Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following table presents the carrying value of the Company’s outstanding indebtedness and a reconciliation to Debt as

presented on the Consolidated Balance Sheets:


	December 31, 2025	June 30, 2026
Senior bank debt	$—	$650.0
Senior notes	1,172.0	1,172.2
Junior subordinated notes	1,216.1	1,216.1
Junior convertible securities	340.6	—
Total carrying value	2,728.7	3,038.3
Debt issuance costs	(37.4)	(34.3)
Debt	$2,691.3	$3,004.0

Schedule of Principal Terms of Senior and Junior Subordinated Notes

The principal terms of the senior notes

outstanding as of June 30, 2026 are presented and described below:


	2030 Senior Notes	2034 Senior Notes	2036 Senior Notes
Issue date	June 2020	August 2024	December 2025
Maturity date	June 2030	August 2034	February 2036
Par value (in millions)	$350.0	$400.0	$425.0
Stated coupon	3.30%	5.50%	5.50%
Coupon frequency	Semi-annually	Semi-annually	Semi-annually
Call price	As defined	As defined	As defined

As of June 30, 2026, the Company had junior subordinated notes outstanding, the respective principal terms of which are

presented and described below:


	2059 Junior Subordinated Notes	2060 Junior Subordinated Notes	2061 Junior Subordinated Notes	2064 Junior Subordinated Notes
Issue date	March 2019	September 2020	July 2021	March 2024
Maturity date	March 2059	September 2060	September 2061	March 2064
Par value (in millions)	$300.0	$275.0	$200.0	$450.0
Stated coupon	5.875%	4.75%	4.20%	6.75%
Coupon frequency	Quarterly	Quarterly	Quarterly	Quarterly
Call price	As defined	As defined	As defined	As defined
NYSE Symbol	MGR	MGRB	MGRD	MGRE

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details