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(212) 832-3232

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of April 30, 2025 was 50,979,157.

* Items other than those listed above have been omitted because they are not applicable.

This report and other documents filed by us 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 (the Exchange Act), which reflect management's current views with respect to, among other things, our 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. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our 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 this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. We intend to use our website, www.cohenandsteers.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Item 1. Financial Statements

_________________________

(1)    Amounts in parentheses represent the aggregate balances at March 31, 2025 and December 31, 2024 attributable to variable interest entities (VIEs) consolidated by the Company.

 

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:

________________________

(1)    Cash included in investments represents operating cash held in consolidated funds.

In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $0.7 million and $0.9 million for the three months ended March 31, 2025 and 2024, respectively.

During the first quarter of 2025, the Company's consolidated exchange-traded funds received non-cash in-kind subscriptions of $20.1 million.

Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company).

The Company is a 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 Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company’s significant accounting policies, which have been consistently applied, are summarized in its Form 10-K.

Recently Adopted Accounting Pronouncements—In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09 (ASU), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance became effective on January 1, 2025. The Company's adoption of this new standard did not have a material impact on the Company's condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance became effective on January 1, 2025. The Company's adoption of this new standard did not have an impact on the Company's condensed consolidated financial statements and related disclosures.

New Accounting Pronouncements Not Yet Implemented—In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This new guidance will be effective on January 1, 2027 for annual reporting and January 1, 2028 for interim reporting. The Company is currently evaluating the impact that the adoption of this new standard will have on the Company's condensed consolidated financial statements and related disclosures.

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

			Three Months Ended March 31,
(in thousands)			2025						2024
Client domicile:
North America			$	117,280					$	106,888
Japan			7,807						7,788
Europe, Middle East and Africa			5,190						4,383
Asia Pacific excluding Japan			4,190						3,651
Total			$	134,467					$	122,710

			Three Months Ended March 31,
(in thousands)			2025						2024
Investment vehicle:
Open-end funds			$	77,354					$	68,152
Institutional accounts			32,167						30,352
Closed-end funds			24,946						24,206
Total			$	134,467					$	122,710

The following table summarizes the Company's investments:

(in thousands)			March 31, 2025						December 31, 2024
Equity investments at fair value			$	325,861					$	208,411
Trading			146,982						126,953
Equity method			540						13
Total investments			$	473,383					$	335,377

The following table summarizes gain (loss) from investments—net:

			Three Months Ended March 31,
(in thousands)			2025						2024
Net realized gains (losses) during the period			$	1,127					$	(2,226)
Net Net unrealized gains (losses) during the period on investments still held at the end of the period			2,426						3,210
Gain (loss) from investments—net			$	3,553					$	984

The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)			March 31, 2025						December 31, 2024
Assets (1)
Investments			$	181,866											$	109,210
Due from brokers			412												60
Other assets			373												199
Total assets			182,651												109,469
Liabilities (1)
Due to brokers			$	230											$	170
Other liabilities and accrued expenses			416												333
Total liabilities			646												503
Net assets			$	182,005											$	108,966
Attributable to the Company			$	60,573											$	45,774
Attributable to noncontrolling interests			121,432												63,192
Net assets			$	182,005											$	108,966

_________________________

(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

ASC Topic 820, Fair Value Measurement specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below:

•Level 1—Unadjusted quoted prices for identical instruments in active markets.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

These levels are not necessarily an indication of the risk or liquidity associated with the investments.

The following tables present fair value measurements:

			March 31, 2025
(in thousands)			Level 1						Level 2						Level 3						Investments Measured at NAV												Total
Cash equivalents			$	32,555					$	—					$	—					$	—											$	32,555
Equity investments at fair value:
Common stocks			$	198,364					$	—					$	—					$	—											$	198,364
Limited partnership interests									—						39,451						1,584												41,035
Preferred securities			2,378						—						—						—												2,378
Non-Traded REIT			—						78,655						—						—												78,655
Other			5,300						—						—						129												5,429
Total			$	206,042					$	78,655					$	39,451					$	1,713											$	325,861
Trading investments:
Fixed income			$	—					$	146,982					$	—					$	—											$	146,982
Equity method investments			$	—					$	—					$	—					$	540											$	540
Total investments			$	206,042					$	225,637					$	39,451					$	2,253											$	473,383
Derivatives - assets:
Total return swaps			$	—					$	209					$	—					$	—											$	209
Forward contracts - foreign exchange (1)			—						195						—						—												195
Total			$	—					$	404					$	—					$	—											$	404
Derivatives - liabilities:
Total return swaps			$	—					$	1,455					$	—					$	—											$	1,455
Forward contracts - foreign exchange			—						181						—						—												181
Total			$	—					$	1,636					$	—					$	—											$	1,636

________________________

(1)Included forward contracts - foreign exchange held by consolidated funds.

Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and exchange-traded preferred securities, for which quoted prices in active markets are not available. The Company elected the fair value option for CNSREIT to align the measurement of the seed investment and the related gains and losses with other seed investments. The Company's ownership interest was 42.6% and 49.4% at March 31, 2025 and December 31, 2024, respectively. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. The unrealized gain on the seed investment in CNSREIT was $0.5 million and $71,366 for the three months ended March 31, 2025 and 2024, respectively.

Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.

Trading investments classified as Level 2 were comprised of U.S. Treasury securities, over-the-counter preferred securities and investment-grade corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.

Investments measured using NAV (or its equivalent) as a practical expedient include limited partnership interests in private real estate funds. At March 31, 2025 and December 31, 2024, the Company did not have the ability to redeem its interests in the majority of these investments. These investments have not been classified in the fair value hierarchy and are presented in the above tables to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.

Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.

Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:

Fair Value as of March 31, 2025 (in thousands)

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Limited partnership interests

$

39,451

Discounted cash flow

Discount rate Terminal capitalization rate

7.00% - 11.75% 5.25% - 10.00%

9.40% 7.91%

Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments:

			As of March 31, 2025
									Fair Value (1)
(in thousands)			Notional Amount						Assets						Liabilities
Corporate derivatives:
Total return swaps			$	83,514					$	209					$	1,455
Forward contracts - foreign exchange			14,092						186						181
Total corporate derivatives			97,606						395						1,636
Derivatives held by consolidated funds:
Forward contracts - foreign exchange			9,428						9						—
Total			$	107,034					$	404					$	1,636

________________________

(1)The fair value of corporate derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. The fair value of derivative financial instruments held by consolidated funds is recorded in investments on the Company's condensed consolidated statements of financial condition.

The Company's corporate derivatives included:

•Total return swaps that are utilized to economically hedge a portion of the market risk of certain seed investments and are included in certain portfolios the Company maintains for the purpose of establishing a performance track record; and

•Forward foreign exchange contracts that are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.

Derivatives held by consolidated funds are comprised of forward foreign exchange contracts that are utilized by certain of the consolidated funds to economically hedge currency exposure associated with certain of its non-U.S. dollar- denominated securities.

Collateral pledged for forward and swap contracts totaled $1.0 million and $0.3 million at March 31, 2025 and December 31, 2024, respectively. Collateral received for swap contracts was $1.3 million at December 31, 2024.

The following table summarizes net gains (losses) from derivative financial instruments:

			Three Months Ended March 31,
(in thousands)			2025						2024
Corporate derivatives:
Total return swaps			$	(1,929)					$	(152)
Forward contracts - foreign exchange			(480)						924
Total corporate derivatives			(2,409)						772
Derivatives held by consolidated funds:
Forward contracts - foreign exchange			9						—
Total (1)			$	(2,400)					$	772

________________________

(1)Gains and losses on total return swaps and derivatives held by consolidated funds are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on corporate forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

			Three Months Ended March 31,
(in thousands, except per share data)			2025						2024
Net income			$	43,289					$	34,414
Net (income) loss attributable to noncontrolling interests			(3,511)						(410)
Net income attributable to common stockholders			$	39,778					$	34,004
Basic weighted average shares outstanding			51,058						49,569
Dilutive potential shares from restricted stock units			360						266
Diluted weighted average shares outstanding			51,418						49,835
Basic earnings per share attributable to common stockholders			$	0.78					$	0.69
Diluted earnings per share attributable to common stockholders			$	0.77					$	0.68
Anti-dilutive common stock equivalents excluded from the calculation			18						11

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

_________________________

*Amounts round to less than 0.1%.

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors.

The following table summarizes revenue earned from these affiliated funds:

			Three Months Ended March 31,
(in thousands)			2025						2024
Investment advisory and administration fees			$	91,892					$	82,960
Distribution and service fees			7,184						6,817
Total			$	99,076					$	89,777

Included in accounts receivable at March 31, 2025 and December 31, 2024 are receivables from Company-sponsored funds of $37.6 million and $37.1 million, respectively. Included in accounts payable at March 31, 2025 and December 31, 2024 are payables to Company-sponsored funds of $1.1 million for both periods.

Included in other assets at March 31, 2025 and December 31, 2024 is an advance to CNSREIT of $8.9 million and $8.5 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion.

See discussion of commitments to Company-sponsored vehicles in Note 11.

On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement.

Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of March 31, 2025, the Company was in compliance with these covenants.

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.

The Company has committed to invest up to a total of $175.0 million in certain of our investment vehicles. As of March 31, 2025, the Company had funded $108.7 million of the commitments. The timing for funding the remaining portion of our commitments is uncertain.

The Company provides investment management and related services to various investment vehicles and client accounts. The Company uses a consolidated approach to assess performance and allocate resources and as such operates in a single reportable segment. The Company’s Executive Committee is the chief operating decision maker (CODM) and regularly receives financial information and management reports that are prepared on a consolidated basis. The CODM uses net income as reported on the condensed consolidated statement of operations, total assets as reported on the condensed consolidated statement of financial condition and other metrics to monitor performance against specific business objectives, review organic growth, evaluate performance against peers and benchmarks, manage expenses and allocate capital. The CODM receives expense information consistent with the financial information included on the Company’s condensed consolidated statement of operations.

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the item described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.

On May 1, 2025, the Company declared a quarterly dividend on its common stock in the amount of $0.62 per share. This dividend will be payable on May 22, 2025 to stockholders of record at the close of business on May 12, 2025.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2025 and 2024. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.

We are a 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, we are headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios. In February 2025, we launched our first active exchange traded funds (ETFs). Our initial ETF launch included three strategies: U.S. real estate securities, preferred securities and natural resource equities.

Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.

Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.

During the quarter, global markets continued to reflect macroeconomic uncertainty and geopolitical tensions. Market volatility and interest rate fluctuations influenced investor sentiment and asset flows. We remain focused on leveraging our portfolio management expertise, disciplined risk management framework and prudent cost control to navigate the current environment.

_________________________

(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 March 31, 2025. 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.

Below is a discussion of our assets under management for the quarter ended March 31, 2025. For additional details, please refer to the tables on pages 19 - 22.

Assets under management at March 31, 2025 increased 7.8% to $87.6 billion from $81.2 billion at March 31, 2024.

Assets under management in open-end funds at March 31, 2025 increased 12.2% to $42.3 billion from $37.7 billion at March 31, 2024. Activity during the first quarter of 2025 included:

•Net inflows of $585 million including $183 million into U.S. real estate and $175 million into global/international real estate

•Market appreciation of $1.0 billion including $780 million from U.S. real estate

•Distributions of $282 million including $151 million from U.S. real estate and $129 million from preferred securities, of which $239 million was reinvested and included in net flows

Assets under management in institutional accounts at March 31, 2025 increased 4.5% to $33.9 billion from $32.4 billion at March 31, 2024. Activity during the first quarter of 2025 included:

Advisory accounts:

•Net outflows of $108 million including $318 million from global/international real estate and $111 million from preferred securities, partially offset by net inflows of $266 million into global listed infrastructure and $51 million into U.S. real estate

•Market appreciation of $539 million including $212 million from U.S. real estate, $174 million from global listed infrastructure and $113 million from global/international real estate

Japan subadvisory accounts:

•Market appreciation of $167 million including $126 million from U.S. real estate

•Distributions of $164 million including $159 million from U.S. real estate

Subadvisory accounts excluding Japan:

•Net outflows of $267 million including $447 million from U.S. real estate, partially offset by net inflows of $233 million into global listed infrastructure

•Market appreciation of $147 million including $69 million from global listed infrastructure and $45 million from global/international real estate

Assets under management in closed-end funds at March 31, 2025 increased 2.4% to $11.4 billion from $11.1 billion at March 31, 2024. Activity during the first quarter of 2025 included:

•Market appreciation of $257 million including $118 million from global listed infrastructure and $101 million from U.S. real estate

•Distributions of $154 million including $52 million from U.S. real estate and $50 million from preferred securities