Company: CNS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001284812-25-000156
Chunk: 56

Company: COHEN & STEERS, INC.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 56
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 under management$86,778 $80,175 

22

Summary of Operating Results(in thousands, except percentages and per share data)Three Months Ended March 31,20252024U.S. GAAPRevenue$134,467 $122,710 Expenses$89,269 $82,445 Operating income$45,198 $40,265 Net income attributable to common stockholders$39,778 $34,004 Diluted earnings per share$0.77 $0.68 Operating margin33.6 %32.8 %As Adjusted (1)Net income attributable to common stockholders$38,353 $34,653 Diluted earnings per share$0.75 $0.70 Operating margin34.7 %35.5 %

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(1)Refer to pages 26-27 for reconciliations of U.S. GAAP to as adjusted results.

Three Months Ended March 31, 2025 Compared with Three Months Ended March 31, 2024

Revenue (in thousands)Three Months Ended March 31,20252024$ Change% ChangeInvestment advisory and administration feesOpen-end funds$69,658 $60,787 $8,871 14.6 %Institutional accounts32,167 30,352 $1,815 6.0 %Closed-end funds24,946 24,206 $740 3.1 %Total126,771 115,345 $11,426 9.9 %Distribution and service fees7,184 6,817 $367 5.4 %Other512 548 $(36)(6.6)%Total revenue$134,467 $122,710 $11,757 9.6 %

Investment advisory and administration fees increased from the three months ended March 31, 2024, primarily due to higher average assets under management.

Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.6 bps and 66.2 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.

Total investment advisory revenue from institutional accounts compared with average assets under management implied an annual