Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc. · NYSE:LDP
Cohen & Steers Ltd. Duration Preferred & Income Fund — Cohen & Steers — Q3 2026 Earnings Presentation
23 slides from Cohen & Steers Ltd. Duration Preferred & Income Fund's earnings presentation, October 2026
Slide 1: Q3 2026 Earnings Presentation
Cohen & Steers Q3 2026 Earnings Presentation
Slide 2: Today’s discussion topics
Today’s discussion topics 1 Q3 2026 highlights 2 Q3 2026 financial performance 3 Market environment and continued positive outlook for real assets 4 Sustained momentum and rising adoption of real assets 5 Q&A 2
Slide 3: Q3 2026 highlights
Q3 2026 highlights • Adjusted EPS of $0.89; up from $0.85 in Q2 2026 • Ending AUM of $95.9 billion; average AUM increased to $101.1 billion • Net inflows of $1.6 billion despite negative markets: – Fifth consecutive quarter of organic growth – Strongest quarter since Q4 2021 – Net inflows in all dis
Slide 4: Net flows by vehicle and strategy
Net flows by vehicle and strategy $ in billions Firmwide net flows Q3 2026 net flows by vehicle Q3 2026 net flows by strategy Mutual $1.6 $0.7 funds Real estate $0.7 $1.3 SICAVs $0.3 $1.2 Multi-strategy $0.4 real assets ETFs $0.3 Closed-end $0.2 Preferred funds $0.3 $0.5 securities Institutional $0.
Slide 5: Earnings overview
Earnings overview $ in millions Adjusted revenue Adjusted net income $151.8 $156.4 $140.9 $143.8 $144.3 $41.7 $41.7 $44.0 $46.5 $40.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted 36.1% 36.4% 35.1% 36.3% 37.2% operating margin Adjusted EPS $0.81 $0.81 $0.79 $0.85 $0.89 Net income $41.7 $34.9 $42.
Slide 6: Adjusted revenue and expenses
Adjusted revenue and expenses $ in thousands +3.0% Revenue $156,408 $137 $190 $151,837 $4,244 • Increase due to higher average assets under management and an additional day in the quarter $4.6 million increase Q2 2026 Investment Distribution Other Q3 2026 advisory and and service administration fees
Slide 7: Today’s discussion topics
Today’s discussion topics 1 Q3 2026 highlights 2 Q3 2026 financial performance 3 Market environment and continued positive outlook for real assets 4 Sustained momentum and rising adoption of real assets 5 Q&A 7
Slide 8: Investment performance
Investment performance 86% U.S. real % of U.S. open-end fund AUM rated 4 or 5 % of total AUM in outperforming strategies(1) estate 15% stars by Morningstar(2) Q2 2026 Q3 2026 67% 1-Year 93% Global 41% 57% real estate 2% 9/30/2025 6/30/2026 9/30/2026 Q2 2026 Q3 2026 3-Year 96% 91% 97% 9/30/2025 6/30/
Slide 9: Higher rates have not changed the attractiveness of our asset classes
Higher rates have not changed the attractiveness of our asset classes Economic Higher growth and Economic growth treasury term drives higher yields drove premium earnings for the price declines drove higher companies we in our asset rates, not invest in classes inflation 9
Slide 10: Fundamentals and valuations are increasingly supportive of real assets
Fundamentals and valuations are increasingly supportive of real assets Rates alone don’t drive real estate Fundamentals do returns REIT returns have been positive in 4 of the last 5 Fed hiking cycles • Early to mid-cycle recovery REITs • Reduced new supply • Growing demand 2004 24.0% 2016 8.0% Proje
Slide 11: Real assets offer solutions for the new investment regime
Real assets offer solutions for the new investment regime Balance income with growth diversification and inflation protection Income and Real Estate Growth and Broad Real Real Return Recovery Diversification Asset Solution Global Listed Preferred REIT Infrastructure Multi-Strategy Securities Strateg
Slide 12: Today’s discussion topics
Today’s discussion topics 1 Q3 2026 highlights 2 Q3 2026 financial performance 3 Market environment and continued positive outlook for real assets 4 Sustained momentum and rising adoption of real assets 5 Q&A 12
Slide 13: Third quarter results reflect continued momentum
Third quarter results reflect continued momentum • $1.6 billion net inflows Growth Strategy Continues to Gain • Fifth consecutive positive quarter and strongest since Q4 2021 Traction • Broad based across strategies, vehicles and distribution channels • $1.9 billion institutional pipeline Wealth cha
Slide 14: Accelerating demand for our strategies
Accelerating demand for our strategies Global listed infrastructure Multi-strategy real assets • Recognition as an independent, • Compelling diversification solution dedicated strategic allocation • Equity-like return potential with • Listed infrastructure provides a liquidity less of the volatility
Slide 15: Summary
Summary • Return to organic growth in all strategies • Expanded range of vehicles driving new avenues of growth • Investments in distribution expanding global engagement • Continued strong won-unfunded pipeline • Exceptional long-term investment performance • Growing client demand 15
Slide 16: Q&A
Q&A SE COHEN « STEERS 16
Slide 17: Appendix
Appendix SE COHEN « STEERS
Slide 18: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended September 30, 2026 $ in thousands, except per share data Accelerated Foreign Tax effects of Fund launch Other non- Fund related vesting of currency adjustments GAAP and rights recurring Non-GAAP amounts (1) restricted (gain) loss – a
Slide 19: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended June 30, 2026 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering costs
Slide 20: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended March 31, 2026 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering costs
Slide 21: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended December 31, 2025 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering co
Slide 22: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended September 30, 2025 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering c
Slide 23: Legal disclosures
Legal disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's cur