v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 6. Borrowings
Artisan’s borrowings consist of the following as of June 30, 2026 and December 31, 2025:
Maturity (1)
As of June 30, 2026
As of December 31, 2025Interest Rate Per Annum
Revolving credit agreement August 2027$— $— NA
Senior notes
Series EAugust 202750,000 50,000 4.53 %
Series FAugust 203290,000 90,000 3.10 %
Series GAugust 203050,000 50,000 5.43 %
Total gross borrowings190,000 190,000 
Debt issuance costs(764)(860)
Total borrowings$189,236 $189,140 
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.
The fair value of borrowings was approximately $180.3 million as of June 30, 2026 and December 31, 2025. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 5, “Fair Value Measurements.”
The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.
As of June 30, 2026, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%.
Interest expense incurred on the unsecured notes and revolving credit agreement was $2.0 million for the three months ended June 30, 2026 and 2025 and $4.0 million and $3.9 million for the six months ended June 30, 2026 and 2025, respectively.