0001284812false00012848122025-01-222025-01-22

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): January 22, 2025
_____________________
Cohen & Steers, Inc.
(Exact Name of Registrant as Specified in Charter)
_____________________
Delaware001-3223614-1904657
(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 valueCNSNew 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 January 22, 2025, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's results for the fourth quarter and year ended December 31, 2024. 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 
99.2 
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: January 22, 2025
  By:/s/ Raja Dakkuri
Name: Raja Dakkuri
Title: Executive Vice President and Chief Financial Officer




Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, NY 10036-2708
Tel (212) 832-3232
                             

cnslogo1221.jpg


Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024
     
New York, NY, January 22, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Fourth Quarter and Year Ended December 31, 2024 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

Conference Call

The company will host a conference call tomorrow, Thursday, January 23, 2025, 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, Raja Dakkuri, and head of multi-asset solutions, Jeffrey Palma.

Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The webcast will be archived on the website for one month.

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


                                cnslogo1221a.jpg

Contact:
Brian Meta
Senior Vice President
Head of Investor Relations and FP&A
Tel (212) 796-9353


COHEN & STEERS REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024


Fourth QuarterFull Year
•Diluted EPS of $0.89; $0.78 as adjusted
•Operating margin of 35.3%; 35.5% as adjusted
•Ending AUM of $85.8 billion; average AUM of $89.4 billion
•Net inflows of $860 million
•Diluted EPS of $2.97; $2.93 as adjusted
•Operating margin of 33.4%; 35.4% as adjusted
•Average AUM of $83.9 billion
•Net outflows of $171 million

NEW YORK, NY, January 22, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the fourth quarter and year ended December 31, 2024.
Financial Highlights
(in thousands, except percentages and per share data) Three Months EndedYears Ended
December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 31, 2023
U.S. GAAP
Revenue$139,783 $133,203 $119,188$517,417 $489,637
Expenses
$90,446 $88,330 $81,322$344,540 $325,160
Operating income$49,337 $44,873 $37,866$172,877 $164,477
Net income attributable to common stockholders$45,822 $39,668 $29,817$151,265 $129,049
Diluted earnings per share$0.89 $0.77 $0.60$2.97 $2.60
Operating margin35.3 %33.7 %31.8 %33.4 %33.6 %
As Adjusted (1)
Net income attributable to common stockholders$40,395 $39,706 $33,403 $149,286 $140,511 
Diluted earnings per share$0.78 $0.77 $0.67 $2.93 $2.84 
Operating margin35.5 %35.7 %34.7 %35.4 %36.2 %
_________________________
(1)Refer to pages 17-18 for reconciliations of U.S. GAAP to as adjusted results.
1

Revenue
(in thousands)Three Months Ended
December 31, 2024September 30, 2024$ Change% Change
Investment advisory and administration fees:
Open-end funds
$70,161 $66,761 $3,400 5.1 %
Institutional accounts
35,585 32,956 $2,629 8.0 %
Closed-end funds
25,994 25,680 $314 1.2 %
Total131,740 125,397 $6,343 5.1 %
Distribution and service fees7,450 7,244 $206 2.8 %
Other593 562 $31 5.5 %
Total revenue$139,783 $133,203 $6,580 4.9 %
•The increase in total investment advisory and administration fees from the third quarter of 2024 was primarily due to higher average assets under management, as well as the recognition of performance fees of $1.4 million from certain institutional accounts.
Expenses
(in thousands)Three Months Ended
December 31, 2024September 30, 2024$ Change% Change
Employee compensation and benefits$56,504 $56,376 $128 0.2 %
Distribution and service fees15,733 14,739 $994 6.7 %
General and administrative15,784 14,874 $910 6.1 %
Depreciation and amortization2,425 2,341 $84 3.6 %
Total expenses$90,446 $88,330 $2,116 2.4 %
•Employee compensation and benefits was in line with the third quarter of 2024.
•Distribution and service fees increased from the third quarter of 2024, primarily due to higher average assets under management in U.S. open-end funds.
•General and administrative expenses increased from the third quarter of 2024, primarily due to higher levels of travel and business development-related expenses.
Operating Margin
Operating margin was 35.3% for the fourth quarter of 2024, compared with 33.7% for the third quarter of 2024. Operating margin represents the ratio of operating income to revenue.
2

Non-operating Income (Loss)
(in thousands)Three Months Ended
December 31, 2024
Consolidated
Funds (1)
Corporate - Seed and OtherTotal
Interest and dividend income$317 $4,631 $4,948 
Gain (loss) from investments—net
(2,926)1,567 (1,359)
Foreign currency gain (loss)—net(33)2,812 2,779 
Total non-operating income (loss)(2,642)9,010 6,368 
Net (income) loss attributable to noncontrolling interests2,804 — 2,804 
Non-operating income (loss) attributable to the company$162 $9,010 $9,172 
_________________________
(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.
(in thousands)Three Months Ended
September 30, 2024
Consolidated
Funds (1)
Corporate - Seed and OtherTotal
Interest and dividend income$610 $4,810 $5,420 
Gain (loss) from investments—net21,202 (2,227)18,975 
Foreign currency gain (loss)—net(30)(1,662)(1,692)
Total non-operating income (loss)21,782 921 22,703 
Net (income) loss attributable to noncontrolling interests(15,615)— (15,615)
Non-operating income (loss) attributable to the company$6,167 $921 $7,088 
_________________________
(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.
Income Taxes
A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:
Three Months Ended
December 31, 2024September 30, 2024
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit2.7 2.5 
Unrecognized tax benefit adjustments(1.9)— 
Non-deductible executive compensation1.3 1.2 
Valuation allowance(0.6)(1.4)
Other(0.8)0.4 
Effective income tax rate21.7 %23.7 %
3

Assets Under Management
(in millions)As ofChange
By Investment VehicleDecember 31, 2024September 30, 2024$%
    Open-end funds$40,962 $42,979 $(2,017)(4.7 %)
    Institutional accounts33,563 36,892 $(3,329)(9.0 %)
    Closed-end funds11,289 11,909 $(620)(5.2 %)
Total$85,814 $91,780 $(5,966)(6.5 %)
By Investment Strategy
    U.S. real estate$42,930 $45,685 $(2,755)(6.0 %)
    Preferred securities18,330 18,929 $(599)(3.2 %)
    Global/international real estate13,058 14,986 $(1,928)(12.9 %)
    Global listed infrastructure8,793 9,535 $(742)(7.8 %)
    Other2,703 2,645 $58 2.2 %
Total$85,814 $91,780 $(5,966)(6.5 %)
Assets under management at December 31, 2024 were $85.8 billion, a decrease of 6.5% from $91.8 billion at September 30, 2024. The decrease was due to market depreciation of $6.1 billion and distributions of $697 million, partially offset by net inflows of $860 million.
Open-end Funds
Assets under management in open-end funds at December 31, 2024 were $41.0 billion, a decrease of 4.7% from $43.0 billion at September 30, 2024. The change was primarily due to the following:
•Net inflows of $1.0 billion into U.S. real estate
•Market depreciation of $2.2 billion from U.S. real estate
•Distributions of $172 million from U.S. real estate and $129 million from preferred securities, of which $262 million was reinvested and included in net flows
Institutional Accounts
Assets under management in institutional accounts at December 31, 2024 were $33.6 billion, a decrease of 9.0% from $36.9 billion at September 30, 2024. The change was primarily due to the following:
•Advisory:
◦Net outflows of $201 million from global listed infrastructure and $107 million from preferred securities, partially offset by net inflows of $175 million into U.S. real estate
◦Market depreciation of $795 million from global/international real estate and $545 million from U.S. real estate
•Japan subadvisory:
◦Market depreciation of $434 million from U.S. real estate and $213 million from global/international real estate
◦Distributions of $157 million from U.S. real estate
•Subadvisory excluding Japan:
◦Net outflows of $174 million from global/international real estate
◦Market depreciation of $350 million from global/international real estate and $151 million from U.S. real estate
4

Investment Performance as of December 31, 2024
investmentperformance1224.jpg
_________________________
(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)    © 2025 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 December 31, 2024. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.


Balance Sheet Information
As of December 31, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $360.9 million, compared with $348.4 million as of September 30, 2024. As of December 31, 2024, stockholders' equity was $511.7 million, compared with $491.0 million as of September 30, 2024.





5

Conference Call Information
Cohen & Steers will host a conference call tomorrow, January 23, 2025, at 10:00 a.m. (ET) to discuss the company’s fourth quarter and full year results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”
A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.
About Cohen & Steers
Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2023 (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.
# # # #
6

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
 Three Months Ended % Change From
December 31, 2024September 30, 2024December 31, 2023September 30, 2024December 31, 2023
 Revenue:
 Investment advisory and administration fees$131,740 $125,397 $112,033 
 Distribution and service fees7,450 7,244 6,647 
 Other593 562 508 
 Total revenue139,783 133,203 119,188 4.9 %17.3 %
 Expenses:
 Employee compensation and benefits56,504 56,376 49,601 
 Distribution and service fees15,733 14,739 12,936 
 General and administrative15,784 14,874 17,308 
 Depreciation and amortization2,425 2,341 1,477 
 Total expenses90,446 88,330 81,322 2.4 %11.2 %
 Operating income49,337 44,873 37,866 9.9 %30.3 %
 Non-operating income (loss):
 Interest and dividend income4,948 5,420 4,211 
 Gain (loss) from investments—net(1,359)18,975 14,299 
 Foreign currency gain (loss)—net2,779 (1,692)(1,859)
 Total non-operating income (loss)6,368 22,703 16,651 (72.0 %)(61.8 %)
 Income before provision for income taxes55,705 67,576 54,517 (17.6 %)2.2 %
 Provision for income taxes12,687 12,293 11,880 
 Net income43,018 55,283 42,637 (22.2 %)0.9 %
 Net (income) loss attributable to noncontrolling
 interests		2,804 (15,615)(12,820)
 Net income attributable to common
 stockholders		$45,822 $39,668 $29,817 15.5 %53.7 %
 Earnings per share attributable to
 common stockholders:
 Basic$0.90 $0.78 $0.60 15.3 %49.2 %
 Diluted$0.89 $0.77 $0.60 14.9 %47.8 %
 Weighted average shares outstanding:
 Basic50,861 50,778 49,366 
 Diluted51,704 51,428 49,725 

7

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
Years Ended
December 31, 2024December 31, 2023 % Change
 Revenue:
 Investment advisory and administration fees$487,059 $459,411 
 Distribution and service fees28,142 28,200 
 Other2,216 2,026 
 Total revenue517,417 489,637 5.7 %
 Expenses:
 Employee compensation and benefits217,980 200,181 
 Distribution and service fees57,137 54,170 
 General and administrative60,135 66,704 
 Depreciation and amortization9,288 4,105 
 Total expenses344,540 325,160 6.0 %
 Operating income172,877 164,477 5.1 %
 Non-operating income (loss):
 Interest and dividend income19,344 14,618 
 Gain (loss) from investments—net16,582 4,291 
 Foreign currency gain (loss)—net738 (3,135)
 Total non-operating income (loss)36,664 15,774 *
 Income before provision for income taxes209,541 180,251 16.2 %
 Provision for income taxes46,749 43,642 
 Net income162,792 136,609 19.2 %
 Net (income) loss attributable to noncontrolling interests(11,527)(7,560)
 Net income attributable to common stockholders$151,265 $129,049 17.2 %
 Earnings per share attributable to common stockholders:
 Basic$3.00 $2.62 14.7 %
 Diluted$2.97 $2.60 14.0 %
 Weighted average shares outstanding:
 Basic50,409 49,308 
 Diluted50,938 49,553 
_________________________

* Not meaningful.

8

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended % Change From
December 31, 2024September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Open-end Funds
Assets under management, beginning of period$42,979 $37,451 $33,671 
Inflows3,904 4,097 3,269 
Outflows(2,741)(2,924)(3,773)
Net inflows (outflows)1,163 1,173 (504)
Market appreciation (depreciation)(2,801)4,618 4,243 
Distributions(379)(263)(378)
Total increase (decrease)(2,017)5,528 3,361 
Assets under management, end of period$40,962 $42,979 $37,032 (4.7 %)10.6 %
Average assets under management$42,337 $40,130 $34,410 5.5 %23.0 %
Institutional Accounts
Assets under management, beginning of period$36,892 $32,222 $31,216 
Inflows924 1,221 675 
Outflows(1,230)(1,113)(1,102)
Net inflows (outflows)(306)108 (427)
Market appreciation (depreciation)(2,859)4,736 4,424 
Distributions(164)(174)(185)
Total increase (decrease)(3,329)4,670 3,812 
Assets under management, end of period$33,563 $36,892 $35,028 (9.0 %)(4.2 %)
Average assets under management$35,435 $34,594 $32,102 2.4 %10.4 %
Closed-end Funds
Assets under management, beginning of period$11,909 $11,036 $10,271 
Inflows3 3 1 
Outflows— — (5)
Net inflows (outflows)3 3 (4)
Market appreciation (depreciation)(469)1,024 963 
Distributions(154)(154)(154)
Total increase (decrease)(620)873 805 
Assets under management, end of period$11,289 $11,909 $11,076 (5.2 %)1.9 %
Average assets under management$11,663 $11,503 $10,476 1.4 %11.3 %
Total
Assets under management, beginning of period$91,780 $80,709 $75,158 
Inflows4,831 5,321 3,945 
Outflows(3,971)(4,037)(4,880)
Net inflows (outflows)860 1,284 (935)
Market appreciation (depreciation)(6,129)10,378 9,630 
Distributions(697)(591)(717)
Total increase (decrease)(5,966)11,071 7,978 
Assets under management, end of period$85,814 $91,780 $83,136 (6.5 %)3.2 %
Average assets under management$89,435 $86,227 $76,988 3.7 %16.2 %

9

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Years Ended
December 31, 2024December 31, 2023 % Change
Open-end Funds
Assets under management, beginning of period$37,032 $36,903 
Inflows14,239 11,937 
Outflows(11,435)(13,614)
Net inflows (outflows)2,804 (1,677)
Market appreciation (depreciation)2,388 3,231 
Distributions(1,262)(1,265)
Transfers— (160)
Total increase (decrease)3,930 129 
Assets under management, end of period$40,962 $37,032 10.6 %
Average assets under management$39,090 $36,159 8.1 %
Institutional Accounts
Assets under management, beginning of period$35,028 $32,373 
Inflows3,696 2,985 
Outflows(6,684)(3,225)
Net inflows (outflows)(2,988)(240)
Market appreciation (depreciation)2,216 3,626 
Distributions(693)(891)
Transfers— 160 
Total increase (decrease)(1,465)2,655 
Assets under management, end of period$33,563 $35,028 (4.2 %)
Average assets under management$33,499 $32,878 1.9 %
Closed-end Funds
Assets under management, beginning of period$11,076 $11,149 
Inflows13 17 
Outflows— (91)
Net inflows (outflows)13 (74)
Market appreciation (depreciation)816 617 
Distributions(616)(616)
Total increase (decrease)213 (73)
Assets under management, end of period$11,289 $11,076 1.9 %
Average assets under management$11,278 $10,854 3.9 %
Total
Assets under management, beginning of period$83,136 $80,425 
Inflows17,948 14,939 
Outflows(18,119)(16,930)
Net inflows (outflows)(171)(1,991)
Market appreciation (depreciation)5,420 7,474 
Distributions(2,571)(2,772)
Total increase (decrease)2,678 2,711 
Assets under management, end of period$85,814 $83,136 3.2 %
Average assets under management$83,867 $79,891 5.0 %

10

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended % Change From
December 31, 2024September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Advisory
Assets under management, beginning of period$20,982 $18,367 $17,904 
Inflows597 490 401 
Outflows(698)(481)(431)
Net inflows (outflows)(101)9 (30)
Market appreciation (depreciation)(1,609)2,606 2,390 
Total increase (decrease)(1,710)2,615 2,360 
Assets under management, end of period$19,272 $20,982 $20,264 (8.1 %)(4.9 %)
Average assets under management$20,216 $19,724 $18,515 2.5 %9.2 %
Japan Subadvisory
Assets under management, beginning of period$9,365 $8,309 $8,090 
Inflows98 124 41 
Outflows(131)(156)(210)
Net inflows (outflows)(33)(32)(169)
Market appreciation (depreciation)(646)1,262 1,290 
Distributions(164)(174)(185)
Total increase (decrease)(843)1,056 936 
Assets under management, end of period$8,522 $9,365 $9,026 (9.0 %)(5.6 %)
Average assets under management$9,023 $8,879 $8,334 1.6 %8.3 %
Subadvisory Excluding Japan
Assets under management, beginning of period$6,545 $5,546 $5,222 
Inflows229 607 233 
Outflows(401)(476)(461)
Net inflows (outflows)(172)131 (228)
Market appreciation (depreciation)(604)868 744 
Total increase (decrease)(776)999 516 
Assets under management, end of period$5,769 $6,545 $5,738 (11.9 %)0.5 %
Average assets under management$6,196 $5,991 $5,253 3.4 %18.0 %
Total Institutional Accounts
Assets under management, beginning of period$36,892 $32,222 $31,216 
Inflows924 1,221 675 
Outflows(1,230)(1,113)(1,102)
Net inflows (outflows)(306)108 (427)
Market appreciation (depreciation)(2,859)4,736 4,424 
Distributions(164)(174)(185)
Total increase (decrease)(3,329)4,670 3,812 
Assets under management, end of period$33,563 $36,892 $35,028 (9.0 %)(4.2 %)
Average assets under management$35,435 $34,594 $32,102 2.4 %10.4 %

11

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Years Ended
December 31, 2024December 31, 2023 % Change
Advisory
Assets under management, beginning of period$20,264 $18,631 
Inflows2,187 1,407 
Outflows(4,401)(1,860)
Net inflows (outflows)(2,214)(453)
Market appreciation (depreciation)1,222 1,926 
Transfers— 160 
Total increase (decrease)(992)1,633 
Assets under management, end of period$19,272 $20,264 (4.9 %)
Average assets under management$18,998 $18,798 1.1 %
Japan Subadvisory
Assets under management, beginning of period$9,026 $8,376 
Inflows290 823 
Outflows(853)(474)
Net inflows (outflows)(563)349 
Market appreciation (depreciation)752 1,192 
Distributions(693)(891)
Total increase (decrease)(504)650 
Assets under management, end of period$8,522 $9,026 (5.6 %)
Average assets under management$8,678 $8,633 0.5 %
Subadvisory Excluding Japan
Assets under management, beginning of period$5,738 $5,366 
Inflows1,219 755 
Outflows(1,430)(891)
Net inflows (outflows)(211)(136)
Market appreciation (depreciation)242 508 
Total increase (decrease)31 372 
Assets under management, end of period$5,769 $5,738 0.5 %
Average assets under management$5,823 $5,447 6.9 %
Total Institutional Accounts
Assets under management, beginning of period$35,028 $32,373 
Inflows3,696 2,985 
Outflows(6,684)(3,225)
Net inflows (outflows)(2,988)(240)
Market appreciation (depreciation)2,216 3,626 
Distributions(693)(891)
Transfers— 160 
Total increase (decrease)(1,465)2,655 
Assets under management, end of period$33,563 $35,028 (4.2 %)
Average assets under management$33,499 $32,878 1.9 %


12

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended % Change From
December 31, 2024September 30, 2024December 31, 2023September 30, 2024December 31, 2023
U.S. Real Estate
Assets under management, beginning of period$45,685 $38,717 $33,719 
Inflows2,939 3,073 1,937 
Outflows(1,677)(1,781)(2,110)
Net inflows (outflows)1,262 1,292 (173)
Market appreciation (depreciation)(3,636)6,028 5,434 
Distributions(382)(349)(427)
Transfers1 (3)(3)
Total increase (decrease)(2,755)6,968 4,831 
Assets under management, end of period$42,930 $45,685 $38,550 (6.0 %)11.4 %
Average assets under management$44,973 $42,197 $35,072 6.6 %28.2 %
Preferred Securities
Assets under management, beginning of period$18,929 $18,094 $17,561 
Inflows927 1,120 1,291 
Outflows(1,131)(1,114)(1,631)
Net inflows (outflows)(204)6 (340)
Market appreciation (depreciation)(215)1,004 1,117 
Distributions(179)(178)(177)
Transfers(1)3 3 
Total increase (decrease)(599)835 603 
Assets under management, end of period$18,330 $18,929 $18,164 (3.2 %)0.9 %
Average assets under management$18,681 $18,449 $17,492 1.3 %6.8 %
Global/International Real Estate
Assets under management, beginning of period$14,986 $13,064 $14,103 
Inflows345 729 357 
Outflows(565)(836)(741)
Net inflows (outflows)(220)(107)(384)
Market appreciation (depreciation)(1,675)2,038 2,107 
Distributions(33)(9)(37)
Total increase (decrease)(1,928)1,922 1,686 
Assets under management, end of period$13,058 $14,986 $15,789 (12.9 %)(17.3 %)
Average assets under management$13,909 $14,112 $14,381 (1.4 %)(3.3 %)

13

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended % Change From
December 31, 2024September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Global Listed Infrastructure
Assets under management, beginning of period$9,535 $8,446 $7,582 
Inflows219 193 178 
Outflows(384)(188)(176)
Net inflows (outflows)(165)5 2 
Market appreciation (depreciation)(496)1,130 828 
Distributions(81)(46)(56)
Total increase (decrease)(742)1,089 774 
Assets under management, end of period$8,793 $9,535 $8,356 (7.8 %)5.2 %
Average assets under management$9,246 $8,995 $7,851 2.8 %17.8 %
Other
Assets under management, beginning of period$2,645 $2,388 $2,193 
Inflows401 206 182 
Outflows(214)(118)(222)
Net inflows (outflows)187 88 (40)
Market appreciation (depreciation)(107)178 144 
Distributions(22)(9)(20)
Total increase (decrease)58 257 84 
Assets under management, end of period$2,703 $2,645 $2,277 2.2 %18.7 %
Average assets under management$2,626 $2,474 $2,192 6.1 %19.8 %
Total
Assets under management, beginning of period$91,780 $80,709 $75,158 
Inflows4,831 5,321 3,945 
Outflows(3,971)(4,037)(4,880)
Net inflows (outflows)860 1,284 (935)
Market appreciation (depreciation)(6,129)10,378 9,630 
Distributions(697)(591)(717)
Total increase (decrease)(5,966)11,071 7,978 
Assets under management, end of period$85,814 $91,780 $83,136 (6.5 %)3.2 %
Average assets under management$89,435 $86,227 $76,988 3.7 %16.2 %


14

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Years Ended
December 31, 2024December 31, 2023 % Change
U.S. Real Estate
Assets under management, beginning of period$38,550 $35,108 
Inflows10,097 7,077 
Outflows(7,031)(6,521)
Net inflows (outflows)3,066 556 
Market appreciation (depreciation)2,765 4,495 
Distributions(1,454)(1,679)
Transfers3 70 
Total increase (decrease)4,380 3,442 
Assets under management, end of period$42,930 $38,550 11.4 %
Average assets under management$40,607 $36,034 12.7 %
Preferred Securities
Assets under management, beginning of period$18,164 $19,767 
Inflows4,103 4,997 
Outflows(4,768)(6,890)
Net inflows (outflows)(665)(1,893)
Market appreciation (depreciation)1,552 1,029 
Distributions(717)(739)
Transfers(4)— 
Total increase (decrease)166 (1,603)
Assets under management, end of period$18,330 $18,164 0.9 %
Average assets under management$18,458 $18,439 0.1 %
Global/International Real Estate
Assets under management, beginning of period$15,789 $14,782 
Inflows2,104 1,529 
Outflows(4,772)(1,975)
Net inflows (outflows)(2,668)(446)
Market appreciation (depreciation)43 1,616 
Distributions(107)(93)
Transfers1 (70)
Total increase (decrease)(2,731)1,007 
Assets under management, end of period$13,058 $15,789 (17.3 %)
Average assets under management$13,651 $14,899 (8.4 %)



15

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Years Ended
December 31, 2024December 31, 2023 % Change
Global Listed Infrastructure
Assets under management, beginning of period$8,356 $8,596 
Inflows640 487 
Outflows(870)(725)
Net inflows (outflows)(230)(238)
Market appreciation (depreciation)900 204 
Distributions(233)(206)
Total increase (decrease)437 (240)
Assets under management, end of period$8,793 $8,356 5.2 %
Average assets under management$8,717 $8,291 5.1 %
Other
Assets under management, beginning of period$2,277 $2,172 
Inflows1,004 849 
Outflows(678)(819)
Net inflows (outflows)326 30 
Market appreciation (depreciation)160 130 
Distributions(60)(55)
Total increase (decrease)426 105 
Assets under management, end of period$2,703 $2,277 18.7 %
Average assets under management$2,434 $2,228 9.2 %
Total
Assets under management, beginning of period$83,136 $80,425 
Inflows17,948 14,939 
Outflows(18,119)(16,930)
Net inflows (outflows)(171)(1,991)
Market appreciation (depreciation)5,420 7,474 
Distributions(2,571)(2,772)
Total increase (decrease)2,678 2,711 
Assets under management, end of period$85,814 $83,136 3.2 %
Average assets under management$83,867 $79,891 5.0 %



16

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, which 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 EndedYears Ended
(in thousands, except per share data)December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 31, 2023
Net income attributable to common stockholders, U.S. GAAP$45,822 $39,668 $29,817 $151,265 $129,049 
Seed investments—net (1)
(1,700)(3,458)(1,651)(6,245)2,252 
Accelerated vesting of restricted stock units
91 2,336 638 7,134 1,318 
Other non-recurring expenses (2)
— — — 1,196 — 
Lease transition and other costs - 280 Park Avenue (3)
— — 2,459 807 9,721 
Foreign currency exchange (gains) losses—net (4)
(2,824)2,191 1,921 (1,059)2,371 
Tax adjustments—net (5)
(994)(1,031)219 (3,812)(4,200)
Net income attributable to common stockholders, as adjusted$40,395 $39,706 $33,403 $149,286 $140,511 
Diluted weighted average shares outstanding51,704 51,428 49,725 50,938 49,553 
Diluted earnings per share, U.S. GAAP$0.89 $0.77 $0.60 $2.97 $2.60 
Seed investments—net (1)
(0.03)(0.07)(0.03)(0.12)0.05 
Accelerated vesting of restricted stock units
— *0.05 0.01 0.14 0.03 
Other non-recurring expenses (2)
— — — 0.02 — 
Lease transition and other costs - 280 Park Avenue (3)
— — 0.05 0.02 0.20 
Foreign currency exchange (gains) losses—net (4)
(0.06)0.04 0.04 (0.02)0.05 
Tax adjustments—net (5)
(0.02)(0.02)— *(0.08)(0.09)
Diluted earnings per share, as adjusted $0.78 $0.77 $0.67 $2.93 $2.84 
_________________________
* 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 impact of incremental expenses associated with the separation of certain employees.
(3)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.
(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(5)Tax adjustments are summarized in the following table:
(in thousands)Three Months EndedYears Ended
December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 31, 2023
Impact of tax effects associated with items noted above
$627 $(1,102)$158 $(2,020)$(3,085)
Impact of discrete tax items
(1,621)71 61 (1,792)(1,115)
Total tax adjustments
$(994)$(1,031)$219 $(3,812)$(4,200)
17

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages) Three Months EndedYears Ended
December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 31, 2023
Revenue, U.S. GAAP$139,783 $133,203 $119,188 $517,417 $489,637 
Consolidated funds
122 230 (142)853 (466)
Revenue, as adjusted$139,905 $133,433 $119,046 $518,270 $489,171 
Expenses, U.S. GAAP$90,446 $88,330 $81,322 $344,540 $325,160 
Consolidated funds
(158)(184)(528)(698)(2,021)
Accelerated vesting of restricted stock units
(91)(2,336)(638)(7,134)(1,318)
Other non-recurring expenses (1)
— — — (1,196)— 
Lease transition and other costs - 280 Park Avenue (2)
— — (2,459)(807)(9,721)
Expenses, as adjusted$90,197 $85,810 $77,697 $334,705 $312,100 
Operating income, U.S. GAAP$49,337 $44,873 $37,866 $172,877 $164,477 
Consolidated funds
280 414 386 1,551 1,555 
Accelerated vesting of restricted stock units
91 2,336 638 7,134 1,318 
Other non-recurring expenses (1)
— — — 1,196 — 
Lease transition and other costs - 280 Park Avenue (2)
— — 2,459 807 9,721 
Operating income, as adjusted$49,708 $47,623 $41,349 $183,565 $177,071 
Operating margin, U.S. GAAP35.3 %33.7 %31.8 %33.4 %33.6 %
Operating margin, as adjusted 35.5 %35.7 %34.7 %35.4 %36.2 %
__________________________

(1)Represents the impact of incremental expenses associated with the separation of certain employees.
(2)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.

Non-operating Income (Loss)
(in thousands) Three Months EndedYears Ended
December 31, 2024September 30, 2024December 31, 2023December 31, 2024December 31, 2023
Non-operating income (loss), U.S. GAAP$6,368 $22,703 $16,651 $36,664 $15,774 
Seed investments—net (1)
824 (19,487)(14,857)(19,323)(6,863)
Foreign currency exchange (gain) loss—net (2)
(2,824)2,191 1,921 (1,059)2,371 
Non-operating income (loss), as adjusted$4,368 $5,407 $3,715 $16,282 $11,282 
_________________________

(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

18
v3.24.4
Cover Page
Jan. 22, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 22, 2025
Entity Registrant Name Cohen & Steers, Inc.
Entity Central Index Key 0001284812
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-32236
Entity Tax Identification Number 14-1904657
Entity Address, Address Line One 1166 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10036
City Area Code 212
Local Phone Number 832-3232
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol CNS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Cohen and Steers (NYSE:CNS)
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