A global investment manager focused on real assets and alternative income, Cohen & Steers runs open-end funds, active ETFs, institutional accounts, and closed-end funds for pensions, insurers, private banks, and wirehouses. It was founded in 1986 by Martin Cohen and Robert Steers, who had earlier managed the first real estate securities mutual fund in the U.S. and named the firm after themselves. The company pioneered giving everyday investors access to REITs, a market that was then little understood.
AUM crossed $100B for the first time as net inflows extended the organic recovery to a fourth consecutive quarter.
Cohen & Steers crossed $100 billion in for the first time. rose 12.2% to $152.7 million and expanded 2.7 points to 34.6%, driven by $2.0 billion in net inflows into open-end funds and $4.3 billion in market appreciation. The company enters the second half of 2026 with its highest-ever AUM base and a fourth straight quarter of , though illiquid have grown to $152.9 million and remain unhedged.
Key takeaways
rose 12.6% to $100.1 billion, crossing the $100 billion mark for the first time, as $2.0 billion in open-end fund net inflows and $4.3 billion in market appreciation more than offset modest institutional net outflows of $216 million.
rose 12.2% to $152.7 million, with investment advisory and administration fees up 12.2% on higher average across vehicle types.
expanded to 34.6% from 31.8% a year ago, as the 12.2% increase outpaced a 7.7% rise in expenses tied to higher incentive compensation and fund offering costs.
Section summaries
Management's Discussion and Analysis
AUM rose 12.6% to $100.1B, driving 12.2% revenue growth; operating margin expanded to 34.6% on positive operating leverage.
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Total increased 12.2% to $152.7M for Q2 2026, driven by a 12.2% rise in investment advisory and administration fees on higher average .
Open-end funds led growth with $2.0B in net inflows and $4.3B in market appreciation, while institutional accounts saw modest net outflows of $216M.
U.S. Real Estate was the top strategy, adding $6.0 billion in over the first six months of 2026 from $5.9 billion in market appreciation and $863 million in net inflows.
rose 33.9% to $49.3 million, and increased 31.9% to $0.95.
Net liquid assets stood at $355.3 million, supported by $159.3 million in U.S. Treasury securities and $135.8 million in liquid , with $38.5 million in unfunded investment commitments.
What changed
The Q3 2025 return to net outflows proved to be a single-quarter pause: net inflows resumed in Q4 2025 and have now extended to four consecutive quarters, with Q2 2026 adding $2.0 billion in open-end fund net inflows alone.
The $100.1 billion base entering Q3 2026 is the highest in the company's history, up from $90.9 billion a year ago and $93.1 billion last quarter, settling the question of whether the organic recovery could sustain itself beyond the initial turn in early 2025.
Illiquid rose to $152.9 million from $107.1 million at year-end 2025, increasing the company's unhedged exposure to private real estate valuation risk beyond the levels flagged in prior filings.
The active ETFs launched in early 2025 have not yet been cited as a source of organic inflows; seed investment purchases continue to pressure , which swung to a use of $51.4 million in Q1 2026 before rebounding to $67.4 million in Q2 2026.
What to watch
Whether the $100.1 billion base entering Q3 2026 translates into a further sequential increase in investment advisory fees, and whether the effective fee rate on open-end funds holds as AUM composition evolves.
The trajectory of net flows after four consecutive quarters of —specifically whether institutional accounts, which saw $216 million in net outflows in Q2, stabilize or deteriorate.
The performance and carrying value of the $152.9 million in illiquid , which are unhedged, and the timing of capital calls on the $38.5 million in remaining unfunded commitments.
Whether the active ETFs begin to generate organic inflows that diversify the base, or whether seed investment purchases continue to pressure .
U.S. Real Estate was the top strategy, adding $6.0B in over six months from $5.9B in market appreciation and $863M in net inflows.
improved to 34.6% from 31.8% as growth outpaced a 7.7% expense increase, which was driven by higher incentive compensation and fund offering costs.
Net liquid assets remained strong at $355.3M, supported by $159.3M in U.S. Treasury securities and $135.8M in liquid .
The company declared a quarterly of $0.67 per share and has $38.5M in unfunded investment commitments as of June 30, 2026.
For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.
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For information regarding our legal proceedings, see Note 11, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this report.
For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part I,…
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For a discussion of the potential risks and uncertainties associated with our business, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the Form 10-K). There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Form 10-K.