Cohen & Steers, Inc.

Adjusted EPS was $0.85, up from $0.79 in Q1 and $0.73 in Q2 2025. Net income was $44 million, up 8% sequentially and 18% year over year. Revenue increased 5% to $152 million, and total operating expenses increased 3% to $97 million. Operating margin improved to 36.3%. Assets under management rose approximately 8% to over $100 billion. Net inflows were $1.3 billion, and the institutional pipeline was $1.6 billion. Cash and U.S. Treasuries totaled $219 million, with approximately $136 million of liquid seed investments. Looking ahead, management kept expense guidance unchanged: compensation and benefits at about 40% of revenues, G&A growth in mid-single digits versus 2025, and a pro forma effective tax rate of 25%-26%.

Joseph Harvey framed the quarter as evidence that the business momentum has broadened and strengthened, with inflows hitting the highest level in four and a half years and the seventh inflow quarter in the last eight. He emphasized that improving performance across real estate and other real-asset strategies is helping drive a rotation in client interest, and he repeatedly tied future growth to stronger macro conditions for real assets, infrastructure, and listed real estate. His tone was confident and strategic, highlighting ETF launches, international expansion, and sub-advisory opportunities as key growth levers.

Amit Muni focused on the financial leverage of higher AUM and inflows. He said adjusted EPS was $0.85, net income was $44 million, revenue rose to $152 million, and operating margin expanded to 36.3% because expense growth stayed below revenue growth. He noted total operating expenses of $97 million, cash and U.S. Treasuries of $219 million, and roughly $136 million of liquid seed investments, then reiterated guidance for compensation and benefits at about 40% of revenues, mid-single-digit G&A growth versus 2025, and a 25%-26% tax rate.

Analysts focused on whether the real estate recovery and higher-rate backdrop could sustain demand in wealth and institutional channels, and management said performance is already attracting capital and improving the outlook for U.S. REIT flows. Questions also pressed on the durability and composition of the $1.6 billion pipeline; management said it had been running around $1.7 billion for four quarters, was supported by a “shadow pipeline,” and had good funding velocity. Other questions covered international distribution and ETFs: management pointed to early traction in the U.K., Japan, South Africa, and several institutional markets, and said ETFs are being seeded first, then scaled through RIAs and wirehouses, with fees priced at a slight discount to lower-cost open-end share classes.