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________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO             
   
Commission File Number: 001-32236 
 ________________
COHEN & STEERS, INC.
(Exact Name of Registrant as Specified in its Charter)
 ________________ 
Delaware 14-1904657
(State or Other Jurisdiction of
Incorporation or Organization)		 (I.R.S. 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)
  ________________
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 value CNS New York Stock Exchange
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 July 23, 2026 was 51,421,533.


COHEN & STEERS, INC. AND SUBSIDIARIES
Form 10-Q
Index
    Page
Part I. Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II. Other Information *
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
* Items other than those listed above have been omitted because they are not applicable.



Forward-Looking Statements
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, 2025 (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.


PART I—Financial Information

Item 1. Financial Statements
COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands, except share data)

June 30,
2026		 December 31,
2025
Assets:
Cash and cash equivalents $ 59,154  $ 145,452 
Investments ($157,089 and $116,303) (1)
553,044  436,485 
Accounts receivable 83,541  79,775 
Due from brokers ($220 and $90) (1)
945  1,865 
Property and equipment—net 60,797  65,068 
Operating lease right-of-use assets—net 94,521  97,342 
Goodwill and intangible assets—net 19,752  20,040 
Other assets ($1,470 and $986) (1)
29,225  30,667 
Total assets $ 900,979  $ 876,694 
Liabilities:
Accrued compensation and benefits $ 43,945  $ 80,614 
Distribution and service fees payable 8,265  8,623 
Operating lease liabilities 134,390  138,326 
Income tax payable 1,748  1,650 
Due to brokers ($715 and $318) (1)
1,942  319 
Other liabilities and accrued expenses ($460 and $673) (1)
15,321  13,314 
Total liabilities 205,611  242,846 
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests 41,104  22,805 
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 58,924,795 shares issued and 51,416,875 shares outstanding at June 30, 2026 and 58,275,965 shares issued and 51,032,114 shares outstanding at December 31, 2025
 589  583 
Additional paid-in capital 1,017,499  992,948 
Accumulated deficit (85,063) (105,806)
Accumulated other comprehensive loss (5,354) (4,657)
Treasury stock, at cost, 7,507,920 and 7,243,851 shares at June 30, 2026 and December 31, 2025, respectively
 (338,296) (321,115)
Total stockholders’ equity attributable to Cohen & Steers, Inc. 589,375  561,953 
Nonredeemable noncontrolling interests 64,889  49,090 
Total stockholders’ equity 654,264  611,043 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 900,979  $ 876,694 
_________________________
(1)    Amounts in parentheses represent balances attributable to certain consolidated investment vehicles that are considered variable interest entities (VIEs) at June 30, 2026 and December 31, 2025. 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.
See notes to condensed consolidated financial statements
1

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)

  Three Months Ended
June 30,		 Six Months Ended
June 30,
  2026 2025 2026 2025
Revenue:
Investment advisory and administration fees $ 144,285  $ 128,545  $ 281,111  $ 255,316 
Distribution and service fees 7,919  7,166  15,974  14,350 
Other 526  415  1,284  927 
Total revenue 152,730  136,126  298,369  270,593 
Expenses:
Employee compensation and benefits 61,506  56,640  119,208  111,194 
Distribution and service fees 16,890  15,706  33,227  30,895 
General and administrative 18,953  18,078  37,857  35,247 
Depreciation and amortization 2,606  2,375  5,180  4,732 
Total expenses 99,955  92,799  195,472  182,068 
Operating income 52,775  43,327  102,897  88,525 
Non-operating income (loss):
Interest and dividend income 5,218  6,315  10,525  11,686 
Gain (loss) from investments—net 14,186  6,715  15,197  10,268 
Foreign currency gain (loss)—net (166) (2,523) 593  (3,695)
Total non-operating income (loss) 19,238  10,507  26,315  18,259 
Income before provision for income taxes 72,013  53,834  129,212  106,784 
Provision for income taxes 16,447  12,062  32,426  21,723 
Net income 55,566  41,772  96,786  85,061 
Net (income) loss attributable to noncontrolling interests (6,223) (4,923) (5,075) (8,434)
Net income attributable to common stockholders $ 49,343  $ 36,849  $ 91,711  $ 76,627 
Earnings per share attributable to common stockholders:
Basic $ 0.96  $ 0.72  $ 1.78  $ 1.50 
Diluted $ 0.95  $ 0.72  $ 1.77  $ 1.49 
Weighted average shares outstanding:
Basic 51,545  51,165  51,493  51,112 
Diluted 51,861  51,471  51,729  51,445 















See notes to condensed consolidated financial statements
2

COHEN & STEERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in thousands)

Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Net income $ 55,566  $ 41,772  $ 96,786  $ 85,061 
Net (income) loss attributable to noncontrolling interests (6,223) (4,923) (5,075) (8,434)
Net income attributable to common stockholders 49,343  36,849  91,711  76,627 
Other comprehensive income (loss):
Foreign currency translation gain (loss) 26  3,965  (697) 6,067 
Total comprehensive income attributable to common stockholders $ 49,369  $ 40,814  $ 91,014  $ 82,694 





























See notes to condensed consolidated financial statements
3

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
(in thousands, except per share data)

Three Months Ended June 30, 2026
Common
Stock		 Additional
Paid-In
Capital		 Accumulated Deficit Accumulated Other
Comprehensive
Income (Loss)		 Treasury
Stock		 Nonredeemable
Noncontrolling
Interests		 Total
Stockholders'
Equity		 Redeemable
Noncontrolling
Interests
April 1, 2026 $ 589  $ 1,004,985  $ (98,910) $ (5,380) $ (337,933) $ 59,948  $ 623,299  $ 43,671 
Dividends ($0.67 per share)
 —  —  (35,496) —  —  —  (35,496) — 
Issuance of common stock
 —  315  —  —  31  —  346  — 
Repurchase of common stock —  —  —  —  (394) —  (394) — 
Issuance of restricted stock units—net —  1,158  —  —  —  —  1,158  — 
Amortization of restricted stock units—net —  11,041  —  —  —  —  11,041  — 
Net income (loss) —  —  49,343  —  —  4,941  54,284  1,282 
Other comprehensive income (loss) —  —  —  26  —  —  26  — 
Net contributions (distributions) attributable to noncontrolling interests —  —  —  —  —  —  —  7,700 
Deconsolidation of consolidated funds —  —  —  —  —  —  —  (11,549)
June 30, 2026
 $ 589  $ 1,017,499  $ (85,063) $ (5,354) $ (338,296) $ 64,889  $ 654,264  $ 41,104 
Three Months Ended June 30, 2025
Common
Stock		 Additional
Paid-In
Capital		 Accumulated Deficit Accumulated Other
Comprehensive
Income (Loss)		 Treasury
Stock		 Nonredeemable
Noncontrolling
Interests		 Total
Stockholders'
Equity		 Redeemable
Noncontrolling
Interests
April 1, 2025 $ 582  $ 955,669  $ (121,933) $ (7,923) $ (318,708) $ 11,955  $ 519,642  $ 121,710 
Dividends ($0.62 per share)
 —  —  (32,426) —  —  —  (32,426) — 
Issuance of common stock —  262  —  —  32  —  294  — 
Repurchase of common stock —  —  —  —  (621) —  (621) — 
Issuance of restricted stock units—net —  913  —  —  —  —  913  — 
Amortization of restricted stock units—net —  11,840  —  —  —  —  11,840  — 
Net income (loss) —  —  36,849  —  68  36,917  4,855 
Other comprehensive income (loss) —  —  —  3,965  —  —  3,965  — 
Net contributions (distributions) attributable to noncontrolling interests —  —  —  —  —  547  547  105,212 
Deconsolidation of consolidated funds —  —  —  —  —  —  —  (230,527)
June 30, 2025
 $ 582  $ 968,684  $ (117,510) $ (3,958) $ (319,297) $ 12,570  $ 541,071  $ 1,250 

See notes to condensed consolidated financial statements
4

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)—(Continued)
(in thousands, except per share data)

Six Months Ended June 30, 2026
Common
Stock		 Additional
Paid-In
Capital		 Accumulated Deficit Accumulated Other
Comprehensive
Income (Loss)		 Treasury
Stock		 Nonredeemable
Noncontrolling
Interests		 Total
Stockholders'
Equity		 Redeemable
Noncontrolling
Interests
January 1, 2026 $ 583  $ 992,948  $ (105,806) $ (4,657) $ (321,115) $ 49,090  $ 611,043  $ 22,805 
Dividends ($1.34 per share)
 —  —  (70,968) —  —  —  (70,968) — 
Issuance of common stock 6  681  —  —  130  —  817  — 
Repurchase of common stock —  —  —  —  (17,311) —  (17,311) — 
Issuance of restricted stock units—net —  2,698  —  —  —  —  2,698  — 
Amortization of restricted stock units—net —  21,172  —  —  —  —  21,172  — 
Net income (loss) —  —  91,711  —  —  4,444  96,155  631 
Other comprehensive income (loss) —  —  —  (697) —  —  (697) — 
Net contributions (distributions) attributable to noncontrolling interests —  —  —  —  —  11,355  11,355  37,744 
Deconsolidation of consolidated funds —  —  —  —  —  —  —  (20,076)
June 30, 2026
 $ 589  $ 1,017,499  $ (85,063) $ (5,354) $ (338,296) $ 64,889  $ 654,264  $ 41,104 
Six Months Ended June 30, 2025
Common
Stock		 Additional
Paid-In
Capital		 Accumulated Deficit Accumulated Other
Comprehensive
Income (Loss)		 Treasury
Stock		 Nonredeemable
Noncontrolling
Interests		 Total
Stockholders'
Equity		 Redeemable
Noncontrolling
Interests
January 1, 2025 $ 575  $ 943,281  $ (129,339) $ (10,025) $ (292,781) $ 9,732  $ 521,443  $ 53,460 
Dividends ($1.24 per share)
 —  —  (64,798) —  —  —  (64,798) — 
Issuance of common stock 7  592  —  —  82  —  681  — 
Repurchase of common stock —  —  —  —  (26,598) —  (26,598) — 
Issuance of restricted stock units—net —  2,042  —  —  —  —  2,042  — 
Amortization of restricted stock units—net —  22,769  —  —  —  —  22,769  — 
Net income (loss) —  —  76,627  —  —  30  76,657  8,404 
Other comprehensive income (loss) —  —  —  6,067  —  —  6,067  — 
Net contributions (distributions) attributable to noncontrolling interests —  —  —  —  —  2,808  2,808  169,913 
Deconsolidation of consolidated funds —  —  —  —  —  —  —  (230,527)
June 30, 2025
 $ 582  $ 968,684  $ (117,510) $ (3,958) $ (319,297) $ 12,570  $ 541,071  $ 1,250 
See notes to condensed consolidated financial statements
5

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)

  Six Months Ended
June 30,
  2026 2025
Cash flows from operating activities:
Net income $ 96,786  $ 85,061 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net 22,081  23,540 
Depreciation and amortization 6,254  5,659 
Non-cash lease expense 2,697  2,629 
Amortization (accretion) of premium (discount) on U.S. Treasury securities 397  1,375 
(Gain) loss from investments—net (15,197) (10,268)
Deferred income taxes 7,274  3,478 
Foreign currency (gain) loss (22) 1,952 
Changes in operating assets and liabilities:
Accounts receivable (4,209) 1,985 
Due from brokers 735  (13,005)
Investments held by consolidated funds (51,060) (242,211)
Other assets (3,093) (2,254)
Accrued compensation and benefits (36,669) (31,102)
Distribution and service fees payable (358) (148)
Operating lease liabilities (3,787) (2,987)
Due to brokers 1,374  6,402 
Income tax payable (1,821) (9,811)
Other liabilities and accrued expenses (5,357) 3,120 
Net cash provided by (used in) operating activities 16,025  (176,585)
Cash flows from investing activities:
Purchases of investments (340,575) (161,776)
Proceeds from sales and maturities of investments 281,726  169,517 
Purchases of property and equipment (1,020) (3,209)
Net cash provided by (used in) investing activities (59,869) 4,532 
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan 694  579 
Repurchase of common stock for employee tax withholding (17,311) (26,598)
Dividends to stockholders (69,055) (63,423)
Net contributions (distributions) from noncontrolling interests 45,104  172,721 
Other (15) (15)
Net cash provided by (used in) financing activities (40,583) 83,264 
Net increase (decrease) in cash and cash equivalents (84,427) (88,789)
Effect of foreign exchange rate changes on cash and cash equivalents (333) 1,357 
Cash and cash equivalents, beginning of the period 146,604  183,162 
Cash and cash equivalents, end of the period $ 61,844  $ 95,730 
See notes to condensed consolidated financial statements
6

COHEN & STEERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(UNAUDITED)
 
Supplemental disclosures of cash flow information:
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:
As of June 30,
(in thousands) 2026 2025
Cash and cash equivalents
 $ 59,154  $ 95,372 
Cash included in investments (1)
2,690  358 
Total cash and cash equivalents within condensed consolidated statements of cash flows
 $ 61,844  $ 95,730 
________________________
(1)    Cash included in investments represents operating cash held in consolidated funds.
Supplemental disclosures of non-cash investing and financing activities:
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 $1.9 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.
During the six months ended June 30, 2026 and 2025, the Company deconsolidated certain funds resulting in a non-cash reduction of $20.1 million and $230.5 million, respectively, from both investments and redeemable noncontrolling interests.
During the six months ended June 30, 2026 and 2025, the Company's consolidated exchange-traded funds had non-cash in-kind net subscriptions of $4.0 million and $20.1 million, respectively.
During the six months ended June 30, 2025, the Company recorded $2.7 million of right-of-use assets and corresponding lease liabilities in connection with new lease agreements.
7

COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. Organization and Description of Business

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.

2. Basis of Presentation and Significant Accounting Policies
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, as well as certain investment vehicles that it is required to consolidate. 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, 2025 (Form 10-K).
New Accounting Pronouncements Not Yet Implemented
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 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 does not expect the adoption of this new standard will have a material impact on the Company's condensed consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use-Software. The ASU provides targeted amendments to modernize the accounting framework for internal-use software development, including the removal of the traditional "development stage" model and the introduction of a more principles-based approach to capitalization. Under the new guidance, companies may begin capitalizing internal-use software costs when: management with the relevant authority authorizes and commits to funding the software project and it is probable that the project will be completed, and the software will be used to perform its intended function. This new guidance will be effective on January 1, 2028. The Company does not expect that the adoption of this new standard will have a material impact on the Company's condensed consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments clarify the applicability of interim reporting guidance, specify the form and content of interim financial statements and provide a consolidated list of required interim disclosures across other Accounting Standards Codification topics. The amendments also establish a principle requiring disclosure of events occurring since the end of the last annual reporting period that had a material impact on the entity. This guidance will be effective on January 1, 2028. The Company is currently evaluating the impact that adoption of this standard will have on the Company's condensed consolidated financial statements and related disclosures.
8


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Consolidation of Investment Vehicles
The Company's financial interests in investment vehicles, including the management fees that are received, are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model.
A VIE is an entity in which either the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. Limited partnerships and similar entities are determined to be a VIE generally when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The primary beneficiary is the entity that has the power to direct the activities of the VIE that most significantly affect its performance, and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary.
Investments that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the vehicle.
The Company records noncontrolling interests in consolidated funds for which the Company’s ownership is less than 100%.

3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Client domicile:
North America $ 133,871  $ 118,644  $ 261,635  $ 235,924 
Japan 7,472  7,595  14,989  15,402 
Europe, Middle East and Africa 6,552  5,601  12,208  10,791 
Asia Pacific excluding Japan 4,835  4,286  9,537  8,476 
Total $ 152,730  $ 136,126  $ 298,369  $ 270,593 

Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Investment vehicle:
Open-end funds $ 88,943  $ 78,194  $ 172,806  $ 155,548 
Institutional accounts 35,752  32,854  70,294  65,021 
Closed-end funds 28,035  25,078  55,269  50,024 
Total $ 152,730  $ 136,126  $ 298,369  $ 270,593 




9


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
4. Investments

The following table summarizes the Company's investments:

(in thousands) June 30,
2026		 December 31, 2025
Equity investments at fair value $ 329,580  $ 271,034 
Trading 223,455  165,443 
Equity method 9  8 
Total investments $ 553,044  $ 436,485 

The following table summarizes the amounts related to the Company's VIEs for which it is not the primary beneficiary:
(in thousands) June 30,
2026		 December 31, 2025
Investments $ 4,667  $ 325 
Receivables $ 1,046  $ 791 
Payables $ 1,147  $ 992 
The Company’s maximum exposure to loss associated with these VIEs is limited to its investments and uncollected receivables.
The following table summarizes net unrealized gains from investments still held at the end of the period:
  Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Net unrealized gains (losses) during the period on investments
still held at the end of the period
 $ 15,673  $ 6,437  $ 20,366  $ 8,863 
























10


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
5. Fair Value
The following tables present assets and liabilities measured at fair value on a recurring basis:
June 30, 2026
(in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total
Cash equivalents $ 30,224  $ —  $ —  $ —  $ 30,224 
Equity investments at fair value:
Equity securities $ 122,228  $ 119,034  $ —  $ 144  $ 241,406 
Limited partnership interests —  —  84,682  3,492  88,174 
Total 122,228  119,034  84,682  3,636  329,580 
Trading investments:
Fixed income —  223,455  —  —  223,455 
Equity method investments —  —  —  9  9 
Total investments $ 122,228  $ 342,489  $ 84,682  $ 3,645  $ 553,044 
Derivatives - assets:
Total return swaps $ —  $ 1,924  $ —  $ —  $ 1,924 
Forward contracts - foreign exchange —  224  —  —  224 
Total $ —  $ 2,148  $ —  $ —  $ 2,148 
Derivatives - liabilities:
Total return swaps $ —  $ 945  $ —  $ —  $ 945 
Forward contracts - foreign exchange —  3  —  —  3 
Total $ —  $ 948  $ —  $ —  $ 948 

11


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
December 31, 2025
(in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total
Cash equivalents $ 105,706  $ —  $ —  $ —  $ 105,706 
Equity investments at fair value:
Equity securities $ 118,553  $ 80,868  $ —  $ 138  $ 199,559 
Limited partnership interests —  —  65,335  6,140  71,475 
Total 118,553  80,868  65,335  6,278  271,034 
Trading investments:
Fixed income —  165,443  —  —  165,443 
Equity method investments —  —  —  8  8 
Total investments $ 118,553  $ 246,311  $ 65,335  $ 6,286  $ 436,485 
Derivatives - assets:
Total return swaps $ —  $ 353  $ —  $ —  $ 353 
Forward contracts - foreign exchange —  433  —  —  433 
Total $ —  $ 786  $ —  $ —  $ 786 
Derivatives - liabilities:
Total return swaps $ —  $ 1,964  $ —  $ —  $ 1,964 
Forward contracts - foreign exchange —  55  —  —  55 
Total $ —  $ 2,019  $ —  $ —  $ 2,019 
Equity investments at fair value include certain investments for which the Company has elected the fair value option that otherwise would be accounted for under the equity method. The fair value option was elected to align the measurement
and recognition of gains and losses with the Company's other seed investments.
Equity investments at fair value for which the Company has elected the fair value option include:
•Seed investments in certain active exchange-traded funds (ETFs) that are classified as Level 1; and
•Seed investment in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) classified as Level 2. Quoted prices in active markets are not available for CNSREIT and fair value is determined using the monthly published net asset value (NAV), which is an observable transaction price. Shares of CNSREIT are not actively traded, as subscriptions and redemptions are permitted on a monthly basis.
The following tables summarize amounts related to the investments for which the fair value option has been elected:
(in thousands) June 30,
2026		 December 31, 2025
Fair value
CNSREIT $ 119,032  $ 80,865 
Cohen & Steers Short Duration Preferred and Income Active ETF $ 19,801  N/A
Cohen & Steers Natural Resources Active ETF $ 19,703  $ 17,906 
Cohen & Steers Infrastructure Opportunities Active ETF $ 16,846  N/A
12


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
June 30,
2026		 December 31, 2025
Ownership Interest
CNSREIT 35.1  % 36.9  %
Cohen & Steers Short Duration Preferred and Income Active ETF 42.5  % N/A
Cohen & Steers Natural Resources Active ETF 21.7  % 35.7  %
Cohen & Steers Infrastructure Opportunities Active ETF 38.1  % N/A
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 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 primarily consist of limited partnership interests in private real estate funds. As of June 30, 2026 and December 31, 2025, the Company did not have the ability to redeem its interests in certain of these investments and others may be redeemed subject to certain restrictions. 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:

Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Balance at beginning of period $ 79,825  $ 39,451  $ 65,335  $ 32,552 
Purchases/contributions 85  119  14,101  7,311 
Realized and unrealized gains (losses) 4,772  (323) 5,246  (616)
Balance at end of period $ 84,682  $ 39,247  $ 84,682  $ 39,247 
The following tables summarize 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 June 30, 2026
(in thousands)
 Valuation Technique Unobservable Inputs Range Weighted Average
Limited partnership interests
 $ 84,682  Discounted cash flow Discount rate
Terminal capitalization rate
6.75% - 9.50%
5.25% - 8.00%
8.63%
7.20%
Fair Value as of December 31, 2025
(in thousands)
 Valuation Technique Unobservable Inputs Range Weighted Average
Limited partnership interests
 $ 65,335  Discounted cash flow Discount rate
Terminal capitalization rate
7.00% - 10.00%
5.25% - 8.75%
8.82%
7.40%
13


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments:
As of June 30, 2026
Fair Value (1)
(in thousands) Notional Amount Assets Liabilities
Corporate derivatives:
Total return swaps $ 84,369  $ 1,924  $ 945 
Forward contracts - foreign exchange 7,955  171  — 
Total corporate derivatives 92,324  2,095  945 
Derivatives held by consolidated funds:
Forward contracts - foreign exchange 35,438  53  3 
Total $ 127,762  $ 2,148  $ 948 

As of December 31, 2025
Fair Value (1)
(in thousands) Notional Amount Assets Liabilities
Corporate derivatives:
Total return swaps $ 92,451  $ 353  $ 1,964 
Forward contracts - foreign exchange 7,786  173  4 
Total corporate derivatives 100,237  526  1,968 
Derivatives held by consolidated funds:
Forward contracts - foreign exchange 37,067  260  51 
Total $ 137,304  $ 786  $ 2,019 
________________________
(1)    The fair values of corporate and consolidated fund derivative financial instruments are recorded in other assets and other liabilities and accrued expenses 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 total return swaps that 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 to economically hedge currency exposure.
The following table summarizes the collateral related to derivative financial instruments:
(in thousands) June 30,
2026		 December 31,
2025
Collateral pledged $ 264  $ 1,764 
Collateral received $ 970  $ 260 
14


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
The following table summarizes net gains (losses) from derivative financial instruments:
  Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Corporate derivatives:
Total return swaps $ (453) $ (1,754) $ (5,959) $ (3,683)
Forward contracts - foreign exchange (287) (137) 2  (617)
Total corporate derivatives (740) (1,891) (5,957) (4,300)
Derivatives held by consolidated funds:
Forward contracts - foreign exchange 408  —  50  9 
Total (1)
$ (332) $ (1,891) $ (5,907) $ (4,291)
________________________
(1)Gains and losses on corporate 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.

7. Earnings Per Share

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

  Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands, except per share data) 2026 2025 2026 2025
Net income $ 55,566  $ 41,772  $ 96,786  $ 85,061 
Net (income) loss attributable to noncontrolling interests (6,223) (4,923) (5,075) (8,434)
Net income attributable to common stockholders $ 49,343  $ 36,849  $ 91,711  $ 76,627 
Basic weighted average shares outstanding 51,545  51,165  51,493  51,112 
Dilutive potential shares from restricted stock units 316  306  236  333 
Diluted weighted average shares outstanding 51,861  51,471  51,729  51,445 
Basic earnings per share attributable to common stockholders $ 0.96  $ 0.72  $ 1.78  $ 1.50 
Diluted earnings per share attributable to common stockholders $ 0.95  $ 0.72  $ 1.77  $ 1.49 
Anti-dilutive common stock equivalents excluded from the calculation
 44  33  71  25 














15


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
8. Income Taxes

The provision for income taxes includes 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:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
U.S. federal statutory tax rate 21.0  % 21.0  % 21.0  % 21.0  %
State and local income taxes, net of federal benefit 3.0  3.0  3.0  2.9 
Nontaxable or nondeductible items:
Nondeductible executive compensation 1.6  1.5  1.4  2.2 
Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units —  * 0.4  0.8  (3.1)
Valuation allowance (0.8) (0.2) (0.5) (0.2)
Changes in unrecognized tax benefits 0.1  (0.5) 0.1  (0.5)
Effect of cross-border tax laws 0.1  —  * 0.1  —  *
Foreign tax effects —  * (0.4) 0.1  (0.2)
Other —  * (0.1) 0.1  —  *
Effective income tax rate 25.0  % 24.7  % 26.1  % 22.1  %
_________________________
*    Percentage rounds to less than 0.1%.

9. Related Party Transactions

The Company is an investment adviser, has administration agreements with and provides services to Company-sponsored funds and investment products for which certain employees are officers and/or directors. See discussion of commitments to Company-sponsored vehicles in Note 11, Commitments and Contingencies.
The following table summarizes revenue earned from these affiliated funds:
  Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Investment advisory and administration fees $ 105,976  $ 93,252  $ 206,037  $ 185,144 
Distribution and service fees 7,919  7,166  15,974  14,350 
Total $ 113,895  $ 100,418  $ 222,011  $ 199,494 

The following table summarizes outstanding balances with related parties:
(in thousands) June 30,
2026		 December 31,
2025
Receivables from Company-sponsored funds $ 41,222  $ 39,118 
Amounts due from CNSREIT (1)
$ 11,871  $ 10,833 
Payables to Company-sponsored funds $ 437  $ 653 
________________________
(1)Amounts related to services already provided of $3.8 million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively, are included in accounts receivable; the remaining amounts of $8.1 million and $7.8 million as of June 30, 2026 and December 31, 2025, respectively, are included in other assets.


16


COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
10. Credit Agreement
On August 15, 2025, the Company entered into an Amendment to its Credit Agreement with Bank of America, N.A. (the Amended Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on August 15, 2029. Borrowings under the Amended 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, a rate equal to Term SOFR 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, a rate equal to a Base Rate plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a commitment fee based on the actual daily unused amount of the credit facility payable quarterly.
Borrowings under the Amended Credit Agreement may be used for working capital and other general corporate purposes. The Amended 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 June 30, 2026, the Company was in compliance with these covenants.

11. Commitments and Contingencies

From time to time, the Company may be 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 June 30, 2026, the Company had funded $136.5 million of these commitments. The timing for funding the remaining portion of our commitments is uncertain.

12. Segment Information
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 statements of operations, total assets as reported on the condensed consolidated statements of financial condition and other metrics to monitor performance against specific business objectives, evaluate performance against peers and benchmarks, manage expenses and allocate capital. The CODM receives expense information prepared on the same basis as the Company’s condensed consolidated statements of operations and is not provided with any financial measures that differ from those used in the condensed consolidated financial statements.

13. Subsequent Events

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 items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.
On July 15, 2026, the Company completed a rights offering for its closed-end fund, Cohen & Steers Quality Income Realty Fund, Inc. The offering raised approximately $220 million in proceeds, including leverage, for the fund. The Company expects to incur additional costs of approximately $5.5 million in connection with the offering.
On July 30, 2026, the Company declared a quarterly dividend on its common stock in the amount of $0.67 per share. This dividend will be payable on August 20, 2026 to stockholders of record at the close of business on August 10, 2026.
17

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 and six months ended June 30, 2026 and 2025. 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.

Executive Overview
General
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, global/international real estate, global listed infrastructure, real assets multi-strategy, global natural resource equities, and private real estate solutions. 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 (which include active exchange-traded funds (ETFs)), other commingled vehicles, separate accounts and subadvised portfolios.
Our global distribution is concentrated in two channels: wealth and institutional. The wealth channel includes a variety of intermediaries such as global private banks, U.S. wirehouses, independent and regional broker dealers, bank trusts, registered investment advisers and discretionary portfolio managers using global custody or clearing platforms. The institutional channel comprises sovereign wealth funds, public and private pension and retirement plans, insurance companies, endowments, foundations, and global investment consultants who support these institutions.
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end funds, including ETFs, 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. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from open-end funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund’s board of directors for certain contracts.
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.
Macroeconomic Environment
Global economic conditions remained volatile through the second quarter of 2026, with many of the uncertainties that characterized the first quarter continuing to influence markets. Investors remained focused on the potential economic implications of artificial intelligence adoption, conditions within private credit markets, and ongoing geopolitical developments in the Middle East and their potential effects on commodity prices and inflation. Central banks continued to balance gradual progress on core inflation against signs of moderating employment growth and energy prices, and policy uncertainty remained a driver of market dynamics even as corporate fundamentals were generally upbeat.
18

Investment Performance at June 30, 2026
investmentperformance10Q.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)    © 2026 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, 2026. 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.
Assets Under Management
Below is a discussion of our assets under management for the quarter ended June 30, 2026. For additional details, please refer to the tables on pages 21 - 24.
Assets under management at June 30, 2026 increased 12.6% to $100.1 billion from $88.9 billion at June 30, 2025.
Open-end funds
Assets under management in open-end funds at June 30, 2026 increased 14.0% to $49.0 billion from $43.0 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
•Net inflows of $2.0 billion including $674 million into U.S. real estate, $530 million into real assets multi-strategy (included in "Other") and $331 million into preferred securities;
•Market appreciation of $4.3 billion including $3.5 billion from U.S. real estate; and
19

•Distributions of $755 million including $368 million from U.S. real estate and $273 million from preferred securities, of which $542 million was reinvested and included in net flows.
Institutional accounts
Assets under management in institutional accounts at June 30, 2026 increased 12.0% to $38.5 billion from $34.4 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
Advisory accounts:
•Net outflows of $54 million including $362 million from global/international real estate, partially offset by net inflows of $134 million into global listed infrastructure and $126 million into U.S. real estate; and
•Market appreciation of $2.1 billion including $1.0 billion from U.S. real estate, $546 million from global/international real estate and $485 million from global listed infrastructure.
Subadvisory accounts:
•Net outflows of $162 million including $184 million from global/international real estate, partially offset by net inflows of $62 million into U.S. real estate;
•Market appreciation of $1.9 billion including $1.1 billion from U.S. real estate and $501 million from global/international real estate; and
•Distributions of $306 million including $286 million from U.S. real estate.
Closed-end funds
Assets under management in closed-end funds at June 30, 2026 increased 8.6% to $12.6 billion from $11.6 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:
•Market appreciation of $868 million including $378 million from global listed infrastructure and $355 million from U.S. real estate; and
•Distributions of $334 million including $113 million from U.S. real estate and $107 million from global listed infrastructure.






















20

Assets Under Management
By Investment Vehicle
(in millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Open-end Funds
Assets under management, beginning of period $ 44,841  $ 42,298  $ 43,437  $ 40,962 
Inflows 4,275  3,072  7,633  6,591 
Outflows (2,821) (2,787) (5,624) (5,721)
Net inflows (outflows) 1,454  285  2,009  870 
Market appreciation (depreciation) 3,147  816  4,302  1,849 
Distributions (449) (437) (755) (719)
Total increase (decrease) 4,152  664  5,556  2,000 
Assets under management, end of period $ 48,993  $ 42,962  $ 48,993  $ 42,962 
Average assets under management $ 48,111  $ 42,110  $ 46,716  $ 41,959 
Institutional Accounts
Assets under management, beginning of period $ 36,029  $ 33,886  $ 35,060  $ 33,563 
Inflows 1,372  651  2,475  1,751 
Outflows (1,529) (1,170) (2,691) (2,636)
Net inflows (outflows) (157) (519) (216) (885)
Market appreciation (depreciation) 2,801  1,190  3,985  2,043 
Distributions (150) (171) (306) (335)
Total increase (decrease) 2,494  500  3,463  823 
Assets under management, end of period $ 38,523  $ 34,386  $ 38,523  $ 34,386 
Average assets under management $ 38,272  $ 33,844  $ 37,501  $ 33,736 
Closed-end Funds
Assets under management, beginning of period $ 12,258  $ 11,395  $ 12,047  $ 11,289 
Inflows 1  103  2  106 
Outflows —  —  —  — 
Net inflows (outflows) 1  103  2  106 
Market appreciation (depreciation) 493  244  868  501 
Distributions (169) (154) (334) (308)
Total increase (decrease) 325  193  536  299 
Assets under management, end of period
 $ 12,583  $ 11,588  $ 12,583  $ 11,588 
Average assets under management $ 12,594  $ 11,289  $ 12,482  $ 11,321 
Total
Assets under management, beginning of period $ 93,128  $ 87,579  $ 90,544  $ 85,814 
Inflows 5,648  3,826  10,110  8,448 
Outflows (4,350) (3,957) (8,315) (8,357)
Net inflows (outflows) 1,298  (131) 1,795  91 
Market appreciation (depreciation) 6,441  2,250  9,155  4,393 
Distributions (768) (762) (1,395) (1,362)
Total increase (decrease) 6,971  1,357  9,555  3,122 
Assets under management, end of period $ 100,099  $ 88,936  $ 100,099  $ 88,936 
Average assets under management $ 98,977  $ 87,243  $ 96,699  $ 87,016 








21

Assets Under Management - Institutional Accounts
By Account Type
(in millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Advisory
Assets under management, beginning of period $ 21,679  $ 19,703  $ 20,843  $ 19,272 
Inflows 592  436  1,300  1,033 
Outflows (856) (848) (1,354) (1,553)
Net inflows (outflows) (264) (412) (54) (520)
Market appreciation (depreciation) 1,490  754  2,116  1,293 
Total increase (decrease) 1,226  342  2,062  773 
Assets under management, end of period $ 22,905  $ 20,045  $ 22,905  $ 20,045 
Average assets under management $ 22,752  $ 19,789  $ 22,371  $ 19,686 
Subadvisory
Assets under management, beginning of period $ 14,350  $ 14,183  $ 14,217  $ 14,291 
Inflows 780  215  1,175  718 
Outflows (673) (322) (1,337) (1,083)
Net inflows (outflows) 107  (107) (162) (365)
Market appreciation (depreciation) 1,311  436  1,869  750 
Distributions (150) (171) (306) (335)
Total increase (decrease) 1,268  158  1,401  50 
Assets under management, end of period 15,618  14,341  15,618  14,341 
Average assets under management $ 15,520  $ 14,055  $ 15,130  $ 14,050 
Total Institutional Accounts
Assets under management, beginning of period $ 36,029  $ 33,886  $ 35,060  $ 33,563 
Inflows 1,372  651  2,475  1,751 
Outflows (1,529) (1,170) (2,691) (2,636)
Net inflows (outflows) (157) (519) (216) (885)
Market appreciation (depreciation) 2,801  1,190  3,985  2,043 
Distributions (150) (171) (306) (335)
Total increase (decrease) 2,494  500  3,463  823 
Assets under management, end of period $ 38,523  $ 34,386  $ 38,523  $ 34,386 
Average assets under management $ 38,272  $ 33,844  $ 37,501  $ 33,736 
























22

Assets Under Management
By Investment Strategy
(in millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
U.S. Real Estate
Assets under management, beginning of period $ 44,569  $ 43,591  $ 43,503  $ 42,930 
Inflows 3,063  1,909  5,240  4,228 
Outflows (2,180) (1,560) (4,377) (4,096)
Net inflows (outflows) 883  349  863  132 
Market appreciation (depreciation) 4,495  466  5,952  1,716 
Distributions (397) (434) (768) (796)
Transfers —  —  —  (10)
Total increase (decrease) 4,981  381  6,047  1,042 
Assets under management, end of period $ 49,550  $ 43,972  $ 49,550  $ 43,972 
Average assets under management $ 48,506  $ 43,172  $ 46,906  $ 43,257 
Preferred Securities
Assets under management, beginning of period $ 17,848  $ 18,207  $ 18,081  $ 18,330 
Inflows 953  738  1,803  1,585 
Outflows (772) (1,218) (1,489) (2,141)
Net inflows (outflows) 181  (480) 314  (556)
Market appreciation (depreciation) 532  351  349  472 
Distributions (190) (176) (373) (354)
Transfers —  —  —  10 
Total increase (decrease) 523  (305) 290  (428)
Assets under management, end of period $ 18,371  $ 17,902  $ 18,371  $ 17,902 
Average assets under management $ 18,265  $ 17,792  $ 18,228  $ 18,086 
Global/International Real Estate
Assets under management, beginning of period $ 14,361  $ 13,129  $ 14,273  $ 13,058 
Inflows 493  403  1,125  863 
Outflows (896) (426) (1,482) (1,052)
Net inflows (outflows) (403) (23) (357) (189)
Market appreciation (depreciation) 1,205  915  1,256  1,157 
Distributions (47) (41) (56) (46)
Total increase (decrease) 755  851  843  922 
Assets under management, end of period $ 15,116  $ 13,980  $ 15,116  $ 13,980 
Average assets under management $ 15,199  $ 13,521  $ 15,114  $ 13,347 













23

Assets Under Management
By Investment Strategy - continued
(in millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Global Listed Infrastructure
Assets under management, beginning of period $ 12,589  $ 9,710  $ 11,456  $ 8,793 
Inflows 442  460  837  1,212 
Outflows (285) (439) (584) (605)
Net inflows (outflows) 157  21  253  607 
Market appreciation (depreciation) 245  403  1,336  810 
Distributions (98) (82) (152) (128)
Transfers (189) —  (189) (30)
Total increase (decrease) 115  342  1,248  1,259 
Assets under management, end of period $ 12,704  $ 10,052  $ 12,704  $ 10,052 
Average assets under management $ 12,828  $ 9,829  $ 12,558  $ 9,441 
Other
Assets under management, beginning of period $ 3,761  $ 2,942  $ 3,231  $ 2,703 
Inflows 697  316  1,105  560 
Outflows (217) (314) (383) (463)
Net inflows (outflows) 480  2  722  97 
Market appreciation (depreciation) (36) 115  262  238 
Distributions (36) (29) (46) (38)
Transfers 189  —  189  30 
Total increase (decrease) 597  88  1,127  327 
Assets under management, end of period $ 4,358  $ 3,030  $ 4,358  $ 3,030 
Average assets under management $ 4,179  $ 2,929  $ 3,893  $ 2,885 
Total
Assets under management, beginning of period $ 93,128  $ 87,579  $ 90,544  $ 85,814 
Inflows 5,648  3,826  10,110  8,448 
Outflows (4,350) (3,957) (8,315) (8,357)
Net inflows (outflows) 1,298  (131) 1,795  91 
Market appreciation (depreciation) 6,441  2,250  9,155  4,393 
Distributions (768) (762) (1,395) (1,362)
Total increase (decrease) 6,971  1,357  9,555  3,122 
Assets under management, end of period $ 100,099  $ 88,936  $ 100,099  $ 88,936 
Average assets under management $ 98,977  $ 87,243  $ 96,699  $ 87,016 







24

Summary of Operating Results
(in thousands, except percentages and per share data) Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
GAAP results:
Revenue $ 152,730  $ 136,126  $ 298,369  $ 270,593 
Net income $ 49,343  $ 36,849  $ 91,711  $ 76,627 
Diluted EPS $ 0.95  $ 0.72  $ 1.77  $ 1.49 
Operating margin 34.6% 31.8% 34.5% 32.7%
Fee Rate (ex. performance fees)
58.5 bps 59.1 bps 58.7 bps 59.2 bps
As Adjusted results (non-GAAP):
Revenue $ 151,837  $ 135,320  $ 296,101  $ 269,110 
Net income $ 43,968  $ 37,324  $ 84,660  $ 75,677 
Diluted EPS $ 0.85  $ 0.73  $ 1.64  $ 1.47 
Operating margin 36.3% 33.6% 35.7% 34.2%
Fee Rate (ex. performance fees)
58.1 bps 58.7 bps 58.2 bps 58.8 bps

Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025
Revenue
(in thousands) Three Months Ended
June 30,
2026 2025 $ Change % Change
Investment advisory and administration fees
Open-end funds
 $ 80,498  $ 70,613  $ 9,885  14.0 %
Institutional accounts
 35,752  32,854  $ 2,898  8.8 %
Closed-end funds
 28,035  25,078  $ 2,957  11.8 %
Total 144,285  128,545  $ 15,740  12.2 %
Distribution and service fees 7,919  7,166  $ 753  10.5 %
Other 526  415  $ 111  26.7 %
Total revenue $ 152,730  $ 136,126  $ 16,604  12.2 %
Investment advisory and administration fees increased from the three months ended June 30, 2025, primarily due to higher average assets under management.
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.1 bps and 67.3 bps for the three months ended June 30, 2026 and 2025, respectively.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.5 bps and 38.9 bps for the three months ended June 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.1 bps for the three months ended June 30, 2026 and 2025, respectively.
Distribution and service fees increased from the three months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
25

Expenses
(in thousands) Three Months Ended
June 30,
2026 2025 $ Change % Change
Employee compensation and benefits $ 61,506  $ 56,640  $ 4,866  8.6 %
Distribution and service fees 16,890  15,706  $ 1,184  7.5 %
General and administrative 18,953  18,078  $ 875  4.8 %
Depreciation and amortization 2,606  2,375  $ 231  9.7 %
Total expenses $ 99,955  $ 92,799  $ 7,156  7.7 %
Employee compensation and benefits increased from the three months ended June 30, 2025, primarily due to higher incentive compensation of $3.1 million associated with increased revenue and higher salaries of $1.3 million.
Distribution and service fees increased from the three months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
General and administrative expenses increased from the three months ended June 30, 2025, primarily due to fund organization cost related to the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering of $1.1 million.
Operating Margin
Operating margin for the three months ended June 30, 2026 increased to 34.6% from 31.8% for the three months ended June 30, 2025. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
(in thousands)
Three Months Ended June 30, 2026
Consolidated
Funds (1)
Corporate -
Seed and Other		 Total
Interest and dividend income $ 840  $ 4,378  $ 5,218 
Gain (loss) from investments—net
8,619  5,567  14,186 
Foreign currency gain (loss)—net —  (166) (166)
Total non-operating income (loss) 9,459  9,779  19,238 
Net (income) loss attributable to noncontrolling interests (6,223) —  (6,223)
Non-operating income (loss) attributable to the Company $ 3,236  $ 9,779  $ 13,015 

(in thousands)
Three Months Ended June 30, 2025
Consolidated
Funds (1)
Corporate -
Seed and Other		 Total
Interest and dividend income $ 2,103  $ 4,212  $ 6,315 
Gain (loss) from investments—net
4,909  1,806  6,715 
Foreign currency gain (loss)—net (245) (2,278) (2,523)
Total non-operating income (loss) 6,767  3,740  10,507 
Net (income) loss attributable to noncontrolling interests (4,923) —  (4,923)
Non-operating income (loss) attributable to the Company $ 1,844  $ 3,740  $ 5,584 
_________________________
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.
Income Taxes
The Company’s effective income tax rate for the three months ended June 30, 2026 was 25.0%, compared with 24.7% for the three months ended June 30, 2025.


26

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Revenue
(in thousands) Six Months Ended
June 30,
2026 2025 $ Change % Change
Investment advisory and administration fees
Open-end funds
 $ 155,548  $ 140,271  $ 15,277  10.9  %
Institutional accounts
 70,294  65,021  $ 5,273  8.1  %
Closed-end funds
 55,269  50,024  $ 5,245  10.5  %
Total 281,111  255,316  $ 25,795  10.1  %
Distribution and service fees 15,974  14,350  $ 1,624  11.3  %
Other 1,284  927  $ 357  38.5  %
Total revenue $ 298,369  $ 270,593  $ 27,776  10.3  %
Investment advisory and administration fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management.
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.1 bps and 67.4 bps for the six months ended June 30, 2026 and 2025, respectively.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.8 bps and 38.9 bps for the six months ended June 30, 2026 and 2025, respectively. The decrease in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.3 bps and 89.1 bps for the six months ended June 30, 2026 and 2025, respectively.
Distribution and service fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
Expenses
(in thousands) Six Months Ended
June 30,
2026 2025 $ Change % Change
Employee compensation and benefits $ 119,208  $ 111,194  $ 8,014  7.2  %
Distribution and service fees 33,227  30,895  $ 2,332  7.5  %
General and administrative 37,857  35,247  $ 2,610  7.4  %
Depreciation and amortization 5,180  4,732  $ 448  9.5  %
Total expenses $ 195,472  $ 182,068  $ 13,404  7.4  %
Employee compensation and benefits increased from the six months ended June 30, 2025, primarily due to higher incentive compensation of $4.5 million associated with increased revenue and higher salaries of $2.2 million.
Distribution and service fees increased from the six months ended June 30, 2025, primarily due to higher average assets under management in U.S. open-end funds.
General and administrative expenses increased from the six months ended June 30, 2025, primarily due to fund organization costs related to the RQI rights offering and increased investments in scaling the Company's ETF vehicles of $1.4 million, higher expenses paid on behalf of certain Company-sponsored funds totaling $0.5 million and higher information technology related costs of $0.5 million.
27

Operating Margin
Operating margin for the six months ended June 30, 2026 increased to 34.5% from 32.7% for the six months ended June 30, 2025.
Non-operating Income (Loss)
(in thousands)
Six Months Ended June 30, 2026
Consolidated
Funds (1)
Corporate -
Seed and Other		 Total
Interest and dividend income $ 1,875  $ 8,650  $ 10,525 
Gain (loss) from investments—net
8,130  7,067  15,197 
Foreign currency gain (loss)—net —  593  593 
Total non-operating income (loss) 10,005  16,310  26,315 
Net (income) loss attributable to noncontrolling interests (5,075) —  (5,075)
Non-operating income (loss) attributable to the Company $ 4,930  $ 16,310  $ 21,240 

(in thousands)
Six Months Ended June 30, 2025
Consolidated
Funds (1)
Corporate -
Seed and Other		 Total
Interest and dividend income $ 3,243  $ 8,443  $ 11,686 
Gain (loss) from investments—net
9,117  1,151  10,268 
Foreign currency gain (loss)—net (253) (3,442) (3,695)
Total non-operating income (loss) 12,107  6,152  18,259 
Net (income) loss attributable to noncontrolling interests (8,434) —  (8,434)
Non-operating income (loss) attributable to the Company $ 3,673  $ 6,152  $ 9,825 
_________________________
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.

Income Taxes
The Company’s effective income tax rate for the six months ended June 30, 2026 was 26.1%, compared with 22.1% for the six months ended June 30, 2025. The higher effective income tax rate in 2026 was primarily attributable to the tax impact of the vesting and delivery of restricted stock units.










28

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 that 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
June 30,		 Six Months Ended
June 30,
(in thousands, except per share data) 2026 2025 2026 2025
Net income attributable to common stockholders, U.S. GAAP $ 49,343  $ 36,849  $ 91,711  $ 76,627 
Seed investments—net (1)
(8,974) (3,523) (12,273) (3,573)
Accelerated vesting of restricted stock units
 771  1,835  767  2,204 
Fund launch and rights offering costs 1,264  —  1,599  — 
Other non-recurring expenses (2)
—  —  —  616 
Foreign currency (gain) loss—net 166  2,742  (593) 3,711 
Tax effects of adjustments above
 1,928  (219) 3,228  (657)
Tax effects of discrete tax items (3)
(530) (360) 221  (3,251)
Net income attributable to common stockholders, as adjusted $ 43,968  $ 37,324  $ 84,660  $ 75,677 
Diluted weighted average shares outstanding 51,861  51,471  51,729  51,445 
Diluted earnings per share, U.S. GAAP $ 0.95  $ 0.72  $ 1.77  $ 1.49 
Seed investments—net (1)
(0.17) (0.07) (0.24) (0.07)
Accelerated vesting of restricted stock units
 0.02  0.04  0.02  0.04 
Fund launch and rights offering costs 0.02  —  0.03  — 
Other non-recurring expenses (2)
—  —  —  0.01 
Foreign currency (gain) loss—net —  * 0.05  (0.01) 0.07 
Tax effects of adjustments above
 0.04  —  * 0.06  (0.01)
Tax effects of discrete tax items (3)
(0.01) (0.01) 0.01  (0.06)
Diluted earnings per share, as adjusted $ 0.85  $ 0.73  $ 1.64  $ 1.47 
_________________________
*    Amounts round to less than $0.01 per share.
(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2)Represents the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.
(3)Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.
29

Reconciliations of U.S. GAAP to As Adjusted Financial Results
Revenue, Expenses, Operating Income and Operating Margin
Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands, except percentages) 2026 2025 2026 2025
Revenue, U.S. GAAP $ 152,730 $ 136,126 $ 298,369 $ 270,593
Fund related amounts (1)
(893) (806) (2,268) (1,483)
Revenue, as adjusted $ 151,837 $ 135,320 $ 296,101 $ 269,110
Expenses, U.S. GAAP $ 99,955 $ 92,799 $ 195,472 $ 182,068
Fund related amounts (1)
(1,228) (1,102) (2,804) (2,042)
Accelerated vesting of restricted stock units
 (771) (1,835) (767) (2,204)
Fund launch and rights offering costs (1,264) — (1,599) —
Other non-recurring expenses (2)
— — — (616)
Expenses, as adjusted $ 96,692 $ 89,862 $ 190,302 $ 177,206
Operating income, U.S. GAAP $ 52,775 $ 43,327 $ 102,897 $ 88,525
Fund related amounts (1)
335 296 536 559
Accelerated vesting of restricted stock units
 771 1,835 767 2,204
Fund launch and rights offering costs 1,264 — 1,599 —
Other non-recurring expenses (2)
— — — 616
Operating income, as adjusted $ 55,145 $ 45,458 $ 105,799 $ 91,904
Operating margin, U.S. GAAP 34.6  % 31.8  % 34.5  % 32.7  %
Operating margin, as adjusted 36.3  % 33.6  % 35.7  % 34.2  %
_________________________
(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain Company-sponsored funds.
(2)Represents the reimbursement of filing fees paid by certain members of senior leadership for the six months ended June 30, 2025.
Non-operating Income (Loss)
Three Months Ended
June 30,		 Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025
Non-operating income (loss), U.S. GAAP $ 19,238  $ 10,507  $ 26,315  $ 18,259 
Seed investments—net (1)
(15,532) (8,742) (17,884) (12,566)
Foreign currency (gain) loss—net 166  2,742  (593) 3,711 
Non-operating income (loss), as adjusted $ 3,872  $ 4,507  $ 7,838  $ 9,404 
_________________________
(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
30

Changes in Financial Condition, Liquidity and Capital Resources
We seek to maintain a balance sheet that supports our business strategies and provides the appropriate amount of liquidity at all times.
Net liquid assets
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).
The table below summarizes net liquid assets:
(in thousands) June 30,
2026		 December 31,
2025
Cash and cash equivalents $ 59,154  $ 145,452 
U.S. Treasury securities 159,322  109,480 
Liquid seed investments—net 135,791  148,315 
Other current assets 81,897  78,874 
Current liabilities (80,825) (115,115)
Net liquid assets $ 355,339  $ 367,006 
Cash and cash equivalents
Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.
U.S. Treasury securities
U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and are classified as trading investments.
Liquid seed investments—net
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments include securities held directly for the purpose of establishing performance track records, the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests and seed investments in funds that are not consolidated.
Other current assets
Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis as of June 30, 2026, no allowance for uncollectible accounts was required.
Current liabilities
Current liabilities include accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.
Future liquidity needs
Our business may become capital intensive over time to support growth initiatives. Potential uses of capital may include seeding or co-investing in new strategies and investment vehicles, funding the upfront costs associated with product offerings and making various investments to grow our business, among other things. In order to provide us with additional financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on August 15, 2029.
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $38.5 million remained unfunded as of June 30, 2026. The timing for funding the remaining portion of our commitments is uncertain.
31

Cash flows
Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.
The condensed consolidated statements of cash flows on a GAAP basis include amounts attributable to certain funds that we are required to consolidate. The adjusted cash flow data provided below excludes amounts attributable to these consolidated funds. While management believes that this adjusted cash flow data is useful in evaluating the Company’s ability to fund future operating, investing and financing activities, this information should be considered supplemental in nature and not as a substitute for the related cash flow data prepared in accordance with U.S. GAAP.
The table below reconciles our cash flows presented on a GAAP basis to the adjusted cash flows excluding our consolidated funds:
Six Months Ended
June 30,
(in thousands) Cash flows - GAAP basis Cash flows - Consolidated Funds Adjusted
Cash flows - Excluding Consolidated Funds
Cash Flow Data:
Net cash provided by (used in) operating activities $ 16,025  $ (43,566) $ 59,591 
Net cash provided by (used in) investing activities (59,869) —  (59,869)
Net cash provided by (used in) financing activities (40,583) 45,104  (85,687)
Net increase (decrease) in cash and cash equivalents (84,427) 1,538  (85,965)
Effect of foreign exchange rate changes on cash and cash equivalents (333) —  (333)
Cash and cash equivalents, beginning of the period 146,604  1,152  145,452 
Cash and cash equivalents, end of the period $ 61,844  $ 2,690  $ 59,154 
For details of the Company’s GAAP basis cash flows from operating, investing and financing activities, please refer to the condensed consolidated statements of cash flows included in Part I, Item 1 of this filing.
Cash flows from operating activities, excluding amounts attributable to consolidated funds, primarily consisted of net income adjusted for certain non-cash income and expense items and changes in working capital. Cash flows used in investing activities, excluding amounts attributable to consolidated funds, included net purchases of U.S. Treasury securities held for corporate purposes of $50.3 million and additional subscriptions into Cohen & Steers Income Opportunities REIT, Inc. of $30.7 million, partially offset by net redemptions of seed investments in the ETFs of $18.2 million. Cash flows used in financing activities, excluding amounts attributable to consolidated funds, included dividends paid to stockholders of $69.1 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $17.3 million.
Contractual Obligations, Commitments and Contingencies
Contractual Obligations
The Company’s material contractual obligations, commitments and contingencies at June 30, 2026 include operating leases, investment commitments, and purchase obligations. As of June 30, 2026, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2025 other than the items described below.
Investment Commitments
Refer to Note 11, Commitments and Contingencies, in the notes to the condensed consolidated financial statements included in Part I of this filing for further discussion.
Dividends
    Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we consider general economic and business conditions, our strategic plans, our results of operations and financial
32

condition, cash flows and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.
On July 30, 2026, we declared a quarterly dividend on our common stock in the amount of $0.67 per share. This dividend will be payable on August 20, 2026 to stockholders of record at the close of business on August 10, 2026.
Critical Accounting Estimates
A complete discussion of our critical accounting estimates is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. There were no changes to the Company’s critical accounting estimates since December 31, 2025.
33

Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of our business, we are exposed to risk as a result of changes in securities markets, interest and currency rates and other general economic conditions including inflation, which may have an adverse impact on the value of our assets under management and our seed investments. The majority of our revenue is derived from investment advisory and administration fees, which are based on average assets under management. Accordingly, where there are changes in the value of the assets we manage as a result of market fluctuations, our revenue may change.
The economic environment may also preclude us from increasing the assets we manage in closed-end funds. The market conditions for these offerings may not be favorable in the future, which could adversely impact our ability to grow the assets we manage. Depending on market conditions, the closed-end funds we manage may increase or decrease their leverage to maintain target leverage ratios, thereby increasing or decreasing the assets we manage and the associated revenue.
Seed investments
Our seed investments included both liquid and illiquid holdings. Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Illiquid seed investments typically have contractual restrictions on redemption.
Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of June 30, 2026 (in thousands):
Carrying
Value
 Notional Value - Hedges
Net Carrying Value
Net Carrying Value Assuming a 10% increase
Net Carrying Value Assuming a 10% decrease
Liquid seed investments—net $ 135,791  $ (84,369) $ 51,422  $ 56,564  $ 46,280 
Illiquid seed investments—net $ 152,880  $ —  $ 152,880  $ 168,168  $ 137,592 

Item 4. Controls and Procedures
Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting that occurred during the three months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Disclosure Controls and Procedures
Under the direction of our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective.
34

PART II—Other Information
Item 1. Legal Proceedings
For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

Item 1A. Risk Factors
For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended June 30, 2026, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Exchange Act.
Period
Total Number of Shares Purchased (1)
Average Price
Paid Per Share		 Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs		 Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or
Programs
April 1 through April 30, 2026 —  $ —  —  — 
May 1 through May 31, 2026 168  $ 69.77  —  — 
June 1 through June 30, 2026 4,992  $ 76.58  —  — 
Total 5,160  $ 76.36  —  — 
_________________________
(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

Item 5. Other Information
During the three months ended June 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).
35

Item 6. Exhibits

Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.
Exhibit No. Description
3.1  —
3.2  —
4.1  —
4.2  —
10.13  —
Letter Agreement between the Company and Amit Muni (filed herewith)*
31.1  —
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2  —
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1  —
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2  —
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101  —
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104  — Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
_________________________
(1)Incorporated by reference to the Company's Registration Statement on Form S-1, as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.
(2)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
(3)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.
* Denotes management contract or compensatory plan.
36

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: July 31, 2026 Cohen & Steers, Inc.
/s/    Amit Muni
Name: Amit Muni
Title: Executive Vice President & Chief Financial Officer
Date: July 31, 2026 Cohen & Steers, Inc.
/s/    Elena Dulik        
Name: Elena Dulik
Title: Senior Vice President & Chief Accounting Officer

37
EX-10.13 2 cns10q-63026ex1013.htm EX-10.13 Document

Exhibit 10.13

cnslogo.jpg
May 20, 2026


Amit Muni
c/o Cohen & Steers, Inc.
1166 Avenue of the Americas
New York, New York 10036


Dear Amit,

We are pleased to offer you employment as an Executive Vice President, Chief Financial Officer at Cohen & Steers, Inc. (“Cohen & Steers”, or the “Company”) reporting to Joseph Harvey, Chief Executive Officer to commence no later than June 8, 2026 (the “Start Date”).

Base Salary and Term. You will be paid a salary at an annual rate of $450,000, less applicable deductions and in accordance with Cohen & Steers’ regular payroll practices, to compensate you for all hours you work, regardless of whether more or less than 40 in a regularly scheduled workweek. Salaries are reviewed annually, and adjustments (if any) will be based on your performance, prevailing economic conditions, and the firm’s profitability.

You will be paid on a semi-monthly basis on the 15th and the last business day of the month unless this regular payday occurs on a Saturday, Sunday, or holiday, in which case you will be paid on the last working day prior to the regular payday.

Annual Incentive Compensation. You will receive a minimum guaranteed annual year-end bonus (less applicable deductions) of $2,050,000 in respect of each of calendar years 2026 and 2027, payable in or about January 2027 and January 2028, respectively (each such year-end bonus, a “Guaranteed Bonus”). Each Guaranteed Bonus will be paid in accordance with Cohen & Steers’ deferral policy with respect to the payment of bonuses, provided that you do not leave Cohen & Steers before the time of the scheduled payment of such bonus either voluntarily (or have given notice of your intention to leave voluntarily in the future) or by Cohen & Steers as a result of a termination for cause. Each Guaranteed Bonus will be subject to Cohen & Steers’ customary incentive compensation deferral policy described further below.

If prior to the payment of a Guaranteed Bonus you are terminated without cause, you will be paid the Guaranteed Bonus Termination Equivalent (as defined below) in lieu of such Guaranteed Bonus. In the event of your death or permanent disability while employed by the Company and prior to the payment of a Guaranteed Bonus you, or your estate or personal legal representative, will be paid the Guaranteed Bonus Death or Disability Equivalent (as defined below) in lieu of such Guaranteed Bonus. For the avoidance of doubt, (i) should you be terminated without cause prior to payment of the Guaranteed Bonus in respect of fiscal 2026, you would be entitled to a Guaranteed Bonus Termination Equivalent in respect of both the 2026 and 2027 fiscal years and (ii) in the event of your death or permanent disability while employed by the Company and prior to payment of the Guaranteed Bonus in respect of fiscal 2026, you, or your estate or personal legal representative, would be entitled to a Guaranteed Bonus Death or Disability Equivalent in respect of both the 2026 and 2027 fiscal years. Also, should death or permanent disability occur (i) on or after January 1, 2028 while employed with the Company, your estate or personal legal representative shall be entitled to receive a pro-rated bonus for the year in which either death or permanent disability occurs and (ii) at any time while employed with the Company, any then-


unvested Cohen & Steers restricted stock units (“RSUs”) awarded to you will immediately vest. Notwithstanding anything to the contrary contained herein or elsewhere, all payments provided under this Agreement shall comply with Section 409A of the Internal Revenue Code, and this Agreement shall be interpreted and administered accordingly.

For purposes of this Agreement:

“Guaranteed Bonus Termination Equivalent” shall mean: (i) $1,050,000 in cash, to be paid as soon as administratively feasible but no later than 30 days following your termination of employment and (ii) a number of RSUs (the “Guaranteed Bonus Termination Equivalent RSUs”) equal to the quotient of (A) $1,000,000 divided by (B) the arithmetic mean of the high and low prices of shares of the Company’s common stock on the date of your termination without cause. The Guaranteed Bonus Termination Equivalent RSUs will be granted on your last date of employment with Cohen & Steers, will vest ratably on each yearly anniversary of such grant date over a four-year period, and will entitle you to receive shares of Cohen & Steers common stock equal to one-fourth of the aggregate number of Guaranteed Bonus Termination Equivalent RSUs granted on each of these vesting dates. The full terms and conditions for a grant of such Guaranteed Bonus Termination Equivalent RSUs, which will include customary one-year non-interference with clients and business relationships, non-solicit of employees, and other restrictions, will be provided in an award agreement evidencing the grant of such RSUs and all such RSU awards will be subject to your signing and returning the related award agreement evidencing the grant of such RSUs prior to your termination of employment.

“Guaranteed Bonus Death or Disability Equivalent’ shall mean: (i) $1,050,000 in cash, to be paid as soon as administratively feasible but no later than 30 days following your death or disability and (ii) $1,000,000 in deferred cash compensation that shall not be vested upon your death or disability but rather shall vest ratably on each yearly anniversary of the date of your death or disability over a four-year period, and will entitle you, or your estate or personal legal representative, to a cash payment equal to $250,000 on each such anniversary, such amount to be paid within 7 business days of such anniversary date.

Notwithstanding the foregoing or anything to the contrary contained herein, in the event your employment commences subsequent to the Start Date, you expressly understand and agree that (x) the Company may, in its sole discretion, pro-rate your above-referenced 2026 calendar year Guaranteed Bonus (which represents a full calendar year bonus) based upon the actual start date of your employment, in order to reflect an amount equal to only the portion of the 2026 calendar year in which you were actually employed by the Company and (y) in the event of any such pro-rata reduction, the cash portion of a Guaranteed Bonus Termination Equivalent in respect of fiscal 2026 and the non-deferred cash portion of a Guaranteed Bonus Death or Disability Equivalent in respect of fiscal 2026 will be reduced by an amount equal to the amount of such pro-rata reduction.

You acknowledge and agree that, upon commencement of employment you will be designated an “executive officer” (as such term is defined under Rule 3(b)-7 of the Securities Exchange Act of 1934, as amended) of the Company and the principal financial officer of the Company, subject to the laws, rules, regulations and Company policies applicable thereto, including without limitation the disclosure and reporting rules and regulations of the Securities and Exchange Commission.

For purposes of this letter agreement, “cause” shall mean one or more of the following: (i) gross negligence or willful misconduct in connection with employment duties; (ii) substantial non-performance of duties (other than by reason of illness, incapacity, or


disability) where such non-performance continues for more than 10 days following written notice; (iii) refusal or failure to follow lawful directives where such refusal or failure has continued for more than 10 days following written notice; (iv) willful violation of any material Company policy, law, ethical or legal responsibility, or applicable regulation; (v) breach of any obligations to Cohen & Steers, including but not limited to those regarding trade secrets or other confidential information; or (vi) indictment for, admission to, or entry of pleas of no contest to any felony or other conduct by you that has or may result in material injury to the reputation of the Company, including but not limited to for fraud, theft, embezzlement, or a crime involving moral turpitude (provided such conviction will be assessed in accordance with applicable law).

Beginning in respect of the 2028 calendar year, you may be eligible for a discretionary annual incentive performance bonus. Any such discretionary annual incentive performance bonus will be subject to the approval of the compensation committee of the board of directors of the Company (the “Compensation Committee”). We currently anticipate that any discretionary annual incentive performance bonuses will be paid to you in January of the following year. In order to be eligible for a discretionary annual incentive performance bonus, you must be in active working status at the time of the bonus payment and must not have given or received notice of termination. Any such bonus you may receive, including without limitation any criteria or conditions applicable thereto is completely at the discretion of the Compensation Committee, and this decision is typically based upon factors such as your historical performance, active contributions to the firm at the time of payment, performance and executive achievement during the year in respect of which such bonus relates, prevailing economic conditions, peer compensation analysis and the firm’s profitability.

If your employment ceases by reason of your resignation without Good Reason or your termination by Cohen & Steers with Cause prior to the one-year anniversary of your Start Date, the Company reserves the right to deduct monies from the final salary payment due to you (which you hereby authorize) and/or to require reimbursement from you, in either case at the rate of 1/12th of the cash portion of the 2026 Guaranteed Bonus actually paid to you, for each whole and partial calendar month during the initial first year of your employment in which you are not employed by the Company. You expressly acknowledge and agree that any requirement to reimburse or pay any amounts to Cohen & Steers under this Agreement (i) is in addition to (and not in lieu of) any forfeiture of then-unvested RSUs (in accordance with the terms of the related RSU award agreement) and (ii) does not constitute a penalty of any sort and instead constitutes fair and reasonable “make-whole” compensation to Cohen & Steers for amounts expended in good faith and for which anticipated benefits were unrealized. Your employment with Cohen & Steers is for no specified term and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Cohen & Steers is free to conclude its employment relationship with you at any time, with or without cause.

Incentive Compensation Deferrals. Beginning in respect of calendar year 2026, as an employee meeting a compensation threshold, a portion (currently 40%, but subject to change solely at the discretion of the Compensation Committee) and further applied to your actual compensation earned during your first year of employment and will be applied to your total compensation in subsequent years, if applicable) of your total compensation will be paid on a tax-deferred basis in RSUs. These RSUs will vest in accordance with the


related award agreement subject to your continued employment with Cohen & Steers and receive dividend equivalent RSUs as described in the related award agreement. If your employment is terminated by Cohen & Steers without “cause,” or by you for “good reason,” (as such terms are defined in the Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (as may be amended and restated from time to time, the “Plan”)), each within the two- year period following a “change in control” (as defined in the Plan) of Cohen & Steers, then these RSUs will immediately vest. The full terms and conditions (as amended and in place from time to time) for these RSU grants, which include customary one-year non-interference with clients and business relationships, non-solicit of employees, and other restrictions, will be provided in an award agreement evidencing the grant of the RSUs and all such RSU awards will be subject to your signing and returning the related award agreement evidencing the grant of the RSUs.

Further, subject to the approval of the Compensation Committee, Cohen & Steers in its sole discretion may pay annual incentive performance bonuses partially or on the whole on a deferred basis (i.e., in the form of RSUs or such other comparable manner) in such amounts and on such deferral periods and other terms as may be determined in the sole discretion of Cohen & Steers.

Long Term Incentives. You represent that certain deferred and unvested compensation of your Prior Employer (as defined below) to which you would otherwise be entitled may be forfeited by you as a result of termination of such employment in order to accept employment by Cohen & Steers.

In the event such deferred and unvested compensation is forfeited by you upon your termination of employment with your employer immediately prior to Cohen & Steers (the “Prior Employer”), expressly conditioned upon your commencement of employment with the Company, you will receive as compensation for such forfeiture a number of RSUs (the “Make-Whole RSUs”) equal to the quotient of (i) $860,000 divided by (ii) the arithmetic mean of the high and low prices of shares of the Company’s common stock on the Start Date as reported on the NYSE (the “Grant Date Fair Value”). The grant date of the Make-Whole RSUs will be the Start Date. The fair market value of the Make-Whole RSUs will be the Grant Date Fair Value. Subject to your continued employment with Cohen & Steers, the Make-Whole RSUs will vest ratably on each yearly anniversary of the grant date over a four-year period, and will entitle you to receive shares of Cohen & Steers common stock equal to one-fourth of the aggregate number of Make-Whole RSUs granted on each of these vesting dates. If your employment is terminated by Cohen & Steers without “cause,” or by you for “good reason” (as defined in the Plan), each within the two-year period following a “change in control” (as defined in the Plan) of the Company, then the Make-Whole RSUs will immediately vest. The full terms and conditions (as amended and in place from time to time) for the Make-Whole RSUs, which include a customary one-year non-solicit of employees, non-interference with clients and business relationships, and other restrictions, will be provided in an award agreement evidencing the grant of these RSUs and such RSU award will be subject to your signing and returning the award agreement evidencing the grant of the RSUs. For the avoidance of doubt, if your employment with the Company is terminated for any reason other than (i) your death or permanent disability or (ii) within the two-year period following a “change of control” of the Company as described above, any then unvested Make-Whole RSUs will be immediately forfeited by you.



You expressly understand and agree that the payment of the Make-Whole RSUs shall represent compensation in full for any forfeited compensation and that you shall not be entitled to receive, and Cohen & Steers shall not be obligated to pay or provide, any additional amounts or value in connection therewith.

You understand and acknowledge that Cohen & Steers’ agreement to compensate you for your forfeited compensation, as described above, is made in express reliance upon, and is expressly conditioned upon, the accuracy and completeness of the information set forth in the documentation provided by you with respect to your deferred compensation subject to forfeiture upon termination of your employment with your Prior Employer and is further conditioned upon the actual forfeiture of such compensation.

Other Benefits. Furthermore, you will be eligible for all benefits afforded to each Cohen & Steers employee as may be modified by Cohen & Steers from time to time. These benefits currently include twenty-eight days of vacation (pro-rated during your first year), health, long- term disability and life insurances and participation in our employee stock purchase plan (where you may purchase Cohen & Steers common stock at a 15% discount) and 401(k) plan (your 401(k) plan contributions are matched 50% by Cohen & Steers upon enrollment into the plan).

No Restrictions. In consideration of this offer, you represent that you have the full right and authority to accept employment with Cohen & Steers and commence employment on the Start Date, that you have no agreement, duty, commitment or responsibility or obligation of any kind or nature whatsoever, including, without limitation, any customer or employee non-solicitation agreements or any non-competition agreements, with any corporation, partnership, firm, company, joint venture or other person or entity which would conflict in any manner whatsoever with any of your expected duties, obligations or responsibilities to Cohen & Steers, including, without limitation, any responsibilities or limitations on your ability to solicit business from existing or new Cohen & Steers clients, or which could interfere with your performance at Cohen & Steers. Further, you represent that you have not violated any customer or employee non-solicitation agreements, or any non-competition agreements or fiduciary duties to which you may presently be subject, and that you are not in possession of any document or other tangible property of any person or entity of a confidential or proprietary nature which would conflict in any manner whatsoever with any of your expected duties, obligations or responsibilities to Cohen & Steers, and the performance of your obligations to Cohen & Steers during your employment will not breach any agreement by which you are bound not to disclose any proprietary or confidential information, and that you are fully ready, willing and able to perform each and all of your expected duties, obligations and responsibilities as an employee of Cohen & Steers including being able to abide by the firm’s hybrid work arrangement policy in the New York City office (4 days in-office/1 day remote). If any of the aforementioned representations made by you are inaccurate, this offer and any agreement by Cohen & Steers to employ you shall be deemed void ab initio. In other words, they will be void from the beginning, as if they never existed.

Miscellaneous. You agree to comply fully with all of Cohen & Steers’ policies and procedures, including but not limited to all terms and conditions set forth in Cohen &


Steers’ Employee Handbook and any other memoranda and communications pertaining to Cohen & Steers’ policies, procedures, rules and regulations, and all policies and procedures applicable to executive officers of the Company, as any of the foregoing may be changed from time to time.

This offer of employment (as well as continued employment) is contingent upon the successful completion of the final stage of Cohen & Steers’ pre-employment screening process, a criminal background check. Furthermore, in compliance with the Immigration Reform and Control Act of 1986, each new employee, as a condition of employment, must complete an Employment Verification Form I-9 and present proof of identity and employment eligibility. Please bring the necessary documentation on your first day of work.

This letter agreement contains the entire understanding of the parties with respect to your employment with Cohen & Steers and its affiliates and shall be construed, interpreted and governed in accordance with the laws of the State of New York. This letter may be executed in counterparts.

We are very excited about the prospect of your joining Cohen & Steers and look forward to along and prosperous relationship. Please acknowledge your agreement with the terms of this letter agreement by executing the enclosed copy and returning it to Human Resources.




Sincerely,
/s/ Brandon Brown
Brandon Brown
Executive Vice President, Chief Human Resources Officer

Agreed to and Accepted:




/s/ Amit Muni May 20, 2026
Amit Muni Date

EX-31.1 3 cns10q-63026ex311.htm EX-31.1 Document

Exhibit 31.1
Chief Executive Officer Certification
As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Joseph M. Harvey, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2026 of Cohen & Steers, Inc. (the Registrant);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Dated: July 31, 2026      /s/ Joseph M. Harvey
     Joseph M. Harvey
     Chief Executive Officer and Director


EX-31.2 4 cns10q-63026ex312.htm EX-31.2 Document

Exhibit 31.2
Chief Financial Officer Certification
As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Amit Muni, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2026 of Cohen & Steers, Inc. (the Registrant);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Dated: July 31, 2026      /s/ Amit Muni
    
Amit Muni
     Executive Vice President & Chief Financial Officer


EX-32.1 5 cns10q-63026ex321.htm EX-32.1 Document

Exhibit 32.1
Certification of the Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2026 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Joseph M. Harvey, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: July 31, 2026      /s/ Joseph M. Harvey
     Joseph M. Harvey
     Chief Executive Officer and Director
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.


EX-32.2 6 cns10q-63026ex322.htm EX-32.2 Document

Exhibit 32.2
Certification of the Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2026 (the Report) of Cohen & Steers, Inc. (the Company) as filed with the Securities and Exchange Commission on the date hereof, I, Amit Muni, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: July 31, 2026      /s/ Amit Muni 
    
Amit Muni 
     Executive Vice President & Chief Financial Officer
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.