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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s Debt:
December 31,
2024
March 31,
2025
Senior bank debt
$—
$—
Senior notes
1,092.1
1,092.5
Junior subordinated notes
1,189.0
1,189.1
Junior convertible securities
339.1
339.1
Debt
$2,620.2
$2,620.7
The Company’s senior bank debt, senior notes, junior subordinated notes, and junior convertible securities are carried at
amortized cost.  Unamortized discounts and debt issuance costs associated with the Company’s debt instruments, with the
exception of its senior unsecured multicurrency revolving credit facility (the “revolver”), are presented on the Consolidated
Balance Sheets as an adjustment to the carrying value of the associated debt.
Senior Bank Debt
As of March 31, 2025, the Company had a $1.25 billion revolver which matures on November 15, 2029.  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.  As of December 31, 2024 and March 31, 2025, the Company had no outstanding borrowings under the revolver.
Senior Notes
As of March 31, 2025, the Company had senior notes outstanding.  The carrying values of the senior notes are accreted to
their principal amount at maturity over the remaining life of the underlying instrument.  The principal terms of the senior notes
outstanding as of March 31, 2025 are presented and described 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 (in millions)
$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
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 March 31, 2025, 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
As of March 31, 2025, 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 March 31, 2025, 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, 2024 and March 31, 2025, the unamortized issuance costs related to the junior convertible securities
were $2.7 million and $2.6 million, respectively.
The following table presents interest expense recorded in connection with the junior convertible securities:
For the Three Months Ended
March 31,
2024
2025
Contractual interest expense
$4.4
$4.4
Amortization of debt issuance costs
0.1
0.1
Total
$4.5
$4.5
Effective interest rate
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 the Company’s
most recent 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 Company did not repurchase any of its junior convertible
securities during the three months ended March 31, 2024 and 2025.