Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 18

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 18
---
 day. On April 18, 2024, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $900 million.

On September 12, 2024, the Company entered into the Commitment Increase, Borrowing Base Reaffirmation Agreement, and Fourth Amendment to Credit Agreement (the “Fourth Amendment”), which amended the Company’s Third Amended and Restated Credit Agreement. The Fourth Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility to $1.0 billion, (b) reaffirmed the borrowing base under the Credit Facility at $1.1 billion, (c) extended the maturity date under the Credit Facility to September 12, 2028, and (d) reduced the pricing grid by 50 bps. On May 5, 2025, Gulfport completed its semi-annual borrowing base redetermination under its Credit Facility during which the borrowing base was reaffirmed at $1.1 billion with elected commitments remaining at $1.0 billion.

See Note 4 of our consolidated financial statements for additional discussion of our outstanding debt.

48

Dividends on Preferred Stock. As discussed in Note 5 of our consolidated financial statements, holders of preferred stock were entitled to receive cumulative quarterly dividends at a rate of 10% per annum of the Liquidation Preference with respect to cash dividends and 15% per annum of the Liquidation Preference with respect to dividends paid in kind as additional shares of preferred stock (“PIK Dividends”). We had the option to pay either cash dividends or PIK Dividends on a quarterly basis. On September 5, 2025, the Company redeemed all of its outstanding preferred stock. As a result, the Company did 0 pay cash dividends to holders of our preferred stock during the three months ended September 30, 2025. The Company paid $1.7 million of cash dividends to holders of our preferred stock during the nine months ended September 30, 2025, and $1.1 million and $3.3 million during the three and nine months ended September 30, 2024, respectively. 

Supplemental Guarantor Financial Information. The 2026 Senior Notes were guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee our Credit Facility or certain other debt (the “202