Noncontrolling Interests - Holdings

9 Months Ended

Sep. 30, 2025

Note 7. Noncontrolling Interests - Holdings

Net income attributable to noncontrolling interests - Artisan Partners Holdings in the unaudited consolidated statements of operations represents the portion of earnings or loss attributable to the equity ownership interests in Holdings held by the limited partners of Holdings. As of September 30, 2025, APAM held approximately 87% of the equity ownership interests in Holdings.

Limited partners of Artisan Partners Holdings are entitled to exchange partnership units (along with a corresponding number of shares of Class B or C common stock of APAM) for shares of Class A common stock from time to time (the “Holdings Common Unit Exchanges”). The Holdings Common Unit Exchanges increase APAM’s equity ownership interest in Holdings and result in an increase to deferred tax assets and amounts payable under the tax receivable agreements. See Note 11, “Income Taxes and Related Payments.”

In order to maintain the one-to-one correspondence of the number of Holdings partnership units and APAM common shares, Holdings will issue one general partner (“GP”) unit to APAM for each share of Class A common stock issued by APAM. For the nine months ended September 30, 2025, 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, 2024	70,074,120	10,287,019	80,361,139	87	%

Holdings Common Unit Exchanges (1)	51,500	(51,500)	—	—	%
Issuance of APAM Restricted Shares (1)	429,511	—	429,511	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	106,125	—	106,125	—	%
Restricted Share Award Net Share Settlement (1)	(187,311)	—	(187,311)	—	%
Forfeitures from Employee Terminations (1)	(12,289)	—	(12,289)	—	%
Balance at September 30, 2025	70,461,656	10,235,519	80,697,175	87	%
(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,
	2025		2024
Additional paid-in capital	$	(848)	$	1,922
Noncontrolling interests - Artisan Partners Holdings	852		(1,878)
Accumulated other comprehensive income (loss)	(4)		(44)
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 $0.1 million and $1.0 million for the nine months ended September 30, 2025 and 2024, respectively.