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New York, NY, July 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported operating results for the three months ended June 30, 2022. The operating results along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2022 and on the company’s website at www.cohenandsteers.com under "Company—Investor Relations—Press Releases."

The company will host a conference call tomorrow, July 21, 2022, 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, Matthew Stadler, and chief investment officer, Jon Cheigh.

Investors and analysts can access the live conference call by dialing 877-311-6681 (U.S.) or +1-212-231-2933 (international); passcode: 22019639. 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 at approximately 12:00 p.m. (ET) on July 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22019639. 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—Overview." The webcast will be archived on the website for one month.

                                

•Diluted EPS of $1.06; $0.96, as adjusted

•Operating margin of 41.4%; 43.3%, as adjusted

•Ending AUM of $87.9 billion; average AUM of $95.1 billion

•Net outflows of $717 million

NEW YORK, NY, July 20, 2022—Cohen & Steers, Inc. (NYSE: CNS) today reported its operating results for the quarter ended June 30, 2022.

This section discusses the financial results of the company as presented in accordance with U.S. GAAP.

•The decrease in total investment advisory and administration revenue from the first quarter of 2022 was primarily due to lower average assets under management, partially offset by one additional day in the second quarter.

•Distribution and service fees decreased from the first quarter of 2022. The first quarter of 2022 included expenses of $14.2 million associated with the initial public offering of Cohen & Steers Real Estate Opportunities and Income Fund (RLTY); and

•General and administrative expenses decreased from the first quarter of 2022. The first quarter of 2022 included $658,000 of organizational and offering costs associated with RLTY. This decrease was partially offset by higher travel and entertainment in the second quarter of 2022.

Operating margin was 41.4% for the second quarter of 2022, compared with 33.1% for the first quarter of 2022. The

first quarter of 2022 included costs associated with the initial public offering of RLTY. Operating margin represents the ratio of operating income to revenue.

A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:

This section discusses as adjusted results. Please refer to pages 19-20 for reconciliations of U.S. GAAP to as adjusted results.

Revenue, as adjusted, for the second quarter of 2022 was $147.7 million, compared with $154.3 million, as adjusted, for the first quarter of 2022.

Revenue, as adjusted, excluded the consolidation of certain of the company's seed investments for both periods.

Expenses, as adjusted, for the second quarter of 2022 were $83.7 million, compared with $85.4 million, as adjusted, for the first quarter of 2022.

Expenses, as adjusted, excluded the following:

•The consolidation of certain of the company's seed investments for both periods;

•Amounts related to the accelerated vesting of certain restricted stock units for both periods; and

•Costs associated with the initial public offering of RLTY in the first quarter of 2022.

Operating margin, as adjusted, for the second quarter of 2022 was 43.3%, compared with 44.7%, as adjusted, for the first quarter of 2022.

Non-operating loss, as adjusted, for the second quarter of 2022 was $1.1 million, compared with non-operating loss, as adjusted, of $273,000 for the first quarter of 2022.

Non-operating income (loss), as adjusted, excluded the following for both periods:

•Results from the company's seed investments; and

•Net foreign currency exchange gains and losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

The effective income tax rate, as adjusted, for the second quarter of 2022 was 25.0%, compared with 25.5%, as adjusted, for the first quarter of 2022.

The effective income tax rate, as adjusted, excluded the following for both periods:

•Tax effects associated with items noted above; and

•Discrete tax items.

Assets under management at June 30, 2022 were $87.9 billion, a decrease of 14.0% from $102.1 billion at March 31, 2022. The decrease was driven by net outflows of $717 million, market depreciation of $12.5 billion and distributions of $1.0 billion.

Assets under management in open-end funds at June 30, 2022 were $41.6 billion, a decrease of 13.6% from $48.1 billion at March 31, 2022. The change was primarily due to the following:

•Net outflows of $244 million, including $1.0 billion from preferred securities, partially offset by net inflows of $389 million into real assets multi-strategy (included in "Other" in the table above) and $300 million into U.S. real estate;

•Market depreciation of $5.7 billion, including $3.8 billion from U.S. real estate and $1.2 billion from preferred securities and $552 million from global/international real estate; and

•Distributions of $624 million, including $417 million from U.S. real estate and $152 million from preferred securities. Of these distributions, $556 million was reinvested and included in net inflows.

Assets under management in institutional accounts at June 30, 2022 were $34.5 billion, a decrease of 15.7% from $41.0 billion at March 31, 2022. The change was primarily due to the following:

•Advisory:    

◦Net outflows of $408 million, including $380 million from global/international real estate; and

◦Market depreciation of $3.2 billion, including $1.6 billion from global/international real estate and $1.0 billion from U.S. real estate.

•Japan subadvisory:

◦Net inflows of $23 million;

◦Market depreciation of $1.5 billion, including $1.1 billion from U.S. real estate and $411 million from global/international real estate; and

◦Distributions of $242 million, including $228 million from U.S. real estate.

•Subadvisory excluding Japan:

◦Net outflows of $90 million; and

◦Market depreciation of $1.0 billion, including $734 million from global/international real estate and $112 million from global listed infrastructure.

Assets under management in closed-end funds at June 30, 2022 were $11.8 billion, a decrease of 9.9% from $13.1 billion at March 31, 2022. The decrease was primarily due to market depreciation of $1.1 billion and distributions of $153 million.

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(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)    © 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2022. 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.

As of June 30, 2022, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $227.7 million, compared with $180.7 million as of March 31, 2022. During the first quarter of 2022, the company paid aggregate costs of $15.2 million associated with the initial public offering of RLTY. As of June 30, 2022, stockholders' equity was $289.4 million, compared with $255.4 million as of March 31, 2022, and the company has no debt.

Cohen & Steers will host a conference call tomorrow, July 21, 2022 at 10:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 877-311-6681 (U.S.) or +1-212-231-2933 (international); passcode: 22019639. 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—Press Releases.”

A replay of the call will be available for two weeks starting at approximately 12:00 p.m. (ET) on July 21, 2022 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 22019639. 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—Overview.” The webcast will be archived on the website for one month.

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, 2021 (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.

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