0001517302-26-000133 | 10-Q | XBRL Viewer | Artisan Partners Asset Management INC

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) numberOfProducts	Dec. 31, 2025 USD ($)
Significant Accounting Policies [Line Items]
Variable interest entity, ownership percentage	10.00%
Commitments and contingencies
Unfunded Capital Commitments
Significant Accounting Policies [Line Items]
Other Commitment	46	$ 16
Additional Unfunded Capital Commitments
Significant Accounting Policies [Line Items]
Other Commitment	$ 30
Artisan Global Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs \| numberOfProducts	3
Artisan Private Funds
Significant Accounting Policies [Line Items]
Number of consolidated VIEs \| numberOfProducts	4

- Definition

Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.

+ References + Details

Noncontrolling Interests - Holdings - Impact on Statement of Financial Condition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ 0	$ 0	$ 0
Net impact to financial condition			0	$ 0
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	(589)	(564)	(916)	(848)
Noncontrolling Interests - Artisan Partners Holdings
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	$ 589	564	911	852
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interest [Line Items]
Cumulative impact of changes in ownership of Artisan Partners Holdings LP		$ 0	$ 5	$ (4)

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Note 13. Earnings Per Share

Basic earnings per share is computed under the two-class method by dividing income available to Class A common stockholders by the weighted average number of Class A common shares outstanding during the period. Unvested restricted share-based awards are excluded from the number of Class A common shares outstanding for the basic earnings per share calculation because the shares have not yet been earned by employees. Income available to Class A common stockholders is computed by reducing net income attributable to APAM by earnings (both distributed and undistributed) allocated to participating securities, according to their respective rights to participate in those earnings. Except for certain performance share units, unvested share-based awards are participating securities because the awards include non-forfeitable dividend rights during the vesting period. Class B and Class C common shares do not share in profits of APAM and therefore are not reflected in the calculations.

Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method. The weighted average number of Class A common shares outstanding during the period is increased by the assumed conversion of nonparticipating unvested share-based awards into Class A common stock using the treasury stock method.

The computation of basic and diluted earnings per share for the three and nine months ended September 30, 2026 and 2025 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share	2026		2025		2026		2025
Numerator:
Net income attributable to APAM	$	75,196	$	66,830	$	214,065	$	195,524
Less: Allocation to participating securities	6,069		5,582		17,840		16,384
Net income available to common stockholders	$	69,127	$	61,248	$	196,225	$	179,140
Denominator:
Basic weighted average shares outstanding	66,380,225		65,666,782		66,288,288		65,562,800
Dilutive effect of nonparticipating share-based awards	—		—		—		—
Diluted weighted average shares outstanding	66,380,225		65,666,782		66,288,288		65,562,800
Earnings per share - Basic	$	1.04	$	0.93	$	2.96	$	2.73
Earnings per share - Diluted	$	1.04	$	0.93	$	2.96	$	2.73

Allocation to participating securities in the table above primarily represents dividends paid to holders of unvested restricted share-based awards, which reduces net income available to common stockholders.

The Holdings limited partnership units are anti-dilutive primarily due to the impact of public company expenses. Unvested restricted share-based awards with non-forfeitable dividend rights during the vesting period are considered participating securities and are therefore anti-dilutive. The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding	2026	2025	2026	2025
Holdings limited partnership units	10,063,419	10,235,519	10,086,678	10,248,400
Unvested restricted share-based awards	5,202,733	5,334,895	5,168,386	5,364,190
Total	15,266,152	15,570,414	15,255,064	15,612,590

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

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 nine months ended September 30, 2026 and 2025.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Salaries	$	26,133	$	24,969	$	79,433	$	75,893
Incentive compensation	102,754		100,784		305,967		290,717
Benefits and payroll taxes	12,704		10,296		48,269		39,951
Long-term incentive compensation (1)	19,511		19,916		61,352		58,004
Market valuation changes in compensation plans	1,098		7,277		17,877		19,714
Total compensation and benefits	$	162,200	$	163,242	$	512,898	$	484,279
(1) Long-term incentive compensation represents expense based on the grant date fair value of awards and therefore excludes market valuation changes on awards classified as liabilities.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of Reportable Segments \| segment	1
Segment Reporting [Line Items]
Compensation and benefits	$ 162,200	$ 163,242	$ 512,898	$ 484,279
Reportable Segment
Segment Reporting [Line Items]
Salaries	26,133	24,969	79,433	75,893
Incentive compensation	102,754	100,784	305,967	290,717
Benefits and payroll taxes	12,704	10,296	48,269	39,951
Long-term incentive compensation (1)	19,511	19,916	61,352	58,004
Market valuation changes in compensation plans	1,098	7,277	17,877	19,714
Compensation and benefits	$ 162,200	$ 163,242	$ 512,898	$ 484,279

Income Taxes and Related Payments - Components of provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Current:
Federal	$ 11,681	$ 11,047	$ 29,505	$ 26,812
State and local	2,478	3,147	7,617	7,760
Foreign	217	361	585	709
Total	14,376	14,555	37,707	35,281
Deferred:
Federal	4,508	19,052	22,644	39,578
State and local	805	3,366	4,000	6,982
Total	5,313	22,418	26,644	46,560
Income tax expense (benefit)	$ 19,689	$ 36,973	$ 64,351	$ 81,841

Stockholders' Equity - Authorized and Outstanding Equity (Details)	Sep. 30, 2026 vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	81,073,742	80,688,269
Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	5,043,121	4,949,507
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding (in shares)	71,019,106	70,472,750
Common stock votes per share \| vote	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding (in shares)	1,137,160	1,137,929
Common stock votes per share \| vote	1
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding (in shares)	8,917,476	9,077,590
Common stock votes per share \| vote	1
Holdings GP Units \| Restricted Stock
Class of Stock [Line Items]
Unvested - Number of awards (in shares)	4,921,652

Income Taxes and Related Payments

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes and Related Payments

Note 12. Income Taxes and Related Payments

APAM is subject to U.S. federal, state and local income taxation on APAM’s allocable portion of Holdings’ income as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective tax rate was 20.0% and 24.0% for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, APAM's effective income tax rate was lower than the U.S. federal statutory rate of 21% as a result of (i) a deferred tax benefit recorded by the Company as a result of a reduction in the expected aggregate compensation that is expected to be subject to compensation deduction limitations under the One Big Beautiful Bill Act (“OBBBA”), which represented a partial reversal of the deferred tax charge taken upon enactment of the OBBBA in the nine months ended September 30, 2025, (ii) a rate benefit attributable to the fact that, for the nine months ended September 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 (iii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. These benefits were partially offset by the incremental impact to the rate from state and local taxes.

Components of the provision for income taxes consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Current:
Federal	$	11,681	$	11,047	$	29,505	$	26,812
State and local	2,478		3,147		7,617		7,760
Foreign	217		361		585		709
Total	14,376		14,555		37,707		35,281
Deferred:
Federal	4,508		19,052		22,644		39,578
State and local	805		3,366		4,000		6,982
Total	5,313		22,418		26,644		46,560
Income tax expense (benefit)	$	19,689	$	36,973	$	64,351	$	81,841

In connection with the IPO, APAM entered into two tax receivable agreements (“TRAs”). The first TRA generally provides for the payment by APAM to a private equity fund (the “Pre-H&F Corp Merger Shareholder”) or its assignees of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) the tax attributes of the preferred units APAM acquired in the merger of a wholly-owned subsidiary of the Pre-H&F Corp Merger Shareholder into APAM in March 2013 and (ii) tax benefits related to imputed interest.

The second TRA generally provides for the payment by APAM to current or former limited partners of Holdings at the date of the IPO (or their assignees) of 85% of the applicable cash savings, if any, of U.S. federal, state and local income taxes that APAM actually realizes (or is deemed to realize in certain circumstances) as a result of (i) certain tax attributes of their partnership units sold to APAM or exchanged (for shares of Class A common stock, convertible preferred stock or other consideration) and that are created as a result of such sales or exchanges and payments under the TRAs and (ii) tax benefits related to imputed interest. Under both agreements, APAM generally will retain the benefit of the remaining 15% of the applicable tax savings.

For purposes of the TRAs, cash savings of income taxes are calculated by comparing APAM’s actual income tax liability to the amount it would have been required to pay had it not been able to utilize any of the tax benefits subject to the TRAs, unless certain assumptions apply. The TRAs will continue in effect until all such tax benefits have been utilized or expired, unless APAM exercises its right to terminate the agreements or payments under the agreements are accelerated in the event that APAM materially breaches any of its material obligations under the agreements.

The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis.

Payments under the TRAs, if any, will be made pro rata among all TRA counterparties entitled to payments on an annual basis to the extent APAM has sufficient taxable income to utilize the increased depreciation and amortization charges and imputed interest deductions. Artisan expects to make one or more payments under the TRAs, to the extent they are required, prior to or within 125 days after APAM’s U.S. federal income tax return is filed for each fiscal year. Interest on the TRA payments will accrue from the due date (without extension) of such tax return until such payments are made. Amounts payable under the TRAs are estimates which may be impacted by factors, including but not limited to, expected tax rates, projected taxable income, and projected ownership levels and are subject to change. Changes in the estimates of amounts payable under tax receivable agreements are recorded as non-operating income (loss) in the unaudited consolidated statements of operations.

The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the nine months ended September 30, 2026, is summarized as follows:


	Deferred Tax Asset - Amortizable Basis		Amounts Payable Under TRAs
December 31, 2025	$	308,015	$	303,368
2026 Holdings Common Unit Exchanges	2,592		2,203
Amortization	(37,458)		—
Payments under TRAs	—		(39,482)
Change in estimate	1		(984)
September 30, 2026	$	273,150	$	265,105

Net deferred tax assets comprise the following:


	As of September 30, 2026		As of December 31, 2025
Deferred tax assets:
Amortizable basis (1)	$	273,150	$	308,015
Other (2)	57,676		46,687
Total deferred tax assets	330,826		354,702
Less: valuation allowance (3)	—		—
Net deferred tax assets	$	330,826	$	354,702

(1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements.
(2) Represents the net deferred tax assets associated with Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. These future tax benefits are not subject to the TRA agreements.
(3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required.

Accounting standards establish a minimum threshold for recognizing, and a process for measuring, the benefits of income tax return positions in financial statements. The Company’s gross liability for unrecognized tax benefits was $2.1 million and $1.8 million as of September 30, 2026 and December 31, 2025, respectively.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. Accrued interest on unrecognized tax benefits was $0.4 million and $0.3 million as of September 30, 2026 and December 31, 2025, respectively, and is excluded from gross unrecognized tax benefit. The gross unrecognized tax benefit is recorded within accounts payable, accrued expenses and other in the Company’s unaudited condensed consolidated statements of financial condition.

In the normal course of business, Artisan is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2026, U.S. federal income tax returns filed for the years 2023 through 2025 are open and therefore subject to examination. State, local and foreign income tax returns filed are generally subject to examination from 2022 to 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 Artisan’s own assumptions in determining fair value).

The table below presents information about Artisan’s 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 Artisan’s assets that are financial instruments as of September 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
September 30, 2026
Assets
Money market funds (1)	$	323,735	$	—	$	323,735	$	—	$	—
Equity securities	253,324		56,263		197,061		—		—

December 31, 2025
Assets
Money market funds (1)	$	166,510	$	—	$	166,510	$	—	$	—
Equity securities	228,044		20,717		207,327		—		—
(1) Money market funds are included within the cash and cash equivalents line on the unaudited condensed consolidated statements of financial condition.

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.

Nonrecurring Fair Value Measurements

Nonrecurring fair value measurements consist of goodwill and intangible assets for the Grandview acquisition, which were $40.3 million and $8.2 million, respectively, upon the closing of the acquisition. Artisan measured the fair value of goodwill and intangible assets on initial recognition based on the present value of estimated future cash flows. Significant assumptions used to determine the estimated fair value include revenue, discount rates and expenses. Because of the significance of the unobservable inputs in the fair value measurements of these assets, such measurements are classified as Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Artisan Partners Holdings
Balance at beginning of period at Dec. 31, 2024	$ 422,002	$ 701	$ 16	$ 87	$ 220,838	$ 170,044	$ (2,762)	$ 33,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	259,796					195,524		40,290
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	235,814
Other comprehensive income - foreign currency translation							1,058	152
Cumulative impact of changes in ownership of Artisan Partners Holdings LP					(848)		(4)	852
Amortization of equity-based compensation	22,273				19,619			2,654
Deferred tax assets, net of amounts payable under tax receivable agreements	194				194
Issuance of restricted stock awards		6			(6)
Employee net share settlement	(8,964)	(3)			(7,817)			(1,144)
Exchange of subsidiary equity		1	(4)	3
Distributions	(36,967)							(36,967)
Dividends	(194,689)					(194,591)		(98)
Balance at end of period at Sep. 30, 2025	440,873	705	12	90	231,980	170,977	(1,708)	38,817
Beginning balance at Dec. 31, 2024	327,917
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	23,982
Capital contributions, net	146,667
Impact of deconsolidation of CIPs	(242,372)
Ending balance at Sep. 30, 2025	256,194
Balance at beginning of period at Jun. 30, 2025	419,077	705	12	90	226,526	155,933	(1,447)	37,258
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	86,473					66,830		14,948
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	81,778
Other comprehensive income - foreign currency translation							(261)	(40)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(564)		0	564
Amortization of equity-based compensation	6,861				6,014			847
Deferred tax assets, net of amounts payable under tax receivable agreements	4				4
Distributions	(14,735)							(14,735)
Dividends	(51,811)					(51,786)		(25)
Balance at end of period at Sep. 30, 2025	440,873	705	12	90	231,980	170,977	(1,708)	38,817
Beginning balance at Jun. 30, 2025	185,201
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	4,695
Capital contributions, net	66,298
Ending balance at Sep. 30, 2025	256,194
Balance at beginning of period at Dec. 31, 2025	478,156	705	11	91	236,327	203,386	(1,689)	39,325
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	257,131					214,065		39,575
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	253,640
Other comprehensive income - foreign currency translation							(192)	(33)
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(916)		5	911
Amortization of equity-based compensation	22,054				19,492			2,562
Deferred tax assets, net of amounts payable under tax receivable agreements	565				565
Issuance of restricted stock awards	0	5			(5)
Employee net share settlement	(4,349)	(1)			(3,802)			(546)
Exchange of subsidiary equity	0	1	1	(2)
Distributions	(39,779)							(39,779)
Dividends	(224,772)					(224,666)		(106)
Balance at end of period at Sep. 30, 2026	485,290	710	12	89	251,661	192,785	(1,876)	41,909
Beginning balance at Dec. 31, 2025	304,263
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	3,491
Capital contributions, net	42,787
Impact of deconsolidation of CIPs	(253,932)
Impact of consolidation of CIPs	3,831
Ending balance at Sep. 30, 2026	100,440
Balance at beginning of period at Jun. 30, 2026	465,305	710	12	89	246,307	174,815	(1,890)	45,262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income before noncontrolling interests	88,686					75,196		13,303
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	88,499
Other comprehensive income - foreign currency translation							14	0
Cumulative impact of changes in ownership of Artisan Partners Holdings LP	0				(589)			589
Amortization of equity-based compensation	6,688				5,877			811
Deferred tax assets, net of amounts payable under tax receivable agreements	66				66
Distributions	(18,029)							(18,029)
Dividends	(57,253)					(57,226)		(27)
Balance at end of period at Sep. 30, 2026	485,290	$ 710	$ 12	$ 89	$ 251,661	$ 192,785	$ (1,876)	$ 41,909
Beginning balance at Jun. 30, 2026	86,071
Redeemable Noncontrolling Interests
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products	187
Capital contributions, net	14,182
Ending balance at Sep. 30, 2026	$ 100,440

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2026

Artisan Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	188,891	$	177,872	$	547,155	$	505,630
Elimination of fees from consolidated investment products (1)	(5)		—		(19)		—
Consolidated investment advisory fees (Gross of expense reimbursements)	$	188,886	$	177,872	$	547,136	$	505,630

Expense reimbursements	430		540		1,050		1,366
Elimination of expense reimbursements from consolidated investment products (1)	(27)		—		(95)		—
Consolidated expense reimbursements	$	403	$	540	$	955	$	1,366
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Artisan Global Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Global Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	18,849	$	15,348	$	52,391	$	43,020
Elimination of fees from consolidated investment products (1)	(181)		(201)		(507)		(456)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	18,668	$	15,147	$	51,884	$	42,564

Expense reimbursements	$	317	$	175	$	576	$	484
Elimination of expense reimbursements from consolidated investment products (1)	(230)		(141)		(439)		(402)
Consolidated expense reimbursements	$	87	$	34	$	137	$	82
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Artisan Private Funds

Schedule of related party transactions

Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Private Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	5,748	$	3,024	$	16,871	$	9,042
Elimination of fees from consolidated investment products (1)	(23)		(140)		(23)		(364)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	5,725	$	2,884	$	16,848	$	8,678

Expense reimbursements	$	33	$	80	$	117	$	332
Elimination of expense reimbursements from consolidated investment products (1)	(14)		(32)		(41)		(146)
Consolidated expense reimbursements	$	19	$	48	$	76	$	186
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Oct. 27, 2026	Sep. 30, 2026	Sep. 30, 2025
Subsequent Event [Line Items]
Payments under the tax receivable agreements		$ 39,482	$ 38,286
Subsequent Event
Subsequent Event [Line Items]
Distribution made to partners, Cash distributions declared	$ 26,900
O 2026 A Dividends
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 2.58
O 2026 A Dividends \| Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.88

Compensation and Benefits - Restricted Share Activity (Details)	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Restricted Stock
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 39.58
Granted (in dollars per share) \| $ / shares	43.97
Forfeited (in dollars per share) \| $ / shares	42.01
Vested (in dollars per share) \| $ / shares	44.21
Ending balance (in dollars per share) \| $ / shares	$ 39.65
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	4,949,507
Granted (in shares)	472,523
Forfeited (in shares)	(12,230)
Vested (in shares)	(366,679)
Ending balance (in shares)	5,043,121
Performance Shares
Restricted Stock Awards and Restricted Stock Units
Beginning balance (in shares)	152,207
Ending balance (in shares)	152,207

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The computation of basic and diluted earnings per share for the three and nine months ended September 30, 2026 and 2025 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Basic and Diluted Earnings Per Share	2026		2025		2026		2025
Numerator:
Net income attributable to APAM	$	75,196	$	66,830	$	214,065	$	195,524
Less: Allocation to participating securities	6,069		5,582		17,840		16,384
Net income available to common stockholders	$	69,127	$	61,248	$	196,225	$	179,140
Denominator:
Basic weighted average shares outstanding	66,380,225		65,666,782		66,288,288		65,562,800
Dilutive effect of nonparticipating share-based awards	—		—		—		—
Diluted weighted average shares outstanding	66,380,225		65,666,782		66,288,288		65,562,800
Earnings per share - Basic	$	1.04	$	0.93	$	2.96	$	2.73
Earnings per share - Diluted	$	1.04	$	0.93	$	2.96	$	2.73

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the weighted-average shares outstanding that are excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Anti-Dilutive Weighted Average Shares Outstanding	2026	2025	2026	2025
Holdings limited partnership units	10,063,419	10,235,519	10,086,678	10,248,400
Unvested restricted share-based awards	5,202,733	5,334,895	5,168,386	5,364,190
Total	15,266,152	15,570,414	15,255,064	15,612,590

Noncontrolling Interests - Holdings (Tables)

9 Months Ended

Sep. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of Equity ownership Interests in Holdings

For the nine months ended September 30, 2026, APAM’s equity ownership interest in Holdings increased as a result of the following transactions:


	Holdings GP Units	Limited Partnership Units	Total	APAM Ownership %
Balance at December 31, 2025	70,472,750	10,215,519	80,688,269	87	%

Holdings Common Unit Exchanges (1)	194,114	(194,114)	—	—	%
Issuance of APAM Restricted Shares	465,719	—	465,719	1	%
Class B Unit Awards (1)	—	33,231	33,231	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	752	—	752	—	%
Restricted Share Award Net Share Settlement (1)	(101,999)	—	(101,999)	—	%
Forfeitures Related to Employee Terminations (1)	(12,230)	—	(12,230)	—	%
Balance at September 30, 2026	71,019,106	10,054,636	81,073,742	88	%
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net

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,
	2026		2025
Additional paid-in capital	$	(916)	$	(848)
Noncontrolling interests - Artisan Partners Holdings	911		852
Accumulated other comprehensive income (loss)	5		(4)
Net impact to financial condition	$	—	$	—

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The disclosures below detail Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 7, “Variable Interest Entities and Consolidated Investment Products.”


	As of September 30, 2026		As of December 31, 2025
Seed investments in equity securities	$	11,754	$	42,708
Seed investments in equity securities accounted for under the equity method	4,068		3,341
Compensation plan investments in equity securities	184,517		163,875
Compensation plan investments in equity securities accounted for under the equity method	52,985		18,120
Total investment securities	$	253,324	$	228,044

Unrealized Gain (Loss) on Investments

Unrealized gain (loss) related to investment securities held during the periods indicated below were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Unrealized gain (loss) in the period on investment securities held at the end of the period	$	(4,084)	$	9,109	$	17,510	$	28,184

Compensation and Benefits

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Compensation and Benefits

Note 11. Compensation and Benefits

Total compensation and benefits consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Salaries, incentive compensation and benefits (1)	$	141,591	$	136,049	$	433,669	$	406,561
Long-term cash incentive compensation expense	14,053		20,469		58,563		56,675
Restricted share-based award compensation expense	6,556		6,724		20,666		21,043
Long-term incentive compensation expense	20,609		27,193		79,229		77,718
Total compensation and benefits	$	162,200	$	163,242	$	512,898	$	484,279
(1) Excluding long-term incentive compensation expense

Incentive compensation

Cash incentive compensation paid to members of Artisan’s 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 Artisan’s 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.

Restricted share-based awards

APAM has granted a combination of restricted stock awards, restricted stock units and performance share units (collectively referred to as “restricted share-based awards” or “awards”) of Class A common stock to employees.

Standard Restricted Shares. Standard restricted shares are generally subject to a pro rata five-year service vesting condition.

Career Shares. Career shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement (as defined in the award agreement) condition.

Franchise Shares. Like career shares, franchise shares are generally subject to both (i) a pro rata five-year service vesting condition and (ii) a qualifying retirement condition. In addition, franchise shares, which are only granted to investment team members, are subject to a Franchise Protection Clause, which provides that the number of shares that ultimately vest depends on whether certain conditions relating to client cash flows are met. If such conditions are not met, compensation cost related to unvested shares will be reversed.

Performance Share Units (PSUs). As of September 30, 2026 and December 31, 2025, all 152,207 unvested PSUs had met the required three-year performance conditions, but remain outstanding subject to meeting a qualifying retirement vesting condition.

For awards granted beginning in 2024, the pro rata five-year service vesting condition is waived for grantees that satisfy the qualified retirement requirements and an age-plus-service condition.

Unvested restricted share-based awards are subject to forfeiture. Grantees are generally entitled to dividends or dividend equivalents on unvested and vested awards. 5,054,286 shares of Class A common stock were reserved and available for issuance under the Artisan Partners Asset Management Inc. 2023 Omnibus Incentive Compensation Plan (the “Plan”) at September 30, 2026.

During the nine months ended September 30, 2026, Artisan granted 465,719 restricted Class A shares and 6,804 restricted stock units.

The following tables summarize the Class A restricted share-based award activity for the nine months ended September 30, 2026:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2026	$	39.58	4,949,507
Granted	43.97		472,523
Forfeited	42.01		(12,230)
Vested	44.21		(366,679)
Unvested at September 30, 2026	$	39.65	5,043,121

The unrecognized compensation expense for the unvested restricted Class A shares and restricted stock units as of September 30, 2026 was $45.1 million with a weighted average recognition period of 2.5 years remaining.

During the nine months ended September 30, 2026, the Company withheld a total of 102,824 restricted shares and paid a total of $4.5 million as a result of net share settlements to satisfy employee tax withholding obligations. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the number of shares outstanding.

Long-term cash awards (franchise capital awards)

During the nine months ended September 30, 2026, Artisan granted $50.6 million of franchise capital awards to investment team members in lieu of certain additional restricted share-based awards. The franchise capital awards are subject to the same long-term vesting and forfeiture provisions as restricted share-based awards, as described above. Prior to vesting, franchise capital awards are generally allocated to one or more of the investment strategies managed by the award recipient’s investment team. During the vesting period, the value of the awards will increase or decrease based on the investment returns of the strategies to which the awards are allocated. Compensation expense, including the appreciation or depreciation related to investment returns, is recognized on a straight-line basis over the required service period, which is generally five years. If an employee is eligible to fully vest in an award upon a qualified retirement, the requisite service period for that award is equal to the employee’s required retirement notice period, which is generally 12 or 18 months. As the awards will generally be paid out in cash upon vesting, the fair value of unvested awards is recorded as a liability based on the percentage of the service requirement that has been completed. The liability is recorded within accrued long-term incentive compensation in the Company’s unaudited condensed consolidated statements of financial condition.

The Company hedges its economic exposure to the change in value of franchise capital awards due to market movements by investing the cash reserved for the awards in the underlying investments. The franchise capital award liability and the underlying investment holdings are marked to market each quarter. Compensation expense related to the appreciation or depreciation is recognized based on the change in the proportionate fair value of the vested portion of the awards during the period, such that the recorded liability at each reporting date reflects the fair value of the portion of the awards for which the requisite service has been rendered. The change in value of the underlying investment holdings is recognized in non-operating income (expense) in the period of change. While there is a timing difference between the recognition of the compensation expense and the offsetting investment gain or loss, the compensation expense and investment income will net to zero at the end of the multi-year vesting period for all awards that ultimately vest.

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Statement of Operations Section	Statement of Operations Line Item	2026		2025		2026		2025
Operating expenses (benefit)	Compensation and benefits	$	1,098	$	7,277	$	17,877	$	19,714
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	(3,868)		9,407		17,759		27,403
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	(381)		645		1,967		3,625

The unrecognized compensation expense for the unvested franchise capital awards as of September 30, 2026 was $124.2 million with a weighted average recognition period of 2.1 years remaining.

Investment Securities

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 4. Investment Securities

Artisan’s investments in equity securities consist of investments in Artisan Funds, Artisan Global Funds and Artisan Private Funds. The disclosures below detail Artisan’s investments, excluding money market funds and consolidated investment products. Investments held by consolidated investment products are described in Note 7, “Variable Interest Entities and Consolidated Investment Products.”


	As of September 30, 2026		As of December 31, 2025
Seed investments in equity securities	$	11,754	$	42,708
Seed investments in equity securities accounted for under the equity method	4,068		3,341
Compensation plan investments in equity securities	184,517		163,875
Compensation plan investments in equity securities accounted for under the equity method	52,985		18,120
Total investment securities	$	253,324	$	228,044

Unrealized gain (loss) related to investment securities held during the periods indicated below were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Unrealized gain (loss) in the period on investment securities held at the end of the period	$	(4,084)	$	9,109	$	17,510	$	28,184

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair value hierarchy of assets and liabilities

The following provides the hierarchy of inputs used to derive recurring fair value measurements of Artisan’s assets that are financial instruments as of September 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
September 30, 2026
Assets
Money market funds (1)	$	323,735	$	—	$	323,735	$	—	$	—
Equity securities	253,324		56,263		197,061		—		—

December 31, 2025
Assets
Money market funds (1)	$	166,510	$	—	$	166,510	$	—	$	—
Equity securities	228,044		20,717		207,327		—		—
(1) Money market funds are included within the cash and cash equivalents line on the unaudited condensed consolidated statements of financial condition.

Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss) in the period on investment securities held at the end of the period	$ (4,084)	$ 9,109	$ 17,510	$ 28,184

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Non-customer receivables	$ 16,025		$ 16,025		$ 6,281
Revenue from contract with customers	312,518	$ 301,287	923,439	$ 861,183
Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	188,886	177,872	547,136	505,630
Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	403	540	955	1,366
Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	18,668	15,147	51,884	42,564
Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	87	34	137	82
Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	5,725	2,884	16,848	8,678
Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	19	48	76	186
Related Party
Related Party Transaction [Line Items]
Non-customer receivables	14,100		14,100		$ 0
Consolidation, Eliminations \| Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(5)	0	(19)	0
Consolidation, Eliminations \| Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(27)	0	(95)	0
Consolidation, Eliminations \| Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(181)	(201)	(507)	(456)
Consolidation, Eliminations \| Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(230)	(141)	(439)	(402)
Consolidation, Eliminations \| Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	(23)	(140)	(23)	(364)
Consolidation, Eliminations \| Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	(14)	(32)	(41)	(146)
Subsidiaries \| Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	188,891	177,872	547,155	505,630
Subsidiaries \| Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Fee waiver / expense reimbursement	430	540	1,050	1,366
Subsidiaries \| Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	18,849	15,348	52,391	43,020
Subsidiaries \| Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	317	175	576	484
Subsidiaries \| Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	5,748	3,024	16,871	9,042
Subsidiaries \| Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	$ 33	$ 80	$ 117	$ 332

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

Authorized and outstanding equity

APAM had the following authorized and outstanding equity as of September 30, 2026 and December 31, 2025:

Outstanding

Authorized

As of September 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

71,019,106

70,472,750

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

1,137,160

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 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, 2026, Artisan’s employees held 4,921,652 restricted shares of Class A common stock and all 1,137,160 outstanding shares of Class B common stock, all of which were subject to the agreement.

Dividends Declared

APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2026 and 2025:


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2026		2025		2026		2025
Quarterly	Class A Common	$	0.80	$	0.73	$	2.58	$	2.25
Special Annual	Class A Common	$	—	$	—	$	0.57	$	0.50

Issuance (Cancellation) of Shares Disclosure

The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2026:


	Total Stock Outstanding	Class A Common Stock (1)	Class B Common Stock	Class C Common Stock
Balance at December 31, 2025	80,688,269	70,472,750	1,137,929	9,077,590
Holdings Common Unit Exchanges	—	194,114	(34,000)	(160,114)
Restricted Share Award Grants	465,719	465,719	—	—
Class B Unit Awards	33,231	—	33,231	—
Restricted Share Award Net Share Settlement	(101,999)	(101,999)	—	—
Delivery of Shares Underlying RSUs and PSUs	752	752	—	—
Employee/Partner Terminations	(12,230)	(12,230)	—	—
Balance at September 30, 2026	81,073,742	71,019,106	1,137,160	8,917,476

(1) There were 418,476 and 378,968 restricted stock units outstanding at September 30, 2026 and December 31, 2025, respectively. In addition, there were 152,207 performance share units outstanding at September 30, 2026 and December 31, 2025. All 152,207 performance share units outstanding as of September 30, 2026 have met the required performance conditions for vesting, but remain outstanding subject to a qualifying retirement vesting condition.

Schedule of Distributions made to General and Limited Partners

The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the three and nine months ended September 30, 2026 and 2025 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Holdings Partnership Distributions to Limited Partners	$	18,029	$	14,735	$	39,779	$	36,967
Holdings Partnership Distributions to APAM	121,546		96,283		264,866		239,838
Total Holdings Partnership Distributions	$	139,575	$	111,018	$	304,645	$	276,805

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue From Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and nine months ended September 30, 2026 and 2025:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Management fees
Artisan Funds	$	188,483	$	177,332	$	546,181	$	504,264
Artisan Global Funds	18,581		15,113		51,747		42,482
Separate accounts and other (1)	105,419		108,821		325,072		314,416
Performance fees
Separate accounts and other (1)	35		21		439		21
Total revenues (2)	$	312,518	$	301,287	$	923,439	$	861,183
(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.”

Contract with Customer, Asset and Liability

The following table presents the balances of receivables related to contracts with customers:


Customer	As of September 30, 2026		As of December 31, 2025
Artisan Funds	$	9,961	$	9,752
Artisan Global Funds	8,625		7,973
Separate accounts and other	98,195		130,530
Total receivables from contracts with customers	116,781		148,255
Non-customer receivables	16,025		6,281
Accounts receivable	$	132,806	$	154,536

Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Components of Compensation Expense

Total compensation and benefits consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Salaries, incentive compensation and benefits (1)	$	141,591	$	136,049	$	433,669	$	406,561
Long-term cash incentive compensation expense	14,053		20,469		58,563		56,675
Restricted share-based award compensation expense	6,556		6,724		20,666		21,043
Long-term incentive compensation expense	20,609		27,193		79,229		77,718
Total compensation and benefits	$	162,200	$	163,242	$	512,898	$	484,279
(1) Excluding long-term incentive compensation expense

Restricted Share-Based Award Activity

The following tables summarize the Class A restricted share-based award activity for the nine months ended September 30, 2026:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2026	$	39.58	4,949,507
Granted	43.97		472,523
Forfeited	42.01		(12,230)
Vested	44.21		(366,679)
Unvested at September 30, 2026	$	39.65	5,043,121

Change in Value of Investments

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Statement of Operations Section	Statement of Operations Line Item	2026		2025		2026		2025
Operating expenses (benefit)	Compensation and benefits	$	1,098	$	7,277	$	17,877	$	19,714
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	(3,868)		9,407		17,759		27,403
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	(381)		645		1,967		3,625

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	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.
Principles of consolidation	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, 2026, Artisan had a controlling financial interest in three sub-funds of Artisan Global Funds and four 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 7, “Variable Interest Entities and Consolidated Investment Products” for additional details.
Recent accounting pronouncements	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.

Income Taxes and Related Payments - Changes in Deferred Tax Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Deferred Tax Asset - Amortizable Basis
Deferred tax assets, beginning	$ 308,015
2026 Holdings Common Unit Exchanges	2,592
Amortization	(37,458)
Change in estimate	1
Deferred tax assets, ending	273,150
Amounts Payable Under TRAs
Amounts payable under tax receivable, beginning agreements	303,368
Establishment of amounts payable under tax receivable agreements	2,203	$ 526
Payments under the tax receivable agreements	(39,482)	$ (38,286)
Change in estimate	(984)
Amounts payable under tax receivable, ending agreements	265,105
Capital Unit
Amounts Payable Under TRAs
Establishment of amounts payable under tax receivable agreements	$ 2,203

Income Taxes and Related Payments (Tables)

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Components of the provision for income taxes consist of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Current:
Federal	$	11,681	$	11,047	$	29,505	$	26,812
State and local	2,478		3,147		7,617		7,760
Foreign	217		361		585		709
Total	14,376		14,555		37,707		35,281
Deferred:
Federal	4,508		19,052		22,644		39,578
State and local	805		3,366		4,000		6,982
Total	5,313		22,418		26,644		46,560
Income tax expense (benefit)	$	19,689	$	36,973	$	64,351	$	81,841

Schedule of Other Assets and Other Liabilities


	Deferred Tax Asset - Amortizable Basis		Amounts Payable Under TRAs
December 31, 2025	$	308,015	$	303,368
2026 Holdings Common Unit Exchanges	2,592		2,203
Amortization	(37,458)		—
Payments under TRAs	—		(39,482)
Change in estimate	1		(984)
September 30, 2026	$	273,150	$	265,105

Components of deferred tax assets

Net deferred tax assets comprise the following:


	As of September 30, 2026		As of December 31, 2025
Deferred tax assets:
Amortizable basis (1)	$	273,150	$	308,015
Other (2)	57,676		46,687
Total deferred tax assets	330,826		354,702
Less: valuation allowance (3)	—		—
Net deferred tax assets	$	330,826	$	354,702

(1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements.
(2) Represents the net deferred tax assets associated with Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. These future tax benefits are not subject to the TRA agreements.
(3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required.

Borrowings

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Borrowings

Note 6. Borrowings

Artisan’s borrowings consist of the following as of September 30, 2026 and December 31, 2025:


	Maturity (1)	As of September 30, 2026		As of December 31, 2025		Interest Rate Per Annum
Revolving credit agreement	September 2031	$	—	$	—	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		(715)		(860)
Total borrowings		$	189,285	$	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 $176.8 million and $180.3 million as of September 30, 2026 and December 31, 2025, respectively. 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.”

On September 23, 2026, Artisan Partners Holdings LP replaced its existing $100 million revolving credit facility with a new $150 million five-year revolving credit facility that matures in September 2031. The previous facility was scheduled to mature in August 2027. The Company incurred debt issuance costs related to the revolving credit facility of $1.4 million, which are recorded to other assets and are amortized as interest expense over the life of the instrument.

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, 2026, there were no borrowings outstanding under the $150.0 million revolving credit facility and the interest rate on the unused commitment was 0.125%.

Interest expense incurred on the unsecured notes and revolving credit agreement was $2.0 million for the three months ended September 30, 2026 and 2025 and $5.9 million for the nine months ended September 30, 2026 and 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Compensation and Benefits - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	5,054,286
Shares paid for tax withholding for share based compensation (in shares)	102,824
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	$ 4,349	$ 8,964
Payment, Tax Withholding, Share-based Payment Arrangement	$ 4,527	$ 8,964
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration	18 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Award Requisite Service Period, Retirement Acceleration	12 months
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding for share based compensation (in shares)	101,999
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	5 years
Granted - Number of awards (in shares)	472,523
Unvested - Number of awards (in shares)	5,043,121		4,949,507
Unrecognized compensation expense	$ 45,100
Recognition period (in years)	2 years 6 months
Shares paid for tax withholding for share based compensation (in shares)	101,999
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested - Number of awards (in shares)	152,207		152,207
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	465,719
Restricted Stock Units RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - Number of awards (in shares)	6,804
Long-Term Cash Awards \| Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)	5 years
Awards granted, amount	$ 50,600
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 124,200
Recognition period (in years)	2 years 1 month 6 days

Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Common stock, shares, outstanding (in shares)	81,073,742	80,688,269
Class A Common Stock
Statement [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, outstanding (in shares)	71,019,106	70,472,750
Class B Common Stock
Statement [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, outstanding (in shares)	1,137,160	1,137,929
Common Class C [Member]
Statement [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, outstanding (in shares)	8,917,476	9,077,590

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Dividends Declared [Line Items]
Dividends paid (in dollars per share)	$ 0.80	$ 0.73	$ 3.15	$ 2.75
O2025Q2Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)				2.25
Dividends paid (in dollars per share)				2.25
S2025Q2Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)				0.50
Dividends paid (in dollars per share)				$ 0.50
O 2026 A Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)			2.58
Dividends paid (in dollars per share)			2.58
S 2025 A Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)			0.57
Dividends paid (in dollars per share)			$ 0.57
O 2026 Q3 Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)	0.80
Dividends paid (in dollars per share)	0.80
S 2026 Q3 Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)	0
Dividends paid (in dollars per share)	$ 0
O 2025 Q3 Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)		0.73
Dividends paid (in dollars per share)		0.73
S 2025 Q3 Dividends
Dividends Declared [Line Items]
Dividends declared (in dollars per share)		0
Dividends paid (in dollars per share)		$ 0

Compensation and Benefits - Components of expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries, incentive compensation and benefits	$ 141,591	$ 136,049	$ 433,669	$ 406,561
Restricted share-based award compensation expense	6,556	6,724	20,666	21,043
Long-term incentive compensation expense	20,609	27,193	79,229	77,718
Compensation and benefits	162,200	163,242	512,898	484,279
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term cash incentive compensation expense	$ 14,053	$ 20,469	$ 58,563	$ 56,675

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Income Taxes and Related Payments - Components of deferred tax assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Deferred tax assets:
Amortizable basis	$ 273,150	$ 308,015
Other	57,676	46,687
Total deferred tax assets	330,826	354,702
Less: valuation allowance	0	0
Deferred tax assets	$ 330,826	$ 354,702

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Net income before noncontrolling interests	$ 88,686	$ 86,473	$ 257,131	$ 259,796
Foreign currency translation gain (loss)	14	(301)	(225)	1,210
Total other comprehensive income (loss)	14	(301)	(225)	1,210
Comprehensive income	88,700	86,172	256,906	261,006
Comprehensive income attributable to Artisan Partners Asset Management Inc.	75,210	66,569	213,873	196,582
Artisan Partners Holdings LP
Statement [Line Items]
Comprehensive income attributable to noncontrolling interests	13,303	14,908	39,542	40,442
Consolidated Investment Products
Statement [Line Items]
Comprehensive income attributable to noncontrolling interests	$ 187	$ 4,695	$ 3,491	$ 23,982

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Variable Interest Entities and Consolidated Investment Products - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($) numberOfProducts	Sep. 30, 2025 USD ($)
Variable Interest Entity [Line Items]
Deconsolidation, gain (loss), amount	$ 0
Increase in investment securities due to deconsolidation of CIPs	55,257	$ 29,757
Seed Investments
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	75,100
Long-Term Cash Awards
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	26,400
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Artisan’s direct equity investment in CIPs	$ 57,100
Artisan Global Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs \| numberOfProducts	3
Artisan Private Funds
Variable Interest Entity [Line Items]
Number of consolidated VIEs \| numberOfProducts	4

Acquisition

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

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 $25.9 million as of September 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.


	Estimated Fair Value
Goodwill	$	40,339
Intangible assets	8,225
Other net assets acquired/(liabilities assumed) (1)	(183)
Net assets acquired	$	48,381

Cash paid	$	22,531
Contingent consideration	25,850
Acquisition cost	$	48,381
(1) Other net assets acquired and other liabilities assumed were not material individually or in the aggregate.

Goodwill is primarily attributable to expected growth opportunities from the combined operations. The amount of goodwill expected to be deductible for tax purposes is approximately $14.5 million.

The definite-lived intangible assets relate to management contracts and tradename, which will be amortized over their estimated useful lives of 8 and 15 years, respectively. Amortization expense related to intangible assets was $0.2 million and $0.7 million for the three and nine months ended September 30, 2026, respectively. The estimated remaining amortization expense is $1.0 million per year.

Grandview’s results are included in the Company’s consolidated results starting from the closing date. For the three and nine months ended September 30, 2026, the Company’s consolidated results included $1.7 million and $5.6 million of revenue, respectively, related to the acquired business. The acquisition does not meet any of the significance tests under Rule 1-02 of Regulation S-X; therefore, separate acquiree financial statements and pro forma financial information are not required.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Acquisition (Details) - USD ($) $ in Thousands	Jan. 02, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill		$ 40,339		$ 40,339	$ 0
Business Combination, Contingent Consideration, Liability		25,940		25,940	$ 0
Intangible Asset, Finite-Lived, Amortization Expense		240	$ 0	720
Grandview
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Payments to Acquire Businesses, Gross	$ 22,531
Business Combination [Line Items]
Business Combination, Voting Equity Interest Acquired, Percentage	100.00%
Goodwill	$ 40,339
Intangible Asset, Excluding Goodwill, before Accumulated Amortization	8,225	8,200		8,200
Other net assets acquired	(183)
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill	48,381
Business Combination, Contingent Consideration, Liability	25,850
Business Combination, Consideration Transferred	48,381
Payments to Acquire Businesses, Gross	22,531
Intangible Asset, Finite-Lived, Estimated Amortization Expense, Year One		1,000		1,000
Business Combination, Acquiree's Revenue since Acquisition Date, Actual		$ 1,700		$ 5,600
Business Combination, Goodwill, Expected Tax Deductible, Amount	$ 14,500
Grandview \| Maximum
Business Combination [Line Items]
Intangible Asset, Finite-Lived, Useful Life		15 years		15 years
Grandview \| Minimum
Business Combination [Line Items]
Intangible Asset, Finite-Lived, Useful Life		8 years		8 years

Related Party Transactions

9 Months Ended

Sep. 30, 2026

Related Party Transactions

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 September 30, 2026 and December 31, 2025, accounts receivable included $14.1 million and nil, respectively, of partnership tax reimbursements due from Holdings’ limited partners, including related parties.

Affiliate transactions—Artisan 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 0.55% 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 0.60% to 1.50%) of a fund’s average daily net assets. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Funds for other expenses. Expense waivers and reimbursements are reflected as a reduction of management fees within the Consolidated Statements of Operations. The officers and directors of Artisan Funds who are affiliated with Artisan receive no compensation from the funds.

Investment advisory fees for managing Artisan Funds and amounts reimbursed by Artisan for fees and expenses (including management fees) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	188,891	$	177,872	$	547,155	$	505,630
Elimination of fees from consolidated investment products (1)	(5)		—		(19)		—
Consolidated investment advisory fees (Gross of expense reimbursements)	$	188,886	$	177,872	$	547,136	$	505,630

Expense reimbursements	430		540		1,050		1,366
Elimination of expense reimbursements from consolidated investment products (1)	(27)		—		(95)		—
Consolidated expense reimbursements	$	403	$	540	$	955	$	1,366
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Affiliate transactions—Artisan Global Funds

Artisan has an agreement to serve as the investment manager to Artisan Global Funds, with which certain Artisan employees are affiliated. Under the terms of these agreements, a fee is paid based on an annual percentage of the average daily net assets of each fund ranging from 0.35% to 1.85%. Artisan reimburses each sub-fund of Artisan Global Funds to the extent that sub-fund’s annual expenses, not including Artisan’s fee, exceed certain levels, which range from 0.10% to 0.20%. In addition, Artisan may voluntarily waive fees or reimburse any of the Artisan Global Funds for other expenses. The directors of Artisan Global Funds who are also employees of Artisan receive no compensation from the funds.

Investment advisory fees for managing Artisan Global Funds and amounts reimbursed to Artisan Global Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Global Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	18,849	$	15,348	$	52,391	$	43,020
Elimination of fees from consolidated investment products (1)	(181)		(201)		(507)		(456)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	18,668	$	15,147	$	51,884	$	42,564

Expense reimbursements	$	317	$	175	$	576	$	484
Elimination of expense reimbursements from consolidated investment products (1)	(230)		(141)		(439)		(402)
Consolidated expense reimbursements	$	87	$	34	$	137	$	82
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

Affiliate transactions—Artisan Private Funds

Pursuant to written agreements, Artisan serves as the investment manager, and acts as the general partner, for certain Artisan Private Funds. Under the terms of these agreements, Artisan earns a management fee and, for certain funds, is entitled to receive either an allocation of profits or a performance-based fee. In addition, Artisan has agreed to reimburse certain funds to the extent that expenses, excluding Artisan’s management fee, performance fee and transaction related costs, exceed certain levels, which range from 0.10% to 1.00% per annum of the net assets of the fund. Artisan may also voluntarily waive fees or reimburse the funds for other expenses. The directors of Artisan Private Funds and the officers of the general partners of the Artisan Private Funds who are affiliated with Artisan receive no compensation from the funds. Artisan and certain related parties, including employees, officers and members of the Company’s Board, have invested in one or more of the Artisan Private Funds and, for certain of those investments, do not pay a management fee, performance fee or incentive allocation.

Investment advisory fees for managing Artisan Private Funds and amounts reimbursed to Artisan Private Funds by Artisan are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Artisan Private Funds	2026		2025		2026		2025
Investment advisory fees (Gross of expense reimbursements)	$	5,748	$	3,024	$	16,871	$	9,042
Elimination of fees from consolidated investment products (1)	(23)		(140)		(23)		(364)
Consolidated investment advisory fees (Gross of expense reimbursements)	$	5,725	$	2,884	$	16,848	$	8,678

Expense reimbursements	$	33	$	80	$	117	$	332
Elimination of expense reimbursements from consolidated investment products (1)	(14)		(32)		(41)		(146)
Consolidated expense reimbursements	$	19	$	48	$	76	$	186
(1) Investment advisory fees and expense reimbursements related to consolidated investment products are eliminated from revenue upon consolidation.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 9. Stockholders’ Equity

APAM - Stockholders’ Equity

APAM had the following authorized and outstanding equity as of September 30, 2026 and December 31, 2025:

Outstanding

Authorized

As of September 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

71,019,106

70,472,750

1 vote per share

Proportionate

Class B, par value $0.01 per share

200,000,000

1,137,160

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

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, 2026 and 2025:


Type of Dividend	Class of Stock	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2026		2025		2026		2025
Quarterly	Class A Common	$	0.80	$	0.73	$	2.58	$	2.25
Special Annual	Class A Common	$	—	$	—	$	0.57	$	0.50

The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2026:


	Total Stock Outstanding	Class A Common Stock (1)	Class B Common Stock	Class C Common Stock
Balance at December 31, 2025	80,688,269	70,472,750	1,137,929	9,077,590
Holdings Common Unit Exchanges	—	194,114	(34,000)	(160,114)
Restricted Share Award Grants	465,719	465,719	—	—
Class B Unit Awards	33,231	—	33,231	—
Restricted Share Award Net Share Settlement	(101,999)	(101,999)	—	—
Delivery of Shares Underlying RSUs and PSUs	752	752	—	—
Employee/Partner Terminations	(12,230)	(12,230)	—	—
Balance at September 30, 2026	81,073,742	71,019,106	1,137,160	8,917,476

(1) There were 418,476 and 378,968 restricted stock units outstanding at September 30, 2026 and December 31, 2025, respectively. In addition, there were 152,207 performance share units outstanding at September 30, 2026 and December 31, 2025. All 152,207 performance share units outstanding as of September 30, 2026 have met the required performance conditions for vesting, but remain outstanding subject to a qualifying retirement vesting condition.

Each Class A, Class B, Class D and Class E common unit of Holdings (together with the corresponding share of Class B or Class C common stock) is exchangeable for one share of Class A common stock. The corresponding shares of Class B and Class C common stock are immediately canceled upon any such exchange.

Upon termination of employment with Artisan, an employee-partner’s Class B common units are exchanged for Class E common units and the corresponding shares of Class B common stock are canceled. APAM issues the former employee-partner a number of shares of Class C common stock equal to the former employee-partner’s number of Class E common units. Class E common units are exchangeable for Class A common stock subject to the same restrictions and limitations on exchange applicable to the other common units of Holdings.

Artisan Partners Holdings - Partners’ Equity

Holdings makes distributions of its net income to the holders of its partnership units for income taxes as required under the terms of the partnership agreement and also makes additional distributions under the terms of the partnership agreement as required. The distributions are recorded in the financial statements on the declaration date, or on the payment date in lieu of a declaration date. Holdings’ partnership distributions for the three and nine months ended September 30, 2026 and 2025 were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Holdings Partnership Distributions to Limited Partners	$	18,029	$	14,735	$	39,779	$	36,967
Holdings Partnership Distributions to APAM	121,546		96,283		264,866		239,838
Total Holdings Partnership Distributions	$	139,575	$	111,018	$	304,645	$	276,805

Distributions to limited partners are recorded as a reduction to consolidated stockholders’ equity, while distributions to APAM are eliminated upon consolidation.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (g)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Revenue From Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 312,518	$ 301,287	$ 923,439	$ 861,183
Total receivables from contracts with customers	116,781		116,781		$ 148,255
Non-customer receivables	16,025		16,025		6,281
Accounts receivable	132,806		132,806		154,536
Contract with customer, liability	5,500		5,500		0
Receivable From Redemption of Investment	0		0		5,600
Artisan Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	9,961		9,961		9,752
Artisan Global Funds
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	8,625		8,625		7,973
Separate accounts and other
Disaggregation of Revenue [Line Items]
Total receivables from contracts with customers	98,195		98,195		$ 130,530
Management fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	312,483	301,266	923,000	861,162
Management fees \| Artisan Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	188,483	177,332	546,181	504,264
Management fees \| Artisan Global Funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	18,581	15,113	51,747	42,482
Management fees \| Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	105,419	108,821	325,072	314,416
Performance fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 35	$ 21	439	21
Performance fees \| Separate accounts and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customers			$ 439	$ 21

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income before noncontrolling interests	$ 257,131	$ 259,796
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,704	7,317
Deferred income taxes	26,644	46,560
Noncash lease expense (benefit)	(606)	(804)
Net investment (gain) loss on nonconsolidated investment securities	(20,637)	(34,352)
Change in estimate	(894)	(557)
(Gain) loss on disposal of property and equipment	153	0
Amortization of debt issuance costs	286	281
Share-based compensation	22,054	22,273
Net investment (gain) loss of consolidated investment products	(10,560)	(38,506)
Purchase of investments by consolidated investment products	(406,764)	(309,162)
Proceeds from sale of investments by consolidated investment products	356,395	136,862
Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable	16,098	1,464
Prepaid expenses and other assets	(5,637)	(1,091)
Accounts payable and accrued expenses	147,473	143,893
Net change in operating assets and liabilities of consolidated investment products including net investment income	19,658	15,264
Net cash provided by operating activities	407,498	249,238
Cash flows from investing activities
Acquisition of property and equipment	(2,426)	(304)
Leasehold improvements	(158)	(58)
Proceeds from sale of investment securities	97,361	45,675
Purchase of investment securities	(61,745)	(41,011)
Cash paid for business acquisitions, net of cash acquired	(22,490)	0
Net cash provided by investing activities	10,542	4,302
Cash flows from financing activities
Partnership distributions	(39,779)	(36,967)
Dividends paid	(224,772)	(194,689)
Payment of debt issuance costs for senior notes	0	(348)
Proceeds from issuance of notes payable	0	50,000
Principal payments on notes payable	0	(60,000)
Payments under the tax receivable agreements	(39,482)	(38,286)
Taxes paid related to employee net share settlement	(4,527)	(8,964)
Capital contributions to consolidated investment products, net	42,787	146,667
Net cash used in financing activities	(265,773)	(142,587)
Net increase in cash and cash equivalents	152,267	110,953
Net cash impact of deconsolidation of consolidated investment products	(29,727)	(36,988)
Noncash activity:
Establishment of deferred tax assets	2,768	720
Establishment of amounts payable under tax receivable agreements	2,203	526
Increase in investment securities due to deconsolidation of CIPs	55,257	29,757
Operating lease assets obtained in exchange for operating lease liabilities	12,033	35,553
Settlement of franchise capital liability via transfer of investment securities	16,117	10,464
Increase in CIP net assets due to consolidation	8,347	0
Cash and cash equivalents
Beginning of period	255,506	268,218
End of period	378,046	342,183
Cash and cash equivalents as of the end of the period
Cash and cash equivalents	378,046	342,183
Consolidated Entity, Excluding VIE
Cash and cash equivalents as of the end of the period
Cash and cash equivalents	352,415	300,158
Cash and cash equivalents	352,415	300,158
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents as of the end of the period
Cash and cash equivalents	25,631	42,025
Cash and cash equivalents	$ 25,631	$ 42,025

Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt	$ 190,000	$ 190,000
Debt Issuance Costs, Net	715	860
Total borrowings	189,285	189,140
Senior notes \| Series E
Debt Instrument [Line Items]
Long-term debt	$ 50,000	50,000
Interest Rate Per Annum	4.53%
Senior notes \| Series F
Debt Instrument [Line Items]
Long-term debt	$ 90,000	90,000
Interest Rate Per Annum	3.10%
Senior notes \| Series G Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 50,000	50,000
Interest Rate Per Annum	5.43%
Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Compensation and Benefits - Change in Value of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	$ 359	$ 8,738	$ 10,560	$ 38,506
Long-Term Cash Awards \| Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	(3,868)	9,407	17,759	27,403
Long-Term Cash Awards \| Location, Statement of Income, Balance [Axis]: us-gaap:GainLossOnInvestments \| Variable Interest Entity, Primary Beneficiary
Schedule of Investments [Line Items]
Net investment gain (loss) of nonconsolidated investment products	(381)	645	1,967	3,625
Long-Term Cash Awards \| Location, Statement of Income, Balance [Axis]: us-gaap:LaborAndRelatedExpense
Schedule of Investments [Line Items]
Compensation and benefits	$ 1,098	$ 7,277	$ 17,877	$ 19,714

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events Distributions and dividends APAM, acting as the general partner of Artisan Partners Holdings, declared, effective October 27, 2026, a distribution by Artisan Partners Holdings of $26.9 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective October 27, 2026, a quarterly dividend of $0.88 per share of Class A common stock. The APAM dividend is payable on November 30, 2026, to stockholders of record as of November 16, 2026.

Earnings Per Share - Computation of basic and diluted net income per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Earnings Per Share [Abstract]
Net income attributable to APAM	$ 75,196	$ 66,830	$ 214,065	$ 195,524
Less: Allocation to participating securities	6,069	5,582	17,840	16,384
Net income available to common stockholders	$ 69,127	$ 61,248	$ 196,225	$ 179,140
Basic weighted average shares outstanding (in shares)	66,380,225	65,666,782	66,288,288	65,562,800
Dilutive effect of nonparticipating share-based awards (in shares)	0	0	0	0
Diluted weighted average shares outstanding (in shares)	66,380,225	65,666,782	66,288,288	65,562,800
Earnings per share - Basic (in dollars per share)	$ 1.04	$ 0.93	$ 2.96	$ 2.73
Earnings per share - Diluted (in dollars per share)	$ 1.04	$ 0.93	$ 2.96	$ 2.73
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested - Number of awards (in shares)	152,207		152,207		152,207

Indemnifications	9 Months Ended
Indemnifications	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Indemnifications	Note 14. Indemnifications In the normal course of business, APAM enters into agreements that include indemnities in favor of third parties. Holdings has also agreed to indemnify APAM as its general partner, Artisan Investment Corporation (“AIC”) as its former general partner, the directors and officers of APAM, the directors and officers of AIC as its former general partner, the members of its former Advisory Committee, and its partners, directors, officers, employees and agents. Holdings’ subsidiaries may also have similar agreements to indemnify their respective general partner(s), directors, officers, directors and officers of their general partner(s), partners, members, employees and agents. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. APAM maintains insurance policies that may provide coverage against certain claims under these indemnities.

Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of borrowings

Artisan’s borrowings consist of the following as of September 30, 2026 and December 31, 2025:


	Maturity (1)	As of September 30, 2026		As of December 31, 2025		Interest Rate Per Annum
Revolving credit agreement	September 2031	$	—	$	—	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		(715)		(860)
Total borrowings		$	189,285	$	189,140
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Interest expense	$ 2,000,000.0	$ 2,000,000.0	$ 5,900,000
Revolving credit agreement
Debt Instrument [Line Items]
Debt and capital lease obligations	0		0
Line of credit facility, maximum borrowing capacity	150,000,000		$ 150,000,000	$ 100,000,000
Line of credit facility, unused capacity, commitment fee, percentage			0.125%
Debt Issuance Costs, Gross	1,400,000		$ 1,400,000
Level 2
Debt Instrument [Line Items]
Borrowings fair value	$ 176,800,000		$ 176,800,000	$ 180,300,000

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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- Definition

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+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Non-customer receivables	$ 16,025		$ 16,025		$ 6,281
Revenue from contract with customers	312,518	$ 301,287	923,439	$ 861,183
Artisan Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	188,886	177,872	547,136	505,630
Artisan Funds \| Management Fees Before Reimbursement Revenue \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(5)	0	(19)	0
Artisan Funds \| Management Fees Before Reimbursement Revenue \| Subsidiaries
Related Party Transaction [Line Items]
Revenue from contract with customers	188,891	177,872	547,155	505,630
Artisan Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	403	540	955	1,366
Artisan Funds \| Expense Reimbursement \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(27)	0	$ (95)	0
Artisan Funds \| Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.55%
Annualized operating expenses maximum percentage of average daily net assets			0.60%
Artisan Funds \| Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.05%
Annualized operating expenses maximum percentage of average daily net assets			1.50%
Artisan Global Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	18,668	15,147	$ 51,884	42,564
Artisan Global Funds \| Management Fees Before Reimbursement Revenue \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(181)	(201)	(507)	(456)
Artisan Global Funds \| Management Fees Before Reimbursement Revenue \| Subsidiaries
Related Party Transaction [Line Items]
Revenue from contract with customers	18,849	15,348	52,391	43,020
Artisan Global Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	87	34	137	82
Artisan Global Funds \| Expense Reimbursement \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(230)	(141)	(439)	(402)
Artisan Global Funds \| Expense Reimbursement \| Subsidiaries
Related Party Transaction [Line Items]
Revenue from contract with customers	317	175	$ 576	484
Artisan Global Funds \| Minimum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			0.35%
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Global Funds \| Maximum
Related Party Transaction [Line Items]
Management fee percentage of average daily net assets			1.85%
Management fee threshold for reimbursement, percentage average daily net assets			0.20%
Artisan Private Funds \| Management Fees Before Reimbursement Revenue
Related Party Transaction [Line Items]
Revenue from contract with customers	5,725	2,884	$ 16,848	8,678
Artisan Private Funds \| Management Fees Before Reimbursement Revenue \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(23)	(140)	(23)	(364)
Artisan Private Funds \| Management Fees Before Reimbursement Revenue \| Subsidiaries
Related Party Transaction [Line Items]
Revenue from contract with customers	5,748	3,024	16,871	9,042
Artisan Private Funds \| Expense Reimbursement
Related Party Transaction [Line Items]
Revenue from contract with customers	19	48	76	186
Artisan Private Funds \| Expense Reimbursement \| Consolidation, Eliminations
Related Party Transaction [Line Items]
Revenue from contract with customers	(14)	(32)	(41)	(146)
Artisan Private Funds \| Expense Reimbursement \| Subsidiaries
Related Party Transaction [Line Items]
Revenue from contract with customers	$ 33	$ 80	$ 117	$ 332
Artisan Private Funds \| Minimum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			0.10%
Artisan Private Funds \| Maximum
Related Party Transaction [Line Items]
Management fee threshold for reimbursement, percentage average daily net assets			1.00%

Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

Note 16. Segment Information

Artisan operates as one segment in the investment management business. The Company’s 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 nine months ended September 30, 2026 and 2025.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Salaries	$	26,133	$	24,969	$	79,433	$	75,893
Incentive compensation	102,754		100,784		305,967		290,717
Benefits and payroll taxes	12,704		10,296		48,269		39,951
Long-term incentive compensation (1)	19,511		19,916		61,352		58,004
Market valuation changes in compensation plans	1,098		7,277		17,877		19,714
Total compensation and benefits	$	162,200	$	163,242	$	512,898	$	484,279
(1) Long-term incentive compensation represents expense based on the grant date fair value of awards and therefore excludes market valuation changes on awards classified as liabilities.

- Definition

The entire disclosure for segment reporting.

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+ Details

Stockholders' Equity - Distributions (Details) - Artisan Partners Holdings LP - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Partnership Distributions
Holdings Partnership Distributions to Limited Partners	$ 18,029	$ 14,735	$ 39,779	$ 36,967
Holdings Partnership Distributions to APAM	121,546	96,283	264,866	239,838
Total Holdings Partnership Distributions	$ 139,575	$ 111,018	$ 304,645	$ 276,805

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2026	Oct. 26, 2026	Dec. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-35826
Entity Registrant Name	Artisan Partners Asset Management Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0969585
Entity Address, Address Line One	875 E. Wisconsin Avenue, Suite 800
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	414
Local Phone Number	390-6100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	APAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001517302
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Entity Common Stock, Shares Outstanding (in shares)		71,019,106
Class B Common Stock
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	0.01		0.01
Entity Common Stock, Shares Outstanding (in shares)		1,137,160
Common Class C [Member]
Document Information [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01
Entity Common Stock, Shares Outstanding (in shares)		8,917,476

Variable Interest Entities and Consolidated Investment Products (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Measurements, Recurring and Non-recurring [Abstract]

Variable Interest Entities and Consolidated Investment Products

The following tables present the fair value hierarchy levels of assets and liabilities held by CIPs measured at fair value as of September 30, 2026 and December 31, 2025:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
September 30, 2026
Assets
Money market funds	$	6,310	$	6,310	$	—	$	—
Equity securities - long position	44,793		44,667		126		—
Fixed income instruments - long position	134,390		—		126,868		7,522
Derivative assets	3,062		235		2,827		—




Liabilities
Equity securities - short position	$	4,299	$	4,299	$	—	$	—

Derivative liabilities	3,114		—		3,114		—


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
December 31, 2025
Assets
Money market funds	$	25,282	$	25,282	$	—	$	—
Equity securities - long position	151,994		151,994		—		—
Fixed income instruments - long position	255,610		—		245,974		9,636
Derivative assets	2,632		203		2,429		—



Liabilities

Derivative liabilities	$	813	$	2	$	811	$	—

CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:


	As of September 30, 2026		As of December 31, 2025
Net CIP assets included in the table above	$	181,142	$	434,705
Net CIP assets (liabilities) not included in the table above	20,806		12,515
Total Net CIP assets	201,948		447,220
Less: redeemable noncontrolling interests	100,440		304,263
Artisan’s direct equity investment in CIPs	$	101,508	$	142,957

Fair Value Measurements - Fair value hierarchy of assets and liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 323,735	$ 166,510
Equity securities	253,324	228,044
NAV Practical Expedient (No Fair Value Level)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	56,263	20,717
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	323,735	166,510
Equity securities	197,061	207,327
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Equity securities	$ 0	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Stockholders' Equity - Share Activity by Class of Stock (Details) - shares	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,688,269
Shares issued (in shares)	(33,231)
Restricted share award net share settlement (in shares)	(102,824)
Holdings Common Unit Exchanges (in shares)	12,230
Common Stock Shares Issued Not Disclosed	Balance at September 30, 2026
Ending balance (in shares)	81,073,742
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	70,472,750
Holdings common unit exchanges (in shares)	(194,114)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	(101,999)
Holdings Common Unit Exchanges (in shares)	12,230
Ending balance (in shares)	71,019,106
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,137,929
Holdings common unit exchanges (in shares)	(34,000)
Shares issued (in shares)	(33,231)
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	0
Ending balance (in shares)	1,137,160
Common Class C [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	9,077,590
Holdings common unit exchanges (in shares)	(160,114)
Shares issued (in shares)	0
Restricted share award net share settlement (in shares)	0
Holdings Common Unit Exchanges (in shares)	0
Ending balance (in shares)	8,917,476
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(465,719)
Restricted share award net share settlement (in shares)	(101,999)
Unvested - Number of awards (in shares)	5,043,121	4,949,507
Restricted Stock \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(465,719)
Restricted Stock \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock \| Common Class C [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units outstanding (in shares)	418,476	378,968
Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unvested - Number of awards (in shares)	152,207	152,207
Restricted Stock Units and Performance Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(752)
Restricted Stock Units and Performance Stock Units \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(752)
Restricted Stock Units and Performance Stock Units \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Restricted Stock Units and Performance Stock Units \| Common Class C [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings common unit exchanges (in shares)	0

Nature of Business and Organization (Details)	Sep. 30, 2026
Artisan Partners Holdings LP
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	88.00%
Artisan Partners Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	100.00%
Grandview Property Partners, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Economic interest in subsidiary (as a percent)	100.00%

Variable Interest Entities and Consolidated Investment Products

9 Months Ended

Sep. 30, 2026

Fair Value Measurements, Recurring and Non-recurring [Abstract]

Variable Interest Entities and Consolidated Investment Products

Note 7. 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, 2026, Artisan is considered to have a controlling financial interest in three sub-funds of Artisan Global Funds and four Artisan Private Funds. The aggregate $101.5 million direct equity investment in the consolidated investment products consisted of $75.1 million related to seed investments and $26.4 million related to compensation plan investments.

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 15, “Related Party Transactions” for additional information on management and performance fees earned from CIPs.

Third-party investors’ ownership interests 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.

During the nine months ended September 30, 2026, the Company determined that it no longer had a controlling financial interest in one Artisan Private Fund and one sub-fund of Artisan Global Funds as a result of third-party capital contributions and the Company’s redemption of a portion of its seed investment. Upon loss of control, the funds were deconsolidated and the related assets, liabilities and equity of the funds 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, 2026. 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 direct equity investment, which was $55.3 million at the time of deconsolidation, was reclassified from investment assets and investment liabilities of consolidated investment products to investment securities.

In addition, during the three months ended September 30, 2026, one series of Artisan Funds and one sub-fund of Artisan Global Funds were liquidated, resulting in the redemption of all fund assets at fair value. No gain or loss was recognized as a result of liquidation as the assets and liabilities of CIPs are carried at fair value. As a result, these funds were no longer consolidated as of September 30, 2026.

As of September 30, 2026, Artisan held direct equity investments of $57.1 million in VIEs for which the Company does not hold a controlling financial interest and are classified as investment securities in the Company's unaudited condensed consolidated statements of financial condition. These direct equity investments consisted of seed and compensation plan 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, 2026 and December 31, 2025:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
September 30, 2026
Assets
Money market funds	$	6,310	$	6,310	$	—	$	—
Equity securities - long position	44,793		44,667		126		—
Fixed income instruments - long position	134,390		—		126,868		7,522
Derivative assets	3,062		235		2,827		—




Liabilities
Equity securities - short position	$	4,299	$	4,299	$	—	$	—

Derivative liabilities	3,114		—		3,114		—


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
December 31, 2025
Assets
Money market funds	$	25,282	$	25,282	$	—	$	—
Equity securities - long position	151,994		151,994		—		—
Fixed income instruments - long position	255,610		—		245,974		9,636
Derivative assets	2,632		203		2,429		—



Liabilities

Derivative liabilities	$	813	$	2	$	811	$	—

CIP balances included in the Company’s unaudited condensed consolidated statements of financial condition were as follows:


	As of September 30, 2026		As of December 31, 2025
Net CIP assets included in the table above	$	181,142	$	434,705
Net CIP assets (liabilities) not included in the table above	20,806		12,515
Total Net CIP assets	201,948		447,220
Less: redeemable noncontrolling interests	100,440		304,263
Artisan’s direct equity investment in CIPs	$	101,508	$	142,957

Nature of Business and Organization	9 Months Ended
Nature of Business and Organization	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Note 1. Nature of Business and Organization Nature of Business Artisan Partners Asset Management Inc. (“APAM”), through its subsidiaries, is a global multi-asset investment platform focused on providing high value-added, active investment strategies in growing asset classes to sophisticated clients around the world. 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, 2026, APAM held approximately 88% 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 (the “Advisers Act”). 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. Holdings also controls a 100% interest in Grandview Property Partners, LLC (“Grandview”), a real estate private equity firm that is registered as an investment adviser with the SEC under the Advisers Act and that manages a number of closed-end private real estate funds (“Grandview Funds”).

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. 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, 2026, Artisan had a controlling financial interest in three sub-funds of Artisan Global Funds and four 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 7, “Variable Interest Entities and Consolidated Investment Products” for additional details. Unfunded Capital Commitments The Company has unfunded capital commitments to Artisan Private Funds of $46 million and $16 million as of September 30, 2026 and December 31, 2025, respectively. Pursuant to the terms of the Grandview Property Partners acquisition agreement, the Company has agreed to make up to $30 million of additional capital commitments to Grandview’s next flagship fund. 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.
Commitments and Contingencies Disclosure	Unfunded Capital Commitments The Company has unfunded capital commitments to Artisan Private Funds of $46 million and $16 million as of September 30, 2026 and December 31, 2025, respectively. Pursuant to the terms of the Grandview Property Partners acquisition agreement, the Company has agreed to make up to $30 million of additional capital commitments to Grandview’s next flagship fund.

Acquisition (Tables)

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

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.


	Estimated Fair Value
Goodwill	$	40,339
Intangible assets	8,225
Other net assets acquired/(liabilities assumed) (1)	(183)
Net assets acquired	$	48,381

Cash paid	$	22,531
Contingent consideration	25,850
Acquisition cost	$	48,381
(1) Other net assets acquired and other liabilities assumed were not material individually or in the aggregate.

Revenue From Contracts with Customers

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue From Contracts with Customers

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 nine months ended September 30, 2026 and 2025:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Management fees
Artisan Funds	$	188,483	$	177,332	$	546,181	$	504,264
Artisan Global Funds	18,581		15,113		51,747		42,482
Separate accounts and other (1)	105,419		108,821		325,072		314,416
Performance fees
Separate accounts and other (1)	35		21		439		21
Total revenues (2)	$	312,518	$	301,287	$	923,439	$	861,183
(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 September 30, 2026		As of December 31, 2025
Artisan Funds	$	9,961	$	9,752
Artisan Global Funds	8,625		7,973
Separate accounts and other	98,195		130,530
Total receivables from contracts with customers	116,781		148,255
Non-customer receivables	16,025		6,281
Accounts receivable	$	132,806	$	154,536

Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate accounts and other clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing.

Certain customer arrangements include performance fees that are payable following the completion of an annual performance period. Under a very limited number of these arrangements, a portion of the performance fee paid by the customer is subject to recoupment if specified performance conditions are not maintained during the subsequent annual period. The Company recognizes revenue for the portion of the performance fee that is not subject to recoupment and defers recognition of the portion subject to recoupment until the uncertainty associated with the recoupment provision is resolved. The Company had $5.5 million and $0.0 million of contract liabilities associated with these arrangements as of September 30, 2026 and December 31, 2025, respectively, which are included in Accounts payable, accrued expenses and other within the Company's unaudited condensed consolidated statements of financial condition.

Non-customer receivables include state tax payments made on behalf of certain limited partners, which are then netted from subsequent distributions or payments to the limited partners, as well as redemptions of investments that have not yet been collected. Non-customer receivables associated with redemptions of investments were $0.0 million and $5.6 million as of September 30, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Variable Interest Entities and Consolidated Investment Products - Assets, Liabilities and Equity of the Fund (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Liabilities
Redeemable noncontrolling interests	$ 100,440	$ 304,263
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	25,631	41,060	$ 42,025
Investments	182,245	410,236
Liabilities
Investment liabilities, at fair value	7,413	813
Net CIP assets included in the table above	181,142	434,705
Net CIP assets (liabilities) not included in the table above	20,806	12,515
Total Net CIP assets	201,948	447,220
Artisan’s direct equity investment in CIPs	101,508	142,957
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring
ASSETS
Cash and cash equivalents	6,310	25,282
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Cash and cash equivalents	6,310	25,282
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary \| Money market funds \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Cash and cash equivalents	0	0
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring
ASSETS
Investments	44,793	151,994
Liabilities
Investment liabilities, at fair value	4,299
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	44,667	151,994
Liabilities
Investment liabilities, at fair value	4,299
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	126	0
Liabilities
Investment liabilities, at fair value	0
Variable Interest Entity, Primary Beneficiary \| Equity securities - long position \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	0
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring
ASSETS
Investments	134,390	255,610
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	0	0
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	126,868	245,974
Variable Interest Entity, Primary Beneficiary \| Fixed income instruments - long position \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	7,522	9,636
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring
ASSETS
Investments	3,062	2,632
Liabilities
Investment liabilities, at fair value	3,114	813
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 1
ASSETS
Investments	235	203
Liabilities
Investment liabilities, at fair value	0	2
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 2
ASSETS
Investments	2,827	2,429
Liabilities
Investment liabilities, at fair value	3,114	811
Variable Interest Entity, Primary Beneficiary \| Derivative assets \| Fair Value, Measurements, Recurring \| Level 3
ASSETS
Investments	0	0
Liabilities
Investment liabilities, at fair value	$ 0	$ 0

Income Taxes and Related Payments - Additional information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($) TRA	Sep. 30, 2025	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate	20.00%	24.00%
Statutory tax rate	21.00%
Approximate percentage of earnings not subject to income taxes	14.00%
Number of tax receivable agreements (TRAs) \| TRA	2
TRA percent of savings to be paid to shareholders	85.00%
Tax receivable agreement percentage to be retained by entity	15.00%
Tax receivable agreement payment period	125 days
Unrecognized tax benefits	$ 2,100		$ 1,800
Unrecognized tax benefits, income tax penalties accrued	$ 400		$ 300

Noncontrolling Interests - Holdings - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Increase in deferred tax assets	$ 200	$ 100
Increase in additional paid-in capital	$ 200	$ 100
Shares issued (in shares)	33,231
Restricted Stock
Class of Stock [Line Items]
Shares issued (in shares)	465,719
Limited Partnership Units
Class of Stock [Line Items]
Shares issued (in shares)	33,231
Limited Partnership Units \| Restricted Stock
Class of Stock [Line Items]
Shares issued (in shares)	0
Class A Common Stock
Class of Stock [Line Items]
Shares issued (in shares)	0
Class A Common Stock \| Restricted Stock
Class of Stock [Line Items]
Shares issued (in shares)	465,719
Total
Class of Stock [Line Items]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Total \| Restricted Stock
Class of Stock [Line Items]
Shares issued (in shares)	465,719
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	1.00%
Total \| Class B Common Stock
Class of Stock [Line Items]
Shares issued (in shares)	33,231
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Artisan Partners Holdings LP
Class of Stock [Line Items]
Economic interest in subsidiary (as a percent)	88.00%
Artisan Partners Holdings LP \| Total
Class of Stock [Line Items]
Economic interest in subsidiary (as a percent)	88.00%		87.00%

Unaudited Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
ASSETS
Accounts receivable	$ 132,806	$ 154,536
Property and equipment, net	30,331	33,020
Deferred tax assets	330,826	354,702
Prepaid expenses and other assets	30,402	25,291
Operating lease assets	109,070	105,278
Goodwill	40,339	0
Intangible Asset, Excluding Goodwill, after Accumulated Amortization	7,505	0
Total assets	1,515,590	1,577,292
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Short-term employee-related liabilities	124,412	28,854
Long-term employee-related liabilities	131,234	105,423
Borrowings	189,285	189,140
Operating lease liabilities	123,765	120,881
Amounts payable under tax receivable agreements	265,105	303,368
Total liabilities	929,860	794,873
Commitments and contingencies
Redeemable noncontrolling interests	100,440	304,263
Additional paid-in capital	251,661	236,327
Retained earnings	192,785	203,386
Accumulated other comprehensive income (loss)	(1,876)	(1,689)
Total Artisan Partners Asset Management Inc. stockholders’ equity	443,381	438,831
Noncontrolling interests - Artisan Partners Holdings	41,909	39,325
Total stockholders’ equity	485,290	478,156
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	1,515,590	1,577,292
Business Combination, Contingent Consideration, Liability	25,940	0
Consolidated Entity, Excluding VIE
ASSETS
Cash and cash equivalents	352,415	214,446
Investment securities	253,324	228,044
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses and other	43,495	32,452
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	25,631	41,060
Investment securities	182,245	410,236
Accounts receivable and other	20,696	10,679
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses and other	19,211	13,942
Investment liabilities, at fair value	7,413	813
Class A Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	710	705
Class B Common Stock
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	12	11
Common Class C [Member]
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Common stock	$ 89	$ 91

Noncontrolling Interests - Holdings

9 Months Ended

Sep. 30, 2026

Noncontrolling Interest [Abstract]

Noncontrolling Interests - Holdings

Note 8. 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, 2026, APAM held approximately 88% 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 12, “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, 2026, APAM’s equity ownership interest in Holdings increased as a result of the following transactions:


	Holdings GP Units	Limited Partnership Units	Total	APAM Ownership %
Balance at December 31, 2025	70,472,750	10,215,519	80,688,269	87	%

Holdings Common Unit Exchanges (1)	194,114	(194,114)	—	—	%
Issuance of APAM Restricted Shares	465,719	—	465,719	1	%
Class B Unit Awards (1)	—	33,231	33,231	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	752	—	752	—	%
Restricted Share Award Net Share Settlement (1)	(101,999)	—	(101,999)	—	%
Forfeitures Related to Employee Terminations (1)	(12,230)	—	(12,230)	—	%
Balance at September 30, 2026	71,019,106	10,054,636	81,073,742	88	%
(1) The impact of the transaction on APAM’s ownership percentage was less than 1%.

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,
	2026		2025
Additional paid-in capital	$	(916)	$	(848)
Noncontrolling interests - Artisan Partners Holdings	911		852
Accumulated other comprehensive income (loss)	5		(4)
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 $0.2 million and $0.1 million for the nine months ended September 30, 2026 and 2025, respectively.

Investment Securities - Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Seed Investments
Marketable Securities [Line Items]
Seed investments in equity securities	$ 11,754	$ 42,708
Seed investments in equity securities accounted for under the equity method	4,068	3,341
Long-Term Cash Awards
Marketable Securities [Line Items]
Seed investments in equity securities	184,517	163,875
Seed investments in equity securities accounted for under the equity method	52,985	18,120
Consolidated Entity, Excluding VIE
Marketable Securities [Line Items]
Total investment securities	$ 253,324	$ 228,044

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Revenue from contract with customers	$ 312,518	$ 301,287	$ 923,439	$ 861,183
Total revenues	312,518	301,287	923,439	861,183
Operating Expenses
Compensation and benefits	162,200	163,242	512,898	484,279
Distribution, servicing and marketing	7,801	7,519	22,995	20,681
Occupancy	7,054	7,403	21,149	22,089
Communication and technology	14,333	12,720	42,150	39,187
General and administrative	11,110	8,584	34,917	26,821
Intangible Asset, Finite-Lived, Amortization Expense	240	0	720
Total operating expenses	202,738	199,468	634,829	593,057
Total operating income	109,780	101,819	288,610	268,126
Non-operating income (expense)
Interest expense	2,220	2,218	6,528	6,451
Interest income on cash and cash equivalents and other	3,057	2,628	7,309	6,547
Gain (loss) on non-operating liabilities	1,124	557	894	557
Total non-operating income (expense)	(1,405)	21,627	32,872	73,511
Income before income taxes	108,375	123,446	321,482	341,637
Provision for income taxes	19,689	36,973	64,351	81,841
Net income before noncontrolling interests	88,686	86,473	257,131	259,796
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings	13,303	14,948	39,575	40,290
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products	187	4,695	3,491	23,982
Net income attributable to Artisan Partners Asset Management Inc.	$ 75,196	$ 66,830	$ 214,065	$ 195,524
Basic earnings per share (in dollars per share)	$ 1.04	$ 0.93	$ 2.96	$ 2.73
Diluted earnings per share (in dollars per share)	$ 1.04	$ 0.93	$ 2.96	$ 2.73
Basic weighted average number of common shares outstanding (in shares)	66,380,225	65,666,782	66,288,288	65,562,800
Diluted weighted average number of common shares outstanding (in shares)	66,380,225	65,666,782	66,288,288	65,562,800
Dividends declared per Class A common share (in dollars per share)	$ 0.80	$ 0.73	$ 3.15	$ 2.75
Variable Interest Entity, Primary Beneficiary
Non-operating income (expense)
Net investment gain (loss)	$ 359	$ 8,738	$ 10,560	$ 38,506
Consolidated Entity Excluding Variable Interest Entities (VIE)
Non-operating income (expense)
Net investment gain (loss)	(3,725)	11,922	20,637	34,352
Consolidated Investment Products
Non-operating income (expense)
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products	187	4,695	3,491	23,982
Management fees
Statement [Line Items]
Revenue from contract with customers	312,483	301,266	923,000	861,162
Management fees \| Separate accounts and other
Statement [Line Items]
Revenue from contract with customers	105,419	108,821	325,072	314,416
Performance fees
Statement [Line Items]
Revenue from contract with customers	$ 35	$ 21	439	21
Performance fees \| Separate accounts and other
Statement [Line Items]
Revenue from contract with customers			$ 439	$ 21

Earnings Per Share - Antidilutive securities excluded from the computation of net income per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	15,266,152	15,570,414	15,255,064	15,612,590
Holdings limited partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	10,063,419	10,235,519	10,086,678	10,248,400
Unvested restricted share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Weighted Average Shares Outstanding (in shares)	5,202,733	5,334,895	5,168,386	5,364,190

Noncontrolling Interests - Holdings - Share Issuances & Cancellations (Details) - shares	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(33,231)
Shares paid for tax withholding for share based compensation (in shares)	102,824
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(12,230)
Common stock, shares, outstanding (in shares)	81,073,742	80,688,269
Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	88.00%
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(465,719)
Shares paid for tax withholding for share based compensation (in shares)	101,999
Restricted Stock Units and Performance Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(752)
Capital Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	80,688,269
Holdings common unit exchanges (in shares)	0
Holdings of common unit exchanges, APAM ownership percentage	0.00%
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Shares paid for tax withholding for share based compensation (in shares)	101,999
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(12,230)
Ending balance (in shares)	81,073,742
Capital Units \| Artisan Partners Holdings LP
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	87.00%
Ending balance	88.00%
Capital Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(465,719)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	1.00%
Capital Units \| Restricted Stock Units RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(752)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Capital Units \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(33,231)
Change in APAM economic ownership Interest in Artisan Partners Holdings LP (as a percent)	0.00%
Holdings GP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Holdings common unit exchanges (in shares)	(194,114)
Shares issued (in shares)	0
Shares paid for tax withholding for share based compensation (in shares)	101,999
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	(12,230)
Ending balance (in shares)	71,019,106
Common stock, shares, outstanding (in shares)	71,019,106	70,472,750
Holdings GP Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(465,719)
Holdings GP Units \| Restricted Stock Units and Performance Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	(752)
Limited Partnership Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	10,215,519
Holdings common unit exchanges (in shares)	(194,114)
Shares issued (in shares)	(33,231)
Shares paid for tax withholding for share based compensation (in shares)	0
Forfeitures of Holdings GP Units from Employee Terminations (in shares)	0
Ending balance (in shares)	10,054,636
Limited Partnership Units \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0
Limited Partnership Units \| Restricted Stock Units and Performance Stock Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0