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Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowings
Note 5. Borrowings
Artisan’s borrowings consist of the following as of September 30, 2025 and December 31, 2024:
Maturity (1)
As of September 30, 2025
As of December 31, 2024Interest Rate Per Annum
Revolving credit agreement August 2027$— $— NA
Senior notes
Series DAugust 2025— 60,000 4.29 %
Series EAugust 202750,000 50,000 4.53 %
Series FAugust 203290,000 90,000 3.10 %
Series GAugust 203050,000 — 5.43 %
Total gross borrowings190,000 200,000 
Debt issuance costs(854)(570)
Total borrowings$189,146 $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 $180.9 million as of September 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 August 15, 2025, Artisan Partners Holdings LP issued $50 million of 5.43% Series G Senior Notes and used the proceeds, along with cash on hand, to repay the $60 million of 4.29% Series D Senior Notes that matured on August 16, 2025. The Company incurred debt issuance costs of $0.4 million related to the notes which are amortized as interest expense over the life of the instrument.
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 September 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 and $1.9 million for the three months ended September 30, 2025 and 2024, respectively and $5.9 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively.