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Cohen & Steers

Logo: Cohen & Steers, Public domain, via Wikimedia Commons5

American Investment Management company

Cohen & Steers is an American investment management company. It focuses on investments in real estate securities via real estate investment trusts (REIT) and alternative income via preferred securities.3 It is headquartered in New York, United States.1 Its shares trade on NYSE under the symbol CNS.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerCNS on NYSE1
  • IndustryInvestment Advice1
  • HeadquartersNew York, United States1
  • Websitewww.cohenandsteers.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address1166 Avenue Of The Americas, 30Th Floor, New York, Ny 100366
  • Filer categoryLarge accelerated filer6
  • LEI549300XXIA338A0X2K654
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 37782274

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Marsh & McLennan Headquarters at 1166 Avenue of the Americas
Photo: Americasroof ( talk ), CC BY-SA 3.0, via Wikimedia Commons9

Cohen & Steers is an American investment management company. It focuses on investments in real estate securities via real estate investment trusts (REIT) and alternative income via preferred securities.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

32.0%Operating margin10
27.6%Net margin10
7.5%Revenue growth, 202510
27.3%Return on equity10
-$126.4MFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Investment Advice brought in 54% of the revenue Cohen & Steers broke down this way in fiscal 2025.

  1. Investment Advice$524.8M1054%up 8% from 2024
  2. Open-End Investment Funds$320.2M1033%up 11% from 2024
  3. Closed-End Investment Funds$103.2M1011%up 3% from 2024
  4. Financial Service$29.3M103%up 4% from 2024
  5. Financial Service, Other$1.9M100%down 12% from 2024
Products and services by year
Products and services202320242025
Investment Advice$459.4M$487.1M$524.8M
Open-End Investment Funds$269.7M$288.4M$320.2M
Closed-End Investment Funds$96.3M$100.0M$103.2M
Financial Service$28.2M$28.1M$29.3M
Financial Service, Other$2.0M$2.2M$1.9M

Regions

North America brought in 87% of the revenue Cohen & Steers broke down this way in fiscal 2025.

  1. North America$484.2M1087%up 8% from 2024
  2. Japan$31.1M106%down 2% from 2024
  3. Europe$23.4M104%up 13% from 2024
  4. Asia Excluding Japan$17.4M103%up 12% from 2024
Regions by year
Regions202320242025
North America$423.1M$449.4M$484.2M
Japan$31.9M$31.7M$31.1M
Europe$21.4M$20.7M$23.4M
Asia Excluding Japan$13.2M$15.6M$17.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs72¢$402.9M
  • Profit28¢$153.2M

Out of $556.1M in revenue.10

Financial statements

Revenue11121310$556.1M in 2025+35% since 2019
0$200.0M$400.0M$600.0M2019: $410.8M$410.8M20192020: $427.5M$427.5M2020+4%2021: $583.8M$583.8M2021+37%2022: $566.9M$566.9M2022−3%2023: $489.6M$489.6M2023−14%2024: $517.4M$517.4M2024+6%2025: $556.1M$556.1M2025+7%
Operating income1415121310$177.7M in 2025+11% since 2019
0$100.0M$200.0M$300.0M2019: $160.1M$160.1M20192020: $95.1M$95.1M2020−41%2021: $260.4M$260.4M2021+174%2022: $215.9M$215.9M2022−17%2023: $164.5M$164.5M2023−24%2024: $172.9M$172.9M2024+5%2025: $177.7M$177.7M2025+3%
Net income1415121310$153.2M in 2025+14% since 2019
0$100.0M$200.0M$300.0M2019: $134.6M$134.6M20192020: $76.6M$76.6M2020−43%2021: $211.4M$211.4M2021+176%2022: $171.0M$171.0M2022−19%2023: $129.0M$129.0M2023−25%2024: $151.3M$151.3M2024+17%2025: $153.2M$153.2M2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Total revenue$556.1M$517.4M$489.6M
Employee compensation and benefits$224.5M$218.0M$200.2M
Distribution and service fees$72.9M$57.1M$54.2M
General and administrative$71.2M$60.1M$66.7M
Depreciation and amortization$9.8M$9.3M$4.1M
Total expenses$378.4M$344.5M$325.2M
Operating income (loss)$177.7M$172.9M$164.5M
Interest and dividend incomenet$22.0M$19.3M$14.6M
Gain (loss) from investmentsnet$8.7M$16.6M$4.3M
Foreign currency gains (losses)net-$3.8M$738.0K-$3.1M
Total non-operating income (loss)$26.9M$36.7M$15.8M
Total income before provision for income taxes$204.6M$209.5M$180.3M
Income tax expense and effective income tax rate$47.2M$46.7M$43.6M
Net income$157.4M$162.8M$136.6M
Net (income) loss attributable to redeemable noncontrolling interest-$4.2M-$11.5M-$7.6M
Net income attributable to common stockholders$153.2M$151.3M$129.0M
Basic (in dollars per share)$2.99$3.00$2.62
Diluted (in dollars per share)$2.97$2.97$2.60
Basic (shares)51.2M shares50.4M shares49.3M shares
Diluted (shares)51.5M shares50.9M shares49.6M shares

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Corporate structure

Cohen & Steers sits at the top of its group. 65 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Cohen & Steers

  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Cohen & Steers, latest Mar 26, 2026 (6 filings since Feb 9, 2022)
  • Martin Cohen Filed SCHEDULE 13G/A on Cohen & Steers, latest Apr 21, 2025 (4 filings since Feb 10, 2022)
  • WASATCH ADVISORS LP Filed SCHEDULE 13G/A on Cohen & Steers, latest Feb 11, 2025 (2 filings since Nov 13, 2024)
  • BlackRock Filed SC 13G on Cohen & Steers, latest Nov 8, 2024 (2 filings since Oct 22, 2024)
  • BAMCO INC /NY/ Filed SC 13G/A on Cohen & Steers, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • Robert Hamilton Steers Filed SC 13G/A on Cohen & Steers, latest Feb 13, 2024 (3 filings since Feb 10, 2022)

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (57 companies). Each entity in the chart links to its source.

What it owns

What Cohen & Steers reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$99.8M10 Dec 31, 2025$94.3M10 Dec 31, 2024+5.8%
Accumulated depreciation$34.7M10 Dec 31, 2025$25.7M10 Dec 31, 2024+34.9%
Property and equipment, net$65.1M10 Dec 31, 2025$68.6M10 Dec 31, 2024−5.2%
Operating-lease assets (leased space)$97.3M10 Dec 31, 2025$99.2M10 Dec 31, 2024−1.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$145.5M10 Dec 31, 2025$183.0M10 Dec 31, 2024−20.5%
Equity securities at fair value$271.0M10 Dec 31, 2025$208.4M10 Dec 31, 2024+30.0%
Stakes in other companies (equity method)$8.0K10 Dec 31, 2025$13.0K10 Dec 31, 2024−38.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$18.8M10 Dec 31, 2025$17.5M10 Dec 31, 2024+7.3%
Indefinite-lived intangibles (excluding goodwill)$1.2M10 Dec 31, 2025$1.2M10 Dec 31, 20240%

Properties, in its own words

Our principal executive office is located in leased office space at 1166 Avenue of the Americas, New York, New York. In addition, we have leased office space in London, Dublin, Hong Kong, Tokyo and Singapore.

Item 2 of the 10-K filed Feb 27, 2026.19

The story

Cohen & Steers was founded in 1986 by Martin Cohen and Robert Steers. Prior to founding the company, both worked at the National Securities and Research Corporation. There, in 1985, they organized and managed the first real estate securities mutual fund in the United States, the National Real Estate Stock Fund.

Cohen & Steers is considered a pioneer in developing the securitised real estate sector and to this day remains a leader in it. However, Cohen & Steers has diversified by expanding into other investments, such as preferred securities and real assets starting in 2003 and 2012 respectively.

In August 2004, Cohen & Steers completed its initial public offering to become a listed company on the New York Stock Exchange, raising $104.3 million.

In 2016, Cohen retired from day-to-day management of the company.

In 2021, Cohen & Steers established a private real estate business, expanding its real estate investment platform beyond publicly-traded securities. That year the company's assets under management figure surpassed $100 billion.

In November 2021, Steers announced he would be steeping down from his position as CEO and would be succeeded by Joseph Harvey.

From Wikipedia’s article on Cohen & Steers, shared under CC BY-SA 4.0.7

Leadership

Who has led Cohen & Steers, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert Hamilton Steers2006–2022
  2. Joseph M. Harvey2021–now

Chair

  1. Robert Hamilton Steers2006–now

President

  1. Joseph M. Harvey2006–2024
  2. Jon Cheigh2025–now

Chief financial officer

  1. Matthew S. Stadler2006–2024
  2. Raja A. Dakkuri2024–2025
  3. Michael J. Donohue2025–2026
  4. Amit Muni2026–now

Chief operating officer

  1. Adam M. Derechin2006–now
2010201520202025
Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Cohen & Steers Asia Limited Hong Kong8
  • Cohen & Steers Capital Management, Inc. New York8
  • Cohen & Steers Ireland Limited Ireland8
  • Cohen & Steers Japan Limited Japan8
  • Cohen & Steers Securities, LLC Delaware8
  • Cohen & Steers Singapore Private Limited Singapore8
  • Cohen & Steers UK Limited United Kingdom8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • COHEN & STEERS INCMar 30, 2004 to Aug 6, 20196

Timeline

  1. Oct 15, 20268-K Results of operations59
  2. Jul 16, 20268-K Results of operations60
  3. May 21, 20268-K Executive or director change; Regulation FD disclosure61
  4. May 4, 20268-K Shareholder vote62
  5. Apr 16, 20268-K Results of operations63
  6. Jan 22, 20268-K Results of operations64
  7. Oct 16, 20258-K Results of operations65
  8. Sep 15, 20258-K Executive or director change; Regulation FD disclosure66
  9. Aug 15, 20258-K Entered a material agreement; New debt or obligation67
  10. Jul 17, 20258-K Results of operations68
  11. May 5, 20258-K Shareholder vote69
  12. Apr 16, 20258-K Results of operations70
  13. Mar 19, 2021New chief executive Joseph M. Harvey becomes CEO20
  14. Jan 31, 2006New chief executive Robert Hamilton Steers becomes CEO21
  15. Mar 17, 2004Founded Cohen & Steers is founded4

Calendar

Coming up

  1. Around Jan 14, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Oct 15, 2026Reported quarterly or annual results59
  2. Jul 16, 2026Reported quarterly or annual results60
  3. Apr 16, 2026Reported quarterly or annual results63
  4. Jan 22, 2026Reported quarterly or annual results64
  5. Oct 16, 2025Reported quarterly or annual results65
  6. Jul 17, 2025Reported quarterly or annual results68
  7. Apr 16, 2025Reported quarterly or annual results70
  8. Jan 22, 2025Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

548 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 413 insider forms, 20 large holders, 54 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Oct 2, 20264 EDGAR
  9. Aug 21, 20264 EDGAR
  10. Aug 21, 20264 EDGAR
  11. Aug 21, 20264 EDGAR
  12. Aug 21, 20264 EDGAR
  13. Aug 21, 20264 EDGAR
  14. Aug 21, 20264 EDGAR
  15. Aug 21, 20264 EDGAR
  16. Aug 21, 20264 EDGAR
  17. Aug 14, 202613F-HR EDGAR
  18. Aug 11, 2026N-PX EDGAR
  19. Aug 10, 2026N-PX EDGAR
  20. Jul 31, 202610-Q EDGAR

The 548 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 10 buys and 27 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 20, 2026Dulik ElenaChief Accounting Officer, SVPSale1,100$83.16$91.5KForm 4
Jun 16, 2026Noonan DanielExecutive Vice PresidentSale4,360$77.33$337.2KForm 4
May 26, 2026Cheigh JonPresident and CIOSale10,500$71.75$753.4KForm 4
Feb 12, 2026POLI FRANCIS CGC, Secretary, EVPSale10,000$65.73$657.3KForm 4
Feb 11, 2026POLI FRANCIS CGC, Secretary, EVPSale9,696$65.63$636.4KForm 4
Nov 20, 2025COHEN MARTINDirectorBuy12,708$60.83$773.0KForm 4
Nov 19, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy25,000$59.88$1.5MForm 4
Nov 19, 2025COHEN MARTINDirectorBuy37,292$59.66$2.2MForm 4
Nov 18, 2025COHEN MARTINDirectorBuy50,000$59.69$3.0MForm 4
Nov 5, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy19,329$67.61$1.3MForm 4
Nov 4, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy42,909$67.96$2.9MForm 4
Nov 3, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy38,650$68.20$2.6MForm 4
Oct 22, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy17,269$70.02$1.2MForm 4
Oct 21, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy10,991$71.30$783.7KForm 4
Oct 20, 2025STEERS ROBERT HAMILTONExecutive ChairmanBuy12,279$69.50$853.4KForm 4
May 9, 2025Cheigh JonPresident and CIOSale25,500$80.01$2.0MForm 4
Dec 2, 2024Charles Daniel PExecutive Vice PresidentSale6,868$103.74$712.5KForm 4
Oct 18, 2024RHEIN PETER LDirectorSale2,500$105.51$263.8KForm 4
Sep 17, 2024Villani Edmond DDirectorSale3,000$96.76$290.3KForm 4
Sep 16, 2024POLI FRANCIS CGC, Secretary, EVPSale15,000$94.08$1.4MForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Cohen & Steers has told the SEC it owns more than 5% of 57 companies, latest first (Schedules 13D and 13G).

All 57 companies

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph Harvey62$600.0K$7.1M135
2024Joseph Harvey62$600.0K$6.5M135
2023Joseph Harvey62$600.0K$5.0M135

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,509,985$343.4M0.0%+125,980
Vanguard Portfolio Management LLC1,701,955$129.6M0.0%+50,891
Vanguard Capital Management LLC1,261,258$96.0M0.0%+3,796
Dimensional Fund Advisors LP1,198,753$91.3M0.0%+24,174
State Street Corp1,192,323$90.8M0.0%+43,762
Wasatch Advisors LP1,185,911$90.3M0.6%−911,598
Charles Schwab Investment Management Inc1,064,399$81.0M0.0%+97,383
Victory Capital Management Inc962,591$73.3M0.0%+277,642
Goldman Sachs Group Inc923,968$70.4M0.0%+102,790
Geode Capital Management, LLC885,879$67.5M0.0%+76,434
Copeland Capital Management, LLC768,748$58.5M1.2%−35,768
Morgan Stanley569,812$43.4M0.0%+122,635
Boston Trust Walden Corp534,549$40.7M0.3%−23,884
Woodline Partners LP518,633$39.5M0.1%New
Millennium Management LLC485,159$36.9M0.0%+239,719
Nuveen, LLC463,138$35.3M0.0%+215,760
Aqr Capital Management LLC451,679$34.4M0.0%+210,989
Bank of New York Mellon Corp427,024$32.5M0.0%+636
DAVENPORT & Co LLC424,183$32.0M0.2%+2,714
Two Sigma Investments, LP369,895$28.2M0.0%−51,094
Grantham, Mayo, Van Otterloo & Co. LLC364,378$27.7M0.1%+6,831
Invesco Ltd.360,657$27.5M0.0%+32,533
Segall Bryant & Hamill, LLC353,861$26.9M0.3%New
Norges Bank353,653$26.9M0.0%New
Gamco Investors, Inc. Et Al351,873$26.8M0.2%+48,778

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Oct 30, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−13.4%Report
Sep 25, 2024Josh GottheimerDemocratic, HousePartial sale$1,001 - $15,000+62.5%Report
Nov 13, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−106.1%Report
Dec 12, 2019Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+139.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Cohen & Steers is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCOHEN & STEERS, INC.2
  • CIK0001284812
  • Employer ID (EIN)14-190465719
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company19
  • Incorporated inDelaware19
  • Fiscal year endsDecember 312
  • Industry code (SIC)6282 Investment Advice2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address1166 Avenue Of The Americas, 30Th Floor, New York, NY 100362
  • Phone212 832 32322
  • Shares outstanding51,421,533 as of Jul 23, 202618
  • Public float$2.1B as of Jun 30, 202519
  • AuditorDELOITTE & TOUCHE LLP, New York, NY PCAOB ID 34; it also attests to the company’s internal control over financial reporting19
  • On EDGAR sinceMar 30, 20042
  • Filings3,222 in all: 4 (1,253), SC 13G/A (1,128), SC 13G (209), 8-K (145), SCHEDULE 13G/A (109), 13F-HR (87), 10-Q (67), 3 (35)2
    All 35 form types

    SCHEDULE 13G (26), 10-K (22), DEF 14A (22), 144 (16), ARS (15), UPLOAD (12), 5 (9), DEFA14A (8), CORRESP (7), 13F-HR/A (6), S-1/A (6), S-8 (5), 4/A (4), EFFECT (4), N-PX (4), S-3 (4), S-3ASR (4), 424B5 (3), S-3/A (3), 424B3 (2), 3/A (1), 424B4 (1), 8-A12B (1), CERTNYS (1), POS AM (1), POSASR (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueCNSNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).19

Risk factors and legal proceedings

The risks Cohen & Steers names in Item 1A of its 10-K filed Feb 27, 2026: 28 risks under these headings, as written.19

  • Risks Related to our Business
  • A decline in the absolute or relative performance or value of real estate securities, or the attractiveness of real estate portfolios or investment strategies, would have an adverse effect on the assets we manage and our revenue.
  • Our growth and the execution of our real estate investment strategy may be constrained by the size and number of real estate securities issuers, as well as REIT ownership restrictions.
  • A decline in the absolute or relative performance or value of preferred securities or similar securities in which we invest, or the attractiveness of portfolios or investment strategies utilizing such securities, would have an adverse effect on the assets we manage and our revenue.
  • Seed investments made to support the launch of new strategies and products may expose us to potential losses on invested capital.
  • The incurrence of debt may increase the risk of investing in us and could negatively impact our revenue and adversely affect our financial condition.
  • The loss of any senior executives or senior investment professionals or our failure to effectively manage succession planning could have a material adverse effect on our business.
  • We could incur financial losses, reputational harm and regulatory penalties if we fail to implement effective information security policies and procedures.
  • We face substantial competition in all aspects of our business.
  • The inability to access clients through third-party intermediaries could have a material adverse effect on our business.
  • Our growth could be adversely affected if we are unable to manage the costs or realize the anticipated benefits associated with the expansion of our business.
  • Changes in market and economic conditions could reduce our assets under management and adversely impact our revenue and profitability.
The other 17 risks
  • Our industry is subject to rapid changes in technology that may alter historical methods of doing business, and technologies we incorporate into our processes may present complex and novel business, compliance and reputational risks.
  • Our clients may withdraw or reduce the amount of assets we manage or otherwise change the terms of our relationship, which could have an adverse impact on our revenue.
  • A significant portion of our revenue for 2025 was derived from a single institutional client.
  • Regulations restricting the use of commission credits to pay for research may continue to increase our operating expenses.
  • Limitations on our ability to utilize leverage in the closed-end funds we sponsor could reduce our assets under management and revenue.
  • Failure to maintain adequate business continuity plans in the event of a catastrophic event could have a material adverse effect on the Company and its products.
  • We could experience loss of client relationships and other harm to our business if our reputation is impaired.
  • We depend on third parties for services that are important to our business and the failure of a key vendor to fulfill its obligations to the Company could have a material adverse effect on the Company and its products.
  • Risks Related to our Common Stock
  • A significant portion of our common stock is owned or controlled by our Executive Chairman and our Board Chairman and their respective family members, which may limit the ability of other stockholders to influence the affairs of the Company.
  • We may change our dividend policy at any time and there is no guarantee that we will pay dividends in the future.
  • A sale of a substantial number of shares of our common stock may adversely affect the market price of our common stock, and the issuance of additional shares will dilute your percentage ownership in the Company.
  • Anti-takeover provisions in our charter documents and Delaware law may delay or prevent a change in control of us, which could decrease the trading price of our common stock.
  • Legal and Regulatory Risks
  • We may be adversely impacted by legal and regulatory changes in the U.S. and internationally.
  • Our involvement in legal proceedings could adversely affect our results of operations and financial condition.
  • Regulations restricting the use of commission credits to pay for research may increase our operating expenses.
  • The tax treatment of our Company and certain of our funds involves the interpretation of complex provisions of U.S. federal income tax law for which no precedent may be available and may be subject to potential legislative, judicial or administrative change and differing interpretations, possibly on a retroactive basis.
  • Changes in tax legislation or policies could materially impact our financial position and results of operations.

Legal proceedings

For information regarding our legal proceedings, see Note 14, Commitments and Contingencies, in the notes to the consolidated financial statements contained in Part II, Item 8 of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.19

Sources

The numbers on this page point here. Each one links to the record it came from.

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