What is the market's earnings forecast for Cohen & Steers next quarter?

What does Cohen & Steers do and what are its main business segments?

What is the revenue and EPS growth rate for Cohen & Steers year over year?

What is Cohen & Steers's gross profit margin?

What guidance did Cohen & Steers's management provide for the next earnings period?

What is Cohen & Steers's latest dividend and current dividend yield?

What factors drove the changes in Cohen & Steers's revenue and profit?

Did Cohen & Steers beat or miss consensus estimates last quarter?

- **Revenue & AUM Growth**: Q3 revenue up 4.2% to $141M, AUM expands to $90.9B (+3.5% QoQ).
- **Margin Expansion**: Operating margin improves to 36.1%, compensation ratio at 40.25% YTD.
- **Investment Success**: 93% of AUM outperforms 1-year benchmarks; ETFs lead peers by 490bps.
- **Pipeline Surge**: $1.75B one-unfunded pipeline, 66% allocated to U.S. REITs.
- **New Product Momentum**: $353M infrastructure fund offering, 2 new ETFs launching Q4.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 revenue increased 4.2% to $141 million, driven by higher AUM and stable fee rates. Effective fee rate remained at 59 basis points.
- **AUM Expansion**: Ending AUM reached $90.9 billion, up 3.5% from Q2, with market appreciation and net inflows contributing 1.7% and 1.8% respectively.
- **Operating Margin**: Expanded to 36.1% (vs. 33.6% in Q2), supported by flat expenses and lower G&A costs.
- **Expense Management**: Compensation ratio improved to 40.25% YTD, with G&A expected to grow 9% in 2025 (vs. 2024 levels). 2026 G&A growth projected at mid-single digits.
- **Liquidity**: $364 million in liquidity at quarter-end, up 12.7% from Q2.

**【CIO Investment Performance】**
- **Short-Term Performance**: 33% of AUM outperformed benchmarks in Q3, with global infrastructure leading (+10.7%) and U.S. REITs lagging (+1.4%).
- **Long-Term Track Record**: 93% of AUM outperformed 1-year benchmarks, with 3- and 5-year excess returns of 227bps and 216bps.
- **ETF Success**: Active ETFs outperformed peers by 490bps (resource equities), 124bps (preferreds), and 217bps (real estate), with AUM surpassing $200 million.
- **Market Outlook**: Bullish on real assets due to Fed rate cuts, AI-driven CapEx, and supply-demand dynamics in natural resources.

**【CEO Business Updates】**
- **Net Flows**: Q3 net inflows of $233 million (YTD: $325M), with open-end funds (+$768M) offsetting institutional outflows (-$537M).
- **Pipeline Growth**: One-unfunded pipeline surged to $1.75 billion (Q2: $776M), 66% allocated to U.S. REITs.
- **New Products**: $353M raised in infrastructure closed-end fund rights offering, with 2 new ETFs launching in Q4.
- **Private Real Estate**: $236M raised for first drawdown fund, with nontraded REIT performing industry-leading 12.7% YTD.

**【Q&A Highlights】**
- **U.S. REIT Demand**: Wealth channel inflows driven by rate cuts and REIT valuation normalization. Institutional pipeline strength (+$1.75B) signals broader allocation shift.
- **Cash Allocation**: Expected flows into inflation-sensitive strategies (infrastructure, natural resources) and short-duration preferreds as rates decline.
- **Comp Ratio**: 2025 guidance of 40.25% expected to hold, with 2026 trends dependent on market performance and new product revenue generation.

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