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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt 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
Senior Bank Debt
During the year ended December 31, 2024, the Company repaid the $350.0 million outstanding under its senior unsecured
term loan facility (the “term loan”).
As of December 31, 2024, the Company had a $1.25 billion revolver (together with the term loan, the “credit facilities”). 
The Company amended and restated the revolver in November 2024, extending the maturity from October 25, 2027 to
November 15, 2029, and the term loan terminated upon payment in full in the third quarter of 2024.  Subject to certain
conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million.  The
Company pays interest on any outstanding obligations under the revolver at a specified rate, currently based either on an
applicable term-SOFR plus a SOFR adjustment of 0.10%, or prime rate, plus a marginal rate determined based on its credit
rating.  Through the repayment dates, the interest rate for the Company’s outstanding borrowings under the term loan was term-
SOFR plus a SOFR adjustment of 0.10%, plus the marginal rate of 0.85%.
The revolver contains financial covenants with respect to leverage and interest coverage, as well as customary affirmative
and negative covenants, including limitations on priority indebtedness, asset dispositions, and fundamental corporate changes,
and certain customary events of default.
As of December 31, 2023 and 2024, the Company had no outstanding borrowings under the revolver.  As of December 31,
2023, the Company had outstanding borrowings under the term loan of $350.0 million, and the weighted average interest rate
on outstanding borrowings was 6.31%.  The Company pays commitment fees on the unused portion of its revolver.  For the
years ended December 31, 2023 and 2024, these fees amounted to $1.3 million.
Senior Notes
In the first quarter of 2024, the Company’s $400.0 million 4.25% senior notes due 2024 matured and were fully repaid.
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%
In the third quarter of 2024, the Company issued $400.0 million aggregate principal amount of senior unsecured notes with
a maturity date of August 20, 2034 (the “2034 senior notes”).  Interest is payable beginning February 20, 2025.  In addition to
customary event of default provisions, the indenture governing the 2034 senior notes limits the Company's ability to
consolidate, merge, or sell all or substantially all of its assets and requires the Company to make an offer to repurchase the 2034
senior notes upon certain change of control triggering events.
The senior notes may be redeemed, in whole or in part, at a make-whole redemption price (plus accrued and unpaid
interest), at any time, in the case of the 2025 senior notes, at any time prior to March 15, 2030, in the case of the 2030 senior
notes, and at any time prior to May 20, 2034, in the case of the 2034 senior notes.  The make-whole redemption price, in each
case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and
interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption
date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the
2025 and 2034 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable
treasury rate plus 0.40%, in the case of the 2030 senior notes.  In addition, the 2030 and 2034 senior notes may be redeemed, in
whole or in part, at any time, on or after March 15, 2030 and May 20, 2034, respectively, at a redemption price equal to 100%
of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the
redemption date.
Junior Subordinated Notes
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%
In the first quarter of 2024, the Company issued $450.0 million of junior subordinated notes with a maturity date of March
30, 2064 (the “2064 junior subordinated notes”).  Interest was payable beginning June 30, 2024.  The 2064 junior subordinated
notes were issued at 100% of the principal amount and rank junior and subordinate in right of payment and upon liquidation to
all of the Company’s current and future senior indebtedness.  As of December 31, 2024, the 2059 junior subordinated notes
could be redeemed at any time, in whole or in part.  The other junior subordinated notes may be redeemed at any time, in whole
or in part, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, on or after September 30, 2026, in
the case of the 2061 junior subordinated notes, and on or after March 30, 2029, in the case of the 2064 junior subordinated
notes.  In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being
redeemed, plus any accrued and unpaid interest thereon.  Prior to the applicable redemption date, at the Company’s option, the
applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any
accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal
amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for
securities with features similar to the applicable notes.
The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the
terms of the junior subordinated notes.
Junior Convertible Securities
As of December 31, 2024, the Company had $341.7 million of principal outstanding in its 5.15% junior convertible trust
preferred securities (the “junior convertible securities”), maturing in 2037.  The junior convertible securities bear interest at a
rate of 5.15% per annum, payable quarterly in cash.
As of December 31, 2023 and 2024, the unamortized issuance costs related to the junior convertible securities were $2.9
million and $2.7 million, respectively.
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%
Holders of the junior convertible securities have no rights to put these securities to the Company.  The holder may convert
the securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion
price of $195.47 per share.  The conversion rate is subject to adjustments as described in the Amended and Restated Declaration
of Trust of AMG Capital Trust II and the related indenture, both dated October 17, 2007 and filed as exhibits to this Annual
Report on Form 10-K.  Upon conversion, holders will receive cash or shares of the Company’s common stock, or a
combination thereof, at the Company’s election.  The Company may redeem the junior convertible securities if the closing price
of its common stock for 20 trading days in a period of 30 consecutive trading days exceeds 130% of the then prevailing
conversion price, and may also repurchase junior convertible securities in the open market or in privately negotiated
transactions from time to time at management’s discretion.  The junior convertible securities are considered contingent payment
debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than
its reported interest expense.  The Company estimates that these deductions will generate annual deferred tax liabilities of
approximately $10 million. The Company did not repurchase any of its junior convertible securities during the years ended
December 31, 2023 and 2024.