0001284812false00012848122024-10-162024-10-16

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): October 16, 2024
_____________________
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 October 16, 2024, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended September 30, 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: October 16, 2024
  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                

cnslogo.jpg

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

COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2024
     
New York, NY, October 16, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 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, October 17, 2024, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Raja Dakkuri, and chief investment officer, Jon Cheigh.

Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1- 646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes on October 17, 2024 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.


cnslogo.jpg                                 

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



COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2024

•Diluted earnings per share of $0.77 for both GAAP and as adjusted
•Operating margin of 33.7%; 35.7%, as adjusted
•Ending assets under management (AUM) of $91.8 billion; average AUM of $86.2 billion
•Net inflows of $1.3 billion

NEW YORK, NY, October 16, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2024.
Financial Highlights
(in thousands, except percentages and per share data)Three Months Ended
September 30,
2024		June 30,
2024		$ Change% Change
U.S. GAAP
Revenue$133,203 $121,721 $11,482 9.4 %
Expenses$88,330 $83,319 $5,011 6.0 %
Operating income$44,873 $38,402 $6,471 16.9 %
Net income attributable to common stockholders$39,668 $31,771 $7,897 24.9 %
Diluted earnings per share $0.77 $0.63 $0.14 23.3 %
Operating margin33.7 %31.5 %N/A220 bps
As Adjusted (1)
Net income attributable to common stockholders$39,706 $34,532 $5,174 15.0 %
Diluted earnings per share$0.77 $0.68 $0.09 13.5 %
Operating margin35.7 %34.9 %N/A80 bps
_________________________
(1)Refer to pages 17-18 for reconciliations of U.S. GAAP to as adjusted results.
1

Revenue
(in thousands)Three Months Ended
September 30,
2024		June 30,
2024		$ Change% Change
Investment advisory and administration fees:
Open-end funds
$66,761 $60,301 $6,460 10.7 %
Institutional accounts
32,956 30,179 $2,777 9.2 %
Closed-end funds
25,680 24,097 $1,583 6.6 %
Total125,397 114,577 $10,820 9.4 %
Distribution and service fees7,244 6,631 $613 9.2 %
Other562 513 $49 9.6 %
Total revenue$133,203 $121,721 $11,482 9.4 %
•The increase in total investment advisory and administration fees from the second quarter of 2024 was primarily due to higher average assets under management across all three types of investment vehicles, as well as one additional day in the quarter.
•The increase in distribution and service fees from the second quarter of 2024 was primarily due to higher average assets under management in U.S. open-end funds.

Expenses
(in thousands)Three Months Ended
September 30,
2024		June 30,
2024		$ Change% Change
Employee compensation and benefits$56,376 $53,097 $3,279 6.2 %
Distribution and service fees14,739 13,270 $1,469 11.1 %
General and administrative14,874 14,684 $190 1.3 %
Depreciation and amortization2,341 2,268 $73 3.2 %
Total expenses$88,330 $83,319 $5,011 6.0 %
•Employee compensation and benefits increased from the second quarter of 2024, primarily due to higher incentive compensation. The second quarter included incremental expenses of $1.2 million associated with the separation of certain employees.
•Distribution and service fees increased from the second quarter of 2024, primarily due to higher average assets under management in U.S. open-end funds.

Operating Margin
Operating margin was 33.7% for the third quarter of 2024, compared with 31.5% for the second quarter of 2024. Operating margin represents the ratio of operating income to revenue.





2

Non-operating Income (Loss)
(in thousands)Three Months Ended
September 30, 2024
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income$610 $1,410 $3,400 $5,420 
Gain (loss) from investments—net
21,202 3,099 (5,326)18,975 
Foreign currency gain (loss)—net(30)(68)(1,594)(1,692)
Total non-operating income (loss)21,782 4,441 (3,520)22,703 
Net (income) loss attributable to noncontrolling interests(15,615)— — (15,615)
Non-operating income (loss) attributable to the company$6,167 $4,441 $(3,520)$7,088 
(in thousands)Three Months Ended
June 30, 2024
Consolidated
Investment Vehicles		Corporate
Seed Investments		Corporate OtherTotal
Interest and dividend income$1,205 $1,192 $2,660 $5,057 
Gain (loss) from investments—net(3,264)1,308 (62)(2,018)
Foreign currency gain (loss)—net(307)(6)(170)(483)
Total non-operating income (loss)(2,366)2,494 2,428 2,556 
Net (income) loss attributable to noncontrolling interests1,694 — — 1,694 
Non-operating income (loss) attributable to the company$(672)$2,494 $2,428 $4,250 

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
September 30,
2024		June 30,
2024
U.S. statutory tax rate21.0 %21.0 %
State and local income taxes, net of federal benefit2.5 2.9 
Valuation allowance(1.4)(0.2)
Non-deductible executive compensation1.2 1.4 
Other0.4 0.4 
Effective income tax rate23.7 %25.5 %





3

Assets Under Management
(in millions)As ofChange
September 30,
2024		June 30,
2024		$%
By Investment Vehicle
    Open-end funds$42,979 $37,451 $5,528 14.8 %
    Institutional accounts36,892 32,222 $4,670 14.5 %
    Closed-end funds11,909 11,036 $873 7.9 %
Total$91,780 $80,709 $11,071 13.7 %
By Investment Strategy
    U.S. real estate$45,685 $38,717 $6,968 18.0 %
    Preferred securities18,929 18,094 $835 4.6 %
    Global/international real estate14,986 13,064 $1,922 14.7 %
    Global listed infrastructure9,535 8,446 $1,089 12.9 %
    Other2,645 2,388 $257 10.8 %
Total$91,780 $80,709 $11,071 13.7 %
Assets under management at September 30, 2024 were $91.8 billion, an increase of 13.7% from $80.7 billion at June 30, 2024. The increase was due to net inflows of $1.3 billion and market appreciation of $10.4 billion, partially offset by distributions of $591 million.
Open-end Funds
Assets under management in open-end funds at September 30, 2024 were $43.0 billion, an increase of 14.8% from $37.5 billion at June 30, 2024. The change was primarily due to the following:
•Net inflows of $1.1 billion into U.S. real estate
•Market appreciation of $3.4 billion from U.S. real estate and $616 million from preferred securities
•Distributions of $132 million from U.S. real estate and $129 million from preferred securities, of which $223 million was reinvested and included in net flows
Institutional Accounts
Assets under management in institutional accounts at September 30, 2024 were $36.9 billion, an increase of 14.5% from $32.2 billion at June 30, 2024. The change was primarily due to the following:
•Advisory:    
◦Market appreciation of $984 million from U.S. real estate and $934 million from global/international real estate
•Japan subadvisory:
◦Market appreciation of $963 million from U.S. real estate
◦Distributions of $165 million from U.S. real estate
•Subadvisory excluding Japan:
◦Net inflows of $127 million into global/international real estate
◦Market appreciation of $430 million from global/international real estate and $244 million from U.S. real estate

4

Investment Performance at September 30, 2024
investmentgraph9.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)    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 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 September 30, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $348.4 million, compared with $325.1 million as of June 30, 2024. As of September 30, 2024, stockholders' equity was $491.0 million, compared with $463.2 million as of June 30, 2024.






5

Conference Call Information
Cohen & Steers will host a conference call tomorrow, October 17, 2024 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing 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 on October 17, 2024 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
September 30,
2024		June 30,
2024		September 30,
2023		June 30,
2024		September 30,
2023
 Revenue:
 Investment advisory and administration fees$125,397 $114,577 $116,226 
 Distribution and service fees7,244 6,631 7,014 
 Other562 513 497 
 Total revenue133,203 121,721 123,737 9.4 %7.7 %
 Expenses:
 Employee compensation and benefits56,376 53,097 52,830 
 Distribution and service fees14,739 13,270 13,689 
 General and administrative14,874 14,684 15,546 
 Depreciation and amortization2,341 2,268 801 
 Total expenses88,330 83,319 82,866 6.0 %6.6 %
 Operating income44,873 38,402 40,871 16.9 %9.8 %
 Non-operating income (loss):
 Interest and dividend income5,420 5,057 3,763 
 Gain (loss) from investments—net18,975 (2,018)(10,056)
 Foreign currency gain (loss)—net(1,692)(483)1,134 
Total non-operating income (loss)22,703 2,556 (5,159)**
 Income before provision for income taxes67,576 40,958 35,712 65.0 %89.2 %
 Provision for income taxes12,293 10,881 10,543 
 Net income55,283 30,077 25,169 83.8 %119.6 %
 Net (income) loss attributable to noncontrolling
 interests		(15,615)1,694 6,971 
 Net income attributable to common stockholders$39,668 $31,771 $32,140 24.9 %23.4 %
 Earnings per share attributable to common
 stockholders:
 Basic$0.78 $0.63 $0.65 24.0 %20.0 %
 Diluted$0.77 $0.63 $0.65 23.3 %19.1 %
 Weighted average shares outstanding:
Basic50,778 50,419 49,351 
Diluted51,428 50,770 49,617 
_________________________
* Not meaningful.
7

 Cohen & Steers, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations (Unaudited)
 (in thousands, except per share data)
Nine Months Ended
September 30,
2024		September 30,
2023		% Change
 Revenue:
 Investment advisory and administration fees$355,319 $347,378 
 Distribution and service fees20,692 21,553 
 Other1,623 1,518 
 Total revenue377,634 370,449 1.9 %
 Expenses:
 Employee compensation and benefits161,476 150,580 
 Distribution and service fees41,404 41,234 
 General and administrative44,351 49,396 
 Depreciation and amortization6,863 2,628 
 Total expenses254,094 243,838 4.2 %
 Operating income123,540 126,611 (2.4 %)
 Non-operating income (loss):
 Interest and dividend income14,396 10,407 
 Gain (loss) from investments—net17,941 (10,008)
 Foreign currency gain (loss)—net(2,041)(1,276)
Total non-operating income (loss)30,296 (877)*
 Income before provision for income taxes153,836 125,734 22.4 %
 Provision for income taxes34,062 31,762 
 Net income119,774 93,972 27.5 %
 Net (income) loss attributable to noncontrolling interests(14,331)5,260 
 Net income attributable to common stockholders$105,443 $99,232 6.3 %
 Earnings per share attributable to common stockholders:
 Basic$2.10 $2.01 4.2 %
 Diluted$2.08 $2.00 3.8 %
 Weighted average shares outstanding:
Basic50,257 49,289 
Diluted50,681 49,495 
_________________________
* Not meaningful.

8

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
 Three Months Ended % Change From
September 30,
2024		June 30,
2024		September 30,
2023		June 30,
2024		September 30,
2023
Open-end Funds
Assets under management, beginning of period$37,451 $37,685 $36,209 
Inflows4,097 2,936 2,412 
Outflows(2,924)(3,037)(2,772)
Net inflows (outflows)1,173 (101)(360)
Market appreciation (depreciation)4,618 215 (1,916)
Distributions(263)(348)(262)
Total increase (decrease)5,528 (234)(2,538)
Assets under management, end of period$42,979 $37,451 $33,671 14.8 %27.6 %
Percentage of total assets under management46.8 %46.4 %44.8 %
Average assets under management$40,130 $36,943 $35,878 8.6 %11.9 %
Institutional Accounts
Assets under management, beginning of period$32,222 $32,424 $33,275 
Inflows1,221 649 925 
Outflows(1,113)(896)(614)
Net inflows (outflows)108 (247)311 
Market appreciation (depreciation)4,736 216 (2,182)
Distributions(174)(171)(188)
Total increase (decrease)4,670 (202)(2,059)
Assets under management, end of period$36,892 $32,222 $31,216 14.5 %18.2 %
Percentage of total assets under management
40.2 %39.9 %41.5 %
Average assets under management$34,594 $31,673 $33,304 9.2 %3.9 %
Closed-end Funds
Assets under management, beginning of period$11,036 $11,126 $10,929 
Inflows3 3 3 
Outflows— — (1)
Net inflows (outflows)3 3 2 
Market appreciation (depreciation)1,024 61 (506)
Distributions(154)(154)(154)
Total increase (decrease)873 (90)(658)
Assets under management, end of period$11,909 $11,036 $10,271 7.9 %15.9 %
Percentage of total assets under management13.0 %13.7 %13.7 %
Average assets under management$11,503 $10,969 $10,784 4.9 %6.7 %
Total
Assets under management, beginning of period$80,709 $81,235 $80,413 
Inflows5,321 3,588 3,340 
Outflows(4,037)(3,933)(3,387)
Net inflows (outflows)1,284 (345)(47)
Market appreciation (depreciation)10,378 492 (4,604)
Distributions(591)(673)(604)
Total increase (decrease)11,071 (526)(5,255)
Assets under management, end of period$91,780 $80,709 $75,158 13.7 %22.1 %
Average assets under management$86,227 $79,585 $79,966 8.3 %7.8 %

9

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
Nine Months Ended
September 30,
2024		September 30,
2023		% Change
Open-end Funds
Assets under management, beginning of period$37,032 $36,903 
Inflows10,335 8,668 
Outflows(8,694)(9,841)
Net inflows (outflows)1,641 (1,173)
Market appreciation (depreciation)5,189 (1,012)
Distributions(883)(887)
Transfers— (160)
Total increase (decrease)5,947 (3,232)
Assets under management, end of period$42,979 $33,671 27.6 %
Percentage of total assets under management46.8 %44.8 %
Average assets under management$38,013 $36,739 3.5 %
Institutional Accounts
Assets under management, beginning of period$35,028 $32,373 
Inflows2,772 2,310 
Outflows(5,454)(2,123)
Net inflows (outflows)(2,682)187 
Market appreciation (depreciation)5,075 (798)
Distributions(529)(706)
Transfers— 160 
Total increase (decrease)1,864 (1,157)
Assets under management, end of period$36,892 $31,216 18.2 %
Percentage of total assets under management
40.2 %41.5 %
Average assets under management$32,858 $33,136 (0.8 %)
Closed-end Funds
Assets under management, beginning of period$11,076 $11,149 
Inflows10 16 
Outflows— (86)
Net inflows (outflows)10 (70)
Market appreciation (depreciation)1,285 (346)
Distributions(462)(462)
Total increase (decrease)833 (878)
Assets under management, end of period$11,909 $10,271 15.9 %
Percentage of total assets under management13.0 %13.7 %
Average assets under management$11,148 $10,981 1.5 %
Total
Assets under management, beginning of period$83,136 $80,425 
Inflows13,117 10,994 
Outflows(14,148)(12,050)
Net inflows (outflows)(1,031)(1,056)
Market appreciation (depreciation)11,549 (2,156)
Distributions(1,874)(2,055)
Total increase (decrease)8,644 (5,267)
Assets under management, end of period$91,780 $75,158 22.1 %
Average assets under management$82,019 $80,856 1.4 %

10

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle - Institutional Accounts
(in millions)
 Three Months Ended % Change From
September 30,
2024		June 30,
2024		September 30,
2023		June 30,
2024		September 30,
2023
Advisory
Assets under management, beginning of period$18,367 $18,196 $18,824 
Inflows490 413 502 
Outflows(481)(339)(312)
Net inflows (outflows)9 74 190 
Market appreciation (depreciation)2,606 97 (1,110)
Total increase (decrease)2,615 171 (920)
Assets under management, end of period$20,982 $18,367 $17,904 14.2 %17.2 %
Percentage of institutional assets under management56.9 %57.0 %57.4 %
Average assets under management$19,724 $17,963 $18,958 9.8 %4.0 %
Japan Subadvisory
Assets under management, beginning of period$8,309 $8,535 $8,960 
Inflows124 25 114 
Outflows(156)(211)(116)
Net inflows (outflows)(32)(186)(2)
Market appreciation (depreciation)1,262 131 (680)
Distributions(174)(171)(188)
Total increase (decrease)1,056 (226)(870)
Assets under management, end of period$9,365 $8,309 $8,090 12.7 %15.8 %
Percentage of institutional assets under management25.4 %25.8 %25.9 %
Average assets under management$8,879 $8,164 $8,810 8.8 %0.8 %
Subadvisory Excluding Japan
Assets under management, beginning of period$5,546 $5,693 $5,491 
Inflows607 211 309 
Outflows(476)(346)(186)
Net inflows (outflows)131 (135)123 
Market appreciation (depreciation)868 (12)(392)
Total increase (decrease)999 (147)(269)
Assets under management, end of period$6,545 $5,546 $5,222 18.0 %25.3 %
Percentage of institutional assets under management17.7 %17.2 %16.7 %
Average assets under management$5,991 $5,546 $5,536 8.0 %8.2 %
Total Institutional Accounts
Assets under management, beginning of period$32,222 $32,424 $33,275 
Inflows1,221 649 925 
Outflows(1,113)(896)(614)
Net inflows (outflows)108 (247)311 
Market appreciation (depreciation)4,736 216 (2,182)
Distributions(174)(171)(188)
Total increase (decrease)4,670 (202)(2,059)
Assets under management, end of period$36,892 $32,222 $31,216 14.5 %18.2 %
Average assets under management$34,594 $31,673 $33,304 9.2 %3.9 %
11

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle - Institutional Accounts
(in millions)
Nine Months Ended
September 30,
2024		September 30,
2023		% Change
Advisory
Assets under management, beginning of period$20,264 $18,631 
Inflows1,590 1,006 
Outflows(3,703)(1,429)
Net inflows (outflows)(2,113)(423)
Market appreciation (depreciation)2,831 (464)
Transfers— 160 
Total increase (decrease)718 (727)
Assets under management, end of period$20,982 $17,904 17.2 %
Percentage of institutional assets under management56.9 %57.4 %
Average assets under management$18,588 $18,894 (1.6 %)
Japan Subadvisory
Assets under management, beginning of period$9,026 $8,376 
Inflows192 782 
Outflows(722)(264)
Net inflows (outflows)(530)518 
Market appreciation (depreciation)1,398 (98)
Distributions(529)(706)
Total increase (decrease)339 (286)
Assets under management, end of period$9,365 $8,090 15.8 %
Percentage of institutional assets under management25.4 %25.9 %
Average assets under management$8,562 $8,734 (2.0 %)
Subadvisory Excluding Japan
Assets under management, beginning of period$5,738 $5,366 
Inflows990 522 
Outflows(1,029)(430)
Net inflows (outflows)(39)92 
Market appreciation (depreciation)846 (236)
Total increase (decrease)807 (144)
Assets under management, end of period$6,545 $5,222 25.3 %
Percentage of institutional assets under management17.7 %16.7 %
Average assets under management$5,708 $5,508 3.6 %
Total Institutional Accounts
Assets under management, beginning of period$35,028 $32,373 
Inflows2,772 2,310 
Outflows(5,454)(2,123)
Net inflows (outflows)(2,682)187 
Market appreciation (depreciation)5,075 (798)
Distributions(529)(706)
Transfers— 160 
Total increase (decrease)1,864 (1,157)
Assets under management, end of period$36,892 $31,216 18.2 %
Average assets under management$32,858 $33,136 (0.8 %)

12

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
 Three Months Ended % Change From
September 30,
2024		June 30,
2024		September 30,
2023		June 30,
2024		September 30,
2023
U.S. Real Estate
Assets under management, beginning of period$38,717 $38,476 $36,948 
Inflows3,073 1,996 1,493 
Outflows(1,781)(1,845)(1,312)
Net inflows (outflows)1,292 151 181 
Market appreciation (depreciation)6,028 452 (3,056)
Distributions(349)(367)(359)
Transfers(3)5 5 
Total increase (decrease) 6,968 241 (3,229)
Assets under management, end of period$45,685 $38,717 $33,719 18.0 %35.5 %
Percentage of total assets under management
49.8 %48.0 %44.9 %
Average assets under management$42,197 $37,466 $36,494 12.6 %15.6 %
Preferred Securities
Assets under management, beginning of period$18,094 $18,589 $18,009 
Inflows1,120 823 1,011 
Outflows(1,114)(1,272)(1,327)
Net inflows (outflows)6 (449)(316)
Market appreciation (depreciation)1,004 138 56 
Distributions(178)(179)(183)
Transfers3 (5)(5)
Total increase (decrease)835 (495)(448)
Assets under management, end of period$18,929 $18,094 $17,561 4.6 %7.8 %
Percentage of total assets under management
20.6 %22.4 %23.4 %
Average assets under management$18,449 $18,294 $18,027 0.8 %2.3 %
Global/International Real Estate
Assets under management, beginning of period$13,064 $13,442 $14,838 
Inflows729 410 531 
Outflows(836)(543)(359)
Net inflows (outflows)(107)(133)172 
Market appreciation (depreciation)2,038 (196)(899)
Distributions(9)(49)(8)
Total increase (decrease)1,922 (378)(735)
Assets under management, end of period$14,986 $13,064 $14,103 14.7 %6.3 %
Percentage of total assets under management
16.3 %16.2 %18.8 %
Average assets under management$14,112 $13,045 $15,022 8.2 %(6.1 %)

13

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
 Three Months Ended % Change From
September 30,
2024		June 30,
2024		September 30,
2023		June 30,
2024		September 30,
2023
Global Listed Infrastructure
Assets under management, beginning of period$8,446 $8,395 $8,379 
Inflows193 148 95 
Outflows(188)(114)(175)
Net inflows (outflows)5 34 (80)
Market appreciation (depreciation)1,130 73 (671)
Distributions(46)(56)(46)
Total increase (decrease)1,089 51 (797)
Assets under management, end of period$9,535 $8,446 $7,582 12.9 %25.8 %
Percentage of total assets under management
10.4 %10.5 %10.1 %
Average assets under management$8,995 $8,430 $8,157 6.7 %10.3 %
Other
Assets under management, beginning of period$2,388 $2,333 $2,239 
Inflows206 211 210 
Outflows(118)(159)(214)
Net inflows (outflows)88 52 (4)
Market appreciation (depreciation)178 25 (34)
Distributions(9)(22)(8)
Total increase (decrease)257 55 (46)
Assets under management, end of period$2,645 $2,388 $2,193 10.8 %20.6 %
Percentage of total assets under management
2.9 %3.0 %2.9 %
Average assets under management$2,474 $2,350 $2,266 5.3 %9.2 %
Total
Assets under management, beginning of period$80,709 $81,235 $80,413 
Inflows5,321 3,588 3,340 
Outflows(4,037)(3,933)(3,387)
Net inflows (outflows)1,284 (345)(47)
Market appreciation (depreciation)10,378 492 (4,604)
Distributions(591)(673)(604)
Total increase (decrease)11,071 (526)(5,255)
Assets under management, end of period$91,780 $80,709 $75,158 13.7 %22.1 %
Average assets under management$86,227 $79,585 $79,966 8.3 %7.8 %

14

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Nine Months Ended
September 30,
2024		September 30,
2023		% Change
U.S. Real Estate
Assets under management, beginning of period$38,550 $35,108 
Inflows7,158 5,140 
Outflows(5,354)(4,411)
Net inflows (outflows)1,804 729 
Market appreciation (depreciation)6,401 (939)
Distributions(1,072)(1,252)
Transfers2 73 
Total increase (decrease)7,135 (1,389)
Assets under management, end of period$45,685 $33,719 35.5 %
Percentage of total assets under management
49.8 %44.9 %
Average assets under management$39,150 $36,352 7.7 %
Preferred Securities
Assets under management, beginning of period$18,164 $19,767 
Inflows3,176 3,706 
Outflows(3,637)(5,259)
Net inflows (outflows)(461)(1,553)
Market appreciation (depreciation)1,767 (88)
Distributions(538)(562)
Transfers(3)(3)
Total increase (decrease)765 (2,206)
Assets under management, end of period$18,929 $17,561 7.8 %
Percentage of total assets under management
20.6 %23.4 %
Average assets under management$18,388 $18,756 (2.0 %)
Global/International Real Estate
Assets under management, beginning of period$15,789 $14,782 
Inflows1,759 1,172 
Outflows(4,207)(1,234)
Net inflows (outflows)(2,448)(62)
Market appreciation (depreciation)1,718 (491)
Distributions(74)(56)
Transfers1 (70)
Total increase (decrease)(803)(679)
Assets under management, end of period$14,986 $14,103 6.3 %
Percentage of total assets under management
16.3 %18.8 %
Average assets under management$13,572 $15,069 (9.9 %)

15

Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
Nine Months Ended
September 30,
2024		September 30,
2023		% Change
Global Listed Infrastructure
Assets under management, beginning of period$8,356 $8,596 
Inflows421 309 
Outflows(486)(549)
Net inflows (outflows)(65)(240)
Market appreciation (depreciation)1,396 (624)
Distributions(152)(150)
Total increase (decrease)1,179 (1,014)
Assets under management, end of period$9,535 $7,582 25.8 %
Percentage of total assets under management
10.4 %10.1 %
Average assets under management$8,541 $8,438 1.2 %
Other
Assets under management, beginning of period$2,277 $2,172 
Inflows603 667 
Outflows(464)(597)
Net inflows (outflows)139 70 
Market appreciation (depreciation)267 (14)
Distributions(38)(35)
Total increase (decrease)368 21 
Assets under management, end of period$2,645 $2,193 20.6 %
Percentage of total assets under management
2.9 %2.9 %
Average assets under management$2,368 $2,241 5.7 %
Total
Assets under management, beginning of period$83,136 $80,425 
Inflows13,117 10,994 
Outflows(14,148)(12,050)
Net inflows (outflows)(1,031)(1,056)
Market appreciation (depreciation)11,549 (2,156)
Distributions(1,874)(2,055)
Total increase (decrease)8,644 (5,267)
Assets under management, end of period$91,780 $75,158 22.1 %
Average assets under management$82,019 $80,856 1.4 %

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 Ended
(in thousands, except per share data)September 30,
2024		June 30,
2024		September 30,
2023
Net income attributable to common stockholders, U.S. GAAP$39,668 $31,771 $32,140 
Seed investments—net (1)
(3,458)(84)2,900 
Accelerated vesting of restricted stock units
2,336 2,496 327 
Other non-recurring expenses (2)
— 1,196 — 
Lease transition and other costs - 280 Park Avenue (3)
— — 2,321 
Foreign currency exchange (gains) losses—net (4)
2,191 30 (1,713)
Tax adjustments—net (5)
(1,031)(877)(1,203)
Net income attributable to common stockholders, as adjusted$39,706 $34,532 $34,772 
Diluted weighted average shares outstanding51,428 50,770 49,617 
Diluted earnings per share, U.S. GAAP$0.77 $0.63 $0.65 
Seed investments—net (1)
(0.07)— *0.06 
Accelerated vesting of restricted stock units
0.05 0.05 0.01 
Other non-recurring expenses (2)
— 0.02 — 
Lease transition and other costs - 280 Park Avenue (3)
— — 0.05 
Foreign currency exchange (gains) losses—net (4)
0.04 — *(0.04)
Tax adjustments—net (5)
(0.02)(0.02)(0.03)
Diluted earnings per share, as adjusted $0.77 $0.68 $0.70 
_________________________
* Amounts round to less than $0.01 per share.
(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.
(2)Represents the impact of incremental expenses associated with the separation of certain employees.
(3)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.
(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(5)Tax adjustments are summarized in the following table:
Three Months Ended
(in thousands)September 30,
2024		June 30,
2024		September 30,
2023
Impact of tax effects associated with items noted above$(1,102)$(1,045)$(1,211)
Impact of discrete tax items
71 168 8 
Total tax adjustments
$(1,031)$(877)$(1,203)















17

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages) Three Months Ended
September 30,
2024		June 30,
2024		September 30,
2023
Revenue, U.S. GAAP$133,203 $121,721 $123,737 
Consolidated investment vehicles
230 267 (186)
Revenue, as adjusted$133,433 $121,988 $123,551 
Expenses, U.S. GAAP$88,330 $83,319 $82,866 
Consolidated investment vehicles
(184)(181)(532)
Accelerated vesting of restricted stock units
(2,336)(2,496)(327)
Other non-recurring expenses (1)
— (1,196)— 
Lease transition and other costs - 280 Park Avenue (2)
— — (2,321)
Expenses, as adjusted$85,810 $79,446 $79,686 
Operating income, U.S. GAAP$44,873 $38,402 $40,871 
Consolidated investment vehicles
414 448 346 
Accelerated vesting of restricted stock units
2,336 2,496 327 
Other non-recurring expenses (1)
— 1,196 — 
Lease transition and other costs - 280 Park Avenue (2)
— — 2,321 
Operating income, as adjusted$47,623 $42,542 $43,865 
Operating margin, U.S. GAAP33.7 %31.5 %33.0 %
Operating margin, as adjusted 35.7 %34.9 %35.5 %
__________________________
(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 Ended
September 30,
2024		June 30,
2024		September 30,
2023
Non-operating income (loss), U.S. GAAP$22,703 $2,556 $(5,159)
Seed investments—net (1)
(19,487)1,162 9,525 
Foreign currency exchange (gains) losses—net (2)
2,191 30 (1,713)
Non-operating income (loss), as adjusted$5,407 $3,748 $2,653 
_________________________
(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.
(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.










18
v3.24.3
Cover Page
Oct. 16, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 16, 2024
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
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