v3.25.3
Borrowings and Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions):

September 30, 2025December 31, 2024
(in millions)Carrying ValueFair ValueFair Value LevelCarrying ValueFair ValueFair Value Level
Revolving credit facility:
$140 million revolving credit facility expiring August 29, 2027(1)(2)
$— $— 

$— $— 
Total revolving credit facility$— $— $— $— 
Third party borrowings:
$275 million 4.80% Senior Notes Due
July 27, 2026(3)
$274.6 $274.3 2$274.3 $271.7 2
Total third party borrowings$274.6 $274.3 $274.3 $271.7 
(1)Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates.
(2)On October 28, 2025, Acadian LLC’s $140 million revolving credit facility was terminated and replaced with a new $175 million revolving credit facility.
(3)The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.