Prospect Capital Corporation reported QQ3 2025 (period ended 2025-03-31) with negative GAAP profitability despite strong cash generation. Revenue stood at -$93.1 million, net income at -$139.9 million, and earnings per share at -$0.39, underscoring earnings quality challenges in the quarter. However, the company generated substantial operating cash flow of $514.6 million and free cash flow of $514.6 million, suggesting a significant divergence between accounting earnings and cash generation driven by non-cash items and substantial working capital movements. The balance sheet remains heavily leveraged but supported by a substantial asset base, with total assets of approximately $6.997 billion, long‑term investments of about $4.409 billion, and net debt around $1.976 billion. The stock trades with a price-to-book of roughly 0.37x and a price-to-sales of about 12.8x, accompanied by a dividend yield around 2.4%. Management commentary (transcript data not provided in the dataset) will be critical to discern whether the earnings weakness is driven by one-off impairments or by more persistent portfolio and market dynamics.