Company: GAINI
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0001321741-25-000005
Chunk: 51

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-02-12
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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, net on the accompanying Consolidated Statements of Assets and Liabilities.

NOTE 5.  BORROWINGS

Revolving Line of CreditWe, through our wholly-owned subsidiary, Business Investment, are party to a Credit Facility with KeyBank National Association (“KeyBank”), as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto. As of December 31, 2024, the Credit Facility provides for maximum borrowings of $200.0 million, with a revolving period end date of October 30, 2026 and a maturity date of October 30, 2028.Advances under the Credit Facility generally bear 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. 

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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