Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 63

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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million in letters of credit outstanding and was in compliance with all covenants under the credit agreement.For the three and nine months ended September 30, 2025, the Credit Facility bore interest at a weighted average rate of 6.45% and 6.62%, respectively. For the three and nine months ended September 30, 2024, the Credit Facility bore interest at a weighted average rate of 8.43% and 8.37%, respectively.The borrowing base is redetermined semiannually on or around May 1 and November 1 of each year.Capitalization of Interest       The Company capitalized $1.5 million and $4.4 million in interest expense for the three and nine months ended September 30, 2025, respectively and $1.2 million and $3.6 million for the three and nine months ended September 30, 2024, respectively.Fair Value of Debt At September 30, 2025, the carrying value of the outstanding debt represented by the 2029 Senior Notes was $640.7 million. Based on the quoted market prices (Level 1), the fair value of the 2029 Senior Notes was determined to be $667.7 million at September 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"). Prior to the redemption of the preferred stock noted below, 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”). Gulfport had the option to pay either cash dividends or PIK Dividends on a quarterly basis. Each holder of shares of preferred stock had the right (the “Conversion Right”), at its option and at any time,