Form 8-K - Current report

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): July 17, 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 July 17, 2024, Cohen & Steers, Inc. (the Company) reported, among other things, the Company’s results for the quarter ended June 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 July 17, 2024
99.2			Earnings release dated July 17, 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: July 17, 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 SECOND QUARTER 2024

New York, NY, July 17, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2024. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second 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, July 18, 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, chief investment officer, Jon Cheigh, and executive vice president, Matthew Stadler.

Investors and analysts can access the live conference call by dialing 888-300-4150 (U.S.) or +1- 646-970-1530 (international); passcode: 4855092. 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 July 18, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 4855092. 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 SECOND QUARTER 2024

•Diluted earnings per share of $0.63; $0.68, as adjusted

•Operating margin of 31.5%; 34.9%, as adjusted

•Ending assets under management (AUM) of $80.7 billion; average AUM of $79.6 billion

•Net outflows of $345 million

NEW YORK, NY, July 17, 2024—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2024.

Financial Highlights




(in thousands, except percentages and per share data)	Three Months Ended
	June 30, 2024			March 31, 2024			$ Change		% Change
U.S. GAAP
Revenue	$	121,721		$	122,710		$	(989)	(0.8	%)
Expenses	$	83,319		$	82,445		$	874	1.1	%
Operating income	$	38,402		$	40,265		$	(1,863)	(4.6	%)
Non-operating income (loss) (1)	$	2,556		$	5,037		$	(2,481)	(49.3	%)
Net income attributable to common stockholders	$	31,771		$	34,004		$	(2,233)	(6.6	%)
Diluted earnings per share	$	0.63		$	0.68		$	(0.05)	(8.3	%)
Operating margin	31.5		%	32.8		%	N/A		(130 bps)

As Adjusted (2)
Net income attributable to common stockholders	$	34,532		$	34,653		$	(121)	(0.3	%)
Diluted earnings per share	$	0.68		$	0.70		$	(0.02)	(2.2	%)
Operating margin	34.9		%	35.5		%	N/A		(60 bps)
_________________________ (1)Included amounts attributable to third-party interests in consolidated investment vehicles. (2)Refer to pages 17-18 for reconciliations of U.S. GAAP to as adjusted results.

Revenue


(in thousands)	Three Months Ended
	June 30, 2024		March 31, 2024		$ Change		% Change
Investment advisory and administration fees:
Open-end funds	$	60,301	$	60,787	$	(486)	(0.8	%)
Institutional accounts	30,179		30,352		$	(173)	(0.6	%)
Closed-end funds	24,097		24,206		$	(109)	(0.5	%)
Total	114,577		115,345		$	(768)	(0.7	%)
Distribution and service fees	6,631		6,817		$	(186)	(2.7	%)
Other	513		548		$	(35)	(6.4	%)
Total revenue	$	121,721	$	122,710	$	(989)	(0.8	%)

•The decrease in total investment advisory and administration fees from the first quarter of 2024 was primarily due to lower average assets under management.

Expenses


(in thousands)	Three Months Ended
	June 30, 2024		March 31, 2024		$ Change		% Change
Employee compensation and benefits	$	53,097	$	52,003	$	1,094	2.1	%
Distribution and service fees	13,270		13,395		$	(125)	(0.9	%)
General and administrative	14,684		14,793		$	(109)	(0.7	%)
Depreciation and amortization	2,268		2,254		$	14	0.6	%
Total expenses	$	83,319	$	82,445	$	874	1.1	%

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

Operating Margin

Operating margin was 31.5% for the second quarter of 2024, compared with 32.8% for the first quarter of 2024. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)


(in thousands)	Three Months Ended
	June 30, 2024
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other		Total
Interest and dividend income—net	$	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


(in thousands)	Three Months Ended
	March 31, 2024
	Consolidated Investment Vehicles		Corporate Seed Investments		Corporate Other		Total
Interest and dividend income—net	$	985	$	912	$	2,022	$	3,919
Gain (loss) from investments—net	561		627		(204)		984
Foreign currency gain (loss)—net	(208)		26		316		134
Total non-operating income (loss)	1,338		1,565		2,134		5,037
Net (income) loss attributable to noncontrolling interests	(410)		—		—		(410)
Non-operating income (loss) attributable to the company	$	928	$	1,565	$	2,134	$	4,627

Income Taxes

A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:


	Three Months Ended
	June 30, 2024		March 31, 2024
U.S. statutory tax rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	2.9		2.9
Non-deductible executive compensation	1.4		0.9



Other	0.2		(0.5)
Effective income tax rate	25.5	%	24.3	%

Assets Under Management


(in millions)	As of				Change
	June 30, 2024		March 31, 2024		$		%
By Investment Vehicle
Open-end funds	$	37,451	$	37,685	$	(234)	(0.6	%)
Institutional accounts	32,222		32,424		$	(202)	(0.6	%)
Closed-end funds	11,036		11,126		$	(90)	(0.8	%)
Total	$	80,709	$	81,235	$	(526)	(0.6	%)

By Investment Strategy
U.S. real estate	$	38,717	$	38,476	$	241	0.6	%
Preferred securities	18,094		18,589		$	(495)	(2.7	%)
Global/international real estate	13,064		13,442		$	(378)	(2.8	%)
Global listed infrastructure	8,446		8,395		$	51	0.6	%
Other	2,388		2,333		$	55	2.4	%
Total	$	80,709	$	81,235	$	(526)	(0.6	%)

Assets under management at June 30, 2024 were $80.7 billion, a decrease of 0.6% from $81.2 billion at March 31, 2024. The decrease was due to net outflows of $345 million and distributions of $673 million, partially offset by market appreciation of $492 million.

Open-end Funds

Assets under management in open-end funds at June 30, 2024 were $37.5 billion, a decrease of 0.6% from $37.7 billion at March 31, 2024. The decrease was primarily due to the following:

•Net outflows of $376 million from preferred securities, partially offset by net inflows of $243 million into U.S. real estate;

•Market appreciation of $178 million from U.S. real estate; and

•Distributions of $159 million from U.S. real estate and $130 million from preferred securities. Of these distributions, $249 million was reinvested and included in net flows.

Institutional Accounts

Assets under management in institutional accounts at June 30, 2024 were $32.2 billion, a decrease of 0.6% from $32.4 billion at March 31, 2024. The decrease was primarily due to the following:

•Advisory:

◦Net inflows of $96 million into global/international real estate; and

◦Market appreciation of $119 million from U.S. real estate.

•Japan subadvisory:

◦Net outflows of $152 million from U.S. real estate;

◦Market appreciation of $125 million from U.S. real estate; and

◦Distributions of $156 million from U.S. real estate.

•Subadvisory excluding Japan:

◦Net outflows of $218 million from global/international real estate, partially offset by net inflows of $68 million into U.S. real estate.

Investment Performance at June 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 June 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 June 30, 2024, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $325.1 million, compared with $233.1 million as of March 31, 2024. As of June 30, 2024, stockholders' equity was $463.2 million, compared with $378.9 million as of March 31, 2024. On April 22, 2024, the company issued 1,007,057 shares of its common stock through an “at-the-market” equity offering program. The net proceeds to the company, after deducting commissions and offering expenses, were approximately $68.5 million.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, July 18, 2024 at 10:00 a.m. (ET) to discuss the company's second quarter results. Investors and analysts can access the live conference call by dialing 888-300-4150 (U.S.) or +1-646-970-1530 (international); passcode: 4855092. 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 July 18, 2024 and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 4855092. 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

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
	June 30, 2024		March 31, 2024		June 30, 2023		March 31, 2024		June 30, 2023
Revenue:
Investment advisory and administration fees	$	114,577	$	115,345	$	113,118
Distribution and service fees	6,631		6,817		6,977
Other	513		548		535
Total revenue	121,721		122,710		120,630		(0.8	%)	0.9	%
Expenses:
Employee compensation and benefits	53,097		52,003		48,893
Distribution and service fees	13,270		13,395		13,329
General and administrative	14,684		14,793		16,728
Depreciation and amortization	2,268		2,254		839
Total expenses	83,319		82,445		79,789		1.1	%	4.4	%
Operating income	38,402		40,265		40,841		(4.6	%)	(6.0	%)
Non-operating income (loss):
Interest and dividend income—net	5,057		3,919		3,428
Gain (loss) from investments—net	(2,018)		984		356
Foreign currency gain (loss)—net	(483)		134		(1,134)
Total non-operating income (loss)	2,556		5,037		2,650		(49.3	%)	(3.5	%)
Income before provision for income taxes	40,958		45,302		43,491		(9.6	%)	(5.8	%)
Provision for income taxes	10,881		10,888		10,986
Net income	30,077		34,414		32,505		(12.6	%)	(7.5	%)
Net (income) loss attributable to noncontrolling interests	1,694		(410)		(727)
Net income attributable to common stockholders	$	31,771	$	34,004	$	31,778	(6.6	%)	—	%

Earnings per share attributable to common stockholders:
Basic	$	0.63	$	0.69	$	0.64	(8.1	%)	(2.2	%)
Diluted	$	0.63	$	0.68	$	0.64	(8.3	%)	(2.6	%)

Weighted average shares outstanding:
Basic	50,419		49,569		49,315
Diluted	50,770		49,835		49,463


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

	Six Months Ended
	June 30, 2024		June 30, 2023		% Change
Revenue:
Investment advisory and administration fees	$	229,922	$	231,152
Distribution and service fees	13,448		14,539
Other	1,061		1,021
Total revenue	244,431		246,712		(0.9	%)
Expenses:
Employee compensation and benefits	105,100		97,750
Distribution and service fees	26,665		27,545
General and administrative	29,477		33,850
Depreciation and amortization	4,522		1,827
Total expenses	165,764		160,972		3.0	%
Operating income	78,667		85,740		(8.2	%)
Non-operating income (loss):
Interest and dividend income—net	8,976		6,644
Gain (loss) from investments—net	(1,034)		48
Foreign currency gain (loss)—net	(349)		(2,410)
Total non-operating income (loss)	7,593		4,282		77.3	%
Income before provision for income taxes	86,260		90,022		(4.2	%)
Provision for income taxes	21,769		21,219
Net income	64,491		68,803		(6.3	%)
Net (income) loss attributable to noncontrolling interests	1,284		(1,711)
Net income attributable to common stockholders	$	65,775	$	67,092	(2.0	%)

Earnings per share attributable to common stockholders:
Basic	$	1.32	$	1.36	(3.4	%)
Diluted	$	1.31	$	1.36	(3.7	%)

Weighted average shares outstanding:
Basic	49,994		49,257
Diluted	50,303		49,433


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

(in millions)
	Three Months Ended									% Change From
	June 30, 2024			March 31, 2024			June 30, 2023			March 31, 2024		June 30, 2023
Open-end Funds
Assets under management, beginning of period	$	37,685		$	37,032		$	36,427
Inflows	2,936			3,302			2,782
Outflows	(3,037)			(2,733)			(3,290)
Net inflows (outflows)	(101)			569			(508)
Market appreciation (depreciation)	215			356			794
Distributions	(348)			(272)			(344)
Transfers	—			—			(160)
Total increase (decrease)	(234)			653			(218)
Assets under management, end of period	$	37,451		$	37,685		$	36,209		(0.6	%)	3.4	%
Percentage of total assets under management	46.4		%	46.4		%	45.0		%
Average assets under management	$	36,943		$	36,923		$	35,911		0.1	%	2.9	%

Institutional Accounts
Assets under management, beginning of period	$	32,424		$	35,028		$	32,604
Inflows	649			902			670
Outflows	(896)			(3,445)			(676)
Net inflows (outflows)	(247)			(2,543)			(6)
Market appreciation (depreciation)	216			123			776
Distributions	(171)			(184)			(259)
Transfers	—			—			160
Total increase (decrease)	(202)			(2,604)			671
Assets under management, end of period	$	32,222		$	32,424		$	33,275		(0.6	%)	(3.2	%)
Percentage of total assets under management	39.9		%	39.9		%	41.4		%
Average assets under management	$	31,673		$	32,284		$	32,682		(1.9	%)	(3.1	%)

Closed-end Funds
Assets under management, beginning of period	$	11,126		$	11,076		$	10,874
Inflows	3			4			2
Outflows	—			—			—
Net inflows (outflows)	3			4			2
Market appreciation (depreciation)	61			200			207
Distributions	(154)			(154)			(154)
Total increase (decrease)	(90)			50			55
Assets under management, end of period	$	11,036		$	11,126		$	10,929		(0.8	%)	1.0	%
Percentage of total assets under management	13.7		%	13.7		%	13.6		%
Average assets under management	$	10,969		$	10,968		$	10,813		—	%	1.4	%

Total
Assets under management, beginning of period	$	81,235		$	83,136		$	79,905
Inflows	3,588			4,208			3,454
Outflows	(3,933)			(6,178)			(3,966)
Net inflows (outflows)	(345)			(1,970)			(512)
Market appreciation (depreciation)	492			679			1,777
Distributions	(673)			(610)			(757)


Total increase (decrease)	(526)			(1,901)			508
Assets under management, end of period	$	80,709		$	81,235		$	80,413		(0.6	%)	0.4	%
Average assets under management	$	79,585		$	80,175		$	79,406		(0.7	%)	0.2	%


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

(in millions)
	Six Months Ended
	June 30, 2024			June 30, 2023			% Change
Open-end Funds
Assets under management, beginning of period	$	37,032		$	36,903
Inflows	6,238			6,256
Outflows	(5,770)			(7,069)
Net inflows (outflows)	468			(813)
Market appreciation (depreciation)	571			904
Distributions	(620)			(625)
Transfers	—			(160)
Total increase (decrease)	419			(694)
Assets under management, end of period	$	37,451		$	36,209		3.4	%
Percentage of total assets under management	46.4		%	45.0		%
Average assets under management	$	36,929		$	37,178		(0.7	%)

Institutional Accounts
Assets under management, beginning of period	$	35,028		$	32,373
Inflows	1,551			1,385
Outflows	(4,341)			(1,509)
Net inflows (outflows)	(2,790)			(124)
Market appreciation (depreciation)	339			1,384
Distributions	(355)			(518)
Transfers	—			160
Total increase (decrease)	(2,806)			902
Assets under management, end of period	$	32,222		$	33,275		(3.2	%)
Percentage of total assets under management	39.9		%	41.4		%
Average assets under management	$	31,971		$	33,047		(3.3	%)

Closed-end Funds
Assets under management, beginning of period	$	11,076		$	11,149
Inflows	7			13
Outflows	—			(85)
Net inflows (outflows)	7			(72)
Market appreciation (depreciation)	261			160
Distributions	(308)			(308)
Total increase (decrease)	(40)			(220)
Assets under management, end of period	$	11,036		$	10,929		1.0	%
Percentage of total assets under management	13.7		%	13.6		%
Average assets under management	$	10,968		$	11,081		(1.0	%)

Total
Assets under management, beginning of period	$	83,136		$	80,425
Inflows	7,796			7,654
Outflows	(10,111)			(8,663)
Net inflows (outflows)	(2,315)			(1,009)
Market appreciation (depreciation)	1,171			2,448
Distributions	(1,283)			(1,451)


Total increase (decrease)	(2,427)			(12)
Assets under management, end of period	$	80,709		$	80,413		0.4	%
Average assets under management	$	79,868		$	81,306		(1.8	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type

(in millions)
	Three Months Ended									% Change From
	June 30, 2024			March 31, 2024			June 30, 2023			March 31, 2024		June 30, 2023
Advisory
Assets under management, beginning of period	$	18,196		$	20,264		$	18,490
Inflows	413			687			282
Outflows	(339)			(2,883)			(496)
Net inflows (outflows)	74			(2,196)			(214)
Market appreciation (depreciation)	97			128			388
Transfers	—			—			160
Total increase (decrease)	171			(2,068)			334
Assets under management, end of period	$	18,367		$	18,196		$	18,824		0.9	%	(2.4	%)
Percentage of institutional assets under management	57.0		%	56.1		%	56.6		%
Average assets under management	$	17,963		$	18,066		$	18,602		(0.6	%)	(3.4	%)

Japan Subadvisory
Assets under management, beginning of period	$	8,535		$	9,026		$	8,713
Inflows	25			43			283
Outflows	(211)			(355)			(89)
Net inflows (outflows)	(186)			(312)			194
Market appreciation (depreciation)	131			5			312
Distributions	(171)			(184)			(259)

Total increase (decrease)	(226)			(491)			247
Assets under management, end of period	$	8,309		$	8,535		$	8,960		(2.6	%)	(7.3	%)
Percentage of institutional assets under management	25.8		%	26.3		%	26.9		%
Average assets under management	$	8,164		$	8,640		$	8,653		(5.5	%)	(5.7	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,693		$	5,738		$	5,401
Inflows	211			172			105
Outflows	(346)			(207)			(91)
Net inflows (outflows)	(135)			(35)			14
Market appreciation (depreciation)	(12)			(10)			76

Total increase (decrease)	(147)			(45)			90
Assets under management, end of period	$	5,546		$	5,693		$	5,491		(2.6	%)	1.0	%
Percentage of institutional assets under management	17.2		%	17.6		%	16.5		%
Average assets under management	$	5,546		$	5,578		$	5,427		(0.6	%)	2.2	%

Total Institutional Accounts
Assets under management, beginning of period	$	32,424		$	35,028		$	32,604
Inflows	649			902			670
Outflows	(896)			(3,445)			(676)
Net inflows (outflows)	(247)			(2,543)			(6)
Market appreciation (depreciation)	216			123			776
Distributions	(171)			(184)			(259)
Transfers	—			—			160
Total increase (decrease)	(202)			(2,604)			671
Assets under management, end of period	$	32,222		$	32,424		$	33,275		(0.6	%)	(3.2	%)
Average assets under management	$	31,673		$	32,284		$	32,682		(1.9	%)	(3.1	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type

(in millions)
	Six Months Ended
	June 30, 2024			June 30, 2023			% Change
Advisory
Assets under management, beginning of period	$	20,264		$	18,631
Inflows	1,100			504
Outflows	(3,222)			(1,117)
Net inflows (outflows)	(2,122)			(613)
Market appreciation (depreciation)	225			646
Transfers	—			160
Total increase (decrease)	(1,897)			193
Assets under management, end of period	$	18,367		$	18,824		(2.4	%)
Percentage of institutional assets under management	57.0		%	56.6		%
Average assets under management	$	18,015		$	18,861		(4.5	%)

Japan Subadvisory
Assets under management, beginning of period	$	9,026		$	8,376
Inflows	68			668
Outflows	(566)			(148)
Net inflows (outflows)	(498)			520
Market appreciation (depreciation)	136			582
Distributions	(355)			(518)

Total increase (decrease)	(717)			584
Assets under management, end of period	$	8,309		$	8,960		(7.3	%)
Percentage of institutional assets under management	25.8		%	26.9		%
Average assets under management	$	8,402		$	8,696		(3.4	%)

Subadvisory Excluding Japan
Assets under management, beginning of period	$	5,738		$	5,366
Inflows	383			213
Outflows	(553)			(244)
Net inflows (outflows)	(170)			(31)
Market appreciation (depreciation)	(22)			156

Total increase (decrease)	(192)			125
Assets under management, end of period	$	5,546		$	5,491		1.0	%
Percentage of institutional assets under management	17.2		%	16.5		%
Average assets under management	$	5,554		$	5,490		1.2	%

Total Institutional Accounts
Assets under management, beginning of period	$	35,028		$	32,373
Inflows	1,551			1,385
Outflows	(4,341)			(1,509)
Net inflows (outflows)	(2,790)			(124)
Market appreciation (depreciation)	339			1,384
Distributions	(355)			(518)
Transfers	—			160
Total increase (decrease)	(2,806)			902
Assets under management, end of period	$	32,222		$	33,275		(3.2	%)
Average assets under management	$	31,971		$	33,047		(3.3	%)


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

(in millions)
	Three Months Ended									% Change From
	June 30, 2024			March 31, 2024			June 30, 2023			March 31, 2024		June 30, 2023
U.S. Real Estate
Assets under management, beginning of period	$	38,476		$	38,550		$	36,080
Inflows	1,996			2,089			1,614
Outflows	(1,845)			(1,728)			(1,500)
Net inflows (outflows)	151			361			114
Market appreciation (depreciation)	452			(79)			1,210
Distributions	(367)			(356)			(456)
Transfers	5			—			—
Total increase (decrease)	241			(74)			868
Assets under management, end of period	$	38,717		$	38,476		$	36,948		0.6	%	4.8	%
Percentage of total assets under management	48.0		%	47.4		%	45.9		%
Average assets under management	$	37,466		$	37,737		$	35,800		(0.7	%)	4.7	%

Preferred Securities
Assets under management, beginning of period	$	18,589		$	18,164		$	18,210
Inflows	823			1,233			1,241
Outflows	(1,272)			(1,251)			(1,606)
Net inflows (outflows)	(449)			(18)			(365)
Market appreciation (depreciation)	138			625			348
Distributions	(179)			(181)			(184)
Transfers	(5)			(1)			—
Total increase (decrease)	(495)			425			(201)
Assets under management, end of period	$	18,094		$	18,589		$	18,009		(2.7	%)	0.5	%
Percentage of total assets under management	22.4		%	22.9		%	22.4		%
Average assets under management	$	18,294		$	18,420		$	18,013		(0.7	%)	1.6	%

Global/International Real Estate
Assets under management, beginning of period	$	13,442		$	15,789		$	14,762
Inflows	410			620			368
Outflows	(543)			(2,828)			(458)
Net inflows (outflows)	(133)			(2,208)			(90)
Market appreciation (depreciation)	(196)			(124)			206
Distributions	(49)			(16)			(40)
Transfers	—			1			—
Total increase (decrease)	(378)			(2,347)			76
Assets under management, end of period	$	13,064		$	13,442		$	14,838		(2.8	%)	(12.0	%)
Percentage of total assets under management	16.2		%	16.5		%	18.5		%
Average assets under management	$	13,045		$	13,547		$	14,859		(3.7	%)	(12.2	%)


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

(in millions)
	Three Months Ended									% Change From
	June 30, 2024			March 31, 2024			June 30, 2023			March 31, 2024		June 30, 2023
Global Listed Infrastructure
Assets under management, beginning of period	$	8,395		$	8,356		$	8,596
Inflows	148			80			79
Outflows	(114)			(184)			(250)
Net inflows (outflows)	34			(104)			(171)
Market appreciation (depreciation)	73			193			12
Distributions	(56)			(50)			(58)

Total increase (decrease)	51			39			(217)
Assets under management, end of period	$	8,446		$	8,395		$	8,379		0.6	%	0.8	%
Percentage of total assets under management	10.5		%	10.3		%	10.4		%
Average assets under management	$	8,430		$	8,191		$	8,486		2.9	%	(0.7	%)

Other
Assets under management, beginning of period	$	2,333		$	2,277		$	2,257
Inflows	211			186			152
Outflows	(159)			(187)			(152)
Net inflows (outflows)	52			(1)			—
Market appreciation (depreciation)	25			64			1
Distributions	(22)			(7)			(19)

Total increase (decrease)	55			56			(18)
Assets under management, end of period	$	2,388		$	2,333		$	2,239		2.4	%	6.7	%
Percentage of total assets under management	3.0		%	2.9		%	2.8		%
Average assets under management	$	2,350		$	2,280		$	2,248		3.1	%	4.5	%

Total
Assets under management, beginning of period	$	81,235		$	83,136		$	79,905
Inflows	3,588			4,208			3,454
Outflows	(3,933)			(6,178)			(3,966)
Net inflows (outflows)	(345)			(1,970)			(512)
Market appreciation (depreciation)	492			679			1,777
Distributions	(673)			(610)			(757)
Total increase (decrease)	(526)			(1,901)			508
Assets under management, end of period	$	80,709		$	81,235		$	80,413		(0.6	%)	0.4	%
Average assets under management	$	79,585		$	80,175		$	79,406		(0.7	%)	0.2	%


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

(in millions)
	Six Months Ended
	June 30, 2024			June 30, 2023			% Change
U.S. Real Estate
Assets under management, beginning of period	$	38,550		$	35,108
Inflows	4,085			3,647
Outflows	(3,573)			(3,099)
Net inflows (outflows)	512			548
Market appreciation (depreciation)	373			2,117
Distributions	(723)			(893)
Transfers	5			68
Total increase (decrease)	167			1,840
Assets under management, end of period	$	38,717		$	36,948		4.8	%
Percentage of total assets under management	48.0		%	45.9		%
Average assets under management	$	37,601		$	36,283		3.6	%

Preferred Securities
Assets under management, beginning of period	$	18,164		$	19,767
Inflows	2,056			2,695
Outflows	(2,523)			(3,932)
Net inflows (outflows)	(467)			(1,237)
Market appreciation (depreciation)	763			(144)
Distributions	(360)			(379)
Transfers	(6)			2
Total increase (decrease)	(70)			(1,758)
Assets under management, end of period	$	18,094		$	18,009		0.5	%
Percentage of total assets under management	22.4		%	22.4		%
Average assets under management	$	18,352		$	19,124		(4.0	%)

Global/International Real Estate
Assets under management, beginning of period	$	15,789		$	14,782
Inflows	1,030			641
Outflows	(3,371)			(875)
Net inflows (outflows)	(2,341)			(234)
Market appreciation (depreciation)	(320)			408
Distributions	(65)			(48)
Transfers	1			(70)
Total increase (decrease)	(2,725)			56
Assets under management, end of period	$	13,064		$	14,838		(12.0	%)
Percentage of total assets under management	16.2		%	18.5		%
Average assets under management	$	13,290		$	15,093		(11.9	%)


Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
For the Periods
(in millions)
	Six Months Ended
	June 30, 2024			June 30, 2023			% Change
Global Listed Infrastructure
Assets under management, beginning of period	$	8,356		$	8,596
Inflows	228			214
Outflows	(298)			(374)
Net inflows (outflows)	(70)			(160)
Market appreciation (depreciation)	266			47
Distributions	(106)			(104)
Total increase (decrease)	90			(217)
Assets under management, end of period	$	8,446		$	8,379		0.8	%
Percentage of total assets under management	10.5		%	10.4		%
Average assets under management	$	8,310		$	8,582		(3.2	%)

Other
Assets under management, beginning of period	$	2,277		$	2,172
Inflows	397			457
Outflows	(346)			(383)
Net inflows (outflows)	51			74
Market appreciation (depreciation)	89			20
Distributions	(29)			(27)

Total increase (decrease)	111			67
Assets under management, end of period	$	2,388		$	2,239		6.7	%
Percentage of total assets under management	3.0		%	2.8		%
Average assets under management	$	2,315		$	2,224		4.1	%

Total
Assets under management, beginning of period	$	83,136		$	80,425
Inflows	7,796			7,654
Outflows	(10,111)			(8,663)
Net inflows (outflows)	(2,315)			(1,009)
Market appreciation (depreciation)	1,171			2,448
Distributions	(1,283)			(1,451)
Total increase (decrease)	(2,427)			(12)
Assets under management, end of period	$	80,709		$	80,413		0.4	%
Average assets under management	$	79,868		$	81,306		(1.8	%)

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.


Reconciliation of U.S. GAAP to As Adjusted Financial Results Net Income Attributable to Common Stockholders and Diluted Earnings per Share



	Three Months Ended
(in thousands, except per share data)	June 30, 2024			March 31, 2024		June 30, 2023
Net income attributable to common stockholders, U.S. GAAP	$	31,771		$	34,004	$	31,778
Seed investments—net (1)	(84)			(1,003)		35
Accelerated vesting of restricted stock units	2,496			2,211		108
Other non-recurring expenses (2)	1,196			—		—
Lease transition and other costs - 280 Park Avenue (3)	—			807		2,498


Foreign currency exchange (gains) losses—net (4)	30			(456)		1,073
Tax adjustments—net (5)	(877)			(910)		(750)
Net income attributable to common stockholders, as adjusted	$	34,532		$	34,653	$	34,742

Diluted weighted average shares outstanding	50,770			49,835		49,463
Diluted earnings per share, U.S. GAAP	$	0.63		$	0.68	$	0.64
Seed investments—net (1)	—		*	(0.02)		—		*
Accelerated vesting of restricted stock units	0.05			0.05		—		*
Other non-recurring expenses (2)	0.02			—		—
Lease transition and other costs - 280 Park Avenue (3)	—			0.02		0.05



Foreign currency exchange (gains) losses—net (4)	—		*	(0.01)		0.02
Tax adjustments—net (5)	(0.02)			(0.02)		(0.01)
Diluted earnings per share, as adjusted	$	0.68		$	0.70	$	0.70
_________________________ * Amounts round to less than $0.01 per share. (1)Represents adjustment to remove the impact of consolidated investment vehicles and the net effect of corporate seed performance. (2)Represents incremental expenses associated with the separation of certain employees. (3)Represents adjustment to remove 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)	June 30, 2024			March 31, 2024		June 30, 2023
Exclusion of tax effects associated with items noted above	$	(1,045)		$	(500)	$	(747)
Exclusion of discrete tax items	168			(410)		(3)
Total tax adjustments	$	(877)		$	(910)	$	(750)


Reconciliation of U.S. GAAP to As Adjusted Financial Results Revenue, Expenses, Operating Income and Operating Margin



(in thousands, except percentages)	Three Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023
Revenue, U.S. GAAP	$	121,721		$	122,710		$	120,630
Seed investments (1)	267			234			(321)
Revenue, as adjusted	$	121,988		$	122,944		$	120,309

Expenses, U.S. GAAP	$	83,319		$	82,445		$	79,789
Seed investments (1)	(181)			(175)			(694)
Accelerated vesting of restricted stock units	(2,496)			(2,211)			(108)
Other non-recurring expenses (2)	(1,196)			—			—
Lease transition and other costs - 280 Park Avenue (3)	—			(807)			(2,498)



Expenses, as adjusted	$	79,446		$	79,252		$	76,489

Operating income, U.S. GAAP	$	38,402		$	40,265		$	40,841
Seed investments (1)	448			409			373
Accelerated vesting of restricted stock units	2,496			2,211			108
Other non-recurring expenses (2)	1,196			—			—
Lease transition and other costs - 280 Park Avenue (3)	—			807			2,498



Operating income, as adjusted	$	42,542		$	43,692		$	43,820

Operating margin, U.S. GAAP	31.5		%	32.8		%	33.9		%
Operating margin, as adjusted	34.9		%	35.5		%	36.4		%
__________________________ (1)Represents adjustment to remove the impact of consolidated investment vehicles from the company's financial results. (2)Represents incremental expenses associated with the separation of certain employees. (3)Represents adjustment to remove 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.


Reconciliation of U.S. GAAP to As Adjusted Financial Results Non-operating Income (Loss)



(in thousands)	Three Months Ended
	June 30, 2024		March 31, 2024		June 30, 2023
Non-operating income (loss), U.S. GAAP	$	2,556	$	5,037	$	2,650
Seed investments—net (1)	1,162		(1,822)		(1,065)
Foreign currency exchange (gains) losses—net (2)	30		(456)		1,073
Non-operating income (loss), as adjusted	$	3,748	$	2,759	$	2,658
_________________________ (1)Represents adjustment to remove 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	Jul. 17, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 17, 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