Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 36

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 1
Chunk 36
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4

Revenue(in thousands)Three Months Ended June 30,20252024$ Change% ChangeInvestment advisory and administration feesOpen-end funds$70,613 $60,301 $10,312 17.1%Institutional accounts32,854 30,179 $2,675 8.9%Closed-end funds25,078 24,097 $981 4.1%Total128,545 114,577 $13,968 12.2%Distribution and service fees7,166 6,631 $535 8.1%Other415 513 $(98)(19.1%)Total revenue$136,126 $121,721 $14,405 11.8%

Investment advisory and administration fees increased from the three months ended June 30, 2024, 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 67.3 bps and 65.6 bps for the three months ended June 30, 2025 and 2024, respectively. The increase in the implied annualized effective fee rate is primarily due to a shift in the mix of assets

under management.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.9 bps and 38.3 bps for the three months ended June 30, 2025 and 2024, respectively.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.4 for the three months ended June 30, 2025 and 2024, respectively.

Distribution and service fees increased from the three months ended June 30, 2024, 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. 

23

Expenses(in thousands)Three Months Ended June 30,20252024$ Change% ChangeEmployee compensation and benefits$56,640 $53,097 $3,543 6.7%Distribution and service fees15,706 13,270 $2,436 18.4%General and administrative18,078 14,684 $3,394 23.1%Depreciation and amortization