Cohen & Steers, Inc. reported a total revenue of $141.7 million for the third quarter of 2025, reflecting a 6.4% increase from $133.2 million in the same period of the previous year. The growth was primarily driven by a rise in investment advisory and administration fees, which increased to $133.6 million from $125.4 million year-over-year. Net income attributable to common stockholders for the quarter was $41.7 million, or $0.81 per diluted share, compared to $39.7 million, or $0.77 per diluted share, in the prior year. For the nine months ended September 30, 2025, total revenue reached $412.3 million, up 9.2% from $377.6 million in the same period of 2024.
The company experienced notable changes in its financial performance compared to the previous fiscal period. Total expenses increased by 5.1% to $92.8 million for the third quarter, driven by higher employee compensation and benefits, which rose to $57.2 million from $56.4 million. The operating margin improved to 34.5% from 33.7% year-over-year, indicating enhanced operational efficiency. For the nine-month period, total expenses rose 8.2% to $274.9 million, with significant increases in distribution and service fees, as well as general and administrative expenses.
Cohen & Steers has also made strategic developments, including the launch of its first active exchange-traded funds (ETFs) in the first quarter of 2025. The company continues to focus on expanding its distribution network, which includes both wealth and institutional channels. As of September 30, 2025, assets under management (AUM) totaled $90.9 billion, a slight decrease of 1.0% from $91.8 billion a year earlier. The decline was attributed to net outflows in institutional accounts, which saw a decrease of 5.9% to $34.7 billion, while AUM in open-end funds increased by 3.4% to $44.4 billion.
Operationally, Cohen & Steers reported a total of 51.6 million weighted average shares outstanding for the third quarter, up from 51.4 million in the previous year. The company’s cash and cash equivalents decreased to $98.1 million from $183.0 million at the end of 2024, reflecting a strategic decision to invest in growth initiatives. The company has committed to invest up to $175 million in certain investment vehicles, with $58.9 million remaining unfunded as of September 30, 2025.
Looking ahead, Cohen & Steers anticipates continued challenges in the macroeconomic environment, including volatility in global markets and changes in fiscal and monetary policies. However, the company remains focused on maintaining operational efficiency and leveraging its investment management expertise to navigate these conditions. The board of directors has declared a quarterly dividend of $0.62 per share, payable on November 20, 2025, reflecting the company's commitment to returning value to shareholders while pursuing growth opportunities.
About COHEN & STEERS, INC.
Cohen & Steers is a global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, and natural resources. The company offers open-end funds, institutional accounts, and closed-end funds to institutional and individual investors worldwide. Its core value lies in active, research-driven strategies focused on income, capital appreciation, and diversification within competitive markets.
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