Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 25

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 25
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ANCIAL STATEMENTS—(Continued)(UNAUDITED)

8. Income Taxes

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024U.S. statutory tax rate21.0 %21.0 %21.0 %21.0 %State and local income taxes, net of federal benefit2.8 2.5 2.9 2.8 Non-deductible executive compensation0.8 1.2 1.7 1.2 Unrecognized tax benefit adjustments(0.5)0.3 (0.5)0.3 Valuation allowance0.1 (1.4)(0.1)(0.7)Excess tax benefits related to the vesting and delivery of restricted stock units— *— *(2.1)(0.2)Other0.8 %0.1 %0.2 %— *Effective income tax rate25.0 %23.7 %23.1 %24.4 %_________________________*    Percentage rounds to less than 0.1%.

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors. The following table summarizes revenue earned from these affiliated funds: Three Months Ended September 30,Nine Months Ended September 30,(in thousands)2025202420252024Investment advisory and administration fees $98,027 $90,118 $283,171 $255,375 Distribution and service fees7,513 7,244 21,863 20,692 Total$105,540 $97,362 $305,034 $276,067 Included in accounts receivable at September 30, 2025 and December 31, 2024 are receivables from Company-sponsored funds of $38.1 million and $37.1 million, respectively. Included in accounts payable at September 30, 2025 and December 31, 2024 are payables to Company-sponsored funds of $0.2 million and $1.1 million, respectively. At September 30