Financial Analysis

Note 3. Acquisition On January 2, 2026, the Company completed the acquisition of 100% of the equity interests of Grandview, a U.S. real estate private equity firm. Consideration included an up-front cash payment of $22.5 million, including customary post-closing working capital adjustments. It also included contingent consideration, estimated as of the date of acquisition to be $25.9 million, associated with the achievement of committed capital milestones and certain revenue run rates for future Grandview Funds as well as the underlying performance of certain future funds over a period of up to seven years. The fair value of contingent consideration associated with the acquisition of Grandview was $26.1 million as of June 30, 2026. The Company measures the fair value of contingent consideration liability using a Monte Carlo simulation model where committed capital milestones and revenue run rates need to be achieved before contingent payments are earned. The model considers assumptions regarding projected capital commitments and their timing to simulate a range of outcomes which are then discounted. Because of the significance of the unobservable inputs in the fair value measurement, the fair value was determined using Level 3 inputs. Refer to Note 5 for the definition of Level 3 fair value measurements. The following table summarizes the estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date. …

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Note 11. Compensation and Benefits Total compensation and benefits consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Salaries, incentive compensation and benefits (1) $ 145,279 $ 136,533 $ 292,078 $ 270,512 Long-term cash incentive compensation expense 29,832 22,479 44,510 36,206 Restricted share-based award compensation expense 6,874 6,864 14,110 14,319 Long-term incentive compensation expense 36,706 29,343 58,620 50,525 Total compensation and benefits $ 181,985 $ 165,876 $ 350,698 $ 321,037 (1) Excluding long-term incentive compensation expense Incentive compensation Cash incentive compensation paid to members of Artisans investment teams and members of its distribution team is generally based on formulas that are tied directly to revenues. The majority of this incentive compensation is earned on a quarterly basis and paid in the quarter following the quarter in which it was earned with the exception of fourth quarter incentive compensation which is earned and paid in the fourth quarter of the year. Cash incentive compensation paid to most other employees is determined based on individual performance and Artisans overall results during the applicable year and is generally paid on an annual basis. Long-term incentive compensation awards consist of both APAM restricted share-based awards and long-term cash awards, which are referred to as franchise capital awards. These awards are described in more detail below …

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Note 6. Borrowings Artisans borrowings consist of the following as of June 30, 2026 and December 31, 2025: Maturity (1) As of June 30, 2026 As of December 31, 2025 Interest Rate Per Annum Revolving credit agreement August 2027 $ $ NA Senior notes Series E August 2027 50,000 50,000 4.53 % Series F August 2032 90,000 90,000 3.10 % Series G August 2030 50,000 50,000 5.43 % Total gross borrowings 190,000 190,000 Debt issuance costs (764) (860) Total borrowings $ 189,236 $ 189,140 (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 $180.3 million as of June 30, 2026 and December 31, 2025. 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 5, 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 June 30, 2026, 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 $2.0 million for the three months ended June …

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The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and six months ended June 30, 2026 and 2025: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Management fees Artisan Funds $ 180,634 $ 165,959 $ 357,698 $ 326,932 Artisan Global Funds 17,331 13,596 33,166 27,369 Separate accounts and other (1) 109,744 103,194 219,653 205,595 Performance fees Separate accounts and other (1) 200 404 Total revenues (2) $ 307,909 $ 282,749 $ 610,921 $ 559,896 (1) Separate accounts and other revenue consists of fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as from certain assets managed by the Credit team within custom, investor-driven mandates and certain strategies for which we provide model portfolios to managed account sponsors. (2) All fees earned from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 15, Related Party Transactions. …

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Note 5. Fair Value Measurements In accordance with ASC 820, fair value is defined as the price that Artisan would receive upon selling an asset or transferring a liability in an orderly transaction to an independent buyer in its principal or most advantageous market. 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 Artisans own assumptions in determining fair value). The table below presents information about Artisans seed and compensation plan investments that are measured at fair value; for information on instruments held by consolidated investment products, see Note 7, Variable Interest Entities and Consolidated Investment Products. The following provides the hierarchy of inputs used to derive recurring fair value measurements of Artisans assets that are financial instruments as of June 30, 2026 and December 31, 2025: Assets and Liabilities at Fair Value Total NAV Practical Expedient (No Fair Value Level) Level 1 Level 2 Level 3 June 30, 2026 Assets Money market funds (1) $ 312,241 $ $ 312,241 $ $ Equity securities 246,221 42,509 203,712 December 31, 2025 Assets Money market funds (1) $ 166,510 $ $ …

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Note 12. Income Taxes and Related Payments APAM is subject to U.S. federal, state and local income taxation on APAMs allocable portion of Holdings income as well as foreign income taxes payable by Holdings subsidiaries. APAMs effective tax rate was 21.0% and 20.6% for the six months ended June 30, 2026 and 2025, respectively. APAMs effective income tax rate was equal to the U.S. federal statutory rate of 21% as the incremental impact to the rate from state and local taxes and limits on executive compensation was effectively offset by (i) a rate benefit attributable to the fact that, for the six months ended June 30, 2026, approximately 14% of Artisan Partners Holdings full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (ii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. Components of the provision for income taxes consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Current: Federal $ 11,846 $ 8,829 $ 17,824 $ 15,765 State and local 3,209 2,513 5,139 4,613 Foreign 179 193 368 348 Total 15,234 11,535 23,331 20,726 Deferred: Federal 9,068 11,330 18,136 20,526 State and local 1,597 1,996 3,195 3,616 Total 10,665 13,326 21,331 24,142 Income tax expense (benefit) $ 25,899 $ 24,861 $ 44,662 $ 44,868 In connection with the IPO, APAM entered into two tax receivable agreements (TRAs). The first TRA generally prov …

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Recent accounting pronouncements In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages so that the guidance is neutral to different software development methods. The amendment eliminates the project stage model and clarifies that capitalization of internal-use software costs commences when management has authorized and committed funding for the project and it is probable that software will be completed and used to perform the function intended. The Company is required to adopt the guidance for the year ending December 31, 2028. The Company is currently evaluating the impact of the ASU on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosure of additional information and disaggregation of certain expenses included in the income statement. The Company is required to adopt the guidance for the year ending December 31, 2027. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. …

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Note 15. Related Party Transactions Several of the current executive officers and directors of APAM, or entities associated with those individuals, are limited partners of Holdings. As a result, certain transactions (such as TRA payments) between Artisan and limited partners of Holdings are considered to be related party transactions with respect to these persons. Holdings also makes estimated state tax payments on behalf of certain limited partners, including related parties. These payments are then netted from subsequent distributions or other payments to the limited partners. At June 30, 2026 and December 31, 2025, accounts receivable included $5.7 million and nil, respectively, of partnership tax reimbursements due from Holdings limited partners, including related parties. Affiliate transactionsArtisan Funds Artisan has an agreement to serve as the investment adviser to Artisan Funds, with which certain Artisan employees are affiliated. Under the terms of the agreement, which generally is reviewed and continued by the board of directors of Artisan Funds annually, a fee is paid to Artisan based on an annual percentage of the average daily net assets of each Artisan Fund ranging from 0.49% to 1.05%. Artisan has contractually agreed to reimburse for expenses incurred to the extent necessary to limit annualized ordinary operating expenses incurred by certain of the Artisan Funds to not more than a fixed percentage (ranging from 0.55% to 1.50%) of a funds average daily net ass …

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Note 10. Revenue From Contracts with Customers The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and six months ended June 30, 2026 and 2025: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Management fees Artisan Funds $ 180,634 $ 165,959 $ 357,698 $ 326,932 Artisan Global Funds 17,331 13,596 33,166 27,369 Separate accounts and other (1) 109,744 103,194 219,653 205,595 Performance fees Separate accounts and other (1) 200 404 Total revenues (2) $ 307,909 $ 282,749 $ 610,921 $ 559,896 (1) Separate accounts and other revenue consists of fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as from certain assets managed by the Credit team within custom, investor-driven mandates and certain strategies for which we provide model portfolios to managed account sponsors. (2) All fees earned from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 15, Related Party Transactions. The following table presents the balances of receivables related to contracts with customers: Customer As of June 30, 2026 As of December 31, 2025 Artisan Funds $ 10,205 $ 9,752 Artisan Global Funds 8,465 7,973 Separate accounts and other 96,242 130,530 Total receivabl …

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Note 16. Segment Information Artisan operates as one segment in the investment management business. The Companys Chief Operating Decision Maker (the CODM) is its Chief Executive Officer and President, who reviews financial information on a consolidated basis for purposes of allocating resources and assessing financial performance. The CODM uses consolidated Net Income attributable to Artisan Partners Asset Management Inc. as presented within the Consolidated Statements of Operations (net income), among other consolidated metrics, to evaluate segment performance. Based on net income, as well as the other metrics, the CODM considers whether to use profits to invest in growth initiatives or return cash to shareholders through dividends while assessing the level of resources available through review of Total assets as presented within the consolidated statements of financial condition. The CODM reviews significant segment expenses at a level consistent with that presented in the Consolidated Statements of Operations with the exception of Compensation and Benefits which is reviewed at a more disaggregated level as presented in the table below for the three and six months ended June 30, 2026 and 2025. For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Salaries $ 26,554 $ 25,441 $ 53,300 $ 50,924 Incentive compensation 101,092 96,523 203,213 189,933 Benefits and payroll taxes 17,633 14,569 35,565 29,655 Long-term incentive compensation (1) 19,9 …

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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 APAMs 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. Principles of consolidation Artisans policy is to con …

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Note 9. Stockholders Equity APAM - Stockholders Equity APAM had the following authorized and outstanding equity as of June 30, 2026 and December 31, 2025: Outstanding Authorized As of June 30, 2026 As of December 31, 2025 Voting Rights (1) Economic Rights Common shares Class A, par value $0.01 per share 500,000,000 70,996,433 70,472,750 1 vote per share Proportionate Class B, par value $0.01 per share 200,000,000 1,152,924 1,137,929 1 vote per share None Class C, par value $0.01 per share 400,000,000 8,917,476 9,077,590 1 vote per share None (1) The Companys 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 June 30, 2026, Artisans employees held 4,925,479 restricted shares of Class A common stock and all 1,152,924 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 followin …

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Note 17. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective July 28, 2026, a distribution by Artisan Partners Holdings of $59.1 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective July 28, 2026, a quarterly dividend of $0.80 per share of Class A common stock. The APAM dividend is payable on August 31, 2026, to stockholders of record as of August 17, 2026.

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