Earnings release
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COHEN & STEERS REPORTS RESULTS FOR THIRD QUARTER 2026 Fifth consecutive quarter of organic growth, broadening client demand and continued execution across strategic growth initiatives • Diluted EPS of $0.81; $0.89, adjusted • AUM of $95.9 billion at quarter end • Broad based net inflows of $1.6 billion, our strongest quarter since Q4 2021 • Continued Wealth channel momentum across mutual funds, ETFs and SICAVs NEW YORK, NY, October 15, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended September 30, 2026. Joseph M. Harvey, Chief Executive Officer: “Our third-quarter results provide further evidence that our growth strategy is gaining traction. We generated our fifth consecutive quarter of organic growth with $1.6 billion of net inflows and positive contributions across a broad range of strategies, vehicles and client channels.” Mr. Harvey continued, "Demand for real assets is broadening as investors increasingly recognize their role in diversified portfolios. At the same time, our investments in new vehicles and global distribution are expanding how clients can access our capabilities and are increasing our addressable market. With strong investment capabilities, a more diversified platform and a healthy pipeline of future business, we believe Cohen & Steers is well positioned to build on this momentum and deliver sustainable long-term results for clients and shareholders." Operating and Financial highlights As of and for the quarters ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Operating results (in billions): AUM $ 95.9 $ 100.1 $ 93.1 $ 90.5 $ 90.9 Net inflows (outflows) $ 1.6 $ 1.3 $ 0.5 $ 1.2 $ 0.2 Average AUM $ 101.1 $ 99.0 $ 94.4 $ 90.8 $ 89.7 GAAP results Revenue (in millions) $ 157.4 $ 152.7 $ 145.6 $ 143.8 $ 141.7 Net income (in millions) $ 42.2 $ 49.3 $ 42.4 $ 34.9 $ 41.7 Diluted EPS $ 0.81 $ 0.95 $ 0.82 $ 0.68 $ 0.81 Operating margin 32.4 % 34.6 % 34.4 % 28.0 % 34.5 % Fee Rate (ex. performance fees) 58.3 bps 58.5 bps 59.0 bps 58.7 bps 59.1 bps Adjusted results (non-GAAP) Revenue (in millions) $ 156.4 $ 151.8 $ 144.3 $ 143.8 $ 140.9 Net income (in millions) $ 46.5 $ 44.0 $ 40.7 $ 41.7 $ 41.7 Diluted EPS $ 0.89 $ 0.85 $ 0.79 $ 0.81 $ 0.81 Operating margin 37.2 % 36.3 % 35.1 % 36.4 % 36.1 % Fee Rate (ex. performance fees) 57.9 bps 58.1 bps 58.4 bps 58.6 bps 58.7 bps 1
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Business developments: • In August, we launched Cohen & Steers Real Assets Active ETF (CSRA). This increases our active ETF offerings to seven funds across our core capabilities, accelerating our participation in the rapidly expanding ETF market while providing investors with greater flexibility and access to our investment expertise in real assets and preferred securities. • The Cohen & Steers Real Estate Opportunities Fund (REOF) acquired two additional properties during the third quarter. Additionally, Cohen & Steers Income Opportunities REIT, Inc, (CNSREIT) acquired an additional shopping center in the third quarter, bringing the fund to a total of twelve properties. These properties demonstrate Cohen & Steers’ commitment to the investment thesis of acquiring well-occupied, income-generating shopping centers anchored by necessity-based retailers in growing, supply-constrained markets. • In July, we appointed Erik Schneberger as Chief Marketing Officer, bringing more than two decades of experience leading and building award-winning marketing organizations across leading firms in the financial services industry. His expertise in brand and media strategies, digital innovation, and client engagement across wealth and institutional channels will help drive our global growth strategy as we continue to invest in distribution. • Our international business development efforts continued in the third quarter of 2026 with several key milestones including the fundings of both our first Singaporean client and Philippine client, meaningful progress in our SICAV business with onboarding of our Short Duration Hybrid Credit & Income SICAV fund in partnership with a major multinational bank in Asia, and recognition for our Diversified Real Assets SICAV fund with Rayner Spencer Mills Research (RSMR) for “Best Specialist Fund” award beating out our competitors. 2
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Quarterly highlights Assets under management (AUM) (in millions) As of September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 By vehicle: Mutual Funds $ 40,012 $ 41,598 $ 38,581 $ 37,503 $ 38,678 ETFs 1,310 1,075 597 374 199 SICAVs 2,225 2,006 1,653 1,533 1,436 Other Wealth Vehicles 4,158 4,314 4,010 4,027 4,108 Total Wealth 47,705 48,993 44,841 43,437 44,421 Institutional 36,208 38,523 36,029 35,060 34,711 Closed-end Funds 12,031 12,583 12,258 12,047 11,765 Total Firm $ 95,944 $ 100,099 $ 93,128 $ 90,544 $ 90,897 By strategy: Real Estate $ 61,647 $ 65,248 $ 59,395 $ 58,165 $ 59,053 Preferred Securities 18,092 18,433 17,903 18,139 18,500 Global listed Infrastructure 12,488 13,082 12,808 11,606 10,660 Multi-Strategy Real Assets 3,717 3,336 3,022 2,634 2,684 Total Firm $ 95,944 $ 100,099 $ 93,128 $ 90,544 $ 90,897 Average AUM $ 101,105 $ 98,977 $ 94,361 $ 90,751 $ 89,738 _________________________ Note: Totals may not foot due to rounding. AUM at the end of the quarter was $95.9 billion, a decrease of 4.2% from $100.1 billion at the end of the second quarter of 2026 due to market depreciation of $5.1 billion and distributions of $632 million, partially offset by net inflows of $1.6 billion. Average AUM increased 2.1% from the end of the second quarter of 2026. Firmwide net inflows were driven by our wealth channel, with net inflows across all of our strategies. Revenues Total revenues increased approximately 3% on both a GAAP and adjusted basis from the second quarter of 2026 due to higher average AUM and one additional day in the current quarter. Total revenues increased approximately 11% on both a GAAP and adjusted basis from the third quarter of 2025 primarily due to higher average AUM. Expenses Total operating expenses increased 6.4% on a GAAP basis from the second quarter of 2026 primarily due to distribution and service fees associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering. Adjusted total operating expenses increased 1.7% from the second quarter of 2026 primarily due to higher employee compensation and benefits, in line with the increase in revenues. Total operating expenses increased 14.6% from the third quarter of 2025 primarily due to higher employee compensation and benefits due to higher revenue and AUM, and higher distribution and service fees primarily due to the RQI rights offering. Total adjusted operating expenses increased 9.1% from the third quarter of 2025 primarily due to higher employee compensation and benefits, consistent with the increase in revenues. 3
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Income Taxes Our effective income tax rate for the third quarter of 2026 was 26.4%, resulting in income tax expense of $15.2 million. Our adjusted effective income tax rate for the third quarter of 2026 was 25.6%. Capital allocation and balance sheet As of September 30, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $387.8 million, compared with $354.3 million as of June 30, 2026. During the quarter, the Board of Directors declared a $0.67 quarterly dividend per share, which was paid on August 20, 2026 to stockholders of record as of the close of business on August 10, 2026. Investment Performance at September 30, 2026 ________________________ (1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. (2) © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2026. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. 4
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Conference Call and Webcast Information Cohen & Steers will host a conference call and webcast on Friday, October 16, 2026 at 10:00 a.m. (ET) to discuss the company's third quarter results. Investors and analysts can access the live conference call by dialing +1-833-461-5787 (toll free) or +1-585-542-9983 (international); meeting ID: 350 591 233. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page. A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at +1-833-309-1852 (toll free); meeting ID: 350 591 233. A replay of the webcast will be archived on the website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” About Cohen & Steers Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi- strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore. Forward-Looking Statements This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. # # # # 5
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Cohen & Steers, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Revenue: Investment advisory and administration fees $ 148,655 $ 144,285 $ 136,826 $ 135,890 $ 133,628 Distribution and service fees 8,056 7,919 8,055 7,475 7,513 Other 716 526 758 438 579 Total revenue 157,427 152,730 145,639 143,803 141,720 Expenses: Employee compensation and benefits 64,115 61,506 57,702 56,076 57,196 Distribution and service fees 22,070 16,890 16,337 25,670 16,329 General and administrative 17,525 18,953 18,904 19,212 16,775 Depreciation and amortization 2,652 2,606 2,574 2,535 2,519 Total expenses 106,362 99,955 95,517 103,493 92,819 Operating income 51,065 52,775 50,122 40,310 48,901 Non-operating income (loss): Interest and dividend income 5,942 5,218 5,307 5,217 5,106 Gain (loss) from investments—net (1,320) 14,186 1,011 (2,248) 692 Foreign currency gain (loss)—net 311 (166) 759 (991) 859 Total non-operating income (loss) 4,933 19,238 7,077 1,978 6,657 Income before provision for income taxes 55,998 72,013 57,199 42,288 55,558 Provision for income taxes 15,166 16,447 15,979 11,585 13,924 Net income 40,832 55,566 41,220 30,703 41,634 Net (income) loss attributable to noncontrolling interests 1,412 (6,223) 1,148 4,176 77 Net income attributable to common stockholders $ 42,244 $ 49,343 $ 42,368 $ 34,879 $ 41,711 Earnings per share attributable to common stockholders: Basic $ 0.82 $ 0.96 $ 0.82 $ 0.68 $ 0.81 Diluted $ 0.81 $ 0.95 $ 0.82 $ 0.68 $ 0.81 Weighted average shares outstanding: Basic 51,567 51,545 51,441 51,243 51,205 Diluted 52,114 51,861 51,595 51,639 51,572 Adjusted (non-GAAP) Revenue $ 156,408 $ 151,837 $ 144,264 $ 143,794 $ 140,937 Expense $ 98,299 $ 96,692 $ 93,610 $ 91,432 $ 90,060 Operating income $ 58,109 $ 55,145 $ 50,654 $ 52,362 $ 50,877 Net income $ 46,458 $ 43,968 $ 40,692 $ 41,718 $ 41,720 Diluted EPS $ 0.89 $ 0.85 $ 0.79 $ 0.81 $ 0.81 Operating margin 37.2 % 36.3 % 35.1 % 36.4 % 36.1 % 6
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Cohen & Steers, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Nine Months Ended September 30, 2026 September 30, 2025 Revenue: Investment advisory and administration fees $ 429,766 $ 388,944 Distribution and service fees 24,030 21,863 Other 2,000 1,506 Total revenue 455,796 412,313 Expenses: Employee compensation and benefits 183,323 168,390 Distribution and service fees 55,297 47,224 General and administrative 55,382 52,022 Depreciation and amortization 7,832 7,251 Total expenses 301,834 274,887 Operating income 153,962 137,426 Non-operating income (loss): Interest and dividend income 16,467 16,792 Gain (loss) from investments—net 13,877 10,960 Foreign currency gain (loss)—net 904 (2,836) Total non-operating income (loss) 31,248 24,916 Income before provision for income taxes 185,210 162,342 Provision for income taxes 47,592 35,647 Net income 137,618 126,695 Net (income) loss attributable to noncontrolling interests (3,663) (8,357) Net income attributable to common stockholders $ 133,955 $ 118,338 Earnings per share attributable to common stockholders: Basic $ 2.60 $ 2.31 Diluted $ 2.58 $ 2.30 Weighted average shares outstanding: Basic 51,518 51,143 Diluted 51,858 51,488 Adjusted (non-GAAP) Revenue $ 452,509 $ 410,047 Expense $ 288,601 $ 267,266 Operating income $ 163,908 $ 142,781 Net income $ 131,118 $ 117,397 Diluted EPS $ 2.53 $ 2.28 Operating margin 36.2 % 34.8 % 7
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Cohen & Steers, Inc. and Subsidiaries Assets Under Management By Investment Vehicle (in millions) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Wealth Assets under management, beginning of period $ 48,993 $ 44,841 $ 43,437 $ 44,421 $ 42,962 Inflows 3,685 4,275 3,358 3,487 3,148 Outflows (2,388) (2,821) (2,803) (3,474) (2,380) Net inflows (outflows) 1,297 1,454 555 13 768 Market appreciation (depreciation) (2,268) 3,147 1,155 (378) 972 Distributions (317) (449) (306) (535) (305) Transfers — — — (84) 24 Total increase (decrease) (1,287) 4,152 1,404 (984) 1,459 Assets under management, end of period $ 47,705 $ 48,993 $ 44,841 $ 43,437 $ 44,421 Average assets under management $ 49,680 $ 48,111 $ 45,279 $ 43,812 $ 43,633 Institutional Assets under management, beginning of period $ 38,523 $ 36,029 $ 35,060 $ 34,711 $ 34,386 Inflows 1,117 1,372 1,103 1,790 812 Outflows (1,068) (1,529) (1,162) (1,109) (1,349) Net inflows (outflows) 49 (157) (59) 681 (537) Market appreciation (depreciation) (2,220) 2,801 1,184 (252) 1,054 Distributions (144) (150) (156) (164) (168) Transfers — — — 84 (24) Total increase (decrease) (2,315) 2,494 969 349 325 Assets under management, end of period $ 36,208 $ 38,523 $ 36,029 $ 35,060 $ 34,711 Average assets under management $ 38,838 $ 38,272 $ 36,714 $ 34,924 $ 34,459 Closed-end Funds Assets under management, beginning of period $ 12,583 $ 12,258 $ 12,047 $ 11,765 $ 11,588 Inflows 204 1 1 513 2 Outflows — — — — — Net inflows (outflows) 204 1 1 513 2 Market appreciation (depreciation) (585) 493 375 (55) 329 Distributions (171) (169) (165) (176) (154) Total increase (decrease) (552) 325 211 282 177 Assets under management, end of period $ 12,031 $ 12,583 $ 12,258 $ 12,047 $ 11,765 Average assets under management $ 12,587 $ 12,594 $ 12,368 $ 12,015 $ 11,646 12587000000 Total Assets under management, beginning of period $ 100,099 $ 93,128 $ 90,544 $ 90,897 $ 88,936 Inflows 5,006 5,648 4,462 5,790 3,962 Outflows (3,456) (4,350) (3,965) (4,583) (3,729) Net inflows (outflows) 1,550 1,298 497 1,207 233 Market appreciation (depreciation) (5,073) 6,441 2,714 (685) 2,355 Distributions (632) (768) (627) (875) (627) Total increase (decrease) (4,155) 6,971 2,584 (353) 1,961 Assets under management, end of period $ 95,944 $ 100,099 $ 93,128 $ 90,544 $ 90,897 Average assets under management $ 101,105 $ 98,977 $ 94,361 $ 90,751 $ 89,738 _________________________ Note: Totals may not foot due to rounding. 8
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Cohen & Steers, Inc. and Subsidiaries Assets Under Management By Wealth Vehicle (in millions) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Mutual Funds Assets under management, beginning of period $ 41,598 $ 38,581 $ 37,503 $ 38,678 $ 37,464 Inflows 2,722 3,185 2,743 2,797 2,732 Outflows (1,995) (2,380) (2,432) (2,989) (2,023) Net inflows (outflows) 727 805 311 (192) 709 Market appreciation (depreciation) (2,011) 2,838 1,065 (370) 805 Distributions (301) (437) (298) (529) (300) Transfers — (189) — (84) — Total increase (decrease) (1,585) 3,017 1,078 (1,175) 1,214 Assets under management, end of period $ 40,012 $ 41,598 $ 38,581 $ 37,503 $ 38,678 Average assets under management $ 41,918 $ 41,196 $ 39,053 $ 37,966 $ 38,033 ETFs Assets under management, beginning of period $ 1,075 $ 597 $ 374 $ 199 $ 124 Inflows 368 358 244 181 76 Outflows (94) (77) (33) (6) (6) Net inflows (outflows) 274 281 211 175 70 Market appreciation (depreciation) (28) 16 16 3 7 Distributions (9) (8) (4) (3) (2) Transfers — 189 — — — Total increase (decrease) 236 478 223 175 75 Assets under management, end of period $ 1,310 $ 1,075 $ 597 $ 374 $ 199 Average assets under management $ 1,241 $ 813 $ 488 $ 260 $ 157 SICAVs Assets under management, beginning of period $ 2,006 $ 1,653 $ 1,533 $ 1,436 $ 1,365 Inflows 395 529 195 366 170 Outflows (105) (203) (132) (278) (159) Net inflows (outflows) 290 326 63 88 11 Market appreciation (depreciation) (69) 28 58 10 37 Distributions (3) (1) (1) (1) (1) Transfers — — — — 24 Total increase (decrease) 219 353 120 97 71 Assets under management, end of period $ 2,225 $ 2,006 $ 1,653 $ 1,533 $ 1,436 Average assets under management $ 2,207 $ 1,890 $ 1,659 $ 1,511 $ 1,376 Other Wealth Vehicles Assets under management, beginning of period $ 4,314 $ 4,010 $ 4,027 $ 4,108 $ 4,009 Inflows 200 203 176 143 170 Outflows (194) (161) (206) (201) (192) Net inflows (outflows) 7 42 (30) (58) (22) Market appreciation (depreciation) (160) 265 16 (21) 123 Distributions (4) (3) (3) (2) (2) Total increase (decrease) (157) 304 (17) (81) 99 Assets under management, end of period $ 4,158 $ 4,314 $ 4,010 $ 4,027 $ 4,108 Average assets under management $ 4,314 $ 4,212 $ 4,079 $ 4,075 $ 4,067 _________________________ Note: Totals may not foot due to rounding. 9
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Cohen & Steers, Inc. and Subsidiaries Assets Under Management By Investment Strategy (in millions) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Real Estate Assets under management, beginning of period $ 65,248 $ 59,395 $ 58,165 $ 59,053 $ 58,306 Inflows 3,097 3,654 2,883 3,286 2,631 Outflows (2,413) (3,077) (2,788) (2,632) (2,648) Net inflows (outflows) 684 577 95 654 (17) Market appreciation (depreciation) (3,911) 5,723 1,518 (1,025) 1,154 Distributions (374) (447) (383) (517) (390) Total increase (decrease) (3,601) 5,853 1,230 (888) 747 Assets under management, end of period $ 61,647 $ 65,248 $ 59,395 $ 58,165 $ 59,053 Average assets under management $ 65,987 $ 64,246 $ 60,734 $ 58,480 $ 58,513 Preferred Securities Assets under management, beginning of period $ 18,433 $ 17,903 $ 18,139 $ 18,500 $ 17,955 Inflows 985 954 850 956 886 Outflows (704) (773) (718) (1,290) (756) Net inflows (outflows) 282 181 132 (334) 130 Market appreciation (depreciation) (428) 539 (185) 157 599 Distributions (193) (190) (183) (184) (184) Total increase (decrease) (340) 530 (236) (361) 545 Assets under management, end of period $ 18,092 $ 18,433 $ 17,903 $ 18,139 $ 18,500 Average assets under management $ 18,397 $ 18,325 $ 18,240 $ 18,300 $ 18,300 Global Listed Infrastructure Assets under management, beginning of period $ 13,082 $ 12,808 $ 11,606 $ 10,660 $ 10,175 Inflows 466 476 438 1,323 214 Outflows (242) (316) (307) (389) (155) Net inflows (outflows) 224 160 131 934 59 Market appreciation (depreciation) (761) 213 1,125 105 472 Distributions (57) (99) (54) (93) (46) Total increase (decrease) (594) 274 1,202 946 485 Assets under management, end of period $ 12,488 $ 13,082 $ 12,808 $ 11,606 $ 10,660 Average assets under management $ 13,089 $ 13,084 $ 12,476 $ 11,292 $ 10,358 10
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Cohen & Steers, Inc. and Subsidiaries Assets Under Management By Investment Strategy - continued (in millions) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Multi-Strategy Real Assets Assets under management, beginning of period $ 3,336 $ 3,022 $ 2,634 $ 2,684 $ 2,500 Inflows 458 564 291 225 231 Outflows (97) (184) (152) (272) (170) Net inflows (outflows) 361 380 139 (47) 61 Market appreciation (depreciation) 28 (34) 256 78 130 Distributions (8) (32) (7) (81) (7) Total increase (decrease) 381 314 388 (50) 184 Assets under management, end of period $ 3,717 $ 3,336 $ 3,022 $ 2,634 $ 2,684 Average assets under management $ 3,633 $ 3,322 $ 2,911 $ 2,679 $ 2,567 Total Assets under management, beginning of period $ 100,099 $ 93,128 $ 90,544 $ 90,897 $ 88,936 Inflows 5,006 5,648 4,462 5,790 3,962 Outflows (3,456) (4,350) (3,965) (4,583) (3,729) Net inflows (outflows) 1,550 1,298 497 1,207 233 Market appreciation (depreciation) (5,073) 6,441 2,714 (685) 2,355 Distributions (632) (768) (627) (875) (627) Total increase (decrease) (4,155) 6,971 2,584 (353) 1,961 Assets under management, end of period $ 95,944 $ 100,099 $ 93,128 $ 90,544 $ 90,897 Average assets under management $ 101,105 $ 98,977 $ 94,361 $ 90,751 $ 89,738 _________________________ Notes: (1) Totals may not foot due to rounding. (2) Investment strategies were reclassified during the current quarter and prior period amounts have been recast to conform to the current presentation. Such reclassifications had no impact on the total assets under management previously reported. 11
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Reconciliations of U.S. GAAP to Adjusted Financial Results Management believes that use of the following adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these adjusted financial results are used to prepare the company's internal management reports that are used in evaluating its business. While management believes that these 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 Nine Months Ended (in thousands, except per share data) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Net income attributable to common stockholders, U.S. GAAP $ 42,244 $ 49,343 $ 42,368 $ 34,879 $ 41,711 $ 133,955 $ 118,338 Seed investments—net (1) (1,330) (8,974) (3,299) (1,498) (1,320) (13,603) (4,893) Accelerated vesting of restricted stock units 424 771 (4) (77) 1,142 1,191 3,346 Fund launch and rights offering costs 5,105 1,264 335 10,814 650 6,704 650 Other non-recurring expenses (2) 1,128 — — — — 1,128 616 Foreign currency (gain) loss—net (311) 166 (759) 422 (677) (904) 3,034 Tax effects of adjustments above (895) 1,928 1,300 (2,062) (132) 2,333 (789) Tax effects of discrete tax items (3) 93 (530) 751 (760) 346 314 (2,905) Net income attributable to common stockholders, adjusted $ 46,458 $ 43,968 $ 40,692 $ 41,718 $ 41,720 $ 131,118 $ 117,397 Diluted weighted average shares outstanding 52,114 51,861 51,595 51,639 51,572 51,858 51,488 Diluted earnings per share, U.S. GAAP $ 0.81 $ 0.95 $ 0.82 $ 0.68 $ 0.81 $ 2.58 $ 2.30 Seed investments—net (1) (0.02) (0.17) (0.06) (0.03) (0.03) (0.26) (0.10) Accelerated vesting of restricted stock units 0.01 0.02 — * — * 0.02 0.03 0.07 Fund launch and rights offering costs 0.10 0.02 0.01 0.21 0.01 0.13 0.01 Other non-recurring expenses (2) 0.02 — — — — 0.02 0.01 Foreign currency (gain) loss—net (0.01) — * (0.02) 0.01 (0.01) (0.02) 0.06 Tax effects of adjustments above (0.02) 0.04 0.03 (0.04) — * 0.04 (0.01) Tax effects of discrete tax items (3) — * (0.01) 0.01 (0.02) 0.01 0.01 (0.06) Diluted earnings per share, adjusted $ 0.89 $ 0.85 $ 0.79 $ 0.81 $ 0.81 $ 2.53 $ 2.28 _________________________ * Amounts round to less than $0.01 per share. (1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2) Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025. (3) Includes excess tax benefits/deficiencies related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. 12
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Reconciliations of U.S. GAAP to Adjusted Financial Results Revenue, Expenses, Operating Income and Operating Margin (in thousands, except percentages) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Revenue, U.S. GAAP $ 157,427 $ 152,730 $ 145,639 $ 143,803 $ 141,720 $ 455,796 $ 412,313 Fund related amounts (1) (1,019) (893) (1,375) (9) (783) (3,287) (2,266) Revenue, adjusted $ 156,408 $ 151,837 $ 144,264 $ 143,794 $ 140,937 $ 452,509 $ 410,047 Expenses, U.S. GAAP $ 106,362 $ 99,955 $ 95,517 $ 103,493 $ 92,819 $ 301,834 $ 274,887 Fund related amounts (1) (1,406) (1,228) (1,576) (1,324) (967) (4,210) (3,009) Accelerated vesting of restricted stock units (424) (771) 4 77 (1,142) (1,191) (3,346) Fund launch and rights offering costs (5,105) (1,264) (335) (10,814) (650) (6,704) (650) Other non-recurring expenses (2) (1,128) — — — — (1,128) (616) Expenses, adjusted $ 98,299 $ 96,692 $ 93,610 $ 91,432 $ 90,060 $ 288,601 $ 267,266 Operating income, U.S. GAAP $ 51,065 $ 52,775 $ 50,122 $ 40,310 $ 48,901 $ 153,962 $ 137,426 Fund related amounts (1) 387 335 201 1,315 184 923 743 Accelerated vesting of restricted stock units 424 771 (4) (77) 1,142 1,191 3,346 Fund launch and rights offering costs 5,105 1,264 335 10,814 650 6,704 650 Other non-recurring expenses (2) 1,128 — — — — 1,128 616 Operating income, adjusted $ 58,109 $ 55,145 $ 50,654 $ 52,362 $ 50,877 $ 163,908 $ 142,781 Operating margin, U.S. GAAP 32.4 % 34.6 % 34.4 % 28.0 % 34.5 % 33.8 % 33.3 % Operating margin, adjusted 37.2 % 36.3 % 35.1 % 36.4 % 36.1 % 36.2 % 34.8 % _________________________ (1) Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (2) Represents a compensation-related tax adjustment for the three and nine months ended September 30, 2026, and reimbursement of filing fees paid by certain members of senior leadership for the nine months ended September 30, 2025. Non-operating Income (Loss) (in thousands) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 September 30, 2026 September 30, 2025 Non-operating income (loss), U.S. GAAP $ 4,933 $ 19,238 $ 7,077 $ 1,978 $ 6,657 $ 31,248 $ 24,916 Seed investments—net (1) (305) (15,532) (2,352) 1,363 (1,427) (18,189) (13,993) Foreign currency (gain) loss—net (311) 166 (759) 422 (677) (904) 3,034 Non-operating income (loss), adjusted $ 4,317 $ 3,872 $ 3,966 $ 3,763 $ 4,553 $ 12,155 $ 13,957 _________________________ (1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance. Contact: Brian Meta Senior Vice President Head of Investor Relations and FP&A Tel (212) 796-9353 13