Cohen & Steers, Inc. (CNS) SEC Filings & Earnings Calls

Market depreciation of $5.1B partially offset net inflows, reducing AUM QoQ.

“AUM at the end of the quarter was $95.9 billion, a decrease of 4.2% from $100.1 billion at the end of the second quarter of 2026 due to market depreciation of $5.1 billion” · word for word

Fee rate compression

“Fee Rate (ex. performance fees) decreased to 58.5 bps from 59.1 bps YoY, primarily due to a shift in the mix of assets under management.”

CFO transition risk mitigated by experienced external hire and detailed compensation agreement.

“Mr. Muni previously served as CFO of CI Financial and WisdomTree.”

Market volatility risk

“Global economic conditions were volatile through the first quarter of 2026. Questions lingered on the impact of AI adoption on employment, private credit stress on economic growth and the listed markets, and most recently the impact of the war in the Middle East on commodities and economic inflation.” · word for word

Trade policy uncertainty

“Trade uncertainty remained high with the Administration’s hallmark policy regarding tariffs ruled unconstitutional by the Supreme Court.” · word for word

Distribution and service fees decreased significantly QoQ due to normalization of UTF rights offering expenses.

“Distribution and service fees decreased from the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering of $9.9 million.” · word for word

Controlling Shareholder Risk

“Robert Steers beneficially owned or controlled approximately 23.5% of our outstanding common stock and Martin Cohen beneficially owned or controlled approximately 17.7% of our outstanding common stock. Such levels of ownership or control create the ability to meaningfully influence, among other things, the election of members of the Board and the outcome of ”

Key Person Dependency

“Our executive officers and directors as a group (15 persons) beneficially own 45.4% of common stock.”

Key person dependency

“As of December 31, 2025, Robert H. Steers, our current Executive Chairman, and a member of his family held approximately 23.4% of our common stock and Martin Cohen, our current Board Chairman, and a member of his family held approximately 17.7% of our common stock.” · word for word

Regulatory and compliance costs

“We operate in a highly regulated industry and are subject to new regulations and revisions to, and evolving interpretations of, existing regulations in the U.S. and internationally.” · word for word

Investment performance risk

“Our reputation may be harmed by a number of factors, including, but not limited to, poor investment performance” · word for word

Non-recurring expenses from rights offering impacted GAAP earnings and operating margin.

“Closed-end fund rights offering raised $513 million resulting in non-recurring expenses of $10.8 million” · word for word

Institutional Outflows

“Net outflows of $975 million including $532 million from U.S. real estate and $184 million from preferred securities.” · word for word

Market Volatility Impact on AUM

“Global economic conditions remained volatile through the third quarter of 2025, shaped by new sources of fiscal policy, monetary policy, and global trade tensions.” · word for word