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Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowings
Note 5. Borrowings
Artisan’s borrowings consist of the following as of June 30, 2025 and December 31, 2024:
Maturity (1)
As of June 30, 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(488)(570)
Total borrowings$199,512 $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 $188.0 million as of June 30, 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.”
On June 3, 2025, Artisan Partners Holdings LP agreed to issue $50 million of Series G Senior Notes in a private placement transaction on August 15, 2025, subject to the satisfaction of certain customary closing conditions. The proceeds, along with cash on hand, will be used to pay off the $60 million of Series D Senior Notes maturing on August 16, 2025. The Series G Notes will bear interest at a rate of 5.43% per annum and will mature on August 16, 2030. The financial covenants contained in the note purchase agreement are the same as the covenants contained in the Company’s existing note purchase agreements.
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 June 30, 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 $2.0 million for the three months ended June 30, 2025 and 2024