Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 116

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 and six months ended June 30, 2025, the Credit Facility bore interest at a weighted average rate of 6.77% and 6.77%, respectively. For the three and six months ended June 30, 2024, the Credit Facility bore interest at a weighted average rate of 8.33% and 8.33%, respectively.The borrowing base is redetermined semiannually on or around May 1 and November 1 of each year.Capitalization of Interest       The Company capitalized $1.4 million and $2.9 million in interest expense for the three and six months ended June 30, 2025, respectively and $1.2 million and $2.4 million for the three and six months ended June 30, 2024, respectively.Fair Value of Debt At June 30, 2025, the carrying value of the outstanding debt represented by the 2029 Senior Notes was $640.2 million. Based on the quoted market prices (Level 1), the fair value of the 2029 Senior Notes was determined to be $667.5 million at June 30, 2025.

5.MEZZANINE EQUITY

The Company's amended and restated certificate of incorporation provides for, among other things, (i) the authority to issue 42 million shares of common stock with a par value of $0.0001 per share and (ii) the designation of 110,000 shares of preferred stock, with a par value of $0.0001 per share and a liquidation preference of $1,000 per share (the "Liquidation Preference").Preferred StockIn May 2021, the Company issued 55,000 shares of Series A Convertible Preferred Stock ("the preferred stock"). Holders of preferred stock are 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”). Gulfport currently has the option to pay either cash dividends or PIK Dividends on a quarterly basis. Each holder of shares of preferred stock has the right (the “Conversion Right”), at its option and at any time, to convert all or a portion of the shares of preferred stock that it holds into a number of shares of common stock equal to the quotient obtained by dividing (