Cohen & Steers CNS
Cohen & Steers reports $157.43 million revenue for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001284812-26-000200
- Revenue: $157.43 million for the three months ended Sep 30, 2026
- Net income: $42.24 million for the three months ended Sep 30, 2026
- Diluted EPS: $0.81 for the three months ended Sep 30, 2026
- Cash and equivalents: $66.12 million at Sep 30, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
12 changes since the June 2026 10-Q
Compared with the 10-Q 0001284812-26-000146, filed Jul 31, 2026.
EPS down 15% from Jun 30
$0.81, was $0.95.
From the filings
Before
$0.95Now
$0.81Net income down 14% from Jun 30
$42.2M, was $49.3M.
From the filings
Before
$49.3MNow
$42.2MCash up 12% from Jun 30
$66.1M, was $59.2M.
From the filings
Before
$59.2MNow
$66.1MRevenue up 3.1% from Jun 30
$157M, was $153M.
From the filings
Before
$153MNow
$157M2.
New paragraph in MD&A.
From the filings
Now
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.Non-operating Income (Loss) - GAAP Basis Non-operating Income (Loss) from Consolidated
Adds "Basis Non-operating Income (Loss) from Consolidated"; drops "U.S.".
From the filings
Before
Non-operating income (loss), U.S. GAAP $ 19,238 $ 10,507 $ 26,315 $ 18,259 (15,532) (8,742) (17,884) (12,566)Now
Non-operating Income (Loss) - GAAP Basis Non-operating Income (Loss) from Consolidated(in thousands) Statement of Financial Condition - GAAP basis Impact of Consolidated Funds Adjusted Statement…
New paragraph in MD&A.
From the filings
Now
(in thousands) Statement of Financial Condition - GAAP basis Impact of Consolidated Funds Adjusted Statement of Financial Condition Statement of Financial Condition - GAAP basis Impact of Consolidated Funds Adjusted Statement of Financial ConditionTotal stockholders equity attributable to Cohen & Steers, Inc. 607,678 607,678 561,953 561,953
New paragraph in MD&A.
From the filings
Now
Total stockholders equity attributable to Cohen & Steers, Inc. 607,678 607,678 561,953 561,953Total liabilities, redeemable noncontrolling interests and stockholders equity $ 979,819 $ 142,822 $ 836,997…
New paragraph in MD&A.
From the filings
Now
Total liabilities, redeemable noncontrolling interests and stockholders equity $ 979,819 $ 142,822 $ 836,997 $ 876,694 $ 72,921 $ 803,773 (1) Other assets include accounts receivable, property and equipment net, operating lease right-of-use assets net, goodwill and intangible assets net, and other assets.Adjusted investments increased during the period, reflecting capital deployment into U.S. Treasury…
New paragraph in MD&A.
From the filings
Now
Adjusted investments increased during the period, reflecting capital deployment into U.S. Treasury securities of $70.0 million and additional strategic seed investments of $45.7 million, including contributions of $30.7 million into CNSREIT. Adjusted stockholders equity attributable to Cohen & Steers, Inc. increased to $607.7 million at September 30, 2026 from $562.0 million at December 31, 2025. For additional discussion of the Company s liquidity position, capital deployment activities and cash flows, see Changes in Financial Condition, Liquidity and Capital Resources below.Investment advisory and administration fees receivable comprise a significant portion of other current assets.
Adds "Investment advisory and administration fees receivable comprise a significant portion of…"; drops "include".
From the filings
Before
Current liabilities include accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.Now
Investment advisory and administration fees receivable comprise a significant portion of other current assets. Based on our ongoing assessment of collectability, no allowance for uncollectible accounts was required as of September 30, 2026. Current liabilities primarily consist of accrued compensation and benefits, distribution and service fees payable, operating lease obligations, certain income taxes payable and certain other liabilities and accrued expenses.Net liquid assets increased to $369.0 million at September 30, 2026 from $367.0 million at December 31, 2025.
New paragraph in MD&A.
From the filings
Now
Net liquid assets increased to $369.0 million at September 30, 2026 from $367.0 million at December 31, 2025. Cash generated from operating activities during the period was offset by capital deployed, including purchases of U.S. Treasury securities and strategic seed investments, as well as dividends paid to stockholders and share repurchases related to employee tax withholding obligations.
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
20 unchanged paragraphs
The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of July 23, October 22, 2026 was 51,421,533 51,432,922 .
2 unchanged paragraphs
Financial statements 184 changes
3 unchanged paragraphs
Accounts receivable 83,541 79,775
Total assets $ 900,979 $ 876,694
Total liabilities 205,611 242,846
Cash and cash equivalents $ 59,154 66,122 $ 145,452
Investments ($ 157,089 192,136 and $ 116,303 ) (1)
Accounts receivable 89,175 79,775
Due from brokers ($ 220 and $ 90 ) (1)
Property and equipment net 60,797 59,078 65,068
Operating lease right-of-use assets net 94,521 93,166 97,342
Goodwill and intangible assets net 19,752 19,683 20,040
Other assets ($ 1,470 1,390 and $ 986 ) (1)
Total assets $ 979,819 $ 876,694
Accrued compensation and benefits $ 43,945 70,060 $ 80,614
Distribution and service fees payable 8,265 8,210 8,623
Operating lease liabilities 134,390 132,461 138,326
Income tax payable 1,748 2,218 1,650
Due to brokers ($ 715 562 and $ 318 ) (1)
Other liabilities and accrued expenses ($ 460 587 and $ 673 ) (1)
Total liabilities 231,090 242,846
1 unchanged paragraph
Redeemable noncontrolling interests 41,104 67,493 22,805
1 unchanged paragraph
Accumulated deficit ( 85,063 ) ( 105,806 )
Common stock, $ 0.01 par value; 500,000,000 shares authorized; 58,924,795 58,941,808 shares issued and 51,416,875 51,429,466 shares outstanding at June September 30, 2026 and 58,275,965 shares issued and 51,032,114 shares outstanding at December 31, 2025
Additional paid-in capital 1,017,499 1,029,445 992,948
Accumulated deficit ( 78,300 ) ( 105,806 )
Accumulated other comprehensive loss ( 5,354 5,403 ) ( 4,657 )
Treasury stock, at cost, 7,507,920 7,512,342 and 7,243,851 shares at June September 30, 2026 and December 31, 2025, respectively ( 338,296 338,654 ) ( 321,115 )
Total stockholders equity attributable to Cohen & Steers, Inc. 589,375 607,678 561,953
Nonredeemable noncontrolling interests 64,889 73,558 49,090
Total stockholders equity 654,264 681,236 611,043
Total liabilities, redeemable noncontrolling interests and stockholders equity $ 900,979 979,819 $ 876,694 (1) Amounts in parentheses represent balances attributable to certain consolidated investment vehicles that are considered variable interest entities (VIEs) at June September 30, 2026 and December 31, 2025. The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.
4 unchanged paragraphs
June 30, Six Months Ended
Investment advisory and administration fees $ 144,285 $ 128,545 $ 281,111 $ 255,316
Distribution and service fees 7,919 7,166 15,974 14,350
Other 526 415 1,284 927
Total revenue 152,730 136,126 298,369 270,593
Employee compensation and benefits 61,506 56,640 119,208 111,194
Distribution and service fees 16,890 15,706 33,227 30,895
General and administrative 18,953 18,078 37,857 35,247
Depreciation and amortization 2,606 2,375 5,180 4,732
Total expenses 99,955 92,799 195,472 182,068
Operating income 52,775 43,327 102,897 88,525
September 30, Nine Months Ended
Investment advisory and administration fees $ 148,655 $ 133,628 $ 429,766 $ 388,944
Distribution and service fees 8,056 7,513 24,030 21,863
Other 716 579 2,000 1,506
Total revenue 157,427 141,720 455,796 412,313
Employee compensation and benefits 64,115 57,196 183,323 168,390
Distribution and service fees 22,070 16,329 55,297 47,224
General and administrative 17,525 16,775 55,382 52,022
Depreciation and amortization 2,652 2,519 7,832 7,251
Total expenses 106,362 92,819 301,834 274,887
Operating income 51,065 48,901 153,962 137,426
1 unchanged paragraph
Interest and dividend income 5,218 6,315 10,525 11,686
Gain (loss) from investments net 14,186 6,715 15,197 10,268
Foreign currency gain (loss) net ( 166 ) ( 2,523 ) 593 ( 3,695 )
Total non-operating income (loss) 19,238 10,507 26,315 18,259
Income before provision for income taxes 72,013 53,834 129,212 106,784
Provision for income taxes 16,447 12,062 32,426 21,723
Net income 55,566 41,772 96,786 85,061
Net (income) loss attributable to noncontrolling interests ( 6,223 ) ( 4,923 ) ( 5,075 ) ( 8,434 )
Net income attributable to common stockholders $ 49,343 $ 36,849 $ 91,711 $ 76,627
Interest and dividend income 5,942 5,106 16,467 16,792
Gain (loss) from investments net ( 1,320 ) 692 13,877 10,960
Foreign currency gain (loss) net 311 859 904 ( 2,836 )
Total non-operating income (loss) 4,933 6,657 31,248 24,916
Income before provision for income taxes 55,998 55,558 185,210 162,342
Provision for income taxes 15,166 13,924 47,592 35,647
Net income 40,832 41,634 137,618 126,695
Net (income) loss attributable to noncontrolling interests 1,412 77 ( 3,663 ) ( 8,357 )
Net income attributable to common stockholders $ 42,244 $ 41,711 $ 133,955 $ 118,338
1 unchanged paragraph
Basic $ 0.96 $ 0.72 $ 1.78 $ 1.50
Diluted $ 0.95 $ 0.72 $ 1.77 $ 1.49
Basic $ 0.82 $ 0.81 $ 2.60 $ 2.31
Diluted $ 0.81 $ 0.81 $ 2.58 $ 2.30
1 unchanged paragraph
Basic 51,545 51,165 51,493 51,112
Diluted 51,861 51,471 51,729 51,445
Basic 51,567 51,205 51,518 51,143
Diluted 52,114 51,572 51,858 51,488
3 unchanged paragraphs
June 30, Six Months Ended
Net income $ 55,566 $ 41,772 $ 96,786 $ 85,061
1 unchanged paragraph
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and 104 more changes in the filing
Note 2: Basis of Presentation and Significant Accounting Policies 2 changes
1 unchanged paragraph
The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. (Form 10-K).
1 unchanged paragraph
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This new guidance will be effective on January 1, 2027 for annual reporting and January 1, 2028 for interim reporting. The Company does not expect the adoption of this new standard will have a material impact on the Company's condensed consolidated financial statements and related disclosures.
3 unchanged paragraphs
Note 3: Revenue 22 changes
1 unchanged paragraph
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
North America $ 133,871 $ 118,644 $ 261,635 $ 235,924
Japan 7,472 7,595 14,989 15,402
Europe, Middle East and Africa 6,552 5,601 12,208 10,791
Asia Pacific excluding Japan 4,835 4,286 9,537 8,476
Total $ 152,730 $ 136,126 $ 298,369 $ 270,593
June 30, Six Months Ended
North America $ 138,124 $ 124,180 $ 399,759 $ 360,104
Japan 7,592 7,594 22,581 22,996
Europe, Middle East and Africa 6,866 5,508 19,074 16,299
Asia Pacific excluding Japan 4,845 4,438 14,382 12,914
Total $ 157,427 $ 141,720 $ 455,796 $ 412,313
September 30, Nine Months Ended
1 unchanged paragraph
Open-end funds $ 88,943 $ 78,194 $ 172,806 $ 155,548
Institutional accounts 35,752 32,854 70,294 65,021
Closed-end funds 28,035 25,078 55,269 50,024
Total $ 152,730 $ 136,126 $ 298,369 $ 270,593
Wealth $ 92,531 $ 82,332 $ 265,337 $ 237,880
Institutional 36,571 33,210 106,865 98,231
Closed-end funds 28,325 26,178 83,594 76,202
Total $ 157,427 $ 141,720 $ 455,796 $ 412,313
1 unchanged paragraph
Note 4: Investments 18 changes
1 unchanged paragraph
(in thousands) June 30,
(in thousands) September 30,
1 unchanged paragraph
Trading 223,455 165,443
Total investments $ 553,044 $ 436,485
Equity investments at fair value $ 329,580 357,110 $ 271,034
Trading 263,896 165,443
Total investments $ 621,015 $ 436,485
1 unchanged paragraph
(in thousands) June 30,
(in thousands) September 30,
1 unchanged paragraph
Investments $ 4,667 $ 325
Receivables $ 1,046 $ 791
Payables $ 1,147 $ 992
Investments $ 4,540 $ 325
Receivables $ 1,465 $ 791
Payables $ 663 $ 992
1 unchanged paragraph
June 30, Six Months Ended
The following table summarizes net unrealized gains (losses) from investments still held at the end of the period:
September 30, Nine Months Ended
3 unchanged paragraphs
Note 5: Fair Value 22 changes
2 unchanged paragraphs
Cash equivalents $ 30,224 $ $ $ $ 30,224
Cash equivalents $ 40,027 $ $ $ $ 40,027
1 unchanged paragraph
Equity securities $ 122,228 $ 119,034 $ $ 144 $ 241,406
Limited partnership interests 84,682 3,492 88,174
Total 122,228 119,034 84,682 3,636 329,580
Equity securities $ 127,437 $ 121,926 $ $ 135 $ 249,498
Limited partnership interests 99,920 7,692 107,612
Total 127,437 121,926 99,920 7,827 357,110
1 unchanged paragraph
Fixed income 223,455 223,455
Fixed income 263,896 263,896
1 unchanged paragraph
Total investments $ 122,228 $ 342,489 $ 84,682 $ 3,645 $ 553,044
Total investments $ 127,437 $ 385,822 $ 99,920 $ 7,836 $ 621,015
1 unchanged paragraph
Total return swaps $ $ 1,924 $ $ $ 1,924
Total $ $ 2,148 $ $ $ 2,148
Total return swaps $ $ 2,990 $ $ $ 2,990
Forward contracts - foreign exchange 224 224 316 316
Total $ $ 3,306 $ $ $ 3,306
1 unchanged paragraph
Total return swaps $ $ 945 $ $ $ 945
Total $ $ 948 $ $ $ 948
Total return swaps $ $ 1,126 $ $ $ 1,126
Forward contracts - foreign exchange 3 3 119 119
Total $ $ 1,245 $ $ $ 1,245
1 unchanged paragraph
Notes to the financial statements 18 changes
1 unchanged paragraph
CNSREIT 35.1 % 36.9 %
CNSREIT 31.0 % 36.9 %
Cohen & Steers Natural Resources Active ETF 21.7 17.4 % 35.7 %
Cohen & Steers Short Duration Preferred and Income Active ETF 42.5 30.9 % N/A
Cohen & Steers Infrastructure Opportunities Active ETF 38.1 32.6 % N/A
2 unchanged paragraphs
Investments measured using NAV (or its equivalent) as a practical expedient primarily consist of limited partnership interests in private real estate funds. As of June September 30, 2026 and December 31, 2025, the Company did not have the ability to redeem its interests in certain of these investments and others may be redeemed subject to certain restrictions. These investments have not been classified in the fair value hierarchy and are presented in the above tables to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.
3 unchanged paragraphs
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
Purchases/contributions 85 119 14,101 7,311
Realized and unrealized gains (losses) 4,772 ( 323 ) 5,246 ( 616 )
Balance at end of period $ 84,682 $ 39,247 $ 84,682 $ 39,247
Balance at beginning of period $ 79,825 84,682 $ 39,451 39,247 $ 65,335 $ 32,552
Purchases/contributions 14,954 6,643 29,055 13,954
Realized and unrealized gains (losses) 284 ( 749 ) 5,530 ( 1,365 )
Balance at end of period $ 99,920 $ 45,141 $ 99,920 $ 45,141
1 unchanged paragraph
Fair Value as of June September 30, 2026
2 unchanged paragraphs
$ 84,682 87,321 Discounted cash flow Discount rate
1 unchanged paragraph
$ 12,599 Transaction price N/A
6 unchanged paragraphs
Note 6: Derivatives 15 changes
1 unchanged paragraph
As of September 30, 2026
2 unchanged paragraphs
Total return swaps $ 84,369 $ 1,924 $ 945
Total corporate derivatives 92,324 2,095 945
Total return swaps $ 93,268 $ 2,990 $ 1,126
Forward contracts - foreign exchange 7,955 171 13,813 51 89
Total corporate derivatives 107,081 3,041 1,215
1 unchanged paragraph
Forward contracts - foreign exchange 35,438 53 3
Total $ 127,762 $ 2,148 $ 948
Forward contracts - foreign exchange 68,275 265 30
Total $ 175,356 $ 3,306 $ 1,245
15 unchanged paragraphs
(in thousands) June 30,
Collateral received $ 970 $ 260
(in thousands) September 30,
Collateral pledged $ 264 505 $ 1,764
Collateral received $ 1,680 $ 260
1 unchanged paragraph
Note 7: Earnings Per Share 15 changes
1 unchanged paragraph
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
Net income $ 55,566 $ 41,772 $ 96,786 $ 85,061
Net (income) loss attributable to noncontrolling interests ( 6,223 ) ( 4,923 ) ( 5,075 ) ( 8,434 )
Net income attributable to common stockholders $ 49,343 $ 36,849 $ 91,711 $ 76,627
Basic weighted average shares outstanding 51,545 51,165 51,493 51,112
Diluted weighted average shares outstanding 51,861 51,471 51,729 51,445
Net income $ 40,832 $ 41,634 $ 137,618 $ 126,695
Net (income) loss attributable to noncontrolling interests 1,412 77 ( 3,663 ) ( 8,357 )
Net income attributable to common stockholders $ 42,244 $ 41,711 $ 133,955 $ 118,338
Basic weighted average shares outstanding 51,567 51,205 51,518 51,143
Dilutive potential shares from restricted stock units 316 306 236 333 547 367 340 345
Diluted weighted average shares outstanding 52,114 51,572 51,858 51,488
Basic earnings per share attributable to common stockholders $ 0.96 0.82 $ 0.72 0.81 $ 1.78 2.60 $ 1.50 2.31
Diluted earnings per share attributable to common stockholders $ 0.95 0.81 $ 0.72 0.81 $ 1.77 2.58 $ 1.49 2.30
2 unchanged paragraphs
Note 8: Income Taxes 13 changes
1 unchanged paragraph
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
State and local income taxes, net of federal benefit 3.0 3.0 2.8 3.0 2.9
1 unchanged paragraph
Nondeductible executive compensation 1.6 1.5 1.4 2.2
Valuation allowance ( 0.8 ) ( 0.2 ) ( 0.5 ) ( 0.2 )
Nondeductible executive compensation 2.0 0.8 1.6 1.7
Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units * 0.4 0.8 * 3.1 0.5 ( 2.1 )
Valuation allowance 0.1 0.1 ( 0.3 ) ( 0.1 )
1 unchanged paragraph
Other * ( 0.1 ) 0.1 *
Effective income tax rate 25.0 % 24.7 % 26.1 % 22.1 %
Effect of cross-border tax laws 0.1 * 0.2 0.1 * 0.1
Foreign tax effects * 0.1 ( 0.4 ) 0.1 ( 0.2 0.3 )
Effective income tax rate 26.4 % 25.0 % 26.2 % 23.1 %
1 unchanged paragraph
Note 9: Related Party Transactions 13 changes
2 unchanged paragraphs
June 30, Six Months Ended
September 30, Nine Months Ended
1 unchanged paragraph
Investment advisory and administration fees $ 105,976 $ 93,252 $ 206,037 $ 185,144
Distribution and service fees 7,919 7,166 15,974 14,350
Total $ 113,895 $ 100,418 $ 222,011 $ 199,494
Investment advisory and administration fees $ 109,982 $ 98,027 $ 316,019 $ 283,171
Distribution and service fees 8,056 7,513 24,030 21,863
Total $ 118,038 $ 105,540 $ 340,049 $ 305,034
1 unchanged paragraph
(in thousands) June 30,
(in thousands) September 30,
Receivables from Company-sponsored funds $ 41,222 41,054 $ 39,118
1 unchanged paragraph
Payables to Company-sponsored funds $ 437 75 $ 653
(1) Amounts related to services already provided of $ 3.8 4.2 million and $ 3.0 million as of June September 30, 2026 and December 31, 2025, respectively, are included in accounts receivable; the remaining amounts of $ 8.1 8.0 million and $ 7.8 million as of June September 30, 2026 and December 31, 2025, respectively, are included in other assets.
1 unchanged paragraph
Note 10: Credit Agreement 1 change
1 unchanged paragraph
Borrowings under the Amended Credit Agreement may be used for working capital and other general corporate purposes. The Amended Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of June September 30, 2026, the Company was in compliance with these covenants.
Note 11: Commitments and Contingencies 1 change
1 unchanged paragraph
The Company has committed to invest up to a total of $ 175.0 million in certain of our investment vehicles. As of June September 30, 2026, the Company had funded $ 136.5 140.5 million of these commitments. The timing for funding the remaining portion of our commitments is uncertain.
Note 13: Subsequent Events 2 changes
1 unchanged paragraph
On July 15, 2026, the Company completed a rights offering for its closed-end fund, Cohen & Steers Quality Income Realty Fund, Inc. The offering raised approximately $ 220 million in proceeds, including leverage, for the fund. The Company expects to incur additional costs of approximately $ 5.5 million in connection with the offering.
On July 30, October 29, 2026, the Company declared a quarterly dividend on its common stock in the amount of $ 0.67 per share. This dividend will be payable on August 20, November 19, 2026 to stockholders of record at the close of business on August 10, November 9, 2026.
MD&A 516 changes
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and six nine months ended June September 30, 2026 and 2025. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us" and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.
1 unchanged paragraph
Our primary investment strategies include U.S. real estate, preferred securities, global/international real estate, global listed infrastructure, real assets multi-strategy, global natural resource equities, and private real estate solutions. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered mutual funds, (which include active exchange-traded funds (ETFs), non-U.S. registered funds (SICAVs), other commingled vehicles, separate institutional accounts and subadvised portfolios. closed-end funds.
1 unchanged paragraph
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end mutual funds, including ETFs, SICAVs and closed-end funds as well as other commingled vehicles (collectively, wealth vehicles ) as well as closed-end funds. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from open-end mutual funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund s board of directors for certain contracts.
Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
1 unchanged paragraph
Global economic conditions remained volatile through the second third quarter of 2026, with many of the uncertainties that characterized the first quarter continuing as geopolitical developments, persistent inflationary pressures and evolving monetary policy expectations continued to influence financial markets. Investors remained focused on the potential economic and productivity implications of artificial intelligence investment and adoption, conditions within private credit markets, and ongoing geopolitical developments in the Middle East and their potential effects on commodity energy prices and inflation. Central banks continued to balance gradual progress on core inflation resilient economic activity against signs of moderating employment persistent inflationary pressures, while economic growth and energy prices, and policy uncertainty remained a driver of market dynamics even as corporate fundamentals were generally upbeat. remained solid.
Investment Performance at June September 30, 2026
1 unchanged paragraph
(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 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.
1 unchanged paragraph
Assets under management in open-end funds at June 30, 2026 increased 14.0% to $49.0 billion from $43.0 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
Net inflows of $2.0 billion including $674 million into U.S. real estate, $530 million into real assets multi-strategy (included in "Other") and $331 million into preferred securities;
Market appreciation of $4.3 billion including $3.5 billion from U.S. real estate; and
Distributions of $755 million including $368 million from U.S. real estate and $273 million from preferred securities, of which $542 million was reinvested and included in net flows.
Institutional accounts
Market appreciation of $2.1 billion including $1.0 billion from U.S. real estate, $546 million from global/international real estate and $485 million from global listed infrastructure.
Subadvisory accounts:
Net outflows of $162 million including $184 million from global/international real estate, partially offset by net inflows of $62 million into U.S. real estate;
Distributions of $306 million including $286 million from U.S. real estate.
Distributions of $334 million including $113 million from U.S. real estate and $107 million from global listed infrastructure.
Below is a discussion of our assets under management for the quarter ended June September 30, 2026. For additional details, please refer to the tables on pages 21 - 24.
Assets under management at June September 30, 2026 increased 12.6% 5.6% to $100.1 $95.9 billion from $88.9 $90.9 billion at June September 30, 2025.
Assets under management in institutional accounts wealth vehicles at June September 30, 2026 increased 12.0% 7.4% to $38.5 $47.7 billion from $34.4 $44.4 billion at June September 30, 2025. Activity during the six nine months ended June September 30, 2026 included:
Net inflows of $1.8 billion including $899 million into real estate and $414 million into preferred securities;
Market appreciation of $1.9 billion including $1.1 $1.6 billion from U.S. real estate and $501 million from global/international real estate; and
Distributions of $1.0 billion including $566 million from real estate and $403 million from preferred securities.
Net inflows of $765 million including $402 million into real estate and $287 million into preferred securities;
Market appreciation of $3 million; and
Distributions of $21 million.
Net inflows of $679 million including $446 million into multi-strategy real assets and $110 million into real estate;
Market appreciation of $17 million; and
Distributions of $5 million.
Net inflows of $19 million;
Market appreciation of $121 million; and
Distributions of $10 million.
Assets under management in institutional accounts at September 30, 2026 increased 4.3% to $36.2 billion from $34.7 billion at September 30, 2025. Activity during the nine months ended September 30, 2026 included:
Net outflows of $54 $167 million including $362 $384 million from global/international real estate, partially offset by net inflows of $134 $250 million into global listed infrastructure; and $126 million into U.S. real estate; and
Market appreciation of $1.8 billion including $1.4 billion from real estate; and
Distributions of $450 million from real estate.
Assets under management in closed-end funds at June September 30, 2026 increased 8.6% 2.3% to $12.6 $12.0 billion from $11.6 $11.8 billion at June September 30, 2025. Activity during the six nine months ended June September 30, 2026 included:
Net inflows of $206 million primarily from real estate;
Market appreciation of $868 $283 million including $378 $149 million from global listed infrastructure real estate and $355 $131 million from U.S. real estate; global listed infrastructure; and
Distributions of $505 million including $171 million from real estate, $163 million from global listed infrastructure and $149 million from preferred securities.
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June 30, Six Months Ended
Inflows 4,275 3,072 7,633 6,591
Outflows (2,821) (2,787) (5,624) (5,721)
Net inflows (outflows) 1,454 285 2,009 870
Market appreciation (depreciation) 3,147 816 4,302 1,849
Distributions (449) (437) (755) (719)
Total increase (decrease) 4,152 664 5,556 2,000
Average assets under management $ 48,111 $ 42,110 $ 46,716 $ 41,959
Institutional Accounts
Inflows 1,372 651 2,475 1,751
Outflows (1,529) (1,170) (2,691) (2,636)
Net inflows (outflows) (157) (519) (216) (885)
Market appreciation (depreciation) 2,801 1,190 3,985 2,043
Distributions (150) (171) (306) (335)
Total increase (decrease) 2,494 500 3,463 823
Average assets under management $ 38,272 $ 33,844 $ 37,501 $ 33,736
Net inflows (outflows) 1 103 2 106
Market appreciation (depreciation) 493 244 868 501
Distributions (169) (154) (334) (308)
Total increase (decrease) 325 193 536 299
September 30, Nine Months Ended
Assets under management, beginning of period $ 44,841 48,993 $ 42,298 42,962 $ 43,437 $ 40,962
Inflows 3,685 3,148 11,318 9,739
Outflows (2,388) (2,380) (8,012) (8,101)
Net inflows (outflows) 1,297 768 3,306 1,638
Market appreciation (depreciation) (2,268) 972 2,033 2,821
Distributions (317) (305) (1,071) (1,024)
Total increase (decrease) (1,287) 1,459 4,268 3,459
Assets under management, end of period $ 48,993 47,705 $ 42,962 44,421 $ 48,993 47,705 $ 42,962 44,421
Average assets under management $ 49,680 $ 43,633 $ 47,710 $ 42,527
Assets under management, beginning of period $ 36,029 38,523 $ 33,886 34,386 $ 35,060 $ 33,563
Inflows 1,117 812 3,592 2,563
Outflows (1,068) (1,349) (3,759) (3,985)
Net inflows (outflows) 49 (537) (167) (1,422)
Market appreciation (depreciation) (2,220) 1,054 1,766 3,097
Distributions (144) (168) (450) (503)
Total increase (decrease) (2,315) 325 1,148 1,148
Assets under management, end of period $ 38,523 36,208 $ 34,386 34,711 $ 38,523 36,208 $ 34,386 34,711
Average assets under management $ 38,838 $ 34,459 $ 37,954 $ 33,980
Assets under management, beginning of period $ 12,258 12,583 $ 11,395 11,588 $ 12,047 $ 11,289
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and 436 more changes in the filing
Market risk 5 changes
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Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of June September 30, 2026 (in thousands):
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Liquid seed investments net $ 135,791 $ (84,369) $ 51,422 $ 56,564 $ 46,280
Illiquid seed investments net $ 152,880 $ $ 152,880 $ 168,168 $ 137,592
Liquid seed investments net $ 142,436 $ (93,268) $ 49,168 $ 54,085 $ 44,251
Illiquid seed investments net $ 159,448 $ $ 159,448 $ 175,393 $ 143,503
Controls and procedures 1 change
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There has been no change in our internal control over financial reporting that occurred during the three months ended June September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Legal proceedings 1 change
For information regarding our legal proceedings, see Note 11, Commitments and Contingencies , in the notes to the condensed consolidated financial statements contained in Part I Item 1 of this report.
Unregistered sales of stock 7 changes
During the three months ended June September 30, 2026, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Exchange Act.
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April 1 through April 30, 2026 $
May 1 through May 31, 2026 168 $ 69.77
June 1 through June 30, 2026 4,992 $ 76.58
July 1 through July 31, 2026 3,912 $ 80.52
August 1 through August 31, 2026 510 $ 85.51
September 1 through September 30, 2026 $
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Other information 6 changes
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended June September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted , terminated , or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).
Departure of Officer
On October 29, 2026, Elena Dulik, the Company s principal accounting officer, notified Cohen & Steers, Inc. (the Company ) of her decision to retire effective March 31, 2027. The Company has appointed Michael Donohue, its current Senior Vice President and Controller, as principal accounting officer effective on her retirement.
Mr. Donohue, age 51, has served as Senior Vice President and Controller of the Company since May 2023, and previously served as Interim Chief Financial Officer of the Company from October 2025 through June 2026. Prior to joining the Company, he served in various positions at Hamilton Lane from 2008 to 2023, most recently as a Managing Director and Corporate Controller. Mr. Donohue s experience also includes prior finance and accounting roles at PQ Corporation and KPMG LLP. Mr. Donohue has a BS degree in Accounting and an MBA degree from Villanova University.
There are no family relationships between any of the Company s directors or executive officers and Mr. Donohue required to be disclosed under Item 401(d) of Regulation S-K. Mr. Donohue has not entered into any transactions required to be disclosed under Item 404(a) of Regulation S-K and there are no arrangements or understandings between Mr. Donohue and any other person pursuant to which Mr. Donohue was appointed to serve as the Company s principal accounting officer.
Exhibits 5 changes
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10.13 Letter Agreement between the Company and Amit Muni ( filed herewith )*
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101 The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
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* Denotes management contract or compensatory plan.
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Date: July 31, October 30, 2026 Cohen & Steers, Inc.
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Date: July 31, October 30, 2026 Cohen & Steers, Inc.
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Unchanged: Forward-looking statements, Note 1: Organization and Description of Business, Note 12: Segment Information, Risk factors
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026
- For the quarter ended September 30, 2026, COHEN & STEERS, INC. reported: Revenue $157.4 million.
- Net income $42.2 million.
- Operating margin 32.4%.
- Net margin 26.8%.
- Revenue change from a year earlier +11.1%.
From the filing
Item 6. Exhibits
Item 6. Exhibits
Signatures
37
* Items other than those listed above have been omitted because they are not applicable.
Forward-Looking Statements
This report and other documents filed by us 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 (the Exchange Act), which reflect management's current views with respect to, among other things, our 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. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our 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 our 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 this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. We intend to use our website, www.cohenandsteers.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
PART I Financial Inform
Item 1. Financial Statements
Item 1. Financial Statements
COHEN & STEERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)
September 30,
2026 December 31,
2025
Assets:
Operating lease right-of-use assets net 93,166 97,342
Goodwill and intangible assets net 19,683 20,040
Distribution and service fees payable 8,210 8,623
Commitments and contingencies (See Note 11)
Total stockholders equity attributable to Cohen & Steers, Inc. 607,678 561,953
Total liabilities, redeemable noncontrolling interests and stockholders equity $ 979,819 $ 876,694
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(1) Amounts in parentheses represent balances attributable to certain consolidated investm
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