Form 8-K - Groowe Newsroom

8-K — COHEN & STEERS, INC.

Accession: 0001284812-26-000035

Filed: 2026-04-16

Period: 2026-04-16

CIK: 0001284812

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cns-20260416.htm (Primary)

EX-99.1 — CNS EARNINGS ANNOUNCEMENT (cns-earningsannouncement33.htm)

EX-99.2 — CNS EARNINGS RELEASE (cns-earningsreleasex33126e.htm)

GRAPHIC — CNS LOGO (cnslogo21a.jpg)

GRAPHIC — CNS INVESTMENT PERFORMANCE GRAPH (investmentperformancea.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cns-20260416.htm · Sequence: 1

cns-20260416

0001284812false00012848122026-04-162026-04-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 16, 2026

_____________________

Cohen & Steers, Inc.

(Exact Name of Registrant as Specified in Charter)

_____________________

Delaware 001-32236 14-1904657

(State or Other Jurisdiction

of Incorporation) (Commission File Number)

(IRS Employer

Identification No.)

1166 Avenue of the Americas

New York, NY 10036

(Address of principal executive offices and Zip Code)

(212) 832-3232

(Registrant's telephone number, including area code)

_________________________________________

(Former name or former address, if changed since last report)

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value CNS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. o

Item 2.02. Results of Operations and Financial Condition

On April 16, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended March 31, 2026. Copies of the press release announcing the availability of the Company’s results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.

EXHIBIT INDEX

Exhibit No. Description

99.1

Earnings announcement press release dated April 16, 2026

99.2

Earnings release dated April 16, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Cohen & Steers, Inc.

(Registrant)

Date: April 16, 2026

By: /s/ Michael Donohue

Name: Michael Donohue

Title: Interim Chief Financial Officer

EX-99.1 — CNS EARNINGS ANNOUNCEMENT

EX-99.1

Filename: cns-earningsannouncement33.htm · Sequence: 2

Document

Cohen & Steers, Inc.

1166 Avenue of the Americas

New York, NY 10036-2708

Tel (212) 832-3232

Contact:

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2026

New York, NY, April 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended March 31, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for First Quarter 2026 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

Conference Call

The company will host a conference call tomorrow, Friday, April 17, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Joseph Harvey, interim chief financial officer, Michael Donohue, and president and chief investment officer, Jon Cheigh.

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 (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under “Financials." The webcast will be archived on the website for one month.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

EX-99.2 — CNS EARNINGS RELEASE

EX-99.2

Filename: cns-earningsreleasex33126e.htm · Sequence: 3

Document

Contact:

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2026

•Diluted EPS of $0.82; $0.79, as adjusted

•Operating margin of 34.4%; 35.1%, as adjusted

•Ending AUM of $93.1 billion; average AUM of $94.4 billion

•Net inflows of $497 million

NEW YORK, NY, April 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended March 31, 2026.

Financial Highlights

(in thousands, except percentages and per share data) Three Months Ended

March 31,

2026 December 31,

2025 $ Change % Change

U.S. GAAP

Revenue $ 145,639 $ 143,803 $ 1,836 1.3 %

Expenses $ 95,517 $ 103,493 $ (7,976) (7.7 %)

Operating income $ 50,122 $ 40,310 $ 9,812 24.3 %

Net income attributable to common stockholders $ 42,368 $ 34,879 $ 7,489 21.5 %

Diluted earnings per share $ 0.82 $ 0.68 $ 0.14 21.6 %

Operating margin 34.4 % 28.0 % N/A 640 bps

As Adjusted (1)

Net income attributable to common stockholders $ 40,692 $ 41,718 $ (1,026) (2.5 %)

Diluted earnings per share $ 0.79 $ 0.81 $ (0.02) (2.4 %)

Operating margin 35.1 % 36.4 % N/A (130 bps)

_________________________

(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results.

Revenue

(in thousands) Three Months Ended

March 31,

2026 December 31,

2025 $ Change % Change

Investment advisory and administration fees:

Open-end funds

$ 75,050 $ 74,387 $ 663 0.9 %

Institutional accounts

34,542 34,477 $ 65 0.2 %

Closed-end funds

27,234 27,026 $ 208 0.8 %

Total 136,826 135,890 $ 936 0.7 %

Distribution and service fees 8,055 7,475 $ 580 7.8 %

Other 758 438 $ 320 73.1 %

Total revenue $ 145,639 $ 143,803 $ 1,836 1.3 %

•The increase in total investment advisory and administration fees from the fourth quarter of 2025 was primarily due to higher average assets under management, partially offset by two fewer days in the current quarter.

•The increase in distribution and service fees from the fourth quarter of 2025 was primarily due to higher average assets under management in open-end funds.

Expenses

(in thousands) Three Months Ended

March 31,

2026 December 31,

2025 $ Change % Change

Employee compensation and benefits $ 57,702 $ 56,076 $ 1,626 2.9 %

Distribution and service fees 16,337 25,670 $ (9,333) (36.4) %

General and administrative 18,904 19,212 $ (308) (1.6) %

Depreciation and amortization 2,574 2,535 $ 39 1.5 %

Total expenses $ 95,517 $ 103,493 $ (7,976) (7.7) %

•Employee compensation and benefits increased from the fourth quarter of 2025 which included an adjustment to reflect the amounts actually paid in January 2026.

•Distribution and service fees decreased from the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering of $9.9 million.

•General and administrative expenses decreased from the fourth quarter of 2025, primarily due to lower recruitment and lower fund organization costs related to the UTF rights offering in the fourth quarter of 2025, partially offset by higher business development-related expenses.

Operating Margin

Operating margin was 34.4% for the first quarter of 2026, compared with 28.0% for the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the UTF rights offering.

Non-operating Income (Loss)

(in thousands) Three Months Ended March 31, 2026

Consolidated

Funds (1)

Corporate -

Seed and Other Total

Interest and dividend income $ 1,035 $ 4,272 $ 5,307

Gain (loss) from investments—net (489) 1,500 1,011

Foreign currency gain (loss)—net — 759 759

Total non-operating income (loss) 546 6,531 7,077

Net (income) loss attributable to noncontrolling interests 1,148 — 1,148

Non-operating income (loss) attributable to the company $ 1,694 $ 6,531 $ 8,225

(in thousands) Three Months Ended December 31, 2025

Consolidated

Funds (1)

Corporate -

Seed and Other Total

Interest and dividend income $ 637 $ 4,580 $ 5,217

Gain (loss) from investments—net (1,540) (708) (2,248)

Foreign currency gain (loss)—net — (991) (991)

Total non-operating income (loss) (903) 2,881 1,978

Net (income) loss attributable to noncontrolling interests 4,176 — 4,176

Non-operating income (loss) attributable to the company 3,273 3,273 2,881 6,154

_________________________

(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

Three Months Ended

March 31,

2026 December 31,

2025

U.S. federal statutory tax rate 21.0 % 21.0 %

State and local income taxes, net of federal benefit 3.0 3.2

Nontaxable or nondeductible items:

Nondeductible executive compensation 1.2 2.7

Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units 1.7 (0.5)

Valuation allowance (0.1) (1.0)

Effect of cross-border tax laws 0.1 0.2

Foreign tax effects 0.2 — *

Changes in unrecognized tax benefits 0.1 — *

Other 0.2 (0.7)

Effective income tax rate 27.4 % 24.9 %

_________________________

•Percentage rounds to less than 0.1%.

Assets Under Management

(in millions) As of Change

By Investment Vehicle March 31,

2026 December 31,

2025 $ %

Open-end funds $ 44,841 $ 43,437 $ 1,404 3.2 %

Institutional accounts 36,029 35,060 $ 969 2.8 %

Closed-end funds 12,258 12,047 $ 211 1.8 %

Total $ 93,128 $ 90,544 $ 2,584 2.9 %

By Investment Strategy

U.S. real estate $ 44,569 $ 43,503 $ 1,066 2.5 %

Preferred securities 17,848 18,081 $ (233) (1.3 %)

Global/international real estate 14,361 14,273 $ 88 0.6 %

Global listed infrastructure 12,589 11,456 $ 1,133 9.9 %

Other 3,761 3,231 $ 530 16.4 %

Total $ 93,128 $ 90,544 $ 2,584 2.9 %

Assets under management at March 31, 2026 were $93.1 billion, an increase of 2.9% from $90.5 billion at December 31, 2025. The increase was due to net inflows of $497 million and market appreciation of $2.7 billion, partially offset by distributions of $627 million.

Open-end Funds

Assets under management in open-end funds at March 31, 2026 were $44.8 billion, an increase of 3.2% from $43.4 billion at December 31, 2025. The change was primarily due to the following:

•Net inflows of $224 million into U.S. real estate, $156 million into preferred securities and $147 million into real assets multi-strategy (included in "Other");

•Market appreciation of $858 million from U.S. real estate; and

•Distributions of $168 million from U.S. real estate and $133 million from preferred securities, of which $254 million was reinvested and included in net flows.

Institutional Accounts

Assets under management in institutional accounts at March 31, 2026 were $36.0 billion, an increase of 2.8% from $35.1 billion at December 31, 2025. The change was primarily due to the following:

•Advisory:

◦Net inflows of $101 million into global listed infrastructure and $79 million into global/international real estate; and

◦Market appreciation of $380 million from global listed infrastructure and $224 million from U.S. real estate.

•Subadvisory:

◦Net outflows of $250 million from U.S. real estate;

◦Market appreciation of $306 million from U.S. real estate and $216 million from global listed infrastructure; and

◦Distributions of $147 million from U.S. real estate.

Closed-end Funds

Assets under management in closed-end funds at March 31, 2026 were $12.3 billion, an increase of 1.8% from $12.0 billion at December 31, 2025. The change was primarily due to the following:

◦Market appreciation of $334 million from global listed infrastructure; and

◦Distributions of $165 million.

Investment Performance at March 31, 2026

_________________________

(1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2) © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at March 31, 2026. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Balance Sheet Information

As of March 31, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $342.9 million, compared with $403.2 million as of December 31, 2025. As of March 31, 2026, stockholders' equity was $563.4 million, compared with $562.0 million as of December 31, 2025.

Conference Call Information

Cohen & Steers will host a conference call on Friday, April 17, 2026 at 10:00 a.m. (ET) to discuss the company's first quarter results. 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. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”

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 (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.

About Cohen & Steers

Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #

Cohen & Steers, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

Three Months Ended % Change From

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2025

Revenue:

Investment advisory and administration fees $ 136,826 $ 135,890 $ 126,771

Distribution and service fees 8,055 7,475 7,184

Other 758 438 512

Total revenue 145,639 143,803 134,467 1.3 % 8.3 %

Expenses:

Employee compensation and benefits 57,702 56,076 54,554

Distribution and service fees 16,337 25,670 15,189

General and administrative 18,904 19,212 17,169

Depreciation and amortization 2,574 2,535 2,357

Total expenses 95,517 103,493 89,269 (7.7 %) 7.0 %

Operating income 50,122 40,310 45,198 24.3 % 10.9 %

Non-operating income (loss):

Interest and dividend income 5,307 5,217 5,371

Gain (loss) from investments—net 1,011 (2,248) 3,553

Foreign currency gain (loss)—net 759 (991) (1,172)

Total non-operating income (loss) 7,077 1,978 7,752 257.8 % (8.7 %)

Income before provision for income taxes 57,199 42,288 52,950 35.3 % 8.0 %

Provision for income taxes 15,979 11,585 9,661

Net income 41,220 30,703 43,289 34.3 % (4.8 %)

Net (income) loss attributable to noncontrolling

interests 1,148 4,176 (3,511)

Net income attributable to common stockholders $ 42,368 $ 34,879 $ 39,778 21.5 % 6.5 %

Earnings per share attributable to common

stockholders:

Basic $ 0.82 $ 0.68 $ 0.78 21.0 % 5.7 %

Diluted $ 0.82 $ 0.68 $ 0.77 21.6 % 6.1 %

Weighted average shares outstanding:

Basic 51,441 51,243 51,058

Diluted 51,595 51,639 51,418

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Vehicle

(in millions)

Three Months Ended % Change From

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2025

Open-end Funds

Assets under management, beginning of period $ 43,437 $ 44,421 $ 40,962

Inflows 3,358 3,487 3,519

Outflows (2,803) (3,474) (2,934)

Net inflows (outflows) 555 13 585

Market appreciation (depreciation) 1,155 (378) 1,033

Distributions (306) (535) (282)

Transfers — (84) —

Total increase (decrease) 1,404 (984) 1,336

Assets under management, end of period $ 44,841 $ 43,437 $ 42,298 3.2 % 6.0 %

Average assets under management $ 45,279 $ 43,812 $ 41,801 3.3 % 8.3 %

Institutional Accounts

Assets under management, beginning of period $ 35,060 $ 34,711 $ 33,563

Inflows 1,103 1,790 1,100

Outflows (1,162) (1,109) (1,466)

Net inflows (outflows) (59) 681 (366)

Market appreciation (depreciation) 1,184 (252) 853

Distributions (156) (164) (164)

Transfers — 84 —

Total increase (decrease) 969 349 323

Assets under management, end of period $ 36,029 $ 35,060 $ 33,886 2.8 % 6.3 %

Average assets under management $ 36,714 $ 34,924 $ 33,623 5.1 % 9.2 %

Closed-end Funds

Assets under management, beginning of period $ 12,047 $ 11,765 $ 11,289

Inflows 1 513 3

Outflows — — —

Net inflows (outflows) 1 513 3

Market appreciation (depreciation) 375 (55) 257

Distributions (165) (176) (154)

Total increase (decrease) 211 282 106

Assets under management, end of period $ 12,258 $ 12,047 $ 11,395 1.8 % 7.6 %

Average assets under management $ 12,368 $ 12,015 $ 11,354 2.9 % 8.9 %

Total

Assets under management, beginning of period $ 90,544 $ 90,897 $ 85,814

Inflows 4,462 5,790 4,622

Outflows (3,965) (4,583) (4,400)

Net inflows (outflows) 497 1,207 222

Market appreciation (depreciation) 2,714 (685) 2,143

Distributions (627) (875) (600)

Total increase (decrease) 2,584 (353) 1,765

Assets under management, end of period $ 93,128 $ 90,544 $ 87,579 2.9 % 6.3 %

Average assets under management $ 94,361 $ 90,751 $ 86,778 4.0 % 8.7 %

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management - Institutional Accounts

By Account Type

(in millions)

Three Months Ended % Change From

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2025

Advisory

Assets under management, beginning of period $ 20,843 $ 20,208 $ 19,272

Inflows 708 1,055 597

Outflows (498) (404) (705)

Net inflows (outflows) 210 651 (108)

Market appreciation (depreciation) 626 (100) 539

Transfers — 84 —

Total increase (decrease) 836 635 431

Assets under management, end of period $ 21,679 $ 20,843 $ 19,703 4.0 % 10.0 %

Average assets under management $ 21,986 $ 20,513 $ 19,581 7.2 % 12.3 %

Subadvisory

Assets under management, beginning of period $ 14,217 $ 14,503 $ 14,291

Inflows 395 735 503

Outflows (664) (705) (761)

Net inflows (outflows) (269) 30 (258)

Market appreciation (depreciation) 558 (152) 314

Distributions (156) (164) (164)

Total increase (decrease) 133 (286) (108)

Assets under management, end of period $ 14,350 $ 14,217 $ 14,183 0.9 % 1.2 %

Average assets under management $ 14,728 $ 14,411 $ 14,042 2.2 % 4.9 %

Total Institutional Accounts

Assets under management, beginning of period $ 35,060 $ 34,711 $ 33,563

Inflows 1,103 1,790 1,100

Outflows (1,162) (1,109) (1,466)

Net inflows (outflows) (59) 681 (366)

Market appreciation (depreciation) 1,184 (252) 853

Distributions (156) (164) (164)

Transfers — 84 —

Total increase (decrease) 969 349 323

Assets under management, end of period $ 36,029 $ 35,060 $ 33,886 2.8 % 6.3 %

Average assets under management $ 36,714 $ 34,924 $ 33,623 5.1 % 9.2 %

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Strategy

(in millions)

Three Months Ended % Change From

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2025

U.S. Real Estate

Assets under management, beginning of period $ 43,503 $ 44,153 $ 42,930

Inflows 2,177 2,747 2,319

Outflows (2,197) (1,953) (2,536)

Net inflows (outflows) (20) 794 (217)

Market appreciation (depreciation) 1,457 (959) 1,250

Distributions (371) (453) (362)

Transfers — (32) (10)

Total increase (decrease) 1,066 (650) 661

Assets under management, end of period $ 44,569 $ 43,503 $ 43,591 2.5 % 2.2 %

Average assets under management $ 45,271 $ 43,748 $ 43,340 3.5 % 4.5 %

Preferred Securities

Assets under management, beginning of period $ 18,081 $ 18,443 $ 18,330

Inflows 850 956 847

Outflows (717) (1,290) (923)

Net inflows (outflows) 133 (334) (76)

Market appreciation (depreciation) (183) 156 121

Distributions (183) (184) (178)

Transfers — — 10

Total increase (decrease) (233) (362) (123)

Assets under management, end of period $ 17,848 $ 18,081 $ 18,207 (1.3 %) (2.0 %)

Average assets under management $ 18,182 $ 18,242 $ 18,380 (0.3 %) (1.1 %)

Global/International Real Estate

Assets under management, beginning of period $ 14,273 $ 14,520 $ 13,058

Inflows 632 527 460

Outflows (586) (677) (626)

Net inflows (outflows) 46 (150) (166)

Market appreciation (depreciation) 51 (68) 242

Distributions (9) (61) (5)

Transfers — 32 —

Total increase (decrease) 88 (247) 71

Assets under management, end of period $ 14,361 $ 14,273 $ 13,129 0.6 % 9.4 %

Average assets under management $ 15,020 $ 14,343 $ 13,170 4.7 % 14.0 %

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Strategy - continued

(in millions)

Three Months Ended % Change From

March 31,

2026 December 31,

2025 March 31,

2025 December 31,

2025 March 31,

2025

Global Listed Infrastructure

Assets under management, beginning of period $ 11,456 $ 10,521 $ 8,793

Inflows 395 1,312 752

Outflows (299) (380) (166)

Net inflows (outflows) 96 932 586

Market appreciation (depreciation) 1,091 96 407

Distributions (54) (93) (46)

Transfers — — (30)

Total increase (decrease) 1,133 935 917

Assets under management, end of period $ 12,589 $ 11,456 $ 9,710 9.9 % 29.6 %

Average assets under management $ 12,286 $ 11,149 $ 9,047 10.2 % 35.8 %

Other

Assets under management, beginning of period $ 3,231 $ 3,260 $ 2,703

Inflows 408 248 244

Outflows (166) (283) (149)

Net inflows (outflows) 242 (35) 95

Market appreciation (depreciation) 298 90 123

Distributions (10) (84) (9)

Transfers — — 30

Total increase (decrease) 530 (29) 239

Assets under management, end of period $ 3,761 $ 3,231 $ 2,942 16.4 % 27.8 %

Average assets under management $ 3,602 $ 3,269 $ 2,841 10.2 % 26.8 %

Total

Assets under management, beginning of period $ 90,544 $ 90,897 $ 85,814

Inflows 4,462 5,790 4,622

Outflows (3,965) (4,583) (4,400)

Net inflows (outflows) 497 1,207 222

Market appreciation (depreciation) 2,714 (685) 2,143

Distributions (627) (875) (600)

Total increase (decrease) 2,584 (353) 1,765

Assets under management, end of period $ 93,128 $ 90,544 $ 87,579 2.9 % 6.3 %

Average assets under management $ 94,361 $ 90,751 $ 86,778 4.0 % 8.7 %

Reconciliations of U.S. GAAP to As Adjusted Financial Results

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports that are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Stockholders and Diluted Earnings per Share

Three Months Ended

(in thousands, except per share data) March 31,

2026 December 31,

2025 March 31,

2025

Net income attributable to common stockholders, U.S. GAAP $ 42,368 $ 34,879 $ 39,778

Seed investments—net (1)

(3,299) (1,498) (50)

Accelerated vesting of restricted stock units

(4) (77) 369

Fund launch and rights offering costs 335 10,814 —

Other non-recurring expense (2)

— — 616

Foreign currency (gain) loss—net

(759) 422 969

Tax effects of adjustments above

1,300 (2,062) (438)

Tax effects of discrete tax items (3)

751 (760) (2,891)

Net income attributable to common stockholders, as adjusted $ 40,692 $ 41,718 $ 38,353

Diluted weighted average shares outstanding 51,595 51,639 51,418

Diluted earnings per share, U.S. GAAP $ 0.82 $ 0.68 $ 0.77

Seed investments—net (1)

(0.06) (0.03) — *

Accelerated vesting of restricted stock units

— * — * 0.01

Fund launch and rights offering costs 0.01 0.21 —

Other non-recurring expense (2)

— — 0.01

Foreign currency (gain) loss—net

(0.02) 0.01 0.02

Tax effects of adjustments above

0.03 (0.04) (0.01)

Tax effects of discrete tax items (3)

0.01 (0.02) (0.05)

Diluted earnings per share, as adjusted $ 0.79 $ 0.81 $ 0.75

_________________________

* Amounts round to less than $0.01 per share.

(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.

(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025.

(3)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.

Reconciliations of U.S. GAAP to As Adjusted Financial Results

Revenue, Expenses, Operating Income and Operating Margin

(in thousands, except percentages) Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Revenue, U.S. GAAP $ 145,639 $ 143,803 $ 134,467

Fund related amounts (1)

(1,375) (9) (677)

Revenue, as adjusted $ 144,264 $ 143,794 $ 133,790

Expenses, U.S. GAAP $ 95,517 $ 103,493 $ 89,269

Fund related amounts (1)

(1,576) (1,324) (940)

Accelerated vesting of restricted stock units

4 77 (369)

Fund launch and rights offering costs (335) (10,814) —

Other non-recurring expense (2)

— — (616)

Expenses, as adjusted $ 93,610 $ 91,432 $ 87,344

Operating income, U.S. GAAP $ 50,122 $ 40,310 $ 45,198

Fund related amounts (1)

201 1,315 263

Accelerated vesting of restricted stock units

(4) (77) 369

Fund launch and rights offering costs 335 10,814 —

Other non-recurring expense (2)

— — 616

Operating income, as adjusted $ 50,654 $ 52,362 $ 46,446

Operating margin, U.S. GAAP 34.4 % 28.0 % 33.6 %

Operating margin, as adjusted 35.1 % 36.4 % 34.7 %

__________________________

(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.

(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025.

Non-operating Income (Loss)

(in thousands) Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Non-operating income (loss), U.S. GAAP $ 7,077 $ 1,978 $ 7,752

Seed investments—net (1)

(2,352) 1,363 (3,824)

Foreign currency (gain) loss—net

(759) 422 969

Non-operating income (loss), as adjusted $ 3,966 $ 3,763 $ 4,897

_________________________

(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.

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