Cohn & Steers Stock Earnings Reports

Key points for investors: Cohen & Steers reported Q1 2026 as‑adjusted EPS of $0.79 (vs. $0.81 prior quarter) and revenue of $144.3 million. Ending AUM rose to $93.1 billion (average AUM $94.4 billion) driven by positive net inflows of $497 million and $2.7 billion of market appreciation. Liquidity at quarter end was $343 million (down $60 million due to annual incentive payouts). Operating margin was 35.1%; compensation ratio guidance remains ~40%. Management expects G&A to rise mid-single digits for 2026 and an as‑adjusted effective tax rate of ~25.5%. Performance remained strong: 86% of AUM outperformed at 1 year and >97% at 3- and 5-year horizons; 95% of open-end fund AUM is 4- or 5‑star (Morningstar). Flows and distribution: firm recorded positive organic growth in 6 of last 7 quarters, with strong ETF momentum (five active ETFs with $675M AUM and $224M third‑party net flows this quarter), continued SICAV inflows, and a $1.7B institutional pipeline. Strategy trends: multi‑strategy real assets, global listed infrastructure and resource equities showed strong demand/returns; preferreds saw renewed investor interest and short-duration preferred products yield ~6% with ~2.5 year duration and BBB- credit. Product development/progress: conversion of a flagship open-end fund to an ETF midyear, planned ETF share‑class launches, growth of a non‑traded REIT (11 properties, ~$650M assets, 10.6% annualized returns since inception), and a blended LP vehicle (private core funds + listed REITs) with $250M committed. Macro/strategic outlook: management reiterates a multi‑year structural view driven by geopolitical fracturing (deglobalization), AI (hardware and power intensity), elevated inflation uncertainty (CNS forecasts ~3% U.S. consumer inflation over next decade), and the end of a prolonged low‑rate era—concluding these trends favor larger allocations to real assets, infrastructure and resource equities, and a diversified mix of listed and private exposures. Risks highlighted include geopolitical uncertainty, inflation persistence, and liquidity constraints in private markets.