v3.26.3
Borrowings
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 6. Borrowings
Artisan’s borrowings consist of the following as of September 30, 2026 and December 31, 2025:
Maturity (1)
As of September 30, 2026As of December 31, 2025Interest Rate Per Annum
Revolving credit agreement September 2031$— $— 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(715)(860)
Total borrowings$189,285 $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 $176.8 million and $180.3 million as of September 30, 2026 and December 31, 2025, respectively. 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.”
On September 23, 2026, Artisan Partners Holdings LP replaced its existing $100 million revolving credit facility with a new $150 million five-year revolving credit facility that matures in September 2031. The previous facility was scheduled to mature in August 2027. The Company incurred debt issuance costs related to the revolving credit facility of $1.4 million, which are recorded to other assets and are amortized as interest expense over the life of the instrument.
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 September 30, 2026, there were no borrowings outstanding under the $150.0 million revolving credit facility and the interest rate on the unused commitment was 0.125%.
Interest expense incurred on the unsecured notes and revolving credit agreement was $2.0 million for the three months ended September 30, 2026 and 2025 and $5.9 million for the nine months ended September 30, 2026 and 2025.