v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 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 June 30, 2026 and December 31, 2025:
Assets and Liabilities at Fair Value
TotalNAV Practical Expedient (No Fair Value Level)Level 1Level 2Level 3
June 30, 2026
Assets
Money market funds (1)
$312,241 $— $312,241 $— $— 
Equity securities246,221 42,509 203,712 — — 
December 31, 2025
Assets
Money market funds (1)
$166,510 $— $166,510 $— $— 
Equity securities228,044 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. 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.