# EDGAR Filing Document

**Accession Number:** 0001284812
**File Stem:** 0001284812-25-000248
**Filing Date:** 2025-7
**Character Count:** 54068
**Document Hash:** c20b8d21fd16166026d3af07e108a643
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001284812-25-000248.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0001284812-25-000248

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250717

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COHEN & STEERS, INC.
- **CENTRAL INDEX KEY:** 0001284812
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 141904657
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32236
- **FILM NUMBER:** 251130851

**BUSINESS ADDRESS:**
- **STREET 1:** 1166 AVENUE OF THE AMERICAS
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212 832 3232

**MAIL ADDRESS:**
- **STREET 1:** 1166 AVENUE OF THE AMERICAS
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COHEN & STEERS INC
- **DATE OF NAME CHANGE:** 20040324

?xml version='1.0' encoding='ASCII'? cns-20250717

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_____________________

**FORM 8-K** 

_____________________

**CURRENT REPORT** 

**Pursuant to section 13 or 15(d) of** 

**The Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): July 17, 2025

_____________________

**Cohen & Steers, Inc.** 

(Exact Name of Registrant as Specified in Charter)

_____________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32236** | **14-1904657** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**1166 Avenue of the Americas** 

**New York, NY 10036** 

**(Address of principal executive offices and Zip Code)**

**(212) 832-3232** 

**(Registrant's telephone number, including area code)**

**_________________________________________**<br>(Former name or former address, if changed since last report)<br>

**________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | CNS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02. Results of Operations and Financial Condition.**

On July 17, 2025, Cohen & Steers, Inc. (the Company) reported, among other things, the Company's results for the quarter ended June 30, 2025. Copies of the press release announcing the availability of the Company's results and the full earnings release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information contained under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and, as a result, such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Exhibits. The exhibits listed on the exhibit index accompanying this Current Report on Form 8-K are furnished herewith.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings announcement press release dated July 17, 2025](cns-earningsannouncement63.htm)</u> |
| 99.2 | <u>[Earnings release dated July 17, 2025](cns-earningsreleasex63025e.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**Cohen & Steers, Inc.**<br>(Registrant)<br>

---

| | | |
|:---|:---|:---|
| Date: July 17, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Raja Dakkuri |
|  |  | Name: Raja Dakkuri<br>Title: Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Cohen & Steers, Inc.**

1166 Avenue of the Americas

New York, NY 10036-2708

Tel (212) 832-3232&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![cnslogo.jpg](cnslogo.jpg)

**Contact:** 

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

**COHEN & STEERS REPORTS RESULTS FOR SECOND QUARTER 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;

New York, NY, July 17, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2025. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2025 and on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

**Conference Call**

The company will host a conference call tomorrow, Friday, July 18, 2025, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer, Joseph Harvey, chief financial officer, Raja Dakkuri, and president and chief investment officer, Jon Cheigh.

Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1- 646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The webcast will be archived on the website for one month.

**About Cohen & Steers.** Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

## Exhibit 99.2

![cnslogoa.jpg](cnslogoa.jpg) **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Contact:** 

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

**COHEN & STEERS REPORTS RESULTS FOR SECOND QUARTER 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS of $0.72; $0.73, as adjusted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating margin of 31.8%; 33.6%, as adjusted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ending AUM of $88.9 billion; average AUM of $87.2 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net outflows of $131 million

NEW YORK, NY, July 17, 2025—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2025.

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands, except percentages and per share data)* | **Three Months Ended** | **Three Months Ended** |  |  |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **$ Change** | **% Change** |
| **U.S. GAAP** |  |  |  |  |
| Revenue | $136126 | $134467 | $1659 | 1.2% |
| Expenses | $92799 | $89269 | $3530 | 4.0% |
| Operating income | $43327 | $45198 | $(1871) | (4.1%) |
| Net income attributable to common stockholders | $36849 | $39778 | $(2929) | (7.4%) |
| Diluted earnings per share | $0.72 | $0.77 | $(0.05) | (7.5%) |
| Operating margin | 31.8% | 33.6% | N/A | (180 bps) |
| **As Adjusted** <sup>(1)</sup> |  |  |  |  |
| Net income attributable to common stockholders | $37324 | $38353 | $(1029) | (2.7%) |
| Diluted earnings per share | $0.73 | $0.75 | $(0.02) | (2.8%) |
| Operating margin | 33.6% | 34.7% | N/A | (110 bps) |
| _________________________<br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. | _________________________<br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. | _________________________<br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. | _________________________<br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. | _________________________<br>(1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results. |

---

------

**Revenue**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended** | **Three Months Ended** |  |  |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **$ Change** | **% Change** |
| Investment advisory and administration fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-end funds | $70613 | $69658 | $955 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional accounts | 32854 | 32167 | $687 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed-end funds | 25078 | 24946 | $132 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 128545 | 126771 | $1774 | 1.4% |
| Distribution and service fees | 7166 | 7184 | $(18) | (0.3%) |
| Other | 415 | 512 | $(97) | (18.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $136126 | $134467 | $1659 | 1.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in total investment advisory and administration fees from the first quarter of 2025 was primarily due to higher average assets under management in open-end funds and institutional accounts, as well as one additional day in the current quarter

**Expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended** | **Three Months Ended** |  |  |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **$ Change** | **% Change** |
| Employee compensation and benefits | $56640 | $54554 | $2086 | 3.8% |
| Distribution and service fees | 15706 | 15189 | $517 | 3.4% |
| General and administrative | 18078 | 17169 | $909 | 5.3% |
| Depreciation and amortization | 2375 | 2357 | $18 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $92799 | $89269 | $3530 | 4.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee compensation and benefits increased from the first quarter of 2025, primarily due to the accelerated vesting of restricted stock due to retirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution and service fees increased from the first quarter of 2025, primarily due to higher average assets under management in U.S. open-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative expenses increased from the first quarter of 2025, primarily due to increased talent acquisition costs and higher levels of travel and business development-related expenses

**Operating Margin**

Operating margin was 31.8% for the second quarter of 2025, compared with 33.6% for the first quarter of 2025. Operating margin represents the ratio of operating income to revenue.

------

**Non-operating Income (Loss)**

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Consolidated** <br>**Funds** <sup>(1)</sup> | **Corporate - <br>Seed and Other** | **Total** |
| Interest and dividend income | $2103 | $4212 | $6315 |
| Gain (loss) from investments—net  | 4909 | 1806 | 6715 |
| Foreign currency gain (loss)—net | (245) | (2278) | (2523) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-operating income (loss)** | 6767 | 3740 | 10507 |
| Net (income) loss attributable to noncontrolling interests | (4923) |  | (4923) |
| Non-operating income (loss) attributable to the company | $1844 | $3740 | $5584 |
| *(in thousands)* | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Consolidated** <br>**Funds** <sup>(1)</sup> | **Corporate - <br>Seed and Other** | **Total** |
| Interest and dividend income | $1140 | $4231 | $5371 |
| Gain (loss) from investments—net | 4208 | (655) | 3553 |
| Foreign currency gain (loss)—net | (8) | (1164) | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-operating income (loss)** | 5340 | 2412 | 7752 |
| Net (income) loss attributable to noncontrolling interests | (3511) |  | (3511) |
| Non-operating income (loss) attributable to the company | $1829 | $2412 | $4241 |
| _________________________<br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. | _________________________<br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. | _________________________<br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. | _________________________<br>(1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP. |

---

**Income Taxes**

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** | **Three Months Ended** | **Three Months Ended** | |
| | **June 30,<br>2025** | | **March 31,<br>2025** | |
| U.S. statutory tax rate | 21.0% |  | 21.0% |  |
| State and local income taxes, net of federal benefit | 3.0 |  | 2.9 |  |
| Non-deductible executive compensation | 1.5 |  | 2.9 |  |
| Excess tax benefits related to the vesting and delivery of restricted stock units |  | \* | (6.6) |  |
| Unrecognized tax benefit adjustments | (0.5) |  | (0.4) |  |
| Valuation allowance | (0.2) |  | (0.3) |  |
| Other | (0.1) |  |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective income tax rate | 24.7% |  | 19.5% |  |
| _________________________<br>\* Percentage rounds to less than 0.1%. |  |  |  |  |

---

------

**Assets Under Management**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions)* | **As of** | **As of** | **Change** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | $**%** |
| <u>By Investment Vehicle</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-end funds | $42962 | $42298 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional accounts | 34386 | 33886 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed-end funds | 11588 | 11395 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $88936 | $87579 | 1.5% |
| <u>By Investment Strategy</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. real estate | $43972 | $43591 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred securities | 17902 | 18207 | (1.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global/international real estate | 13980 | 13129 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global listed infrastructure | 10052 | 9710 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3030 | 2942 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $88936 | $87579 | 1.5% |

---

Assets under management at June 30, 2025 were $88.9 billion, an increase of 1.5% from $87.6 billion at March 31, 2025. The increase was due to market appreciation of $2.3 billion, partially offset by net outflows of $131 million and distributions of $762 million.

***Open-end Funds***

Assets under management in open-end funds at June 30, 2025 were $43.0 billion, an increase of 1.6% from $42.3 billion at March 31, 2025. The change was primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net inflows of $397 million into U.S. real estate, $156 million into global listed infrastructure and $141 million into real assets multi-strategy (included in "Other" in the table above), partially offset by net outflows of $418 million from preferred securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market appreciation of $290 million from U.S. real estate and $229 million from preferred securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributions of $215 million from U.S. real estate and $127 million from preferred securities, of which $297 million was reinvested and included in net flows

***Institutional Accounts***

Assets under management in institutional accounts at June 30, 2025 were $34.4 billion, an increase of 1.5% from $33.9 billion at March 31, 2025. The change was primarily due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net outflows of $252 million from global listed infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Market appreciation of $452 million from global/international real estate and $128 million from global listed infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subadvisory:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net outflows of $107 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Market appreciation of $269 million from global/international real estate and $103 million from global listed infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Distributions of $167 million from U.S. real estate

------

**Investment Performance at June 30, 2025**

![investmentperformanceq225a.jpg](investmentperformanceq225a.jpg)_________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2)&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2025. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

**Balance Sheet Information**

As of June 30, 2025, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $322.8 million, compared with $295.4 million as of March 31, 2025. As of June 30, 2025, stockholders' equity was $528.5 million, compared with $507.7 million as of March 31, 2025.

------

**Conference Call Information**

Cohen & Steers will host a conference call on Friday, July 18, 2025 at 10:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The webcast will be archived on the website for one month.

**About Cohen & Steers**

Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

**Forward-Looking Statements**

This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | | | |
| **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | | | |
| **(in thousands, except per share data)** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change From** | **% Change From** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **March 31,<br>2025** | **June 30,<br>2024** |
| **Revenue:** | | | | | |
| &nbsp;&nbsp;&nbsp; Investment advisory and administration fees | $128545 | $126771 | $114577 |  |  |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 7166 | 7184 | 6631 |  |  |
| &nbsp;&nbsp;&nbsp; Other | 415 | 512 | 513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 136126 | 134467 | 121721 | 1.2% | 11.8% |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Employee compensation and benefits | 56640 | 54554 | 53097 |  |  |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 15706 | 15189 | 13270 |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative | 18078 | 17169 | 14684 |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 2375 | 2357 | 2268 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 92799 | 89269 | 83319 | 4.0% | 11.4% |
| **Operating income** | 43327 | 45198 | 38402 | (4.1%) | 12.8% |
| **Non-operating income (loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest and dividend income | 6315 | 5371 | 5057 |  |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) from investments—net | 6715 | 3553 | (2018) |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency gain (loss)—net | (2523) | (1172) | (483) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income (loss) | 10507 | 7752 | 2556 | 35.5% | \* |
| Income before provision for income taxes | 53834 | 52950 | 40958 | 1.7% | 31.4% |
| Provision for income taxes | 12062 | 9661 | 10881 |  |  |
| Net income | 41772 | 43289 | 30077 | (3.5%) | 38.9% |
| Net (income) loss attributable to noncontrolling <br> interests | (4923) | (3511) | 1694 |  |  |
| Net income attributable to common stockholders | $36849 | $39778 | $31771 | (7.4%) | 16.0% |
| **Earnings per share attributable to common** **stockholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $0.72 | $0.78 | $0.63 | (7.6%) | 14.3% |
| &nbsp;&nbsp;&nbsp; Diluted | $0.72 | $0.77 | $0.63 | (7.5%) | 14.4% |
| **Weighted average shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 51165 | 51058 | 50419 |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | 51471 | 51418 | 50770 |  |  |
| _________________________<br>\* Not meaningful. | _________________________<br>\* Not meaningful. | _________________________<br>\* Not meaningful. | _________________________<br>\* Not meaningful. |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | |
| **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | | |
| **(in thousands, except per share data)** | | | |
| | **Six Months Ended** | **Six Months Ended** | |
| | **June 30,<br>2025** | **June 30,<br>2024** |<br><br>**% Change** |
| **Revenue:** | | | |
| &nbsp;&nbsp;&nbsp; Investment advisory and administration fees | $255316 | $229922 |  |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 14350 | 13448 |  |
| &nbsp;&nbsp;&nbsp; Other | 927 | 1061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 270593 | 244431 | 10.7% |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Employee compensation and benefits | 111194 | 105100 |  |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 30895 | 26665 |  |
| &nbsp;&nbsp;&nbsp; General and administrative | 35247 | 29477 |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 4732 | 4522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 182068 | 165764 | 9.8% |
| **Operating income** | 88525 | 78667 | 12.5% |
| **Non-operating income (loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest and dividend income | 11686 | 8976 |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) from investments—net | 10268 | (1034) |  |
| &nbsp;&nbsp;&nbsp; Foreign currency gain (loss)—net | (3695) | (349) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income (loss) | 18259 | 7593 | 140.5% |
| Income before provision for income taxes | 106784 | 86260 | 23.8% |
| Provision for income taxes | 21723 | 21769 |  |
| Net income | 85061 | 64491 | 31.9% |
| Net (income) loss attributable to noncontrolling interests | (8434) | 1284 |  |
| Net income attributable to common stockholders | $76627 | $65775 | 16.5% |
| **Earnings per share attributable to common stockholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $1.50 | $1.32 | 14.0% |
| &nbsp;&nbsp;&nbsp; Diluted | $1.49 | $1.31 | 13.9% |
| **Weighted average shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 51112 | 49994 |  |
| &nbsp;&nbsp;&nbsp;Diluted | 51445 | 50303 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | | | |
| **Assets Under Management** | | | | | |
| **By Investment Vehicle** | | | | | |
| **(in millions)** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change From** | **% Change From** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **March 31,<br>2025** | **June 30,<br>2024** |
| **<u>Open-end Funds</u>** | | | | | |
| **Assets under management, beginning of period** | $42298 | $40962 | $37685 |  |  |
| Inflows | 3072 | 3519 | 2936 |  |  |
| Outflows | (2787) | (2934) | (3037) |  |  |
| Net inflows (outflows) | 285 | 585 | (101) |  |  |
| Market appreciation (depreciation) | 816 | 1033 | 215 |  |  |
| Distributions | (437) | (282) | (348) |  |  |
| Total increase (decrease) | 664 | 1336 | (234) |  |  |
| **Assets under management, end of period** | $42962 | $42298 | $37451 | 1.6% | 14.7% |
| **Average assets under management** | $42110 | $41801 | $36943 | 0.7% | 14.0% |
| **<u>Institutional Accounts</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $33886 | $33563 | $32424 |  |  |
| Inflows | 651 | 1100 | 649 |  |  |
| Outflows | (1170) | (1466) | (896) |  |  |
| Net inflows (outflows) | (519) | (366) | (247) |  |  |
| Market appreciation (depreciation) | 1190 | 853 | 216 |  |  |
| Distributions | (171) | (164) | (171) |  |  |
| Total increase (decrease) | 500 | 323 | (202) |  |  |
| **Assets under management, end of period** | $34386 | $33886 | $32222 | 1.5% | 6.7% |
| **Average assets under management** | $33844 | $33623 | $31673 | 0.7% | 6.9% |
| **<u>Closed-end Funds</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $11395 | $11289 | $11126 |  |  |
| Inflows | 103 | 3 | 3 |  |  |
| Outflows |  |  |  |  |  |
| Net inflows (outflows) | 103 | 3 | 3 |  |  |
| Market appreciation (depreciation) | 244 | 257 | 61 |  |  |
| Distributions | (154) | (154) | (154) |  |  |
| Total increase (decrease) | 193 | 106 | (90) |  |  |
| **Assets under management, end of period** | $11588 | $11395 | $11036 | 1.7% | 5.0% |
| **Average assets under management** | $11289 | $11354 | $10969 | (0.6%) | 2.9% |
| **<u>Total</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $87579 | $85814 | $81235 |  |  |
| Inflows | 3826 | 4622 | 3588 |  |  |
| Outflows | (3957) | (4400) | (3933) |  |  |
| Net inflows (outflows) | (131) | 222 | (345) |  |  |
| Market appreciation (depreciation) | 2250 | 2143 | 492 |  |  |
| Distributions | (762) | (600) | (673) |  |  |
| Total increase (decrease) | 1357 | 1765 | (526) |  |  |
| **Assets under management, end of period** | $88936 | $87579 | $80709 | 1.5% | 10.2% |
| **Average assets under management** | $87243 | $86778 | $79585 | 0.5% | 9.6% |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | | | |
| **Assets Under Management - Institutional Accounts** | **Assets Under Management - Institutional Accounts** | **Assets Under Management - Institutional Accounts** | | | |
| **By Account Type** | **By Account Type** | | | | |
| **(in millions)** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change From** | **% Change From** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **March 31,<br>2025** | **June 30,<br>2024** |
| **<u>Advisory</u>** | | | | | |
| **Assets under management, beginning of period** | $19703 | $19272 | $18196 |  |  |
| Inflows | 436 | 597 | 413 |  |  |
| Outflows | (848) | (705) | (339) |  |  |
| Net inflows (outflows) | (412) | (108) | 74 |  |  |
| Market appreciation (depreciation) | 754 | 539 | 97 |  |  |
| Total increase (decrease) | 342 | 431 | 171 |  |  |
| **Assets under management, end of period** | $20045 | $19703 | $18367 | 1.7% | 9.1% |
| **Average assets under management** | $19789 | $19581 | $17963 | 1.1% | 10.2% |
| **<u>Subadvisory</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $14183 | $14291 | $14228 |  |  |
| Inflows | 215 | 503 | 236 |  |  |
| Outflows | (322) | (761) | (557) |  |  |
| Net inflows (outflows) | (107) | (258) | (321) |  |  |
| Market appreciation (depreciation) | 436 | 314 | 119 |  |  |
| Distributions | (171) | (164) | (171) |  |  |
| Total increase (decrease) | 158 | (108) | (373) |  |  |
| **Assets under management, end of period** | $14341 | $14183 | $13855 | 1.1% | 3.5% |
| **Average assets under management** | $14055 | $14042 | $13710 | 0.1% | 2.5% |
| **<u>Total Institutional Accounts</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $33886 | $33563 | $32424 |  |  |
| Inflows | 651 | 1100 | 649 |  |  |
| Outflows | (1170) | (1466) | (896) |  |  |
| Net inflows (outflows) | (519) | (366) | (247) |  |  |
| Market appreciation (depreciation) | 1190 | 853 | 216 |  |  |
| Distributions | (171) | (164) | (171) |  |  |
| Total increase (decrease) | 500 | 323 | (202) |  |  |
| **Assets under management, end of period** | $34386 | $33886 | $32222 | 1.5% | 6.7% |
| **Average assets under management** | $33844 | $33623 | $31673 | 0.7% | 6.9% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | | | |
| **Assets Under Management** | | | | | |
| **By Investment Strategy** | | | | | |
| **(in millions)** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change From** | **% Change From** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **March 31,<br>2025** | **June 30,<br>2024** |
| **<u>U.S. Real Estate</u>** | | | | | |
| **Assets under management, beginning of period** | $43591 | $42930 | $38476 |  |  |
| Inflows | 1909 | 2319 | 1996 |  |  |
| Outflows | (1560) | (2536) | (1845) |  |  |
| Net inflows (outflows) | 349 | (217) | 151 |  |  |
| Market appreciation (depreciation) | 466 | 1250 | 452 |  |  |
| Distributions | (434) | (362) | (367) |  |  |
| Transfers |  | (10) | 5 |  |  |
| Total increase (decrease) | 381 | 661 | 241 |  |  |
| **Assets under management, end of period** | $43972 | $43591 | $38717 | 0.9% | 13.6% |
| **Average assets under management** | $43172 | $43340 | $37466 | (0.4%) | 15.2% |
| **<u>Preferred Securities</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $18207 | $18330 | $18589 |  |  |
| Inflows | 738 | 847 | 823 |  |  |
| Outflows | (1218) | (923) | (1272) |  |  |
| Net inflows (outflows) | (480) | (76) | (449) |  |  |
| Market appreciation (depreciation) | 351 | 121 | 138 |  |  |
| Distributions | (176) | (178) | (179) |  |  |
| Transfers |  | 10 | (5) |  |  |
| Total increase (decrease) | (305) | (123) | (495) |  |  |
| **Assets under management, end of period** | $17902 | $18207 | $18094 | (1.7%) | (1.1%) |
| **Average assets under management** | $17792 | $18380 | $18294 | (3.2%) | (2.7%) |
| **<u>Global/International Real Estate</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $13129 | $13058 | $13442 |  |  |
| Inflows | 403 | 460 | 410 |  |  |
| Outflows | (426) | (626) | (543) |  |  |
| Net inflows (outflows) | (23) | (166) | (133) |  |  |
| Market appreciation (depreciation) | 915 | 242 | (196) |  |  |
| Distributions | (41) | (5) | (49) |  |  |
| Total increase (decrease) | 851 | 71 | (378) |  |  |
| **Assets under management, end of period** | $13980 | $13129 | $13064 | 6.5% | 7.0% |
| **Average assets under management** | $13521 | $13170 | $13045 | 2.7% | 3.6% |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cohen & Steers, Inc. and Subsidiaries** | | | | | |
| **Assets Under Management** | | | | | |
| **By Investment Strategy - continued** | | | | | |
| **(in millions)** | | | | | |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **% Change From** | **% Change From** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **March 31,<br>2025** | **June 30,<br>2024** |
| **<u>Global Listed Infrastructure</u>** | | | | | |
| **Assets under management, beginning of period** | $9710 | $8793 | $8395 |  |  |
| Inflows | 460 | 752 | 148 |  |  |
| Outflows | (439) | (166) | (114) |  |  |
| Net inflows (outflows) | 21 | 586 | 34 |  |  |
| Market appreciation (depreciation) | 403 | 407 | 73 |  |  |
| Distributions | (82) | (46) | (56) |  |  |
| Transfers |  | (30) |  |  |  |
| Total increase (decrease) | 342 | 917 | 51 |  |  |
| **Assets under management, end of period** | $10052 | $9710 | $8446 | 3.5% | 19.0% |
| **Average assets under management** | $9829 | $9047 | $8430 | 8.6% | 16.6% |
| **<u>Other</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $2942 | $2703 | $2333 |  |  |
| Inflows | 316 | 244 | 211 |  |  |
| Outflows | (314) | (149) | (159) |  |  |
| Net inflows (outflows) | 2 | 95 | 52 |  |  |
| Market appreciation (depreciation) | 115 | 123 | 25 |  |  |
| Distributions | (29) | (9) | (22) |  |  |
| Transfers |  | 30 |  |  |  |
| Total increase (decrease) | 88 | 239 | 55 |  |  |
| **Assets under management, end of period** | $3030 | $2942 | $2388 | 3.0% | 26.9% |
| **Average assets under management** | $2929 | $2841 | $2350 | 3.1% | 24.6% |
| **<u>Total</u>** |  |  |  |  |  |
| **Assets under management, beginning of period** | $87579 | $85814 | $81235 |  |  |
| Inflows | 3826 | 4622 | 3588 |  |  |
| Outflows | (3957) | (4400) | (3933) |  |  |
| Net inflows (outflows) | (131) | 222 | (345) |  |  |
| Market appreciation (depreciation) | 2250 | 2143 | 492 |  |  |
| Distributions | (762) | (600) | (673) |  |  |
| Total increase (decrease) | 1357 | 1765 | (526) |  |  |
| **Assets under management, end of period** | $88936 | $87579 | $80709 | 1.5% | 10.2% |
| **Average assets under management** | $87243 | $86778 | $79585 | 0.5% | 9.6% |

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------

**Reconciliations of U.S. GAAP to As Adjusted Financial Results**

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company's operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports, which are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** | **Net Income Attributable to Common Stockholders and Diluted Earnings per Share** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| *(in thousands, except per share data)* | **June 30,<br>2025** |  | **March 31,<br>2025** |  | **June 30,<br>2024** |  |
| **Net income attributable to common stockholders, U.S. GAAP** | $36849 |  | $39778 |  | $31771 |  |
| Seed investments—net <sup>(1)</sup> | (3523) |  | (50) |  | (84) |  |
| Accelerated vesting of restricted stock units | 1835 |  | 369 |  | 2496 |  |
| Other non-recurring expenses <sup>(2)</sup> |  |  | 616 |  | 1196 |  |
| Foreign currency exchange (gain) loss—net <sup>(3)</sup> | 2742 |  | 969 |  | 30 |  |
| Tax effects of adjustments above | (219) |  | (438) |  | (1045) |  |
| Tax effects of discrete tax items <sup>(4)</sup> | (360) |  | (2891) |  | 168 |  |
| Net income attributable to common stockholders, as adjusted | $37324 |  | $38353 |  | $34532 |  |
| **Diluted weighted average shares outstanding** | 51471 |  | 51418 |  | 50770 |  |
| **Diluted earnings per share, U.S. GAAP** | $0.72 |  | $0.77 |  | $0.63 |  |
| Seed investments—net <sup>(1)</sup> | (0.07) |  |  | \* |  | \* |
| Accelerated vesting of restricted stock units | 0.04 |  | 0.01 |  | 0.05 |  |
| Other non-recurring expenses <sup>(2)</sup> |  |  | 0.01 |  | 0.02 |  |
| Foreign currency exchange (gain) loss—net <sup>(3)</sup> | 0.05 |  | 0.02 |  |  | \* |
| Tax effects of adjustments above |  | \* | (0.01) |  | (0.02) |  |
| Tax effects of discrete tax items <sup>(4)</sup> | (0.01) |  | (0.05) |  |  | \* |
| Diluted earnings per share, as adjusted | $0.73 |  | $0.75 |  | $0.68 |  |
| _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. | _________________________<br>\* Amounts round to less than $0.01 per share.<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024.<br>(3)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.<br>(4)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. |

---

------

**Reconciliations of U.S. GAAP to As Adjusted Financial Results** 

---

| | | | |
|:---|:---|:---|:---|
| **Revenue, Expenses, Operating Income and Operating Margin** | **Revenue, Expenses, Operating Income and Operating Margin** | **Revenue, Expenses, Operating Income and Operating Margin** | **Revenue, Expenses, Operating Income and Operating Margin** |
| *(in thousands, except percentages)* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** |
| **Revenue, U.S. GAAP** | $136126 | $134467 | $121721 |
| Fund related amounts <sup>(1)</sup>  | (806) | (677) | 267 |
| Revenue, as adjusted | $135320 | $133790 | $121988 |
| **Expenses, U.S. GAAP** | $92799 | $89269 | $83319 |
| Fund related amounts <sup>(1)</sup>  | (1102) | (940) | (181) |
| Accelerated vesting of restricted stock units | (1835) | (369) | (2496) |
| Other non-recurring expenses <sup>(2)</sup> |  | (616) | (1196) |
| Expenses, as adjusted | $89862 | $87344 | $79446 |
| **Operating income, U.S. GAAP** | $43327 | $45198 | $38402 |
| Fund related amounts <sup>(1)</sup>  | 296 | 263 | 448 |
| Accelerated vesting of restricted stock units | 1835 | 369 | 2496 |
| Other non-recurring expenses <sup>(2)</sup> |  | 616 | 1196 |
| Operating income, as adjusted | $45458 | $46446 | $42542 |
| **Operating margin, U.S. GAAP** | 31.8% | 33.6% | 31.5% |
| Operating margin, as adjusted | 33.6% | 34.7% | 34.9% |
| _________________________<br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024. | _________________________<br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024. | _________________________<br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024. | _________________________<br>(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds.<br>(2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025, as well as the impact of incremental expenses associated with the separation of certain employees for the three months ended June 30, 2024. |

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| | | | |
|:---|:---|:---|:---|
| **Non-operating Income (Loss)** | **Non-operating Income (Loss)** | **Non-operating Income (Loss)** | **Non-operating Income (Loss)** |
| *(in thousands)* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** |
| **Non-operating income (loss), U.S. GAAP** | $10507 | $7752 | $2556 |
| Seed investments—net <sup>(1)</sup> | (8742) | (3824) | 1162 |
| Foreign currency exchange (gain) loss—net <sup>(2)</sup> | 2742 | 969 | 30 |
| Non-operating income (loss), as adjusted | $4507 | $4897 | $3748 |
| _________________________<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. | _________________________<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. | _________________________<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. | _________________________<br>(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.<br>(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. |

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