APAM — what changed in the latest 10-Q
A section-by-section comparison of APAM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-31 vs the prior 10-Q · 2026-05-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +102 | −43 | ~44 | 61 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-31
•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.
•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.
•We declared and distributed dividends of $0.77 per share of Class A common stock during the three months ended June 30, 2026.
•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.
•Following the loss of two large institutional mandates in the U.S. Value team’s strategies and a comprehensive review of the long term prospects of the franchise, we determined the prudent decision was to wind down the team's business, which we expect to complete during the quarter ending September…
Text removed vs the prior filing · source: 10-Q · 2026-05-04
•During the three months ended March 31, 2026, our AUM declined to $173.0 billion, a decrease of $6.9 billion, or 4%, compared to $179.9 billion at December 31, 2025, primarily due to $4.6 billion of market depreciation, $3.1 billion of net client cash outflows and $0.1 billion of Artisan Funds’ dis…
•Average AUM for the three months ended March 31, 2026 was $182.4 billion, an increase of 1% from the average of $180.9 billion for the three months ended December 31, 2025, and an increase of 9% from the average of $166.7 billion for the three months ended March 31, 2025.
•We acquired Grandview Property Partners for $22.5 million of upfront cash consideration with future consideration payable upon the achievement of committed capital milestones and certain revenue run rates for future Grandview Funds as well as the underlying performance of those funds over the seven…
•We declared and distributed dividends of $1.58 per share of Class A common stock during the three months ended March 31, 2026.
•We declared, effective April 28, 2026, a quarterly dividend with respect to the three months ended March 31, 2026, of $0.77 per share of Class A common stock.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice