Q4 2025 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported solid revenue growth driven by higher average AUM and stable effective fee rates.
- The company experienced net inflows for five out of the last six quarters, indicating strong investor interest.
- Operating income increased both sequentially and year-over-year, with a full-year increase of 6.3%.
- The company maintained a record of consistent long-term outperformance, with 95% of AUM outperforming benchmarks over various timeframes.
- Cohen & Steers Inc (CNS) has a strong institutional pipeline, with unfunded pipeline near multiyear highs, indicating potential future growth.
- Ending AUM in Q4 was slightly down from the end of Q3, indicating some market depreciation and distributions.
- Total expenses were higher compared to the prior quarter, primarily due to increased G&A expenses.
- The decrease in distribution and service fees was due to reduced fees paid to intermediaries as investors shifted into lower fee-paying share classes.
- US REITs, the largest strategy by AUM, underperformed, ranking last among S&P 500 sectors.
- The company faces challenges in the private credit markets, which could impact the private real estate market.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers fourth quarter and full year 2025 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded, Friday, January 23, 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.
Thank you, and welcome to the Cohen & Steers fourth quarter and full year 2025 earnings conference call. Joining me are Joe Harvey, our Chief Executive Officer; Mike Donohue, 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
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