v3.26.1
Revenue From Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue From Contracts with Customers
Note 10. Revenue From Contracts with Customers
The following table presents a disaggregation of investment advisory revenue by type and vehicle for the three and six months ended June 30, 2026 and 2025:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026202520262025
Management fees
   Artisan Funds$180,634 $165,959 $357,698 $326,932 
   Artisan Global Funds17,331 13,596 33,166 27,369 
   Separate accounts and other (1)
109,744 103,194 219,653 205,595 
Performance fees
   Separate accounts and other (1)
200 — 404 — 
Total revenues (2)
$307,909 $282,749 $610,921 $559,896 
(1) Separate accounts and other revenue consists of fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as from certain assets managed by the Credit team within custom, investor-driven mandates and certain strategies for which we provide model portfolios to managed account sponsors.
(2) All fees earned from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 15, “Related Party Transactions.”
The following table presents the balances of receivables related to contracts with customers:
CustomerAs of June 30, 2026As of December 31, 2025
   Artisan Funds$10,205 $9,752 
   Artisan Global Funds8,465 7,973 
   Separate accounts and other96,242 130,530 
Total receivables from contracts with customers114,912 148,255 
Non-customer receivables7,639 6,281 
Accounts receivable$122,551 $154,536 
Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate accounts and other clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing.
Certain customer arrangements include performance fees that are payable following the completion of an annual performance period. Under a very limited number of these arrangements, a portion of the performance fee paid by the customer is subject to recoupment if specified performance conditions are not maintained during the subsequent annual period. The Company recognizes revenue for the portion of the performance fee that is not subject to recoupment and defers recognition of the portion subject to recoupment until the uncertainty associated with the recoupment provision is resolved. The Company had $5.5 million and $0.0 million of contract liabilities associated with these arrangements as of June 30, 2026 and December 31, 2025, respectively, which are included in Accounts payable, accrued expenses and other within the Company's unaudited condensed consolidated statements of financial condition.
Non-customer receivables include state tax payments made on behalf of certain limited partners, which are then netted from subsequent distributions or payments to the limited partners, as well as redemptions of investments that have not yet been collected. Non-customer receivables associated with redemptions of investments were $0.1 million and $5.6 million as of June 30, 2026 and December 31, 2025, respectively.