Company: CNS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001284812-25-000087
Chunk: 47

Company: COHEN & STEERS, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 47
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 the implied annual effective fee rate would have been 38.1 bps and 36.8 bps for the years ended December 31, 2024 and 2023, respectively. The increase in the implied annual effective fee rate is primarily due to the shift in the mix of assets under management.

Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annual effective fee rate of 88.7 bps and 88.8 bps for the years ended December 31, 2024 and 2023, respectively.

Expenses(in thousands)Years Ended December 31,20242023$ Change% ChangeEmployee compensation and benefits$217,980 $200,181 $17,799 8.9 %Distribution and service fees57,137 54,170 $2,967 5.5 %General and administrative60,135 66,704 $(6,569)(9.8)%Depreciation and amortization9,288 4,105 $5,183 126.3 %Total expenses$344,540 $325,160 $19,380 6.0 %

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Employee compensation and benefits increased from the year ended December 31, 2023 primarily due to higher amortization of restricted stock units of $7.7 million, including $5.8 million of accelerated vesting of certain restricted

stock units. Additionally, there were increases in incentive compensation of $4.3 million and salaries of $2.7 million.

Distribution and service fee expenses increased by $3.0 million from the year ended December 31, 2023 primarily due to higher average assets under management in U.S. open-end funds. 

General and administrative expenses decreased from the year ended December 31, 2023 primarily due to lower rent expense of $8.5 million related to the expiration of the lease for the Company’s prior headquarters in January 2024, partially offset by higher technology expenses of $911,000 and travel and entertainment of $748,000.

Depreciation and amortization increased from the year ended December 31, 2023 primarily due to depreciation

and amortization of fixed assets and leasehold improvements associated with the Company's current headquarters that were

placed in service in December 2023.

Operating margin for the year ended December 31, 2024 decreased to 33.4% from 33.6% for the year ended