Gladstone Investment Corporation (GAIN) reported QQ1 2025 operating metrics that demonstrate resilience in a challenging credit environment, supported by a liquid balance sheet and an active deal pipeline. Total investment income was $22.2 million, with net investment income of $12.4 million and adjusted net investment income of $8.6 million ($0.24 per share), while net income declined to a loss of $6.526 million and earnings per share landed at -$0.18. The quarter featured four portfolio companies on non-accruals (two newly added), representing about 7.8% of the fair value of debt investments; management emphasizes these are not portfolio-wide indicators and expects near-term accrual status restoration for at least two of the affected credits. NAV per share fell to $13.01 from $13.43, driven by $0.52 of net unrealized depreciation per share and $0.24 per share of distributions, offset by $0.34 per share of net investments.