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Borrowings
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Borrowings
Note 5. Borrowings
Artisan’s borrowings consist of the following as of June 30, 2022 and December 31, 2021:
MaturityOutstanding BalanceInterest Rate Per Annum
Revolving credit agreement August 2022$— NA
Senior notes
Series CAugust 202290,000 5.82 %
Series DAugust 202560,000 4.29 %
Series EAugust 202750,000 4.53 %
Total borrowings$200,000 
The fair value of borrowings was approximately $197.5 million as of June 30, 2022. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements.”
Senior notes - On December 7, 2021, Holdings entered into a Note Purchase Agreement to issue $90.0 million of Series F senior notes in a private placement transaction on August 16, 2022, subject to the satisfaction of certain customary closing conditions. The Company will use the proceeds from the Series F senior notes to repay the $90.0 million of Series C senior notes that mature on August 16, 2022. The Series F senior notes will bear interest at a rate of 3.10% and will mature on August 16, 2032.
The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.
Interest expense incurred on the unsecured notes and revolving credit agreement was $2.5 million for the three months ended June 30, 2022 and 2021, and $5.1 million for the six months ended June 30, 2022 and 2021.
As of June 30, 2022, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:
2022$90,000 
2023— 
2024— 
202560,000 
2026— 
Thereafter50,000 
Total$200,000