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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO



Commission file number: 001-35826
Artisan Partners Asset Management Inc.
(Exact name of registrant as specified in its charter)
Delaware45-0969585
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
875 E. Wisconsin Avenue, Suite 80053202
Milwaukee,WI
(Address of principal executive offices)(Zip Code)
(414390-6100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $0.01 per shareAPAMNew York Stock Exchange

Indicate 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

Indicate 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

Indicate 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:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If 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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, Class B common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, as of October 30, 2024 were 70,069,120, 1,579,068 and 8,712,951, respectively.


TABLE OF CONTENTS
Page
Part I 
Item 1.Unaudited Consolidated Financial Statements
Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023
Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023
Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023
Item 2.
Item 3.
Item 4.
Part IIOther Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Except where the context requires otherwise, in this report, references to the “Company”, “Artisan”, “we”, “us” or “our” refer to Artisan Partners Asset Management Inc. (“APAM”) and its direct and indirect subsidiaries, including Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”). On March 12, 2013, APAM closed its initial public offering and related corporate reorganization. Prior to that date, APAM was a subsidiary of Artisan Partners Holdings.
Forward-Looking Statements
This report contains, and from time to time our management may make, forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue”, the negative of these terms and other comparable terminology. Forward-looking statements are only predictions based on current expectations of our management and information available to us at the time such statements are made. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, significant changes in client cash inflows or outflows or declines in market value of the assets in the accounts we manage, change in the legislative and regulatory environment in which we operate, our ability to maintain our current fee rates, operational or technical errors or other damage to our reputation and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this report, except as required by law.
i

Forward-looking statements include, but are not limited to, statements about:
our anticipated future results of operations;
our potential operating performance and efficiency, including our ability to operate under different and unique circumstances;
our expectations with respect to future business initiatives, including the development of new investment teams, strategies and vehicles;
our expectations with respect to the performance of our investment strategies;
our expectations with respect to future levels of assets under management, including the capacity of our strategies and client cash inflows and outflows;
our expectations with respect to industry trends and how those trends may impact our business;
our financing plans, cash needs and liquidity position;
our intention to pay dividends and our expectations about the amount of those dividends;
our expected levels of compensation of our employees, including equity- and cash-based long-term incentive compensation;
our expectations with respect to future expenses and the level of future expenses;
our expected tax rate, and our expectations with respect to deferred tax assets; and
our estimates of future amounts payable pursuant to our tax receivable agreements.
ii


Part I — Financial Information
Item 1. Unaudited Consolidated Financial Statements

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Condensed Consolidated Statements of Financial Condition
(U.S. dollars in thousands, except per share amounts)
September 30,
2024
December 31,
2023
ASSETS
Cash and cash equivalents$253,949 $141,008 
Accounts receivable109,976 101,169 
Investment securities211,940 150,522 
Property and equipment, net43,483 46,638 
Deferred tax assets419,465 436,529 
Prepaid expenses and other assets19,053 20,348 
Operating lease assets87,201 94,747 
Assets of consolidated investment products
Cash and cash equivalents25,851 37,459 
Accounts receivable and other25,931 13,343 
Investment assets, at fair value413,752 364,095 
Total assets$1,610,601 $1,405,858 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$28,867 $25,509 
Accrued incentive compensation164,340 52,226 
Borrowings199,389 199,267 
Operating lease liabilities105,690 113,391 
Amounts payable under tax receivable agreements341,400 364,048 
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other58,040 38,080 
Investment liabilities, at fair value8,860 9,580 
Total liabilities906,586 802,101 
Commitments and contingencies
Redeemable noncontrolling interests298,987 252,406 
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 70,069,120 and 68,554,078 shares outstanding at September 30, 2024 and December 31, 2023, respectively)
701 685 
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 1,579,068 and 2,435,739 shares outstanding at September 30, 2024 and December 31, 2023, respectively)
16 24 
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 8,712,951 and 9,024,947 shares outstanding at September 30, 2024 and December 31, 2023, respectively)
87 90 
Additional paid-in capital214,854 193,722 
Retained earnings158,239 132,126 
Accumulated other comprehensive income (loss)(1,818)(2,496)
Total Artisan Partners Asset Management Inc. stockholders’ equity372,079 324,151 
Noncontrolling interests - Artisan Partners Holdings32,949 27,200 
Total stockholders’ equity405,028 351,351 
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,610,601 $1,405,858 

The accompanying notes are an integral part of the consolidated financial statements.
1


ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Operations
(U.S. dollars in thousands, except per share amounts)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2024202320242023
Revenues
Management fees$279,546 $248,691 $814,665 $725,980 
Performance fees36 31 86 154 
Total revenues279,582 248,722 $814,751 $726,134 
Operating Expenses
Compensation and benefits149,034 130,648 445,704 392,593 
Distribution, servicing and marketing6,363 6,153 19,149 17,786 
Occupancy8,208 7,244 23,010 21,506 
Communication and technology13,053 12,974 39,661 38,395 
General and administrative9,744 9,548 29,759 28,690 
Total operating expenses186,402 166,567 557,283 498,970 
Total operating income93,180 82,155 257,468 227,164 
Non-operating income (expense)
Interest expense(2,199)(2,297)(6,454)(6,520)
Interest income on cash and cash equivalents and other2,769 2,089 6,619 3,773 
Net gain (loss) on the tax receivable agreements(504)505 (504)505 
Net investment gain (loss) of consolidated investment products23,165 9,787 45,636 38,189 
Net investment gain (loss) of nonconsolidated investment products12,378 (4,241)24,679 7,556 
Total non-operating income (expense)35,609 5,843 69,976 43,503 
Income before income taxes128,789 87,998 327,444 270,667 
Provision for income taxes24,604 14,570 65,307 51,663 
Net income before noncontrolling interests104,185 73,428 262,137 219,004 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings14,584 11,319 38,938 35,493 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products16,611 8,954 33,154 25,978 
Net income attributable to Artisan Partners Asset Management Inc.$72,990 $53,155 $190,045 $157,533 
Basic earnings per share$1.03 $0.76 $2.68 $2.27 
Diluted earnings per share$1.03 $0.76 $2.68 $2.27 
Basic weighted average number of common shares outstanding65,123,05463,520,40264,802,43163,419,587
Diluted weighted average number of common shares outstanding65,162,89863,563,04464,840,05663,449,804
Dividends declared per Class A common share$0.71 $0.61 $2.34 $2.01 

The accompanying notes are an integral part of the consolidated financial statements.
2


ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Comprehensive Income
(U.S. dollars in thousands)
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2024202320242023
Net income before noncontrolling interests$104,185 $73,428 $262,137 $219,004 
Other comprehensive income (loss)
Foreign currency translation gain (loss)930 (770)827 144 
Total other comprehensive income (loss)930 (770)827 144 
Comprehensive income105,115 72,658 262,964 219,148 
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
14,731 11,204 38,671 35,727 
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products
16,611 8,954 33,154 25,978 
Comprehensive income attributable to Artisan Partners Asset Management Inc.$73,773 $52,500 $191,139 $157,443 

The accompanying notes are an integral part of the consolidated financial statements.
3

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
Three months ended September 30, 2024Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at July 1, 2024
$699 $17 $87 $207,664 $135,316 $(2,614)$30,535 $371,704 $276,420 
Net income— — — — 72,990 — 14,584 87,574 16,611 
Other comprehensive income - foreign currency translation— — — — — 810 120 930 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (10)— (14)24  — 
Amortization of equity-based compensation— — — 6,664 — — 956 7,620 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 537 — — — 537 — 
Issuance of restricted stock awards1 — — (1)— — —  — 
Exchange of subsidiary equity1 (1) — — — —  — 
Capital contributions, net— — — — — — — — 5,956 
Distributions— — — — — — (13,244)(13,244)— 
Dividends— — —  (50,067)— (26)(50,093)— 
Balance at September 30, 2024
$701 $16 $87 $214,854 $158,239 $(1,818)$32,949 $405,028 $298,987 
Three months ended September 30, 2023Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at July 1, 2023
$685 $25 $90 $181,484 $101,243 $(2,531)$25,741 $306,737 $206,288 
Net income— — — — 53,155 — 11,319 64,474 8,954 
Other comprehensive income - foreign currency translation— — — — — (655)(115)(770)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (532)— (60)592  — 
Amortization of equity-based compensation— — — 6,781 — — 1,114 7,895 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 32 — — — 32 — 
Issuance of Class A common stock, net of issuance costs — — (1)— — — (1)— 
Capital contributions, net— — — — — — — — 23,013 
Impact of deconsolidation of CIPs— — — — — — — — (18,529)
Distributions— — — — — — (12,883)(12,883)— 
Dividends— — —  (42,132)— (28)(42,160)— 
Balance at September 30, 2023
$685 $25 $90 $187,764 $112,266 $(3,246)$25,740 $323,324 $219,726 
The accompanying notes are an integral part of the consolidated financial statements.
4

Nine months ended September 30, 2024Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at January 1, 2024
$685 $24 $90 $193,722 $132,126 $(2,496)$27,200 $351,351 $252,406 
Net income— — — — 190,045 — 38,938 228,983 33,154 
Other comprehensive income - foreign currency translation— — — — — 722 105 827 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — 1,922 — (44)(1,878) — 
Amortization of equity-based compensation— — — 21,670 — — 3,079 24,749 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 3,420 — — — 3,420 — 
Issuance of restricted stock awards6 — — (6)— — —  — 
Employee net share settlement(1)— — (5,874) — (956)(6,831)— 
Exchange of subsidiary equity11 (8)(3)— — — —  — 
Capital contributions, net— — — — — — — — 35,043 
Impact of deconsolidation of CIPs— — — — — — — — (21,616)
Distributions— — — — — — (33,445)(33,445)— 
Dividends— — —  (163,932)— (94)(164,026)— 
Balance at September 30, 2024
$701 $16 $87 $214,854 $158,239 $(1,818)$32,949 $405,028 $298,987 


Nine months ended September 30, 2023Class A Common StockClass B Common StockClass C Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests - Artisan Partners HoldingsTotal Stockholders’ EquityRedeemable Noncontrolling Interests
Balance at January 1, 2023
$680 $26 $90 $171,416 $93,088 $(3,079)$17,136 $279,357 $135,280 
Net income— — — — 157,533 — 35,493 193,026 25,978 
Other comprehensive income - foreign currency translation— — — — — (90)234 144 — 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (696)— (77)773  — 
Amortization of equity-based compensation— — — 22,489 — — 3,523 26,012 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 421 — — — 421 — 
Issuance of Class A common stock, net of issuance costs — — (85)— — — (85)— 
Issuance of restricted stock awards6 — — (6)— — —  — 
Employee net share settlement(2)— — (5,775) — (981)(6,758)— 
Exchange of subsidiary equity1 (1) — — — —  — 
Capital contributions, net— — — — — — — — 76,997 
Impact of deconsolidation of CIPs— — — — — — — — (18,529)
Distributions— — — — — — (30,341)(30,341)— 
Dividends— — —  (138,355)— (97)(138,452)— 
Balance at September 30, 2023
$685 $25 $90 $187,764 $112,266 $(3,246)$25,740 $323,324 $219,726 
The accompanying notes are an integral part of the consolidated financial statements.
5

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Cash Flows
(U.S. dollars in thousands)
 For the Nine Months Ended September 30,
20242023
Cash flows from operating activities
Net income before noncontrolling interests$262,137 $219,004 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,501 6,896 
Deferred income taxes33,992 32,286 
Asset impairment979  
Noncash lease expense (benefit)(795)(158)
Net investment (gain) loss on nonconsolidated investment securities(24,679)(7,551)
Net (gain) loss on the tax receivable agreements504 (505)
(Gain) loss on disposal of property and equipment29 2 
Amortization of debt issuance costs279 333 
Share-based compensation24,749 26,012 
Net investment (gain) loss of consolidated investment products(45,636)(38,189)
Purchase of investments by consolidated investment products(264,618)(325,922)
Proceeds from sale of investments by consolidated investment products207,022 224,288 
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable(6,807)2,232 
Prepaid expenses and other assets1,258 431 
Accounts payable and accrued expenses122,975 100,060 
Net change in operating assets and liabilities of consolidated investment products including net investment income16,776 23,583 
Net cash provided by operating activities335,666 262,802 
Cash flows from investing activities
Acquisition of property and equipment(1,106)(585)
Leasehold improvements(3,192)(5,690)
Proceeds from sale of investment securities11,689 5,226 
Purchase of investment securities(31,810)(35,483)
Net cash used in investing activities(24,419)(36,532)
Cash flows from financing activities
Partnership distributions(33,445)(30,341)
Dividends paid(164,026)(138,451)
Payments under the tax receivable agreements(36,659)(35,757)
Taxes paid related to employee net share settlement(6,831)(6,758)
Capital contributions to consolidated investment products, net35,043 76,997 
Net cash used in financing activities(205,918)(134,310)
Net increase in cash, cash equivalents, and restricted cash105,329 91,960 
Net cash impact of deconsolidation of CIPs(3,996)(4,679)
Cash, cash equivalents and restricted cash
Beginning of period178,467 143,248 
End of period$279,800 $230,529 
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents$253,949 $198,308 
Cash and cash equivalents of consolidated investment products25,851 32,221 
Cash, cash equivalents and restricted cash$279,800 $230,529 
Supplementary information
Noncash activity:
Establishment of deferred tax assets$18,465 $3,214 
Establishment of amounts payable under tax receivable agreements14,011 828 
Increase in investment securities due to deconsolidation of CIPs23,831 19,612 
Operating lease assets obtained in exchange for operating lease liabilities3,197 78 
Settlement of franchise capital liability via transfer of investment securities7,212 3,204 

The accompanying notes are an integral part of the consolidated financial statements.
6

ARTISAN PARTNERS ASSET MANAGEMENT INC.
Notes to Unaudited Consolidated Financial Statements
(U.S. currencies in thousands, except share and per share amounts and as otherwise indicated)
Note 1. Nature of Business and Organization
Nature of Business
Artisan Partners Asset Management Inc. (“APAM”), through its subsidiaries, is an investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. APAM and its subsidiaries are hereafter referred to collectively as “Artisan” or the “Company.”
Artisan’s autonomous investment teams manage a broad range of U.S., non-U.S. and global investment strategies that are diversified by asset class, market cap and investment style. Strategies are offered through multiple investment vehicles to accommodate a broad range of client mandates. Artisan offers its investment management services primarily to institutions and through intermediaries that operate with institutional-like decision-making processes and have long-term investment horizons.
Organization
On March 12, 2013, APAM completed its initial public offering (the “IPO”). APAM was formed for the purpose of becoming the general partner of Artisan Partners Holdings LP (“Artisan Partners Holdings” or “Holdings”) in connection with the IPO. Holdings is a holding company for the investment management business conducted under the name “Artisan Partners.” The reorganization (“IPO Reorganization”) established the necessary corporate structure to complete the IPO while at the same time preserving the ability of the firm to conduct operations through Holdings and its subsidiaries.
As its sole general partner, APAM controls the business and affairs of Holdings. As a result, APAM consolidates Holdings’ financial statements and records a noncontrolling interest for the equity interests in Holdings held by the limited partners of Holdings. At September 30, 2024, APAM held approximately 87% of the equity ownership interest in Holdings.
Holdings, together with its wholly owned subsidiary, Artisan Investments GP LLC, controls a 100% interest in Artisan Partners Limited Partnership (“APLP”), a multi-product investment management firm that is the principal operating subsidiary of Artisan Partners Holdings. APLP is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. APLP provides investment advisory services to traditional separate accounts and pooled investment vehicles, including Artisan Partners Funds, Inc. (“Artisan Funds”), Artisan Partners Global Funds plc (“Artisan Global Funds”) and Artisan sponsored private funds (“Artisan Private Funds”). Artisan Funds are a series of open-end mutual funds registered under the Investment Company Act of 1940, as amended. Artisan Global Funds is a family of Ireland-domiciled UCITS funds. Artisan Private Funds consist of a number of Artisan-sponsored unregistered pooled investment vehicles.
Note 2. Summary of Significant Accounting Policies
Basis of presentation
The accompanying financial statements are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of such consolidated financial statements have been included. Such interim results are not necessarily indicative of full year results.
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and accordingly they do not include all of the information and footnotes required in the annual consolidated financial statements and accompanying footnotes.
The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. As a result, the interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in APAM’s latest annual report on Form 10-K.
The accompanying financial statements were prepared in accordance with U.S. GAAP and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions.
7

Principles of consolidation
Artisan’s policy is to consolidate all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting interests. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the right to receive potentially significant benefits or the obligation to absorb potentially significant losses.
Artisan generally consolidates VIEs in which it meets the power criteria and holds an equity ownership interest of greater than 10%. The consolidated financial statements include the accounts of APAM and all subsidiaries or other entities in which APAM has a direct or indirect controlling financial interest. All material intercompany balances have been eliminated in consolidation.
Artisan serves as the investment adviser to Artisan Funds, Artisan Global Funds and Artisan Private Funds. Artisan Funds and Artisan Global Funds are corporate entities, the business and affairs of which are managed by their respective boards of directors. The shareholders of the funds retain voting rights, including rights to elect and reelect members of their respective boards of directors. Each series of Artisan Funds is a VOE and is separately evaluated for consolidation under the VOE model. The shareholders of Artisan Global Funds lack simple majority liquidation rights, and as a result, each sub-fund of Artisan Global Funds is evaluated for consolidation under the VIE model. Artisan Private Funds are also evaluated for consolidation under the VIE model because third-party equity holders of the funds generally lack the ability to divest Artisan of its control of the funds.
From time to time, the Company makes investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. If the investment results in a controlling financial interest, APAM consolidates the fund and the underlying activity of the entire fund is included in Artisan’s unaudited consolidated financial statements. As of September 30, 2024, Artisan had a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds and, as a result, these funds are included in Artisan’s unaudited consolidated financial statements. Because these consolidated investment products meet the definition of investment companies under U.S. GAAP, Artisan has retained the specialized industry accounting principles for investment companies in the consolidated financial statements. See Note 6, “Variable Interest Entities and Consolidated Investment Products” for additional details.
Reclassification
In conjunction with annual reporting on Form 10-K for the year ended December 31, 2023, the Company changed the presentation of “Other net investment gain (loss)” within the Consolidated Statements of Operations to expand its disaggregation of the components comprising this balance. “Other net investment gain (loss)” has been replaced by “Interest income on cash and cash equivalents and other” and “Net investment gain (loss) of nonconsolidated investment products” within the Non-operating income (expense) section of the Consolidated Statements of Operations. Amounts for the comparative prior fiscal year periods have been reclassified to conform to the current year presentation. These reclassifications had no impact on previously reported operating income, non-operating income, net income or financial position. Management believes the revised presentation is more useful to readers of its financial statements.
Recent accounting pronouncements
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through requirements for more detailed information about significant segment expenses. The Company is required to adopt the guidance for the year ending December 31, 2024. The adoption will not have a material impact on the Company's consolidated financial statements. However, as the Company operates as a single reportable segment, the adoption will result in additional disclosures, including the title of the chief operating decision maker (“CODM”), the measure of the segment’s profit utilized by the CODM for assessing operating performance, and significant expenses within that measure of profit regularly provided to the CODM.

In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures”, which requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt the guidance for the year ending December 31, 2025. The Company has determined that the ASU will not have a material impact on its consolidated financial statements.

8

Note 3. Investment Securities
The disclosures below include details of Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 6, “Variable Interest Entities and Consolidated Investment Products.”
As of September 30, 2024As of December 31, 2023
Investments in equity securities$196,329 $139,240 
Investments in equity securities accounted for under the equity method15,611 11,282 
Total investment securities$211,940 $150,522 
Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. As of September 30, 2024 and December 31, 2023, $137.8 million and $107.0 million, respectively, of Artisan’s investment securities were related to funded long-term incentive compensation plans (excluding investments in consolidated investment products).
Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2024202320242023
Unrealized gain (loss) on investment securities held at the end of the period$10,697 $(3,901)$20,198 $6,458 
Note 4. Fair Value Measurements
The table below presents information about Artisan’s assets and liabilities that are measured at fair value and the valuation techniques Artisan utilized to determine such fair value. The financial instruments held by consolidated investment products are excluded from the table below and are presented in Note 6, “Variable Interest Entities and Consolidated Investment Products.”
In accordance with ASC 820, fair value is defined as the price that Artisan would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:
Level 1 – Observable inputs such as quoted (unadjusted) market prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including but not limited to quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including Artisan’s own assumptions in determining fair value).
The following provides the hierarchy of inputs used to derive the fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2024 and December 31, 2023:
Assets and Liabilities at Fair Value
TotalNAV Practical Expedient (No Fair Value Level)Level 1Level 2Level 3
September 30, 2024
Assets
Money market funds 1
$230,923 $ $230,923 $ $ 
Equity securities211,940 14,923 197,017   
December 31, 2023
Assets
Money market funds 1
$118,768 $ $118,768 $ $ 
Equity securities150,522 10,744 139,778   
1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.
9

Fair values determined based on Level 1 inputs utilize quoted market prices for identical assets. Level 1 assets generally consist of money market funds, open-end mutual funds and UCITS funds. Equity securities without a fair value level consist of the Company’s investments in Artisan Private Funds, which are measured at the underlying fund’s net asset value (“NAV”), using the ASC 820 practical expedient. The NAV is provided by the fund and is derived from the fair values of the underlying investments as of the reporting date. Cash maintained in demand deposit accounts is excluded from the table above.
Note 5. Borrowings
Artisan’s borrowings consist of the following as of September 30, 2024 and December 31, 2023:
Maturity (1)
As of September 30, 2024
As of December 31, 2023Interest Rate Per Annum
Revolving credit agreement August 2027$ $ NA
Senior notes
Series DAugust 202560,000 60,000 4.29 %
Series EAugust 202750,000 50,000 4.53 %
Series FAugust 203290,000 90,000 3.10 %
Total gross borrowings200,000 200,000 
Debt issuance costs(611)(733)
Total borrowings$199,389 $199,267 
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.
The fair value of borrowings was approximately $186.0 million as of September 30, 2024. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements.”
The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.
As of September 30, 2024, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%.
Interest expense incurred on the unsecured notes and revolving credit agreement was $1.9 million for the three months ended September 30, 2024 and 2023, and $5.8 million for the nine months ended September 30, 2024 and 2023.
Note 6. Variable Interest Entities and Consolidated Investment Products
Artisan serves as the investment adviser for various types of investment products, consisting of both VIEs and VOEs. Artisan consolidates an investment product if it has a controlling financial interest in the entity. See Note 2, ”Summary of Significant Accounting Policies.” Any such entities are collectively referred to herein as consolidated investment products or CIPs.
As of September 30, 2024, Artisan is considered to have a controlling financial interest in five sub-funds of Artisan Global Funds and two Artisan Private Funds, with an aggregate direct equity investment in the consolidated investment products of $99.6 million.
Artisan’s maximum exposure to loss in connection with the assets and liabilities of CIPs is limited to its direct equity investment, while the potential benefit is limited to the management and performance fees received and the return on its equity investment. With the exception of Artisan’s direct equity investment, the assets of CIPs are not available to Artisan’s creditors, nor are they available to Artisan for general corporate purposes. In addition, third-party investors in the CIPs have no recourse to the general credit of the Company.
Management and performance fees earned from CIPs are eliminated from revenue upon consolidation. See Note 14, “Related Party Transactions” for additional information on management and performance fees earned from CIPs.
Third-party investors’ ownership interest in CIPs is presented as redeemable noncontrolling interests in the unaudited condensed consolidated statements of financial condition as third-party investors have the right to withdraw their capital, subject to certain conditions. Net income attributable to third-party investors is reported as net income (loss) attributable to noncontrolling interests - consolidated investment products in the unaudited consolidated statements of operations.

10

During the nine months ended September 30, 2024, the Company determined that it no longer had a controlling financial interest in one series of Artisan Funds as a result of third party capital contributions. Upon loss of control, the fund was deconsolidated and the related assets, liabilities and equity of the fund were derecognized from the Company’s unaudited condensed consolidated statements of financial condition. There was no net impact to the unaudited consolidated statement of operations for the nine months ended September 30, 2024. Artisan generally does not recognize a gain or loss upon deconsolidation of investment products as the assets and liabilities of CIPs are carried at fair value. Artisan’s $23.8 million direct equity investment was reclassified from investment assets of consolidated investment products to investment securities.
As of September 30, 2024, Artisan held direct equity investments of $15.6 million in VIEs for which the Company does not hold a controlling financial interest. These direct equity investments consisted of seed investments in sub-funds of Artisan Global Funds and Artisan Private Funds, both of which are accounted for under the equity method of accounting because Artisan has significant influence over the funds.
Fair Value Measurements - Consolidated Investment Products
Investments held by CIPs are reflected at fair value. Short and long positions on equity securities are valued based upon closing prices of the security on the exchange or market designated by the accounting agent or pricing vendor as the principal exchange. The closing price may represent last sale price, official closing price, a closing auction or other information depending on market convention. Short and long positions on fixed income instruments are valued at market value. Market values are generally evaluations based on prices provided by independent pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable. Short-term investments are comprised of repurchase agreements and U.S. Treasury obligations. Repurchase agreements are valued at cost plus accrued interest and U.S. treasury obligations are valued using the same principles as fixed income securities. Derivative assets and liabilities are generally comprised of put and call options on securities and indices and forward foreign currency contracts. Put and call options are valued at the mid price (average of bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Open forward foreign currency contracts are valued using the market spot rate. Private equity investments are valued at market value, which are generally evaluations based on estimates of market values obtained using valuation multiples on key financial metrics and/or discounted cash flow models.
The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2024 and December 31, 2023:
Assets and Liabilities at Fair Value
TotalLevel 1Level 2Level 3
September 30, 2024
Assets
Money market funds$16,489 $16,489 $ $ 
Equity securities - long position69,721 67,418 2,303  
Fixed income instruments - long position335,881  328,256 7,625 
Derivative assets1,256 8 1,248  
Private equity6,895   6,895 
Liabilities
Fixed income instruments - short position$6,932 $ $6,932 $ 
Derivative liabilities505 52 453  
Repurchase agreements1,423  1,423  
11

Assets and Liabilities at Fair Value
TotalLevel 1Level 2Level 3
December 31, 2023
Assets
Money market funds$18,156 $18,156 $ $ 
Equity securities - long position42,693 40,838 1,855  
Fixed income instruments - long position315,183  309,110 6,073 
Derivative assets1,004  1,004  
Short-term investments5,215  5,215  
Liabilities
Fixed income instruments - short position$7,392 $ $7,392 $ 
Derivative liabilities2,188 843 1,345  
CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:
As of September 30, 2024As of December 31, 2023
Net CIP assets included in the table above$421,382 $372,671 
Net CIP assets/(liabilities) not included in the table above(22,748)(5,434)
Total Net CIP assets398,634 367,237 
Less: redeemable noncontrolling interests298,987 252,406 
Artisan’s direct equity investment in CIPs$99,647 $114,831 
Note 7. Noncontrolling Interests - Holdings
Net income attributable to noncontrolling interests - Artisan Partners Holdings in the unaudited consolidated statements of operations represents the portion of earnings or loss attributable to the equity ownership interests in Holdings held by the limited partners of Holdings. As of September 30, 2024, APAM held approximately 87% of the equity ownership interests in Holdings.
Limited partners of Artisan Partners Holdings are entitled to exchange partnership units (along with a corresponding number of shares of Class B or C common stock of APAM) for shares of Class A common stock from time to time (the “Holdings Common Unit Exchanges”). The Holdings Common Unit Exchanges increase APAM’s equity ownership interest in Holdings and result in an increase to deferred tax assets and amounts payable under the tax receivable agreements. See Note 11, “Income Taxes and Related Payments.”
In order to maintain the one-to-one correspondence of the number of Holdings partnership units and APAM common shares, Holdings will issue one general partner (“GP”) unit to APAM for each share of Class A common stock issued by APAM. For the nine months ended September 30, 2024, APAM’s equity ownership interest in Holdings increased as a result of the following transactions:
Holdings GP UnitsLimited Partnership UnitsTotalAPAM Ownership %
Balance at December 31, 2023
68,554,078 11,460,686 80,014,764 86 %
Holdings Common Unit Exchanges1,168,667 (1,168,667) 1 %
Issuance of APAM Restricted Shares (1)
502,774  502,774  %
Delivery of Shares Underlying RSUs and PSUs (1)
28,795  28,795  %
Restricted Share Award Net Share Settlement (1)
(149,172) (149,172) %
Forfeitures from Employee Terminations (1)
(36,022) (36,022) %
Balance at September 30, 2024
70,069,120 10,292,019 80,361,139 87 %
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.
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Changes in ownership of Holdings are accounted for as equity transactions because APAM continues to have a controlling interest in Holdings. Additional paid-in capital and noncontrolling interests - Artisan Partners Holdings in the unaudited condensed consolidated statements of financial condition are adjusted to reallocate Holdings’ historical equity to reflect the change in APAM’s ownership of Holdings.
The reallocation of equity had the following impact on the unaudited condensed consolidated statements of financial condition:
Statements of Financial Condition For the Nine Months Ended September 30,
20242023
Additional paid-in capital$1,922 $(696)
Noncontrolling interests - Artisan Partners Holdings(1,878)773 
Accumulated other comprehensive income (loss)(44)(77)
Net impact to financial condition$ $ 
In addition to the reallocation of historical equity, the change in ownership resulted in an increase to deferred tax assets and additional paid-in capital of $1.0 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 8. Stockholders’ Equity
APAM - Stockholders’ Equity
APAM had the following authorized and outstanding equity as of September 30, 2024 and December 31, 2023:
Outstanding
AuthorizedAs of September 30, 2024As of December 31, 2023
Voting Rights (1)
Economic Rights
Common shares
Class A, par value $0.01 per share
500,000,000 70,069,120 68,554,078 
1 vote per share
Proportionate
Class B, par value $0.01 per share
200,000,000 1,579,068 2,435,739 
1 vote per share
None
Class C, par value $0.01 per share
400,000,000 8,712,951 9,024,947 
1 vote per share
None
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of September 30, 2024, Artisan’s employees held 5,166,152 restricted shares of Class A common stock and all 1,579,068 outstanding shares of Class B common stock, all of which were subject to the agreement.
APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate share of ownership each has in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2024 and 2023:
Type of DividendClass of StockFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
QuarterlyClass A Common$0.71 $0.61 $2.00 $1.66 
Special AnnualClass A Common$ $ $0.34 $0.35 
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The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2024:
Total Stock Outstanding
Class A Common Stock(1)
Class B Common StockClass C Common Stock
Balance at December 31, 2023
80,014,764 68,554,078 2,435,739 9,024,947 
Holdings Common Unit Exchanges 1,168,667 (753,667)