CNS · Cohen & Steers, Inc.

Cohen & Steers reported strong Q1 2026 results with GAAP revenue of $145.6 million, up 1.3% from Q4 2025, driven by higher average AUM of $94.4 billion across open-end funds, institutional accounts, and closed-end funds, though partially offset by two fewer days in the quarter. Investment advisory and administration fees rose 0.7% to $136.8 million, while distribution and service fees increased 7.8% due to higher open-end fund AUM. Expenses fell 7.7% to $95.5 million, primarily from a $9.9 million reduction in distribution fees following the Q4 UTF rights offering, alongside lower general and administrative costs from reduced recruitment and fund organization expenses. This drove operating income up 24.3% to $50.1 million and GAAP operating margin to 34.4% from 28.0%. Adjusted operating margin was 35.1%, slightly below prior quarter's 36.4%. Non-operating income attributable to the company surged to $8.2 million, boosted by investment gains and foreign currency benefits. AUM grew 2.9% to $93.1 billion, supported by $497 million net inflows—$224 million into U.S. real estate open-end funds, $156 million into preferred securities—and $2.7 billion market appreciation, offset by $627 million distributions. Global listed infrastructure saw strong 9.9% AUM growth. Balance sheet remains solid with $342.9 million in liquid assets and $563.4 million stockholders' equity. Conference call scheduled for April 17, 2026, to discuss results with CEO Joseph Harvey, interim CFO Michael Donohue, and President Jon Cheigh.