BROWN & BROWN, INC. Debt Disclosure

NOTE 8 Long-Term Debt

Note agreements: On June 11, 2025, the Company entered into an Underwriting Agreement with BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein, with respect to the offer and sale by the Company of $400 million principal amount of its 4.600% Senior Notes due 2026 (the “2026 Notes”), $500 million principal amount of its 4.700% Senior Notes due 2028 (the “2028 Notes”), $800 million principal amount of its 4.900% Senior Notes due 2030 (the “2030 Notes”), $500 million principal amount of its 5.250% Senior Notes due 2032 (the “2032 Notes”), $1,000 million principal amount of its 5.550% Senior Notes due 2035 (the “2035 Notes”) and $1,000 million principal amount of its 6.250% Senior Notes due 2055 (the “2055 Notes” and, together with the 2026 Notes, the 2028 Notes, the 2030 Notes, the 2032 Notes, and the 2035 Notes, the “Notes”). The Company used the net proceeds of the offering of the Notes, together with the proceeds from the offering of shares of common stock and cash on hand, to fund the cash consideration payable under the Merger Agreement, and to pay fees and expenses associated with the foregoing. As of December 31, 2025, the aggregate outstanding balance of the Notes was $4,200 million, exclusive of the associated discount balance.

The Company maintains notes from other issuances aggregating to a total outstanding debt balance of $2,850 million, exclusive of the associated discount balance, as of December 31, 2025 and December 31, 2024.

Credit agreements: On March 31, 2025, the Company repaid the outstanding balance on the 3-year term loan facility of $150 million.

The Company has credit agreements that include term loans and a Revolving Credit Facility of $800 million, all having similar terms and covenants. The outstanding balance on the term loans was $532 million and $756 million as of December 31, 2025 and December 31, 2024, respectively. There was an outstanding balance of $100 million on the Revolving Credit Facility as of December 31, 2025, and $250 million outstanding as of December 31, 2024.

The Company is required to maintain certain financial ratios and comply with certain other covenants related to outstanding credit agreements. The Company was in compliance with all such covenants as of December 31, 2025 and December 31, 2024.

At December 31, 2025, the one month term SOFR Rate for the term loan due October 2026 and the term loan due March 2027 was 3.716%. The one month term SOFR Rate on the Revolving Credit Facility due October 2026 was 3.843% as of December 31, 2025. These SOFR rates are inclusive of a 0.100% credit-spread adjustment per the terms of the relevant agreements.

Interest paid in 2025, 2024 and 2023 was $284 million, $195 million, and $186 million, respectively.

At December 31, 2025, maturities of long-term debt are $719 million in 2026, $313 million in 2027, $500 million in 2028, $350 million in 2029, $800 million in 2030 and $5,000 million thereafter.

On February 10, 2026, the Company drew down on the Revolving Credit Facility by $225 million, and the proceeds will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of our capital stock, acquisitions and repayment of our existing debt.

Fair value information about financial instruments not measured at fair value