COHEN & STEERS Business Summary

Cohen & Steers, Inc. (CNS) is a premier global investment manager specializing in liquid and private real assets, including real estate investment trusts (REITs), listed infrastructure, resource equities, and commodities, alongside alternative income solutions like preferred securities. The firm generates revenue primarily through tiered management fees calculated as a percentage of assets under management (AUM), supplemented by performance-based fees and distribution service fees. Its business is diversified across three primary segments: Institutional Accounts (Advisory and Subadvisory), Open-end Funds, and Closed-end Funds. As of February 2026, the firm manages approximately $93.1 billion in AUM, positioning itself as a dominant specialist in the real assets space. CNS competes directly with diversified asset managers such as T. Rowe Price Group, Victory Capital, and Virtus Investment Partners, maintaining a distinct market position through its concentrated focus on inflation-sensitive and income-oriented strategies. Founded in 1986 by real estate pioneers Martin Cohen and Robert Steers, the firm is currently led by CEO Joseph M. Harvey, a Princeton-educated veteran who joined in 1992 and previously served as President and CIO. The leadership team was further strengthened in January 2025 with the promotion of Jon Cheigh to President and Chief Investment Officer; Cheigh, a University of Chicago MBA, previously spearheaded the firm's global real estate strategies. Other key executives include Interim CFO Michael Donohue, formerly of Hamilton Lane, and Head of Global Distribution Daniel Noonan, who joined from Nuveen in late 2025. The firm’s strategic direction is overseen by a board featuring independent directors such as Frank T. Connor and Dasha Smith, with significant institutional backing from major shareholders including BlackRock and The Vanguard Group.