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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 OR\n\n☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________to __________\n\nCommission File No. 333-288734\n\nCohen & Steers Income Opportunities REIT, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland\n\n88-3609651\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n1166 Avenue of the Americas\n\nNew York, NY 10036\n\n(Address of Principal Executive Offices, including zip code)\n\n(212) 832-3232\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\nTitle of each class\n\nTrading\n\nSymbol(s)\nName of each exchange on which registered\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒\n\nAs of May 14, 2026, the registrant had the following shares outstanding: 20,055,338 shares of Class P common stock, 156,276 shares of Class I common stock, 1,947,950 shares of Class F-I common stock, 485,729 shares of Class R-I common stock, 78,168 shares of Class R-S common stock and 840,476 shares of Class B common stock.\n\nTABLE OF CONTENTS\n\nPage\n\n[PART 1.](#i6f4b811e84404d87b626c677ef0b24b6_10)\n\n[FINANCIAL INFORMATION](#i6f4b811e84404d87b626c677ef0b24b6_10)\n\n[ITEM 1.](#i6f4b811e84404d87b626c677ef0b24b6_13)\n\n[FINANCIAL STATEMENTS](#i6f4b811e84404d87b626c677ef0b24b6_13)\n\n[Consolidated Financial Statements (Unaudited):](#i6f4b811e84404d87b626c677ef0b24b6_16)\n\n[Consolidated Balance Sheets](#i6f4b811e84404d87b626c677ef0b24b6_19)\n\n[1](#i6f4b811e84404d87b626c677ef0b24b6_19)\n\n[Consolidated Statements of Operations](#i6f4b811e84404d87b626c677ef0b24b6_22)\n\n[2](#i6f4b811e84404d87b626c677ef0b24b6_22)\n\n[Consolidated Statements of Changes in Equity](#i6f4b811e84404d87b626c677ef0b24b6_25)\n\n[3](#i6f4b811e84404d87b626c677ef0b24b6_25)\n\n[Consolidated Statements of Cash Flows](#i6f4b811e84404d87b626c677ef0b24b6_28)\n\n[4](#i6f4b811e84404d87b626c677ef0b24b6_28)\n\n[Notes to Consolidated Financial Statements](#i6f4b811e84404d87b626c677ef0b24b6_31)\n\n[6](#i6f4b811e84404d87b626c677ef0b24b6_31)\n\n[ITEM 2.](#i6f4b811e84404d87b626c677ef0b24b6_82)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i6f4b811e84404d87b626c677ef0b24b6_82)\n\n[31](#i6f4b811e84404d87b626c677ef0b24b6_82)\n\n[ITEM 3.](#i6f4b811e84404d87b626c677ef0b24b6_118)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i6f4b811e84404d87b626c677ef0b24b6_118)\n\n[43](#i6f4b811e84404d87b626c677ef0b24b6_118)\n\n[ITEM 4.](#i6f4b811e84404d87b626c677ef0b24b6_121)\n\n[CONTROLS AND PROCEDURES](#i6f4b811e84404d87b626c677ef0b24b6_121)\n\n[44](#i6f4b811e84404d87b626c677ef0b24b6_121)\n\n[PART II.](#i6f4b811e84404d87b626c677ef0b24b6_124)\n\n[OTHER INFORMATION](#i6f4b811e84404d87b626c677ef0b24b6_124)\n\n[45](#i6f4b811e84404d87b626c677ef0b24b6_124)\n\n[ITEM 1.](#i6f4b811e84404d87b626c677ef0b24b6_127)\n\n[LEGAL PROCEEDINGS](#i6f4b811e84404d87b626c677ef0b24b6_127)\n\n[45](#i6f4b811e84404d87b626c677ef0b24b6_127)\n\n[ITEM 1A.](#i6f4b811e84404d87b626c677ef0b24b6_130)\n\n[RISK FACTORS](#i6f4b811e84404d87b626c677ef0b24b6_130)\n\n[45](#i6f4b811e84404d87b626c677ef0b24b6_130)\n\n[ITEM 2.](#i6f4b811e84404d87b626c677ef0b24b6_133)\n\n[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i6f4b811e84404d87b626c677ef0b24b6_133)\n\n[45](#i6f4b811e84404d87b626c677ef0b24b6_133)\n\n[ITEM 3.](#i6f4b811e84404d87b626c677ef0b24b6_136)\n\n[DEFAULTS UPON SENIOR SECURITIES](#i6f4b811e84404d87b626c677ef0b24b6_136)\n\n[46](#i6f4b811e84404d87b626c677ef0b24b6_136)\n\n[ITEM 4.](#i6f4b811e84404d87b626c677ef0b24b6_139)\n\n[MINE SAFETY DISCLOSURES](#i6f4b811e84404d87b626c677ef0b24b6_139)\n\n[46](#i6f4b811e84404d87b626c677ef0b24b6_139)\n\n[ITEM 5.](#i6f4b811e84404d87b626c677ef0b24b6_142)\n\n[OTHER INFORMATION](#i6f4b811e84404d87b626c677ef0b24b6_142)\n\n[46](#i6f4b811e84404d87b626c677ef0b24b6_142)\n\n[ITEM 6.](#i6f4b811e84404d87b626c677ef0b24b6_145)\n\n[EXHIBITS](#i6f4b811e84404d87b626c677ef0b24b6_145)\n\n[47](#i6f4b811e84404d87b626c677ef0b24b6_145)\n\n[SIGNATURES](#i6f4b811e84404d87b626c677ef0b24b6_148)\n\n[48](#i6f4b811e84404d87b626c677ef0b24b6_148)\n\n \n\n[Table of Contents](#i6f4b811e84404d87b626c677ef0b24b6_7)\n\nPART I. FINANCIAL INFORMATION"}