Gladstone Investment Corporation reported robust near-term net income for QQ3 2025, with revenue and profit metrics showing substantial year-over-year and sequential improvements. Reported net income of $38.49 million and earnings per share of $1.05 reflect strong operating performance on a reported basis, accompanied by an impressive EBITDA of $38.49 million and an EBITDA margin of approximately 91.5%. However, the quarter also illustrated a pronounced cash flow disconnect: operating cash flow was deeply negative at approximately $(171.86) million, driven by large non-cash items and substantial investing and financing activity. The company generated net cash from financing activities of about $172.33 million, which largely financed investing activity and debt repayments, while free cash flow remained negative at $(171.86) million. The balance sheet shows a leveraged structure with total debt around $1.0 billion and a total stockholders’ equity of roughly $490 million, yielding a debt ratio near 0.50 and a debt-to-equity ratio just above 1.1. The dividend profile remains a key attribute of the investment case, with a historically notable payout ratio and a dividend yield near 7%. Absent explicit management guidance, the near-term outlook hinges on portfolio performance, the ability to maintain favorable financing conditions, and continued management of liquidity given the cash flow dynamics observed in the quarter.