Cohen & Steers ended September with $95.9 billion in assets under management. With average AUM up 12.7% and the firm's realization rate down slightly year over year, third-quarter adjusted revenue rose 11.0%. Adjusted operating margin increased 105 basis points year over year to 37.2%.
A reputation for successful REIT investing has allowed Cohen & Steers to tap into demand for listed alternatives offering diversification from more traditional fund offerings.
Bears
Given the firm's heavier exposure to real estate-related investments, Cohen & Steers lives and dies by the state of commercial real estate markets and the specialty finance firms that make a living from them.
Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests primarily in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for nearly two-thirds of its $102.5 billion in managed assets at the end of July 2026. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. The firm's distribution is balanced among its closed-end funds, open-end funds, and institutional accounts. During the past four calendar quarters, the company garnered 39% (25%) of its managed assets (base management fees) from institutional clients, 48% (55%) from open-end funds, and 13% (20%) from closed-end funds.