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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
Note 20. Subsequent Events
Long-term incentive awards
During the first quarter of 2024, the board of directors of APAM approved the grant of long-term incentive awards with a grant date fair value of $59.2 million consisting of $20.8 million of restricted share-based awards and $38.4 million of franchise capital awards, to certain employees pursuant to the Company’s 2023 Omnibus Incentive Compensation Plan. The grant will be effective March 1, 2024. Compensation expense associated with these awards will be recognized on a straight-line basis over the requisite service period, which is generally three or five years. Expense for the franchise capital (cash based) awards will be variable based on the investment returns of the investment strategies to which the awards are allocated.
Distributions and dividends
APAM, acting as the general partner of Artisan Partners Holdings, declared, effective January 30, 2024, a distribution by Artisan Partners Holdings of $30.2 million to holders of Artisan Partners Holdings partnership units, including APAM. The board of directors of APAM declared, effective January 30, 2024, a quarterly dividend of $0.68 per share of Class A common stock and a special annual dividend of $0.34 per share of Class A common stock. Both APAM common stock dividends, a total of $1.02 per share, are payable on February 29, 2024 to stockholders of record as of February 15, 2024.
Holdings unit exchanges
On January 8, 2024 and February 7, 2024, limited partners of Artisan Partners Holdings exchanged 350,000 common units and 215,424 common units, for 350,000 Class A common shares and 215,424 Class A common shares, respectively. The exchanges increased APAM’s equity ownership interest in Holdings and together resulted in a $7.6 million increase in deferred tax assets and a $6.4 million increase in amounts payable under the tax receivable agreements.