Cohen & Steers Q3 2026 net inflows reach $1.6B
Quarter-end AUM was $95.9 billion alongside $1.6 billion in quarterly net inflows.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Cohen & Steers, Inc. (CNS) reported third-quarter 2026 revenue of $157.4 million, compared with $141.7 million a year earlier. GAAP diluted EPS was $0.81, unchanged from the prior-year quarter; adjusted diluted EPS was $0.89, versus $0.81. Net income attributable to common stockholders was $42.2 million, while adjusted net income was $46.5 million.
Total assets under management (AUM) were $95.9 billion at September 30, 2026, compared with $100.1 billion at June 30, 2026. The AUM rollforward lists $1.550 billion in quarterly net inflows and $5.073 billion in market depreciation. The earnings release highlights $1.6 billion in net inflows, the strongest quarter since the fourth quarter of 2021, and describes this as the fifth consecutive quarter of organic growth.
In August, the company launched the Cohen & Steers Real Assets Active ETF (CSRA), bringing its active ETF offerings to seven funds. The Cohen & Steers Real Estate Opportunities Fund acquired two additional properties, and Cohen & Steers Income Opportunities REIT acquired an additional shopping center during the quarter.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly GAAP revenue was $157.4 million, versus $141.7 million a year earlier.
- Moderate pointAdjusted diluted EPS was $0.89 versus $0.81 a year earlier.
Negative
- None.
Filing Explained
The reconciliation reports adjusted diluted EPS of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
GAAP revenue: $157.4 million
Net income attributable to common stockholders: $42.2 million
Diluted EPS: $0.81
+3 more
6 metrics
GAAP revenue
$157.4 million
Quarter ended September 30, 2026; $141.7 million in the prior-year quarter
Net income attributable to common stockholders
$42.2 million
GAAP, quarter ended September 30, 2026
Diluted EPS
$0.81
GAAP, quarter ended September 30, 2026
Adjusted diluted EPS
$0.89
Non-GAAP, quarter ended September 30, 2026; $0.81 in the prior-year quarter
Assets under management
$95.9 billion
As of September 30, 2026; $90.9 billion as of September 30, 2025
Net inflows
$1.6 billion
Third quarter 2026; strongest quarter since the fourth quarter of 2021
Key Terms
Assets under management (AUM), Net inflows (outflows), Operating margin, Fee Rate (ex. performance fees)
4 terms
Assets under management (AUM) financial
"Assets under management (AUM)"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.
Net inflows (outflows) financial
"Net inflows (outflows)"
Operating margin financial
"Operating margin, U.S. GAAP"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
Fee Rate (ex. performance fees) financial
"Fee Rate (ex. performance fees)"
Earnings Snapshot
GAAP revenue: $157.4 million
Third quarter 2026
GAAP revenue
$157.4 million
Compared with $141.7 million in the prior-year quarter
Net income attributable to common stockholders
$42.2 million
Compared with $41.7 million in the prior-year quarter
GAAP diluted EPS
$0.81
Compared with $0.81 in the prior-year quarter
Adjusted diluted EPS
$0.89
Compared with $0.81 in the prior-year quarter
Assets under management
$95.9 billion
Compared with $90.9 billion as of September 30, 2025
Net inflows
$1.6 billion
Strongest quarter since the fourth quarter of 2021
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did CNS report in the third quarter of 2026?
Cohen & Steers reported $157.4 million of GAAP revenue for the quarter ended September 30, 2026, compared with $141.7 million a year earlier. Adjusted revenue, a non-GAAP measure, was $156.4 million versus $140.9 million.
What were CNS's AUM and net inflows in the third quarter of 2026?
AUM was $95.9 billion as of September 30, 2026, and quarterly net inflows were $1.6 billion. The earnings release described the inflows as the strongest quarter since the fourth quarter of 2021.
When is CNS's third-quarter 2026 earnings call?
The call was scheduled for October 16, 2026, at 10:00 a.m. ET. The listed hosts were Chief Executive Officer Joseph Harvey, Chief Financial Officer Amit Muni, and President and Chief Investment Officer Jon Cheigh.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 15, 2026
_____________________
(Exact Name of Registrant as Specified in Charter)
_____________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
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 October 15, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended September 30, 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 October 15, 2026 | ||||
| 99.2 | Earnings release dated October 15, 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: October 15, 2026 | By: | /s/ Amit Muni | ||||||
Name: Amit Muni Title: Executive Vice President & Chief Financial Officer | ||||||||
Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, NY 10036-2708
Tel (212) 832-3232
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2026
New York, NY, October 15, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2026 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."
Conference Call and Webcast Information
The company will host a conference call tomorrow, Friday, October 16, 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, Chief Financial Officer, Amit Muni, and President and Chief Investment Officer, Jon Cheigh.
The earnings presentation will be displayed through the live webcast and referenced by management during the conference call.
Investors and analysts can access the live conference call by dialing +1-833-461-5787 (toll free) or +1-585-542-9983 (international); meeting ID: 350 591 233. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.
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 +1-833-309-1852 (toll free); meeting ID: 350 591 233. A replay of the webcast will be archived on the website at www.cohenandsteers.com under “Company—Investor Relations” under “Financials.”
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.
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2026
Fifth consecutive quarter of organic growth, broadening client demand and continued execution across strategic growth initiatives
•Diluted EPS of $0.81; $0.89, adjusted
•AUM of $95.9 billion at quarter end
•Broad based net inflows of $1.6 billion, our strongest quarter since Q4 2021
•Continued Wealth channel momentum across mutual funds, ETFs and SICAVs
NEW YORK, NY, October 15, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2026.
Joseph M. Harvey, Chief Executive Officer: “Our third-quarter results provide further evidence that our growth strategy is gaining traction. We generated our fifth consecutive quarter of organic growth with $1.6 billion of net inflows and positive contributions across a broad range of strategies, vehicles and client channels.” Mr. Harvey continued, "Demand for real assets is broadening as investors increasingly recognize their role in diversified portfolios. At the same time, our investments in new vehicles and global distribution are expanding how clients can access our capabilities and are increasing our addressable market. With strong investment capabilities, a more diversified platform and a healthy pipeline of future business, we believe Cohen & Steers is well positioned to build on this momentum and deliver sustainable long-term results for clients and shareholders."
Operating and Financial highlights
| As of and for the quarters ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
Operating results (in billions): | ||||||||||||||||||||||||||||||||
| AUM | $ | 95.9 | $ | 100.1 | $ | 93.1 | $ | 90.5 | $ | 90.9 | ||||||||||||||||||||||
| Net inflows (outflows) | $ | 1.6 | $ | 1.3 | $ | 0.5 | $ | 1.2 | $ | 0.2 | ||||||||||||||||||||||
| Average AUM | $ | 101.1 | $ | 99.0 | $ | 94.4 | $ | 90.8 | $ | 89.7 | ||||||||||||||||||||||
| GAAP results | ||||||||||||||||||||||||||||||||
Revenue (in millions) | $ | 157.4 | $ | 152.7 | $ | 145.6 | $ | 143.8 | $ | 141.7 | ||||||||||||||||||||||
Net income (in millions) | $ | 42.2 | $ | 49.3 | $ | 42.4 | $ | 34.9 | $ | 41.7 | ||||||||||||||||||||||
| Diluted EPS | $ | 0.81 | $ | 0.95 | $ | 0.82 | $ | 0.68 | $ | 0.81 | ||||||||||||||||||||||
| Operating margin | 32.4 | % | 34.6 | % | 34.4 | % | 28.0 | % | 34.5 | % | ||||||||||||||||||||||
Fee Rate (ex. performance fees) | 58.3 bps | 58.5 bps | 59.0 bps | 58.7 bps | 59.1 bps | |||||||||||||||||||||||||||
| Adjusted results (non-GAAP) | ||||||||||||||||||||||||||||||||
Revenue (in millions) | $ | 156.4 | $ | 151.8 | $ | 144.3 | $ | 143.8 | $ | 140.9 | ||||||||||||||||||||||
Net income (in millions) | $ | 46.5 | $ | 44.0 | $ | 40.7 | $ | 41.7 | $ | 41.7 | ||||||||||||||||||||||
| Diluted EPS | $ | 0.89 | $ | 0.85 | $ | 0.79 | $ | 0.81 | $ | 0.81 | ||||||||||||||||||||||
| Operating margin | 37.2 | % | 36.3 | % | 35.1 | % | 36.4 | % | 36.1 | % | ||||||||||||||||||||||
Fee Rate (ex. performance fees) | 57.9 bps | 58.1 bps | 58.4 bps | 58.6 bps | 58.7 bps | |||||||||||||||||||||||||||
1
Business developments:
•In August, we launched Cohen & Steers Real Assets Active ETF (CSRA). This increases our active ETF offerings to seven funds across our core capabilities, accelerating our participation in the rapidly expanding ETF market while providing investors with greater flexibility and access to our investment expertise in real assets and preferred securities.
•The Cohen & Steers Real Estate Opportunities Fund (REOF) acquired two additional properties during the third quarter. Additionally, Cohen & Steers Income Opportunities REIT, Inc, (CNSREIT) acquired an additional shopping center in the third quarter, bringing the fund to a total of twelve properties. These properties demonstrate Cohen & Steers’ commitment to the investment thesis of acquiring well-occupied, income-generating shopping centers anchored by necessity-based retailers in growing, supply-constrained markets.
•In July, we appointed Erik Schneberger as Chief Marketing Officer, bringing more than two decades of experience leading and building award-winning marketing organizations across leading firms in the financial services industry. His expertise in brand and media strategies, digital innovation, and client engagement across wealth and institutional channels will help drive our global growth strategy as we continue to invest in distribution.
•Our international business development efforts continued in the third quarter of 2026 with several key milestones including the fundings of both our first Singaporean client and Philippine client, meaningful progress in our SICAV business with onboarding of our Short Duration Hybrid Credit & Income SICAV fund in partnership with a major multinational bank in Asia, and recognition for our Diversified Real Assets SICAV fund with Rayner Spencer Mills Research (RSMR) for “Best Specialist Fund” award beating out our competitors.
2
Quarterly highlights
Assets under management (AUM)
| (in millions) | As of | |||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| By vehicle: | ||||||||||||||||||||||||||||||||
| Mutual Funds | $ | 40,012 | $ | 41,598 | $ | 38,581 | $ | 37,503 | $ | 38,678 | ||||||||||||||||||||||
| ETFs | 1,310 | 1,075 | 597 | 374 | 199 | |||||||||||||||||||||||||||
| SICAVs | 2,225 | 2,006 | 1,653 | 1,533 | 1,436 | |||||||||||||||||||||||||||
| Other Wealth Vehicles | 4,158 | 4,314 | 4,010 | 4,027 | 4,108 | |||||||||||||||||||||||||||
| Total Wealth | 47,705 | 48,993 | 44,841 | 43,437 | 44,421 | |||||||||||||||||||||||||||
| Institutional | 36,208 | 38,523 | 36,029 | 35,060 | 34,711 | |||||||||||||||||||||||||||
| Closed-end Funds | 12,031 | 12,583 | 12,258 | 12,047 | 11,765 | |||||||||||||||||||||||||||
| Total Firm | $ | 95,944 | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | ||||||||||||||||||||||
| By strategy: | ||||||||||||||||||||||||||||||||
| Real Estate | $ | 61,647 | $ | 65,248 | $ | 59,395 | $ | 58,165 | $ | 59,053 | ||||||||||||||||||||||
| Preferred Securities | 18,092 | 18,433 | 17,903 | 18,139 | 18,500 | |||||||||||||||||||||||||||
| Global listed Infrastructure | 12,488 | 13,082 | 12,808 | 11,606 | 10,660 | |||||||||||||||||||||||||||
| Multi-Strategy Real Assets | 3,717 | 3,336 | 3,022 | 2,634 | 2,684 | |||||||||||||||||||||||||||
| Total Firm | $ | 95,944 | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | ||||||||||||||||||||||
| Average AUM | $ | 101,105 | $ | 98,977 | $ | 94,361 | $ | 90,751 | $ | 89,738 | ||||||||||||||||||||||
_________________________ Note: Totals may not foot due to rounding. | ||||||||||||||||||||||||||||||||
AUM at the end of the quarter was $95.9 billion, a decrease of 4.2% from $100.1 billion at the end of the second quarter of 2026 due to market depreciation of $5.1 billion and distributions of $632 million, partially offset by net inflows of $1.6 billion. Average AUM increased 2.1% from the end of the second quarter of 2026. Firmwide net inflows were driven by our wealth channel, with net inflows across all of our strategies.
Revenues
Total revenues increased approximately 3% on both a GAAP and adjusted basis from the second quarter of 2026 due to higher average AUM and one additional day in the current quarter. Total revenues increased approximately 11% on both a GAAP and adjusted basis from the third quarter of 2025 primarily due to higher average AUM.
Expenses
Total operating expenses increased 6.4% on a GAAP basis from the second quarter of 2026 primarily due to distribution and service fees associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering. Adjusted total operating expenses increased 1.7% from the second quarter of 2026 primarily due to higher employee compensation and benefits, in line with the increase in revenues.
Total operating expenses increased 14.6% from the third quarter of 2025 primarily due to higher employee compensation and benefits due to higher revenue and AUM, and higher distribution and service fees primarily due to the RQI rights offering. Total adjusted operating expenses increased 9.1% from the third quarter of 2025 primarily due to higher employee compensation and benefits, consistent with the increase in revenues.
3
Income Taxes
Our effective income tax rate for the third quarter of 2026 was 26.4%, resulting in income tax expense of $15.2 million. Our adjusted effective income tax rate for the third quarter of 2026 was 25.6%.
Capital allocation and balance sheet
As of September 30, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $387.8 million, compared with $354.3 million as of June 30, 2026.
During the quarter, the Board of Directors declared a $0.67 quarterly dividend per share, which was paid on August 20, 2026 to stockholders of record as of the close of business on August 10, 2026.
Investment Performance at September 30, 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 September 30, 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.
4
Conference Call and Webcast Information
Cohen & Steers will host a conference call and webcast on Friday, October 16, 2026 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing +1-833-461-5787 (toll free) or +1-585-542-9983 (international); meeting ID: 350 591 233. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.
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 +1-833-309-1852 (toll free); meeting ID: 350 591 233. A replay of the webcast will be archived on the website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.”
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.
# # # #
5
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Investment advisory and administration fees | $ | 148,655 | $ | 144,285 | $ | 136,826 | $ | 135,890 | $ | 133,628 | ||||||||||||||||||||||
| Distribution and service fees | 8,056 | 7,919 | 8,055 | 7,475 | 7,513 | |||||||||||||||||||||||||||
| Other | 716 | 526 | 758 | 438 | 579 | |||||||||||||||||||||||||||
| Total revenue | 157,427 | 152,730 | 145,639 | 143,803 | 141,720 | |||||||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||||||||
| Employee compensation and benefits | 64,115 | 61,506 | 57,702 | 56,076 | 57,196 | |||||||||||||||||||||||||||
| Distribution and service fees | 22,070 | 16,890 | 16,337 | 25,670 | 16,329 | |||||||||||||||||||||||||||
| General and administrative | 17,525 | 18,953 | 18,904 | 19,212 | 16,775 | |||||||||||||||||||||||||||
| Depreciation and amortization | 2,652 | 2,606 | 2,574 | 2,535 | 2,519 | |||||||||||||||||||||||||||
| Total expenses | 106,362 | 99,955 | 95,517 | 103,493 | 92,819 | |||||||||||||||||||||||||||
| Operating income | 51,065 | 52,775 | 50,122 | 40,310 | 48,901 | |||||||||||||||||||||||||||
| Non-operating income (loss): | ||||||||||||||||||||||||||||||||
| Interest and dividend income | 5,942 | 5,218 | 5,307 | 5,217 | 5,106 | |||||||||||||||||||||||||||
| Gain (loss) from investments—net | (1,320) | 14,186 | 1,011 | (2,248) | 692 | |||||||||||||||||||||||||||
| Foreign currency gain (loss)—net | 311 | (166) | 759 | (991) | 859 | |||||||||||||||||||||||||||
| Total non-operating income (loss) | 4,933 | 19,238 | 7,077 | 1,978 | 6,657 | |||||||||||||||||||||||||||
| Income before provision for income taxes | 55,998 | 72,013 | 57,199 | 42,288 | 55,558 | |||||||||||||||||||||||||||
| Provision for income taxes | 15,166 | 16,447 | 15,979 | 11,585 | 13,924 | |||||||||||||||||||||||||||
| Net income | 40,832 | 55,566 | 41,220 | 30,703 | 41,634 | |||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 1,412 | (6,223) | 1,148 | 4,176 | 77 | |||||||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 42,244 | $ | 49,343 | $ | 42,368 | $ | 34,879 | $ | 41,711 | ||||||||||||||||||||||
| Earnings per share attributable to common stockholders: | ||||||||||||||||||||||||||||||||
| Basic | $ | 0.82 | $ | 0.96 | $ | 0.82 | $ | 0.68 | $ | 0.81 | ||||||||||||||||||||||
| Diluted | $ | 0.81 | $ | 0.95 | $ | 0.82 | $ | 0.68 | $ | 0.81 | ||||||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
| Basic | 51,567 | 51,545 | 51,441 | 51,243 | 51,205 | |||||||||||||||||||||||||||
| Diluted | 52,114 | 51,861 | 51,595 | 51,639 | 51,572 | |||||||||||||||||||||||||||
Adjusted (non-GAAP)
| Revenue | $ | 156,408 | $ | 151,837 | $ | 144,264 | $ | 143,794 | $ | 140,937 | ||||||||||||||||||||||
| Expense | $ | 98,299 | $ | 96,692 | $ | 93,610 | $ | 91,432 | $ | 90,060 | ||||||||||||||||||||||
| Operating income | $ | 58,109 | $ | 55,145 | $ | 50,654 | $ | 52,362 | $ | 50,877 | ||||||||||||||||||||||
| Net income | $ | 46,458 | $ | 43,968 | $ | 40,692 | $ | 41,718 | $ | 41,720 | ||||||||||||||||||||||
| Diluted EPS | $ | 0.89 | $ | 0.85 | $ | 0.79 | $ | 0.81 | $ | 0.81 | ||||||||||||||||||||||
| Operating margin | 37.2 | % | 36.3 | % | 35.1 | % | 36.4 | % | 36.1 | % | ||||||||||||||||||||||
6
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||
| (in thousands, except per share data) | ||||||||||||||
| Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||
| Revenue: | ||||||||||||||
| Investment advisory and administration fees | $ | 429,766 | $ | 388,944 | ||||||||||
| Distribution and service fees | 24,030 | 21,863 | ||||||||||||
| Other | 2,000 | 1,506 | ||||||||||||
| Total revenue | 455,796 | 412,313 | ||||||||||||
| Expenses: | ||||||||||||||
| Employee compensation and benefits | 183,323 | 168,390 | ||||||||||||
| Distribution and service fees | 55,297 | 47,224 | ||||||||||||
| General and administrative | 55,382 | 52,022 | ||||||||||||
| Depreciation and amortization | 7,832 | 7,251 | ||||||||||||
| Total expenses | 301,834 | 274,887 | ||||||||||||
| Operating income | 153,962 | 137,426 | ||||||||||||
| Non-operating income (loss): | ||||||||||||||
| Interest and dividend income | 16,467 | 16,792 | ||||||||||||
| Gain (loss) from investments—net | 13,877 | 10,960 | ||||||||||||
| Foreign currency gain (loss)—net | 904 | (2,836) | ||||||||||||
| Total non-operating income (loss) | 31,248 | 24,916 | ||||||||||||
| Income before provision for income taxes | 185,210 | 162,342 | ||||||||||||
| Provision for income taxes | 47,592 | 35,647 | ||||||||||||
| Net income | 137,618 | 126,695 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | (3,663) | (8,357) | ||||||||||||
| Net income attributable to common stockholders | $ | 133,955 | $ | 118,338 | ||||||||||
| Earnings per share attributable to common stockholders: | ||||||||||||||
| Basic | $ | 2.60 | $ | 2.31 | ||||||||||
| Diluted | $ | 2.58 | $ | 2.30 | ||||||||||
| Weighted average shares outstanding: | ||||||||||||||
| Basic | 51,518 | 51,143 | ||||||||||||
| Diluted | 51,858 | 51,488 | ||||||||||||
Adjusted (non-GAAP)
| Revenue | $ | 452,509 | $ | 410,047 | ||||||||||
| Expense | $ | 288,601 | $ | 267,266 | ||||||||||
| Operating income | $ | 163,908 | $ | 142,781 | ||||||||||
| Net income | $ | 131,118 | $ | 117,397 | ||||||||||
| Diluted EPS | $ | 2.53 | $ | 2.28 | ||||||||||
| Operating margin | 36.2 | % | 34.8 | % | ||||||||||
7
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Vehicle | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| Wealth | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 48,993 | $ | 44,841 | $ | 43,437 | $ | 44,421 | $ | 42,962 | ||||||||||||||||||||||
| Inflows | 3,685 | 4,275 | 3,358 | 3,487 | 3,148 | |||||||||||||||||||||||||||
| Outflows | (2,388) | (2,821) | (2,803) | (3,474) | (2,380) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 1,297 | 1,454 | 555 | 13 | 768 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (2,268) | 3,147 | 1,155 | (378) | 972 | |||||||||||||||||||||||||||
| Distributions | (317) | (449) | (306) | (535) | (305) | |||||||||||||||||||||||||||
| Transfers | — | — | — | (84) | 24 | |||||||||||||||||||||||||||
| Total increase (decrease) | (1,287) | 4,152 | 1,404 | (984) | 1,459 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 47,705 | $ | 48,993 | $ | 44,841 | $ | 43,437 | $ | 44,421 | ||||||||||||||||||||||
| Average assets under management | $ | 49,680 | $ | 48,111 | $ | 45,279 | $ | 43,812 | $ | 43,633 | ||||||||||||||||||||||
| Institutional | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 38,523 | $ | 36,029 | $ | 35,060 | $ | 34,711 | $ | 34,386 | ||||||||||||||||||||||
| Inflows | 1,117 | 1,372 | 1,103 | 1,790 | 812 | |||||||||||||||||||||||||||
| Outflows | (1,068) | (1,529) | (1,162) | (1,109) | (1,349) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 49 | (157) | (59) | 681 | (537) | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (2,220) | 2,801 | 1,184 | (252) | 1,054 | |||||||||||||||||||||||||||
| Distributions | (144) | (150) | (156) | (164) | (168) | |||||||||||||||||||||||||||
| Transfers | — | — | — | 84 | (24) | |||||||||||||||||||||||||||
| Total increase (decrease) | (2,315) | 2,494 | 969 | 349 | 325 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 36,208 | $ | 38,523 | $ | 36,029 | $ | 35,060 | $ | 34,711 | ||||||||||||||||||||||
| Average assets under management | $ | 38,838 | $ | 38,272 | $ | 36,714 | $ | 34,924 | $ | 34,459 | ||||||||||||||||||||||
| Closed-end Funds | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 12,583 | $ | 12,258 | $ | 12,047 | $ | 11,765 | $ | 11,588 | ||||||||||||||||||||||
| Inflows | 204 | 1 | 1 | 513 | 2 | |||||||||||||||||||||||||||
| Outflows | — | — | — | — | — | |||||||||||||||||||||||||||
| Net inflows (outflows) | 204 | 1 | 1 | 513 | 2 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (585) | 493 | 375 | (55) | 329 | |||||||||||||||||||||||||||
| Distributions | (171) | (169) | (165) | (176) | (154) | |||||||||||||||||||||||||||
| Total increase (decrease) | (552) | 325 | 211 | 282 | 177 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 12,031 | $ | 12,583 | $ | 12,258 | $ | 12,047 | $ | 11,765 | ||||||||||||||||||||||
| Average assets under management | $ | 12,587 | $ | 12,594 | $ | 12,368 | $ | 12,015 | $ | 11,646 | ||||||||||||||||||||||
| 12587000000 | ||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | $ | 88,936 | ||||||||||||||||||||||
| Inflows | 5,006 | 5,648 | 4,462 | 5,790 | 3,962 | |||||||||||||||||||||||||||
| Outflows | (3,456) | (4,350) | (3,965) | (4,583) | (3,729) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 1,550 | 1,298 | 497 | 1,207 | 233 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (5,073) | 6,441 | 2,714 | (685) | 2,355 | |||||||||||||||||||||||||||
| Distributions | (632) | (768) | (627) | (875) | (627) | |||||||||||||||||||||||||||
| Total increase (decrease) | (4,155) | 6,971 | 2,584 | (353) | 1,961 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 95,944 | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | ||||||||||||||||||||||
| Average assets under management | $ | 101,105 | $ | 98,977 | $ | 94,361 | $ | 90,751 | $ | 89,738 | ||||||||||||||||||||||
_________________________ Note: Totals may not foot due to rounding. | ||||||||||||||||||||||||||||||||
8
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Wealth Vehicle | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 41,598 | $ | 38,581 | $ | 37,503 | $ | 38,678 | $ | 37,464 | ||||||||||||||||||||||
| Inflows | 2,722 | 3,185 | 2,743 | 2,797 | 2,732 | |||||||||||||||||||||||||||
| Outflows | (1,995) | (2,380) | (2,432) | (2,989) | (2,023) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 727 | 805 | 311 | (192) | 709 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (2,011) | 2,838 | 1,065 | (370) | 805 | |||||||||||||||||||||||||||
| Distributions | (301) | (437) | (298) | (529) | (300) | |||||||||||||||||||||||||||
| Transfers | — | (189) | — | (84) | — | |||||||||||||||||||||||||||
| Total increase (decrease) | (1,585) | 3,017 | 1,078 | (1,175) | 1,214 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 40,012 | $ | 41,598 | $ | 38,581 | $ | 37,503 | $ | 38,678 | ||||||||||||||||||||||
| Average assets under management | $ | 41,918 | $ | 41,196 | $ | 39,053 | $ | 37,966 | $ | 38,033 | ||||||||||||||||||||||
| ETFs | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 1,075 | $ | 597 | $ | 374 | $ | 199 | $ | 124 | ||||||||||||||||||||||
| Inflows | 368 | 358 | 244 | 181 | 76 | |||||||||||||||||||||||||||
| Outflows | (94) | (77) | (33) | (6) | (6) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 274 | 281 | 211 | 175 | 70 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (28) | 16 | 16 | 3 | 7 | |||||||||||||||||||||||||||
| Distributions | (9) | (8) | (4) | (3) | (2) | |||||||||||||||||||||||||||
| Transfers | — | 189 | — | — | — | |||||||||||||||||||||||||||
| Total increase (decrease) | 236 | 478 | 223 | 175 | 75 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 1,310 | $ | 1,075 | $ | 597 | $ | 374 | $ | 199 | ||||||||||||||||||||||
| Average assets under management | $ | 1,241 | $ | 813 | $ | 488 | $ | 260 | $ | 157 | ||||||||||||||||||||||
| SICAVs | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 2,006 | $ | 1,653 | $ | 1,533 | $ | 1,436 | $ | 1,365 | ||||||||||||||||||||||
| Inflows | 395 | 529 | 195 | 366 | 170 | |||||||||||||||||||||||||||
| Outflows | (105) | (203) | (132) | (278) | (159) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 290 | 326 | 63 | 88 | 11 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (69) | 28 | 58 | 10 | 37 | |||||||||||||||||||||||||||
| Distributions | (3) | (1) | (1) | (1) | (1) | |||||||||||||||||||||||||||
| Transfers | — | — | — | — | 24 | |||||||||||||||||||||||||||
| Total increase (decrease) | 219 | 353 | 120 | 97 | 71 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 2,225 | $ | 2,006 | $ | 1,653 | $ | 1,533 | $ | 1,436 | ||||||||||||||||||||||
| Average assets under management | $ | 2,207 | $ | 1,890 | $ | 1,659 | $ | 1,511 | $ | 1,376 | ||||||||||||||||||||||
| Other Wealth Vehicles | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 4,314 | $ | 4,010 | $ | 4,027 | $ | 4,108 | $ | 4,009 | ||||||||||||||||||||||
| Inflows | 200 | 203 | 176 | 143 | 170 | |||||||||||||||||||||||||||
| Outflows | (194) | (161) | (206) | (201) | (192) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 7 | 42 | (30) | (58) | (22) | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (160) | 265 | 16 | (21) | 123 | |||||||||||||||||||||||||||
| Distributions | (4) | (3) | (3) | (2) | (2) | |||||||||||||||||||||||||||
| Total increase (decrease) | (157) | 304 | (17) | (81) | 99 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 4,158 | $ | 4,314 | $ | 4,010 | $ | 4,027 | $ | 4,108 | ||||||||||||||||||||||
| Average assets under management | $ | 4,314 | $ | 4,212 | $ | 4,079 | $ | 4,075 | $ | 4,067 | ||||||||||||||||||||||
_________________________ Note: Totals may not foot due to rounding. | ||||||||||||||||||||||||||||||||
9
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Strategy | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| Real Estate | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 65,248 | $ | 59,395 | $ | 58,165 | $ | 59,053 | $ | 58,306 | ||||||||||||||||||||||
| Inflows | 3,097 | 3,654 | 2,883 | 3,286 | 2,631 | |||||||||||||||||||||||||||
| Outflows | (2,413) | (3,077) | (2,788) | (2,632) | (2,648) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 684 | 577 | 95 | 654 | (17) | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (3,911) | 5,723 | 1,518 | (1,025) | 1,154 | |||||||||||||||||||||||||||
| Distributions | (374) | (447) | (383) | (517) | (390) | |||||||||||||||||||||||||||
| Total increase (decrease) | (3,601) | 5,853 | 1,230 | (888) | 747 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 61,647 | $ | 65,248 | $ | 59,395 | $ | 58,165 | $ | 59,053 | ||||||||||||||||||||||
| Average assets under management | $ | 65,987 | $ | 64,246 | $ | 60,734 | $ | 58,480 | $ | 58,513 | ||||||||||||||||||||||
| Preferred Securities | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 18,433 | $ | 17,903 | $ | 18,139 | $ | 18,500 | $ | 17,955 | ||||||||||||||||||||||
| Inflows | 985 | 954 | 850 | 956 | 886 | |||||||||||||||||||||||||||
| Outflows | (704) | (773) | (718) | (1,290) | (756) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 282 | 181 | 132 | (334) | 130 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (428) | 539 | (185) | 157 | 599 | |||||||||||||||||||||||||||
| Distributions | (193) | (190) | (183) | (184) | (184) | |||||||||||||||||||||||||||
| Total increase (decrease) | (340) | 530 | (236) | (361) | 545 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 18,092 | $ | 18,433 | $ | 17,903 | $ | 18,139 | $ | 18,500 | ||||||||||||||||||||||
| Average assets under management | $ | 18,397 | $ | 18,325 | $ | 18,240 | $ | 18,300 | $ | 18,300 | ||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 13,082 | $ | 12,808 | $ | 11,606 | $ | 10,660 | $ | 10,175 | ||||||||||||||||||||||
| Inflows | 466 | 476 | 438 | 1,323 | 214 | |||||||||||||||||||||||||||
| Outflows | (242) | (316) | (307) | (389) | (155) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 224 | 160 | 131 | 934 | 59 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (761) | 213 | 1,125 | 105 | 472 | |||||||||||||||||||||||||||
| Distributions | (57) | (99) | (54) | (93) | (46) | |||||||||||||||||||||||||||
| Total increase (decrease) | (594) | 274 | 1,202 | 946 | 485 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 12,488 | $ | 13,082 | $ | 12,808 | $ | 11,606 | $ | 10,660 | ||||||||||||||||||||||
| Average assets under management | $ | 13,089 | $ | 13,084 | $ | 12,476 | $ | 11,292 | $ | 10,358 | ||||||||||||||||||||||
10
| Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||||||||||||||
| By Investment Strategy - continued | ||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||
| Multi-Strategy Real Assets | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 3,336 | $ | 3,022 | $ | 2,634 | $ | 2,684 | $ | 2,500 | ||||||||||||||||||||||
| Inflows | 458 | 564 | 291 | 225 | 231 | |||||||||||||||||||||||||||
| Outflows | (97) | (184) | (152) | (272) | (170) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 361 | 380 | 139 | (47) | 61 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | 28 | (34) | 256 | 78 | 130 | |||||||||||||||||||||||||||
| Distributions | (8) | (32) | (7) | (81) | (7) | |||||||||||||||||||||||||||
| Total increase (decrease) | 381 | 314 | 388 | (50) | 184 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 3,717 | $ | 3,336 | $ | 3,022 | $ | 2,634 | $ | 2,684 | ||||||||||||||||||||||
| Average assets under management | $ | 3,633 | $ | 3,322 | $ | 2,911 | $ | 2,679 | $ | 2,567 | ||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Assets under management, beginning of period | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | $ | 88,936 | ||||||||||||||||||||||
| Inflows | 5,006 | 5,648 | 4,462 | 5,790 | 3,962 | |||||||||||||||||||||||||||
| Outflows | (3,456) | (4,350) | (3,965) | (4,583) | (3,729) | |||||||||||||||||||||||||||
| Net inflows (outflows) | 1,550 | 1,298 | 497 | 1,207 | 233 | |||||||||||||||||||||||||||
| Market appreciation (depreciation) | (5,073) | 6,441 | 2,714 | (685) | 2,355 | |||||||||||||||||||||||||||
| Distributions | (632) | (768) | (627) | (875) | (627) | |||||||||||||||||||||||||||
| Total increase (decrease) | (4,155) | 6,971 | 2,584 | (353) | 1,961 | |||||||||||||||||||||||||||
| Assets under management, end of period | $ | 95,944 | $ | 100,099 | $ | 93,128 | $ | 90,544 | $ | 90,897 | ||||||||||||||||||||||
| Average assets under management | $ | 101,105 | $ | 98,977 | $ | 94,361 | $ | 90,751 | $ | 89,738 | ||||||||||||||||||||||
_________________________ Notes: (1) Totals may not foot due to rounding. (2) Investment strategies were reclassified during the current quarter and prior period amounts have been recast to conform to the current presentation. Such reclassifications had no impact on the total assets under management previously reported. | ||||||||||||||||||||||||||||||||
11
Reconciliations of U.S. GAAP to Adjusted Financial Results
Management believes that use of the following adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these 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 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 | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share data) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders, U.S. GAAP | $ | 42,244 | $ | 49,343 | $ | 42,368 | $ | 34,879 | $ | 41,711 | $ | 133,955 | $ | 118,338 | ||||||||||||||||||||||||||||||
Seed investments—net (1) | (1,330) | (8,974) | (3,299) | (1,498) | (1,320) | (13,603) | (4,893) | |||||||||||||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | 424 | 771 | (4) | (77) | 1,142 | 1,191 | 3,346 | |||||||||||||||||||||||||||||||||||||
| Fund launch and rights offering costs | 5,105 | 1,264 | 335 | 10,814 | 650 | 6,704 | 650 | |||||||||||||||||||||||||||||||||||||
Other non-recurring expenses (2) | 1,128 | — | — | — | — | 1,128 | 616 | |||||||||||||||||||||||||||||||||||||
Foreign currency (gain) loss—net | (311) | 166 | (759) | 422 | (677) | (904) | 3,034 | |||||||||||||||||||||||||||||||||||||
Tax effects of adjustments above | (895) | 1,928 | 1,300 | (2,062) | (132) | 2,333 | (789) | |||||||||||||||||||||||||||||||||||||
Tax effects of discrete tax items (3) | 93 | (530) | 751 | (760) | 346 | 314 | (2,905) | |||||||||||||||||||||||||||||||||||||
| Net income attributable to common stockholders, adjusted | $ | 46,458 | $ | 43,968 | $ | 40,692 | $ | 41,718 | $ | 41,720 | $ | 131,118 | $ | 117,397 | ||||||||||||||||||||||||||||||
| Diluted weighted average shares outstanding | 52,114 | 51,861 | 51,595 | 51,639 | 51,572 | 51,858 | 51,488 | |||||||||||||||||||||||||||||||||||||
| Diluted earnings per share, U.S. GAAP | $ | 0.81 | $ | 0.95 | $ | 0.82 | $ | 0.68 | $ | 0.81 | $ | 2.58 | $ | 2.30 | ||||||||||||||||||||||||||||||
Seed investments—net (1) | (0.02) | (0.17) | (0.06) | (0.03) | (0.03) | (0.26) | (0.10) | |||||||||||||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | 0.01 | 0.02 | — | * | — | * | 0.02 | 0.03 | 0.07 | |||||||||||||||||||||||||||||||||||
| Fund launch and rights offering costs | 0.10 | 0.02 | 0.01 | 0.21 | 0.01 | 0.13 | 0.01 | |||||||||||||||||||||||||||||||||||||
Other non-recurring expenses (2) | 0.02 | — | — | — | — | 0.02 | 0.01 | |||||||||||||||||||||||||||||||||||||
Foreign currency (gain) loss—net | (0.01) | — | * | (0.02) | 0.01 | (0.01) | (0.02) | 0.06 | ||||||||||||||||||||||||||||||||||||
Tax effects of adjustments above | (0.02) | 0.04 | 0.03 | (0.04) | — | * | 0.04 | (0.01) | ||||||||||||||||||||||||||||||||||||
Tax effects of discrete tax items (3) | — | * | (0.01) | 0.01 | (0.02) | 0.01 | 0.01 | (0.06) | ||||||||||||||||||||||||||||||||||||
| Diluted earnings per share, adjusted | $ | 0.89 | $ | 0.85 | $ | 0.79 | $ | 0.81 | $ | 0.81 | $ | 2.53 | $ | 2.28 | ||||||||||||||||||||||||||||||
_________________________ * 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 a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025. (3)Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | ||||||||||||||||||||||||||||||||||||||||||||
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Reconciliations of U.S. GAAP to Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin | ||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except percentages) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Revenue, U.S. GAAP | $ | 157,427 | $ | 152,730 | $ | 145,639 | $ | 143,803 | $ | 141,720 | $ | 455,796 | $ | 412,313 | ||||||||||||||||||||||||||||||
Fund related amounts (1) | (1,019) | (893) | (1,375) | (9) | (783) | (3,287) | (2,266) | |||||||||||||||||||||||||||||||||||||
| Revenue, adjusted | $ | 156,408 | $ | 151,837 | $ | 144,264 | $ | 143,794 | $ | 140,937 | $ | 452,509 | $ | 410,047 | ||||||||||||||||||||||||||||||
| Expenses, U.S. GAAP | $ | 106,362 | $ | 99,955 | $ | 95,517 | $ | 103,493 | $ | 92,819 | $ | 301,834 | $ | 274,887 | ||||||||||||||||||||||||||||||
Fund related amounts (1) | (1,406) | (1,228) | (1,576) | (1,324) | (967) | (4,210) | (3,009) | |||||||||||||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | (424) | (771) | 4 | 77 | (1,142) | (1,191) | (3,346) | |||||||||||||||||||||||||||||||||||||
| Fund launch and rights offering costs | (5,105) | (1,264) | (335) | (10,814) | (650) | (6,704) | (650) | |||||||||||||||||||||||||||||||||||||
Other non-recurring expenses (2) | (1,128) | — | — | — | — | (1,128) | (616) | |||||||||||||||||||||||||||||||||||||
| Expenses, adjusted | $ | 98,299 | $ | 96,692 | $ | 93,610 | $ | 91,432 | $ | 90,060 | $ | 288,601 | $ | 267,266 | ||||||||||||||||||||||||||||||
| Operating income, U.S. GAAP | $ | 51,065 | $ | 52,775 | $ | 50,122 | $ | 40,310 | $ | 48,901 | $ | 153,962 | $ | 137,426 | ||||||||||||||||||||||||||||||
Fund related amounts (1) | 387 | 335 | 201 | 1,315 | 184 | 923 | 743 | |||||||||||||||||||||||||||||||||||||
Accelerated vesting of restricted stock units | 424 | 771 | (4) | (77) | 1,142 | 1,191 | 3,346 | |||||||||||||||||||||||||||||||||||||
| Fund launch and rights offering costs | 5,105 | 1,264 | 335 | 10,814 | 650 | 6,704 | 650 | |||||||||||||||||||||||||||||||||||||
Other non-recurring expenses (2) | 1,128 | — | — | — | — | 1,128 | 616 | |||||||||||||||||||||||||||||||||||||
| Operating income, adjusted | $ | 58,109 | $ | 55,145 | $ | 50,654 | $ | 52,362 | $ | 50,877 | $ | 163,908 | $ | 142,781 | ||||||||||||||||||||||||||||||
| Operating margin, U.S. GAAP | 32.4 | % | 34.6 | % | 34.4 | % | 28.0 | % | 34.5 | % | 33.8 | % | 33.3 | % | ||||||||||||||||||||||||||||||
| Operating margin, adjusted | 37.2 | % | 36.3 | % | 35.1 | % | 36.4 | % | 36.1 | % | 36.2 | % | 34.8 | % | ||||||||||||||||||||||||||||||
_________________________ (1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (2)Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025. | ||||||||||||||||||||||||||||||||||||||||||||
Non-operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Non-operating income (loss), U.S. GAAP | $ | 4,933 | $ | 19,238 | $ | 7,077 | $ | 1,978 | $ | 6,657 | $ | 31,248 | $ | 24,916 | ||||||||||||||||||||||||||||||
Seed investments—net (1) | (305) | (15,532) | (2,352) | 1,363 | (1,427) | (18,189) | (13,993) | |||||||||||||||||||||||||||||||||||||
Foreign currency (gain) loss—net | (311) | 166 | (759) | 422 | (677) | (904) | 3,034 | |||||||||||||||||||||||||||||||||||||
| Non-operating income (loss), adjusted | $ | 4,317 | $ | 3,872 | $ | 3,966 | $ | 3,763 | $ | 4,553 | $ | 12,155 | $ | 13,957 | ||||||||||||||||||||||||||||||
_________________________ (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. | ||||||||||||||||||||||||||||||||||||||||||||
Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353
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