Financial Analysis

Commitments and Contingencies From time to time, the Company may be involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position. The Company has committed to invest up to a total of $175.0 million in certain of our investment vehicles. As of June 30, 2026, the Company had funded $136.5 million of these commitments. The timing for funding the remaining portion of our commitments is uncertain.

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The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Client domicile: North America $ 133,871 $ 118,644 $ 261,635 $ 235,924 Japan 7,472 7,595 14,989 15,402 Europe, Middle East and Africa 6,552 5,601 12,208 10,791 Asia Pacific excluding Japan 4,835 4,286 9,537 8,476 Total $ 152,730 $ 136,126 $ 298,369 $ 270,593 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Investment vehicle: Open-end funds $ 88,943 $ 78,194 $ 172,806 $ 155,548 Institutional accounts 35,752 32,854 70,294 65,021 Closed-end funds 28,035 25,078 55,269 50,024 Total $ 152,730 $ 136,126 $ 298,369 $ 270,593

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Fair Value The following tables present assets and liabilities measured at fair value on a recurring basis: June 30, 2026 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 30,224 $ $ $ $ 30,224 Equity investments at fair value: Equity securities $ 122,228 $ 119,034 $ $ 144 $ 241,406 Limited partnership interests 84,682 3,492 88,174 Total 122,228 119,034 84,682 3,636 329,580 Trading investments: Fixed income 223,455 223,455 Equity method investments 9 9 Total investments $ 122,228 $ 342,489 $ 84,682 $ 3,645 $ 553,044 Derivatives - assets: Total return swaps $ $ 1,924 $ $ $ 1,924 Forward contracts - foreign exchange 224 224 Total $ $ 2,148 $ $ $ 2,148 Derivatives - liabilities: Total return swaps $ $ 945 $ $ $ 945 Forward contracts - foreign exchange 3 3 Total $ $ 948 $ $ $ 948 December 31, 2025 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV Total Cash equivalents $ 105,706 $ $ $ $ 105,706 Equity investments at fair value: Equity securities $ 118,553 $ 80,868 $ $ 138 $ 199,559 Limited partnership interests 65,335 6,140 71,475 Total 118,553 80,868 65,335 6,278 271,034 Trading investments: Fixed income 165,443 165,443 Equity method investments 8 8 Total investments $ 118,553 $ 246,311 $ 65,335 $ 6,286 $ 436,485 Derivatives - assets: Total return swaps $ $ 353 $ $ $ 353 Forward contracts - foreign exchange 433 433 Total $ $ 786 $ $ $ 786 Derivatives - liabilities: Total return swaps $ $ 1,964 $ $ $ 1,964 Forward contrac …

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Income Taxes The provision for income taxes includes U.S. federal, state, local and foreign taxes. A reconciliation of the Companys statutory federal income tax rate to the effective income tax rate is summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 3.0 3.0 3.0 2.9 Nontaxable or nondeductible items: Nondeductible executive compensation 1.6 1.5 1.4 2.2 Excess tax deficiencies (benefits) related to the vesting and delivery of restricted stock units * 0.4 0.8 (3.1) Valuation allowance (0.8) (0.2) (0.5) (0.2) Changes in unrecognized tax benefits 0.1 (0.5) 0.1 (0.5) Effect of cross-border tax laws 0.1 * 0.1 * Foreign tax effects * (0.4) 0.1 (0.2) Other * (0.1) 0.1 * Effective income tax rate 25.0 % 24.7 % 26.1 % 22.1 % _________________________ * Percentage rounds to less than 0.1%. …

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"New Accounting Pronouncements Not Yet Implemented In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . The standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This new guidance will be effective on January 1, 2027 for annual reporting and January 1, 2028 for interim reporting. The Company does not expect the adoption of this new standard will have a material impact on the Company's condensed consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use-Software . The ASU provides targeted amendments to modernize the accounting framework for internal-use software development, including the removal of the traditional ""development stage"" model and the introduction of a more principles-based approach to capitalization. Under the new guidance, companies may begin capitalizing internal-use software costs when: management with the relevant authority authorizes and commits to funding the software project and it is probable that the project will be completed, and the software will be used to perform its inte …

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Related Party Transactions The Company is an investment adviser, has administration agreements with and provides services to Company-sponsored funds and investment products for which certain employees are officers and/or directors. See discussion of commitments to Company-sponsored vehicles in Note 11, Commitments and Contingencies . The following table summarizes revenue earned from these affiliated funds: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Investment advisory and administration fees $ 105,976 $ 93,252 $ 206,037 $ 185,144 Distribution and service fees 7,919 7,166 15,974 14,350 Total $ 113,895 $ 100,418 $ 222,011 $ 199,494 The following table summarizes outstanding balances with related parties: (in thousands) June 30, 2026 December 31, 2025 Receivables from Company-sponsored funds $ 41,222 $ 39,118 Amounts due from CNSREIT (1) $ 11,871 $ 10,833 Payables to Company-sponsored funds $ 437 $ 653 ________________________ (1) Amounts related to services already provided of $3.8 million and $3.0 million as of June 30, 2026 and December 31, 2025, respectively, are included in accounts receivable; the remaining amounts of $8.1 million and $7.8 million as of June 30, 2026 and December 31, 2025, respectively, are included in other assets.

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Revenue The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Client domicile: North America $ 133,871 $ 118,644 $ 261,635 $ 235,924 Japan 7,472 7,595 14,989 15,402 Europe, Middle East and Africa 6,552 5,601 12,208 10,791 Asia Pacific excluding Japan 4,835 4,286 9,537 8,476 Total $ 152,730 $ 136,126 $ 298,369 $ 270,593 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Investment vehicle: Open-end funds $ 88,943 $ 78,194 $ 172,806 $ 155,548 Institutional accounts 35,752 32,854 70,294 65,021 Closed-end funds 28,035 25,078 55,269 50,024 Total $ 152,730 $ 136,126 $ 298,369 $ 270,593

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Segment Information The Company provides investment management and related services to various investment vehicles and client accounts. The Company uses a consolidated approach to assess performance and allocate resources and as such operates in a single reportable segment. The Companys Executive Committee is the chief operating decision maker (CODM) and regularly receives financial information and management reports that are prepared on a consolidated basis. The CODM uses net income as reported on the condensed consolidated statements of operations, total assets as reported on the condensed consolidated statements of financial condition and other metrics to monitor performance against specific business objectives, evaluate performance against peers and benchmarks, manage expenses and allocate capital. The CODM receives expense information prepared on the same basis as the Companys condensed consolidated statements of operations and is not provided with any financial measures that differ from those used in the condensed consolidated financial statements. …

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Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On July 15, 2026, the Company completed a rights offering for its closed-end fund, Cohen & Steers Quality Income Realty Fund, Inc. The offering raised approximately $220 million in proceeds, including leverage, for the fund. The Company expects to incur additional costs of approximately $5.5 million in connection with the offering. On July 30, 2026, the Company declared a quarterly dividend on its common stock in the amount of $0.67 per share. This dividend will be payable on August 20, 2026 to stockholders of record at the close of business on August 10, 2026.

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