XML 27 R15.htm IDEA: XBRL DOCUMENT v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 8. Stockholders’ Equity
APAM - Stockholders’ Equity
APAM had the following authorized and outstanding equity as of September 30, 2025 and December 31, 2024:
Outstanding
AuthorizedAs of September 30, 2025As of December 31, 2024
Voting Rights (1)
Economic Rights
Common shares
Class A, par value $0.01 per share
500,000,000 70,461,656 70,074,120 
1 vote per share
Proportionate
Class B, par value $0.01 per share
200,000,000 1,221,063 1,574,068 
1 vote per share
None
Class C, par value $0.01 per share
400,000,000 9,014,456 8,712,951 
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, 2025, Artisan’s employees held 5,054,024 restricted shares of Class A common stock and all 1,221,063 outstanding shares of Class B common stock, all of which were subject to the agreement.
APAM is dependent on cash generated by Holdings to fund any dividends. Generally, Holdings will make distributions to all of its partners, including APAM, based on the proportionate share of ownership each has in Holdings. APAM will fund dividends to its stockholders from its proportionate share of those distributions after provision for its taxes and other obligations. APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2025 and 2024:
Type of DividendClass of Stock
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025202420252024
QuarterlyClass A Common$0.73 $0.71 $2.25 $2.00 
Special AnnualClass A Common$— $— $0.50 $0.34 
The following table summarizes APAM’s stock transactions for the nine months ended September 30, 2025:
Total Stock Outstanding
Class A Common Stock(1)
Class B Common StockClass C Common Stock
Balance at December 31, 2024
80,361,139 70,074,120 1,574,068 8,712,951 
Holdings Common Unit Exchanges— 51,500 (51,500)— 
Restricted Share Award Grants429,511 429,511 — — 
Restricted Share Award Net Share Settlement(187,311)(187,311)— — 
Delivery of Shares Underlying RSUs and PSUs106,125 106,125 — — 
Employee/Partner Terminations(12,289)(12,289)(301,505)301,505 
Balance at September 30, 2025
80,697,175 70,461,656 1,221,063 9,014,456 
(1) There were 378,968 and 395,965 restricted stock units outstanding at September 30, 2025 and December 31, 2024, respectively. In addition, there were 152,207 and 176,192 performance share units outstanding at September 30, 2025 and December 31, 2024, respectively. All 152,207 performance share units outstanding as of September 30, 2025 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, 2025 and 2024 were as follows:
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025202420252024
Holdings Partnership Distributions to Limited Partners$14,735 $13,244 $36,967 $33,445 
Holdings Partnership Distributions to APAM96,283 84,370 239,838 208,401 
Total Holdings Partnership Distributions$111,018 $97,614 $276,805 $241,846 
Distributions to limited partners are recorded as a reduction to consolidated stockholders’ equity, while distributions to APAM are eliminated upon consolidation.