Cohen & Steers Inc.
10/31/2025 | Press release | Distributed by Public on 10/31/2025 06:35
Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Set forth on the following pages is management's discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2025 and 2024. Such information should be read in conjunction with our condensed consolidated financial statements and the related notes included herein. The condensed consolidated financial statements of the Company are unaudited. When we use the terms "Cohen & Steers," the "Company," "we," "us," and "our," we mean Cohen & Steers, Inc., a Delaware corporation, and its consolidated subsidiaries.
Executive Overview
General
We are a 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, we are headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Our primary investment strategies include U.S. real estate, preferred securities, including low duration preferred securities, private real estate solutions, global/international real estate, global listed infrastructure, real assets multi-strategy, and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for different risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven research and portfolio management processes. We offer our strategies through a variety of investment vehicles, including U.S. and non-U.S. registered funds and other commingled vehicles, separate accounts and subadvised portfolios. During the first quarter of 2025, we launched our first active exchange traded funds (ETFs).
Our distribution network encompasses two major channels, wealth and institutional. Our wealth channel includes registered investment advisers, wirehouses, independent and regional broker dealers and bank trusts. Our institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access our investment management services directly or through consultants and other intermediaries.
Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end and closed-end funds as well as other commingled vehicles including ETFs. Our revenue from the institutional channel is derived from fees received from our clients for managing advised and subadvised accounts. Our fees are based on contractually specified rates applied to the value of the assets we manage and, in certain cases, may include a performance-based fee. Our revenue fluctuates with changes in the total value of our assets under management, which may occur as a result of market appreciation and depreciation, contributions to or withdrawals from investor accounts and distributions. This revenue is recognized over the period that the assets are managed.
Macroeconomic Environment
Global economic conditions remained volatile through the third quarter of 2025, shaped by new sources of fiscal policy, monetary policy, and global trade tensions. Key developments included the recent passage of tax legislation, the beginning of the Federal Reserve's interest rate cutting regime and historically large revisions to economic data. While central banks continued to weigh inflation risks against signs of slowing growth, these factors had a more pronounced impact on investor sentiment and asset flows across regions and sectors. These dynamics influenced our business environment and operating results.
Despite these challenges, we maintained our disciplined approach, leveraging our portfolio management expertise and robust risk management framework. We believe our continued focus on prudent cost control and operational efficiency positions us to navigate this complex environment and adapt to evolving market conditions.
Investment Performance at September 30, 2025
_________________________
(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) © 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 September 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.
Assets Under Management
Below is a discussion of our assets under management for the quarter ended September 30, 2025. For additional details, please refer to the tables on pages 20 - 23.
Assets under management at September 30, 2025 decreased 1.0% to $90.9 billion from $91.8 billion at September 30, 2024.
Open-end funds
Assets under management in open-end funds at September 30, 2025 increased 3.4% to $44.4 billion from $43.0 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
•Net inflows of $1.6 billion including $1.0 billion into U.S. real estate
•Market appreciation of $2.8 billion including $1.4 billion from U.S. real estate and $688 million from preferred securities
•Distributions of $1.0 billion including $533 million from U.S. real estate and $390 million from preferred securities, of which $793 million was reinvested and included in net flows
Institutional accounts
Assets under management in institutional accounts at September 30, 2025 decreased 5.9% to $34.7 billion from $36.9 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
Advisory accounts:
•Net outflows of $975 million including $532 million from U.S. real estate and $184 million from preferred securities
•Market appreciation of $1.9 billion including $721 million from global/international real estate, $485 million from global listed infrastructure and $457 million from U.S. real estate
Subadvisory accounts:
•Net outflows of $447 million including $590 million from U.S. real estate and $125 million from global/international real estate, partially offset by net inflows of $307 million into global listed infrastructure
•Market appreciation of $1.2 billion including $499 million from global/international real estate and $418 million from U.S. real estate
•Distributions of $503 million including $486 million from U.S. real estate
Closed-end funds
Assets under management in closed-end funds at September 30, 2025 decreased 1.2% to $11.8 billion from $11.9 billion at September 30, 2024. Activity during the nine months ended September 30, 2025 included:
•Net inflows of $108 million including $105 million into global listed infrastructure
•Market appreciation of $830 million including $373 million from global listed infrastructure and $211 million from preferred securities
•Distributions of $462 million including $157 million from U.S. real estate and $149 million from preferred securities
Assets Under Management
By Investment Vehicle
(in millions)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Open-end Funds | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 42,962 | $ | 37,451 | $ | 40,962 | $ | 37,032 | |||||||||||||||
| Inflows | 3,148 | 4,097 | 9,739 | 10,335 | |||||||||||||||||||
| Outflows | (2,380) | (2,924) | (8,101) | (8,694) | |||||||||||||||||||
| Net inflows (outflows) | 768 | 1,173 | 1,638 | 1,641 | |||||||||||||||||||
| Market appreciation (depreciation) | 972 | 4,618 | 2,821 | 5,189 | |||||||||||||||||||
| Distributions | (305) | (263) | (1,024) | (883) | |||||||||||||||||||
| Transfers | 24 | - | 24 | - | |||||||||||||||||||
| Total increase (decrease) | 1,459 | 5,528 | 3,459 | 5,947 | |||||||||||||||||||
| Assets under management, end of period | $ | 44,421 | $ | 42,979 | $ | 44,421 | $ | 42,979 | |||||||||||||||
| Average assets under management | $ | 43,633 | $ | 40,130 | $ | 42,527 | $ | 38,013 | |||||||||||||||
| Institutional Accounts | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 34,386 | $ | 32,222 | $ | 33,563 | $ | 35,028 | |||||||||||||||
| Inflows | 812 | 1,221 | 2,563 | 2,772 | |||||||||||||||||||
| Outflows | (1,349) | (1,113) | (3,985) | (5,454) | |||||||||||||||||||
| Net inflows (outflows) | (537) | 108 | (1,422) | (2,682) | |||||||||||||||||||
| Market appreciation (depreciation) | 1,054 | 4,736 | 3,097 | 5,075 | |||||||||||||||||||
| Distributions | (168) | (174) | (503) | (529) | |||||||||||||||||||
| Transfers | (24) | - | (24) | - | |||||||||||||||||||
| Total increase (decrease) | 325 | 4,670 | 1,148 | 1,864 | |||||||||||||||||||
| Assets under management, end of period | $ | 34,711 | $ | 36,892 | $ | 34,711 | $ | 36,892 | |||||||||||||||
| Average assets under management | $ | 34,459 | $ | 34,594 | $ | 33,980 | $ | 32,858 | |||||||||||||||
| Closed-end Funds | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 11,588 | $ | 11,036 | $ | 11,289 | $ | 11,076 | |||||||||||||||
| Inflows | 2 | 3 | 108 | 10 | |||||||||||||||||||
| Outflows | - | - | - | - | |||||||||||||||||||
| Net inflows (outflows) | 2 | 3 | 108 | 10 | |||||||||||||||||||
| Market appreciation (depreciation) | 329 | 1,024 | 830 | 1,285 | |||||||||||||||||||
| Distributions | (154) | (154) | (462) | (462) | |||||||||||||||||||
| Total increase (decrease) | 177 | 873 | 476 | 833 | |||||||||||||||||||
|
Assets under management, end of period
|
$ | 11,765 | $ | 11,909 | $ | 11,765 | $ | 11,909 | |||||||||||||||
| Average assets under management | $ | 11,646 | $ | 11,503 | $ | 11,430 | $ | 11,148 | |||||||||||||||
| Total | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 88,936 | $ | 80,709 | $ | 85,814 | $ | 83,136 | |||||||||||||||
| Inflows | 3,962 | 5,321 | 12,410 | 13,117 | |||||||||||||||||||
| Outflows | (3,729) | (4,037) | (12,086) | (14,148) | |||||||||||||||||||
| Net inflows (outflows) | 233 | 1,284 | 324 | (1,031) | |||||||||||||||||||
| Market appreciation (depreciation) | 2,355 | 10,378 | 6,748 | 11,549 | |||||||||||||||||||
| Distributions | (627) | (591) | (1,989) | (1,874) | |||||||||||||||||||
| Total increase (decrease) | 1,961 | 11,071 | 5,083 | 8,644 | |||||||||||||||||||
| Assets under management, end of period | $ | 90,897 | $ | 91,780 | $ | 90,897 | $ | 91,780 | |||||||||||||||
| Average assets under management | $ | 89,738 | $ | 86,227 | $ | 87,937 | $ | 82,019 | |||||||||||||||
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Advisory | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 20,045 | $ | 18,367 | $ | 19,272 | $ | 20,264 | |||||||||||||||
| Inflows | 515 | 490 | 1,548 | 1,590 | |||||||||||||||||||
| Outflows | (970) | (481) | (2,523) | (3,703) | |||||||||||||||||||
| Net inflows (outflows) | (455) | 9 | (975) | (2,113) | |||||||||||||||||||
| Market appreciation (depreciation) | 618 | 2,606 | 1,911 | 2,831 | |||||||||||||||||||
| Total increase (decrease) | 163 | 2,615 | 936 | 718 | |||||||||||||||||||
| Assets under management, end of period | $ | 20,208 | $ | 20,982 | $ | 20,208 | $ | 20,982 | |||||||||||||||
| Average assets under management | $ | 20,089 | $ | 19,724 | $ | 19,822 | $ | 18,588 | |||||||||||||||
| Subadvisory | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 14,341 | $ | 13,855 | $ | 14,291 | $ | 14,764 | |||||||||||||||
| Inflows | 297 | 731 | 1,015 | 1,182 | |||||||||||||||||||
| Outflows | (379) | (632) | (1,462) | (1,751) | |||||||||||||||||||
| Net inflows (outflows) | (82) | 99 | (447) | (569) | |||||||||||||||||||
| Market appreciation (depreciation) | 436 | 2,130 | 1,186 | 2,244 | |||||||||||||||||||
| Distributions | (168) | (174) | (503) | (529) | |||||||||||||||||||
| Transfers | (24) | - | (24) | - | |||||||||||||||||||
| Total increase (decrease) | 162 | 2,055 | 212 | 1,146 | |||||||||||||||||||
| Assets under management, end of period | 14,503 | 15,910 | 14,503 | 15,910 | |||||||||||||||||||
| Average assets under management | $ | 14,370 | $ | 14,870 | $ | 14,158 | $ | 14,270 | |||||||||||||||
| Total Institutional Accounts | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 34,386 | $ | 32,222 | $ | 33,563 | $ | 35,028 | |||||||||||||||
| Inflows | 812 | 1,221 | 2,563 | 2,772 | |||||||||||||||||||
| Outflows | (1,349) | (1,113) | (3,985) | (5,454) | |||||||||||||||||||
| Net inflows (outflows) | (537) | 108 | (1,422) | (2,682) | |||||||||||||||||||
| Market appreciation (depreciation) | 1,054 | 4,736 | 3,097 | 5,075 | |||||||||||||||||||
| Distributions | (168) | (174) | (503) | (529) | |||||||||||||||||||
| Transfers | (24) | - | (24) | - | |||||||||||||||||||
| Total increase (decrease) | 325 | 4,670 | 1,148 | 1,864 | |||||||||||||||||||
| Assets under management, end of period | $ | 34,711 | $ | 36,892 | $ | 34,711 | $ | 36,892 | |||||||||||||||
| Average assets under management | $ | 34,459 | $ | 34,594 | $ | 33,980 | $ | 32,858 | |||||||||||||||
Assets Under Management
By Investment Strategy
(in millions)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| U.S. Real Estate | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 43,972 | $ | 38,717 | $ | 42,930 | $ | 38,550 | |||||||||||||||
| Inflows | 2,084 | 3,073 | 6,312 | 7,158 | |||||||||||||||||||
| Outflows | (2,305) | (1,781) | (6,401) | (5,354) | |||||||||||||||||||
| Net inflows (outflows) | (221) | 1,292 | (89) | 1,804 | |||||||||||||||||||
| Market appreciation (depreciation) | 782 | 6,028 | 2,498 | 6,401 | |||||||||||||||||||
| Distributions | (380) | (349) | (1,176) | (1,072) | |||||||||||||||||||
| Transfers | - | (3) | (10) | 2 | |||||||||||||||||||
| Total increase (decrease) | 181 | 6,968 | 1,223 | 7,135 | |||||||||||||||||||
| Assets under management, end of period | $ | 44,153 | $ | 45,685 | $ | 44,153 | $ | 45,685 | |||||||||||||||
| Average assets under management | $ | 43,998 | $ | 42,197 | $ | 43,507 | $ | 39,150 | |||||||||||||||
| Preferred Securities | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 17,902 | $ | 18,094 | $ | 18,330 | $ | 18,164 | |||||||||||||||
| Inflows | 886 | 1,120 | 2,471 | 3,176 | |||||||||||||||||||
| Outflows | (756) | (1,114) | (2,897) | (3,637) | |||||||||||||||||||
| Net inflows (outflows) | 130 | 6 | (426) | (461) | |||||||||||||||||||
| Market appreciation (depreciation) | 595 | 1,004 | 1,067 | 1,767 | |||||||||||||||||||
| Distributions | (184) | (178) | (538) | (538) | |||||||||||||||||||
| Transfers | - | 3 | 10 | (3) | |||||||||||||||||||
| Total increase (decrease) | 541 | 835 | 113 | 765 | |||||||||||||||||||
| Assets under management, end of period | $ | 18,443 | $ | 18,929 | $ | 18,443 | $ | 18,929 | |||||||||||||||
| Average assets under management | $ | 18,244 | $ | 18,449 | $ | 18,143 | $ | 18,388 | |||||||||||||||
| Global/International Real Estate | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 13,980 | $ | 13,064 | $ | 13,058 | $ | 15,789 | |||||||||||||||
| Inflows | 520 | 729 | 1,383 | 1,759 | |||||||||||||||||||
| Outflows | (339) | (836) | (1,391) | (4,207) | |||||||||||||||||||
| Net inflows (outflows) | 181 | (107) | (8) | (2,448) | |||||||||||||||||||
| Market appreciation (depreciation) | 367 | 2,038 | 1,524 | 1,718 | |||||||||||||||||||
| Distributions | (8) | (9) | (54) | (74) | |||||||||||||||||||
| Transfers | - | - | - | 1 | |||||||||||||||||||
| Total increase (decrease) | 540 | 1,922 | 1,462 | (803) | |||||||||||||||||||
| Assets under management, end of period | $ | 14,520 | $ | 14,986 | $ | 14,520 | $ | 14,986 | |||||||||||||||
| Average assets under management | $ | 14,146 | $ | 14,112 | $ | 13,616 | $ | 13,572 | |||||||||||||||
Assets Under Management
By Investment Strategy - continued
(in millions)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Global Listed Infrastructure | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 10,052 | $ | 8,446 | $ | 8,793 | $ | 8,356 | |||||||||||||||
| Inflows | 209 | 193 | 1,421 | 421 | |||||||||||||||||||
| Outflows | (152) | (188) | (757) | (486) | |||||||||||||||||||
| Net inflows (outflows) | 57 | 5 | 664 | (65) | |||||||||||||||||||
| Market appreciation (depreciation) | 458 | 1,130 | 1,268 | 1,396 | |||||||||||||||||||
| Distributions | (46) | (46) | (174) | (152) | |||||||||||||||||||
| Transfers | - | - | (30) | - | |||||||||||||||||||
| Total increase (decrease) | 469 | 1,089 | 1,728 | 1,179 | |||||||||||||||||||
| Assets under management, end of period | $ | 10,521 | $ | 9,535 | $ | 10,521 | $ | 9,535 | |||||||||||||||
| Average assets under management | $ | 10,228 | $ | 8,995 | $ | 9,706 | $ | 8,541 | |||||||||||||||
| Other | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 3,030 | $ | 2,388 | $ | 2,703 | $ | 2,277 | |||||||||||||||
| Inflows | 263 | 206 | 823 | 603 | |||||||||||||||||||
| Outflows | (177) | (118) | (640) | (464) | |||||||||||||||||||
| Net inflows (outflows) | 86 | 88 | 183 | 139 | |||||||||||||||||||
| Market appreciation (depreciation) | 153 | 178 | 391 | 267 | |||||||||||||||||||
| Distributions | (9) | (9) | (47) | (38) | |||||||||||||||||||
| Transfers | - | - | 30 | - | |||||||||||||||||||
| Total increase (decrease) | 230 | 257 | 557 | 368 | |||||||||||||||||||
| Assets under management, end of period | $ | 3,260 | $ | 2,645 | $ | 3,260 | $ | 2,645 | |||||||||||||||
| Average assets under management | $ | 3,122 | $ | 2,474 | $ | 2,965 | $ | 2,368 | |||||||||||||||
| Total | |||||||||||||||||||||||
| Assets under management, beginning of period | $ | 88,936 | $ | 80,709 | $ | 85,814 | $ | 83,136 | |||||||||||||||
| Inflows | 3,962 | 5,321 | 12,410 | 13,117 | |||||||||||||||||||
| Outflows | (3,729) | (4,037) | (12,086) | (14,148) | |||||||||||||||||||
| Net inflows (outflows) | 233 | 1,284 | 324 | (1,031) | |||||||||||||||||||
| Market appreciation (depreciation) | 2,355 | 10,378 | 6,748 | 11,549 | |||||||||||||||||||
| Distributions | (627) | (591) | (1,989) | (1,874) | |||||||||||||||||||
| Total increase (decrease) | 1,961 | 11,071 | 5,083 | 8,644 | |||||||||||||||||||
| Assets under management, end of period | $ | 90,897 | $ | 91,780 | $ | 90,897 | $ | 91,780 | |||||||||||||||
| Average assets under management | $ | 89,738 | $ | 86,227 | $ | 87,937 | $ | 82,019 | |||||||||||||||
Summary of Operating Results
| (in thousands, except percentages and per share data) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| U.S. GAAP | |||||||||||||||||||||||
| Revenue | $ | 141,720 | $ | 133,203 | $ | 412,313 | $ | 377,634 | |||||||||||||||
| Expenses | $ | 92,819 | $ | 88,330 | $ | 274,887 | $ | 254,094 | |||||||||||||||
| Operating income | $ | 48,901 | $ | 44,873 | $ | 137,426 | $ | 123,540 | |||||||||||||||
| Net income attributable to common stockholders | $ | 41,711 | $ | 39,668 | $ | 118,338 | $ | 105,443 | |||||||||||||||
| Diluted earnings per share | $ | 0.81 | $ | 0.77 | $ | 2.30 | $ | 2.08 | |||||||||||||||
| Operating margin | 34.5% | 33.7% | 33.3% | 32.7% | |||||||||||||||||||
|
As Adjusted (1)
|
|||||||||||||||||||||||
| Net income attributable to common stockholders | $ | 41,720 | $ | 39,706 | $ | 117,397 | $ | 108,891 | |||||||||||||||
| Diluted earnings per share | $ | 0.81 | $ | 0.77 | $ | 2.28 | $ | 2.15 | |||||||||||||||
| Operating margin | 36.1% | 35.7% | 34.8% | 35.4% | |||||||||||||||||||
_________________________
(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.
Three Months Ended September 30, 2025 Compared with Three Months Ended September 30, 2024
Revenue
| (in thousands) |
Three Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
| Investment advisory and administration fees | |||||||||||||||||||||||
|
Open-end funds
|
$ | 74,240 | $ | 66,761 | $ | 7,479 | 11.2 | % | |||||||||||||||
|
Institutional accounts
|
33,210 | 32,956 | $ | 254 | 0.8 | % | |||||||||||||||||
|
Closed-end funds
|
26,178 | 25,680 | $ | 498 | 1.9 | % | |||||||||||||||||
| Total | 133,628 | 125,397 | $ | 8,231 | 6.6 | % | |||||||||||||||||
| Distribution and service fees | 7,513 | 7,244 | $ | 269 | 3.7 | % | |||||||||||||||||
| Other | 579 | 562 | $ | 17 | 3.0 | % | |||||||||||||||||
| Total revenue | $ | 141,720 | $ | 133,203 | $ | 8,517 | 6.4 | % | |||||||||||||||
Investment advisory and administration fees increased from the three months ended September 30, 2024, primarily due to higher average assets under management.
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.5 bps and 66.2 bps for the three months ended September 30, 2025 and 2024, respectively. The increase in the implied annualized effective fee rate is primarily due to a shift in the mix of assets under management.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.2 bps and 37.9 bps for the three months ended September 30, 2025 and 2024, respectively.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.2 bps and 88.8 bps for the three months ended September 30, 2025 and 2024, respectively.
Distribution and service fees increased from the three months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
Expenses
| (in thousands) |
Three Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
| Employee compensation and benefits | $ | 57,196 | $ | 56,376 | $ | 820 | 1.5 | % | |||||||||||||||
| Distribution and service fees | 16,329 | 14,739 | $ | 1,590 | 10.8 | % | |||||||||||||||||
| General and administrative | 16,775 | 14,874 | $ | 1,901 | 12.8 | % | |||||||||||||||||
| Depreciation and amortization | 2,519 | 2,341 | $ | 178 | 7.6 | % | |||||||||||||||||
| Total expenses | $ | 92,819 | $ | 88,330 | $ | 4,489 | 5.1 | % | |||||||||||||||
Employee compensation and benefits increased from the three months ended September 30, 2024, primarily due to higher incentive compensation of $1.2 million and salaries of $0.6 million, partially offset by lower amortization of restricted stock units of $1.3 million.
Distribution and service fees increased from the three months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.
General and administrative expenses increased from the three months ended September 30, 2024, primarily due to higher expenses paid on behalf of certain Company-sponsored funds totaling $0.9 million, as well as costs of $0.7 million incurred in connection with a closed-end fund rights offering.
Operating Margin
Operating margin for the three months ended September 30, 2025 increased to 34.5% from 33.7% for the three months ended September 30, 2024. Operating margin represents the ratio of operating income to revenue.
Non-operating Income (Loss)
| (in thousands) |
Three Months Ended September 30, 2025
|
||||||||||||||||
|
Consolidated
Funds (1)
|
Corporate - Seed and Other |
Total | |||||||||||||||
| Interest and dividend income | $ | 441 | $ | 4,665 | $ | 5,106 | |||||||||||
|
Gain (loss) from investments-net
|
(300) | 992 | 692 | ||||||||||||||
| Foreign currency gain (loss)-net | - | 859 | 859 | ||||||||||||||
| Total non-operating income (loss) | 141 | 6,516 | 6,657 | ||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 77 | - | 77 | ||||||||||||||
| Non-operating income (loss) attributable to the Company | $ | 218 | $ | 6,516 | $ | 6,734 | |||||||||||
| (in thousands) |
Three Months Ended September 30, 2024
|
||||||||||||||||
|
Consolidated
Funds (1)
|
Corporate - Seed and Other |
Total | |||||||||||||||
| Interest and dividend income | $ | 610 | $ | 4,810 | $ | 5,420 | |||||||||||
|
Gain (loss) from investments-net
|
21,202 | (2,227) | 18,975 | ||||||||||||||
| Foreign currency gain (loss)-net | (30) | (1,662) | (1,692) | ||||||||||||||
| Total non-operating income (loss) | 21,782 | 921 | 22,703 | ||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (15,615) | - | (15,615) | ||||||||||||||
| Non-operating income (loss) attributable to the Company | $ | 6,167 | $ | 921 | $ | 7,088 | |||||||||||
_________________________
(1)Represents seed investments in funds that we are required to consolidate under U.S. GAAP.
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, |
||||||||||||||
| 2025 | 2024 | |||||||||||||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % | ||||||||||
| State and local income taxes, net of federal benefit | 2.8 | 2.5 | ||||||||||||
| Non-deductible executive compensation | 0.8 | 1.2 | ||||||||||||
| Unrecognized tax benefit adjustments | (0.5) | 0.3 | ||||||||||||
| Valuation allowance | 0.1 | (1.4) | ||||||||||||
| Other | 0.8 | 0.1 | ||||||||||||
| Effective income tax rate | 25.0 | % | 23.7 | % | ||||||||||
Nine Months Ended September 30, 2025 Compared with Nine Months Ended September 30, 2024
Revenue
| (in thousands) |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
| Investment advisory and administration fees | |||||||||||||||||||||||
|
Open-end funds
|
$ | 214,511 | $ | 187,849 | $ | 26,662 | 14.2 | % | |||||||||||||||
|
Institutional accounts
|
98,231 | 93,487 | $ | 4,744 | 5.1 | % | |||||||||||||||||
|
Closed-end funds
|
76,202 | 73,983 | $ | 2,219 | 3.0 | % | |||||||||||||||||
| Total | 388,944 | 355,319 | $ | 33,625 | 9.5 | % | |||||||||||||||||
| Distribution and service fees | 21,863 | 20,692 | $ | 1,171 | 5.7 | % | |||||||||||||||||
| Other | 1,506 | 1,623 | $ | (117) | (7.2) | % | |||||||||||||||||
| Total revenue | $ | 412,313 | $ | 377,634 | $ | 34,679 | 9.2 | % | |||||||||||||||
Investment advisory and administration fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management.
Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 67.4 bps and 66.0 bps for the nine months ended September 30, 2025 and 2024, respectively. The increase in the implied annualized effective fee rate is primarily due to a shift in the mix of assets
under management.
Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.7 bps and 38.0 bps for the nine months ended September 30, 2025 and 2024, respectively.
Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 89.1 bps and 88.6 bps for the nine months ended September 30, 2025 and 2024, respectively.
Distribution and service fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
Expenses
| (in thousands) |
Nine Months Ended September 30, |
||||||||||||||||||||||
| 2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
| Employee compensation and benefits | $ | 168,390 | $ | 161,476 | $ | 6,914 | 4.3 | % | |||||||||||||||
| Distribution and service fees | 47,224 | 41,404 | $ | 5,820 | 14.1 | % | |||||||||||||||||
| General and administrative | 52,022 | 44,351 | $ | 7,671 | 17.3 | % | |||||||||||||||||
| Depreciation and amortization | 7,251 | 6,863 | $ | 388 | 5.7 | % | |||||||||||||||||
| Total expenses | $ | 274,887 | $ | 254,094 | $ | 20,793 | 8.2 | % | |||||||||||||||
Employee compensation and benefits increased from the nine months ended September 30, 2024, primarily due to higher incentive compensation of $10.8 million, partially offset by lower amortization of restricted stock units of $4.8 million.
Distribution and service fees increased from the nine months ended September 30, 2024, primarily due to higher average assets under management in U.S. open-end funds.
General and administrative expenses increased from the nine months ended September 30, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $2.6 million, higher business development-related expenses of $1.5 million and increased talent acquisition costs of $1.2 million.
Operating Margin
Operating margin for the nine months ended September 30, 2025 increased to 33.3% from 32.7% for the nine months ended September 30, 2024.
Non-operating Income (Loss)
| (in thousands) |
Nine Months Ended September 30, 2025
|
||||||||||||||||
|
Consolidated
Funds (1)
|
Corporate - Seed and Other |
Total | |||||||||||||||
| Interest and dividend income | $ | 3,684 | $ | 13,108 | $ | 16,792 | |||||||||||
|
Gain (loss) from investments-net
|
8,817 | 2,143 | 10,960 | ||||||||||||||
| Foreign currency gain (loss)-net | (253) | (2,583) | (2,836) | ||||||||||||||
| Total non-operating income (loss) | 12,248 | 12,668 | 24,916 | ||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (8,357) | - | (8,357) | ||||||||||||||
| Non-operating income (loss) attributable to the Company | $ | 3,891 | $ | 12,668 | $ | 16,559 | |||||||||||
| (in thousands) |
Nine Months Ended September 30, 2024
|
||||||||||||||||
|
Consolidated
Funds (1)
|
Corporate - Seed and Other |
Total | |||||||||||||||
| Interest and dividend income | $ | 2,800 | $ | 11,596 | $ | 14,396 | |||||||||||
|
Gain (loss) from investments-net
|
18,499 | (558) | 17,941 | ||||||||||||||
| Foreign currency gain (loss)-net | (545) | (1,496) | (2,041) | ||||||||||||||
| Total non-operating income (loss) | 20,754 | 9,542 | 30,296 | ||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (14,331) | - | (14,331) | ||||||||||||||
| Non-operating income (loss) attributable to the Company | $ | 6,423 | $ | 9,542 | $ | 15,965 | |||||||||||
_________________________
(1)Represents seed investments in funds that we are 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:
|
Nine Months Ended September 30, |
||||||||||||||
| 2025 | 2024 | |||||||||||||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % | ||||||||||
| State and local income taxes, net of federal benefit | 2.9 | 2.8 | ||||||||||||
| Non-deductible executive compensation | 1.7 | 1.2 | ||||||||||||
| Excess tax benefits related to the vesting and delivery of restricted stock units | (2.1) | (0.2) | ||||||||||||
| Unrecognized tax benefit adjustments | (0.5) | 0.3 | ||||||||||||
| Valuation allowance | (0.1) | (0.7) | ||||||||||||
| Other | 0.2 | - | * | |||||||||||
| Effective income tax rate | 23.1 | % | 24.4 | % | ||||||||||
_________________________
*Percentage rounds to less than 0.1%.
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 September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Net income attributable to common stockholders, U.S. GAAP | $ | 41,711 | $ | 39,668 | $ | 118,338 | $ | 105,443 | ||||||||||||||||||
|
Seed investments-net (1)
|
(1,320) | (3,458) | (4,893) | (4,545) | ||||||||||||||||||||||
|
Accelerated vesting of restricted stock units
|
1,142 | 2,336 | 3,346 | 7,043 | ||||||||||||||||||||||
|
Lease transition and other costs - 280 Park Avenue(2)
|
- | - | - | 807 | ||||||||||||||||||||||
|
Fund launch and rights offering costs (3)
|
650 | - | 650 | - | ||||||||||||||||||||||
|
Other non-recurring expenses (4)
|
- | - | 616 | 1,196 | ||||||||||||||||||||||
|
Foreign currency exchange (gain) loss-net (5)
|
(677) | 2,191 | 3,034 | 1,765 | ||||||||||||||||||||||
|
Tax effects of adjustments above
|
(132) | (1,102) | (789) | (2,647) | ||||||||||||||||||||||
|
Tax effects of discrete tax items (6)
|
346 | 71 | (2,905) | (171) | ||||||||||||||||||||||
| Net income attributable to common stockholders, as adjusted | $ | 41,720 | $ | 39,706 | $ | 117,397 | $ | 108,891 | ||||||||||||||||||
| Diluted weighted average shares outstanding | 51,572 | 51,428 | 51,488 | 50,681 | ||||||||||||||||||||||
| Diluted earnings per share, U.S. GAAP | $ | 0.81 | $ | 0.77 | $ | 2.30 | $ | 2.08 | ||||||||||||||||||
|
Seed investments-net (1)
|
(0.03) | (0.07) | (0.10) | (0.09) | ||||||||||||||||||||||
|
Accelerated vesting of restricted stock units
|
0.02 | 0.05 | 0.07 | 0.14 | ||||||||||||||||||||||
|
Lease transition and other costs - 280 Park Avenue(2)
|
- | - | - | 0.02 | ||||||||||||||||||||||
|
Fund launch and rights offering costs (3)
|
0.01 | - | 0.01 | - | ||||||||||||||||||||||
|
Other non-recurring expenses (4)
|
- | - | 0.01 | 0.02 | ||||||||||||||||||||||
|
Foreign currency exchange (gain) loss-net (5)
|
(0.01) | 0.04 | 0.06 | 0.03 | ||||||||||||||||||||||
|
Tax effects of adjustments above
|
- | * | (0.02) | (0.01) | (0.05) | |||||||||||||||||||||
|
Tax effects of discrete tax items (6)
|
0.01 | - | * | (0.06) | - | * | ||||||||||||||||||||
| Diluted earnings per share, as adjusted | $ | 0.81 | $ | 0.77 | $ | 2.28 | $ | 2.15 | ||||||||||||||||||
_________________________
*Amounts round to less than $0.01 per share.
(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024.
(3)Represents costs incurred in connection with a closed-end fund rights offering.
(4)Represents reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the nine months ended September 30, 2024.
(5)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
(6)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
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| (in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenue, U.S. GAAP | $ | 141,720 | $ | 133,203 | $ | 412,313 | $ | 377,634 | |||||||||||||||
|
Fund related amounts (1)
|
(783) | 230 | (2,266) | 731 | |||||||||||||||||||
| Revenue, as adjusted | $ | 140,937 | $ | 133,433 | $ | 410,047 | $ | 378,365 | |||||||||||||||
| Expenses, U.S. GAAP | $ | 92,819 | $ | 88,330 | $ | 274,887 | $ | 254,094 | |||||||||||||||
|
Fund related amounts (1)
|
(967) | (184) | (3,009) | (540) | |||||||||||||||||||
|
Accelerated vesting of restricted stock units
|
(1,142) | (2,336) | (3,346) | (7,043) | |||||||||||||||||||
|
Lease transition and other costs - 280 Park Avenue(2)
|
- | - | - | (807) | |||||||||||||||||||
|
Fund launch and rights offering costs (3)
|
(650) | - | (650) | - | |||||||||||||||||||
|
Other non-recurring expenses (4)
|
- | - | (616) | (1,196) | |||||||||||||||||||
| Expenses, as adjusted | $ | 90,060 | $ | 85,810 | $ | 267,266 | $ | 244,508 | |||||||||||||||
| Operating income, U.S. GAAP | $ | 48,901 | $ | 44,873 | $ | 137,426 | $ | 123,540 | |||||||||||||||
|
Fund related amounts (1)
|
184 | 414 | 743 | 1,271 | |||||||||||||||||||
|
Accelerated vesting of restricted stock units
|
1,142 | 2,336 | 3,346 | 7,043 | |||||||||||||||||||
|
Lease transition and other costs - 280 Park Avenue(2)
|
- | - | - | 807 | |||||||||||||||||||
|
Fund launch and rights offering costs (3)
|
650 | - | 650 | - | |||||||||||||||||||
|
Other non-recurring expenses (4)
|
- | - | 616 | 1,196 | |||||||||||||||||||
| Operating income, as adjusted | $ | 50,877 | $ | 47,623 | $ | 142,781 | $ | 133,857 | |||||||||||||||
| Operating margin, U.S. GAAP | 34.5 | % | 33.7 | % | 33.3 | % | 32.7 | % | |||||||||||||||
| Operating margin, as adjusted | 36.1 | % | 35.7 | % | 34.8 | % | 35.4 | % | |||||||||||||||
_________________________
(1)Represents the impact of consolidated funds and expenses incurred on behalf of certain Company-sponsored funds.
(2)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024.
(3)Represents costs incurred in connection with a closed-end fund rights offering.
(4)Represents reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025, and the impact of incremental expenses associated with the separation of certain employees for the nine months ended September 30, 2024.
Non-operating Income (Loss)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Non-operating income (loss), U.S. GAAP | $ | 6,657 | $ | 22,703 | $ | 24,916 | $ | 30,296 | |||||||||||||||
|
Seed investments-net (1)
|
(1,427) | (19,487) | (13,993) | (20,147) | |||||||||||||||||||
|
Foreign currency exchange (gain) loss-net (2)
|
(677) | 2,191 | 3,034 | 1,765 | |||||||||||||||||||
| Non-operating income (loss), as adjusted | $ | 4,553 | $ | 5,407 | $ | 13,957 | $ | 11,914 | |||||||||||||||
_________________________
(1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2)Represents net foreign currency exchange (gain) loss associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.
Changes in Financial Condition, Liquidity and Capital Resources
We seek to maintain a balance sheet that supports our business strategies and provides the appropriate amount of liquidity at all times.
Net liquid assets
Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, U.S. Treasury securities, liquid seed investments and other current assets. Liquid assets are reduced by current liabilities (together, net liquid assets).
The table below summarizes net liquid assets:
| (in thousands) |
September 30, 2025 |
December 31, 2024 |
|||||||||
| Cash and cash equivalents | $ | 98,054 | $ | 182,974 | |||||||
| U.S. Treasury securities | 158,947 | 109,086 | |||||||||
| Liquid seed investments-net | 107,262 | 68,858 | |||||||||
| Other current assets | 67,397 | 75,959 | |||||||||
| Current liabilities | (91,975) | (105,396) | |||||||||
| Net liquid assets | $ | 339,685 | $ | 331,481 | |||||||
Cash and cash equivalents
Cash and cash equivalents are on deposit with major national financial institutions and include short-term, highly liquid investments, which are readily convertible into cash.
U.S. Treasury securities
U.S. Treasury securities, recorded at fair value, are directly issued by the U.S. government and were classified as trading investments.
Liquid seed investments-net
Liquid seed investments, recorded at fair value, are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Liquid seed investments are primarily securities held directly for the purpose of establishing performance track records and the Company's economic interest in certain consolidated funds which are presented net of noncontrolling interests.
Other current assets
Other current assets primarily represent investment advisory and administration fees receivable. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis at September 30, 2025, no allowance for uncollectible accounts was required.
Current liabilities
Current liabilities included accrued compensation and benefits, distribution and service fees payable, operating lease obligations due within 12 months, certain income taxes payable and certain other liabilities and accrued expenses.
Future liquidity needs
Our business may become capital intensive over time to support growth initiatives. Potential uses of capital range from, among other things, seeding new strategies and investment vehicles, co-investing in private real estate vehicles, funding the upfront costs associated with product offerings and making various investments to grow our firm infrastructure as our business scales. In order to provide us with additional financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on August 15, 2029.
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $58.9 million remained unfunded as of September 30, 2025. The timing for funding the remaining portion of our commitments is uncertain.
Cash flows
Our cash flows generally result from the operating activities of our business, with investment advisory and administration fees being the most significant contributor.
The table below summarizes our cash flows:
|
Nine Months Ended September 30, |
|||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Cash Flow Data: | |||||||||||
| Net cash provided by (used in) operating activities | $ | (121,502) | $ | 61,862 | |||||||
| Net cash provided by (used in) investing activities | (30,724) | (142,822) | |||||||||
| Net cash provided by (used in) financing activities | 66,254 | 5,061 | |||||||||
| Net increase (decrease) in cash and cash equivalents | (85,972) | (75,899) | |||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,437 | 1,988 | |||||||||
| Cash and cash equivalents, beginning of the period | 183,162 | 189,603 | |||||||||
| Cash and cash equivalents, end of the period | $ | 98,627 | $ | 115,692 | |||||||
Cash and cash equivalents decreased by $86.0 million, excluding the effect of foreign exchange rate changes, for the nine months ended September 30, 2025. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash used in operating activities was $121.5 million, which
included net purchases of investments within consolidated funds of $264.1 million. Net cash used in investing activities was $30.7 million. Net cash provided by financing activities was $66.3 million, including net contributions from noncontrolling interests of $187.9 million, partially offset by dividends paid to stockholders of $95.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $26.9 million.
Contractual Obligations, Commitments and Contingencies
Contractual obligations
The Company's material contractual obligations, commitments and contingencies at September 30, 2025 include operating leases, investment commitments, and purchase obligations. As of September 30, 2025, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2024 other than the items described below.
Investment commitments
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles. Refer to Note 11, Commitments and Contingencies, in the notes to the condensed consolidated financial statements included in Part I of this filing for further discussion.
Dividends
Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we consider general economic and business conditions, our strategic plans, our results of operations and financial condition, cash flow and liquidity, contractual, legal and regulatory restrictions on the payment of dividends, if any, by us and our subsidiaries and such other factors deemed relevant.
On October 30, 2025, we declared a quarterly dividend on our common stock in the amount of $0.62 per share. This dividend will be payable on November 20, 2025 to stockholders of record at the close of business on November 10, 2025.
Critical Accounting Estimates
A complete discussion of our critical accounting estimates is included in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. There were no changes to the Company's critical accounting estimates for the three months ended September 30, 2025.
Cohen & Steers Inc. published this content on October 31, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on October 31, 2025 at 12:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]