Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 71

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 8
Chunk 71
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 common stockholders$41,720 $39,706 $117,397 $108,891 Diluted earnings per share$0.81 $0.77 $2.28 $2.15 Operating margin36.1%35.7%34.8%35.4%

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(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.

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

Revenue(in thousands)Three Months Ended September 30,20252024$ Change% ChangeInvestment advisory and administration feesOpen-end funds$74,240 $66,761 $7,479 11.2%Institutional accounts33,210 32,956 $254 0.8%Closed-end funds26,178 25,680 $498 1.9%Total133,628 125,397 $8,231 6.6%Distribution and service fees7,513 7,244 $269 3.7%Other579 562 $17 3.0%Total revenue$141,720 $133,203 $8,517 6.4%

Investment advisory and administration fees increased from the three months ended September 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 67.5 bps and 66.2 bps for the three months ended September 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 38.2 bps and 37.9 bps for the three months ended September 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 89.2 bps and 88.8 bps for the three months ended September 30, 2025 and 2024, respectively.

Distribution and service fees increased from the three months ended September 30, 2024, primarily due to higher average