Cohen & Steers Inc (NYSE: CNS) is an asset management company that specializes in real assets and alternative income strategies, serving as investment adviser to open-end funds, closed-end funds, and institutional accounts. Revenue is generated primarily through investment advisory fees calculated as a percentage of assets under management across these vehicles. The firm's product lineup includes U.S. and non-U.S. open-end funds, active exchange-traded funds, a non-traded REIT (Cohen & Steers Income Opportunities REIT, Inc., or CNSREIT), and model portfolio services for third-party investment vehicles. As of the 10-K filed February 27, 2026, CNS had launched three active ETF strategies covering U.S. real estate securities, preferred securities, and natural resource equities, with an initial launch in 2025. The firm operates as a specialist manager concentrated in real estate securities, preferred securities, and natural resource equities rather than as a broad multi-asset manager.

Revenue model

Investment advisory fees based on a percentage of assets under management across open-end funds, closed-end funds, institutional accounts, and model portfolio mandates. Fee rates vary by vehicle type and strategy.

Products and services

U.S. and non-U.S. open-end funds; active ETFs in U.S. real estate securities, preferred securities, and natural resource equities (launched 2025); Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT), a non-traded REIT; model portfolio services for third-party investment vehicles; closed-end funds.

Customers and end markets

Investors in open-end funds (retail and institutional); institutional clients receiving model portfolios via third-party investment vehicles; investors in CNSREIT; ETF investors. End markets center on real estate securities, preferred securities, and natural resource equities.

Value-chain role

Investment adviser and portfolio manager. CNS constructs and manages portfolios, sets investment strategy, and provides model portfolios to third-party vehicle managers.

Geographic exposure

Serves both U.S. and non-U.S. open-end fund investors based on filing excerpts. Specific geographic revenue breakdown not supported by available excerpts.

Source: SEC 10-K, filed 2026-02-27

Industry: Investment Advice Peers: Affiliated Managers Group Inc AllianceBernstein Holding LP Blackstone Secured Lending Fund Blackstone Inc Federated Hermes Inc Hamilton Lane Inc Main Street Capital Corp Prospect Capital Corp StepStone Group Inc