Company: CNS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001284812-25-000255
Chunk: 38

Company: COHEN & STEERS, INC.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 1
Chunk 38
---
 to noncontrolling interests1,694 — 1,694 Non-operating income (loss) attributable to the Company$(672)$4,922 $4,250 

_________________________

(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.

24

A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

Three Months Ended June 30,20252024U.S. statutory tax rate21.0 %21.0 %State and local income taxes, net of federal benefit3.0 2.9 Non-deductible executive compensation1.5 1.4 Unrecognized tax benefit adjustments(0.5)0.5 Valuation allowance(0.2)(0.3)Other(0.1)— *Effective income tax rate24.7 %25.5 %

_________________________

*    Percentage rounds to less than 0.1%.

Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024

Revenue(in thousands)Six Months Ended June 30,20252024$ Change% ChangeInvestment advisory and administration feesOpen-end funds$140,271 $121,088 $19,183 15.8 %Institutional accounts65,021 60,531 $4,490 7.4 %Closed-end funds50,024 48,303 $1,721 3.6 %Total255,316 229,922 $25,394 11.0 %Distribution and service fees14,350 13,448 $902 6.7 %Other927 1,061 $(134)(12.6)%Total revenue$270,593 $244,431 $26,162 10.7 %

Investment advisory and administration fees increased from the six months ended June 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 67.4 bps and 65.9 bps for the six months ended June 30, 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