Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

Artisan’s borrowings consist of the following as of June 30, 2021 and December 31, 2020:

	Maturity	Outstanding Balance		Interest Rate Per Annum
Revolving credit agreement	August 2022	$	—	NA
Senior notes
Series C	August 2022	90,000		5.82	%
Series D	August 2025	60,000		4.29	%
Series E	August 2027	50,000		4.53	%
Total borrowings		$	200,000

The fair value of borrowings was approximately $204.9 million as of June 30, 2021. 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”.

Interest expense incurred on the unsecured notes and revolving credit agreement was $2.5 million for the three months ended June 30, 2021 and 2020, and $5.1 million for the six months ended June 30, 2021 and 2020.

As of June 30, 2021, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:

2021	$	—
2022	90,000
2023	—
2024	—
2025	60,000
Thereafter	50,000
Total	$	200,000