Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 39

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 1
Chunk 39
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 fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.9 bps and 38.1 bps for the six 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 88.6 bps for the six months ended June 30, 2025 and 2024, respectively.

Distribution and service fees increased from the six 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. 

25

Expenses(in thousands)Six Months Ended June 30,20252024$ Change% ChangeEmployee compensation and benefits$111,194 $105,100 $6,094 5.8 %Distribution and service fees30,895 26,665 $4,230 15.9 %General and administrative35,247 29,477 $5,770 19.6 %Depreciation and amortization4,732 4,522 $210 4.6 %Total expenses$182,068 $165,764 $16,304 9.8 %

Employee compensation and benefits increased from the six months ended June 30, 2024, primarily due to higher

incentive compensation of $9.6 million, partially offset by lower amortization of restricted stock units of $3.6 million. 

Distribution and service fees increased from the six months ended June 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.

General and administrative expenses increased from the six months ended June 30, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $1.7 million, increased talent acquisition costs of $1.1 million and higher sponsorship and business development-related expenses of $974,000.

Operating Margin

Operating margin for the six months ended June 30, 2025 increased to 32.7% from 32.2% for the six months ended June 30, 2024.

Non-operating Income (Loss)

(in thousands)Six Months Ended June 30, 2025Consolidated Funds (1)Corporate -Seed and OtherTotalInterest and dividend income