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Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s Debt:
|  | December 31,
|  | 2023 |  | 2024
Senior bank debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $349.9 |  | $—
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1,096.9 |  | 1,092.1
Junior subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 751.8 |  | 1,189.0
Junior convertible securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 338.9 |  | 339.1
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $2,537.5 |  | $2,620.2
Schedule of Principal Terms of Senior and Junior Subordinated Notes | As of December 31, 2024, the Company had senior notes outstanding, the respective principal terms and effective interest rates of which are presented below:
|  | 2025 Senior Notes |  | 2030 Senior Notes |  | 2034 Senior Notes
Issue date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | February 2015 |  | June 2020 |  | August 2024
Maturity date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | August 2025 |  | June 2030 |  | August 2034
Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $350.0 |  | $350.0 |  | $400.0
Stated coupon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 3.50% |  | 3.30% |  | 5.50%
Coupon frequency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | Semi-annually |  | Semi-annually |  | Semi-annually
Call price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | As defined |  | As defined |  | As defined
Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 3.67% |  | 3.39% |  | 5.64%
As of December 31, 2024, the Company had junior subordinated notes outstanding, the respective principal terms and effective interest rates of which are presented 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $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
Effective interest rate . . . . . . . . . . . . . . . . . |  | 5.91% |  | 4.78% |  | 4.23% |  | 6.76%
Schedule of Convertible Securities | The following table presents interest expense recorded in connection with the junior convertible securities:
|  | For the Years Ended December 31,
|  | 2022 |  | 2023 |  | 2024
Contractual interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $18.3 |  | $17.6 |  | $17.6
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.2 |  | 0.2 |  | 0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $18.5 |  | $17.8 |  | $17.8
Effective interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 5.21% |  | 5.21% |  | 5.21%

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