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Corporate Debt and Other Borrowings, Net (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Outstanding borrowings | The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands):
| December 31, 2025 | December 31, 2024 |
Corporate Debt | Balance | Applicable Margin | Interest Rate | Balance | Applicable Margin | Interest rate | Maturity
Term Loan A(1) | $ | 1,020,000 |  | SOFR+125 bps | 4.984 | % | $ | 1,020,000 |  | SOFR+147.5 bps | 6.000 | % | 12/5/2028
2027 Senior Notes(1) | 500,000 |  | Fixed Rate | 5.700 | % | 500,000 |  | Fixed Rate | 5.700 | % | 5/20/2027
2027 Senior Notes(1) | 400,000 |  | Fixed Rate | 4.625 | % | 400,000 |  | Fixed Rate | 4.625 | % | 11/15/2027
2028 Senior Notes(1) | 500,000 |  | Fixed Rate | 4.900 | % | — |  | Fixed Rate | — | % | 4/3/2028
2028 Senior Notes(1) | 750,000 |  | Fixed Rate | 6.750 | % | 750,000 |  | Fixed Rate | 6.750 | % | 11/17/2028
2029 Senior Notes(1) | 900,000 |  | Fixed Rate | 4.000 | % | 900,000 |  | Fixed Rate | 4.000 | % | 3/15/2029
2030 Senior Notes(1) | 750,000 |  | Fixed Rate | 5.200 | % | — |  | Fixed Rate | — | % | 3/15/2030
2030 Senior Notes(1) | 500,000 |  | Fixed Rate | 5.150 | % | — |  | Fixed Rate | — | % | 6/15/2030
2031 Senior Notes(1) | 400,000 |  | Fixed Rate | 4.375 | % | 400,000 |  | Fixed Rate | 4.375 | % | 5/15/2031
2034 Senior Notes(1) | 500,000 |  | Fixed Rate | 6.000 | % | 500,000 |  | Fixed Rate | 6.000 | % | 5/20/2034
2035 Senior Notes(1) | 500,000 |  | Fixed Rate | 5.650 | % | — |  | Fixed Rate | — | % | 3/15/2035
2035 Senior Notes(1) | 500,000 |  | Fixed Rate | 5.750 | % | — |  | Fixed Rate | — | % | 6/15/2035
Total Corporate Debt | 7,220,000 |  |  |  | 4,470,000 |  |  |  |
Less: Unamortized Debt Issuance Cost | (40,306) |  |  |  | (22,276) |  |  |  |
Corporate debt, net | $ | 7,179,694 |  |  |  | $ | 4,447,724 |  |  |  |
Other Borrowings |  |  |  |  |  |  |
Revolving Credit Facility | 79,000 |  | ABR+37.5 bps / SOFR+147.5 bps | 5.634 | % | 1,047,000 |  | ABR+37.5 bps / SOFR+147.5 bps | 6.007 | % | 5/20/2029
Total other borrowings | $ | 79,000 |  |  |  | $ | 1,047,000 |  |  |  |
Corporate Debt and Other Borrowings, Net | $ | 7,258,694 |  |  |  | $ | 5,494,724 |  |  |  |
_______________________________ (1)No leverage or interest coverage maintenance covenants. The minimum calendar year payments and maturities of the corporate debt and other borrowings as of December 31, 2025 were as follows (in thousands):
2026 | $ | — |
2027 | 900,000 |
2028 | 2,270,000 |
2029 | 979,000 |
2030 | 1,250,000 |
Thereafter | 1,900,000 |
Total | $ | 7,299,000 |
The following table presents amounts outstanding and available under the Company’s external lines of credit at December 31, 2025 (in millions):
Description | Borrower | Maturity Date | Outstanding | Available
Senior unsecured, revolving credit facility | LPL Holdings, Inc. | May 2029 | $ | 79 |  | $ | 2,170 |
Broker-dealer revolving credit facility | LPL Financial LLC | May 2026 | $ | — |  | $ | 1,000 |
Unsecured, uncommitted lines of credit | LPL Financial LLC | None | $ | — |  | $ | 75 |
Unsecured, uncommitted lines of credit | LPL Financial LLC | September 2026 | $ | — |  | $ | 50 |
Secured, uncommitted lines of credit | LPL Financial LLC | March 2028 | $ | — |  | $ | 75 |
Secured, uncommitted lines of credit | LPL Financial LLC | None | $ | — |  | unspecified
Secured, uncommitted lines of credit | LPL Financial LLC | None | $ | — |  | unspecified

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