EX-99.2 3 cns-earningsreleasex33126e.htm CNS EARNINGS RELEASE

                            

Contact:

Brian Meta

Senior Vice President

Head of Investor Relations and FP&A

Tel (212) 796-9353

COHEN & STEERS REPORTS RESULTS FOR FIRST QUARTER 2026

•Diluted EPS of $0.82; $0.79, as adjusted

•Operating margin of 34.4%; 35.1%, as adjusted

•Ending AUM of $93.1 billion; average AUM of $94.4 billion

•Net inflows of $497 million

NEW YORK, NY, April 16, 2026—Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended March 31, 2026.

Financial Highlights

(in thousands, except percentages and per share data)			Three Months Ended
			March 31, 2026						December 31, 2025												$ Change						% Change
U.S. GAAP
Revenue			$	145,639					$	143,803											$	1,836					1.3		%
Expenses			$	95,517					$	103,493											$	(7,976)					(7.7		%)
Operating income			$	50,122					$	40,310											$	9,812					24.3		%
Net income attributable to common stockholders			$	42,368					$	34,879											$	7,489					21.5		%
Diluted earnings per share			$	0.82					$	0.68											$	0.14					21.6		%
Operating margin			34.4		%				28.0		%										N/A						640 bps
As Adjusted (1)
Net income attributable to common stockholders			$	40,692					$	41,718											$	(1,026)					(2.5		%)
Diluted earnings per share			$	0.79					$	0.81											$	(0.02)					(2.4		%)
Operating margin			35.1		%				36.4		%										N/A						(130 bps)
_________________________ (1)Refer to pages 13-14 for reconciliations of U.S. GAAP to as adjusted results.

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Revenue

(in thousands)			Three Months Ended
			March 31, 2026						December 31, 2025						$ Change						% Change
Investment advisory and administration fees:
Open-end funds			$	75,050					$	74,387					$	663					0.9		%
Institutional accounts			34,542						34,477						$	65					0.2		%
Closed-end funds			27,234						27,026						$	208					0.8		%
Total			136,826						135,890						$	936					0.7		%
Distribution and service fees			8,055						7,475						$	580					7.8		%
Other			758						438						$	320					73.1		%
Total revenue			$	145,639					$	143,803					$	1,836					1.3		%

•The increase in total investment advisory and administration fees from the fourth quarter of 2025 was primarily due to higher average assets under management, partially offset by two fewer days in the current quarter.

•The increase in distribution and service fees from the fourth quarter of 2025 was primarily due to higher average assets under management in open-end funds.

Expenses

(in thousands)			Three Months Ended
			March 31, 2026						December 31, 2025						$ Change						% Change
Employee compensation and benefits			$	57,702					$	56,076					$	1,626					2.9		%
Distribution and service fees			16,337						25,670						$	(9,333)					(36.4)		%
General and administrative			18,904						19,212						$	(308)					(1.6)		%
Depreciation and amortization			2,574						2,535						$	39					1.5		%
Total expenses			$	95,517					$	103,493					$	(7,976)					(7.7)		%

•Employee compensation and benefits increased from the fourth quarter of 2025 which included an adjustment to reflect the amounts actually paid in January 2026.

•Distribution and service fees decreased from the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the Cohen & Steers Infrastructure Fund, Inc. (UTF) rights offering of $9.9 million.

•General and administrative expenses decreased from the fourth quarter of 2025, primarily due to lower recruitment and lower fund organization costs related to the UTF rights offering in the fourth quarter of 2025, partially offset by higher business development-related expenses.

Operating Margin

Operating margin was 34.4% for the first quarter of 2026, compared with 28.0% for the fourth quarter of 2025. The fourth quarter of 2025 included expenses associated with the UTF rights offering.

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Non-operating Income (Loss)

(in thousands)			Three Months Ended March 31, 2026
			Consolidated Funds (1)						Corporate - Seed and Other												Total
Interest and dividend income			$	1,035					$	4,272											$	5,307
Gain (loss) from investments—net			(489)						1,500												1,011
Foreign currency gain (loss)—net			—						759												759
Total non-operating income (loss)			546						6,531												7,077
Net (income) loss attributable to noncontrolling interests			1,148						—												1,148
Non-operating income (loss) attributable to the company			$	1,694					$	6,531											$	8,225
(in thousands)			Three Months Ended December 31, 2025
			Consolidated Funds (1)						Corporate - Seed and Other												Total
Interest and dividend income			$	637					$	4,580											$	5,217
Gain (loss) from investments—net			(1,540)						(708)												(2,248)
Foreign currency gain (loss)—net			—						(991)												(991)
Total non-operating income (loss)			(903)						2,881												1,978
Net (income) loss attributable to noncontrolling interests			4,176						—												4,176
Non-operating income (loss) attributable to the company			3,273			3,273			2,881												6,154
_________________________ (1)Represents seed investments in funds that the company is required to consolidate under U.S. GAAP.

Income Taxes

A reconciliation of the company’s statutory federal income tax rate to the effective income tax rate is summarized in the following table:

			Three Months Ended
			March 31, 2026						December 31, 2025
U.S. federal statutory tax rate			21.0		%				21.0		%
State and local income taxes, net of federal benefit			3.0						3.2
Nontaxable or nondeductible items:
Nondeductible executive compensation			1.2						2.7
Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units			1.7						(0.5)
Valuation allowance			(0.1)						(1.0)
Effect of cross-border tax laws			0.1						0.2
Foreign tax effects			0.2						—			*
Changes in unrecognized tax benefits			0.1						—			*
Other			0.2						(0.7)
Effective income tax rate			27.4		%				24.9		%
_________________________ •Percentage rounds to less than 0.1%.

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Assets Under Management

(in millions)			As of												Change
By Investment Vehicle			March 31, 2026						December 31, 2025						$						%
Open-end funds			$	44,841					$	43,437					$	1,404					3.2		%
Institutional accounts			36,029						35,060						$	969					2.8		%
Closed-end funds			12,258						12,047						$	211					1.8		%
Total			$	93,128					$	90,544					$	2,584					2.9		%
By Investment Strategy
U.S. real estate			$	44,569					$	43,503					$	1,066					2.5		%
Preferred securities			17,848						18,081						$	(233)					(1.3		%)
Global/international real estate			14,361						14,273						$	88					0.6		%
Global listed infrastructure			12,589						11,456						$	1,133					9.9		%
Other			3,761						3,231						$	530					16.4		%
Total			$	93,128					$	90,544					$	2,584					2.9		%

Assets under management at March 31, 2026 were $93.1 billion, an increase of 2.9% from $90.5 billion at December 31, 2025. The increase was due to net inflows of $497 million and market appreciation of $2.7 billion, partially offset by distributions of $627 million.

Open-end Funds

Assets under management in open-end funds at March 31, 2026 were $44.8 billion, an increase of 3.2% from $43.4 billion at December 31, 2025. The change was primarily due to the following:

•Net inflows of $224 million into U.S. real estate, $156 million into preferred securities and $147 million into real assets multi-strategy (included in "Other");

•Market appreciation of $858 million from U.S. real estate; and

•Distributions of $168 million from U.S. real estate and $133 million from preferred securities, of which $254 million was reinvested and included in net flows.

Institutional Accounts

Assets under management in institutional accounts at March 31, 2026 were $36.0 billion, an increase of 2.8% from $35.1 billion at December 31, 2025. The change was primarily due to the following:

•Advisory:    

◦Net inflows of $101 million into global listed infrastructure and $79 million into global/international real estate; and

◦Market appreciation of $380 million from global listed infrastructure and $224 million from U.S. real estate.

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•Subadvisory:

◦Net outflows of $250 million from U.S. real estate;

◦Market appreciation of $306 million from U.S. real estate and $216 million from global listed infrastructure; and

◦Distributions of $147 million from U.S. real estate.

Closed-end Funds

Assets under management in closed-end funds at March 31, 2026 were $12.3 billion, an increase of 1.8% from $12.0 billion at December 31, 2025. The change was primarily due to the following:

◦Market appreciation of $334 million from global listed infrastructure; and

◦Distributions of $165 million.

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Investment Performance at March 31, 2026

_________________________

(1)    Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

(2)    © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at March 31, 2026. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.

Balance Sheet Information

As of March 31, 2026, cash, cash equivalents, U.S. Treasurys and liquid seed investments were $342.9 million, compared with $403.2 million as of December 31, 2025. As of March 31, 2026, stockholders' equity was $563.4 million, compared with $562.0 million as of December 31, 2025.

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Conference Call Information

Cohen & Steers will host a conference call on Friday, April 17, 2026 at 10:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. The accompanying presentation will be available on the company's website at www.cohenandsteers.com under “Company—Investor Relations—Earnings Archive.”

A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. Internet access to the webcast, which includes audio (listen-only), will be available on the company’s website at www.cohenandsteers.com under “Company—Investor Relations" under "Financials.” The webcast will be archived on the website for one month.

About Cohen & Steers

Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

# # # #

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Cohen & Steers, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
			Three Months Ended																		% Change From
			March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
Revenue:
Investment advisory and administration fees			$	136,826					$	135,890					$	126,771
Distribution and service fees			8,055						7,475						7,184
Other			758						438						512
Total revenue			145,639						143,803						134,467						1.3		%				8.3		%
Expenses:
Employee compensation and benefits			57,702						56,076						54,554
Distribution and service fees			16,337						25,670						15,189
General and administrative			18,904						19,212						17,169
Depreciation and amortization			2,574						2,535						2,357
Total expenses			95,517						103,493						89,269						(7.7		%)				7.0		%
Operating income			50,122						40,310						45,198						24.3		%				10.9		%
Non-operating income (loss):
Interest and dividend income			5,307						5,217						5,371
Gain (loss) from investments—net			1,011						(2,248)						3,553
Foreign currency gain (loss)—net			759						(991)						(1,172)
Total non-operating income (loss)			7,077						1,978						7,752						257.8		%				(8.7		%)
Income before provision for income taxes			57,199						42,288						52,950						35.3		%				8.0		%
Provision for income taxes			15,979						11,585						9,661
Net income			41,220						30,703						43,289						34.3		%				(4.8		%)
Net (income) loss attributable to noncontrolling  interests			1,148						4,176						(3,511)
Net income attributable to common stockholders			$	42,368					$	34,879					$	39,778					21.5		%				6.5		%
Earnings per share attributable to common  stockholders:
Basic			$	0.82					$	0.68					$	0.78					21.0		%				5.7		%
Diluted			$	0.82					$	0.68					$	0.77					21.6		%				6.1		%
Weighted average shares outstanding:
Basic			51,441						51,243						51,058
Diluted			51,595						51,639						51,418

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Vehicle
(in millions)
			Three Months Ended																		% Change From
			March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
Open-end Funds
Assets under management, beginning of period			$	43,437					$	44,421					$	40,962
Inflows			3,358						3,487						3,519
Outflows			(2,803)						(3,474)						(2,934)
Net inflows (outflows)			555						13						585
Market appreciation (depreciation)			1,155						(378)						1,033
Distributions			(306)						(535)						(282)
Transfers			—						(84)						—
Total increase (decrease)			1,404						(984)						1,336
Assets under management, end of period			$	44,841					$	43,437					$	42,298					3.2		%				6.0		%
Average assets under management			$	45,279					$	43,812					$	41,801					3.3		%				8.3		%
Institutional Accounts
Assets under management, beginning of period			$	35,060					$	34,711					$	33,563
Inflows			1,103						1,790						1,100
Outflows			(1,162)						(1,109)						(1,466)
Net inflows (outflows)			(59)						681						(366)
Market appreciation (depreciation)			1,184						(252)						853
Distributions			(156)						(164)						(164)
Transfers			—						84						—
Total increase (decrease)			969						349						323
Assets under management, end of period			$	36,029					$	35,060					$	33,886					2.8		%				6.3		%
Average assets under management			$	36,714					$	34,924					$	33,623					5.1		%				9.2		%
Closed-end Funds
Assets under management, beginning of period			$	12,047					$	11,765					$	11,289
Inflows			1						513						3
Outflows			—						—						—
Net inflows (outflows)			1						513						3
Market appreciation (depreciation)			375						(55)						257
Distributions			(165)						(176)						(154)
Total increase (decrease)			211						282						106
Assets under management, end of period			$	12,258					$	12,047					$	11,395					1.8		%				7.6		%
Average assets under management			$	12,368					$	12,015					$	11,354					2.9		%				8.9		%
Total
Assets under management, beginning of period			$	90,544					$	90,897					$	85,814
Inflows			4,462						5,790						4,622
Outflows			(3,965)						(4,583)						(4,400)
Net inflows (outflows)			497						1,207						222
Market appreciation (depreciation)			2,714						(685)						2,143
Distributions			(627)						(875)						(600)
Total increase (decrease)			2,584						(353)						1,765
Assets under management, end of period			$	93,128					$	90,544					$	87,579					2.9		%				6.3		%
Average assets under management			$	94,361					$	90,751					$	86,778					4.0		%				8.7		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management - Institutional Accounts
By Account Type
(in millions)
			Three Months Ended																		% Change From
			March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
Advisory
Assets under management, beginning of period			$	20,843					$	20,208					$	19,272
Inflows			708						1,055						597
Outflows			(498)						(404)						(705)
Net inflows (outflows)			210						651						(108)
Market appreciation (depreciation)			626						(100)						539
Transfers			—						84						—
Total increase (decrease)			836						635						431
Assets under management, end of period			$	21,679					$	20,843					$	19,703					4.0		%				10.0		%
Average assets under management			$	21,986					$	20,513					$	19,581					7.2		%				12.3		%
Subadvisory
Assets under management, beginning of period			$	14,217					$	14,503					$	14,291
Inflows			395						735						503
Outflows			(664)						(705)						(761)
Net inflows (outflows)			(269)						30						(258)
Market appreciation (depreciation)			558						(152)						314
Distributions			(156)						(164)						(164)
Total increase (decrease)			133						(286)						(108)
Assets under management, end of period			$	14,350					$	14,217					$	14,183					0.9		%				1.2		%
Average assets under management			$	14,728					$	14,411					$	14,042					2.2		%				4.9		%
Total Institutional Accounts
Assets under management, beginning of period			$	35,060					$	34,711					$	33,563
Inflows			1,103						1,790						1,100
Outflows			(1,162)						(1,109)						(1,466)
Net inflows (outflows)			(59)						681						(366)
Market appreciation (depreciation)			1,184						(252)						853
Distributions			(156)						(164)						(164)
Transfers			—						84						—
Total increase (decrease)			969						349						323
Assets under management, end of period			$	36,029					$	35,060					$	33,886					2.8		%				6.3		%
Average assets under management			$	36,714					$	34,924					$	33,623					5.1		%				9.2		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy
(in millions)
			Three Months Ended																		% Change From
			March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
U.S. Real Estate
Assets under management, beginning of period			$	43,503					$	44,153					$	42,930
Inflows			2,177						2,747						2,319
Outflows			(2,197)						(1,953)						(2,536)
Net inflows (outflows)			(20)						794						(217)
Market appreciation (depreciation)			1,457						(959)						1,250
Distributions			(371)						(453)						(362)
Transfers			—						(32)						(10)
Total increase (decrease)			1,066						(650)						661
Assets under management, end of period			$	44,569					$	43,503					$	43,591					2.5		%				2.2		%
Average assets under management			$	45,271					$	43,748					$	43,340					3.5		%				4.5		%
Preferred Securities
Assets under management, beginning of period			$	18,081					$	18,443					$	18,330
Inflows			850						956						847
Outflows			(717)						(1,290)						(923)
Net inflows (outflows)			133						(334)						(76)
Market appreciation (depreciation)			(183)						156						121
Distributions			(183)						(184)						(178)
Transfers			—						—						10
Total increase (decrease)			(233)						(362)						(123)
Assets under management, end of period			$	17,848					$	18,081					$	18,207					(1.3		%)				(2.0		%)
Average assets under management			$	18,182					$	18,242					$	18,380					(0.3		%)				(1.1		%)
Global/International Real Estate
Assets under management, beginning of period			$	14,273					$	14,520					$	13,058
Inflows			632						527						460
Outflows			(586)						(677)						(626)
Net inflows (outflows)			46						(150)						(166)
Market appreciation (depreciation)			51						(68)						242
Distributions			(9)						(61)						(5)
Transfers			—						32						—
Total increase (decrease)			88						(247)						71
Assets under management, end of period			$	14,361					$	14,273					$	13,129					0.6		%				9.4		%
Average assets under management			$	15,020					$	14,343					$	13,170					4.7		%				14.0		%

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Cohen & Steers, Inc. and Subsidiaries
Assets Under Management
By Investment Strategy - continued
(in millions)
			Three Months Ended																		% Change From
			March 31, 2026						December 31, 2025						March 31, 2025						December 31, 2025						March 31, 2025
Global Listed Infrastructure
Assets under management, beginning of period			$	11,456					$	10,521					$	8,793
Inflows			395						1,312						752
Outflows			(299)						(380)						(166)
Net inflows (outflows)			96						932						586
Market appreciation (depreciation)			1,091						96						407
Distributions			(54)						(93)						(46)
Transfers			—						—						(30)
Total increase (decrease)			1,133						935						917
Assets under management, end of period			$	12,589					$	11,456					$	9,710					9.9		%				29.6		%
Average assets under management			$	12,286					$	11,149					$	9,047					10.2		%				35.8		%
Other
Assets under management, beginning of period			$	3,231					$	3,260					$	2,703
Inflows			408						248						244
Outflows			(166)						(283)						(149)
Net inflows (outflows)			242						(35)						95
Market appreciation (depreciation)			298						90						123
Distributions			(10)						(84)						(9)
Transfers			—						—						30
Total increase (decrease)			530						(29)						239
Assets under management, end of period			$	3,761					$	3,231					$	2,942					16.4		%				27.8		%
Average assets under management			$	3,602					$	3,269					$	2,841					10.2		%				26.8		%
Total
Assets under management, beginning of period			$	90,544					$	90,897					$	85,814
Inflows			4,462						5,790						4,622
Outflows			(3,965)						(4,583)						(4,400)
Net inflows (outflows)			497						1,207						222
Market appreciation (depreciation)			2,714						(685)						2,143
Distributions			(627)						(875)						(600)
Total increase (decrease)			2,584						(353)						1,765
Assets under management, end of period			$	93,128					$	90,544					$	87,579					2.9		%				6.3		%
Average assets under management			$	94,361					$	90,751					$	86,778					4.0		%				8.7		%

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the company's internal management reports that are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Stockholders and Diluted Earnings per Share
			Three Months Ended
(in thousands, except per share data)			March 31, 2026						December 31, 2025						March 31, 2025
Net income attributable to common stockholders, U.S. GAAP			$	42,368					$	34,879					$	39,778
Seed investments—net (1)			(3,299)						(1,498)						(50)
Accelerated vesting of restricted stock units			(4)						(77)						369
Fund launch and rights offering costs			335						10,814						—
Other non-recurring expense (2)			—						—						616
Foreign currency (gain) loss—net			(759)						422						969
Tax effects of adjustments above			1,300						(2,062)						(438)
Tax effects of discrete tax items (3)			751						(760)						(2,891)
Net income attributable to common stockholders, as adjusted			$	40,692					$	41,718					$	38,353
Diluted weighted average shares outstanding			51,595						51,639						51,418
Diluted earnings per share, U.S. GAAP			$	0.82					$	0.68					$	0.77
Seed investments—net (1)			(0.06)						(0.03)						—			*
Accelerated vesting of restricted stock units			—			*			—			*			0.01
Fund launch and rights offering costs			0.01						0.21						—
Other non-recurring expense (2)			—						—						0.01
Foreign currency (gain) loss—net			(0.02)						0.01						0.02
Tax effects of adjustments above			0.03						(0.04)						(0.01)
Tax effects of discrete tax items (3)			0.01						(0.02)						(0.05)
Diluted earnings per share, as adjusted			$	0.79					$	0.81					$	0.75
_________________________ * Amounts round to less than $0.01 per share. (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025. (3)Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments.

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Reconciliations of U.S. GAAP to As Adjusted Financial Results

Revenue, Expenses, Operating Income and Operating Margin
(in thousands, except percentages)			Three Months Ended
			March 31, 2026						December 31, 2025						March 31, 2025
Revenue, U.S. GAAP			$	145,639					$	143,803					$	134,467
Fund related amounts (1)			(1,375)						(9)						(677)
Revenue, as adjusted			$	144,264					$	143,794					$	133,790
Expenses, U.S. GAAP			$	95,517					$	103,493					$	89,269
Fund related amounts (1)			(1,576)						(1,324)						(940)
Accelerated vesting of restricted stock units			4						77						(369)
Fund launch and rights offering costs			(335)						(10,814)						—
Other non-recurring expense (2)			—						—						(616)
Expenses, as adjusted			$	93,610					$	91,432					$	87,344
Operating income, U.S. GAAP			$	50,122					$	40,310					$	45,198
Fund related amounts (1)			201						1,315						263
Accelerated vesting of restricted stock units			(4)						(77)						369
Fund launch and rights offering costs			335						10,814						—
Other non-recurring expense (2)			—						—						616
Operating income, as adjusted			$	50,654					$	52,362					$	46,446
Operating margin, U.S. GAAP			34.4		%				28.0		%				33.6		%
Operating margin, as adjusted			35.1		%				36.4		%				34.7		%
__________________________ (1)Represents the impact of consolidated funds and expenses incurred on behalf of certain company-sponsored funds. (2)Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025.

Non-operating Income (Loss)
(in thousands)			Three Months Ended
			March 31, 2026						December 31, 2025						March 31, 2025
Non-operating income (loss), U.S. GAAP			$	7,077					$	1,978					$	7,752
Seed investments—net (1)			(2,352)						1,363						(3,824)
Foreign currency (gain) loss—net			(759)						422						969
Non-operating income (loss), as adjusted			$	3,966					$	3,763					$	4,897
_________________________ (1)Represents the impact of consolidated funds and the net effect of corporate seed investment performance.

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