Q2 2026 Cohen & Steers Inc Earnings Call Transcript
Key Points
- Cohen & Steers Inc (CNS) 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 strong net inflows.
- The company generated $1.3 billion of net inflows, marking one of the strongest flow quarters in its recent history.
- Net income was $44 million for the quarter, an increase of 8% from the first quarter and 18% from the second quarter of last year.
- Cohen & Steers Inc (CNS) ended the quarter with $219 million of cash and US treasuries on its balance sheet, providing substantial financial flexibility.
- The US REIT strategy underperformed due to positioning within cell tower REITs, impacted by a slowdown in carrier spending and fears of satellite displacement.
- The Advisory business experienced modest outflows related primarily to institutional client rebalancing activity.
- Total operating expenses increased 3% to $97 million, primarily due to higher incentive compensation accruals.
- The 1-year performance scorecard showed only 41% of AUM outperformed, a significant drop compared to the usual near 100% performance.
- The Japan market has been challenging due to macroeconomic factors, including increased bond yields and strong appetite for equities.
Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded Friday, July 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 second-quarter 2026 earnings webcast and conference call. Joining me are Joe 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
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