# COHEN & STEERS, INC. (CNS)

Informational only - not investment advice.

CIK: 0001284812
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1284812
Filing source: https://www.sec.gov/Archives/edgar/data/1284812/000128481226000011/cns-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001284812-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001284812.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 556,116,000 USD | 2025 | verified |
| Net income | 153,217,000 USD | 2025 | verified |
| Assets | 876,694,000 USD | 2025 | verified |
| Free cash flow | -126,423,000 USD | 2025 | computed |
| Net margin | 27.55% | 2025 | computed |
| Operating margin | 31.96% | 2025 | computed |
| Revenue YoY | +7.48% | 2025 | computed |
| ROE | 27.27% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CNS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 27.6% | 15.3% | 85 | 34 |
| Operating margin | 32.0% | 21.8% | 84 | 20 |
| Revenue growth | 7.5% | 7.6% | 42 | 34 |
| FCF margin | -22.7% | 20.2% | 4 | 29 |
| ROE | 27.3% | 15.5% | 73 | 34 |
| ROA | 17.5% | 4.8% | 94 | 35 |
| Liabilities / equity | 0.43 | 1.57 | 9 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 556116000 | USD | 2025 | 2026-02-27 |
| Net income | 153217000 | USD | 2025 | 2026-02-27 |
| Assets | 876694000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001284812.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 351,497,000 | 378,696,000 | 381,111,000 | 410,830,000 | 427,536,000 | 583,832,000 | 566,906,000 | 489,637,000 | 517,417,000 | 556,116,000 |
| Net income | 92,936,000 | 91,939,000 | 113,896,000 | 134,621,000 | 76,584,000 | 211,396,000 | 171,042,000 | 129,049,000 | 151,265,000 | 153,217,000 |
| Operating income | 135,511,000 | 154,746,000 | 147,038,000 | 160,134,000 | 95,057,000 | 260,372,000 | 215,938,000 | 164,477,000 | 172,877,000 | 177,736,000 |
| Diluted EPS | 2.00 | 1.96 | 2.40 | 2.79 | 1.57 | 4.31 | 3.47 | 2.60 | 2.97 | 2.97 |
| Operating cash flow | 114,958,000 | 64,253,000 | 72,598,000 | 141,445,000 | 89,186,000 | 242,901,000 | 61,680,000 | 171,961,000 | 96,689,000 | -120,444,000 |
| Capital expenditures | 10,183,000 | 3,242,000 | 3,470,000 | 2,752,000 | 2,502,000 | 2,695,000 | 4,223,000 | 56,986,000 | 11,651,000 | 5,979,000 |
| Dividends paid | 70,825,000 | 98,313,000 | 178,879,000 | 162,705,000 | 122,489,000 | 147,555,000 | 107,352,000 | 112,446,000 | 119,181,000 | 126,924,000 |
| Share buybacks | 8,040,000 | 9,141,000 | 10,599,000 | 10,408,000 | 25,937,000 | 22,592,000 | 26,815,000 | 21,536,000 | 21,106,000 | 28,416,000 |
| Assets | 333,728,000 | 410,125,000 | 481,039,000 | 402,419,000 | 348,453,000 | 492,687,000 | 673,379,000 | 736,554,000 | 812,366,000 | 876,694,000 |
| Liabilities | 67,061,000 | 86,794,000 | 144,201,000 | 135,304,000 | 123,549,000 | 148,361,000 | 246,436,000 | 243,907,000 | 237,463,000 | 242,846,000 |
| Stockholders' equity | 265,814,000 | 275,536,000 | 222,646,000 | 213,703,000 | 174,239,000 | 255,183,000 | 337,554,000 | 381,228,000 | 511,711,000 | 561,953,000 |
| Cash and cash equivalents | 183,234,000 | 193,452,000 | 92,733,000 | 101,352,000 | 41,232,000 | 184,373,000 | 247,418,000 | 187,442,000 | 182,974,000 | 145,452,000 |
| Free cash flow | 104,775,000 | 61,011,000 | 69,128,000 | 138,693,000 | 86,684,000 | 240,206,000 | 57,457,000 | 114,975,000 | 85,038,000 | -126,423,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 26.44% | 24.28% | 29.89% | 32.77% | 17.91% | 36.21% | 30.17% | 26.36% | 29.23% | 27.55% |
| Operating margin | 38.55% | 40.86% | 38.58% | 38.98% | 22.23% | 44.60% | 38.09% | 33.59% | 33.41% | 31.96% |
| Return on equity | 34.96% | 33.37% | 51.16% | 62.99% | 43.95% | 82.84% | 50.67% | 33.85% | 29.56% | 27.27% |
| Return on assets | 27.85% | 22.42% | 23.68% | 33.45% | 21.98% | 42.91% | 25.40% | 17.52% | 18.62% | 17.48% |
| Liabilities / equity | 0.25 | 0.32 | 0.65 | 0.63 | 0.71 | 0.58 | 0.73 | 0.64 | 0.46 | 0.43 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CNS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001284812.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 1.06 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.90 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 120,630,000 | 31,778,000 | 0.64 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 123,737,000 | 32,140,000 | 0.65 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 119,188,000 | 29,817,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2024-03-31 |  |  | 0.68 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 121,721,000 | 31,771,000 | 0.63 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 133,203,000 | 39,668,000 | 0.77 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 139,783,000 | 45,822,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 134,467,000 | 39,778,000 | 0.77 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 136,126,000 | 36,849,000 | 0.72 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 141,720,000 | 41,711,000 | 0.81 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 143,803,000 | 34,879,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 145,639,000 | 42,368,000 | 0.82 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 152,730,000 | 49,343,000 | 0.95 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CNS's latest 10-K: [/company/CNS/business/](/company/CNS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CNS's latest 10-K: [/company/CNS/risk-factors/](/company/CNS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1284812/000128481226000146/cns-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

Item 2. 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 six months ended June 30, 2026 and 2025. 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, global/international real estate, global listed infrastructure, real assets multi-strategy, global natural resource equities, and private real estate solutions. 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 (which include active exchange-traded funds (ETFs)), other commingled vehicles, separate accounts and subadvised portfolios.

Our global distribution is concentrated in two channels: wealth and institutional. The wealth channel includes a variety of intermediaries such as global private banks, U.S. wirehouses, independent and regional broker dealers, bank trusts, registered investment advisers and discretionary portfolio managers using global custody or clearing platforms. The institutional channel comprises sovereign wealth funds, public and private pension and retirement plans, insurance companies, endowments, foundations, and global investment consultants who support these institutions.

Our revenue from the wealth channel is derived from investment advisory, administration, distribution and service fees from open-end funds, including ETFs, and closed-end funds as well as other commingled vehicles. 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. Investment advisory fee rates vary based on the vehicle, investment strategy, fees charged by other comparable products and prevailing market conditions. Investment administration fees from open-end funds and certain closed-end funds are designed to reimburse us for the cost of providing these services. The investment advisory and administration agreements are generally terminable upon specified notice periods and may also require a majority vote of the fund’s board of directors for certain contracts.

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 second quarter of 2026, with many of the uncertainties that characterized the first quarter continuing to influence markets. Investors remained focused on the potential economic implications of artificial intelligence adoption, conditions within private credit markets, and ongoing geopolitical developments in the Middle East and their potential effects on commodity prices and inflation. Central banks continued to balance gradual progress on core inflation against signs of moderating employment growth and energy prices, and policy uncertainty remained a driver of market dynamics even as corporate fundamentals were generally upbeat.

18

Investment Performance at June 30, 2026

_________________________

(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)    © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at June 30, 2026. 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 June 30, 2026. For additional details, please refer to the tables on pages 21 - 24.

Assets under management at June 30, 2026 increased 12.6% to $100.1 billion from $88.9 billion at June 30, 2025.

Open-end funds

Assets under management in open-end funds at June 30, 2026 increased 14.0% to $49.0 billion from $43.0 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:

•Net inflows of $2.0 billion including $674 million into U.S. real estate, $530 million into real assets multi-strategy (included in "Other") and $331 million into preferred securities;

•Market appreciation of $4.3 billion including $3.5 billion from U.S. real estate; and

19

•Distributions of $755 million including $368 million from U.S. real estate and $273 million from preferred securities, of which $542 million was reinvested and included in net flows.

Institutional accounts

Assets under management in institutional accounts at June 30, 2026 increased 12.0% to $38.5 billion from $34.4 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:

Advisory accounts:

•Net outflows of $54 million including $362 million from global/international real estate, partially offset by net inflows of $134 million into global listed infrastructure and $126 million into U.S. real estate; and

•Market appreciation of $2.1 billion including $1.0 billion from U.S. real estate, $546 million from global/international real estate and $485 million from global listed infrastructure.

Subadvisory accounts:

•Net outflows of $162 million including $184 million from global/international real estate, partially offset by net inflows of $62 million into U.S. real estate;

•Market appreciation of $1.9 billion including $1.1 billion from U.S. real estate and $501 million from global/international real estate; and

•Distributions of $306 million including $286 million from U.S. real estate.

Closed-end funds

Assets under management in closed-end funds at June 30, 2026 increased 8.6% to $12.6 billion from $11.6 billion at June 30, 2025. Activity during the six months ended June 30, 2026 included:

•Market appreciation of $868 million including $378 million from global listed infrastructure and $355 million from U.S. real estate; and

•Distributions of $334 million including $113 million from U.S. real estate and $107 million from global listed infrastructure.

20

Assets Under Management

By Investment Vehicle

(in millions)

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1284812/000128481226000011/cns-20251231.htm
Complete FY 2025 MD&A: /company/CNS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Annual Report on Form 10-K 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 Item 1A. Risk Factors of this Annual Report on Form 10-K. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this Annual Report on Form 10-K. We undertake 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. (CNS), a Delaware corporation formed in 2004, and its subsidiaries are collectively referred to as

the Company, we, us or our.

The following discussion includes a comparison of our results for 2025 and 2024. For a comparison of our results for 2024 and 2023, see Item 7. 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, which was filed with the SEC on February 21, 2025, and is incorporated herein by reference.

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.

Refer to Part I. Item 1 Business Overview for an overview of our business.

Macroeconomic Environment

Global economic conditions remained volatile throughout 2025, with heightened uncertainty persisting into the fourth quarter. Fiscal policy shifts, evolving monetary strategies, and ongoing trade tensions continued to shape the macroeconomic landscape. Key developments included the passage of new U.S. tax legislation, the Federal Reserve’s initiation of an interest rate cutting cycle, historically large revisions to economic data, and the longest U.S. government shutdown on record. These factors, combined with diverging policy responses across major economies, influenced investor sentiment and drove significant asset flows across regions and sectors. Central banks remained focused on balancing inflation risks against mounting evidence of slowing growth, while elevated trade and policy uncertainty added further complexity to the operating environment.

Despite these challenges, we maintained our disciplined approach, leveraging our portfolio management expertise and robust risk management framework. Our continued emphasis on prudent cost control and operational efficiency has positioned us to navigate this complex environment and adapt to evolving market conditions.

21

Investment Performance as of December 31, 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)    © 2026 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 December 31, 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.

22

Assets Under Management

Below is a discussion of our assets under management as of December 31, 2025. For additional details, please refer to the tables on pages 24 - 27.

Assets under management as of December 31, 2025 increased 5.5% to $90.5 billion from $85.8 billion as of December 31, 2024. The increase was due to net inflows of $1.5 billion and market appreciation of $6.1 billion, partially offset by distributions of $2.9 billion.

Open-end funds

Assets under management in open-end funds as of December 31, 2025 increased 6.0% to $43.4 billion from $41.0 billion as of December 31, 2024. The change was primarily due to:

•Net inflows of $1.7 billion including $1.2 billion into U.S. real estate, $354 million into real assets multi-strategy (included in "Other") and $333 million into global listed infrastructure, partially offset by net outflows of $582 million from preferred securities;

•Market appreciation of $2.4 billion including $862 million from U.S. real estate, $814 million from preferred securities and $295 million from global/international real estate; and

•Distributions of $1.6 billion including $765 million from U.S. real estate and $524 million from preferred securities, of which $1.1 billion was reinvested and included in net flows.

Institutional accounts

Assets under management in institutional accounts as of December 31, 2025 increased 4.5% to $35.1 billion from $33.6 billion as of December 31, 2024. The change was primarily due to:

Advisory accounts:

•Net outflows of $324 million including $316 million from real assets multi-strategy (included in "Other"); and

•Market appreciation of $1.8 billion including $702 million from global/international real estate, $522 million from global listed infrastructure and $310 million from U.S. real estate.

Subadvisory accounts:

•Net outflows of $417 million including $776 million from U.S. real estate and $308 million from global/international real estate, partially offset by net inflows of $709 million into global listed infrastructure;

•Market appreciation of $1.0 billion including $458 million from global/international real estate, $286 million from global listed infrastructure and $269 million from U.S. real estate; and

•Distributions of $667 million including $638 million from U.S. real estate.

Closed-end funds

Assets under management in closed-end funds as of December 31, 2025 increased 6.7% to $12.0 billion from $11.3 billion as of December 31, 2024. The change was primarily due to:

•Net inflows of $621 million including $513 million attributable to the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering, including leverage;

•Market appreciation of $775 million including $383 million from global listed infrastructure and $227 million from preferred securities; and

•Distributions of $638 million including $227 million from U.S. real estate and $199 million from preferred securities.

23

Assets Under Management

By Investment Vehicle

(in millions)

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CNS/mda/fy2025/
All MD&A years: /company/CNS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CNS/mda/fy2024/): filed 2025-02-21; accession 0001284812-25-000087 (https://www.sec.gov/Archives/edgar/data/1284812/000128481225000087/cns-20241231.htm)
- [FY 2023 MD&A](/company/CNS/mda/fy2023/): filed 2024-02-23; accession 0001284812-24-000139 (https://www.sec.gov/Archives/edgar/data/1284812/000128481224000139/cns-20231231.htm)
- [FY 2022 MD&A](/company/CNS/mda/fy2022/): filed 2023-02-24; accession 0001284812-23-000102 (https://www.sec.gov/Archives/edgar/data/1284812/000128481223000102/cns-20221231.htm)
- [FY 2021 MD&A](/company/CNS/mda/fy2021/): filed 2022-02-25; accession 0001284812-22-000117 (https://www.sec.gov/Archives/edgar/data/1284812/000128481222000117/cns-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CNS.md · JSON record: /company/CNS.json · verified financials: /company/CNS/financials.json / /company/CNS/financials.csv · machine TOC for the whole site: /llms.txt