Cohen & Steers, Inc. is a leading global investment manager focused on real assets and alternative income, with a specialization in real estate securities and REITs. Founded in 1986 by Martin Cohen and Robert Steers, the firm pioneered the first real estate securities mutual fund in the U.S. in 1985. ...Cohen & Steers, Inc. is a leading global investment manager focused on real assets and alternative income, with a specialization in real estate securities and REITs. Founded in 1986 by Martin Cohen and Robert Steers, the firm pioneered the first real estate securities mutual fund in the U.S. in 1985. It operates as a publicly traded holding company on the NYSE under the symbol CNS, with its IPO in 2004. The company serves institutional investors such as pension funds, endowments, and foundations, as well as individual investors through mutual funds and ETFs. Its investment strategies span public equity, fixed income, and commodities, with an emphasis on real estate, infrastructure, and natural energy resources, as well as preferred securities. As of June 30, 2026, the firm reported $100.1 billion in assets under management (AUM). The company has a strong financial profile with a market cap of approximately $4.3 billion, a return on equity of 29.7%, and a net profit margin of 28.1%. It pays a dividend with a yield of about 3.1%. The leadership team includes CEO and President Joseph Harvey, who succeeded co-founder Robert Steers, and co-founder Martin Cohen. The firm has 424 full-time employees and maintains a global presence with offices in New York (HQ), London, Hong Kong, Tokyo, Seattle, and Singapore. Cohen & Steers continues to innovate, recently launching three active ETFs in February 2025. With a history of over 35 years, the firm is committed to delivering attractive returns and income through disciplined, research-driven investment processes.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$567.8M
+9.7%
+13.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$153.2M
+1.3%
+16.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+57.5%
+22.8%
+3.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+31.3%
-6.3%
+15.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+27.0%
-7.7%
+2.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-126.4M
-248.7%
+229.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-22.3%
-235.5%
+213.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
24.6%
-10.7%
-5.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
14.76x
-41.9%
-73.0%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Gentlemen, thank you for standing by. Welcome to the Cohen & Steers second quarter 2026 earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star followed by one on your telephone. If at any time during the conference you need to reach an operator, please press star zero. As a reminder, this conference is being recorded Friday, July 17th, 2026. I would now like to turn the conference over to Brian Heller, Senior Vice President and Deputy General Counsel of Cohen & Steers. Please go ahead.
Brian Heller: Thank you. Welcome to the Cohen & Steers second quarter 2026 earnings webcast and conference call. Joining me are Joseph Harvey, our Chief Executive Officer, Amit Muni, our Chief Financial Officer, and Jon Cheigh, our President and Chief Investment Officer. I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying second quarter earnings release and presentation, our most recent annual report on Form 10-K and our other SEC filings. We assume no duty to update any forward-looking statement. Further, none of our statements constitute an offer to sell or the solicitation of an offer to buy the securities of any fund or other investment vehicle.
Brian Heller: The presentation that will accompany today's webcast also contains non-GAAP financial measures referred to as adjusted financial measures that we believe are meaningful in evaluating our performance. These non-GAAP financial measures should be read in conjunction with our GAAP results. A reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available. The earnings release and the accompanying presentation, as well as links to our SEC filings, are available in the investor relations section of our website at www.cohenandsteers.com. With that, I'll turn the call over to Amit.
Amit Muni: Thank you, Brian. Good morning, everyone. On today's call, I'll begin with a review of our operating and financial results for the quarter. Jon Cheigh will then discuss investment performance and the market environment, followed by Joseph Harvey, who will highlight the growth momentum we are seeing across the business. We will then open the call for your questions. Turning to our summary highlights. I'll focus my remarks on our adjusted results. We reported adjusted earnings per share of $0.85 for the quarter, up from $0.79 in the first quarter and $0.73 in the second quarter of last year. Assets under management increased approximately 8% to over $100 billion, reflecting both positive market performance and …