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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, 2023
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 31, 2023 were 68,479,386, 2,456,534 and 9,024,947, respectively.


Table of Contents
TABLE OF CONTENTS
Page
Part IFinancial Information
Item 1.Unaudited Consolidated Financial Statements
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 and projections about future events. 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, change in the legislative and regulatory environment in which we operate, 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, 2022, filed with the SEC on February 27, 2023, 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

Table of Contents
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;
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

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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,
2023
December 31,
2022
ASSETS
Cash and cash equivalents$198,308 $114,832 
Accounts receivable96,062 98,634 
Investment securities139,630 85,415 
Property and equipment, net46,896 48,104 
Deferred tax assets446,491 477,024 
Prepaid expenses and other assets18,986 20,053 
Operating lease assets91,662 101,410 
Assets of consolidated investment products
Cash and cash equivalents32,221 28,416 
Accounts receivable and other10,993 4,977 
Investment assets, at fair value336,429 255,743 
Total assets$1,417,678 $1,234,608 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses, and other$23,872 $24,414 
Accrued incentive compensation126,453 29,762 
Borrowings199,226 199,050 
Operating lease liabilities110,524 120,847 
Amounts payable under tax receivable agreements363,860 398,789 
Liabilities of consolidated investment products
Accounts payable, accrued expenses, and other37,379 26,358 
Investment liabilities, at fair value13,314 20,751 
Total liabilities874,628 819,971 
Commitments and contingencies
Redeemable noncontrolling interests219,726 135,280 
Common stock
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 68,481,220 and 67,982,025 shares outstanding at September 30, 2023 and December 31, 2022, respectively)
685 680 
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 2,456,534 and 2,583,884 shares outstanding at September 30, 2023 and December 31, 2022, respectively)
25 26 
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 9,024,947 and 9,040,147 shares outstanding at September 30, 2023 and December 31, 2022, respectively)
90 90 
Additional paid-in capital187,764 171,416 
Retained earnings112,266 93,088 
Accumulated other comprehensive income (loss)(3,246)(3,079)
Total Artisan Partners Asset Management Inc. stockholders’ equity297,584 262,221 
Noncontrolling interests - Artisan Partners Holdings25,740 17,136 
Total stockholders’ equity323,324 279,357 
Total liabilities, redeemable noncontrolling interests, and stockholders’ equity$1,417,678 $1,234,608 

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

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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,
2023202220232022
Revenues
Management fees$248,691 $234,191 $725,980 $766,901 
Performance fees31 121 154 397 
Total revenues248,722 234,312 $726,134 $767,298 
Operating Expenses
Compensation and benefits130,648 122,033 392,593 389,359 
Distribution, servicing and marketing6,153 5,593 17,786 18,952 
Occupancy7,244 7,127 21,506 20,407 
Communication and technology12,974 12,441 38,395 37,704 
General and administrative9,548 8,392 28,690 26,751 
Total operating expenses166,567 155,586 498,970 493,173 
Total operating income82,155 78,726 227,164 274,125 
Non-operating income (expense)
Interest expense(2,297)(2,428)(6,520)(7,853)
Net gain (loss) on the tax receivable agreements505 431 505 913 
Net investment gain (loss) of consolidated investment products9,787 (3,936)38,189 (14,605)
Other net investment gain (loss)(2,152)(5,563)11,329 (23,729)
Total non-operating income (expense)5,843 (11,496)43,503 (45,274)
Income before income taxes87,998 67,230 270,667 228,851 
Provision for income taxes14,570 14,750 51,663 46,761 
Net income before noncontrolling interests73,428 52,480 219,004 182,090 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings11,319 10,999 35,493 37,150 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products8,954 (2,754)25,978 (9,007)
Net income attributable to Artisan Partners Asset Management Inc.$53,155 $44,235 $157,533 $153,947 
Basic earnings per share$0.76 $0.65 $2.27 $2.17 
Diluted earnings per share$0.76 $0.65 $2.27 $2.17 
Basic weighted average number of common shares outstanding63,520,40262,623,43463,419,58762,329,756
Diluted weighted average number of common shares outstanding63,563,04462,632,66063,449,80462,353,275
Dividends declared per Class A common share$0.61 $0.60 $2.01 $3.11 

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

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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,
2023202220232022
Net income before noncontrolling interests$73,428 $52,480 $219,004 $182,090 
Other comprehensive income (loss)
Foreign currency translation gain (loss)(770)(1,518)144 (3,476)
Total other comprehensive income (loss)(770)(1,518)144 (3,476)
Comprehensive income72,658 50,962 219,148 178,614 
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings
11,204 10,800 35,727 36,654 
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products
8,954 (2,754)25,978 (9,007)
Comprehensive income attributable to Artisan Partners Asset Management Inc.$52,500 $42,916 $157,443 $150,967 

The accompanying notes are an integral part of the consolidated financial statements.
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ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Changes in StockholdersEquity
(U.S. dollars in thousands)
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)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Issuance of restricted stock awards — —  — — —  — 
Employee net share settlement — —   —   — 
Exchange of subsidiary equity   — — — —  — 
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 
Three months ended September 30, 2022Class 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, 2022
$674 $31 $91 $153,134 $75,443 $(2,971)$16,892 $243,294 $127,078 
Net income— — — — 44,235 — 10,999 55,234 (2,754)
Other comprehensive income - foreign currency translation— — — — — (1,294)(224)(1,518)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — 889 — (24)(865) — 
Amortization of equity-based compensation— — — 8,660 — — 1,499 10,159 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,378 — — — 1,378 — 
Issuance of Class A common stock, net of issuance costs — — (7)— — — (7)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Issuance of restricted stock awards — —  — — —  — 
Employee net share settlement — — (285)(1)— (48)(334)— 
Exchange of subsidiary equity5 (5) — — — —  — 
Capital contributions, net— — — — — — — — 4,557 
Impact of deconsolidation of CIPs— — — — — — — —  
Distributions— — — — — — (12,026)(12,026)— 
Dividends— — —  (41,036)— (31)(41,067)— 
Balance at September 30, 2022
$679 $26 $91 $163,769 $78,641 $(4,289)$16,196 $255,113 $128,881 
The accompanying notes are an integral part of the consolidated financial statements.
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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)— 
Forfeitures and employee/partner terminations — —  — — —  — 
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 


Nine months ended September 30, 2022Class 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, 2022
$667 $32 $91 $141,835 $134,889 $(1,310)$19,757 $295,961 $111,035 
Net income— — — — 153,947 — 37,150 191,097 (9,007)
Other comprehensive income - foreign currency translation— — — — — (2,950)(526)(3,476)— 
Cumulative impact of changes in ownership of Artisan Partners Holdings LP— — — (262)— (29)291  — 
Amortization of equity-based compensation— — — 27,026 — — 4,587 31,613 — 
Deferred tax assets, net of amounts payable under tax receivable agreements— — — 1,708 — — — 1,708 — 
Issuance of Class A common stock, net of issuance costs — — (9)— — — (9)— 
Forfeitures and employee/partner terminations — —  — — —  — 
Issuance of restricted stock awards8 — — (8)— — —  — 
Employee net share settlement(2)— — (6,521)(26)— (1,205)(7,754)— 
Exchange of subsidiary equity6 (6) — — — —  — 
Capital contributions, net— — — — — — — — 36,126 
Impact of deconsolidation of CIPs— — — — — — — — (9,273)
Distributions— — — — — — (43,721)(43,721)— 
Dividends— — —  (210,169)— (137)(210,306)— 
Balance at September 30, 2022
$679 $26 $91 $163,769 $78,641 $(4,289)$16,196 $255,113 $128,881 
The accompanying notes are an integral part of the consolidated financial statements.
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ARTISAN PARTNERS ASSET MANAGEMENT INC.
Unaudited Consolidated Statements of Cash Flows
(U.S. dollars in thousands)
 For the Nine Months Ended September 30,
20232022
Cash flows from operating activities
Net income before noncontrolling interests$219,004 $182,090 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,896 5,618 
Deferred income taxes32,286 21,697 
Noncash lease expense (benefit)(158)1,271 
Net investment (gain) loss on nonconsolidated investment securities(7,551)23,777 
Net (gain) loss on the tax receivable agreements(505)(913)
(Gain) loss on disposal of property and equipment2 38 
Amortization of debt issuance costs333 329 
Share-based compensation26,012 31,613 
Net investment (gain) loss of consolidated investment products(38,189)14,605 
Purchase of investments by consolidated investment products(325,922)(319,093)
Proceeds from sale of investments by consolidated investment products224,288 151,198 
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable2,232 12,416 
Prepaid expenses and other assets431 2,527 
Accounts payable and accrued expenses100,060 94,611 
Net change in operating assets and liabilities of consolidated investment products including net investment income23,583 84,838 
Net cash provided by operating activities262,802 306,622 
Cash flows from investing activities
Acquisition of property and equipment(585)(5,284)
Leasehold improvements(5,690)(11,007)
Proceeds from sale of investment securities5,226 5,164 
Purchase of investment securities(35,483)(49,337)
Net cash used in investing activities(36,532)(60,464)
Cash flows from financing activities
Partnership distributions(30,341)(43,721)
Dividends paid(138,451)(210,306)
Payment of debt issuance costs (543)
Proceeds from issuance of notes payable 90,000 
Principal payments on notes payable (90,000)
Payments under the tax receivable agreements(35,757)(33,109)
Taxes paid related to employee net share settlement(6,758)(7,754)
Capital contributions to consolidated investment products, net76,997 36,126 
Net cash used in financing activities(134,310)(259,307)
Net increase (decrease) in cash, cash equivalents, and restricted cash91,960 (13,149)
Net cash impact of deconsolidation of CIPs(4,679) 
Cash, cash equivalents and restricted cash
Beginning of period143,248 200,771 
End of period$230,529 $187,622 
Cash, cash equivalents and restricted cash as of the end of the period
Cash and cash equivalents$198,308 $168,123 
Restricted cash 629 
Cash and cash equivalents of consolidated investment products32,221 18,870 
Cash, cash equivalents and restricted cash$230,529 $187,622 
Supplementary information
Noncash activity:
Establishment of deferred tax assets$3,214 $8,327 
Establishment of amounts payable under tax receivable agreements828 5,929 
Increase in investment securities due to deconsolidation of CIPs19,612 9,970 
Operating lease assets obtained in exchange for operating lease liabilities78 32,070 
Settlement of franchise capital liability via transfer of investment securities3,204  
The accompanying notes are an integral part of the consolidated financial statements.
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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, 2023, APAM held approximately 86% 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.
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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, 2023, Artisan had a controlling financial interest in one series of Artisan Funds, 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, 2022, the Company changed the presentation of its Consolidated Statements of Operations to recategorize expenditures for computers and mobile devices from “General and administrative” to “Communication and technology.” Amounts for the comparative period in fiscal 2022 presented herein have been reclassified to conform to the current presentation. The reclassification had no impact on previously reported operating income, net income, or financial position. Management believes the revised presentation is more useful to readers of its financial statements.
Recent accounting pronouncements
None.
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, 2023As of December 31, 2022
Investments in equity securities$128,822 $76,156 
Investments in equity securities accounted for under the equity method10,808 9,259 
Total investment securities$139,630 $85,415 
Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. As of September 30, 2023 and December 31, 2022, Artisan held investment securities of $96.6 million and $63.3 million, respectively, related to funded long-term incentive compensation plans (excluding investments in consolidated investment products).
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Unrealized gain (loss) related to investment securities held at the end of the periods indicated below were as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023202220232022
Unrealized gain (loss) on investment securities held at the end of the period$(3,901)$(6,675)$6,458 $(24,145)
Other net investment gain (loss) is presented within the non-operating income (expense) section of the Consolidated Statements of Operations. The components of other net investment gain (loss) are as follows:
 For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023202220232022
Net investment gain (loss) on nonconsolidated seed investments$214 $(1,649)$1,424 $(4,585)
Net investment gain (loss) on franchise capital investments(4,454)(3,987)6,127 (19,192)
Interest income on cash and cash equivalents and other2,088 73 3,778 48 
Other net investment gain (loss)$(2,152)$(5,563)$11,329 $(23,729)
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 fair value of Artisan’s assets and liabilities that are financial instruments as of September 30, 2023 and December 31, 2022:
Assets and Liabilities at Fair Value
TotalNAV Practical Expedient (No Fair Value Level)Level 1Level 2Level 3
September 30, 2023
Assets
Money market funds 1
$167,310 $ $167,310 $ $ 
Equity securities139,630 10,306 129,324   
December 31, 2022
Assets
Money market funds 1
$3,297 $ $3,297 $ $ 
Equity securities85,415 8,835 76,580   
1 Money market funds are included within the cash and cash equivalents line of the Unaudited Condensed Consolidated Statements of Financial Condition.


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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, 2023 and December 31, 2022:
Maturity(1)
As of September 30, 2023
As of December 31, 2022Interest 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 borrowings$200,000 $200,000 
Debt issuance costs$(774)$(950)
Total borrowings$199,226 $199,050 
(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 $176.4 million as of September 30, 2023. 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, 2023, 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 and $2.3 million for the three months ended September 30, 2023 and 2022, respectively, and $5.8 million and $7.4 million for the nine months ended September 30, 2023 and 2022, respectively.
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, 2023, Artisan is considered to have a controlling financial interest in one series of Artisan Funds, five sub-funds of Artisan Global Funds and two Artisan Private Funds, with an aggregate direct equity investment in the consolidated investment products of $109.2 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.

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During the nine months ended September 30, 2023, 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, 2023. 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 $19.6 million direct equity investment was reclassified from investment assets of consolidated investment products to investment securities.
As of September 30, 2023, Artisan held direct equity investments of $10.8 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.
The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2023 and December 31, 2022:
Assets and Liabilities at Fair Value
TotalLevel 1Level 2Level 3
September 30, 2023
Assets
Money market funds$26,682 $26,682 $ $ 
Equity securities - long position35,007 32,632 2,074 301 
Fixed income instruments - long position293,274  288,729 4,545 
Derivative assets843  843  
Short term investments7,305  7,305  
Liabilities
Fixed income instruments - short position$10,410 $364 $10,046 $ 
Derivative liabilities2,904  2,904  
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Assets and Liabilities at Fair Value
TotalLevel 1Level 2Level 3
December 31, 2022
Assets
Money market funds$25,140 $25,140 $ $ 
Equity securities - long position32,388 30,179 2,209  
Fixed income instruments - long position216,638  212,368 4,270 
Derivative assets951 74 877  
Short term investments5,766  5,766  
Liabilities
Equity securities - short position$256 $256 $ $ 
Fixed income instruments - short position17,273  17,273  
Derivative liabilities3,222 2,462 760  
CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:
As of September 30, 2023As of December 31, 2022
Net CIP assets included in the table above$349,797 $260,132 
Net CIP assets/(liabilities) not included in the table above(20,847)(18,105)
Total Net CIP assets328,950 242,027 
Less: redeemable noncontrolling interests219,726 135,280 
Artisan’s direct equity investment in CIPs$109,224 $106,747 
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, 2023, APAM held approximately 86% 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, 2023, 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, 202267,982,025 11,624,031 79,606,056 85 %
Holdings Common Unit Exchanges (1)
142,550 (142,550)  %
Issuance of APAM Restricted Shares 515,702  515,702 1 %
Delivery of Shares Underlying RSUs and PSUs (1)
46,146  46,146  %
Restricted Share Award Net Share Settlement (1)
(187,287) (187,287) %
Forfeitures from Employee Terminations (1)
(17,916) (17,916) %
Balance at September 30, 2023