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 June 30, 2026, Artisan is considered to have a controlling financial interest in four sub-funds of Artisan Global Funds, three Artisan Private Funds and one series of Artisan Funds. The aggregate $109.6 million direct equity investment in the consolidated investment products consisted of $80.9 million related to seed investments and $28.7 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.

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 six months ended June 30, 2026, the Company determined that it no longer had a controlling financial interest in one Artisan Private Fund and one Artisan Global Fund 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 six months ended June 30, 2026. Artisan generally does not recognize a gain or loss upon deconsolidation of investment products as the assets and liabilities of CIPs are

As of June 30, 2026, Artisan held direct equity investments of $43.3 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.

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 June 30, 2026 and December 31, 2025:


	Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
June 30, 2026
Assets
Money market funds	$	4,035	$	4,035	$	—	$	—
Equity securities - long position	55,491		55,402		89		—
Fixed income instruments - long position	125,452		—		121,509		3,943
Derivative assets	2,297		1		2,296		—




Liabilities
Equity securities - short position	$	4,556	$	4,556	$	—	$	—

Derivative liabilities	2,373		44		2,329		—


	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 June 30, 2026		As of December 31, 2025
Net CIP assets included in the table above	$	180,346	$	434,705
Net CIP assets (liabilities) not included in the table above	15,293		12,515
Total Net CIP assets	195,639		447,220
Less: redeemable noncontrolling interests	86,071		304,263
Artisan’s direct equity investment in CIPs	$	109,568	$	142,957