Q1 2026 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) reported positive net inflows of $497 million, marking positive organic growth for six out of the past seven quarters.
- The company's average assets under management (AUM) increased to $94.4 billion from $90.8 billion in the prior quarter, driven by positive net inflows and market appreciation.
- Cohen & Steers Inc (CNS) achieved strong performance with 95% of its open-end fund AUM rated four or five-star by Morningstar, up from 90% last quarter.
- The firm has made significant progress with its growth initiatives, including active ETFs and non-traded REITs, with active ETFs seeing $224 million of third-party net flows in the quarter.
- Cohen & Steers Inc (CNS) has a strong pipeline of $1.7 billion in unfunded mandates, indicating continued growth potential in the institutional advisory channel.
- Earnings per share decreased slightly to $0.79 from $0.81 sequentially, indicating a minor decline in profitability.
- Operating income fell to $50.7 million from $52.4 million in the prior quarter, with the operating margin decreasing to 35.1% from 36.4%.
- Total expenses increased compared to the prior quarter, primarily due to higher compensation and benefits, as well as distribution and service fees.
- The effective tax rate for the quarter was relatively high at 25.5% on an as-adjusted basis.
- Liquidity decreased by $60 million to $343 million at the end of Q1, primarily due to the annual incentive compensation cycle.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded Friday, April 17, 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 first-quarter 2026 earnings conference call. Joining me are Joe Harvey, our Chief Executive Officer; Mike Donohue, our Interim 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
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