Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our Quantitative and Qualitative Disclosures About Market Risk for the nine
months ended September 30, 2024 , except as noted below. Please refer to Item 7A of our 2023 Annual Report on Form 10-K.
Interest Rate Risk
We have fixed rates of interest on our senior notes, junior subordinated notes, and junior convertible securities. While a
change in market interest rates would not affect the interest expense incurred on our fixed rate securities, such a change may
affect the fair value of these securities. We estimate that a 1% change in interest rates would have resulted in a $204.7 million
net change in fair value of our fixed rate securities as of September 30, 2024. This represents an increase of $59.0 million as
compared to the estimated impact of a 1% change in interest rates as of December 31, 2023. This increase is primarily due to
the issuances of $450.0 million of 2064 junior subordinated notes in March 2024 and $400.0 million of 2034 senior notes in
August 2024 .
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