For the quarter ending 2026-03-31, APAM had $74,666K increase in cash & cash equivalents over the period. $181,239K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income before noncontrolling interests | 67,618 | 118,083 | 86,473 | 173,323 |
| Depreciation and amortization | 2,301 | 2,061 | 2,341 | 4,976 |
| Deferred income taxes | 10,666 | 9,152 | 22,418 | 24,142 |
| Asset impairment | - | 0 | 0 | - |
| Noncash lease expense (benefit) | 122 | -335 | -480 | -324 |
| Net investment (gain) loss on nonconsolidated investment securities | -5,088 | 6,354 | 11,922 | 22,430 |
| Net (gain) loss on the tax receivable agreements | - | 0 | -557 | - |
| (gain) loss on disposal of property and equipment | -150 | -10 | 0 | 0 |
| Amortization of debt issuance costs | 117 | 118 | 62 | 219 |
| Share-based compensation | 8,388 | 6,274 | 6,861 | 15,412 |
| Net investment (gain) loss of consolidated investment products | -2,561 | 8,920 | 8,738 | 29,768 |
| Purchase of investments by consolidated investment products | 125,594 | 164,286 | 160,430 | 148,732 |
| Proceeds from sale of investments by consolidated investment products | 106,093 | 87,984 | 71,637 | 65,225 |
| Net change in operating assets and liabilities of consolidated investment products including net investment income | - | -17,007 | - | - |
| Accounts receivable | -11,816 | 36,162 | 4,225 | -5,689 |
| Prepaid expenses and other assets | -345 | 6,841 | 530 | 561 |
| Accounts payable and accrued expenses | 93,269 | -79,777 | 39,352 | 104,541 |
| Net change in operating assets and liabilities of consolidated investment products including net investment income | 16,447 | - | 1,840 | -17,104 |
| Net cash provided by operating activities | 181,757 | -77,250 | 40,422 | 208,816 |
| Acquisition of property and equipment | 518 | 67 | 35 | 269 |
| Leasehold improvements | 25 | 248 | 20 | 38 |
| Proceeds from sale of investment securities | 59,430 | 31,658 | 10,151 | 35,524 |
| Purchase of investment securities | 48,372 | 397 | 254 | 40,757 |
| Cash paid for business acquisitions, net of cash acquired | 22,512 | - | - | - |
| Net cash used in investing activities | -11,997 | 30,946 | 9,842 | -5,540 |
| Partnership distributions | 5,960 | 19,258 | 14,735 | 22,232 |
| Dividends paid | 112,460 | 62,416 | 51,811 | 142,878 |
| Payment of debt issuance costs | - | 116 | 348 | - |
| Proceeds from issuance of notes payable | - | 0 | 50,000 | - |
| Principal payments on notes payable | - | 0 | 60,000 | - |
| Tax receivable agreement payments | - | 0 | 9,089 | 29,197 |
| Taxes paid related to employee net share settlement | 4,519 | 0 | 0 | 8,964 |
| Capital contributions to consolidated investment products, net | 27,845 | 41,417 | 66,298 | 80,369 |
| Net cash used in financing activities | -95,094 | -40,373 | -19,685 | -122,902 |
| Net increase in cash and cash equivalents | 74,666 | -86,677 | 30,579 | 80,374 |
| Beginning of period | 255,506 | - | - | - |
| End of period | 300,445 | - | - | - |