Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 57

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 57
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ized effective fee rate of 38.8 bps and 37.8 bps for the three months ended March 31, 2025 and 2024, respectively. The increase in the implied annual effective fee rate is primarily due to a shift in the mix of assets under management, partially offset by net outflows from higher fee paying accounts.

Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.8 bps for the three months ended March 31, 2025 and 2024, respectively.

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Expenses(in thousands)Three Months Ended March 31,20252024$ Change% ChangeEmployee compensation and benefits$54,554 $52,003 $2,551 4.9 %Distribution and service fees15,189 13,395 $1,794 13.4 %General and administrative17,169 14,793 $2,376 16.1 %Depreciation and amortization2,357 2,254 $103 4.6 %Total expenses$89,269 $82,445 $6,824 8.3 %

Employee compensation and benefits increased from the three months ended March 31, 2024, primarily due to higher incentive compensation of $3.7 million, partially offset by lower amortization of restricted stock units of $2.3 million. The three months ended March 31, 2024 included $2.2 million of accelerated vesting related to certain restricted stock units.

Distribution and service fee expenses increased from the three months ended March 31, 2024, primarily due to higher average assets under management in U.S. open-end funds.

General and administrative expenses increased from the three months ended March 31, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds of $789,000, other non-recurring expenses of $616,000 and higher recruitment fees of $473,000.

Operating Margin

Operating margin for the three months ended March 31, 2025 increased to 33.6% from 32.8% for the three months ended March 31, 2024.

Non-operating Income (Loss)

(in thousands)Three Months Ended March 31, 2025Consolidated Funds (1)Corporate -Seed and OtherTotalInterest and dividend income$1,140