cns-20250331

________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-32236

________________

COHEN & STEERS, INC.

(Exact Name of Registrant as Specified in its Charter)

________________


Delaware			14-1904657
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. 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)

________________

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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant's common stock, par value $0.01 per share, outstanding as of April 30, 2025 was 50,979,157.

COHEN & STEERS, INC. AND SUBSIDIARIES

Form 10-Q

Index


		Page
Part I.	Financial Information

Item 1.	Financial Statements	1

	Condensed Consolidated Statements of Financial Condition (Unaudited)	1

	Condensed Consolidated Statements of Operations (Unaudited)	2

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	3

	Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)	4

	Condensed Consolidated Statements of Cash Flows (Unaudited)	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	30

Part II.	Other Information *

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	31

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

Item 5.	Other Information	31

Item 6.	Exhibits	32

Signatures		33

* Items other than those listed above have been omitted because they are not applicable.

Forward-Looking Statements

This report and other documents filed by us 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 (the Exchange Act), which reflect management's current views with respect to, among other things, our 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. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our 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 this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. We intend to use our website, www.cohenandsteers.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

PART I—Financial Information

Item 1. Financial Statements

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(in thousands, except share data)


	March 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	65,227	$	182,974
Investments ($181,866 and $109,210) (1)	473,383		335,377
Accounts receivable	79,020		74,389
Due from brokers ($412 and $60) (1)	3,874		1,474
Property and equipment—net	67,529		68,604
Operating lease right-of-use assets—net	98,368		99,200
Goodwill and intangible assets—net	19,169		18,756


Other assets ($373 and $199) (1)	28,295		31,592
Total assets	$	834,865	$	812,366

Liabilities:
Accrued compensation and benefits	$	19,963	$	71,049
Distribution and service fees payable	8,194		8,485
Operating lease liabilities	140,046		141,115
Income tax payable	6,897		4,601
Due to brokers ($230 and $170) (1)	4,232		2,111
Other liabilities and accrued expenses ($416 and $333) (1)	14,181		10,102
Total liabilities	193,513		237,463
Commitments and contingencies (See Note 11)
Redeemable noncontrolling interests	121,710		53,460
Stockholders’ equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 58,186,178 shares issued and 50,976,952 shares outstanding at March 31, 2025 and 57,492,567 shares issued and 50,574,641 shares outstanding at December 31, 2024	582		575
Additional paid-in capital	955,669		943,281
Accumulated deficit	(121,933)		(129,339)
Accumulated other comprehensive loss	(7,923)		(10,025)
Treasury stock, at cost, 7,209,226 and 6,917,926 shares at March 31, 2025 and December 31, 2024, respectively	(318,708)		(292,781)
Total stockholders’ equity attributable to Cohen & Steers, Inc.	507,687		511,711
Nonredeemable noncontrolling interests	11,955		9,732
Total stockholders’ equity	519,642		521,443
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	834,865	$	812,366

_________________________

(1) Amounts in parentheses represent the aggregate balances at March 31, 2025 and December 31, 2024 attributable to variable interest entities (VIEs) consolidated by the Company.

See notes to condensed consolidated financial statements

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)


	Three Months Ended March 31,
	2025		2024
Revenue:
Investment advisory and administration fees	$	126,771	$	115,345
Distribution and service fees	7,184		6,817
Other	512		548
Total revenue	134,467		122,710
Expenses:
Employee compensation and benefits	54,554		52,003
Distribution and service fees	15,189		13,395
General and administrative	17,169		14,793
Depreciation and amortization	2,357		2,254
Total expenses	89,269		82,445
Operating income	45,198		40,265
Non-operating income (loss):
Interest and dividend income	5,371		3,919
Gain (loss) from investments—net	3,553		984
Foreign currency gain (loss)—net	(1,172)		134
Total non-operating income (loss)	7,752		5,037
Income before provision for income taxes	52,950		45,302
Provision for income taxes	9,661		10,888
Net income	43,289		34,414
Net (income) loss attributable to noncontrolling interests	(3,511)		(410)
Net income attributable to common stockholders	$	39,778	$	34,004

Earnings per share attributable to common stockholders:
Basic	$	0.78	$	0.69
Diluted	$	0.77	$	0.68

Weighted average shares outstanding:
Basic	51,058		49,569
Diluted	51,418		49,835

See notes to condensed consolidated financial statements

COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)


	Three Months Ended March 31,
	2025		2024
Net income	$	43,289	$	34,414
Net (income) loss attributable to noncontrolling interests	(3,511)		(410)
Net income attributable to common stockholders	39,778		34,004
Other comprehensive income (loss):
Foreign currency translation gain (loss)	2,102		(982)