Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 178

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 8
Chunk 178
---
 margin of 3.15% per annum until October 30, 2026, with the margin then increasing to 3.40% for the period from October 30, 2026 to October 30, 2027, and increasing further to 3.65% thereafter. The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50% per annum if the daily unused commitment amount is less than or equal to 50% of the total commitment amount, 0.75% per annum if the daily unused commitment amount is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00% per annum if the daily unused commitment amount is greater than 65% of the total commitment amount. 

32

The following tables summarize noteworthy information related to the Credit Facility:As of December 31, 2024As of March 31, 2024Commitment amount$200,000$200,000Borrowings outstanding at cost$91,500$67,000Availability(A)$108,500$133,000For the Three Months Ended December 31,For the Nine Months Ended December 31,2024202320242023Weighted-average borrowings outstanding$41,921 $77,359 $55,792 $57,135 Effective interest rate(B)11.8 %9.2 %11.1 %10.2 %Commitment (unused) fees incurred$406 $113 $1,067 $777 (A)Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $108.5 million and $133.0 million as of December 31, 2024 and March 31, 2024, respectively.(B)Excludes the impact of deferred financing costs and includes unused commitment fees.Among other things, the Credit Facility contains a performance guaranty that requires us to maintain: (i) a minimum net worth of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised, minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $412.9 million as of December 31, 2024; (ii) asset coverage with respect to senior securities representing