v3.25.2
Corporate Debt and Other Borrowings, Net
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Corporate Debt and Other Borrowings, Net CORPORATE DEBT AND OTHER BORROWINGS, NET
The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands):
June 30, 2025December 31, 2024
Corporate Debt
 
Balance
Applicable
Margin
Interest Rate
 
Balance
Applicable
Margin
Interest rateMaturity
Term Loan A(1)
$1,020,000 
SOFR+147.5 bps
5.791 %$1,020,000 
SOFR+147.5 bps
6.000 %12/5/2026
2027 Senior Notes(1)
500,000 Fixed Rate5.700 %500,000 Fixed Rate5.700 %5/20/2027
2027 Senior Notes(1)
400,000 Fixed Rate4.625 %400,000 Fixed Rate4.625 %11/15/2027
2028 Senior Notes(1)
500,000 Fixed Rate4.900 %— — — %4/3/2028
2028 Senior Notes(1)
750,000 Fixed Rate6.750 %750,000 Fixed Rate6.750 %11/17/2028
2029 Senior Notes(1)
900,000 Fixed Rate4.000 %900,000 Fixed Rate4.000 %3/15/2029
2030 Senior Notes(1)
750,000 Fixed Rate5.200 %— — — %3/15/2030
2030 Senior Notes(1)
500,000 Fixed Rate5.150 %— — — %6/15/2030
2031 Senior Notes(1)
400,000 Fixed Rate4.375 %400,000 Fixed Rate4.375 %5/15/2031
2034 Senior Notes(1)
500,000 Fixed Rate6.000 %500,000 Fixed Rate6.000 %5/20/2034
2035 Senior Notes(1)
500,000 Fixed Rate5.650 %— — — %3/15/2035
2035 Senior Notes(1)
500,000 Fixed Rate5.750 %— — — %6/15/2035
Total Corporate Debt7,220,000 4,470,000 
Less: Unamortized Debt Issuance Cost(44,968)(22,276)
Corporate debt, net$7,175,032 $4,447,724 
Other Borrowings
Revolving Credit Facility
— 
ABR+37.5 bps / SOFR+147.5 bps
5.797 %1,047,000 
ABR+37.5 bps / SOFR+147.5 bps
6.007 %5/20/2029
Total other borrowings$— $1,047,000 
Corporate Debt and Other Borrowings, Net$7,175,032 $5,494,724 
_______________________________
(1)No leverage or interest coverage maintenance covenants.

The following table presents amounts outstanding and available under the Company’s external lines of credit at June 30, 2025 (in millions):
DescriptionBorrowerMaturity DateOutstandingAvailable
Senior unsecured, revolving credit facility
LPL Holdings, Inc.May 2029$— $2,250 
Broker-dealer revolving credit facilityLPL Financial LLCMay 2026$— $1,000 
Unsecured, uncommitted lines of creditLPL Financial LLC
None
$— $75 
Unsecured, uncommitted lines of creditLPL Financial LLCSeptember 2025$— $50 
Secured, uncommitted lines of creditLPL Financial LLCMarch 2028$— $75 
Secured, uncommitted lines of creditLPL Financial LLCNone$— unspecified
Secured, uncommitted lines of creditLPL Financial LLCNone$— unspecified
Issuance of 2028 4.900% Senior Notes, 2030 5.150% Senior Notes, and 2035 5.750% Senior Notes
On April 3, 2025, the Company completed the issuance and sale of $500.0 million in aggregate principal amount of 4.900% senior unsecured notes due 2028 (“2028 4.900% Senior Notes”), $500.0 million in aggregate principal amount of 5.150% senior unsecured notes due 2030 (“2030 5.150% Senior Notes”) and $500.0 million in aggregate principal amount of 5.750% senior unsecured notes due 2035 (“2035 5.750% Senior Notes”). The proceeds of the issuance were utilized to fund the acquisition of Commonwealth.
The 2028 4.900% Senior Notes will mature on April 3, 2028, and interest is payable semi-annually. The Company may redeem all or part of the 2028 4.900% Senior Notes on or prior to March 3, 2028 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Sixth Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2028 4.900% Senior Notes to be redeemed plus accrued interest. On or after March 3, 2028, the Company may redeem the 2028 4.900% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2030 5.150% Senior Notes will mature on June 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.150% Senior Notes on or prior to May 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Seventh Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.150% Senior Notes to be redeemed plus accrued interest. On or after May 15, 2030, the Company may redeem the 2030 5.150% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2035 5.750% Senior Notes will mature on June 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.750% Senior Notes on or prior to March 15, 2035 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Eighth Supplemental Indenture dated April 3, 2025) plus 25 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.750% Senior Notes to be redeemed plus accrued interest. On or after March 15, 2035, the Company may redeem the 2035 5.750% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
In connection with the issuance of the 2028 4.900% Senior Notes, 2030 5.150% Senior Notes and 2035 5.750% Senior Notes, the Company incurred $11.0 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.
Issuance of 2030 5.200% Senior Notes and 2035 5.650% Senior Notes
On February 26, 2025, LPLH issued $750.0 million in aggregate principal amount of 5.200% senior notes due 2030 (“2030 5.200% Senior Notes”) and $500.0 million in aggregate principal amount of 5.650% senior notes due 2035 (the “2035 5.650% Senior Notes”). The 2030 5.200% Senior Notes and 2035 5.650% Senior Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used a portion of the proceeds from the issuance to repay borrowings made under its senior unsecured revolving credit facility and for general corporate purposes.
The 2030 5.200% Senior Notes will mature on March 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.200% Senior Notes on or prior to February 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fourth Supplemental Indenture dated February 26, 2025) plus 15 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.200% Senior Notes to be redeemed plus accrued interest. On or after February 15, 2030, the Company may redeem the 2030 5.200% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2035 5.650% Senior Notes will mature on March 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.650% Senior Notes on or prior to December 15, 2034 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fifth Supplemental Indenture dated February 26, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.650% Senior Notes to be redeemed plus accrued interest. On or after December 15, 2034, the Company may redeem the 2035 5.650% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
In connection with the issuance of the 2030 5.200% Senior Notes and 2035 5.650% Senior Notes, the Company incurred $10.4 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.
Refinanced Existing Term Loan B Facility with Term Loan A Facility
On December 5, 2024, LPLH refinanced its existing $1.0 billion Term Loan B facility with a new $1.0 billion Term Loan A facility (the “Term Loan A”) that will mature on December 5, 2026.
Issuance of 2027 Senior Notes and 2034 Senior Notes
On May 20, 2024, LPLH issued $500.0 million in aggregate principal amount of 5.700% senior notes due 2027 (“2027 Senior Notes”) and $500.0 million in aggregate principal amount of 6.000% senior notes due 2034 (the “2034 Senior Notes”). In connection with the issuance of the 2027 Senior Notes and 2034 Senior Notes, the Company incurred $7.1 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.
Credit Agreement and Parent Revolving Credit Facility
On May 20, 2024, LPLH amended its revolving credit facility to, among other things, increase the maximum borrowing from $2.0 billion to $2.25 billion and extend the maturity of the revolving credit facility to May 2029. In connection with the amendment of the credit facility, LPLH incurred $8.6 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition.
The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of June 30, 2025, the Company was in compliance with such covenants.
Broker-Dealer Revolving Credit Facility
On May 19, 2025, LPL Financial, the Company’s broker-dealer subsidiary, renewed its revolving credit facility to extend the maturity of the revolving credit facility to May 2026. The revolving credit facility allows for a maximum borrowing of up to $1.0 billion and borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) SOFR, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the renewal of the credit facility, LPL Financial incurred $1.3 million in costs, which were capitalized as debt issuance costs in the condensed consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of June 30, 2025.
Other External Lines of Credit
LPL Financial maintained five uncommitted lines of credit as of June 30, 2025. Two of the lines have unspecified limits, which are primarily dependent on LPL Financial’s ability to provide sufficient collateral. The other three lines have a total limit of $200.0 million, of which $125.0 million is uncollateralized. There were no balances outstanding under these lines at June 30, 2025 or December 31, 2024.