Cohen & Steers’ fourth quarter results met Wall Street’s expectations for both revenue and non-GAAP earnings, but the market responded negatively due to a significant decline in operating margin. Management pointed to higher general and administrative expenses, largely driven by business development and talent acquisition, as a key reason for the margin compression. CEO Joseph Harvey highlighted continued net inflows and stable fee rates across most vehicles, while also acknowledging that U.S. REIT strategies underperformed other asset classes. CFO Michael Donohue noted, “Total expenses were higher compared to the prior quarter, primarily due to increased G&A expense.”

Is now the time to buy CNS? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Cohen & Steers’s Q4 Earnings Call

• John Dunn (Evercore ISI) asked about improving demand for private real estate and whether it could contribute significantly in 2026. CEO Joseph Harvey said early signs are positive, citing more investor interest as private credit faces challenges, but noted the transition will unfold gradually.
• John Dunn (Evercore ISI) inquired about the scalability of active ETFs versus traditional vehicles. Harvey responded that established strategies in ETF format are gaining momentum quickly, with milestones and adoption rates accelerating, especially for REIT ETFs.
• Rodrigo Ferreira (Bank of America) requested an update on institutional channel progress. Harvey described a broader and deeper pipeline, with expanded mandates across geographies, driven by persistent inflation and improving liquidity among allocators.
• Rodrigo Ferreira (Bank of America) asked about the increasing intra-quarter funding of new mandates. Harvey explained that recent upticks reflect a broader business dynamic rather than a structural change.
• Macrae Sykes (Gabelli) questioned demand trends for active ETFs among RIAs, retail, and institutional clients. Harvey noted RIAs are leading adoption, with some existing clients migrating from open-end funds, and additional opportunities pending wirehouse onboarding.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will be monitoring (1) the pace of adoption and scale for active ETFs and new product vehicles, (2) progress in expanding institutional and geographic distribution—especially in Asia and the Middle East, and (3) signs of improved operating leverage as expense growth moderates. Additionally, we will track the impact of shifting client allocations between private credit and real estate on net inflows.

Cohen & Steers currently trades at $63.94, down from $68.78 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

The Best Stocks for High-Quality Investors

If your portfolio success hinges on just 4 stocks, your wealth is built on fragile ground. You have a small window to secure high-quality assets before the market widens and these prices disappear.

Don’t wait for the next volatility shock. Check out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.