Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 39

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 39
---
 and OtherTotalInterest and dividend income$610 $4,810 $5,420 Gain (loss) from investments—net 21,202 (2,227)18,975 Foreign currency gain (loss)—net(30)(1,662)(1,692)Total non-operating income (loss)21,782 921 22,703 Net (income) loss attributable to noncontrolling interests(15,615)— (15,615)Non-operating income (loss) attributable to the Company$6,167 $921 $7,088 

_________________________

(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.

25

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 30,20252024U.S. statutory tax rate21.0 %21.0 %State and local income taxes, net of federal benefit2.8 2.5 Non-deductible executive compensation0.8 1.2 Unrecognized tax benefit adjustments(0.5)0.3 Valuation allowance0.1 (1.4)Other0.8 0.1 Effective income tax rate25.0 %23.7 %

Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024

Revenue(in thousands)Nine Months Ended September 30,20252024$ Change% ChangeInvestment advisory and administration feesOpen-end funds$214,511 $187,849 $26,662 14.2 %Institutional accounts98,231 93,487 $4,744 5.1 %Closed-end funds76,202 73,983 $2,219 3.0 %Total388,944 355,319 $33,625 9.5 %Distribution and service fees21,863 20,692 $1,171 5.7 %Other1,506 1,623 $(117)(7.2)%Total revenue$412,313 $377,634 $34,679 9.2 %

Investment advisory and administration fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management.

Total investment advisory and administration fees from open