In its Q2 2026 filing, Cohen & Steers reports the operational impact of market-driven changes in AUM on fee-based revenue, reflecting typical industry sensitivity to asset valuations. The company’s increasing emphasis on active ETFs alongside legacy closed-end and open-end funds offers some revenue stability despite market headwinds. Its recent amendment of a $100 million revolving credit facility extends financial flexibility, ensuring resilience amid fee pressure and client contract risks. Monitoring net inflows and client retention will be key to confirming a durable recovery trajectory.