“90 The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of March 31, 2026 (dollars in thousands): Maturity Date Stated Rate Interest Rate (1) At 100% Our Share Unconsolidated Joint Venture Aggregate Commitment Debt Balance (2) 101 West Dickman Street 10/29/26 SOFR+1.95% (3) 5.68% $ 26,750 $ 19,048 58.4% 1655 and 1725 Third Street 2/10/35 6.37% 6.44% 500,000 496,967 10.0% $ 526,750 $ 516,015 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2026 . (3) This loan is subject to a fixed SOFR floor of 0.75%.”
“54 Table of Contents These borrowings contain certain customary covenants including limitations on Artisan Partners Holdings’ ability to: (i) incur additional indebtedness or liens, (ii) engage in mergers or other fundamental changes, (iii) sell or otherwise dispose of assets including equity interests and (iv) make dividend payments or other distributions to Artisan Partners Holdings’ partners (other than, among others, tax distributions paid to partners for the purpose of funding tax liabilities attributable to their interests) when a default occurred and is continuing or would result from such a distribution.”
“General and administrative expenses G eneral and administrative expenses fo r the three months ended September 30, 2025 decreased by $14.7 million , or 33.5% , to $29.2 million , compared to $43.9 million for the three months ended September 30, 2024 , primarily due to cost-control and efficiency initiatives implemented since 2024, including reduction in headcount, restructuring of compensation plans, systems upgrades, and process improvements.”