About Cohen & Steers
Cohen & Steers, Inc. (NYSE: CNS) 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.
Fourth Quarter Results
Diluted EPS of $0.68; $0.81 as adjusted. Closed-end fund rights offering raised $513 million resulting in non-recurring expenses of $10.8 million.
Operating margin of 28.0%; 36.4% as adjusted. Ending AUM of $90.5 billion; average AUM of $90.8 billion. Net inflows of $1.2 billion.
Full Year Results
Diluted EPS of $2.97; $3.09 as adjusted. Operating margin of 32.0%; 35.2% as adjusted. Average AUM of $88.6 billion. Net inflows of $1.5 billion.
Operating Margin & Assets Under Management
Operating margin was 28.0% for the fourth quarter of 2025, compared with 34.5% for the third quarter of 2025, primarily due to expenses associated with the UTF rights offering of $10.8 million. Operating margin represents the ratio of operating income to revenue.
Assets under management at December 31, 2025 were $90.5 billion, a decrease of 0.4% from $90.9 billion at September 30, 2025. The decrease was due to market depreciation of $685 million and distributions of $875 million, partially offset by net inflows of $1.2 billion.
Balance Sheet
As of December 31, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $403.2 million, compared with $364.3 million as of September 30, 2025. As of December 31, 2025, stockholders’ equity was $562.0 million, compared with $550.3 million as of September 30, 2025.