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PRE-MKT · 04:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CNS

COHEN & STEERS, INC.
NYSE · FINANCIALS · INVESTMENT ADVICE
71.00
−1.07 −1.48%
USD · close Oct 23
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MKT CAP $3.7BP/E 21.8DIV YIELD 3.63%FCF YIELD —REV TTM —NET INCOME $168.3M +3.8%NET CASH —52W 59.24 – 85.65SEC XBRL · TTM TO Invalid Date

How CNS rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
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New in FY2025

  • The following discussion includes a comparison of our results for 2025 and 2024.
  • For a comparison of our results for 2024 and 2023, see Item 7.
  • 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, 2024, which was filed with the SEC on February 21, 2025, and is incorporated herein by reference .
  • Macroeconomic Environment Global economic conditions remained volatile throughout 2025, with heightened uncertainty persisting into the fourth quarter.
  • Fiscal policy shifts, evolving monetary strategies, and ongoing trade tensions continued to shape the macroeconomic landscape.
  • Key developments included the passage of new U.S. tax legislation, the Federal Reserve’s initiation of an interest rate cutting cycle, historically large revisions to economic data, and the longest U.S. government shutdown on record.
  • These factors, combined with diverging policy responses across major economies, influenced investor sentiment and drove significant asset flows across regions and sectors.
  • Central banks remained focused on balancing inflation risks against mounting evidence of slowing growth, while elevated trade and policy uncertainty added further complexity to the operating environment.
  • Despite these challenges, we maintained our disciplined approach, leveraging our portfolio management expertise and robust risk management framework.
  • Our continued emphasis on prudent cost control and operational efficiency has positioned us to navigate this complex environment and adapt to evolving market conditions.
  • Investment Performance as of December 31, 2025 _________________________ (1) 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 December 31, 2025.
  • Assets Under Management Below is a discussion of our assets under management as of December 31, 2025.
  • Assets under management as of December 31, 2025 increased 5.5% to $90.5 billion from $85.8 billion as of December 31, 2024.
  • The increase was due to net inflows of $1.5 billion and market appreciation of $6.1 billion, partially offset by distributions of $2.9 billion.
  • Open-end funds Assets under management in open-end funds as of December 31, 2025 increased 6.0% to $43.4 billion from $41.0 billion as of December 31, 2024.
  • The change was primarily due to: • Net inflows of $1.7 billion including $1.2 billion into U.S. real estate, $354 million into real assets multi-strategy (included in "Other") and $333 million into global listed infrastructure, partially offset by net outflows of $582 million from preferred securities; • Market appreciation of $2.4 billion including $862 million from U.S. real estate, $814 million from preferred securities and $295 million from global/international real estate; and • Distributions of $1.6 billion including $765 million from U.S. real estate and $524 million from preferred securities, of which $1.1 billion was reinvested and included in net flows.
  • Institutional accounts Assets under management in institutional accounts as of December 31, 2025 increased 4.5% to $35.1 billion from $33.6 billion as of December 31, 2024.
  • The change was primarily due to: Advisory accounts: • Net outflows of $324 million including $316 million from real assets multi-strategy (included in "Other"); and • Market appreciation of $1.8 billion including $702 million from global/international real estate, $522 million from global listed infrastructure and $310 million from U.S. real estate.
  • Subadvisory accounts: • Net outflows of $417 million including $776 million from U.S. real estate and $308 million from global/international real estate, partially offset by net inflows of $709 million into global listed infrastructure; • Market appreciation of $1.0 billion including $458 million from global/international real estate, $286 million from global listed infrastructure and $269 million from U.S. real estate; and • Distributions of $667 million including $638 million from U.S. real estate.
  • Closed-end funds Assets under management in closed-end funds as of December 31, 2025 increased 6.7% to $12.0 billion from $11.3 billion as of December 31, 2024.
  • The change was primarily due to: • Net inflows of $621 million including $513 million attributable to the Cohen & Steers Infrastructure Fund, Inc.
  • (UTF) rights offering, including leverage; • Market appreciation of $775 million including $383 million from global listed infrastructure and $227 million from preferred securities; and • Distributions of $638 million including $227 million from U.S. real estate and $199 million from preferred securities.
  • Assets Under Management By Investment Vehicle (in millions) Years Ended December 31, 2025 2024 2023 Open-end Funds Assets under management, beginning of period $ 40,962 $ 37,032 $ 36,903 Inflows 13,226 14,239 11,937 Outflows (11,575) (11,435) (13,614) Net inflows (outflows) 1,651 2,804 (1,677) Market appreciation (depreciation) 2,443 2,388 3,231 Distributions (1,559) (1,262) (1,265) Transfers (60) — (160) Total increase (decrease) 2,475 3,930 129 Assets under management, end of period $ 43,437 $ 40,962 $ 37,032 Average assets under management $ 42,847 $ 39,090 $ 36,159 Institutional Accounts Assets under management, beginning of period $ 33,563 $ 35,028 $ 32,373 Inflows 4,353 3,696 2,985 Outflows (5,094) (6,684) (3,225) Net inflows (outflows) (741) (2,988) (240) Market appreciation (depreciation) 2,845 2,216 3,626 Distributions (667) (693) (891) Transfers 60 — 160 Total increase (decrease) 1,497 (1,465) 2,655 Assets under management, end of period $ 35,060 $ 33,563 $ 35,028 Average assets under management $ 34,216 $ 33,499 $ 32,878 Closed-end Funds Assets under management, beginning of period $ 11,289 $ 11,076 $ 11,149 Inflows 621 13 17 Outflows — — (91) Net inflows (outflows) 621 13 (74) Market appreciation (depreciation) 775 816 617 Distributions (638) (616) (616) Total increase (decrease) 758 213 (73) Assets under management, end of period $ 12,047 $ 11,289 $ 11,076 Average assets under management $ 11,578 $ 11,278 $ 10,854 Total Assets under management, beginning of period $ 85,814 $ 83,136 $ 80,425 Inflows 18,200 17,948 14,939 Outflows (16,669) (18,119) (16,930) Net inflows (outflows) 1,531 (171) (1,991) Market appreciation (depreciation) 6,063 5,420 7,474 Distributions (2,864) (2,571) (2,772) Total increase (decrease) 4,730 2,678 2,711 Assets under management, end of period $ 90,544 $ 85,814 $ 83,136 Average assets under management $ 88,641 $ 83,867 $ 79,891 Assets Under Management - Institutional Accounts By Account Type (in millions) Years Ended December 31, 2025 2024 2023 Advisory Assets under management, beginning of period $ 19,272 $ 20,264 $ 18,631 Inflows 2,603 2,187 1,407 Outflows (2,927) (4,401) (1,860) Net inflows (outflows) (324) (2,214) (453) Market appreciation (depreciation) 1,811 1,222 1,926 Transfers 84 — 160 Total increase (decrease) 1,571 (992) 1,633 Assets under management, end of period $ 20,843 $ 19,272 $ 20,264 Average assets under management $ 19,996 $ 18,998 $ 18,798 Subadvisory Assets under management, beginning of period $ 14,291 $ 14,764 $ 13,742 Inflows 1,750 1,509 1,578 Outflows (2,167) (2,283) (1,365) Net inflows (outflows) (417) (774) 213 Market appreciation (depreciation) 1,034 994 1,700 Distributions (667) (693) (891) Transfers (24) — — Total increase (decrease) (74) (473) 1,022 Assets under management, end of period $ 14,217 $ 14,291 $ 14,764 Average assets under management $ 14,220 $ 14,501 $ 14,080 Total Institutional Accounts Assets under management, beginning of period $ 33,563 $ 35,028 $ 32,373 Inflows 4,353 3,696 2,985 Outflows (5,094) (6,684) (3,225) Net inflows (outflows) (741) (2,988) (240) Market appreciation (depreciation) 2,845 2,216 3,626 Distributions (667) (693) (891) Transfers 60 — 160 Total increase (decrease) 1,497 (1,465) 2,655 Assets under management, end of period $ 35,060 $ 33,563 $ 35,028 Average assets under management $ 34,216 $ 33,499 $ 32,878 Assets Under Management By Investment Strategy (in millions) Years Ended December 31, 2025 2024 2023 U.S.
  • Real Estate Assets under management, beginning of period $ 42,930 $ 38,550 $ 35,108 Inflows 9,059 10,097 7,077 Outflows (8,354) (7,031) (6,521) Net inflows (outflows) 705 3,066 556 Market appreciation (depreciation) 1,539 2,765 4,495 Distributions (1,629) (1,454) (1,679) Transfers (42) 3 70 Total increase (decrease) 573 4,380 3,442 Assets under management, end of period $ 43,503 $ 42,930 $ 38,550 Average assets under management $ 43,567 $ 40,607 $ 36,034 Preferred Securities Assets under management, beginning of period $ 18,330 $ 18,164 $ 19,767 Inflows 3,427 4,103 4,997 Outflows (4,187) (4,768) (6,890) Net inflows (outflows) (760) (665) (1,893) Market appreciation (depreciation) 1,223 1,552 1,029 Distributions (722) (717) (739) Transfers 10 (4) — Total increase (decrease) (249) 166 (1,603) Assets under management, end of period $ 18,081 $ 18,330 $ 18,164 Average assets under management $ 18,166 $ 18,458 $ 18,439 Global/International Real Estate Assets under management, beginning of period $ 13,058 $ 15,789 $ 14,782 Inflows 1,910 2,104 1,529 Outflows (2,068) (4,772) (1,975) Net inflows (outflows) (158) (2,668) (446) Market appreciation (depreciation) 1,456 43 1,616 Distributions (115) (107) (93) Transfers 32 1 (70) Total increase (decrease) 1,215 (2,731) 1,007 Assets under management, end of period $ 14,273 $ 13,058 $ 15,789 Average assets under management $ 13,798 $ 13,651 $ 14,899 Assets Under Management By Investment Strategy - continued (in millions) Years Ended December 31, 2025 2024 2023 Global Listed Infrastructure Assets under management, beginning of period $ 8,793 $ 8,356 $ 8,596 Inflows 2,733 640 487 Outflows (1,137) (870) (725) Net inflows (outflows) 1,596 (230) (238) Market appreciation (depreciation) 1,364 900 204 Distributions (267) (233) (206) Transfers (30) — — Total increase (decrease) 2,663 437 (240) Assets under management, end of period $ 11,456 $ 8,793 $ 8,356 Average assets under management $ 10,069 $ 8,717 $ 8,291 Other Assets under management, beginning of period $ 2,703 $ 2,277 $ 2,172 Inflows 1,071 1,004 849 Outflows (923) (678) (819) Net inflows (outflows) 148 326 30 Market appreciation (depreciation) 481 160 130 Distributions (131) (60) (55) Transfers 30 — — Total increase (decrease) 528 426 105 Assets under management, end of period $ 3,231 $ 2,703 $ 2,277 Average assets under management $ 3,041 $ 2,434 $ 2,228 Total Assets under management, beginning of period $ 85,814 $ 83,136 $ 80,425 Inflows 18,200 17,948 14,939 Outflows (16,669) (18,119) (16,930) Net inflows (outflows) 1,531 (171) (1,991) Market appreciation (depreciation) 6,063 5,420 7,474 Distributions (2,864) (2,571) (2,772) Total increase (decrease) 4,730 2,678 2,711 Assets under management, end of period $ 90,544 $ 85,814 $ 83,136 Average assets under management $ 88,641 $ 83,867 $ 79,891 Summary of Operating Results (in thousands, except percentages and per share data) Years Ended December 31, 2025 2024 2023 U.S.
  • GAAP Revenue $ 556,116 $ 517,417 $ 489,637 Expenses $ 378,380 $ 344,540 $ 325,160 Operating income $ 177,736 $ 172,877 $ 164,477 Net income attributable to common stockholders $ 153,217 $ 151,265 $ 129,049 Diluted earnings per share $ 2.97 $ 2.97 $ 2.60 Operating margin 32.0 % 33.4 % 33.6 % As Adjusted (1) Net income attributable to common stockholders $ 159,115 $ 149,286 $ 140,511 Diluted earnings per share $ 3.09 $ 2.93 $ 2.84 Operating margin 35.2 % 35.4 % 36.2 % _________________________ (1) Refer to pages 31-32 for reconciliations of U.S.
  • Year Ended December 31, 2025 Compared with Year Ended December 31, 2024 Revenue (in thousands) Years Ended December 31, 2025 2024 $ Change % Change Investment advisory and administration fees Open-end funds $ 288,898 $ 258,010 $ 30,888 12.0 % Institutional accounts 132,708 129,072 $ 3,636 2.8 % Closed-end funds 103,228 99,977 $ 3,251 3.3 % Total 524,834 487,059 $ 37,775 7.8 % Distribution and service fees 29,338 28,142 $ 1,196 4.2 % Other 1,944 2,216 $ (272) (12.3) % Total revenue $ 556,116 $ 517,417 $ 38,699 7.5 % Investment advisory and administration revenue increased from the year ended December 31, 2024, primarily due to higher average assets under management.
  • Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annual effective fee rate of 67.4 bps and 66.0 bps for the years ended December 31, 2025 and 2024, respectively.
  • Total investment advisory revenue from institutional accounts compared with average assets under management implied an annual effective fee rate of 38.8 bps and 38.5 bps for the years ended December 31, 2025 and 2024, respectively.
  • Excluding performance fees of $1.7 million and $1.4 million, the implied annual effective fee rate would have been 38.3 bps and 38.1 bps for the years ended December 31, 2025 and 2024, respectively.
  • Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annual effective fee rate of 89.2 bps and 88.7 bps for the years ended December 31, 2025 and 2024, respectively.
  • Distribution and service fees increased from the year ended December 31, 2024, primarily due to higher average assets under management in U.S. open-end funds, partially offset by a shift into lower fee paying share classes.
  • Expenses (in thousands) Years Ended December 31, 2025 2024 $ Change % Change Employee compensation and benefits $ 224,466 $ 217,980 $ 6,486 3.0 % Distribution and service fees 72,894 57,137 $ 15,757 27.6 % General and administrative 71,234 60,135 $ 11,099 18.5 % Depreciation and amortization 9,786 9,288 $ 498 5.4 % Total expenses $ 378,380 $ 344,540 $ 33,840 9.8 % Employee compensation and benefits increased from the year ended December 31, 2024, primarily due to higher incentive compensation of $8.7 million and an increase in salaries of $2.2 million, partially offset by lower amortization of restricted stock units of $6.3 million.
  • Distribution and service fees expense increased from the year ended December 31, 2024, primarily due to $9.9 million of expenses related to the UTF rights offering and higher average assets under management in U.S. open-end funds.
  • General and administrative expenses increased from the year ended December 31, 2024, primarily due to expenses paid on behalf of certain Company-sponsored funds totaling $3.5 million, increased talent acquisition costs of $2.0 million, and fund organization cost related to the UTF rights offering of $1.5 million.
  • Operating Margin Operating margin for the year ended December 31, 2025 decreased to 32.0% from 33.4% for the year ended December 31, 2024.
  • Operating margin represents the ratio of operating income to revenue.
  • Non-operating Income (Loss) (in thousands) Year Ended December 31, 2025 Consolidated Funds (1) Corporate - Seed and Other Total Interest and dividend income $ 4,321 $ 17,688 $ 22,009 Gain (loss) from investments—net 7,277 1,435 8,712 Foreign currency gain (loss)—net (253) (3,574) (3,827) Total non-operating income (loss) 11,345 15,549 26,894 Net (income) loss attributable to noncontrolling interests (4,181) — (4,181) Non-operating income (loss) attributable to the Company $ 7,164 $ 15,549 $ 22,713 (in thousands) Year Ended December 31, 2024 Consolidated Funds (1) Corporate - Seed and Other Total Interest and dividend income $ 3,117 $ 16,227 $ 19,344 Gain (loss) from investments—net 15,573 1,009 16,582 Foreign currency gain (loss)—net (578) 1,316 738 Total non-operating income (loss) 18,112 18,552 36,664 Net (income) loss attributable to noncontrolling interests (11,527) — (11,527) Non-operating income (loss) attributable to the Company $ 6,585 $ 18,552 $ 25,137 _________________________ (1) Represents seed investments in funds that we are required to consolidate under U.S.
  • 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: Years Ended December 31, 2025 2024 U.S. federal statutory tax rate 21.0 % 21.0 % State and local income taxes, net of federal benefit 3.0 2.7 Nontaxable or nondeductible items: Nondeductible executive compensation 1.9 1.2 Excess tax benefits related to the vesting and delivery of restricted stock units (1.6) (0.2) Changes in unrecognized tax benefits (0.4) (0.4) Valuation allowance (0.3) (0.7) Foreign tax effects (0.2) — * Effect of cross-border tax laws 0.1 — * Effect of changes in tax laws or rates — * — * Other 0.1 % — * Effective income tax rate 23.6 % 23.6 % _________________________ * Percentage rounds to less than 0.1% Reconciliations of U.S.
  • In addition, these as adjusted financial results are used to prepare the Company's internal management reports that are used in evaluating its business.

and 239 more.

Gone since FY2024

  • The following discussion includes a comparison of our results for 2024 and 2023.
  • For a comparison of our results for 2023 and 2022, see Item 7.
  • 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, which was filed with the SEC on February 23, 2024, and is incorporated herein by reference.
  • Macroeconomic Environment During 2024, global economic conditions remained complex, marked by varying levels of growth across regions and recalibrations to new political administrations.
  • Global equity and fixed income markets reflected these dynamics, with investor sentiment fluctuating in response to monetary policy developments, inflation trends and geopolitical uncertainties.
  • Despite these challenges, we continue to see investment opportunities across our asset classes.
  • As a global asset manager, we navigated these macroeconomic conditions by leveraging our extensive portfolio management expertise, disciplined risk management framework and prudent cost control.
  • Investment Performance as of December 31, 2024 _________________________ (1) 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 December 31, 2024.
  • Assets Under Management Below is a discussion of our assets under management at December 31, 2024.
  • Assets under management at December 31, 2024 increased 3.2% to $85.8 billion from $83.1 billion at December 31, 2023.
  • The increase was due to market appreciation of $5.4 billion, partially offset by net outflows of $171 million and distributions of $2.6 billion.
  • Open-end funds Assets under management in open-end funds at December 31, 2024 increased 10.6% to $41.0 billion from $37.0 billion at December 31, 2023.
  • The change was primarily due to: • Net inflows of $2.8 billion including $2.7 billion into U.S. real estate • Market appreciation of $2.4 billion including $1.2 billion from U.S. real estate and $995 million from preferred securities • Distributions of $1.3 billion including $598 million from U.S. real estate and $520 million from preferred securities, of which $962 million was reinvested and included in net flows Institutional accounts Assets under management in institutional accounts at December 31, 2024 decreased 4.2% to $33.6 billion from $35.0 billion at December 31, 2023.
  • The change was primarily due to: Advisory: • Net outflows of $2.2 billion including $1.9 billion from global/international real estate • Market appreciation of $1.2 billion including $576 million from U.S. real estate and $412 million from global listed infrastructure Japan subadvisory accounts: • Net outflows of $563 million including $292 million from global/international real estate and $233 million from U.S. real estate • Market appreciation of $752 million including $661 million from U.S. real estate • Distributions of $693 million including $647 million from U.S. real estate Subadvisory accounts excluding Japan: • Net outflows of $211 million including $297 million from global/international real estate, partially offset by net inflows of $134 million into U.S. real estate • Market appreciation of $242 million including $110 million from global listed infrastructure and $108 million from U.S. real estate Closed-end funds Assets under management in closed-end funds at December 31, 2024 increased 1.9% to $11.3 billion from $11.1 billion at December 31, 2023.
  • The change was primarily due to: • Net inflows of $13 million • Market appreciation of $816 million • Distributions of $616 million Assets Under Management By Investment Vehicle (in millions) Years Ended December 31, 2024 2023 2022 Open-end Funds Assets under management, beginning of period $ 37,032 $ 36,903 $ 50,911 Inflows 14,239 11,937 17,939 Outflows (11,435) (13,614) (19,713) Net inflows (outflows) 2,804 (1,677) (1,774) Market appreciation (depreciation) 2,388 3,231 (10,282) Distributions (1,262) (1,265) (1,952) Transfers — (160) — Total increase (decrease) 3,930 129 (14,008) Assets under management, end of period $ 40,962 $ 37,032 $ 36,903 Average assets under management $ 39,090 $ 36,159 $ 43,202 Institutional Accounts Assets under management, beginning of period $ 35,028 $ 32,373 $ 42,727 Inflows 3,696 2,985 5,915 Outflows (6,684) (3,225) (6,357) Net inflows (outflows) (2,988) (240) (442) Market appreciation (depreciation) 2,216 3,626 (8,927) Distributions (693) (891) (985) Transfers — 160 — Total increase (decrease) (1,465) 2,655 (10,354) Assets under management, end of period $ 33,563 $ 35,028 $ 32,373 Average assets under management $ 33,499 $ 32,878 $ 36,383 Closed-end Funds Assets under management, beginning of period $ 11,076 $ 11,149 $ 12,991 Inflows 13 17 575 Outflows — (91) — Net inflows (outflows) 13 (74) 575 Market appreciation (depreciation) 816 617 (1,722) Distributions (616) (616) (695) Total increase (decrease) 213 (73) (1,842) Assets under management, end of period $ 11,289 $ 11,076 $ 11,149 Average assets under management $ 11,278 $ 10,854 $ 12,039 Total Assets under management, beginning of period $ 83,136 $ 80,425 $ 106,629 Inflows 17,948 14,939 24,429 Outflows (18,119) (16,930) (26,070) Net inflows (outflows) (171) (1,991) (1,641) Market appreciation (depreciation) 5,420 7,474 (20,931) Distributions (2,571) (2,772) (3,632) Total increase (decrease) 2,678 2,711 (26,204) Assets under management, end of period $ 85,814 $ 83,136 $ 80,425 Average assets under management $ 83,867 $ 79,891 $ 91,624 Assets Under Management - Institutional Accounts By Account Type (in millions) Years Ended December 31, 2024 2023 2022 Advisory Assets under management, beginning of period $ 20,264 $ 18,631 $ 24,599 Inflows 2,187 1,407 3,672 Outflows (4,401) (1,860) (4,734) Net inflows (outflows) (2,214) (453) (1,062) Market appreciation (depreciation) 1,222 1,926 (4,906) Transfers — 160 — Total increase (decrease) (992) 1,633 (5,968) Assets under management, end of period $ 19,272 $ 20,264 $ 18,631 Average assets under management $ 18,998 $ 18,798 $ 21,233 Japan Subadvisory Assets under management, beginning of period $ 9,026 $ 8,376 $ 11,329 Inflows 290 823 988 Outflows (853) (474) (436) Net inflows (outflows) (563) 349 552 Market appreciation (depreciation) 752 1,192 (2,520) Distributions (693) (891) (985) Total increase (decrease) (504) 650 (2,953) Assets under management, end of period $ 8,522 $ 9,026 $ 8,376 Average assets under management $ 8,678 $ 8,633 $ 9,302 Subadvisory Excluding Japan Assets under management, beginning of period $ 5,738 $ 5,366 $ 6,799 Inflows 1,219 755 1,255 Outflows (1,430) (891) (1,187) Net inflows (outflows) (211) (136) 68 Market appreciation (depreciation) 242 508 (1,501) Total increase (decrease) 31 372 (1,433) Assets under management, end of period $ 5,769 $ 5,738 $ 5,366 Average assets under management $ 5,823 $ 5,447 $ 5,848 Total Institutional Accounts Assets under management, beginning of period $ 35,028 $ 32,373 $ 42,727 Inflows 3,696 2,985 5,915 Outflows (6,684) (3,225) (6,357) Net inflows (outflows) (2,988) (240) (442) Market appreciation (depreciation) 2,216 3,626 (8,927) Distributions (693) (891) (985) Transfers — 160 — Total increase (decrease) (1,465) 2,655 (10,354) Assets under management, end of period $ 33,563 $ 35,028 $ 32,373 Average assets under management $ 33,499 $ 32,878 $ 36,383 Assets Under Management By Investment Strategy (in millions) Years Ended December 31, 2024 2023 2022 U.S.
  • Real Estate Assets under management, beginning of period $ 38,550 $ 35,108 $ 49,915 Inflows 10,097 7,077 10,572 Outflows (7,031) (6,521) (10,869) Net inflows (outflows) 3,066 556 (297) Market appreciation (depreciation) 2,765 4,495 (12,097) Distributions (1,454) (1,679) (2,406) Transfers 3 70 (7) Total increase (decrease) 4,380 3,442 (14,807) Assets under management, end of period $ 42,930 $ 38,550 $ 35,108 Average assets under management $ 40,607 $ 36,034 $ 41,627 Preferred Securities Assets under management, beginning of period $ 18,164 $ 19,767 $ 26,987 Inflows 4,103 4,997 7,059 Outflows (4,768) (6,890) (10,212) Net inflows (outflows) (665) (1,893) (3,153) Market appreciation (depreciation) 1,552 1,029 (3,240) Distributions (717) (739) (834) Transfers (4) — 7 Total increase (decrease) 166 (1,603) (7,220) Assets under management, end of period $ 18,330 $ 18,164 $ 19,767 Average assets under management $ 18,458 $ 18,439 $ 22,638 Global/International Real Estate Assets under management, beginning of period $ 15,789 $ 14,782 $ 19,380 Inflows 2,104 1,529 3,848 Outflows (4,772) (1,975) (3,289) Net inflows (outflows) (2,668) (446) 559 Market appreciation (depreciation) 43 1,616 (5,039) Distributions (107) (93) (118) Transfers 1 (70) — Total increase (decrease) (2,731) 1,007 (4,598) Assets under management, end of period $ 13,058 $ 15,789 $ 14,782 Average assets under management $ 13,651 $ 14,899 $ 16,692 Assets Under Management By Investment Strategy - continued (in millions) Years Ended December 31, 2024 2023 2022 Global Listed Infrastructure Assets under management, beginning of period $ 8,356 $ 8,596 $ 8,763 Inflows 640 487 1,566 Outflows (870) (725) (1,112) Net inflows (outflows) (230) (238) 454 Market appreciation (depreciation) 900 204 (405) Distributions (233) (206) (216) Total increase (decrease) 437 (240) (167) Assets under management, end of period $ 8,793 $ 8,356 $ 8,596 Average assets under management $ 8,717 $ 8,291 $ 8,700 Other Assets under management, beginning of period $ 2,277 $ 2,172 $ 1,584 Inflows 1,004 849 1,384 Outflows (678) (819) (588) Net inflows (outflows) 326 30 796 Market appreciation (depreciation) 160 130 (150) Distributions (60) (55) (58) Total increase (decrease) 426 105 588 Assets under management, end of period $ 2,703 $ 2,277 $ 2,172 Average assets under management $ 2,434 $ 2,228 $ 1,967 Total Assets under management, beginning of period $ 83,136 $ 80,425 $ 106,629 Inflows 17,948 14,939 24,429 Outflows (18,119) (16,930) (26,070) Net inflows (outflows) (171) (1,991) (1,641) Market appreciation (depreciation) 5,420 7,474 (20,931) Distributions (2,571) (2,772) (3,632) Total increase (decrease) 2,678 2,711 (26,204) Assets under management, end of period $ 85,814 $ 83,136 $ 80,425 Average assets under management $ 83,867 $ 79,891 $ 91,624 Summary of Operating Results (in thousands, except percentages and per share data) Years Ended December 31, 2024 2023 2022 U.S.
  • GAAP Revenue $ 517,417 $ 489,637 $ 566,906 Expenses $ 344,540 $ 325,160 $ 350,968 Operating income $ 172,877 $ 164,477 $ 215,938 Net income attributable to common stockholders $ 151,265 $ 129,049 $ 171,042 Diluted earnings per share $ 2.97 $ 2.60 $ 3.47 Operating margin 33.4 % 33.6 % 38.1 % As Adjusted (1) Net income attributable to common stockholders $ 149,286 $ 140,511 $ 182,251 Diluted earnings per share $ 2.93 $ 2.84 $ 3.70 Operating margin 35.4 % 36.2 % 43.0 % _________________________ (1) Refer to pages 30-31 for reconciliations of U.S.
  • Year Ended December 31, 2024 Compared with Year Ended December 31, 2023 Revenue (in thousands) Years Ended December 31, 2024 2023 $ Change % Change Investment advisory and administration fees Open-end funds $ 258,010 $ 239,501 $ 18,509 7.7 % Institutional accounts 129,072 123,565 $ 5,507 4.5 % Closed-end funds 99,977 96,345 $ 3,632 3.8 % Total 487,059 459,411 $ 27,648 6.0 % Distribution and service fees 28,142 28,200 $ (58) (0.2) % Other 2,216 2,026 $ 190 9.4 % Total revenue $ 517,417 $ 489,637 $ 27,780 5.7 % Investment advisory and administration revenue increased from the year ended December 31, 2023 primarily due to higher average assets under management.
  • Total investment advisory and administration revenue from open-end funds compared with average assets under management implied an annual effective fee rate of 66.0 bps and 66.2 bps for the years ended December 31, 2024 and 2023, respectively.
  • Total investment advisory revenue from institutional accounts compared with average assets under management implied an annual effective fee rate of 38.5 bps and 37.6 bps for the years ended December 31, 2024 and 2023, respectively.
  • Excluding performance fees of $1.4 million and $2.5 million, the implied annual effective fee rate would have been 38.1 bps and 36.8 bps for the years ended December 31, 2024 and 2023, respectively.
  • The increase in the implied annual effective fee rate is primarily due to the shift in the mix of assets under management.
  • Total investment advisory and administration revenue from closed-end funds compared with average assets under management implied an annual effective fee rate of 88.7 bps and 88.8 bps for the years ended December 31, 2024 and 2023, respectively.
  • Expenses (in thousands) Years Ended December 31, 2024 2023 $ Change % Change Employee compensation and benefits $ 217,980 $ 200,181 $ 17,799 8.9 % Distribution and service fees 57,137 54,170 $ 2,967 5.5 % General and administrative 60,135 66,704 $ (6,569) (9.8) % Depreciation and amortization 9,288 4,105 $ 5,183 126.3 % Total expenses $ 344,540 $ 325,160 $ 19,380 6.0 % Employee compensation and benefits increased from the year ended December 31, 2023 primarily due to higher amortization of restricted stock units of $7.7 million, including $5.8 million of accelerated vesting of certain restricted stock units.
  • Additionally, there were increases in incentive compensation of $4.3 million and salaries of $2.7 million.
  • Distribution and service fee expenses increased by $3.0 million from the year ended December 31, 2023 primarily due to higher average assets under management in U.S. open-end funds.
  • General and administrative expenses decreased from the year ended December 31, 2023 primarily due to lower rent expense of $8.5 million related to the expiration of the lease for the Company’s prior headquarters in January 2024, partially offset by higher technology expenses of $911,000 and travel and entertainment of $748,000.
  • Depreciation and amortization increased from the year ended December 31, 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 for the year ended December 31, 2024 decreased to 33.4% from 33.6% for the year ended December 31, 2023.
  • Non-operating Income (Loss) (in thousands) Year Ended December 31, 2024 Consolidated Funds (1) Corporate - Seed and Other Total Interest and dividend income $ 3,117 $ 16,227 $ 19,344 Gain (loss) from investments—net 15,573 1,009 16,582 Foreign currency gain (loss)—net (578) 1,316 738 Total non-operating income (loss) 18,112 18,552 36,664 Net (income) loss attributable to noncontrolling interests (11,527) — (11,527) Non-operating income (loss) attributable to the Company $ 6,585 $ 18,552 $ 25,137 (in thousands) Year Ended December 31, 2023 Consolidated Funds (1) Corporate - Seed and Other Total Interest and dividend income $ 3,622 $ 10,996 $ 14,618 Gain (loss) from investments—net 4,915 (624) 4,291 Foreign currency gain (loss)—net (556) (2,579) (3,135) Total non-operating income (loss) 7,981 7,793 15,774 Net (income) loss attributable to noncontrolling interests (7,560) — (7,560) Non-operating income (loss) attributable to the Company $ 421 $ 7,793 $ 8,214 _________________________ (1) Represents seed investments in funds that we are required to consolidate under U.S.
  • 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: Years Ended December 31, 2024 2023 U.S. statutory tax rate 21.0 % 21.0 % State and local income taxes, net of federal benefit 2.7 3.2 Non-deductible executive compensation 1.2 1.9 Valuation allowance (0.7) 0.4 Excess tax benefits related to the vesting and delivery of restricted stock units (0.3) (1.2) Other (0.3) — Effective income tax rate 23.6 % 25.3 % Reconciliations of U.S.
  • In addition, these as adjusted financial results are used to prepare the Company's internal management reports, which are used in evaluating its business.
  • Effective January 1, 2023, the Company revised its methodology for as adjusted results to include interest and dividends from corporate seed investments.
  • Amounts for the year ended December 31, 2022 have not been recast to conform with the current methodology as the impact was not significant.
  • Net Income Attributable to Common Stockholders and Diluted Earnings per Share Years Ended December 31, (in thousands, except per share data) 2024 2023 2022 Net income attributable to common stockholders, U.S.
  • GAAP $ 151,265 $ 129,049 $ 171,042 Seed investments—net (1) (6,245) 2,252 4,317 Accelerated vesting of restricted stock units 7,134 1,318 10,260 Other non-recurring expenses (2) 1,196 — — Lease transition and other costs - 280 Park Avenue (3) 807 9,721 776 Closed-end fund offering costs (4) — — 15,239 Foreign currency exchange (gains) losses—net (5) (1,059) 2,371 (4,741) Tax adjustments—net (6) (3,812) (4,200) (14,642) Net income attributable to common stockholders, as adjusted $ 149,286 $ 140,511 $ 182,251 Diluted weighted average shares outstanding 50,938 49,553 49,297 Diluted earnings per share, U.S.
  • GAAP $ 2.97 $ 2.60 $ 3.47 Seed investments—net (1) (0.12) 0.05 0.09 Accelerated vesting of restricted stock units 0.14 0.03 0.21 Other non-recurring expenses (2) 0.02 — — Lease transition and other costs - 280 Park Avenue (3) 0.02 0.20 0.02 Closed-end fund offering costs (4) — — 0.31 Foreign currency exchange (gains) losses—net (5) (0.02) 0.05 (0.10) Tax adjustments—net (6) (0.08) (0.09) (0.30) Diluted earnings per share, as adjusted $ 2.93 $ 2.84 $ 3.70 _________________________ (1) Represents the impact of consolidated funds and the net effect of corporate seed investment 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.

and 249 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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