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Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings
Note 5. Borrowings
Artisan’s borrowings consist of the following as of March 31, 2025 and December 31, 2024:
Maturity (1)
As of March 31, 2025
As of December 31, 2024Interest Rate Per Annum
Revolving credit agreement August 2027$— $— NA
Senior notes
Series DAugust 202560,000 60,000 4.29 %
Series EAugust 202750,000 50,000 4.53 %
Series FAugust 203290,000 90,000 3.10 %
Total gross borrowings200,000 200,000 
Debt issuance costs(529)(570)
Total borrowings$199,471 $199,430 
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity.
The fair value of borrowings was approximately $184.0 million as of March 31, 2025. 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.”
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.
As of March 31, 2025, there were no borrowings outstanding under the $100.0 million revolving credit facility and the interest rate on the unused commitment was 0.15%.
Interest expense incurred on the unsecured notes and revolving credit agreement was $1.9 million for the three months ended March 31, 2025 and 2024