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, 2026, APAM held approximately 88% 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 12, “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, 2026, 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, 2025	70,472,750	10,215,519	80,688,269	87	%

Holdings Common Unit Exchanges (1)	194,114	(194,114)	—	—	%
Issuance of APAM Restricted Shares	465,719	—	465,719	1	%
Class B Unit Awards (1)	—	33,231	33,231	—	%
Delivery of Shares Underlying RSUs and PSUs (1)	752	—	752	—	%
Restricted Share Award Net Share Settlement (1)	(101,999)	—	(101,999)	—	%
Forfeitures Related to Employee Terminations (1)	(12,230)	—	(12,230)	—	%
Balance at September 30, 2026	71,019,106	10,054,636	81,073,742	88	%
(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

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,
	2026		2025
Additional paid-in capital	$	(916)	$	(848)
Noncontrolling interests - Artisan Partners Holdings	911		852
Accumulated other comprehensive income (loss)	5		(4)
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 $0.2 million and $0.1 million for the nine months ended September 30, 2026 and 2025, respectively.