Form 8-K

8-K — COHEN & STEERS, INC.

Accession: 0001284812-26-000142

Filed: 2026-07-16

Period: 2026-07-16

CIK: 0001284812

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cns-20260716.htm (Primary)

EX-99.1 — CNS EARNINGS ANNOUNCEMENT (cns-earningsannouncement63.htm)

EX-99.2 — CNS EARNINGS RELEASE (cns-earningsreleasex63026e.htm)

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GRAPHIC — CNS LOGO (cnslogob.jpg)

GRAPHIC — CNS INVESTMENT PERFORMANCE GRAPH (investmentperformance626a.jpg)

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8-K

8-K (Primary)

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0001284812false00012848122026-07-162026-07-16

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): July 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 July 16, 2026, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended June 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 July 16, 2026

99.2

Earnings release dated July 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: July 16, 2026

By: /s/ Amit Muni

Name: Amit Muni

Title: Executive Vice President & Chief Financial Officer

EX-99.1 — CNS EARNINGS ANNOUNCEMENT

EX-99.1

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Document

Cohen & Steers, Inc.

1166 Avenue of the Americas

New York, NY 10036-2708

Tel (212) 832-3232

COHEN & STEERS REPORTS RESULTS FOR SECOND QUARTER 2026

New York, NY, July 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second 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, July 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, 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 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. 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 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. A replay of the webcast will be archived on the website for one month 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

EX-99.2 — CNS EARNINGS RELEASE

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Document

COHEN & STEERS REPORTS RESULTS FOR SECOND QUARTER 2026

Strong AUM growth, positive net inflows and continued progress on strategic initiatives

•Diluted EPS of $0.95; $0.85, as adjusted

•AUM reaches $100.1 billion at quarter end

•Broad based net inflows of $1.3 billion, our strongest quarter since Q4 2021

•Active ETFs reach over $1 billion in AUM reflecting continued momentum with six ETFs

NEW YORK, NY, July 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2026.

Joseph M. Harvey, Chief Executive Officer: “With $1.3 billion in net flows, we delivered our fourth consecutive quarter of organic growth, which is our longest streak of consecutive quarters of organic growth since 2022. We are beginning to see the benefits of improving market conditions for our investment strategies and the investments we’ve made in the business to expand our capabilities." Mr. Harvey continued, "In June, we celebrated 40 years of real assets leadership. As the secular case for real assets continues to grow and the market environment continues to favor our asset classes, we look forward to our next phase of growth and delivering results for our investors and shareholders.”

Operating and financial highlights

As of and for the quarters ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Operating results (in billions):

AUM $ 100.1 $ 93.1 $ 90.5 $ 90.9 $ 88.9

Net inflows (outflows) $ 1.3 $ 0.5 $ 1.2 $ 0.2 $ (0.1)

Average AUM $ 99.0 $ 94.4 $ 90.8 $ 89.7 $ 87.2

GAAP results

Revenue (in millions)

$ 152.7 $ 145.6 $ 143.8 $ 141.7 $ 136.1

Net income (in millions)

$ 49.3 $ 42.4 $ 34.9 $ 41.7 $ 36.8

Diluted EPS $ 0.95 $ 0.82 $ 0.68 $ 0.81 $ 0.72

Operating margin 34.6 % 34.4 % 28.0 % 34.5 % 31.8 %

Fee Rate (ex. performance fees)

58.5 bps 59.0 bps 58.7 bps 59.1 bps 59.1 bps

As Adjusted results (non-GAAP)

Revenue (in millions)

$ 151.8 $ 144.3 $ 143.8 $ 140.9 $ 135.3

Net income (in millions)

$ 44.0 $ 40.7 $ 41.7 $ 41.7 $ 37.3

Diluted EPS $ 0.85 $ 0.79 $ 0.81 $ 0.81 $ 0.73

Operating margin 36.3 % 35.1 % 36.4 % 36.1 % 33.6 %

Fee Rate (ex. performance fees)

58.1 bps 58.4 bps 58.6 bps 58.7 bps 58.7 bps

Business developments:

•During the quarter, we made significant progress in scaling our ETF franchise, an important component of our long-term growth strategy

–In June, our active ETF platform surpassed $1 billion in AUM. This milestone demonstrates the increasing scale of our ETF platform, expansion of our distribution reach and positions ETFs as a meaningful contributor to future organic growth.

–We successfully converted the Cohen & Steers Future of Energy Fund (MLOIX) into the Cohen & Steers Future of Energy Active ETF (CSEN), which is now listed on Nasdaq.

–We filed a registration statement with the SEC for the Cohen & Steers Real Assets Active ETF, which is expected to launch in the third quarter of 2026. Upon launch, the fund would expand our ETF lineup to seven offerings, further broadening investor access to our core real assets capabilities and supporting the continued growth of our business.

•Our European listed fund platform has surpassed $2 billion in AUM, reflecting the continued momentum of our international growth strategy. Consistent with our initiative to broaden these offerings, in May we announced that three of our European listed funds focused on global listed infrastructure, global real estate, and real assets received regulatory approval for marketing and distribution to eligible investors in South Africa. These approvals expand access to our real assets capabilities, deepen our international distribution footprint, and position the firm to capture additional opportunities for future AUM growth.

•In June, we announced a rights offering for Cohen & Steers Quality Income Realty Fund, Inc. (RQI), which closed on July 15, 2026, raising approximately $220 million of new capital, including leverage, for the fund. This successful offering enhances the fund's capital base, providing additional capacity to pursue attractive investment opportunities and support future income and value creation.

•The Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) continued to execute on its growth strategy during the second quarter, acquiring three properties, bringing its portfolio to 11 assets. These acquisitions reflect the fund's ability to source and deploy capital into attractive opportunities and build scale across the portfolio, positioning CNSREIT to drive long-term income and value creation for investors.

•In May, we appointed Amit Muni as Chief Financial Officer, bringing more than two decades of leadership across public markets, asset and wealth management, and capital markets, with a strong track record of driving strategic growth, executing M&A and financing initiatives, and engaging with the investor community.

Quarterly financial highlights

Assets under management (AUM)

AUM at the end of the quarter was $100.1 billion, an increase of 7.5% from $93.1 billion at the end of the first quarter of 2026 due to net inflows of $1.3 billion, primarily in our U.S. mutual funds and SICAVs within the real estate and multi-strategy real asset strategies, as well as continued net inflows into our active ETFs, and market appreciation of $6.4 billion, partially offset by distributions of $768 million.

Revenues

Total revenues increased approximately 5% on both a GAAP and adjusted basis from the first quarter of 2026 due to higher average AUM and one additional day in the current quarter. Total revenues increased approximately 12% on both a GAAP and adjusted basis from the second quarter of 2025 due to higher average AUM.

Expenses

Total operating expenses increased 4.6% from the first quarter of 2026 primarily due to higher employee compensation and benefits, in line with the increase in revenues, as well as an increase in distribution and service fees due to higher average AUM. Adjusted total operating expenses increased 3.3% from the first quarter of 2026 primarily due to higher employee compensation and benefits, in line with the increase in revenues.

Total operating expenses increased 7.7% from the second quarter of 2025 primarily due to higher employee compensation and benefits expenses and general and administrative expenses. Employee compensation and benefits increased primarily due to higher incentive compensation associated with increased revenue. General and administrative expenses increased due to costs associated with the RQI rights offering. Total adjusted operating expenses increased 7.6% from the second quarter of 2025 primarily due to higher employee compensation and benefits, in line with the increase in revenues.

Income Taxes

Our effective income tax rate for the second quarter of 2026 was 25.0%, resulting in income tax expense of $16.4 million. Our as adjusted effective income tax rate for the second quarter of 2026 was 25.5%.

Capital allocation and balance sheet

As of June 30, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $354.3 million, compared with $342.9 million as of March 31, 2026.

During the quarter, the Board of Directors declared a $0.67 quarterly dividend per share, which was paid on May 21, 2026 to stockholders of record as of the close of business on May 11, 2026.

Investment Performance at June 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 June 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.

Conference Call and Webcast Information

Cohen & Steers will host a conference call and webcast on Friday, July 17, 2026 at 10:00 a.m. (ET) to discuss the company's second 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. 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.

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

Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Revenue:

Investment advisory and administration fees $ 144,285 $ 136,826 $ 135,890 $ 133,628 $ 128,545

Distribution and service fees 7,919 8,055 7,475 7,513 7,166

Other 526 758 438 579 415

Total revenue 152,730 145,639 143,803 141,720 136,126

Expenses:

Employee compensation and benefits 61,506 57,702 56,076 57,196 56,640

Distribution and service fees 16,890 16,337 25,670 16,329 15,706

General and administrative 18,953 18,904 19,212 16,775 18,078

Depreciation and amortization 2,606 2,574 2,535 2,519 2,375

Total expenses 99,955 95,517 103,493 92,819 92,799

Operating income 52,775 50,122 40,310 48,901 43,327

Non-operating income (loss):

Interest and dividend income 5,218 5,307 5,217 5,106 6,315

Gain (loss) from investments—net 14,186 1,011 (2,248) 692 6,715

Foreign currency gain (loss)—net (166) 759 (991) 859 (2,523)

Total non-operating income (loss) 19,238 7,077 1,978 6,657 10,507

Income before provision for income taxes 72,013 57,199 42,288 55,558 53,834

Provision for income taxes 16,447 15,979 11,585 13,924 12,062

Net income 55,566 41,220 30,703 41,634 41,772

Net (income) loss attributable to noncontrolling

interests (6,223) 1,148 4,176 77 (4,923)

Net income attributable to common stockholders $ 49,343 $ 42,368 $ 34,879 $ 41,711 $ 36,849

Earnings per share attributable to common

stockholders:

Basic $ 0.96 $ 0.82 $ 0.68 $ 0.81 $ 0.72

Diluted $ 0.95 $ 0.82 $ 0.68 $ 0.81 $ 0.72

Weighted average shares outstanding:

Basic 51,545 51,441 51,243 51,205 51,165

Diluted 51,861 51,595 51,639 51,572 51,471

As Adjusted (non-GAAP)

Revenue $ 151,837 $ 144,264 $ 143,794 $ 140,937 $ 135,320

Expense $ 96,692 $ 93,610 $ 91,432 $ 90,060 $ 89,862

Operating income $ 55,145 $ 50,654 $ 52,362 $ 50,877 $ 45,458

Net income $ 43,968 $ 40,692 $ 41,718 $ 41,720 $ 37,324

Diluted EPS $ 0.85 $ 0.79 $ 0.81 $ 0.81 $ 0.73

Operating margin 36.3 % 35.1 % 36.4 % 36.1 % 33.6 %

Cohen & Steers, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

Six Months Ended

June 30,

2026 June 30,

2025

Revenue:

Investment advisory and administration fees $ 281,111 $ 255,316

Distribution and service fees 15,974 14,350

Other 1,284 927

Total revenue 298,369 270,593

Expenses:

Employee compensation and benefits 119,208 111,194

Distribution and service fees 33,227 30,895

General and administrative 37,857 35,247

Depreciation and amortization 5,180 4,732

Total expenses 195,472 182,068

Operating income 102,897 88,525

Non-operating income (loss):

Interest and dividend income 10,525 11,686

Gain (loss) from investments—net 15,197 10,268

Foreign currency gain (loss)—net 593 (3,695)

Total non-operating income (loss) 26,315 18,259

Income before provision for income taxes 129,212 106,784

Provision for income taxes 32,426 21,723

Net income 96,786 85,061

Net (income) loss attributable to noncontrolling interests (5,075) (8,434)

Net income attributable to common stockholders $ 91,711 $ 76,627

Earnings per share attributable to common stockholders:

Basic $ 1.78 $ 1.50

Diluted $ 1.77 $ 1.49

Weighted average shares outstanding:

Basic 51,493 51,112

Diluted 51,729 51,445

As Adjusted (non-GAAP)

Revenue $ 296,101 $ 269,110

Expense $ 190,302 $ 177,206

Operating income $ 105,799 $ 91,904

Net income $ 84,660 $ 75,677

Diluted EPS 1.64 1.47

Operating margin 35.7 % 34.2 %

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Vehicle

(in millions)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Open-end Funds

Assets under management, beginning of period $ 44,841 $ 43,437 $ 44,421 $ 42,962 $ 42,298

Inflows 4,275 3,358 3,487 3,148 3,072

Outflows (2,821) (2,803) (3,474) (2,380) (2,787)

Net inflows (outflows) 1,454 555 13 768 285

Market appreciation (depreciation) 3,147 1,155 (378) 972 816

Distributions (449) (306) (535) (305) (437)

Transfers — — (84) 24 —

Total increase (decrease) 4,152 1,404 (984) 1,459 664

Assets under management, end of period $ 48,993 $ 44,841 $ 43,437 $ 44,421 $ 42,962

Average assets under management $ 48,111 $ 45,279 $ 43,812 $ 43,633 $ 42,110

Institutional Accounts

Assets under management, beginning of period $ 36,029 $ 35,060 $ 34,711 $ 34,386 $ 33,886

Inflows 1,372 1,103 1,790 812 651

Outflows (1,529) (1,162) (1,109) (1,349) (1,170)

Net inflows (outflows) (157) (59) 681 (537) (519)

Market appreciation (depreciation) 2,801 1,184 (252) 1,054 1,190

Distributions (150) (156) (164) (168) (171)

Transfers — — 84 (24) —

Total increase (decrease) 2,494 969 349 325 500

Assets under management, end of period $ 38,523 $ 36,029 $ 35,060 $ 34,711 $ 34,386

Average assets under management $ 38,272 $ 36,714 $ 34,924 $ 34,459 $ 33,844

Closed-end Funds

Assets under management, beginning of period $ 12,258 $ 12,047 $ 11,765 $ 11,588 $ 11,395

Inflows 1 1 513 2 103

Outflows — — — — —

Net inflows (outflows) 1 1 513 2 103

Market appreciation (depreciation) 493 375 (55) 329 244

Distributions (169) (165) (176) (154) (154)

Total increase (decrease) 325 211 282 177 193

Assets under management, end of period $ 12,583 $ 12,258 $ 12,047 $ 11,765 $ 11,588

Average assets under management $ 12,594 $ 12,368 $ 12,015 $ 11,646 $ 11,289

Total

Assets under management, beginning of period $ 93,128 $ 90,544 $ 90,897 $ 88,936 $ 87,579

Inflows 5,648 4,462 5,790 3,962 3,826

Outflows (4,350) (3,965) (4,583) (3,729) (3,957)

Net inflows (outflows) 1,298 497 1,207 233 (131)

Market appreciation (depreciation) 6,441 2,714 (685) 2,355 2,250

Distributions (768) (627) (875) (627) (762)

Total increase (decrease) 6,971 2,584 (353) 1,961 1,357

Assets under management, end of period $ 100,099 $ 93,128 $ 90,544 $ 90,897 $ 88,936

Average assets under management $ 98,977 $ 94,361 $ 90,751 $ 89,738 $ 87,243

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management - Institutional Accounts

By Account Type

(in millions)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Advisory

Assets under management, beginning of period $ 21,679 $ 20,843 $ 20,208 $ 20,045 $ 19,703

Inflows 592 708 1,055 515 436

Outflows (856) (498) (404) (970) (848)

Net inflows (outflows) (264) 210 651 (455) (412)

Market appreciation (depreciation) 1,490 626 (100) 618 754

Transfers — — 84 — —

Total increase (decrease) 1,226 836 635 163 342

Assets under management, end of period $ 22,905 $ 21,679 $ 20,843 $ 20,208 $ 20,045

Average assets under management $ 22,752 $ 21,986 $ 20,513 $ 20,089 $ 19,789

Subadvisory

Assets under management, beginning of period $ 14,350 $ 14,217 $ 14,503 $ 14,341 $ 14,183

Inflows 780 395 735 297 215

Outflows (673) (664) (705) (379) (322)

Net inflows (outflows) 107 (269) 30 (82) (107)

Market appreciation (depreciation) 1,311 558 (152) 436 436

Distributions (150) (156) (164) (168) (171)

Transfers — — — (24) —

Total increase (decrease) 1,268 133 (286) 162 158

Assets under management, end of period $ 15,618 $ 14,350 $ 14,217 $ 14,503 $ 14,341

Average assets under management $ 15,520 $ 14,728 $ 14,411 $ 14,370 $ 14,055

Total Institutional Accounts

Assets under management, beginning of period $ 36,029 $ 35,060 $ 34,711 $ 34,386 $ 33,886

Inflows 1,372 1,103 1,790 812 651

Outflows (1,529) (1,162) (1,109) (1,349) (1,170)

Net inflows (outflows) (157) (59) 681 (537) (519)

Market appreciation (depreciation) 2,801 1,184 (252) 1,054 1,190

Distributions (150) (156) (164) (168) (171)

Transfers — — 84 (24) —

Total increase (decrease) 2,494 969 349 325 500

Assets under management, end of period $ 38,523 $ 36,029 $ 35,060 $ 34,711 $ 34,386

Average assets under management $ 38,272 $ 36,714 $ 34,924 $ 34,459 $ 33,844

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Strategy

(in millions)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

U.S. Real Estate

Assets under management, beginning of period $ 44,569 $ 43,503 $ 44,153 $ 43,972 $ 43,591

Inflows 3,063 2,177 2,747 2,084 1,909

Outflows (2,180) (2,197) (1,953) (2,305) (1,560)

Net inflows (outflows) 883 (20) 794 (221) 349

Market appreciation (depreciation) 4,495 1,457 (959) 782 466

Distributions (397) (371) (453) (380) (434)

Transfers — — (32) — —

Total increase (decrease) 4,981 1,066 (650) 181 381

Assets under management, end of period $ 49,550 $ 44,569 $ 43,503 $ 44,153 $ 43,972

Average assets under management $ 48,506 $ 45,271 $ 43,748 $ 43,998 $ 43,172

Preferred Securities

Assets under management, beginning of period $ 17,848 $ 18,081 $ 18,443 $ 17,902 $ 18,207

Inflows 953 850 956 886 738

Outflows (772) (717) (1,290) (756) (1,218)

Net inflows (outflows) 181 133 (334) 130 (480)

Market appreciation (depreciation) 532 (183) 156 595 351

Distributions (190) (183) (184) (184) (176)

Total increase (decrease) 523 (233) (362) 541 (305)

Assets under management, end of period $ 18,371 $ 17,848 $ 18,081 $ 18,443 $ 17,902

Average assets under management $ 18,265 $ 18,182 $ 18,242 $ 18,244 $ 17,792

Global/International Real Estate

Assets under management, beginning of period $ 14,361 $ 14,273 $ 14,520 $ 13,980 $ 13,129

Inflows 493 632 527 520 403

Outflows (896) (586) (677) (339) (426)

Net inflows (outflows) (403) 46 (150) 181 (23)

Market appreciation (depreciation) 1,205 51 (68) 367 915

Distributions (47) (9) (61) (8) (41)

Transfers — — 32 — —

Total increase (decrease) 755 88 (247) 540 851

Assets under management, end of period $ 15,116 $ 14,361 $ 14,273 $ 14,520 $ 13,980

Average assets under management $ 15,199 $ 15,020 $ 14,343 $ 14,146 $ 13,521

Cohen & Steers, Inc. and Subsidiaries

Assets Under Management

By Investment Strategy - continued

(in millions)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Global Listed Infrastructure

Assets under management, beginning of period $ 12,589 $ 11,456 $ 10,521 $ 10,052 $ 9,710

Inflows 442 395 1,312 209 460

Outflows (285) (299) (380) (152) (439)

Net inflows (outflows) 157 96 932 57 21

Market appreciation (depreciation) 245 1,091 96 458 403

Distributions (98) (54) (93) (46) (82)

Transfers (189) — — — —

Total increase (decrease) 115 1,133 935 469 342

Assets under management, end of period $ 12,704 $ 12,589 $ 11,456 $ 10,521 $ 10,052

Average assets under management $ 12,828 $ 12,286 $ 11,149 $ 10,228 $ 9,829

Other

Assets under management, beginning of period $ 3,761 $ 3,231 $ 3,260 $ 3,030 $ 2,942

Inflows 697 408 248 263 316

Outflows (217) (166) (283) (177) (314)

Net inflows (outflows) 480 242 (35) 86 2

Market appreciation (depreciation) (36) 298 90 153 115

Distributions (36) (10) (84) (9) (29)

Transfers 189 — — — —

Total increase (decrease) 597 530 (29) 230 88

Assets under management, end of period $ 4,358 $ 3,761 $ 3,231 $ 3,260 $ 3,030

Average assets under management $ 4,179 $ 3,602 $ 3,269 $ 3,122 $ 2,929

Total

Assets under management, beginning of period $ 93,128 $ 90,544 $ 90,897 $ 88,936 $ 87,579

Inflows 5,648 4,462 5,790 3,962 3,826

Outflows (4,350) (3,965) (4,583) (3,729) (3,957)

Net inflows (outflows) 1,298 497 1,207 233 (131)

Market appreciation (depreciation) 6,441 2,714 (685) 2,355 2,250

Distributions (768) (627) (875) (627) (762)

Total increase (decrease) 6,971 2,584 (353) 1,961 1,357

Assets under management, end of period $ 100,099 $ 93,128 $ 90,544 $ 90,897 $ 88,936

Average assets under management $ 98,977 $ 94,361 $ 90,751 $ 89,738 $ 87,243

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 Six Months Ended

(in thousands, except per share data) June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Net income attributable to common stockholders, U.S. GAAP $ 49,343 $ 42,368 $ 34,879 $ 41,711 $ 36,849 $ 91,711 $ 76,627

Seed investments—net (1)

(8,974) (3,299) (1,498) (1,320) (3,523) (12,273) (3,573)

Accelerated vesting of restricted stock units

771 (4) (77) 1,142 1,835 767 2,204

Fund launch and rights offering costs 1,264 335 10,814 650 — 1,599 —

Other non-recurring expenses (2)

— — — — — — 616

Foreign currency (gain) loss—net

166 (759) 422 (677) 2,742 (593) 3,711

Tax effects of adjustments above

1,928 1,300 (2,062) (132) (219) 3,228 (657)

Tax effects of discrete tax items (3)

(530) 751 (760) 346 (360) 221 (3,251)

Net income attributable to common stockholders, as adjusted $ 43,968 $ 40,692 $ 41,718 $ 41,720 $ 37,324 $ 84,660 $ 75,677

Diluted weighted average shares outstanding 51,861 51,595 51,639 51,572 51,471 51,729 51,445

Diluted earnings per share, U.S. GAAP $ 0.95 $ 0.82 $ 0.68 $ 0.81 $ 0.72 $ 1.77 $ 1.49

Seed investments—net (1)

(0.17) (0.06) (0.03) (0.03) (0.07) (0.24) (0.07)

Accelerated vesting of restricted stock units

0.02 — * — * 0.02 0.04 0.02 0.04

Fund launch and rights offering costs 0.02 0.01 0.21 0.01 — 0.03 —

Other non-recurring expenses (2)

— — — — — — 0.01

Foreign currency (gain) loss—net

— * (0.02) 0.01 (0.01) 0.05 (0.01) 0.07

Tax effects of adjustments above

0.04 0.03 (0.04) — * — * 0.06 (0.01)

Tax effects of discrete tax items (3)

(0.01) 0.01 (0.02) 0.01 (0.01) 0.01 (0.06)

Diluted earnings per share, as adjusted $ 0.85 $ 0.79 $ 0.81 $ 0.81 $ 0.73 $ 1.64 $ 1.47

_________________________

* 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 the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.

(3)Includes excess tax benefits/deficiencies 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 Six Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Revenue, U.S. GAAP $ 152,730 $ 145,639 $ 143,803 $ 141,720 $ 136,126 $ 298,369 $ 270,593

Fund related amounts (1)

(893) (1,375) (9) (783) (806) (2,268) (1,483)

Revenue, as adjusted $ 151,837 $ 144,264 $ 143,794 $ 140,937 $ 135,320 $ 296,101 $ 269,110

Expenses, U.S. GAAP $ 99,955 $ 95,517 $ 103,493 $ 92,819 $ 92,799 $ 195,472 $ 182,068

Fund related amounts (1)

(1,228) (1,576) (1,324) (967) (1,102) (2,804) (2,042)

Accelerated vesting of restricted stock units

(771) 4 77 (1,142) (1,835) (767) (2,204)

Fund launch and rights offering costs (1,264) (335) (10,814) (650) — (1,599) —

Other non-recurring expenses (2)

— — — — — — (616)

Expenses, as adjusted $ 96,692 $ 93,610 $ 91,432 $ 90,060 $ 89,862 $ 190,302 $ 177,206

Operating income, U.S. GAAP $ 52,775 $ 50,122 $ 40,310 $ 48,901 $ 43,327 $ 102,897 $ 88,525

Fund related amounts (1)

335 201 1,315 184 296 536 559

Accelerated vesting of restricted stock units

771 (4) (77) 1,142 1,835 767 2,204

Fund launch and rights offering costs 1,264 335 10,814 650 — 1,599 —

Other non-recurring expenses (2)

— — — — — — 616

Operating income, as adjusted $ 55,145 $ 50,654 $ 52,362 $ 50,877 $ 45,458 $ 105,799 $ 91,904

Operating margin, U.S. GAAP 34.6 % 34.4 % 28.0 % 34.5 % 31.8 % 34.5 % 32.7 %

Operating margin, as adjusted 36.3 % 35.1 % 36.4 % 36.1 % 33.6 % 35.7 % 34.2 %

_________________________

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

(2)Represents the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.

Non-operating Income (Loss)

(in thousands) Three Months Ended Six Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Non-operating income (loss), U.S. GAAP $ 19,238 $ 7,077 $ 1,978 $ 6,657 $ 10,507 $ 26,315 $ 18,259

Seed investments—net (1)

(15,532) (2,352) 1,363 (1,427) (8,742) (17,884) (12,566)

Foreign currency (gain) loss—net

166 (759) 422 (677) 2,742 (593) 3,711

Non-operating income (loss), as adjusted $ 3,872 $ 3,966 $ 3,763 $ 4,553 $ 4,507 $ 7,838 $ 9,404

_________________________

(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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