Company: CNS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001284812-25-000299
Chunk: 38

Company: COHEN & STEERS, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 38
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 under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes. 

24

Expenses(in thousands)Three Months Ended September 30,20252024$ Change% ChangeEmployee compensation and benefits$57,196 $56,376 $820 1.5%Distribution and service fees16,329 14,739 $1,590 10.8%General and administrative16,775 14,874 $1,901 12.8%Depreciation and amortization2,519 2,341 $178 7.6%Total expenses$92,819 $88,330 $4,489 5.1%

Employee compensation and benefits increased from the three months ended September 30, 2024, primarily due to higher incentive compensation of $1.2 million and salaries of $0.6 million, partially offset by lower amortization of restricted stock units of $1.3 million.

Distribution and service fees increased from the three months ended September 30, 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 September 30, 2024, primarily due to higher expenses paid on behalf of certain Company-sponsored funds totaling $0.9 million, as well as costs of $0.7 million incurred in connection with a closed-end fund rights offering.

Operating Margin

Operating margin for the three months ended September 30, 2025 increased to 34.5% from 33.7% for the three months ended September 30, 2024. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)(in thousands)Three Months Ended September 30, 2025Consolidated Funds (1)Corporate -Seed and OtherTotalInterest and dividend income$441 $4,665 $5,106 Gain (loss) from investments—net (300)992 692 Foreign currency gain (loss)—net— 859 859 Total non-operating income (loss)141 6,516 6,657 Net (income) loss attributable to noncontrolling interests77 — 77 Non-operating income (loss) attributable to the Company$218 $6,516 $6,734 

(in thousands)Three Months Ended September 30, 2024Consolidated Funds (1)Corporate -Seed