows (outflows) | $2 | $103 | $(101) | | Market appreciation (depreciation) | $329 | $244 | +$85 | | Distributions | $(154) | $(154) | $0 | | Total increase (decrease) | $177 | $193 | $(16) | | AUM, end of period | $11,765 | $11,588 | +$177 | | Average AUM | $11,646 | $11,289 | +$357 | AUM by Investment Strategy All investment strategies experienced AUM growth during the quarter, with 'Other' strategies showing the highest percentage increase, and global listed infrastructure and global/international real estate also demonstrating strong growth AUM Changes by Investment Strategy (QoQ) | Investment Strategy | AUM End of Period (Sep 30, 2025) (in millions of USD) | Change from Jun 30, 2025 (in millions of USD) | Net Inflows (Outflows) (in millions of USD) | | :-------------------------- | :------------------------------- | :----------------------- | :--------------------- | | U.S. real estate | $44,153 | +$181 (0.4%) | -$221 | | Preferred securities | $18,443 | +$541 (3.0%) | +$130 | | Global/international real estate | $14,520 | +$540 (3.9%) | +$181 | | Global listed infrastructure | $10,521 | +$469 (4.7%) | +$57 | | Other | $3,260 | +$230 (7.6%) | +$86 | | Total | $90,897 | +$1,961 (2.2%) | +$233 | U.S. Real Estate AUM U.S. Real Estate AUM increased by 0.4% QoQ to $44.15 billion, despite net outflows of $221 million, primarily due to $782 million in market appreciation U.S. Real Estate AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $43,972 | $43,591 | +$381 | | Inflows | $2,084 | $1,909 | +$175 | | Outflows | $(2,305) | $(1,560) | $(745) | | Net inflows (outflows) | $(221) | $349 | $(570) | | Market appreciation (depreciation) | $782 | $466 | +$316 | | Distributions | $(380) | $(434) | +$54 | | Transfers | $0 | $0 | $0 | | Total increase (decrease) | $181 | $381 | $(200) | | AUM, end of period | $44,153 | $43,972 | +$181 | | Average AUM | $43,998 | $43,172 | +$826 | Preferred Securities AUM Preferred Securities AUM increased by 3.0% QoQ to $18.44 billion, driven by $130 million in net inflows and $595 million in market appreciation Preferred Securities AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $17,902 | $18,207 | $(305) | | Inflows | $886 | $738 | +$148 | | Outflows | $(756) | $(1,218) | +$462 | | Net inflows (outflows) | $130 | $(480) | +$610 | | Market appreciation (depreciation) | $595 | $351 | +$244 | | Distributions | $(184) | $(176) | $(8) | | Transfers | $0 | $0 | $0 | | Total increase (decrease) | $541 | $(305) | +$846 | | AUM, end of period | $18,443 | $17,902 | +$541 | | Average AUM | $18,244 | $17,792 | +$452 | Global/International Real Estate AUM Global/International Real Estate AUM increased by 3.9% QoQ to $14.52 billion, supported by $181 million in net inflows and $367 million in market appreciation Global/International Real Estate AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $13,980 | $13,129 | +$851 | | Inflows | $520 | $403 | +$117 | | Outflows | $(339) | $(426) | +$87 | | Net inflows (outflows) | $181 | $(23) | +$204 | | Market appreciation (depreciation) | $367 | $915 | $(548) | | Distributions | $(8) | $(41) | +$33 | | Total increase (decrease) | $540 | $851 | $(311) | | AUM, end of period | $14,520 | $13,980 | +$540 | | Average AUM | $14,146 | $13,521 | +$625 | Global Listed Infrastructure AUM Global Listed Infrastructure AUM rose by 4.7% QoQ to $10.52 billion, driven by $57 million in net inflows and $458 million in market appreciation Global Listed Infrastructure AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $10,052 | $9,710 | +$342 | | Inflows | $209 | $460 | $(251) | | Outflows | $(152) | $(439) | +$287 | | Net inflows (outflows) | $57 | $21 | +$36 | | Market appreciation (depreciation) | $458 | $403 | +$55 | | Distributions | $(46) | $(82) | +$36 | | Total increase (decrease) | $469 | $342 | +$127 | | AUM, end of period | $10,521 | $10,052 | +$469 | | Average AUM | $10,228 | $9,829 | +$399 | Other AUM AUM in 'Other' strategies experienced the highest percentage growth, increasing by 7.6% QoQ to $3.26 billion, supported by $86 million in net inflows and $153 million in market appreciation Other AUM Dynamics (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :-------------------------------- | :----------- | :----------- | :------- | | AUM, beginning of period | $3,030 | $2,942 | +$88 | | Inflows | $263 | $316 | $(53) | | Outflows | $(177) | $(314) | +$137 | | Net inflows (outflows) | $86 | $2 | +$84 | | Market appreciation (depreciation) | $153 | $115 | +$38 | | Distributions | $(9) | $(29) | +$20 | | Total increase (decrease) | $230 | $88 | +$142 | | AUM, end of period | $3,260 | $3,030 | +$230 | | Average AUM | $3,122 | $2,929 | +$193 | Investment Performance The report includes disclaimers regarding investment performance, emphasizing that past performance is not indicative of future results and that the information provided is not investment advice - Past performance is no guarantee of future results[17] - Outperformance is determined by comparing annualized investment performance of each strategy to specified reference benchmarks[17] - Morningstar calculates its ratings based on a risk-adjusted return measure, emphasizing downward variations and rewarding consistent performance[17] Balance Sheet Information As of September 30, 2025, Cohen & Steers reported an increase in cash, cash equivalents, U.S. Treasurys, and liquid seed investments, as well as an increase in stockholders' equity compared to the previous quarter Key Balance Sheet Items (QoQ) | Metric | Sep 30, 2025 (in millions of USD) | Jun 30, 2025 (in millions of USD) | Change (in millions of USD) | | :------------------------------------------------ | :----------- | :----------- | :------- | | Cash, cash equivalents, U.S. Treasurys and liquid seed investments | $364.3 | $322.8 | +$41.5 | | Stockholders' equity | $550.3 | $528.5 | +$21.8 | Reconciliations of U.S. GAAP to As Adjusted Financial Results This section provides detailed reconciliations between U.S. GAAP and as adjusted (non-GAAP) financial measures for key performance indicators Net Income Attributable to Common Stockholders and Diluted Earnings per Share (As Adjusted) The company provides reconciliations from U.S. GAAP to as adjusted (non-GAAP) financial results for net income and diluted EPS, adjusting for items such as seed investments, accelerated vesting of restricted stock units, fund launch costs, and foreign currency exchange gains/losses Net Income Attributable to Common Stockholders (As Adjusted) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Net income attributable to common stockholders, U.S. GAAP | $41,711 | $36,849 | $39,668 | | Seed investments—net | $(1,320) | $(3,523) | $(3,458) | | Accelerated vesting of restricted stock units | $1,142 | $1,835 | $2,336 | | Fund launch and rights offering costs | $650 | $0 | $0 | | Foreign currency exchange (gain) loss—net | $(677) | $2,742 | $2,191 | | Tax effects of adjustments above | $(132) | $(219) | $(1,102) | | Tax effects of discrete tax items | $346 | $(360) | $71 | | Net income attributable to common stockholders, as adjusted | $41,720 | $37,324 | $39,706 | Diluted Earnings per Share (As Adjusted) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Diluted earnings per share, U.S. GAAP | $0.81 | $0.72 | $0.77 | | Seed investments—net | $(0.03) | $(0.07) | $(0.07) | | Accelerated vesting of restricted stock units | $0.02 | $0.04 | $0.05 | | Fund launch and rights offering costs | $0.01 | $0.00 | $0.00 | | Foreign currency exchange (gain) loss—net | $(0.01) | $0.05 | $0.04 | | Tax effects of adjustments above | $0.00 | $0.00 | $(0.02) | | Tax effects of discrete tax items | $0.01 | $(0.01) | $0.00 | | Diluted earnings per share, as adjusted | $0.81 | $0.73 | $0.77 | Revenue, Expenses, Operating Income and Operating Margin (As Adjusted) Adjusted figures for revenue, expenses, operating income, and operating margin provide a clearer view of core operating performance by excluding certain fund-related amounts, accelerated restricted stock unit vesting, and fund launch costs Revenue (As Adjusted) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | | :-------------------- | :----------- | :----------- | :----------- | | Revenue, U.S. GAAP | $141,720 | $136,126 | $133,203 | | Fund related amounts | $(783) | $(806) | $230 | | Revenue, as adjusted | $140,937 | $135,320 | $133,433 | Expenses (As Adjusted) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | | :-------------------------------- | :----------- | :----------- | :----------- | | Expenses, U.S. GAAP | $92,819 | $92,799 | $88,330 | | Fund related amounts | $(967) | $(1,102) | $(184) | | Accelerated vesting of restricted stock units | $(1,142) | $(1,835) | $(2,336) | | Fund launch and rights offering costs | $(650) | $0 | $0 | | Expenses, as adjusted | $90,060 | $89,862 | $85,810 | Operating Income and Margin (As Adjusted) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | | :-------------------- | :----------- | :----------- | :----------- | | Operating income, U.S. GAAP | $48,901 | $43,327 | $44,873 | | Fund related amounts | $184 | $296 | $414 | | Accelerated vesting of restricted stock units | $1,142 | $1,835 | $2,336 | | Fund launch and rights offering costs | $650 | $0 | $0 | | Operating income, as adjusted | $50,877 | $45,458 | $47,623 | | Operating margin, U.S. GAAP | 34.5% | 31.8% | 33.7% | | Operating margin, as adjusted | 36.1% | 33.6% | 35.7% | Non-operating Income (Loss) (As Adjusted) Non-operating income (loss) is adjusted to exclude the impact of consolidated funds, corporate seed investment performance, and foreign currency exchange gains/losses, providing a more normalized view Non-operating Income (Loss) (As Adjusted) | Metric | Sep 30, 2025 (in thousands of USD) | Jun 30, 2025 (in thousands of USD) | Sep 30, 2024 (in thousands of USD) | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Non-operating income (loss), U.S. GAAP | $6,657 | $10,507 | $22,703 | | Seed investments—net | $(1,427) | $(8,742) | $(19,487) | | Foreign currency exchange (gain) loss—net | $(677) | $2,742 | $2,191 | | Non-operating income (loss), as adjusted | $4,553 | $4,507 | $5,407 | Additional Company Information This section provides details on the company's conference call, background, and forward-looking statement disclaimers Conference Call Information Cohen & Steers hosted a conference call on October 17, 2025, to discuss its third-quarter results, with replay and webcast options available for investors and analysts - A conference call was held on Friday, October 17, 2025, at 10:00 a.m. (ET) to discuss third-quarter results[21] - Investors and analysts could access the live call via dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international) with passcode 8494569[21] - A replay and webcast of the call were made available on the company's website for two weeks and one month, respectively[21] About Cohen & Steers Cohen & Steers is a global investment manager established in 1986, specializing in real assets and alternative income strategies, with its headquarters in New York City and offices worldwide - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income[22] - Their expertise includes listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions[22] - Founded in 1986, the firm is headquartered in New York City with offices in London, Dublin, Hong Kong, Tokyo, and Singapore[22] Forward-Looking Statements The report contains forward-looking statements subject to various risks and uncertainties, and actual outcomes may differ materially from those indicated, with the company not undertaking to update these statements publicly - This press release contains forward-looking statements regarding the company's operations and financial performance[23] - Such statements are subject to various risks and uncertainties that could cause actual outcomes to differ materially[23] - The company undertakes no obligation to publicly update or review any forward-looking statement[23]