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________________________________________________________

美国

证券交易委员会

华盛顿特区20549

表格 10-Q

(标记一个)

☒			根据1934年证券交易法第13或15(d)条款的季度报告。

截至2024年6月30日季度结束 2024年9月30日

或

☐			根据1934年证券交易法第13或15(d)条，就从 至 的过渡期提交的过渡报告

   

委员会档案编号： 001-32236 

 ________________

科恩与史蒂尔斯股份有限公司

（根据其章程所指定的正式名称）

 ________________ 

特拉华州			14-1904657
（成立或组织的）州或其他辖区 或组织成立的州或其他司法管辖区)			(国税局雇主识别号码) 识别号码)

美洲大道1166号, 纽约, 纽约 10036

(主要行政办公室地址及邮政编码)

(212) 832-3232

(申报人的电话号码，包括区号)

  ________________

根据法案第12(b)条规定注册的证券：

每个班级的标题

交易标的（s）

每个注册交易所的名称

普通股，每股面值0.01美元

CNS

纽约证券交易所

勾选表明，登记人： (1) 在过去12个月内已提交证券交易法案1934年第13或15(d)条要求提交的所有报告（或对登记人必须提交此类报告的较短期间），且 (2) 在过去90天内一直受到此类提交要求的约束。是  ☒不o

在过去十二个月内，注册人是否已经以电子方式提交所有根据《规例 S-t》第 405 条（本章第 232.405 条）规则所需提交的互动资料档案（或在较短的时间内，注册人须提交该等档案），以勾选标记表示。是  ☒否o

请勾选相应的选项，以指示申报人是大型快速申报人、快速申报人、非快速申报人、较小型报告公司，还是新兴成长型公司。详细定义请参阅《交易所法》第1202条中的“大型快速申报人”、“快速申报人”、“较小型报告公司”和“新兴成长型公司”定义。

大型加速归档人

☒

加速档案提交者

☐

非加速归档人

☐

较小报告公司

☐

新兴成长型企业

☐

如果一家新兴成长企业，请勾选方框，以表示登记人选择不使用根据《交易所法》第13(a)条所提供的任何新的或修订的财务会计标准所规定的延长过渡期。 ☐ 

在核准书上打勾表示公司是否为壳公司（如交易所法规定的第1202条所定义）。 是☐不☒

截至2024年10月31日，登记人普通股股份数目，每股面值0.01美元，达到 50,557,758.

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高瀚安及其子公司

10-Q基本报表

指数

						页面
参见第一部分以获取我们的美国GAAP结果的其他详细信息。			财务资讯
项目 1。			基本报表			1
			未经审核的采用之压缩综合财务状况表			1
			综合综合损益表（未经审计）			2
			综合损益简明综合表(未经审核)			3
			股东权益简明列示合并基本财务报表（未经查核）			4
			综合现金流量表（未经核数）			6
			基本报表注脚（未经审计）			8
项目2。			管理层对财务状况和营运成果的讨论与分析			18
第3项目。			市场风险的定量和定性披露。			34
项目 4。			内部控制及程序			34
第二部分。			其他资讯 *
项目 1。			法律诉讼			35
第1项事项			风险因素			35
项目2。			股票权益的未注册销售和资金用途			35
项目5。			其他信息			35
第六项。			展品			36
签名						37

* 除上述列出的项目外，其他项目因不适用而已被省略。

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前瞻性陈述

本报告及我们提交的其他文件中包含根据1933年证券法第27条（经修订）及1934年证券交易法第21条（经修订）的前瞻性陈述，反映管理层对我们业务和财务表现等事项的当前观点。您可以通过使用「展望」、「相信」、「预期」、「潜在」、「持续」、「可能」、「将」、「应该」、「寻求」、「大约」、「预测」、「打算」、「计划」、「估计」、「预期」或这些词的负面版本或其他可比词语来识别这些前瞻性陈述。这些前瞻性陈述可能受到各种风险和不确定性的影响。因此，可能存在或将存在可能导致实际结果与这些前瞻性陈述中所示不一致的重要因素。我们相信，这些因素包括但不限于我们截至2023年12月31日的年度10-K表格所描述的风险（即《10-K表格》），该表格可在美国证券交易委员会网站www.sec.gov以及我们的网站www.cohenandsteers.com上查阅。这些因素并非尽录，应与包含在本报告、10-K表格以及我们提交给美国证券交易委员会的其他文件中的其他警语声明一同阅读。我们无义务公开更新或审查任何前瞻性陈述，无论是因为新消息、将来发展或其他原因。我们打算使用我们的网站www.cohenandsteers.com作为披露重要非公开信息并遵守根据FD法规履行披露义务的方式。

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第一部分-财务资讯

项目 1。 基本报表

高瀚安及其子公司

财务状况总表（未经审核）

(以千为单位，股份数据除外)

			九月三十日， 2024						12月31日， 2023
资产：
现金及现金等价物			$	106,474					$	187,442
投资（$68,244 15.1159,931) (1)			320,883						258,970
应收帐款			78,673						68,889
应收经纪人款项（$101 15.113) (1)			2,446						4,677
不动产、厂房和设备-净额			69,659						66,336
租赁权利使用资产-净额			100,927						103,302
商誉及无形资产-净额			19,500						19,395
其他资产 ($76 15.1644) (1)			29,225						27,543
资产总额			$	727,787					$	736,554
负债：
应计的薪资和福利费用			$	48,679					$	66,382
应付分销及服务费			8,314						10,144
营业租赁负债			140,595						140,408
应付所得税			1,490						5,115
因经纪商而付款（$102 15.1119) (1)			1,325						201
其他负债及应计费用（$347 15.1449) (1)			14,832						21,657
总负债			215,235						243,907
承诺和义务（参阅附注11）
可赎回的非控制权益。			14,491						106,463
股东权益：
0.010.01 面额为0.0001； 500,000,000 授权股份为 57,458,126 股份发行和 50,555,483 资产于2024年9月30日的待结汇率；和 55,788,720 资产于2023年12月31日的已发行待结汇率；和 49,155,447 资产于2023年12月31日的待结汇率			574						558
资本公积额额外增资			931,510						818,269
累积亏损			(144,420)						(158,186)
累积其他全面损失			(5,414)						(7,708)
按成本核算的库藏股 6,902,643 和 6,633,273 分别为2024年9月30日及2023年12月31日			(291,241)						(271,705)
归属于cohen & Steers，Inc.的股东权益总计。			491,009						381,228
无法赎回的非控股权益			7,052						4,956
股东权益总额			498,061						386,184
负债总额，可赎回的非控制权益和股东权益			$	727,787					$	736,554

_________________________

(1)    Amounts in parentheses represent the aggregate balances at September 30, 2024 and December 31, 2023 attributable to variable interest entities consolidated by the Company.

See notes to condensed consolidated financial statements

1

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Revenue:
Investment advisory and administration fees			$	125,397					$	116,226					$	355,319					$	347,378
Distribution and service fees			7,244						7,014						20,692						21,553
Other			562						497						1,623						1,518
Total revenue			133,203						123,737						377,634						370,449
Expenses:
Employee compensation and benefits			56,376						52,830						161,476						150,580
Distribution and service fees			14,739						13,689						41,404						41,234
General and administrative			14,874						15,546						44,351						49,396
Depreciation and amortization			2,341						801						6,863						2,628
Total expenses			88,330						82,866						254,094						243,838
Operating income			44,873						40,871						123,540						126,611
Non-operating income (loss):
Interest and dividend income			5,420						3,763						14,396						10,407
Gain (loss) from investments—net			18,975						(10,056)						17,941						(10,008)
Foreign currency gain (loss)—net			(1,692)						1,134						(2,041)						(1,276)
Total non-operating income (loss)			22,703						(5,159)						30,296						(877)
Income before provision for income taxes			67,576						35,712						153,836						125,734
Provision for income taxes			12,293						10,543						34,062						31,762
Net income			55,283						25,169						119,774						93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Earnings per share attributable to common stockholders:
Basic			$	0.78					$	0.65					$	2.10					$	2.01
Diluted			$	0.77					$	0.65					$	2.08					$	2.00
Weighted average shares outstanding:
Basic			50,778						49,351						50,257						49,289
Diluted			51,428						49,617						50,681						49,495

See notes to condensed consolidated financial statements

2

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COHEN & STEERS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in thousands)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income			$	55,283					$	25,169					$	119,774					$	93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			39,668						32,140						105,443						99,232
Other comprehensive income (loss):
Foreign currency translation gain (loss)			3,460						(1,643)						2,294						604
Total comprehensive income attributable to common stockholders			$	43,128					$	30,497					$	107,737					$	99,836

See notes to condensed consolidated financial statements

3

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

(in thousands, except per share data)

			Three Months Ended September 30, 2024
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
July 1, 2024			$	574		$	916,006		$	(153,360)		$	(8,874)		$	(291,173)		$	6,661		$	469,834		$	114,570
Dividends ($0.59 per share)			—			—			(30,728)			—			—			—			(30,728)			—
Issuance of common stock			—			303			—			—			—			—			303			—
Repurchase of common stock			—			—			—			—			(68)			—			(68)			—
Issuance of restricted stock units—net			—			2,713			—			—			—			—			2,713			—
Amortization of restricted stock units—net			—			12,488			—			—			—			—			12,488			—
Net income (loss)			—			—			39,668			—			—			391			40,059			15,224
Other comprehensive income (loss)			—			—			—			3,460			—			—			3,460			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			—			—			33,356
Deconsolidation of investment vehicle			—			—			—			—			—			—			—			(148,659)
September 30, 2024			$	574		$	931,510		$	(144,420)		$	(5,414)		$	(291,241)		$	7,052		$	498,061		$	14,491
			Three Months Ended September 30, 2023
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
July 1, 2023			$	558		$	794,159		$	(162,231)		$	(8,537)		$	(270,797)		$	5,237		$	358,389		$	85,518
Dividends ($0.57 per share)			—			—			(28,991)			—			—			—			(28,991)			—
Issuance of common stock			—			269			—			—			—			—			269			—
Repurchase of common stock			—			—			—			—			(50)			—			(50)			—
Issuance of restricted stock units—net			—			983			—			—			—			—			983			—
Amortization of restricted stock units—net			—			10,734			—			—			—			—			10,734			—
Net income (loss)			—			—			32,140						—			(523)			31,617			(6,448)
Other comprehensive income (loss)			—			—			—			(1,643)			—			—			(1,643)			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			869			869			5,049
September 30, 2023			$	558		$	806,145		$	(159,082)		$	(10,180)		$	(270,847)		$	5,583		$	372,177		$	84,119

See notes to condensed consolidated financial statements

4

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)—(Continued)

(in thousands, except per share data)

			Nine Months Ended September 30, 2024
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
January 1, 2024			$	558		$	818,269		$	(158,186)		$	(7,708)		$	(271,705)		$	4,956		$	386,184		$	106,463
Dividends ($1.77 per share)			—			—			(91,677)			—			—			—			(91,677)			—
Issuance of common stock			6			1,036			—			—			30			—			1,072			—
Issuance of common stock from offering, net of issuance costs			10			68,454			—			—			—			—			68,464			—
Repurchase of common stock			—			—			—			—			(19,566)			—			(19,566)			—
Issuance of restricted stock units—net			—			5,045			—			—			—			—			5,045			—
Amortization of restricted stock units—net			—			38,706			—			—			—			—			38,706			—
Net income (loss)			—			—			105,443			—			—			116			105,559			14,215
Other comprehensive income (loss)			—			—			—			2,294			—			—			2,294			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			1,980			1,980			42,472
Deconsolidation of investment vehicle			—			—			—			—			—			—			—			(148,659)
September 30, 2024			$	574		$	931,510		$	(144,420)		$	(5,414)		$	(291,241)		$	7,052		$	498,061		$	14,491
			Nine Months Ended September 30, 2023
			Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Nonredeemable Noncontrolling Interests			Total Stockholders' Equity			Redeemable Noncontrolling Interests
January 1, 2023			$	551		$	769,373		$	(171,417)		$	(10,784)		$	(250,169)		$	4,054		$	341,608		$	85,335
Dividends ($1.71 per share)			—			—			(86,897)			—			—			—			(86,897)			—
Issuance of common stock			7			1,060			—			—			—			—			1,067			—
Repurchase of common stock			—			—			—			—			(20,678)			—			(20,678)			—
Issuance of restricted stock units—net			—			3,469			—			—			—			—			3,469			—
Amortization of restricted stock units—net			—			32,243			—			—			—			—			32,243			—
Net income (loss)			—			—			99,232			—			—			(963)			98,269			(4,297)
Other comprehensive income (loss)			—			—			—			604			—			—			604			—
Net contributions (distributions) attributable to noncontrolling interests			—			—			—			—			—			2,492			2,492			3,081
September 30, 2023			$	558		$	806,145		$	(159,082)		$	(10,180)		$	(270,847)		$	5,583		$	372,177		$	84,119

See notes to condensed consolidated financial statements

5

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

			Nine Months Ended September 30,
			2024						2023
Cash flows from operating activities:
Net income			$	119,774					$	93,972
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense—net			41,432						33,334
Depreciation and amortization			8,299						3,374
Non-cash lease expense			4,572						11,851
(Gain) loss from investments—net			(17,941)						10,008
Deferred income taxes			99						(7,994)
Foreign currency (gain) loss			(1,865)						609
Amortization (accretion) of premium (discount) on U.S. Treasury securities—net			(1,339)						(989)
Changes in operating assets and liabilities:
Accounts receivable			(7,919)						(4,222)
Due from brokers			(22,360)						(687)
Investments within consolidated investment vehicles			(43,440)						(12,175)
Other assets			(3,901)						(9,912)
Accrued compensation and benefits			(17,703)						(27,775)
Distribution and service fees payable			(1,830)						889
Operating lease liabilities			(1,981)						19,452
Due to brokers			23,693						2,652
Income tax payable			(3,249)						1,245
Other liabilities and accrued expenses			(12,479)						(248)
Net cash provided by (used in) operating activities			61,862						113,384
Cash flows from investing activities:
Purchases of investments			(337,877)						(132,205)
Proceeds from sales and maturities of investments			205,028						50,311
Purchases of property and equipment			(9,973)						(46,139)
Net cash provided by (used in) investing activities			(142,822)						(128,033)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock purchase plan			911						907
Proceeds from issuance of common stock from offering, net of issuance costs			68,464						—
Repurchase of common stock for employee tax withholding			(19,566)						(20,678)
Dividends to stockholders			(89,185)						(84,359)
Net contributions (distributions) from noncontrolling interests			44,452						5,573
Other			(15)						(603)
Net cash provided by (used in) financing activities			5,061						(99,160)
Net increase (decrease) in cash and cash equivalents			(75,899)						(113,809)
Effect of foreign exchange rate changes on cash and cash equivalents			1,988						724
Cash and cash equivalents, beginning of the period			189,603						248,714
Cash and cash equivalents, end of the period			$	115,692					$	135,629

See notes to condensed consolidated financial statements

6

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COHEN & STEERS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

(UNAUDITED)

 

Supplemental disclosures of cash flow information:

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:

			As of September 30,
(in thousands)			2024						2023
Cash and cash equivalents			$	106,474					$	133,050
Cash included in investments (1)			9,218						2,579
Total cash and cash equivalents within condensed consolidated statements of cash flows			$	115,692					$	135,629

________________________

(1)    Cash included in investments represents operating cash held in consolidated investment vehicles.

During the nine months ended September 30, 2024 and 2023, the Company paid taxes, net of tax refunds, of $37.2 million and $38.5 million, respectively.

Supplemental disclosures of non-cash investing and financing activities:

In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $2.5 million for both the nine months ended September 30, 2024 and 2023, respectively.

Effective September 1, 2024, the Company deconsolidated the Cohen & Steers SICAV Global Real Estate Fund resulting in a non-cash reduction of $148.7 million from both investments and redeemable noncontrolling interests.

7

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Description of Business

Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG) (collectively, the Company).

The Company is 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, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The Company’s significant accounting policies, which have been consistently applied, are summarized in its Form 10-K.

New Accounting Standards Not Yet Implemented

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to employees or nonemployees in exchange for goods or services. This new guidance will be effective on January 1, 2025. The Company does not expect that the adoption of this new standard will have a material effect on the Company's condensed consolidated financial statements and related disclosures.

8

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

3. Revenue

The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Client domicile:
North America			$	115,989					$	106,273					$	328,936					$	320,729
Japan			8,151						8,068						23,472						24,201
Europe, Middle East and Africa			5,092						6,028						14,019						15,569
Asia Pacific excluding Japan			3,971						3,368						11,207						9,950
Total			$	133,203					$	123,737					$	377,634					$	370,449

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Investment vehicle:
Open-end funds			$	74,567					$	67,750					$	210,164					$	204,892
Institutional accounts			32,956						31,845						93,487						92,640
Closed-end funds			25,680						24,142						73,983						72,917
Total			$	133,203					$	123,737					$	377,634					$	370,449

4. Investments

The following table summarizes the Company's investments:

(in thousands)			September 30, 2024						December 31, 2023
Equity investments at fair value			$	134,711					$	180,958
Trading			186,158						77,996
Equity method			14						16
Total investments			$	320,883					$	258,970

The following table summarizes gain (loss) from investments—net, including derivative financial instruments (see Note 6, Derivatives) and gain (loss) attributable to noncontrolling interests:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Net realized gains (losses) during the period			$	(840)					$	(600)					$	(3,213)					$	(3,691)
Net unrealized gains (losses) during the period on investments still held at the end of the period			19,815						(9,456)						21,154						(6,317)
Gain (loss) from investments—net			$	18,975					$	(10,056)					$	17,941					$	(10,008)

9

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following table summarizes the statements of financial condition attributable to the Company's consolidated VIEs:

(in thousands)			September 30, 2024						December 31, 2023
Assets (1)
Investments			$	68,244					$	159,931
Due from brokers			101						13
Other assets			76						644
Total assets			68,421						160,588
Liabilities (1)
Due to brokers			$	102					$	119
Other liabilities and accrued expenses			347						449
Total liabilities			449						568
Net assets			$	67,972					$	160,020
Attributable to the Company			$	46,429					$	48,601
Attributable to noncontrolling interests			21,543						111,419
Net assets			$	67,972					$	160,020

_________________________

(1)    The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company.

5. Fair Value

ASC Topic 820, Fair Value Measurement specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in three broad levels:

•Level 1—Unadjusted quoted prices for identical instruments in active markets.

•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable.

•Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

These levels are not necessarily an indication of the risk or liquidity associated with the investments.

10

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following tables present fair value measurements:

			September 30, 2024
(in thousands)			Level 1						Level 2						Level 3						Investments Measured at NAV												Total
Cash equivalents			$	80,767					$	—					$	—					$	—											$	80,767
Equity investments at fair value:
Common stocks			$	67,316					$	748					$	—					$	—											$	68,064
Limited partnership interests			—						—						20,287						1,150												21,437
Preferred securities			1,583						69						—						—												1,652
Non-Traded REIT			—						33,687						—						—												33,687
Other			9,736						—						—						135												9,871
Total			$	78,635					$	34,504					$	20,287					$	1,285											$	134,711
Trading investments:
Fixed income			$	—					$	186,158					$	—					$	—											$	186,158
Equity method investments			$	—					$	—					$	—					$	14											$	14
Total investments			$	78,635					$	220,662					$	20,287					$	1,299											$	320,883
Derivatives - assets:
Total return swaps			$	—					$	87					$	—					$	—											$	87
Forward contracts - foreign exchange			—						18						—						—												18
Total			$	—					$	105					$	—					$	—											$	105
Derivatives - liabilities:
Total return swaps			$	—					$	1,613					$	—					$	—											$	1,613
Forward contracts - foreign exchange			—						746						—						—												746
Total			$	—					$	2,359					$	—					$	—											$	2,359

11

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

			December 31, 2023
(in thousands)			Level 1						Level 2						Level 3						Investments Measured at NAV						Total
Cash equivalents			$	151,915					$	—					$	—					$	—					$	151,915
Equity investments at fair value:
Common stocks			$	163,365					$	697					$	—					$	—					$	164,062
Limited partnership interests			—						—						13,202						1,228						14,430
Preferred securities			1,775						62						—						—						1,837
Other			508						—						—						121						629
Total			$	165,648					$	759					$	13,202					$	1,349					$	180,958
Trading investments:
Fixed income			$	—					$	77,996					$	—					$	—					$	77,996
Equity method investments			$	—					$	—					$	—					$	16					$	16
Total investments			$	165,648					$	78,755					$	13,202					$	1,365					$	258,970
Derivatives - assets:
Total return swaps			$	—					$	28					$	—					$	—					$	28
Total			$	—					$	28					$	—					$	—					$	28
Derivatives - liabilities:
Total return swaps			$	—					$	2,488					$	—					$	—					$	2,488
Forward contracts - foreign exchange			—						405						—						—						405
Total			$	—					$	2,893					$	—					$	—					$	2,893

Equity investments at fair value classified as Level 2 included common stocks, Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) and preferred securities, for which quoted prices in active markets are not available. Effective January 1, 2024, the Company deconsolidated CNSREIT and elected the fair value option to align the measurement of the seed investment and the related gains and losses with other seed investments. The Company's ownership interest was 49.4% at September 30, 2024. The fair value of this seed investment is based on the monthly published net asset value (NAV), which is an observable transaction price, however, shares are not actively traded as subscription and redemption activity happens monthly. Realized and unrealized gains and losses are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Distributions from this seed investment are recorded in interest and dividend income in the Company's condensed consolidated statements of operations when earned. The unrealized gain on the seed investment in CNSREIT was $0.4 million and $1.5 million for the three and nine months ended September 30, 2024, respectively.

Equity investments at fair value classified as Level 3 were comprised of limited partnership interests in joint ventures that hold investments in private real estate.

Trading investments classified as Level 2 were comprised of U.S. Treasury securities and investment-grade corporate debt securities. Fair values were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information.

Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient including limited partnership interests in private real estate funds. At September 30, 2024 and December 31, 2023, the Company did not have the ability to redeem its interests in the majority of these investments.

Investments measured at NAV as a practical expedient have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition.

12

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

Total return swap contracts classified as Level 2 were valued based on the underlying futures contracts or equity indices.

Foreign currency exchange contracts classified as Level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets.

The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Balance at beginning of period			$	19,997					$	13,986					$	13,202					$	10,759
Purchases/contributions			140						3,139						9,001						10,656
Sales/distributions			—						—						—						(2,975)
Unrealized gains (losses)			150						(1,528)						(1,916)						(2,843)
Balance at end of period			$	20,287					$	15,597					$	20,287					$	15,597

Unrealized and realized gains (losses), if any, in the above table were recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations.

Valuation Techniques

In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in funds are valued at their closing price or NAV (or its equivalent) as a practical expedient.

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than quarterly, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The Company has established a valuation committee, comprised of senior members from various departments within the Company, to administer, implement and oversee the valuation policies and procedures (the Valuation Committee). Additionally, the Company has retained an independent valuation services firm to assist in the determination of the fair value of certain private real estate investments.

13

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following table summarizes the valuation techniques and significant unobservable inputs approved by the Valuation Committee for Level 3 investments measured at fair value on a recurring basis:

Fair Value as of September 30, 2024 (in thousands)

Valuation Technique

Unobservable Inputs

Range

Limited partnership interests

$

16,344

Discounted cash flow

Discount rate Terminal capitalization rate

7.25% - 10.75% 5.25% - 8.75%

$

3,943

Transaction price

n/a

Fair Value as of December 31, 2023 (in thousands)

Valuation Technique

Unobservable Inputs

Value

Limited partnership interests

$

13,202

Discounted cash flow

Discount rate Terminal capitalization rate

9.25% 7.75%

Transaction price

n/a

Changes in the significant unobservable inputs in the above tables may result in a materially higher or lower fair value measurement.

6. Derivatives

The following tables summarize the notional amount and fair value of outstanding derivative financial instruments, none of which were designated in a formal hedging relationship:

			As of September 30, 2024
									Fair Value (1)
(in thousands)			Notional Amount						Assets						Liabilities
Corporate derivatives:
Total return swaps			$	46,837					$	87					$	1,613
Forward contracts - foreign exchange			15,849						18						746
Total corporate derivatives			$	62,686					$	105					$	2,359

			As of December 31, 2023
									Fair Value (1)
(in thousands)			Notional Amount						Assets						Liabilities
Corporate derivatives:
Total return swaps			$	40,217					$	28					$	2,488
Forward contracts - foreign exchange			9,641						—						405
Total corporate derivatives			$	49,858					$	28					$	2,893

________________________

(1)    The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

The Company's corporate derivatives included:

•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and

•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.

Collateral pledged for swap contracts totaled $1.5 million and $4.5 million at September 30, 2024 and December 31, 2023, respectively.

14

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

The following table summarizes net gains (losses) from derivative financial instruments:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Corporate derivatives:
Total return swaps			$	(5,597)					$	2,222					$	(5,797)					$	1,545
Forward contracts - foreign exchange			(983)						673						(323)						1,873
Total (1)			$	(6,580)					$	2,895					$	(6,120)					$	3,418

________________________

(1)Gains and losses on total return swaps are included in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.

7. Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive.

The following table reconciles income and share data used in the basic and diluted earnings per share computations:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share data)			2024						2023						2024						2023
Net income			$	55,283					$	25,169					$	119,774					$	93,972
Net (income) loss attributable to noncontrolling interests			(15,615)						6,971						(14,331)						5,260
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Basic weighted average shares outstanding			50,778						49,351						50,257						49,289
Dilutive potential shares from restricted stock units			650						266						424						206
Diluted weighted average shares outstanding			51,428						49,617						50,681						49,495
Basic earnings per share attributable to common stockholders			$	0.78					$	0.65					$	2.10					$	2.01
Diluted earnings per share attributable to common stockholders			$	0.77					$	0.65					$	2.08					$	2.00
Anti-dilutive common stock equivalents excluded from the calculation			—						26						4						102

15

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

8. Income Taxes

The provision for income taxes included U.S. federal, state, local and foreign taxes. A reconciliation of the Company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. statutory tax rate			21.0		%				21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.5						3.1						2.8						3.1
Non-deductible executive compensation			1.2						1.5						1.2						2.0
Valuation allowance			(1.4)						(0.5)						(0.7)						(0.2)
Excess tax benefits related to the vesting and delivery of restricted stock units			—						—						(0.2)						(1.6)
Other			0.4						(0.4)						0.3						(0.1)
Effective income tax rate			23.7		%				24.7		%				24.4		%				24.2		%

9. Related Party Transactions

The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds and investment products for which certain employees are officers and/or directors.

The following table summarizes revenue earned from these affiliated funds:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Investment advisory and administration fees			$	90,118					$	82,472					$	255,375					$	249,084
Distribution and service fees			7,244						7,014						20,692						21,553
Total			$	97,362					$	89,486					$	276,067					$	270,637

Included in accounts receivable at September 30, 2024 and December 31, 2023 are receivables from Company-sponsored funds, of $37.2 million and $32.5 million, respectively. Included in accounts payable at September 30, 2024 and December 31, 2023 are payables to Company-sponsored funds of $0.8 million and $1.9 million, respectively.

Included in other assets at September 30, 2024 and December 31, 2023 is an advance to CNSREIT of $8.2 million and $7.3 million, respectively. CNSREIT will reimburse the Company ratably over a 60-month period commencing at the earlier of December 31, 2025, or the month that CNSREIT's NAV is at least $1.0 billion.

See discussion of commitments to Company-sponsored vehicles in Note 11.

10. Credit Agreement

On January 20, 2023, the Company entered into a Credit Agreement with Bank of America, N.A. (the Credit Agreement) providing for a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. Borrowings under the Credit Agreement bear interest at a variable annual rate equal to, at the Company’s option, either, (i) in respect of Term Secured Overnight Financing Rate (SOFR) Loans (as defined in the Credit Agreement), a rate equal to Term SOFR (as defined in the Credit Agreement) in effect for such period plus an applicable rate as determined according to a performance pricing grid and, (ii) in respect of Base Rate Loans (as defined in the Credit Agreement), a rate equal to a Base Rate (as defined in the Credit Agreement) plus an applicable rate as determined according to a performance pricing grid. The Company is also required to pay a quarterly commitment fee determined according to a performance pricing grid and based on the actual daily unused amount of the Credit Agreement.

16

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COHEN & STEERS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(UNAUDITED)

Borrowings under the Credit Agreement may be used for working capital and other general corporate purposes. The Credit Agreement contains affirmative, negative and financial covenants, which are customary for facilities of this type, including with respect to leverage and interest coverage, limitations on priority indebtedness, asset dispositions and fundamental corporate changes. As of September 30, 2024, the Company was in compliance with these covenants.

To date, the Company has not drawn upon the credit facility.

11. Commitments and Contingencies

From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.

The Company has committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. As of September 30, 2024, the Company had funded $28.3 million of this commitment.

In addition, the Company has committed to invest $125.0 million in CNSREIT. As of September 30, 2024, the Company had funded $32.2 million of this commitment.

The timing for funding the remaining portion of the Company's commitments is uncertain.

12. Equity Offering

On April 22, 2024, the Company issued 1,007,057 shares of its common stock through an offering. The net proceeds to the Company, after deducting commissions and estimated offering expenses, were approximately $68.5 million. The offering was completed on April 22, 2024 after the issuance of the shares.

13. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment.

On November 7, 2024, the Company declared a quarterly dividend on its common stock in the amount of $0.59 per share. This dividend will be payable on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.

17

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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 nine months ended September 30, 2024 and 2023. 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.

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 primarily derived from investment advisory, administration, distribution and service fees from open-end 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. 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.

18

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Assets Under Management

By Investment Vehicle

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Open-end Funds
Assets under management, beginning of period			$	37,451					$	36,209					$	37,032					$	36,903
Inflows			4,097						2,412						10,335						8,668
Outflows			(2,924)						(2,772)						(8,694)						(9,841)
Net inflows (outflows)			1,173						(360)						1,641						(1,173)
Market appreciation (depreciation)			4,618						(1,916)						5,189						(1,012)
Distributions			(263)						(262)						(883)						(887)
Transfers			—						—						—						(160)
Total increase (decrease)			5,528						(2,538)						5,947						(3,232)
Assets under management, end of period			$	42,979					$	33,671					$	42,979					$	33,671
Percentage of total assets under management			46.8		%				44.8		%				46.8		%				44.8		%
Average assets under management			$	40,130					$	35,878					$	38,013					$	36,739
Institutional Accounts
Assets under management, beginning of period			$	32,222					$	33,275					$	35,028					$	32,373
Inflows			1,221						925						2,772						2,310
Outflows			(1,113)						(614)						(5,454)						(2,123)
Net inflows (outflows)			108						311						(2,682)						187
Market appreciation (depreciation)			4,736						(2,182)						5,075						(798)
Distributions			(174)						(188)						(529)						(706)
Transfers			—						—						—						160
Total increase (decrease)			4,670						(2,059)						1,864						(1,157)
Assets under management, end of period			$	36,892					$	31,216					$	36,892					$	31,216
Percentage of total assets under management			40.2		%				41.5		%				40.2		%				41.5		%
Average assets under management			$	34,594					$	33,304					$	32,858					$	33,136
Closed-end Funds
Assets under management, beginning of period			$	11,036					$	10,929					$	11,076					$	11,149
Inflows			3						3						10						16
Outflows			—						(1)						—						(86)
Net inflows (outflows)			3						2						10						(70)
Market appreciation (depreciation)			1,024						(506)						1,285						(346)
Distributions			(154)						(154)						(462)						(462)
Total increase (decrease)			873						(658)						833						(878)
Assets under management, end of period			$	11,909					$	10,271					$	11,909					$	10,271
Percentage of total assets under management			13.0		%				13.7		%				13.0		%				13.7		%
Average assets under management			$	11,503					$	10,784					$	11,148					$	10,981
Total
Assets under management, beginning of period			$	80,709					$	80,413					$	83,136					$	80,425
Inflows			5,321						3,340						13,117						10,994
Outflows			(4,037)						(3,387)						(14,148)						(12,050)
Net inflows (outflows)			1,284						(47)						(1,031)						(1,056)
Market appreciation (depreciation)			10,378						(4,604)						11,549						(2,156)
Distributions			(591)						(604)						(1,874)						(2,055)
Total increase (decrease)			11,071						(5,255)						8,644						(5,267)
Assets under management, end of period			$	91,780					$	75,158					$	91,780					$	75,158
Average assets under management			$	86,227					$	79,966					$	82,019					$	80,856

19

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Assets Under Management - Institutional Accounts

By Investment Vehicle - Institutional Accounts

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Advisory
Assets under management, beginning of period			$	18,367					$	18,824					$	20,264					$	18,631
Inflows			490						502						1,590						1,006
Outflows			(481)						(312)						(3,703)						(1,429)
Net inflows (outflows)			9						190						(2,113)						(423)
Market appreciation (depreciation)			2,606						(1,110)						2,831						(464)
Transfers			—						—						—						160
Total increase (decrease)			2,615						(920)						718						(727)
Assets under management, end of period			$	20,982					$	17,904					$	20,982					$	17,904
Percentage of institutional assets under management			56.9		%				57.4		%				56.9		%				57.4		%
Average assets under management			$	19,724					$	18,958					$	18,588					$	18,894
Japan Subadvisory
Assets under management, beginning of period			$	8,309					$	8,960					$	9,026					$	8,376
Inflows			124						114						192						782
Outflows			(156)						(116)						(722)						(264)
Net inflows (outflows)			(32)						(2)						(530)						518
Market appreciation (depreciation)			1,262						(680)						1,398						(98)
Distributions			(174)						(188)						(529)						(706)
Total increase (decrease)			1,056						(870)						339						(286)
Assets under management, end of period			$	9,365					$	8,090					$	9,365					$	8,090
Percentage of institutional assets under management			25.4		%				25.9		%				25.4		%				25.9		%
Average assets under management			$	8,879					$	8,810					$	8,562					$	8,734
Subadvisory Excluding Japan
Assets under management, beginning of period			$	5,546					$	5,491					$	5,738					$	5,366
Inflows			607						309						990						522
Outflows			(476)						(186)						(1,029)						(430)
Net inflows (outflows)			131						123						(39)						92
Market appreciation (depreciation)			868						(392)						846						(236)
Total increase (decrease)			999						(269)						807						(144)
Assets under management, end of period			$	6,545					$	5,222					$	6,545					$	5,222
Percentage of institutional assets under management			17.7		%				16.7		%				17.7		%				16.7		%
Average assets under management			$	5,991					$	5,536					$	5,708					$	5,508
Total Institutional Accounts
Assets under management, beginning of period			$	32,222					$	33,275					$	35,028					$	32,373
Inflows			1,221						925						2,772						2,310
Outflows			(1,113)						(614)						(5,454)						(2,123)
Net inflows (outflows)			108						311						(2,682)						187
Market appreciation (depreciation)			4,736						(2,182)						5,075						(798)
Distributions			(174)						(188)						(529)						(706)
Transfers			—						—						—						160
Total increase (decrease)			4,670						(2,059)						1,864						(1,157)
Assets under management, end of period			$	36,892					$	31,216					$	36,892					$	31,216
Average assets under management			$	34,594					$	33,304					$	32,858					$	33,136

20

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Assets Under Management

By Investment Strategy

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. Real Estate
Assets under management, beginning of period			$	38,717					$	36,948					$	38,550					$	35,108
Inflows			3,073						1,493						7,158						5,140
Outflows			(1,781)						(1,312)						(5,354)						(4,411)
Net inflows (outflows)			1,292						181						1,804						729
Market appreciation (depreciation)			6,028						(3,056)						6,401						(939)
Distributions			(349)						(359)						(1,072)						(1,252)
Transfers			(3)						5						2						73
Total increase (decrease)			6,968						(3,229)						7,135						(1,389)
Assets under management, end of period			$	45,685					$	33,719					$	45,685					$	33,719
Percentage of total assets under management			49.8		%				44.9		%				49.8		%				44.9		%
Average assets under management			$	42,197					$	36,494					$	39,150					$	36,352
Preferred Securities
Assets under management, beginning of period			$	18,094					$	18,009					$	18,164					$	19,767
Inflows			1,120						1,011						3,176						3,706
Outflows			(1,114)						(1,327)						(3,637)						(5,259)
Net inflows (outflows)			6						(316)						(461)						(1,553)
Market appreciation (depreciation)			1,004						56						1,767						(88)
Distributions			(178)						(183)						(538)						(562)
Transfers			3						(5)						(3)						(3)
Total increase (decrease)			835						(448)						765						(2,206)
Assets under management, end of period			$	18,929					$	17,561					$	18,929					$	17,561
Percentage of total assets under management			20.6		%				23.4		%				20.6		%				23.4		%
Average assets under management			$	18,449					$	18,027					$	18,388					$	18,756
Global/International Real Estate
Assets under management, beginning of period			$	13,064					$	14,838					$	15,789					$	14,782
Inflows			729						531						1,759						1,172
Outflows			(836)						(359)						(4,207)						(1,234)
Net inflows (outflows)			(107)						172						(2,448)						(62)
Market appreciation (depreciation)			2,038						(899)						1,718						(491)
Distributions			(9)						(8)						(74)						(56)
Transfers			—						—						1						(70)
Total increase (decrease)			1,922						(735)						(803)						(679)
Assets under management, end of period			$	14,986					$	14,103					$	14,986					$	14,103
Percentage of total assets under management			16.3		%				18.8		%				16.3		%				18.8		%
Average assets under management			$	14,112					$	15,022					$	13,572					$	15,069

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Assets Under Management

By Investment Strategy

(in millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Global Listed Infrastructure
Assets under management, beginning of period			$	8,446					$	8,379					$	8,356					$	8,596
Inflows			193						95						421						309
Outflows			(188)						(175)						(486)						(549)
Net inflows (outflows)			5						(80)						(65)						(240)
Market appreciation (depreciation)			1,130						(671)						1,396						(624)
Distributions			(46)						(46)						(152)						(150)
Total increase (decrease)			1,089						(797)						1,179						(1,014)
Assets under management, end of period			$	9,535					$	7,582					$	9,535					$	7,582
Percentage of total assets under management			10.4		%				10.1		%				10.4		%				10.1		%
Average assets under management			$	8,995					$	8,157					$	8,541					$	8,438
Other
Assets under management, beginning of period			$	2,388					$	2,239					$	2,277					$	2,172
Inflows			206						210						603						667
Outflows			(118)						(214)						(464)						(597)
Net inflows (outflows)			88						(4)						139						70
Market appreciation (depreciation)			178						(34)						267						(14)
Distributions			(9)						(8)						(38)						(35)
Total increase (decrease)			257						(46)						368						21
Assets under management, end of period			$	2,645					$	2,193					$	2,645					$	2,193
Percentage of total assets under management			2.9		%				2.9		%				2.9		%				2.9		%
Average assets under management			$	2,474					$	2,266					$	2,368					$	2,241
Total
Assets under management, beginning of period			$	80,709					$	80,413					$	83,136					$	80,425
Inflows			5,321						3,340						13,117						10,994
Outflows			(4,037)						(3,387)						(14,148)						(12,050)
Net inflows (outflows)			1,284						(47)						(1,031)						(1,056)
Market appreciation (depreciation)			10,378						(4,604)						11,549						(2,156)
Distributions			(591)						(604)						(1,874)						(2,055)
Total increase (decrease)			11,071						(5,255)						8,644						(5,267)
Assets under management, end of period			$	91,780					$	75,158					$	91,780					$	75,158
Average assets under management			$	86,227					$	79,966					$	82,019					$	80,856

22

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Investment Performance at September 30, 2024

_________________________

(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2)    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2024. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Overview

Assets under management at September 30, 2024 increased 22.1% to $91.8 billion from $75.2 billion at September 30, 2023. The increase was due to market appreciation of $21.2 billion, partially offset by net outflows of $2.0 billion and distributions of $2.6 billion. Our organic decay rate for the twelve months ended September 30, 2024 was (2.6%). The organic growth/decay rate represents the ratio of net flows for the period to the beginning assets under management.

Open-end funds

Assets under management in open-end funds at September 30, 2024, which represented 46.8% of total assets under management, increased 27.6% to $43.0 billion from $33.7 billion at September 30, 2023. The change was primarily due to:

•Net inflows of $1.1 billion including $1.4 billion into U.S. real estate, partially offset by net outflows of $190 million from global/international real estate and $108 million from global listed infrastructure

23

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•Market appreciation of $9.4 billion including $6.5 billion from U.S. real estate and $1.8 billion from preferred securities

•Distributions of $1.3 billion including $622 million from U.S. real estate and $518 million from preferred securities, of which $982 million was reinvested and included in net flows

Our organic growth rate for open-end funds for the twelve months ended September 30, 2024 was 3.4%.

Institutional accounts

Assets under management in institutional accounts at September 30, 2024, which represented 40.2% of total assets under management, increased 18.2% to $36.9 billion from $31.2 billion at September 30, 2023. The change was primarily due to:

Advisory:

•Net outflows of $2.1 billion including $1.9 billion from global/international real estate

•Market appreciation of $5.2 billion including $1.9 billion from U.S. real estate, $1.8 billion from global/international real estate and $926 million from global listed infrastructure

Our organic decay rate for advisory accounts for the twelve months ended September 30, 2024 was (12.0%).

Japan subadvisory accounts:

•Net outflows of $699 million including $392 million from U.S. real estate and $275 million from global/international real estate

•Market appreciation of $2.7 billion including $2.1 billion from U.S. real estate

•Distributions of $714 million including $668 million from U.S. real estate

Our organic decay rate for Japan subadvisory accounts for the twelve months ended September 30, 2024 was (8.6%).

Subadvisory accounts excluding Japan:

•Net outflows of $267 million including $444 million from global/international real estate, partially offset by net inflows of $207 million into U.S. real estate

•Market appreciation of $1.6 billion including $760 million from global/international real estate and $451 million from U.S. real estate

Our organic decay rate for subadvisory accounts excluding Japan for the twelve months ended September 30, 2024 was (5.1%).

Closed-end funds

Assets under management in closed-end funds at September 30, 2024, which represented 13.0% of total assets under management, increased 15.9% to $11.9 billion from $10.3 billion at September 30, 2023. The change was primarily due to:

•Market appreciation of $2.2 billion

•Distributions of $616 million

24

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Summary of Operating Results

(in thousands, except percentages and per share data)			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
U.S. GAAP
Revenue			$	133,203					$	123,737					$	377,634					$	370,449
Expenses			$	88,330					$	82,866					$	254,094					$	243,838
Operating income			$	44,873					$	40,871					$	123,540					$	126,611
Net income attributable to common stockholders			$	39,668					$	32,140					$	105,443					$	99,232
Diluted earnings per share			$	0.77					$	0.65					$	2.08					$	2.00
Operating margin			33.7%						33.0%						32.7%						34.2%
As Adjusted (1)
Net income attributable to common stockholders			$	39,706					$	34,772					$	108,891					$	107,108
Diluted earnings per share			$	0.77					$	0.70					$	2.15					$	2.16
Operating margin			35.7%						35.5%						35.4%						36.7%

_________________________

(1)Refer to pages 29-30 for reconciliations of U.S. GAAP to as adjusted results.

Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023

Revenue

(in thousands)			Three Months Ended September 30,
			2024						2023						$ Change						% Change
Investment advisory and administration fees
Open-end funds			$	66,761					$	60,239					$	6,522					10.8		%
Institutional accounts			32,956						31,845						$	1,111					3.5		%
Closed-end funds			25,680						24,142						$	1,538					6.4		%
Total			125,397						116,226						$	9,171					7.9		%
Distribution and service fees			7,244						7,014						$	230					3.3		%
Other			562						497						$	65					13.1		%
Total revenue			$	133,203					$	123,737					$	9,466					7.7		%

Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 66.2 bps and 66.6 bps for the three months ended September 30, 2024 and 2023, respectively.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 37.9 bps for both the three months ended September 30, 2024 and 2023.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.8 bps for both the three months ended September 30, 2024 and 2023.

Distribution and service fees increased from the three months ended September 30, 2023 primarily due to higher average assets under management in U.S. open-end funds.

25

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Expenses

(in thousands)			Three Months Ended September 30,
			2024						2023						$ Change						% Change
Employee compensation and benefits			$	56,376					$	52,830					$	3,546					6.7		%
Distribution and service fees			14,739						13,689						$	1,050					7.7		%
General and administrative			14,874						15,546						$	(672)					(4.3		%)
Depreciation and amortization			2,341						801						$	1,540					192.3		%
Total expenses			$	88,330					$	82,866					$	5,464					6.6		%

Employee compensation and benefits increased from the three months ended September 30, 2023 primarily due to higher amortization of restricted stock units of $2.3 million including $2.0 million of accelerated vesting of certain restricted stock units, and an increase in salaries of $621,000.

Distribution and service fees increased from the three months ended September 30, 2023 primarily due to higher average assets under management in U.S. open-end funds.

General and administrative expenses decreased from the three months ended September 30, 2023 primarily due to lower rent expense of $2.3 million related to the expiration of the lease for the Company’s prior headquarters in January 2024. The three months ended September 30, 2023 also included $1.4 million of reduced projected costs associated with the implementation of the Company's trade order management system to reflect the actual amount paid.

Depreciation and amortization increased from the three months ended September 30, 2023 primarily due to depreciation and amortization of fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.

Operating Margin

Operating margin for the three months ended September 30, 2024 increased to 33.7% from 33.0% for the three months ended September 30, 2023. Operating margin represents the ratio of operating income to revenue.

Non-operating Income (Loss)

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

(in thousands)			Three Months Ended
			September 30, 2023
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	705					$	822					$	2,236					$	3,763
Gain (loss) from investments—net			(11,436)						(767)						2,147						(10,056)
Foreign currency gain (loss)—net			(119)						(19)						1,272						1,134
Total non-operating income (loss)			(10,850)						36						5,655						(5,159)
Net (income) loss attributable to noncontrolling interests			6,971						—						—						6,971
Non-operating income (loss) attributable to the Company			$	(3,879)					$	36					$	5,655					$	1,812

26

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

			Three Months Ended September 30,
			2024						2023
U.S. statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.5						3.1
Valuation allowance			(1.4)						(0.5)
Non-deductible executive compensation			1.2						1.5
Other			0.4						(0.4)
Effective income tax rate			23.7		%				24.7		%

Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023

Revenue

(in thousands)			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
Investment advisory and administration fees
Open-end funds			$	187,849					$	181,821					$	6,028					3.3		%
Institutional accounts			93,487						92,640						$	847					0.9		%
Closed-end funds			73,983						72,917						$	1,066					1.5		%
Total			355,319						347,378						$	7,941					2.3		%
Distribution and service fees			20,692						21,553						$	(861)					(4.0)		%
Other			1,623						1,518						$	105					6.9		%
Total revenue			$	377,634					$	370,449					$	7,185					1.9		%

Total investment advisory and administration fees from open-end funds compared with average assets under management implied an annualized effective fee rate of 66.0 bps and 66.2 bps for the nine months ended September 30, 2024 and 2023, respectively.

Total investment advisory fees from institutional accounts compared with average assets under management implied an annualized effective fee rate of 38.0 bps and 37.4 bps for the nine months ended September 30, 2024 and 2023, respectively.

Total investment advisory and administration fees from closed-end funds compared with average assets under management implied an annualized effective fee rate of 88.6 bps and 88.8 bps for the nine months ended September 30, 2024 and 2023, respectively.

Distribution and service fees decreased from the nine months ended September 30, 2023, primarily due to a shift in the composition of assets under management.

Expenses

(in thousands)			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
Employee compensation and benefits			$	161,476					$	150,580					$	10,896					7.2		%
Distribution and service fees			41,404						41,234						$	170					0.4		%
General and administrative			44,351						49,396						$	(5,045)					(10.2)		%
Depreciation and amortization			6,863						2,628						$	4,235					161.1		%
Total expenses			$	254,094					$	243,838					$	10,256					4.2		%

Employee compensation and benefits increased from the nine months ended September 30, 2023 primarily due to higher amortization of restricted stock units of $8.3 million including $6.3 million of accelerated vesting of certain restricted stock units, and an increase in salaries of $2.3 million.

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General and administrative expenses decreased from the nine months ended September 30, 2023 primarily due to lower rent expense of $6.2 million related to the expiration of the lease for the Company’s prior headquarters in January 2024. The nine months ended September 30, 2023 also included $1.4 million of reduced projected costs associated with the implementation of the Company's trade order management system to reflect the actual amount paid.

Depreciation and amortization increased from the nine months ended September 30, 2023 primarily due to depreciation and amortization of fixed assets and leasehold improvements associated with the Company's current headquarters that were placed in service in December 2023.

Operating Margin

Operating margin for the nine months ended September 30, 2024 decreased to 32.7% from 34.2% for the nine months ended September 30, 2023.

Non-operating Income (Loss)

(in thousands)			Nine Months Ended
			September 30, 2024
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	2,800					$	3,514					$	8,082					$	14,396
Gain (loss) from investments—net			18,499						5,034						(5,592)						17,941
Foreign currency gain (loss)—net			(545)						(48)						(1,448)						(2,041)
Total non-operating income (loss)			20,754						8,500						1,042						30,296
Net (income) loss attributable to noncontrolling interests			(14,331)						—						—						(14,331)
Non-operating income (loss) attributable to the Company			$	6,423					$	8,500					$	1,042					$	15,965

(in thousands)			Nine Months Ended
			September 30, 2023
			Consolidated Investment Vehicles						Corporate Seed Investments						Corporate Other						Total
Interest and dividend income			$	2,639					$	2,604					$	5,164					$	10,407
Gain (loss) from investments—net			(11,430)						(697)						2,119						(10,008)
Foreign currency gain (loss)—net			(166)						6						(1,116)						(1,276)
Total non-operating income (loss)			(8,957)						1,913						6,167						(877)
Net (income) loss attributable to noncontrolling interests			5,260						—						—						5,260
Non-operating income (loss) attributable to the Company			$	(3,697)					$	1,913					$	6,167					$	4,383

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,
			2024						2023
U.S. statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			2.8						3.1
Non-deductible executive compensation			1.2						2.0
Valuation allowance			(0.7)						(0.2)
Excess tax benefits related to the vesting and delivery of restricted stock units			(0.2)						(1.6)
Other			0.3						(0.1)
Effective income tax rate			24.4		%				24.2		%

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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)			2024						2023						2024						2023
Net income attributable to common stockholders, U.S. GAAP			$	39,668					$	32,140					$	105,443					$	99,232
Seed investments—net (1)			(3,458)						2,900						(4,545)						3,903
Accelerated vesting of restricted stock units			2,336						327						7,043						680
Other non-recurring expenses (2)			—						—						1,196						—
Lease transition and other costs - 280 Park Avenue (3)			—						2,321						807						7,262
Foreign currency exchange (gains) losses—net (4)			2,191						(1,713)						1,765						450
Tax adjustments—net (5)			(1,031)						(1,203)						(2,818)						(4,419)
Net income attributable to common stockholders, as adjusted			$	39,706					$	34,772					$	108,891					$	107,108
Diluted weighted average shares outstanding			51,428						49,617						50,681						49,495
Diluted earnings per share, U.S. GAAP			$	0.77					$	0.65					$	2.08					$	2.00
Seed investments—net (1)			(0.07)						0.06						(0.09)						0.08
Accelerated vesting of restricted stock units			0.05						0.01						0.14						0.01
Other non-recurring expenses (2)			—						—						0.02						—
Lease transition and other costs - 280 Park Avenue (3)			—						0.05						0.02						0.15
Foreign currency exchange (gains) losses—net (4)			0.04						(0.04)						0.03						0.01
Tax adjustments—net (5)			(0.02)						(0.03)						(0.05)						(0.09)
Diluted earnings per share, as adjusted			$	0.77					$	0.70					$	2.15					$	2.16

_________________________

*    Amounts round to less than $0.01 per share.

(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.

(2)Represents the impact of incremental expenses associated with the separation of certain employees.

(3)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.

(4)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

(5)Tax adjustments are summarized in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Impact of tax effects associated with items noted above			$	(1,102)					$	(1,211)					$	(2,647)					$	(3,243)
Impact of discrete tax items			71						8						(171)						(1,176)
Total tax adjustments			$	(1,031)					$	(1,203)					$	(2,818)					$	(4,419)

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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)			2024						2023						2024						2023
Revenue, U.S. GAAP			$	133,203					$	123,737					$	377,634					$	370,449
Consolidated investment vehicles			230						(186)						731						(324)
Revenue, as adjusted			$	133,433					$	123,551					$	378,365					$	370,125
Expenses, U.S. GAAP			$	88,330					$	82,866					$	254,094					$	243,838
Consolidated investment vehicles			(184)						(532)						(540)						(1,493)
Accelerated vesting of restricted stock units			(2,336)						(327)						(7,043)						(680)
Other non-recurring expenses (1)			—						—						(1,196)						—
Lease transition and other costs - 280 Park Avenue (2)			—						(2,321)						(807)						(7,262)
Expenses, as adjusted			$	85,810					$	79,686					$	244,508					$	234,403
Operating income, U.S. GAAP			$	44,873					$	40,871					$	123,540					$	126,611
Consolidated investment vehicles			414						346						1,271						1,169
Accelerated vesting of restricted stock units			2,336						327						7,043						680
Other non-recurring expenses (1)			—						—						1,196						—
Lease transition and other costs - 280 Park Avenue (2)			—						2,321						807						7,262
Operating income, as adjusted			$	47,623					$	43,865					$	133,857					$	135,722
Operating margin, U.S. GAAP			33.7		%				33.0		%				32.7		%				34.2		%
Operating margin, as adjusted			35.7		%				35.5		%				35.4		%				36.7		%

_________________________

(1)Represents the impact of incremental expenses associated with the separation of certain employees.

(2)Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January 2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of overlapping lease terms.

Non-operating Income (Loss)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Non-operating income (loss), U.S. GAAP			$	22,703					$	(5,159)					$	30,296					$	(877)
Seed investments—net (1)			(19,487)						9,525						(20,147)						7,994
Foreign currency exchange (gains) losses—net (2)			2,191						(1,713)						1,765						450
Non-operating income (loss), as adjusted			$	5,407					$	2,653					$	11,914					$	7,567

_________________________

(1)Represents the impact of consolidated investment vehicles and the net effect of corporate seed performance.

(2)Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries.

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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, 2024						December 31, 2023
Cash and cash equivalents			$	106,474					$	187,442
U.S. Treasury securities			168,218						59,942
Liquid seed investments—net			73,706						71,375
Other current assets			82,481						73,360
Current liabilities			(84,883)						(106,603)
Net liquid assets			$	345,996					$	285,516

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 investment vehicles which are presented net of noncontrolling interests.

Other current assets

Other current assets primarily represent investment advisory and administration fees receivable. At September 30, 2024, receivables from institutional accounts comprised 48.4% of other current assets, while receivables from open-end and closed-end funds, together, comprised 46.3% of other current assets. We perform a review of our receivables on an ongoing basis to assess collectability and, based on our analysis at September 30, 2024, there was no allowance for uncollectible accounts 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 has become more capital intensive. 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 closed-end fund launches and rights offerings, and making various investments to grow our firm infrastructure as our business scales. In order to provide us with the financial flexibility to pursue these opportunities, we have a $100.0 million senior unsecured revolving credit facility maturing on January 20, 2026. To date, we have not drawn on the credit facility.

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On April 22, 2024, we issued 1,007,057 shares of common stock through an offering. The net proceeds, after deducting commissions and offering expenses, were approximately $68.5 million. We intend to use the net proceeds for general corporate purposes, including seeding track record strategies and investment vehicles. The offering was completed on April 22, 2024 after the issuance of the shares.

We have committed to invest up to $50.0 million in Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF) of which $21.7 million remained unfunded as of September 30, 2024. In addition, we have committed to invest $125.0 million in Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) of which $92.8 million remained unfunded as of September 30, 2024. There are contractual restrictions on redemption of our seed investments in REOF and CNSREIT.

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)			2024						2023
Cash Flow Data:
Net cash provided by (used in) operating activities			$	61,862					$	113,384
Net cash provided by (used in) investing activities			(142,822)						(128,033)
Net cash provided by (used in) financing activities			5,061						(99,160)
Net increase (decrease) in cash and cash equivalents			(75,899)						(113,809)
Effect of foreign exchange rate changes on cash and cash equivalents			1,988						724
Cash and cash equivalents, beginning of the period			189,603						248,714
Cash and cash equivalents, end of the period			$	115,692					$	135,629

Cash and cash equivalents decreased by $75.9 million, excluding the effect of foreign exchange rate changes, for the nine months ended September 30, 2024. Cash flows from operating activities primarily consisted of net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $61.9 million for the nine months ended September 30, 2024. Net cash used in investing activities was $142.8 million, which included net purchases of U.S. Treasury securities held for corporate purposes of $106.8 million and the funding of $32.0 million of our $125.0 million commitment to CNSREIT. Net cash provided by financing activities was $5.1 million, including proceeds from issuance of common stock from offering of $68.5 million and net contributions from noncontrolling interests of $44.5 million, partially offset by dividends paid to stockholders of $89.2 million and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $19.6 million.

Contractual Obligations, Commitments and Contingencies

Contractual Obligations

The Company’s material contractual obligations, commitments and contingencies at September 30, 2024 include operating leases, investment commitments, and purchase obligations. As of September 30, 2024, there have been no material changes to our contractual obligations from our Annual Report on Form 10-K for the year ended December 31, 2023 other than the items described below.

Investment Commitments

We have committed to invest up to $50.0 million in REOF. As of September 30, 2024, we had funded $28.3 million of this commitment. In addition, we have committed to invest $125.0 million in CNSREIT. As of September 30, 2024, we had funded $32.2 million of this commitment.

Dividends

    Subject to the approval of our board of directors, we anticipate paying dividends. When determining whether to pay a dividend, we take into account general economic and business conditions, our strategic plans, our results of operations and

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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 November 7, 2024, we declared a quarterly dividend on our common stock in the amount of $0.59 per share. This dividend will be payable on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.

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, 2023. There were no changes to the Company’s accounting estimates for the three months ended September 30, 2024.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of our business, we are exposed to risk as a result of changes in interest and currency rates,

securities markets and other general economic conditions, including inflation, which may have an adverse impact on the value of our assets under management and our seed investments. The majority of our revenue is derived from investment advisory and administration fees, which are based on average assets under management. Accordingly, where there are changes in the value of the assets we manage as a result of market fluctuations our revenue may change.

The economic environment may also preclude us from increasing the assets we manage in closed-end funds. The

market conditions for these offerings may not be favorable in the future, which could adversely impact our ability to grow

the assets we manage. Depending on market conditions, the closed-end funds we manage may increase or decrease their leverage in order to maintain target leverage ratios, thereby increasing or decreasing the assets we manage and the associated revenue.

Seed Investments

Our seed investments include both liquid and illiquid holdings. Liquid seed investments are generally traded in active markets on major exchanges and can typically be liquidated within a normal settlement cycle. Illiquid seed investments are generally comprised of limited partnership interests in private real estate vehicles and our seed investment in CNSREIT for which there may be contractual restrictions on redemption.

Our seed investments are subject to market risk. We may mitigate this risk by entering into derivative contracts designed to hedge certain portions of our risk. The following table summarizes the effect of a ten percent increase or decrease on the carrying value of our seed investments, which are presented net of noncontrolling interests, if any, as of September 30, 2024 (in thousands):

						Carrying Value						Notional Value - Hedges						Net Carrying Value						Net Carrying Value Assuming a 10% increase						Net Carrying Value Assuming a 10% decrease
Liquid seed investments—net						$	73,706					$	(44,623)					$	29,083					$	31,991					$	26,175
Illiquid seed investments—net						$	57,146					$	—					$	57,146					$	62,861					$	51,431

Item 4. Controls and Procedures

Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Disclosure Controls and Procedures

Under the direction of our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective.

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PART II—Other Information

Item 1. Legal Proceedings

For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.

Item 1A. Risk Factors

For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part 1, Item 1A of the Form 10-K.

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

During the three months ended September 30, 2024, we made the following purchases of our equity securities that are registered pursuant to Section 12(b) of the Exchange Act.

Period			Total Number of Shares Purchased (1)						Average Price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 through July 31, 2024			169						$	84.39		—			—
August 1 through August 31, 2024			612						$	87.82		—			—
September 1 through September 30, 2024			—						$	—		—			—
Total			781						$	87.08		—			—

_________________________

(1)Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan.

Item 5. Other Information

During the three months ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

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Item 6. Exhibits

Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs at the date they were made or at any other time.

Exhibit No.						Description
3.1			—			Form of Amended and Restated Certificate of Incorporation of the Company (1)
3.2			—			Amended and Restated Bylaws of the Company (2)
4.1			—			Specimen Common Stock Certificate (3)
4.2			—			Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1)
10.1			—			Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (4)
31.1			—			Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2			—			Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1			—			Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2			—			Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101			—			The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited), (ii) the Condensed Consolidated Statements of Operations (unaudited), (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited), (v) the Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to the Condensed Consolidated Financial Statements (unaudited).
104			—			Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

_________________________

(1)Incorporated by reference to the Company's Registration Statement on Form S-1, as amended, originally filed with the Securities and Exchange Commission on March 30, 2004.

(2)Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

(3)Incorporated by reference to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015.

(4)Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 9, 2022.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:

November 8, 2024

Cohen & Steers, Inc.

/s/    Raja Dakkuri

Name: Raja Dakkuri

Title: Executive Vice President & Chief Financial Officer

Date:

November 8, 2024

Cohen & Steers, Inc.

/s/    Elena Dulik

Name: Elena Dulik

Title: Senior Vice President & Chief Accounting Officer

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