Cohen & Steers Posts Fifth Straight Organic Growth Quarter

The Tip Desk · October 15, 2026 · 3 min read

The real-asset manager recorded $1.6 billion of net inflows, its strongest quarter since the fourth quarter of 2021, as average AUM reached $101.1 billion.

Cohen & Steers, Inc. (CNS) recorded $1.6 billion of firmwide net inflows in the quarter ended September 30, 2026, the strongest inflow quarter since the fourth quarter of 2021 and a step-up from $1.3 billion in the prior quarter. Chief Executive Officer Joseph M. Harvey said the firm generated its fifth consecutive quarter of organic growth, with positive contributions across a broad range of strategies, vehicles and client channels.

Assets under management ended at $95.9 billion, down 4.2% from $100.1 billion at June 30, 2026, after $5.1 billion of market depreciation and $632 million of distributions, partially offset by the $1.6 billion of net inflows. Average AUM was $101.1 billion, up 2.1% from the end of the second quarter.

GAAP revenue was $157.4 million, up approximately 3% from $152.7 million in the second quarter, which the company attributed to higher average AUM and one additional day. Adjusted revenue was $156.4 million. GAAP diluted earnings were $0.81 a share, versus $0.95 in the second quarter, when a $14.2 million net gain from investments lifted results. Adjusted diluted earnings were $0.89 a share. GAAP operating margin compressed to 32.4% from 34.6%; adjusted operating margin expanded to 37.2% from 36.3%.

GAAP total operating expenses increased 6.4% from the second quarter, primarily due to distribution and service fees associated with the Cohen & Steers Quality Income Realty Fund, Inc. (RQI) rights offering. Adjusted total operating expenses increased 1.7%, primarily due to higher employee compensation and benefits in line with the increase in revenues.

Wealth remained the inflow engine. Wealth AUM ended at $47.7 billion with $1.3 billion of net inflows. Mutual funds ended at $40.0 billion with $727 million of net inflows. ETFs ended at $1.31 billion with $274 million of net inflows. SICAVs ended at $2.23 billion with $290 million of net inflows. Other wealth vehicles ended at $4.2 billion. Institutional AUM ended at $36.2 billion with $49 million of net inflows, versus a $157 million net outflow in the second quarter. Closed-end funds ended at $12.0 billion with $204 million of net inflows.

By strategy, real estate AUM ended at $61.6 billion with $684 million of net inflows. Preferred securities ended at $18.1 billion with $282 million of net inflows. Global listed infrastructure ended at $12.5 billion with $224 million of net inflows. Multi-strategy real assets ended at $3.72 billion with $361 million of net inflows.

In August, the firm launched Cohen & Steers Real Assets Active ETF (CSRA), increasing active ETF offerings to seven funds. The Cohen & Steers Real Estate Opportunities Fund acquired two additional properties, and Cohen & Steers Income Opportunities REIT, Inc. acquired an additional shopping center, bringing that fund to twelve properties. In July, the company appointed Erik Schneberger as Chief Marketing Officer. International work included funding its first Singaporean and Philippine clients, onboarding a Short Duration Hybrid Credit & Income SICAV with a major multinational bank in Asia, and an RSMR “Best Specialist Fund” award for the Diversified Real Assets SICAV.

Cash, cash equivalents, U.S. Treasurys and liquid seed investments were $387.8 million as of September 30, 2026. The Board declared a $0.67 quarterly dividend per share, paid on August 20, 2026. Harvey said demand for real assets is broadening and that investments in new vehicles and global distribution are expanding how clients can access the firm’s capabilities.