Artisan Partners Asset Management Inc.

Previous wording

We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk.

Current wording

We are a global multi-asset investment platform focused on providing a broad range of high-value added investment strategies in growing asset classes to sophisticated clients around the world. We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk.

Previous wording

We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to many of our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of June 30, 2026, approximately 73% of our assets under management (AUM) were managed for clients and investors domiciled in the U.S. and 27% of our AUM were managed for clients and investors domiciled outside of the U.S.

Current wording

We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to many of our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of September 30, 2026, approximately 75% of our assets under management (AUM) were managed for clients and investors domiciled in the U.S. and 25% of our AUM were managed for clients and investors domiciled outside of the U.S.

Previous wording

•During the three months ended June 30, 2026, our AUM increased to $183.4 billion, an increase of $10.4 billion, or 6%, compared to $173.0 billion at March 31, 2026, primarily due to $21.2 billion of market appreciation, partially offset by $10.5 billion of net client cash outflows.

Current wording

•During the three months ended September 30, 2026, our AUM declined to $168.7 billion, a decrease of $14.6 billion, or 8%, compared to $183.4 billion at June 30, 2026, primarily due to $10.6 billion of net client cash outflows and $3.8 billion of market depreciation.

Previous wording

•Average AUM for the three months ended June 30, 2026 was $181.9 billion, a decrease of 0.3% from the average of $182.4 billion for the three months ended March 31, 2026, and an increase of 9% from the average of $166.8 billion for the three months ended June 30, 2025.

Current wording

•Average AUM for the three months ended September 30, 2026 was $180.5 billion, a decrease of 0.7% from the average of $181.9 billion for the three months ended June 30, 2026, and an increase of 2% from the average of $177.4 billion for the three months ended September 30, 2025.

Previous wording

•We earned $307.9 million in revenue for the three months ended June 30, 2026, an increase of 9% from revenues of $282.8 million for the three months ended June 30, 2025.

Current wording

•We earned $312.5 million in revenue for the three months ended September 30, 2026, an increase of 4% from revenues of $301.3 million for the three months ended September 30, 2025.

Previous wording

•Our GAAP operating margin was 27.5% for the three months ended June 30, 2026, compared to 28.2% for the three months ended June 30, 2025. Adjusted operating margin was 32.9% for the three months ended June 30, 2026, compared to 31.7% for the three months ended June 30, 2025.

Current wording

•Our GAAP operating margin was 35.1% for the three months ended September 30, 2026, compared to 33.8% for the three months ended September 30, 2025. Adjusted operating margin was 35.5% for the three months ended September 30, 2026, compared to 36.2% for the three months ended September 30, 2025.

Previous wording

•We generated $1.11 of earnings per basic and diluted share and $0.94 of adjusted EPS.

Current wording

•We generated $1.04 of earnings per basic and diluted share and $1.03 of adjusted EPS.

Previous wording

•We declared and distributed dividends of $0.77 per share of Class A common stock during the three months ended June 30, 2026.

Current wording

•We declared and distributed dividends of $0.80 per share of Class A common stock during the three months ended September 30, 2026.

Previous wording

•We declared, effective July 28, 2026, a quarterly dividend with respect to the three months ended June 30, 2026, of $0.80 per share of Class A common stock.

Current wording

•We declared, effective October 27, 2026, a quarterly dividend with respect to the three months ended September 30, 2026, of $0.88 per share of Class A common stock.

Previous wording

Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock. The IPO Reorganization and IPO were completed on March 12, 2013.

Current wording

Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock.

Previous wording

During the six months ended June 30, 2026, certain limited partners of Holdings exchanged 167,614 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 167,614 shares of Class A common stock. In connection with the exchanges, APAM received 167,614 GP units of Holdings increasing its ownership interest in Holdings.

Current wording

During the nine months ended September 30, 2026, certain limited partners of Holdings exchanged 194,114 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 194,114 shares of Class A common stock. In connection with the exchanges, APAM received 194,114 GP units of Holdings, increasing its ownership interest in Holdings.

Previous wording

The following table presents the total returns of relevant market indices for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table presents the total returns of relevant market indices for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Our credit and alternative asset classes generated combined net inflows of $1.0 billion in the second quarter of 2026, while our equity strategies experienced net outflows of $11.5 billion. Although our equity strategies experienced net outflows overall, approximately $9.2 billion were concentrated in the Growth and U.S. Value teams, including $2.8 billion from the Growth team’s strategies and $6.4 billion attributable to client account terminations within our U.S. Value strategies. Following the U.S. Value outflows, the Company began an orderly wind-down of the team’s strategies, which is expected to continue through the third quarter.

Current wording

Our credit and alternative asset classes generated combined net inflows of $1.1 billion in the third quarter of 2026, while our equity strategies experienced net outflows of $11.6 billion. Of the $11.6 billion in equity net outflows, approximately $10.3 billion were concentrated in the Global Value, Growth and U.S. Value teams, including $5.9 billion of rebalancing from a large client relationship in the Global Value strategy and $1.9 billion from the orderly wind-down of the U.S. Value team’s strategies, which was completed during the third quarter.

Previous wording

While net flows are inherently difficult to predict, if recent performance and market trends persist, we could continue to experience net inflows in our credit and alternative strategies and net outflows in our equity strategies during the remainder of 2026. Over the long term, we expect investment returns to be the primary driver of AUM growth, consistent with our historical experience.

Current wording

While net flows are inherently difficult to predict, we could continue to experience net inflows in our credit and alternative strategies and net outflows in our equity strategies if recent performance and market trends persist. Over the long term, we expect investment returns to be the primary driver of AUM growth, consistent with our historical experience.

Previous wording

Certain separate account clients pay us fees based on the performance of their accounts relative to agreed-upon benchmarks, which typically results in a lower base fee but allows us to earn higher fees if the performance we achieve for that client is superior to the performance of the agreed-upon benchmark. We may also receive performance fees or incentive allocations from Artisan Private Funds. Approximately 4% of our $183.4 billion of AUM as of June 30, 2026 are subject to performance fee billing arrangements, of which substantially all performance fees are recognized in the fourth quarter.

Current wording

Certain separate account clients pay us fees based on the performance of their accounts relative to agreed-upon benchmarks, which typically results in a lower base fee but allows us to earn higher fees if the performance we achieve for that client is superior to the performance of the agreed-upon benchmark. We may also receive performance fees or incentive allocations from Artisan Private Funds. Approximately 4% of our $168.7 billion of AUM as of September 30, 2026 are subject to performance fee billing arrangements, of which substantially all performance fees are recognized in the fourth quarter.

Previous wording

The weighted average fee rate, inclusive of performance fees, was 67.9 basis points for the three months ended June 30, 2026, compared to 68.1 basis points for the three months ended June 30, 2025.

Current wording

The weighted average fee rate, inclusive of performance fees, was 68.7 basis points for the three months ended September 30, 2026, compared to 67.5 basis points for the three months ended September 30, 2025.

Previous wording

Total compensation and benefits was 57% of our revenues for the six months ended June 30, 2026, and 2025.

Current wording

Total compensation and benefits was 52% and 54% of our revenues for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

Other operating expenses increased $4.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in general and administrative costs, most notably increases in professional fees.

Current wording

Other operating expenses increased $4.3 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to an increase in professional fees and technology and data costs.

Previous wording

Artisan's share of the $42.2 million total investment gains for the three months ended June 30, 2026 was comprised of $30.3 million of gains on investments to hedge compensation plans and $7.0 million of gains on seed investments. $4.9 million of the total investment gains for the three months ended June 30, 2026 were attributable to noncontrolling interests.

Current wording

Artisan's $3.6 million share of the $3.4 million total investment losses for the three months ended September 30, 2026 was comprised of $4.3 million of losses on investments to hedge compensation plans and $0.7 million of gains on seed investments. $0.2 million of the total investment gains for the three months ended September 30, 2026 were attributable to noncontrolling interests.

Previous wording

The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate for the three months ended June 30, 2026 and 2025 was 20.4% and 20.6%, respectively. APAM’s effective income tax rate was less than the U.S. federal statutory rate of 21% as (i) the rate benefit attributable to the fact that, for the three months ended June 30, 2026, approximately 14% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (ii) the rate benefit from tax deductible dividends paid on unvested restricted share-based awards, which was partially offset by the incremental impact to the rate from state and local taxes and limits on executive compensation. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes.

Current wording

The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate for the three months ended September 30, 2026 and 2025 was 18.2% and 30.0%, respectively. APAM’s effective income tax rate was lower than the U.S. federal statutory rate of 21% for the three months ended September 30, 2026 as a result of (i) a deferred tax benefit recorded by the Company because of a reduction in the expected aggregate compensation that is expected to be subject to compensation deduction limitations under the OBBBA, which represented a partial reversal of the deferred tax charge taken upon enactment of the OBBBA in the nine months ended September 30, 2025, (ii) a rate benefit attributable to the fact that, for the three months ended September 30, 2026, approximately 14% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (iii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. These benefits were partially offset by the incremental impact to the rate from state and local taxes. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes.

Previous wording

The increase in revenues of $25.1 million, or 9%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was driven primarily by a $15.1 billion, or 9% increase in our average AUM.

Current wording

The increase in revenues of $62.2 million, or 7%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was driven primarily by an $11.2 billion, or 7%, increase in our average AUM.

Previous wording

The weighted average fee rate, inclusive of performance fees, was 67.7 basis points for the six months ended June 30, 2026, compared to 67.8 basis points for the six months ended June 30, 2025.

Current wording

The weighted average fee rate, inclusive of performance fees, was 68.0 basis points for the nine months ended September 30, 2026, compared to 67.7 basis points for the nine months ended September 30, 2025.

Previous wording

The increase in total compensation and benefits was primarily due to a $7.4 million increase in long-term incentive compensation largely driven by market valuation changes, a $4.5 million increase in incentive compensation primarily attributable to higher revenues and a $3.0 million increase in employee separation related costs including those associated with the wind down of the U.S. Value Team.

Current wording

The increase in total compensation and benefits was primarily driven by a $15.3 million increase in short-term incentive compensation largely driven by higher revenues. The increase also reflected $4.5 million of salary and benefits costs attributable to employees who joined the Company through the Grandview acquisition and a $3.4 million increase in employee separation costs, including costs associated with the wind-down of the U.S. Value Team.

Previous wording

Total compensation and benefits was 59% of our revenues for the three months ended June 30, 2026 and 2025.

Current wording

Total compensation and benefits was 56% of our revenues for the nine months ended September 30, 2026 and 2025.

Previous wording

Other operating expenses increased $8.8 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in general and administrative costs, most notably increases in professional fees.

Current wording

Other operating expenses increased $13.1 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to an increase in professional fees in support of firm initiatives and technology and data costs.

Previous wording

Artisan's share of the $34.6 million total investment gains for the six months ended June 30, 2026, was comprised of $24.0 million of gains on investments to hedge compensation plans and $7.2 million of gains on seed investments. $3.4 million of the total investment gains for the six months ended June 30, 2026, were attributable to noncontrolling interests.

Current wording

Artisan's $27.6 million share of the $31.2 million total investment gains for the nine months ended September 30, 2026, was comprised of $19.7 million of gains on investments to hedge compensation plans and $7.9 million of gains on seed investments. $3.6 million of the total investment gains for the nine months ended September 30, 2026, were attributable to noncontrolling interests.

Previous wording

The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate was 21.0% and 20.6% for the six months ended June 30, 2026 and 2025, respectively.

Current wording

The provision for income taxes primarily represents APAM’s U.S. federal, state and local income taxes on its allocable portion of Holdings’ income, as well as foreign income taxes payable by Holdings’ subsidiaries. APAM’s effective income tax rate was 20.0% and 24.0% for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Several factors contribute to APAM's effective income tax rate. For the six months ended June 30, 2026, the incremental impact of state and local taxes and limits on executive compensation was effectively offset by (i) a rate benefit attributable to the fact that approximately 14% of Artisan Partners Holdings' full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (ii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes.

Current wording

Several factors contribute to APAM's effective income tax rate. For the nine months ended September 30, 2026, APAM’s effective income tax rate was lower than the U.S. federal statutory rate of 21% as a result of (i) a deferred tax benefit recorded by the Company because of a reduction in the expected aggregate compensation that is expected to be subject to compensation deduction limitations under the OBBBA, which represented a partial reversal of the deferred tax charge taken upon enactment of the OBBBA in the nine months ended September 30, 2025, (ii) a rate benefit attributable to the fact that, for the nine months ended September 30, 2026, approximately 14% of Artisan Partners Holdings’ full year projected taxable earnings were attributable to other partners and not subject to corporate-level taxes and (iii) a rate benefit from tax deductible dividends paid on unvested restricted share-based awards. These benefits were partially offset by the incremental impact to the rate from state and local taxes. As APAM’s equity ownership in Holdings increases, the effective tax rate will likewise increase as more income will be subject to corporate-level taxes.

Previous wording

Weighted average basic and diluted shares of Class A common stock outstanding were higher for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, as a result of Holdings’ unit exchanges and equity award grants. See Note 13, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for further discussion of earnings per share.

Current wording

Weighted average basic and diluted shares of Class A common stock outstanding were higher for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, as a result of Holdings’ unit exchanges and equity award grants. See Note 13, “Earnings Per Share” in the Notes to the unaudited consolidated financial statements for further discussion of earnings per share.

Previous wording

We manage our cash balances in order to fund our day-to-day operations. We mitigate concentration risk through the diversification of financial institutions holding daily operating cash balances and by investing excess operating cash in various money market funds. $312.2 million of our cash and cash equivalents balance was invested in money market funds as of June 30, 2026.

Current wording

We manage our cash balances in order to fund our day-to-day operations. We mitigate concentration risk through the diversification of financial institutions holding daily operating cash balances and by investing excess operating cash in various money market funds. $323.7 million of our cash and cash equivalents balance was invested in money market funds as of September 30, 2026.

Previous wording

We utilize cash to make seed investments in Artisan-sponsored investment products to support the development of new investment strategies and vehicles. As of June 30, 2026, the balance of all seed investments, including investments in consolidated investment products, was $96.2 million. The seed investments are generally redeemable at our discretion, though subject to certain monthly or quarterly timing restrictions for certain Artisan Private Funds. We monitor for opportunities to redeem our seed investments as sufficient scale in each investment strategy, vehicle and class, as applicable, is achieved.

Current wording

We utilize cash to make seed investments in Artisan-sponsored investment products to support the development of new investment strategies and vehicles. As of September 30, 2026, the balance of all seed investments, including investments in consolidated investment products, was $90.9 million. The seed investments are generally redeemable at our discretion, though subject to certain monthly or quarterly timing restrictions for certain Artisan Private Funds. We monitor for opportunities to redeem our seed investments as sufficient scale in each investment strategy, vehicle and class, as applicable, is achieved.

Previous wording

During the six months ended June 30, 2026, we made investments of $50.6 million related to funded long-term incentive compensation plans. As of June 30, 2026, the value of investments held in connection with funded long-term incentive compensation plans was $259.6 million.

Current wording

During the nine months ended September 30, 2026, we made investments of $50.6 million related to funded long-term incentive compensation plans. As of September 30, 2026, the value of investments held in connection with funded long-term incentive compensation plans was $263.9 million.

Previous wording

Pursuant to the terms of the Grandview Property Partners acquisition agreement, we agreed to make up to $50 million of capital commitments across Grandview’s next two flagship funds.

Current wording

The Company has unfunded capital commitments to Artisan Private Funds of $46 million and $16 million as of September 30, 2026 and December 31, 2025, respectively. Pursuant to the terms of the Grandview Property Partners acquisition agreement, the Company has agreed to make up to $30 million of additional capital commitments to Grandview’s next flagship fund.

Previous wording

We have $190 million in unsecured notes outstanding and a $100 million revolving credit facility with a five-year term ending in August 2027. The notes are comprised of three series, Series E, Series F and Series G, each with a balloon payment at maturity. The $100 million revolving credit facility was unused as of and for the six months ended June 30, 2026.

Current wording

We have $190 million in unsecured notes outstanding and a $150 million revolving credit facility with a five-year term ending in September 2031. The notes are comprised of three series, Series E, Series F and Series G, each with a balloon payment at maturity. The previous $100 million revolving credit facility as well as the new $150 million revolving credit facility were unused as of and for the nine months ended September 30, 2026.

Previous wording

Artisan Partners Holdings’ distributions, including distributions to APAM for the three and six months ended June 30, 2026 and 2025, were as follows:

Current wording

Artisan Partners Holdings’ distributions, including distributions to APAM for the three and nine months ended September 30, 2026 and 2025, were as follows:

Previous wording

On July 28, 2026, we, acting as the general partner of Artisan Partners Holdings, declared a distribution of $59.1 million, payable by Artisan Partners Holdings to holders of its partnership units, including APAM.

Current wording

On October 27, 2026, we, acting as the general partner of Artisan Partners Holdings, declared a distribution of $26.9 million, payable by Artisan Partners Holdings to holders of its partnership units, including APAM.

Previous wording

APAM declared and paid the following dividends per share during the three and six months ended June 30, 2026 and 2025:

Current wording

APAM declared and paid the following dividends per share during the three and nine months ended September 30, 2026 and 2025:

Previous wording

Our board of directors declared, effective July 28, 2026, a variable quarterly dividend of $0.80 per share of Class A common stock with respect to the June quarter of 2026, payable on August 31, 2026 to stockholders of record as of the close of business on August 17, 2026. The variable quarterly dividend represents approximately 80% of the cash generated in the June quarter of 2026 and a pro-rata portion of 2026 tax savings related to our tax receivable agreements.

Current wording

Our board of directors declared, effective October 27, 2026, a variable quarterly dividend of $0.88 per share of Class A common stock with respect to the September quarter of 2026, payable on November 30, 2026 to stockholders of record as of the close of business on November 16, 2026. The variable quarterly dividend represents approximately 80% of the cash generated in the September quarter of 2026 and a pro-rata portion of 2026 tax savings related to our tax receivable agreements.

Previous wording

In addition to funding our normal operations, we will be required to fund amounts payable under the TRAs that we entered into in connection with the IPO, which resulted in the recognition of a $275.0 million liability as of June 30, 2026. The liability generally represents 85% of the tax benefits APAM expects to realize as a result of the merger of an entity into APAM as part of the IPO Reorganization, our purchase of partnership units from limited partners of Holdings and the exchange of partnership units (for shares of Class A common stock or other consideration). The estimated liability assumes no material changes in the relevant tax law and that APAM earns sufficient taxable income to realize all tax benefits subject to the TRAs. An increase or decrease in future tax rates will increase or decrease, respectively, the expected tax benefits APAM would realize and the amounts payable under the TRAs. Changes in the estimate of expected tax benefits APAM would realize and the amounts payable under the TRAs as a result of change in tax rates have been and will be recorded in net income.

Current wording

In addition to funding our normal operations, we will be required to fund amounts payable under the TRAs that we entered into in connection with the IPO, which resulted in the recognition of a $265.1 million liability as of September 30, 2026. The liability generally represents 85% of the tax benefits APAM expects to realize as a result of the merger of an entity into APAM as part of the IPO Reorganization, our purchase of partnership units from limited partners of Holdings and the exchange of partnership units (for shares of Class A common stock or other consideration). The estimated liability assumes no material changes in the relevant tax law and that APAM earns sufficient taxable income to realize all tax benefits subject to the TRAs. An increase or decrease in future tax rates will increase or decrease, respectively, the expected tax benefits APAM would realize and the amounts payable under the TRAs. Changes in the estimate of expected tax benefits APAM would realize and the amounts payable under the TRAs as a result of change in tax rates have been and will be recorded in net income.

Previous wording

The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the TRAs. In such cases, we intend to fund those payments with cash on hand, although we may have to borrow funds depending on the amount and timing of the payments. In fiscal 2026, we expect to make TRA payments totaling approximately $40.4 million, $30.3 million of which was paid during the quarter ended June 30, 2026.

Current wording

The actual increase in tax basis, as well as the amount and timing of any payments under these agreements, will vary depending upon a number of factors, including the timing of sales or exchanges by the holders of limited partnership units, the price of the Class A common stock at the time of such sales or exchanges, whether such sales or exchanges are taxable, the amount and timing of the taxable income APAM generates in the future and the tax rate then applicable and the portion of APAM’s payments under the TRAs constituting imputed interest or depreciable basis or amortizable basis. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the TRAs. In such cases, we intend to fund those payments with cash on hand, although we may have to borrow funds depending on the amount and timing of the payments. During the nine months ended September 30, 2026, we made payments totaling $39.5 million related to the TRAs. We do not intend to make any additional payments in 2026. In 2027, we expect to make payments of approximately $42.2 million related to the TRAs.