Company: CNS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001284812-25-000087
Chunk: 46

Company: COHEN & STEERS, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 46
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,968 Operating income$172,877 $164,477 $215,938 Net income attributable to common stockholders$151,265 $129,049 $171,042 Diluted earnings per share$2.97 $2.60 $3.47 Operating margin33.4 %33.6 %38.1 %As Adjusted (1)Net income attributable to common stockholders$149,286 $140,511 $182,251 Diluted earnings per share$2.93 $2.84 $3.70 Operating margin35.4 %36.2 %43.0 %

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(1)Refer to pages 30-31 for reconciliations of U.S. GAAP to as adjusted results.

Year Ended December 31, 2024 Compared with Year Ended December 31, 2023

Revenue(in thousands)Years Ended December 31,20242023$ Change% ChangeInvestment advisory and administration feesOpen-end funds$258,010 $239,501 $18,509 7.7 %Institutional accounts129,072 123,565 $5,507 4.5 %Closed-end funds99,977 96,345 $3,632 3.8 %Total487,059 459,411 $27,648 6.0 %Distribution and service fees28,142 28,200 $(58)(0.2)%Other2,216 2,026 $190 9.4 %Total revenue$517,417 $489,637 $27,780 5.7 %

Investment advisory and administration revenue increased from the year ended December 31, 2023 primarily due to higher average assets under management. 

Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annual effective fee rate of 66.0 bps and 66.2 bps for the years ended December 31, 2024 and 2023, respectively. 

Total investment advisory revenue from institutional accounts compared with average assets under management implied an annual effective fee rate of 38.5 bps and 37.6 bps for the years ended December 31, 2024 and 2023, respectively. Excluding performance fees of $1.4 million and $2.5 million,