Company: GAINI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001321741-25-000018
Chunk: 180

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 180
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 Generally, the 1940 Act provides that we may not issue and sell our common stock at a price below our NAV per common share, other than to our then-existing common stockholders pursuant to a rights offering, without first obtaining approval from our stockholders and our independent directors and meeting other stated requirements. As of June 30, 2025, the closing market price of our common stock was $14.27 per share, representing a 9.9% premium to our NAV per share of $12.99 as of June 30, 2025. 

Revolving Line of Credit

As of June 30, 2025, our Credit Facility had a total commitment amount of $270.0 million with an "accordion" feature that permits us to increase the size of the facility to $300.0 million. The Credit Facility has a revolving period end date of October 30, 2026 and a final maturity date of October 30, 2028 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date). See "Overview - Revolving Line of Credit".

As of June 30, 2025, advances under the Credit Facility generally bore interest at 30-day Term SOFR, subject to a floor of 0.35%, with a SOFR credit spread adjustment of 10 basis points, plus a 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. 

At June 30, 2025, we had $62.0 million of borrowings outstanding on the Credit Facility and as of the date of this report, we had $119.2 million outstanding under our Credit Facility.

Interest is payable monthly during the term of our Credit Facility. Available borrow