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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the Company’s Debt:
| December 31, 2024 |  | September 30, 2025
Senior bank debt | $— |  | $100.0
Senior notes | 1,092.1 |  | 743.1
Junior subordinated notes | 1,189.0 |  | 1,189.3
Junior convertible securities | 339.1 |  | 339.2
Debt | $2,620.2 |  | $2,371.6
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 September 30, 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. A s of December 31, 2024, the Company had no outstanding borrowings under the revolver. As of September 30, 2025, the Company had outstanding borrowings under the revolver of $100.0 million. Senior Notes In the third quarter of 2025, the Company’s $350.0 million 3.50% senior notes matured an d were fully repaid. As of September 30, 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 September 30, 2025 are presented and described below:
|  | 2030 Senior Notes |  | 2034 Senior Notes
Issue date |  | June 2020 |  | August 2024
Maturity date |  | June 2030 |  | August 2034
Par value (in millions) |  | $350.0 |  | $400.0
Stated coupon |  | 3.30% |  | 5.50%
Coupon frequency |  | Semi-annually |  | Semi-annually
Call price |  | 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 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 on a semi-annual basis at the applicable Treasury rate plus 0.40%, in the case of the 2030 senior notes, and plus 0.25%, in the case of the 2034 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 September 30, 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 September 30, 2025, each of the 2059 and the 2060 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, 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 September 30, 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 September 30, 2025, the unamortized issuance costs related to the junior convertible securities were $2.7 million and $2.5 million, respectively. The fol lowing table presents interest expense recorded in connection with the junior convertible securities:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2024 |  | 2025 |  | 2024 |  | 2025
Contractual interest expense |  | $4.4 |  | $4.4 |  | $13.2 |  | $13.2
Amortization of debt issuance costs |  | 0.1 |  | 0.1 |  | 0.2 |  | 0.2
Total |  | $4.5 |  | $4.5 |  | $13.4 |  | $13.4
Effective interest rate |  | 5.21% |  | 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 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 nine months ended September 30, 2024 and 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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