Cohen & Steers Income Opportunities REIT, Inc.

Non-traded REITNon-traded REIT

Peers (…)All funds

Compared against all funds.

1Y return

+8.9%

53th pctile · ahead of most peersas of 2026-03-17

Since inception

not stated in filings

Distribution rate

4.5%

Net assets

$218.8M

as of 2026-03-17

Net expenses

not stated yet

Repurchase

2% monthly

6 of 293 peers match

Level 3

1th pctile · less model-priced than peers

Last offer

no offer yet

What owning this fund costs per year

Hold period3 yrs

Ongoing costs, determined from the fund's filings1.56%

Cost is driven by a 0.90% management fee charged on net asset value for the cheapest class plus about 0.63% of fund level administration, audit, legal and director costs, giving roughly 1.56% a year. Mortgage interest of about 5.7% and the 0.01% performance accrual are excluded. A 0.50% expense cap is holding overheads down and runs only to the end of 2026.

This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated

Total drag per year1.56%

This is the cost for class P (cheapest class: 0.90% management fee, no sales load, no stockholder servicing fee, no performance participation).

Based on fiscal year2025 annual report (year ended 12/31/2025), full year, not annualized by us. Dollar expenses divided by average of year-end NAV ($141.3M at.

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.

This fund does not state a single expense ratio that matches this definition, so the figure above was determined by reading its filings and is explained below. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (The Special Limited Partner holds a performance participation interest in CNSREIT OP equal to 10% of the annual Total Return, subject to a 6% annual Hurdle Amount and a High Water Mark, with a Catch-Up; accrued monthly and paid annually, and not paid on Class P, B, R-I and R-S shares.) apply only to returns earned. How this is calculated

Against all funds

Total drag

28th pctile · cheaper than most

1Y return

53th pctile · ahead of most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual report (year ended 12/31/2025), full year, not annualized by us. Dollar expenses divided by average of year-end NAV ($141.3M at 12/31/2024 and $218.8M at 12/31/2025 = $180.0M). Adjustment considered for the management fee waiver that ended 1/31/2025 (Class P) and 4/30/2025 (Class I, F-I); the fees actually charged already equal 0.93% of average NAV, above the 0.90% Class P rate, so no gross-up applied. The 6-month 2026 interim report annualizes to about 1.45% on a larger asset base..

Open the filing on sec.gov (0001939433-26-000046)

Size and leverage

Net assets$218.8M?

Borrowings$235.1M?

Leveragedebt to equity1.07x?

Investments held8?

Started2024-01-11?

What the manager charges

Management feeof net assets0.90%?

Performance fee10% of annual Total Return, accrued monthly and paid annually, subject to a 6% annual Hurdle Amount and a High Water Mark, with a Catch-Up; not paid on Class P, Class B, Class R-I or Class R-S shares. Accrued $10 thousand in 2025 and $264 thousand in the six months to 6/30/2026.?

Hurdle6.00%?

High water markYes?

Expense cap0.50%?

Adviser is subsidising costsYes?

Getting your money back

Repurchase offersmonthly?

Early repurchase fee5.00%?

Last offer filled in fullYes?

Where distributions come from

Distribution rate4.54%?

Paid out of income100.00%?

Return of your own capital0.00%?

Funded by borrowing0.00%?

Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.

What it holds

Priced by the managerno market price available0.00%?

MostlyRetail: community shopping centers and grocery-anchored shopping centers?

Who is involved

AdviserCohen & Steers Capital Management, Inc.?

AuditorDeloitte & Touche LLP?

Valuedmonthly?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class P	0.90%	0.00%	-	-
Class F-I	1.00%	0.00%	-	-
Class B	1.10%	0.00%	-	-
Class I	1.25%	0.00%	-	-
Class R-I	1.25%	0.00%	-	-
Class M-I	1.25%	0.00%	-	-
Class D	1.50%	1.50%	-	-
Class R-S	2.10%	1.50%	-	-

Also worth knowing

Management fee waivers ended January 31, 2025 for Class P and April 30, 2025 for Class I and Class F-I; the Company recorded no management fee in 2024 and $1.7 million in 2025.
The Advisor had advanced $10.8 million of organization and offering expenses at 12/31/2025 ($11.7 million at 6/30/2026), reimbursable ratably over 60 months beginning the earlier of December 31, 2026 or the month aggregate NAV reaches $750 million.
The 0.50% expense cap expires the earlier of December 31, 2026 or the month NAV reaches $750 million; about $4.1 million of waived expenses at 12/31/2025 ($4.5 million at 6/30/2026) may be recouped by the Advisor within three years.
For 2025 tax purposes distributions were 2% ordinary income and 98% return of capital; GAAP net loss attributable to stockholders was $3.4 million against $9.1 million of declared distributions.
Uncalled sponsor commitment: 49,700,000 USD (A callable sponsor commitment is a near-term source of equity that reduces reliance on retail fundraising, and it also means the largest holder of the cheapest share class is the manager itself.)
Organization and offering costs advanced by Advisor, to be reimbursed over 60 months: 10,800,000 USD (12/31/2025); $11.7 million at 6/30/2026 (This is a deferred load. Once reimbursement begins it adds roughly $2.2 million to $2.3 million per year of cost for five years, about 1% of current NAV, on top of the fees measured above.)
Waived expenses potentially recoupable by the Advisor: 4,100,000 USD (12/31/2025); $4.5 million at 6/30/2026 (If expenses later fall below the 0.50% cap the Advisor can claw back these amounts within three years, which would raise realized cost above the capped level.)
Cost of raising equity capital: 8 % of gross equity capital raised in 2025 (Shows the all-in frictional cost of new money entering the vehicle, which dilutes existing investors and is separate from the ongoing fee load.)
New secured credit facility for liquidity: $25 million commitment, $15 million drawn at 6/30/2026, SOFR plus 1.10%, 0.45% unused fee (Provides a liquidity buffer for repurchases and acquisitions but is secured by the listed securities sleeve that also funds redemptions, and the 360-day evergreen term can be terminated by either party.)
Debt maturity profile: No principal maturities until 2029; $40.75 million in 2030 and $194.3 million thereafter (All mortgages are interest-only with balloon payments, so refinancing risk is concentrated and back-loaded rather than amortized away.)
Portfolio scale-up after year end: 11 properties, $340.3 million NAV, $374.3 million mortgage debt at 6/30/2026 (Fixed fund level costs are spreading over a larger base, which lowered the administrative share of drag from about 0.63% in 2025 to about 0.54% annualized in the first half of 2026.)
Joint venture partner promote interests: 80% and 99% ownership stakes; partner promote accrued through non-controlling interests (Property level promotes paid to Phillips Edison and Sterling reduce investor economics in a way that does not appear in the fund's stated fee schedule.)

Fees

Management fee0.9%

Incentive fee

The Special Limited Partner holds a performance participation interest in CNSREIT OP equal to 10% of the annual Total Return, subject to a 6% annual Hurdle Amount and a High Water Mark, with a Catch-Up; accrued monthly and paid annually, and not paid on Class P, B, R-I and R-S shares.

Sales load0%

Interest on borrowings5.7%

Incentive fees accrued0.01%

Total annual expenses, gross2.23%

Liquidity terms

Repurchase frequencyunchanged, 2 filingsmonthly

Repurchase percentage of shares outstandingunchanged, 2 filings2%

Valuation

Independent valuation firmunchanged, 6 filingsEngaged, name in filing

Valuation frequencyunchanged, 3 filingsmonthly

Structure

Legal structureunchanged, 3 filingsREIT

Share classesvaries across filings

Class T, Class S, Class D, Class I, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I

Use of derivativesunchanged, 2 filingsyes; interest rate swap

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

Request the six-factor report on Cohen & Steers Income Opportunities REIT, Inc.

A dated report covering performance, fees, liquidity, valuation, benchmarks, and complexity, with every value sourced to the filing it came from and the fund placed against its category. Built for the evaluation file an advisor keeps. Tell us what it is for and we will follow up with timing.

Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.