v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
As of June 30, 2026, the Company had outstanding an aggregate of $6.0 billion in senior unsecured notes (collectively, the “Senior Notes”) and $475.0 million of revolving loans under the Revolving Credit Facility (as defined below) as presented in the table below:
Principal
Amount
Outstanding at		Carrying
Value at		Carrying
Value at		Fair
Value at		Fair
Value at
(in millions)Maturity DateJune 30, 2026June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Debt
4.000% senior unsecured notes due 2029
November 15, 2029
$1,000.0 $996.4 $995.8 $969.0 $980.0 
3.625% senior unsecured notes due 2030
September 1, 2030
900.0 897.3 896.9 852.3 861.3 
3.875% senior unsecured notes due 2031
February 15, 2031
1,000.0 994.9 994.3 949.0 963.0 
3.625% senior unsecured notes due 2031
November 1, 2031
600.0 596.5 596.2 558.9 564.6 
3.250% senior unsecured notes due 2033
August 15, 2033
700.0 695.2 694.9 612.5 630.0 
5.250% senior unsecured notes due 2035
September 1, 20351,250.0 1,231.6 1,231.0 1,228.8 1,262.5 
5.150% senior unsecured notes due 2036
March 15, 2036500.0 493.5 493.2 485.5 499.5 
Variable rate revolving loans1
August 20, 2030475.0 475.0 300.0 470.3 297.0 
Total debt$6,425.0 $6,380.4 $6,202.3 $6,126.3 $6,057.9 
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1As of June 30, 2026, there were $5.0 million in unamortized deferred financing fees associated with the variable rate revolving loan commitments under the Revolving Credit Facility of which $1.2 million is included in “Prepaid and other assets,” and $3.8 million is included in “Other non-current assets” on the Unaudited Condensed Consolidated Statements of Financial Condition.
Maturities of the Company’s principal debt payments as of June 30, 2026 are as follows:
(in millions)Amounts
Remainder of 2026$— 
2027— 
2028— 
20291,000.0 
20301,375.0 
Thereafter4,050.0 
Total debt$6,425.0 
Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table:
Interest payment frequencyFirst interest
payment date
Senior Notes and Revolving Loans
4.000% senior unsecured notes due 2029
Semi-AnnualMay 15
3.625% senior unsecured notes due 2030
Semi-AnnualMarch 1
3.875% senior unsecured notes due 2031
Semi-AnnualJune 1
3.625% senior unsecured notes due 2031
Semi-AnnualMay 1
3.250% senior unsecured notes due 2033
Semi-AnnualFebruary 15
5.250% senior unsecured notes due 20351
Semi-AnnualMarch 1
5.150% senior unsecured notes due 20362
Semi-AnnualMarch 15
Variable rate revolving loans3
VariableOctober 22
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1The first payment occurred on March 1, 2026.
2The first payment occurred on March 15, 2026.
3The first payment occurred on October 22, 2025.
The fair market value of the Company’s debt obligations represents Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used broker quotes and third-party pricing services to determine fair values.
Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On August 20, 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) amending and restating in its entirety the Company’s prior Second Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $1.6 billion (from $1.25 billion under the Prior Credit Agreement) under a revolving credit facility (the “Revolving Credit Facility”) and extends the availability period until August 20, 2030. Prior to entering into the Credit Agreement, the Company applied part of the proceeds of its offering of the 2035 Senior Notes to repay in full all outstanding borrowings under the Prior Credit Agreement. The obligations under the Credit Agreement are unsecured senior obligations of the Company.
As of June 30, 2026, the Company had $475.0 million of revolving loans outstanding under the Revolving Credit Facility. The Company may use the Revolving Credit Facility for general corporate purposes (including working capital and acquisitions and other transactions permitted under the Credit Agreement).
Interest on the revolving loans under the Credit Agreement accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin determined based on the credit ratings of the Company’s senior, unsecured long-term debt. As of June 30, 2026, the applicable margin was 0.50% for Base Rate loans, and 1.50% for SOFR loans. At June 30, 2026, the interest rate on the revolving loans under the Revolving Credit Facility was 5.1%.
In connection with the closings of the Senior Notes offerings, entry into the Prior Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At June 30, 2026, $49.6 million of the deferred financing fees and premium remain unamortized, $1.2 million of which is included in “Prepaid and other assets,” $3.8 million of which is included in “Other non-current assets” and $44.6 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statements of Financial Condition.