Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Cohen and Steers Inc	NYSE:CNS	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.47	-0.53%	88.82	89.84	87.675	88.30	309,981	01:00:00

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): October 16, 2024

_____________________

Cohen & Steers, Inc.

(Exact Name of Registrant as Specified in Charter)

_____________________


Delaware	001-32236	14-1904657
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer 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)


_________________________________________ (Former name or former address, if changed since last report)

________________

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. o

Item 2.02. Results of Operations and Financial Condition.

On October 16, 2024, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended September 30, 2024. 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.

(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			Earnings announcement press release dated October 16, 2024
99.2			Earnings release dated October 16, 2024
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. (Registrant)


Date: October 16, 2024	By:	/s/ Raja Dakkuri
		Name: Raja Dakkuri Title: Executive Vice President and Chief Financial Officer

Cohen & Steers, Inc.

1166 Avenue of the Americas

New York, NY 10036-2708

Tel (212) 832-3232

Contact:

Brian Meta

Senior Vice President

Head of Investor Relations & FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2024

New York, NY, October 16, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Third Quarter 2024 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, Thursday, October 17, 2024, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be chief executive officer and president, Joseph Harvey, chief financial officer, Raja Dakkuri, 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 on October 17, 2024 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.

Contact:

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2024

•Diluted earnings per share of $0.77 for both GAAP and as adjusted

•Operating margin of 33.7%; 35.7%, as adjusted

•Ending assets under management (AUM) of $91.8 billion; average AUM of $86.2 billion

•Net inflows of $1.3 billion

NEW YORK, NY, October 16, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2024.

Financial Highlights




(in thousands, except percentages and per share data)	Three Months Ended
	September 30, 2024			June 30, 2024			$ Change		% Change
U.S. GAAP
Revenue	$	133,203		$	121,721		$	11,482	9.4	%
Expenses	$	88,330		$	83,319		$	5,011	6.0	%
Operating income	$	44,873		$	38,402		$	6,471	16.9	%

Net income attributable to common stockholders	$	39,668		$	31,771		$	7,897	24.9	%
Diluted earnings per share	$	0.77		$	0.63		$	0.14	23.3	%
Operating margin	33.7		%	31.5		%	N/A		220 bps

As Adjusted (1)
Net income attributable to common stockholders	$	39,706		$	34,532		$	5,174	15.0	%
Diluted earnings per share	$	0.77		$	0.68		$	0.09	13.5	%
Operating margin	35.7		%	34.9		%	N/A		80 bps
_________________________ (1)Refer to pages 17-18 for reconciliations of U.S. GAAP to as adjusted results.

Revenue


(in thousands)	Three Months Ended
	September 30, 2024		June 30, 2024		$ Change		% Change
Investment advisory and administration fees:
Open-end funds	$	66,761	$	60,301	$	6,460	10.7	%
Institutional accounts	32,956		30,179		$	2,777	9.2	%
Closed-end funds	25,680		24,097		$	1,583	6.6	%
Total	125,397		114,577		$	10,820	9.4	%
Distribution and service fees	7,244		6,631		$	613	9.2	%
Other	562		513		$	49	9.6	%
Total revenue	$	133,203	$	121,721	$	11,482	9.4	%

•The increase in total investment advisory and administration fees from the second quarter of 2024 was primarily due to higher average assets under management across all three types of investment vehicles, as well as one additional day in the quarter.

•The increase in distribution and service fees from the second quarter of 2024 was primarily due to higher average assets under management in U.S. open-end funds.

Expenses


(in thousands)	Three Months Ended
	September 30, 2024		June 30, 2024		$ Change		% Change
Employee compensation and benefits	$	56,376	$	53,097	$	3,279	6.2	%
Distribution and service fees	14,739		13,270		$	1,469	11.1	%
General and administrative	14,874		14,684		$	190	1.3	%
Depreciation and amortization	2,341		2,268		$	73	3.2	%
Total expenses	$	88,330	$	83,319	$	5,011	6.0	%

•Employee compensation and benefits increased from the second quarter of 2024, primarily due to higher incentive compensation. The second quarter included incremental expenses of $1.2 million associated with the separation of certain employees.

•Distribution and service fees increased from the second quarter of 2024, primarily due to higher average assets under management in U.S. open-end funds.

Operating Margin

Operating margin was 33.7% for the third quarter of 2024, compared with 31.5% for the second quarter of 2024. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)


(in thousands)	Three Months Ended
	September 30, 2024
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other		Total
Interest and dividend income	$	610	$	1,410	$	3,400	$	5,420
Gain (loss) from investments—net	21,202		3,099		(5,326)		18,975
Foreign currency gain (loss)—net	(30)		(68)		(1,594)		(1,692)
Total non-operating income (loss)	21,782		4,441		(3,520)		22,703
Net (income) loss attributable to noncontrolling interests	(15,615)		—		—		(15,615)
Non-operating income (loss) attributable to the company	$	6,167	$	4,441	$	(3,520)	$	7,088


(in thousands)	Three Months Ended
	June 30, 2024
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other		Total
Interest and dividend income	$	1,205	$	1,192	$	2,660	$	5,057
Gain (loss) from investments—net	(3,264)		1,308		(62)		(2,018)
Foreign currency gain (loss)—net	(307)		(6)		(170)		(483)
Total non-operating income (loss)	(2,366)		2,494		2,428		2,556
Net (income) loss attributable to noncontrolling interests	1,694		—		—		1,694
Non-operating income (loss) attributable to the company	$	(672)	$	2,494	$	2,428	$	4,250

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
	September 30, 2024		June 30, 2024
U.S. statutory tax rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.5		2.9
Valuation allowance	(1.4)		(0.2)
Non-deductible executive compensation	1.2		1.4


Other	0.4		0.4
Effective income tax rate	23.7	%	25.5	%

Assets Under Management


(in millions)	As of				Change
	September 30, 2024		June 30, 2024		$		%
By Investment Vehicle
Open-end funds	$	42,979	$	37,451	$	5,528	14.8	%
Institutional accounts	36,892		32,222		$	4,670	14.5	%
Closed-end funds	11,909		11,036		$	873	7.9	%
Total	$	91,780	$	80,709	$	11,071	13.7	%

By Investment Strategy
U.S. real estate	$	45,685	$	38,717	$	6,968	18.0	%
Preferred securities	18,929		18,094		$	835	4.6	%
Global/international real estate	14,986		13,064		$	1,922	14.7	%
Global listed infrastructure	9,535		8,446		$	1,089	12.9	%
Other	2,645		2,388		$	257	10.8	%
Total	$	91,780	$	80,709	$	11,071	13.7	%

Assets under management at September 30, 2024 were $91.8 billion, an increase of 13.7% from $80.7 billion at June 30, 2024. The increase was due to net inflows of $1.3 billion and market appreciation of $10.4 billion, partially offset by distributions of $591 million.

Open-end Funds

Assets under management in open-end funds at September 30, 2024 were $43.0 billion, an increase of 14.8% from $37.5 billion at June 30, 2024. The change was primarily due to the following:

•Net inflows of $1.1 billion into U.S. real estate

•Market appreciation of $3.4 billion from U.S. real estate and $616 million from preferred securities

•Distributions of $132 million from U.S. real estate and $129 million from preferred securities, of which $223 million was reinvested and included in net flows

Institutional Accounts

Assets under management in institutional accounts at September 30, 2024 were $36.9 billion, an increase of 14.5% from $32.2 billion at June 30, 2024. The change was primarily due to the following:

•Advisory:

◦Market appreciation of $984 million from U.S. real estate and $934 million from global/international real estate

•Japan subadvisory:

◦Market appreciation of $963 million from U.S. real estate

◦Distributions of $165 million from U.S. real estate

•Subadvisory excluding Japan:

◦Net inflows of $127 million into global/international real estate

◦Market appreciation of $430 million from global/international real estate and $244 million from U.S. real estate

Investment Performance at September 30, 2024

_________________________

(1) 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) © 2024 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 September 30, 2024. 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 September 30, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $348.4 million, compared with $325.1 million as of June 30, 2024. As of September 30, 2024, stockholders' equity was $491.0 million, compared with $463.2 million as of June 30, 2024.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, October 17, 2024 at 10:00 a.m. (ET) to discuss the company's third 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 on October 17, 2024 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, 2023 (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)

(in thousands, except per share data)

	Three Months Ended						% Change From
	September 30, 2024		June 30, 2024		September 30, 2023		June 30, 2024		September 30, 2023
Revenue:
Investment advisory and administration fees	$	125,397	$	114,577	$	116,226
Distribution and service fees	7,244		6,631		7,014
Other	562		513		497
Total revenue	133,203		121,721		123,737		9.4	%	7.7	%
Expenses:
Employee compensation and benefits	56,376		53,097		52,830
Distribution and service fees	14,739		13,270		13,689
General and administrative	14,874		14,684		15,546
Depreciation and amortization	2,341		2,268		801
Total expenses	88,330		83,319		82,866		6.0	%	6.6	%
Operating income	44,873		38,402		40,871		16.9	%	9.8	%
Non-operating income (loss):
Interest and dividend income	5,420		5,057		3,763
Gain (loss) from investments—net	18,975		(2,018)		(10,056)
Foreign currency gain (loss)—net	(1,692)		(483)		1,134
Total non-operating income (loss)	22,703		2,556		(5,159)		*		*
Income before provision for income taxes	67,576		40,958		35,712		65.0	%	89.2	%
Provision for income taxes	12,293		10,881		10,543
Net income	55,283		30,077		25,169		83.8	%	119.6	%
Net (income) loss attributable to noncontrolling interests	(15,615)		1,694		6,971
Net income attributable to common stockholders	$	39,668	$	31,771	$	32,140	24.9	%	23.4	%

Earnings per share attributable to common stockholders:
Basic	$	0.78	$	0.63	$	0.65	24.0	%	20.0	%
Diluted	$	0.77	$	0.63	$	0.65	23.3	%	19.1	%

Weighted average shares outstanding:
Basic	50,778		50,419		49,351
Diluted	51,428		50,770		49,617
_________________________ * Not meaningful.


Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

	Nine Months Ended
	September 30, 2024		September 30, 2023		% Change
Revenue:
Investment advisory and administration fees	$	355,319	$	347,378
Distribution and service fees	20,692		21,553
Other	1,623		1,518
Total revenue	377,634		370,449		1.9	%
Expenses:
Employee compensation and benefits	161,476		150,580
Distribution and service fees	41,404		41,234
General and administrative	44,351		49,396
Depreciation and amortization	6,863		2,628
Total expenses	254,094		243,838		4.2	%
Operating income	123,540		126,611		(2.4	%)
Non-operating income (loss):
Interest and dividend income	14,396		10,407
Gain (loss) from investments—net	17,941		(10,008)
Foreign currency gain (loss)—net	(2,041)		(1,276)
Total non-operating income (loss)	30,296		(877)		*
Income before provision for income taxes	153,836		125,734		22.4	%
Provision for income taxes	34,062		31,762
Net income	119,774		93,972		27.5	%
Net (income) loss attributable to noncontrolling interests	(14,331)		5,260
Net income attributable to common stockholders	$	105,443	$	99,232	6.3	%

Earnings per share attributable to common stockholders:
Basic	$	2.10	$	2.01	4.2	%
Diluted	$	2.08	$	2.00	3.8	%

Weighted average shares outstanding:
Basic	50,257		49,289
Diluted	50,681		49,495
_________________________ * Not meaningful.


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle

(in millions)
	Three Months Ended									% Change From
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
Open-end Funds
Assets under management, beginning of period	$	37,451		$	37,685		$	36,209
Inflows	4,097			2,936			2,412
Outflows	(2,924)			(3,037)			(2,772)
Net inflows (outflows)	1,173			(101)			(360)
Market appreciation (depreciation)	4,618			215			(1,916)
Distributions	(263)			(348)			(262)

Total increase (decrease)	5,528			(234)			(2,538)
Assets under management, end of period	$	42,979		$	37,451		$	33,671		14.8	%	27.6	%
Percentage of total assets under management	46.8		%	46.4		%	44.8		%
Average assets under management	$	40,130		$	36,943		$	35,878		8.6	%	11.9	%

Institutional Accounts
Assets under management, beginning of period	$	32,222		$	32,424		$	33,275
Inflows	1,221			649			925
Outflows	(1,113)			(896)			(614)
Net inflows (outflows)	108			(247)			311
Market appreciation (depreciation)	4,736			216			(2,182)
Distributions	(174)			(171)			(188)

Total increase (decrease)	4,670			(202)			(2,059)
Assets under management, end of period	$	36,892		$	32,222		$	31,216		14.5	%	18.2	%
Percentage of total assets under management	40.2		%	39.9		%	41.5		%
Average assets under management	$	34,594		$	31,673		$	33,304		9.2	%	3.9	%

Closed-end Funds
Assets under management, beginning of period	$	11,036		$	11,126		$	10,929
Inflows	3			3			3
Outflows	—			—			(1)
Net inflows (outflows)	3			3			2
Market appreciation (depreciation)	1,024			61			(506)
Distributions	(154)			(154)			(154)
Total increase (decrease)	873			(90)			(658)
Assets under management, end of period	$	11,909		$	11,036		$	10,271		7.9	%	15.9	%
Percentage of total assets under management	13.0		%	13.7		%	13.7		%
Average assets under management	$	11,503		$	10,969		$	10,784		4.9	%	6.7	%

Total
Assets under management, beginning of period	$	80,709		$	81,235		$	80,413
Inflows	5,321			3,588			3,340
Outflows	(4,037)			(3,933)			(3,387)
Net inflows (outflows)	1,284			(345)			(47)
Market appreciation (depreciation)	10,378			492			(4,604)
Distributions	(591)			(673)			(604)


Total increase (decrease)	11,071			(526)			(5,255)
Assets under management, end of period	$	91,780		$	80,709		$	75,158		13.7	%	22.1	%
Average assets under management	$	86,227		$	79,585		$	79,966		8.3	%	7.8	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle

(in millions)
	Nine Months Ended
	September 30, 2024			September 30, 2023			% Change
Open-end Funds
Assets under management, beginning of period	$	37,032		$	36,903
Inflows	10,335			8,668
Outflows	(8,694)			(9,841)
Net inflows (outflows)	1,641			(1,173)
Market appreciation (depreciation)	5,189			(1,012)
Distributions	(883)			(887)
Transfers	—			(160)
Total increase (decrease)	5,947			(3,232)
Assets under management, end of period	$	42,979		$	33,671		27.6	%
Percentage of total assets under management	46.8		%	44.8		%
Average assets under management	$	38,013		$	36,739		3.5	%

Institutional Accounts
Assets under management, beginning of period	$	35,028		$	32,373
Inflows	2,772			2,310
Outflows	(5,454)			(2,123)
Net inflows (outflows)	(2,682)			187
Market appreciation (depreciation)	5,075			(798)
Distributions	(529)			(706)
Transfers	—			160
Total increase (decrease)	1,864			(1,157)
Assets under management, end of period	$	36,892		$	31,216		18.2	%
Percentage of total assets under management	40.2		%	41.5		%
Average assets under management	$	32,858		$	33,136		(0.8	%)

Closed-end Funds
Assets under management, beginning of period	$	11,076		$	11,149
Inflows	10			16
Outflows	—			(86)
Net inflows (outflows)	10			(70)
Market appreciation (depreciation)	1,285			(346)
Distributions	(462)			(462)
Total increase (decrease)	833			(878)
Assets under management, end of period	$	11,909		$	10,271		15.9	%
Percentage of total assets under management	13.0		%	13.7		%
Average assets under management	$	11,148		$	10,981		1.5	%

Total
Assets under management, beginning of period	$	83,136		$	80,425
Inflows	13,117			10,994
Outflows	(14,148)			(12,050)
Net inflows (outflows)	(1,031)			(1,056)
Market appreciation (depreciation)	11,549			(2,156)
Distributions	(1,874)			(2,055)


Total increase (decrease)	8,644			(5,267)
Assets under management, end of period	$	91,780		$	75,158		22.1	%
Average assets under management	$	82,019		$	80,856		1.4	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle - Institutional Accounts

(in millions)
	Three Months Ended									% Change From
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
Advisory
Assets under management, beginning of period	$	18,367		$	18,196		$	18,824
Inflows	490			413			502
Outflows	(481)			(339)			(312)
Net inflows (outflows)	9			74			190
Market appreciation (depreciation)	2,606			97			(1,110)

Total increase (decrease)	2,615			171			(920)
Assets under management, end of period	$	20,982		$	18,367		$	17,904		14.2	%	17.2	%
Percentage of institutional assets under management	56.9		%	57.0		%	57.4		%
Average assets under management	$	19,724		$	17,963		$	18,958		9.8	%	4.0	%

Japan Subadvisory
Assets under management, beginning of period	$	8,309		$	8,535		$	8,960
Inflows	124			25			114
Outflows	(156)			(211)			(116)
Net inflows (outflows)	(32)			(186)			(2)
Market appreciation (depreciation)	1,262			131			(680)
Distributions	(174)			(171)			(188)

Total increase (decrease)	1,056			(226)			(870)
Assets under management, end of period	$	9,365		$	8,309		$	8,090		12.7	%	15.8	%
Percentage of institutional assets under management	25.4		%	25.8		%	25.9		%
Average assets under management	$	8,879		$	8,164		$	8,810		8.8	%	0.8	%

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,546		$	5,693		$	5,491
Inflows	607			211			309
Outflows	(476)			(346)			(186)
Net inflows (outflows)	131			(135)			123
Market appreciation (depreciation)	868			(12)			(392)

Total increase (decrease)	999			(147)			(269)
Assets under management, end of period	$	6,545		$	5,546		$	5,222		18.0	%	25.3	%
Percentage of institutional assets under management	17.7		%	17.2		%	16.7		%
Average assets under management	$	5,991		$	5,546		$	5,536		8.0	%	8.2	%

Total Institutional Accounts
Assets under management, beginning of period	$	32,222		$	32,424		$	33,275
Inflows	1,221			649			925
Outflows	(1,113)			(896)			(614)
Net inflows (outflows)	108			(247)			311
Market appreciation (depreciation)	4,736			216			(2,182)
Distributions	(174)			(171)			(188)

Total increase (decrease)	4,670			(202)			(2,059)
Assets under management, end of period	$	36,892		$	32,222		$	31,216		14.5	%	18.2	%
Average assets under management	$	34,594		$	31,673		$	33,304		9.2	%	3.9	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle - Institutional Accounts

(in millions)
	Nine Months Ended
	September 30, 2024			September 30, 2023			% Change
Advisory
Assets under management, beginning of period	$	20,264		$	18,631
Inflows	1,590			1,006
Outflows	(3,703)			(1,429)
Net inflows (outflows)	(2,113)			(423)
Market appreciation (depreciation)	2,831			(464)
Transfers	—			160
Total increase (decrease)	718			(727)
Assets under management, end of period	$	20,982		$	17,904		17.2	%
Percentage of institutional assets under management	56.9		%	57.4		%
Average assets under management	$	18,588		$	18,894		(1.6	%)

Japan Subadvisory
Assets under management, beginning of period	$	9,026		$	8,376
Inflows	192			782
Outflows	(722)			(264)
Net inflows (outflows)	(530)			518
Market appreciation (depreciation)	1,398			(98)
Distributions	(529)			(706)

Total increase (decrease)	339			(286)
Assets under management, end of period	$	9,365		$	8,090		15.8	%
Percentage of institutional assets under management	25.4		%	25.9		%
Average assets under management	$	8,562		$	8,734		(2.0	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,738		$	5,366
Inflows	990			522
Outflows	(1,029)			(430)
Net inflows (outflows)	(39)			92
Market appreciation (depreciation)	846			(236)

Total increase (decrease)	807			(144)
Assets under management, end of period	$	6,545		$	5,222		25.3	%
Percentage of institutional assets under management	17.7		%	16.7		%
Average assets under management	$	5,708		$	5,508		3.6	%

Total Institutional Accounts
Assets under management, beginning of period	$	35,028		$	32,373
Inflows	2,772			2,310
Outflows	(5,454)			(2,123)
Net inflows (outflows)	(2,682)			187
Market appreciation (depreciation)	5,075			(798)
Distributions	(529)			(706)
Transfers	—			160
Total increase (decrease)	1,864			(1,157)
Assets under management, end of period	$	36,892		$	31,216		18.2	%
Average assets under management	$	32,858		$	33,136		(0.8	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy

(in millions)
	Three Months Ended									% Change From
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
U.S. Real Estate
Assets under management, beginning of period	$	38,717		$	38,476		$	36,948
Inflows	3,073			1,996			1,493
Outflows	(1,781)			(1,845)			(1,312)
Net inflows (outflows)	1,292			151			181
Market appreciation (depreciation)	6,028			452			(3,056)
Distributions	(349)			(367)			(359)
Transfers	(3)			5			5
Total increase (decrease)	6,968			241			(3,229)
Assets under management, end of period	$	45,685		$	38,717		$	33,719		18.0	%	35.5	%
Percentage of total assets under management	49.8		%	48.0		%	44.9		%
Average assets under management	$	42,197		$	37,466		$	36,494		12.6	%	15.6	%

Preferred Securities
Assets under management, beginning of period	$	18,094		$	18,589		$	18,009
Inflows	1,120			823			1,011
Outflows	(1,114)			(1,272)			(1,327)
Net inflows (outflows)	6			(449)			(316)
Market appreciation (depreciation)	1,004			138			56
Distributions	(178)			(179)			(183)
Transfers	3			(5)			(5)
Total increase (decrease)	835			(495)			(448)
Assets under management, end of period	$	18,929		$	18,094		$	17,561		4.6	%	7.8	%
Percentage of total assets under management	20.6		%	22.4		%	23.4		%
Average assets under management	$	18,449		$	18,294		$	18,027		0.8	%	2.3	%

Global/International Real Estate
Assets under management, beginning of period	$	13,064		$	13,442		$	14,838
Inflows	729			410			531
Outflows	(836)			(543)			(359)
Net inflows (outflows)	(107)			(133)			172
Market appreciation (depreciation)	2,038			(196)			(899)
Distributions	(9)			(49)			(8)

Total increase (decrease)	1,922			(378)			(735)
Assets under management, end of period	$	14,986		$	13,064		$	14,103		14.7	%	6.3	%
Percentage of total assets under management	16.3		%	16.2		%	18.8		%
Average assets under management	$	14,112		$	13,045		$	15,022		8.2	%	(6.1	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy

(in millions)
	Three Months Ended									% Change From
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
Global Listed Infrastructure
Assets under management, beginning of period	$	8,446		$	8,395		$	8,379
Inflows	193			148			95
Outflows	(188)			(114)			(175)
Net inflows (outflows)	5			34			(80)
Market appreciation (depreciation)	1,130			73			(671)
Distributions	(46)			(56)			(46)

Total increase (decrease)	1,089			51			(797)
Assets under management, end of period	$	9,535		$	8,446		$	7,582		12.9	%	25.8	%
Percentage of total assets under management	10.4		%	10.5		%	10.1		%
Average assets under management	$	8,995		$	8,430		$	8,157		6.7	%	10.3	%

Other
Assets under management, beginning of period	$	2,388		$	2,333		$	2,239
Inflows	206			211			210
Outflows	(118)			(159)			(214)
Net inflows (outflows)	88			52			(4)
Market appreciation (depreciation)	178			25			(34)
Distributions	(9)			(22)			(8)

Total increase (decrease)	257			55			(46)
Assets under management, end of period	$	2,645		$	2,388		$	2,193		10.8	%	20.6	%
Percentage of total assets under management	2.9		%	3.0		%	2.9		%
Average assets under management	$	2,474		$	2,350		$	2,266		5.3	%	9.2	%

Total
Assets under management, beginning of period	$	80,709		$	81,235		$	80,413
Inflows	5,321			3,588			3,340
Outflows	(4,037)			(3,933)			(3,387)
Net inflows (outflows)	1,284			(345)			(47)
Market appreciation (depreciation)	10,378			492			(4,604)
Distributions	(591)			(673)			(604)
Total increase (decrease)	11,071			(526)			(5,255)
Assets under management, end of period	$	91,780		$	80,709		$	75,158		13.7	%	22.1	%
Average assets under management	$	86,227		$	79,585		$	79,966		8.3	%	7.8	%


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy

(in millions)
	Nine Months Ended
	September 30, 2024			September 30, 2023			% Change
U.S. Real Estate
Assets under management, beginning of period	$	38,550		$	35,108
Inflows	7,158			5,140
Outflows	(5,354)			(4,411)
Net inflows (outflows)	1,804			729
Market appreciation (depreciation)	6,401			(939)
Distributions	(1,072)			(1,252)
Transfers	2			73
Total increase (decrease)	7,135			(1,389)
Assets under management, end of period	$	45,685		$	33,719		35.5	%
Percentage of total assets under management	49.8		%	44.9		%
Average assets under management	$	39,150		$	36,352		7.7	%

Preferred Securities
Assets under management, beginning of period	$	18,164		$	19,767
Inflows	3,176			3,706
Outflows	(3,637)			(5,259)
Net inflows (outflows)	(461)			(1,553)
Market appreciation (depreciation)	1,767			(88)
Distributions	(538)			(562)
Transfers	(3)			(3)
Total increase (decrease)	765			(2,206)
Assets under management, end of period	$	18,929		$	17,561		7.8	%
Percentage of total assets under management	20.6		%	23.4		%
Average assets under management	$	18,388		$	18,756		(2.0	%)

Global/International Real Estate
Assets under management, beginning of period	$	15,789		$	14,782
Inflows	1,759			1,172
Outflows	(4,207)			(1,234)
Net inflows (outflows)	(2,448)			(62)
Market appreciation (depreciation)	1,718			(491)
Distributions	(74)			(56)
Transfers	1			(70)
Total increase (decrease)	(803)			(679)
Assets under management, end of period	$	14,986		$	14,103		6.3	%
Percentage of total assets under management	16.3		%	18.8		%
Average assets under management	$	13,572		$	15,069		(9.9	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy

(in millions)
	Nine Months Ended
	September 30, 2024			September 30, 2023			% Change
Global Listed Infrastructure
Assets under management, beginning of period	$	8,356		$	8,596
Inflows	421			309
Outflows	(486)			(549)
Net inflows (outflows)	(65)			(240)
Market appreciation (depreciation)	1,396			(624)
Distributions	(152)			(150)
Total increase (decrease)	1,179			(1,014)
Assets under management, end of period	$	9,535		$	7,582		25.8	%
Percentage of total assets under management	10.4		%	10.1		%
Average assets under management	$	8,541		$	8,438		1.2	%

Other
Assets under management, beginning of period	$	2,277		$	2,172
Inflows	603			667
Outflows	(464)			(597)
Net inflows (outflows)	139			70
Market appreciation (depreciation)	267			(14)
Distributions	(38)			(35)

Total increase (decrease)	368			21
Assets under management, end of period	$	2,645		$	2,193		20.6	%
Percentage of total assets under management	2.9		%	2.9		%
Average assets under management	$	2,368		$	2,241		5.7	%

Total
Assets under management, beginning of period	$	83,136		$	80,425
Inflows	13,117			10,994
Outflows	(14,148)			(12,050)
Net inflows (outflows)	(1,031)			(1,056)
Market appreciation (depreciation)	11,549			(2,156)
Distributions	(1,874)			(2,055)
Total increase (decrease)	8,644			(5,267)
Assets under management, end of period	$	91,780		$	75,158		22.1	%
Average assets under management	$	82,019		$	80,856		1.4	%

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



	Three Months Ended
(in thousands, except per share data)	September 30, 2024		June 30, 2024			September 30, 2023
Net income attributable to common stockholders, U.S. GAAP	$	39,668	$	31,771		$	32,140
Seed investments—net (1)	(3,458)		(84)			2,900
Accelerated vesting of restricted stock units	2,336		2,496			327
Other non-recurring expenses (2)	—		1,196			—
Lease transition and other costs - 280 Park Avenue (3)	—		—			2,321
Foreign currency exchange (gains) losses—net (4)	2,191		30			(1,713)
Tax adjustments—net (5)	(1,031)		(877)			(1,203)
Net income attributable to common stockholders, as adjusted	$	39,706	$	34,532		$	34,772

Diluted weighted average shares outstanding	51,428		50,770			49,617
Diluted earnings per share, U.S. GAAP	$	0.77	$	0.63		$	0.65
Seed investments—net (1)	(0.07)		—		*	0.06
Accelerated vesting of restricted stock units	0.05		0.05			0.01
Other non-recurring expenses (2)	—		0.02			—
Lease transition and other costs - 280 Park Avenue (3)	—		—			0.05
Foreign currency exchange (gains) losses—net (4)	0.04		—		*	(0.04)
Tax adjustments—net (5)	(0.02)		(0.02)			(0.03)
Diluted earnings per share, as adjusted	$	0.77	$	0.68		$	0.70
_________________________ * Amounts round to less than $0.01 per share. (1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance. (2)Represents the impact of incremental expenses associated with the separation of certain employees. (3)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms. (4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (5)Tax adjustments are summarized in the following table:






	Three Months Ended
(in thousands)	September 30, 2024		June 30, 2024			September 30, 2023
Impact of tax effects associated with items noted above	$	(1,102)	$	(1,045)		$	(1,211)
Impact of discrete tax items	71		168			8
Total tax adjustments	$	(1,031)	$	(877)		$	(1,203)

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


Revenue, Expenses, Operating Income and Operating Margin



(in thousands, except percentages)	Three Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023
Revenue, U.S. GAAP	$	133,203		$	121,721		$	123,737
Consolidated investment vehicles	230			267			(186)
Revenue, as adjusted	$	133,433		$	121,988		$	123,551

Expenses, U.S. GAAP	$	88,330		$	83,319		$	82,866
Consolidated investment vehicles	(184)			(181)			(532)
Accelerated vesting of restricted stock units	(2,336)			(2,496)			(327)
Other non-recurring expenses (1)	—			(1,196)			—
Lease transition and other costs - 280 Park Avenue (2)	—			—			(2,321)
Expenses, as adjusted	$	85,810		$	79,446		$	79,686

Operating income, U.S. GAAP	$	44,873		$	38,402		$	40,871
Consolidated investment vehicles	414			448			346
Accelerated vesting of restricted stock units	2,336			2,496			327
Other non-recurring expenses (1)	—			1,196			—
Lease transition and other costs - 280 Park Avenue (2)	—			—			2,321
Operating income, as adjusted	$	47,623		$	42,542		$	43,865

Operating margin, U.S. GAAP	33.7		%	31.5		%	33.0		%
Operating margin, as adjusted	35.7		%	34.9		%	35.5		%
__________________________ (1)Represents the impact of incremental expenses associated with the separation of certain employees. (2)Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.


Non-operating Income (Loss)



(in thousands)	Three Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023
Non-operating income (loss), U.S. GAAP	$	22,703	$	2,556	$	(5,159)
Seed investments—net (1)	(19,487)		1,162		9,525
Foreign currency exchange (gains) losses—net (2)	2,191		30		(1,713)
Non-operating income (loss), as adjusted	$	5,407	$	3,748	$	2,653
_________________________ (1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance. (2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

Cover Page	Oct. 16, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 16, 2024
Entity Registrant Name	Cohen & Steers, Inc.
Entity Central Index Key	0001284812
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-32236
Entity Tax Identification Number	14-1904657
Entity Address, Address Line One	1166 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	832-3232
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CNS
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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CNS Cohen and Steers Inc