Cohen & Steers (CNS) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, April 17, 2026 astatine 10:38 AM CDT 26 min read

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Friday, April 17, 2026 astatine 10 a.m. ET

• Chief Executive Officer — Joseph Martin Harvey

• President and Chief Investment Officer — Jon Young Cheigh

• Chief Financial Officer — Michael Donohue

• Operator

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Michael Donohue: As a effect of the year-to-date compensation accrual true-up to actual, that reduced compensation disbursal successful Q4. The compensation ratio for the 4th was 40%, which was successful enactment with the guidance we provided. Distribution and work fees disbursal was up owed to the accrued mean AUM, and G&A disbursal remained accordant with the anterior quarter. Regarding taxes, our effectual complaint was 25.5% for the 4th connected an as-adjusted basis. Our net worldly presents liquidity astatine the extremity of Q1 and anterior quarters. Our liquidity totaled $343 cardinal astatine quarter-end, which represents a alteration of $60 cardinal versus the anterior period.

This quarterly alteration successful liquidity is successful enactment with anterior years and driven by the yearly inducement compensation rhythm for the firm, which occurs successful Q1. Let maine present interaction connected a fewer items regarding guidance for the remainder of 2026. With respect to compensation and benefits, we would expect our compensation ratio to stay astatine 40% arsenic we experienced successful Q1. We expect G&A to summation successful the mid-single digits for the twelvemonth arsenic compared to the anterior year. Lastly, regarding 2026 guidance, we expect our effectual taxation complaint to stay accordant astatine 25.5% connected an as-adjusted basis. I volition present crook the telephone implicit to Jon Young Cheigh who volition pb treatment of our concern performance.

Jon Young Cheigh: Thank you, Mike, and bully morning. Today, I would similar to screen 3 topics: our show scorecard, our 2026 outlook fixed caller geopolitical events, and last, our semipermanent structural presumption of the economy, the marketplace regime, and immoderate plus allocation implications for investors. Beginning with our show scorecard, we proceed to physique connected our grounds of accordant semipermanent outperformance. On a one-year basis, 86% of our AUM has outperformed its benchmark, portion our three- and five-year outperformance rates are some supra 97%. 95% of our open-end money AUM is rated 4 oregon 5 stars by Morningstar, which is up from 90% past quarter. In short, we proceed to conscionable our superior nonsubjective of providing outstanding semipermanent show for our investors.

Turning to the concern environment, coming into 2026, we expected some an acceleration and a rebalancing of planetary growth, with a corresponding broadening of marketplace leadership. While that outlook was spot connected aboriginal successful the year, the existent Middle East struggle whitethorn person brought that marketplace enactment displacement into question. U.S. and planetary REITs were some up astir 10% done February, good up of flattish equity markets, arsenic we saw marketplace rotation into the comparative laggards of the past respective years. While events successful March erased immoderate of those gains, REITs inactive posted affirmative implicit show for the 4th with U.S. and planetary REITs up astir 41%, respectively. Listed infrastructure show was resilient, up 8% for the quarter.