LPL Financial Holdings Inc.LPLA
LPL Financial Holdings Inc. Debt Disclosure
CORPORATE DEBT AND OTHER BORROWINGS, NET
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Issuance of 2028 4.900% Senior Notes, 2030 5.150% Senior Notes, and 2035 5.750% Senior Notes
The Company’s outstanding corporate debt and other borrowings, net were as follows (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Corporate Debt | Balance | Applicable Margin | Interest Rate | Balance | Applicable Margin | Interest rate | Maturity | ||||||||||||||||
Term Loan A(1) | $ | 1,020,000 | SOFR+125 bps | 4.984 | % | $ | 1,020,000 | SOFR+147.5 bps | 6.000 | % | 12/5/2028 | ||||||||||||
2027 Senior Notes(1) | 500,000 | Fixed Rate | 5.700 | % | 500,000 | Fixed Rate | 5.700 | % | 5/20/2027 | ||||||||||||||
2027 Senior Notes(1) | 400,000 | Fixed Rate | 4.625 | % | 400,000 | Fixed Rate | 4.625 | % | 11/15/2027 | ||||||||||||||
2028 Senior Notes(1) | 500,000 | Fixed Rate | 4.900 | % | — | Fixed Rate | — | % | 4/3/2028 | ||||||||||||||
2028 Senior Notes(1) | 750,000 | Fixed Rate | 6.750 | % | 750,000 | Fixed Rate | 6.750 | % | 11/17/2028 | ||||||||||||||
2029 Senior Notes(1) | 900,000 | Fixed Rate | 4.000 | % | 900,000 | Fixed Rate | 4.000 | % | 3/15/2029 | ||||||||||||||
2030 Senior Notes(1) | 750,000 | Fixed Rate | 5.200 | % | — | Fixed Rate | — | % | 3/15/2030 | ||||||||||||||
2030 Senior Notes(1) | 500,000 | Fixed Rate | 5.150 | % | — | Fixed Rate | — | % | 6/15/2030 | ||||||||||||||
2031 Senior Notes(1) | 400,000 | Fixed Rate | 4.375 | % | 400,000 | Fixed Rate | 4.375 | % | 5/15/2031 | ||||||||||||||
2034 Senior Notes(1) | 500,000 | Fixed Rate | 6.000 | % | 500,000 | Fixed Rate | 6.000 | % | 5/20/2034 | ||||||||||||||
2035 Senior Notes(1) | 500,000 | Fixed Rate | 5.650 | % | — | Fixed Rate | — | % | 3/15/2035 | ||||||||||||||
2035 Senior Notes(1) | 500,000 | Fixed Rate | 5.750 | % | — | Fixed Rate | — | % | 6/15/2035 | ||||||||||||||
| Total Corporate Debt | 7,220,000 | 4,470,000 | |||||||||||||||||||||
| Less: Unamortized Debt Issuance Cost | (40,306) | (22,276) | |||||||||||||||||||||
| Corporate debt, net | $ | 7,179,694 | $ | 4,447,724 | |||||||||||||||||||
| Other Borrowings | |||||||||||||||||||||||
Revolving Credit Facility | 79,000 | ABR+37.5 bps / SOFR+147.5 bps | 5.634 | % | 1,047,000 | ABR+37.5 bps / SOFR+147.5 bps | 6.007 | % | 5/20/2029 | ||||||||||||||
| Total other borrowings | $ | 79,000 | $ | 1,047,000 | |||||||||||||||||||
| Corporate Debt and Other Borrowings, Net | $ | 7,258,694 | $ | 5,494,724 | |||||||||||||||||||
(1)No leverage or interest coverage maintenance covenants.
The minimum calendar year payments and maturities of the corporate debt and other borrowings as of December 31, 2025 were as follows (in thousands):
| 2026 | $ | — | |||
| 2027 | 900,000 | ||||
| 2028 | 2,270,000 | ||||
| 2029 | 979,000 | ||||
| 2030 | 1,250,000 | ||||
| Thereafter | 1,900,000 | ||||
| Total | $ | 7,299,000 | |||
The following table presents amounts outstanding and available under the Company’s external lines of credit at December 31, 2025 (in millions):
| Description | Borrower | Maturity Date | Outstanding | Available | ||||||||||
Senior unsecured, revolving credit facility | LPL Holdings, Inc. | May 2029 | $ | 79 | $ | 2,170 | ||||||||
| Broker-dealer revolving credit facility | LPL Financial LLC | May 2026 | $ | — | $ | 1,000 | ||||||||
| Unsecured, uncommitted lines of credit | LPL Financial LLC | None | $ | — | $ | 75 | ||||||||
| Unsecured, uncommitted lines of credit | LPL Financial LLC | September 2026 | $ | — | $ | 50 | ||||||||
| Secured, uncommitted lines of credit | LPL Financial LLC | March 2028 | $ | — | $ | 75 | ||||||||
| Secured, uncommitted lines of credit | LPL Financial LLC | None | $ | — | unspecified | |||||||||
| Secured, uncommitted lines of credit | LPL Financial LLC | None | $ | — | unspecified | |||||||||
Refinanced Existing Term Loan B Facility with Term Loan A Facility and Subsequent Extension
On December 5, 2024, LPLH refinanced its existing $1.0 billion Term Loan B facility (the “Term Loan B”) with a new $1.0 billion Term Loan A facility (the “Term Loan A”). On November 21, 2025, LPLH executed the tenth amended and restated credit agreement (the “Credit Agreement”) with its existing syndicate of lenders. As part of this agreement, LPL engaged JPMorgan Chase Bank to refinance the Term Loan A, extending its maturity by two years from December 5, 2026 to December 5, 2028. Additionally, the Company's borrowing rate applicable to the Term Loan A decreased by 0.125% at all pricing levels.
Issuance of 2028 4.900% Senior Notes, 2030 5.150% Senior Notes, and 2035 5.750% Senior Notes
On April 3, 2025, the Company completed the issuance and sale of $500.0 million in aggregate principal amount of 4.900% senior unsecured notes due 2028 (“2028 4.900% Senior Notes”), $500.0 million in aggregate principal amount of 5.150% senior unsecured notes due 2030 (“2030 5.150% Senior Notes”) and $500.0 million in aggregate principal amount of 5.750% senior unsecured notes due 2035 (“2035 5.750% Senior Notes”). The proceeds of the issuance were utilized to fund the acquisition of Commonwealth.
The 2028 4.900% Senior Notes will mature on April 3, 2028, and interest is payable semi-annually. The Company may redeem all or part of the 2028 4.900% Senior Notes on or prior to March 3, 2028 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Sixth Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2028 4.900% Senior Notes to be redeemed plus accrued interest. On or after March 3, 2028, the Company may redeem the 2028 4.900% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2030 5.150% Senior Notes will mature on June 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.150% Senior Notes on or prior to May 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Seventh Supplemental Indenture dated April 3, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.150% Senior Notes to be redeemed plus accrued interest. On or after May 15, 2030, the Company may redeem the 2030 5.150% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2035 5.750% Senior Notes will mature on June 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.750% Senior Notes on or prior to March 15, 2035 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Eighth Supplemental Indenture dated April 3, 2025) plus 25 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.750% Senior Notes to be redeemed plus accrued interest. On or after March 15, 2035, the Company may redeem the 2035 5.750% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
In connection with the issuance of the 2028 4.900% Senior Notes, 2030 5.150% Senior Notes and 2035 5.750% Senior Notes, the Company incurred $11.0 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition.
Issuance of 2030 5.200% Senior Notes and 2035 5.650% Senior Notes
On February 26, 2025, LPLH issued $750.0 million in aggregate principal amount of 5.200% senior notes due 2030 (“2030 5.200% Senior Notes”) and $500.0 million in aggregate principal amount of 5.650% senior notes due 2035 (the “2035 5.650% Senior Notes”). The 2030 5.200% Senior Notes and 2035 5.650% Senior Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by LPLFH. The Company used a portion of the proceeds from the issuance to repay borrowings made under its senior unsecured revolving credit facility and for general corporate purposes.
The 2030 5.200% Senior Notes will mature on March 15, 2030, and interest is payable semi-annually. The Company may redeem all or part of the 2030 5.200% Senior Notes on or prior to February 15, 2030 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fourth Supplemental Indenture dated February 26, 2025) plus 15 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2030 5.200% Senior Notes to be redeemed plus accrued interest. On or after February 15, 2030, the Company may redeem the 2030 5.200% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The 2035 5.650% Senior Notes will mature on March 15, 2035, and interest is payable semi-annually. The Company may redeem all or part of the 2035 5.650% Senior Notes on or prior to December 15, 2034 at a redemption price that is equal to the greater of: (i) the remaining scheduled payments of principal and interest discounted at the Treasury Rate (as defined in the Fifth Supplemental Indenture dated February 26, 2025) plus 20 basis points less interest accrued to the redemption date, and (ii) 100% of the principal amount of the 2035 5.650% Senior Notes to be redeemed plus accrued interest. On or after December 15, 2034, the Company may redeem the 2035 5.650% Senior Notes at 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
In connection with the issuance of the 2030 5.200% Senior Notes and 2035 5.650% Senior Notes, the Company incurred $10.4 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition.
Issuance of 2027 Senior Notes and 2034 Senior Notes
On May 20, 2024, LPLH issued $500.0 million in aggregate principal amount of 5.700% senior notes due 2027 (“2027 Senior Notes”) and $500.0 million in aggregate principal amount of 6.000% senior notes due 2034 (the “2034 Senior Notes” and, together with the 2027 Notes, the “Senior Notes”). In connection with the issuance of the Senior Notes, the Company incurred $7.1 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition.
Credit Agreement and Parent Revolving Credit Facility
On May 20, 2024, LPLH amended its revolving credit facility to, among other things, increase the maximum borrowing from $2.0 billion to $2.25 billion and extend the maturity of the revolving credit facility to May 2029. In connection with the amendment of the credit facility, LPLH incurred $8.6 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition.
The Credit Agreement subjects the Company to certain financial and non-financial covenants. As of December 31, 2025, the Company was in compliance with such covenants.
Broker-Dealer Revolving Credit Facility
On May 19, 2025, LPL Financial, the Company’s broker-dealer subsidiary, renewed its revolving credit facility to extend the maturity of the revolving credit facility to May 18, 2026. The revolving credit facility allows for a maximum borrowing of up to $1.0 billion and borrowings under the credit facility bear interest at a rate per annum equal to 1.25% per annum plus the greatest of (i) SOFR, (ii) the effective federal funds rate and (iii) the overnight bank funding rate, in each case, as such rate is administered or determined by the Federal Reserve Bank of New York from time to time. In connection with the renewal of the credit facility, LPL Financial incurred $1.3 million in costs, which were capitalized as debt issuance costs in the consolidated statements of financial condition. The broker-dealer credit agreement subjects LPL Financial to certain financial and non-financial covenants. LPL Financial was in compliance with such covenants as of December 31, 2025.
Other External Lines of Credit
LPL Financial maintained five uncommitted lines of credit as of December 31, 2025. Two of the lines have unspecified limits, which are primarily dependent on LPL Financial’s ability to provide sufficient collateral. The other
three lines have a total limit of $200.0 million, of which $125.0 million is uncollateralized. There were no balances outstanding under these lines at December 31, 2025 or December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.