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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."

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.

                                

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 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.

•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 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.

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

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.

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

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

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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)    © 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.

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.

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.

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.

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.

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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.