Gladstone Investment Corporation (GAINL) reported a steady QQ2 2025 performance characterized by solid revenue growth, very high gross margins, and robust cash flow from operations, supported by a predominantly fee- and interest-based business model in middle-market debt investments. Revenue for the quarter was $21.883 million, up 6.4% year over year, with gross profit of $15.484 million and a gross margin of approximately 70.8%. EBITDA stood at $25.51 million, while net income and earnings per share reached $15.482 million and $0.42, respectively. Operating income mirrored net income at $15.482 million, yielding an operating margin around 70.7%. The company generated strong operating cash flow of $63.163 million, yet net cash used in financing activities and other investing activities resulted in a slight net decrease in cash of $0.516 million, leaving cash at period end of $2.674 million. Total assets stood at $868.8 million, underpinned by a large long-term investment portfolio ($853.3 million) and a solid stockholders’ equity base ($458.4 million). The balance sheet shows moderate leverage (total debt $332.1 million; debt ratio ~0.38; debt-to-equity ~0.73), and a payout ratio of 56.9% with a dividend yield of about 1.66%. In the absence of an earnings-call transcript in the provided data, management commentary could not be incorporated verbatim; however, the quantitative results imply a stable yield-generating platform with exposure to private debt investments in the lower-middle market. Investors should monitor NAV trajectory, exit timing of portfolio investments, credit quality in the debt book, and liquidity dynamics given the modest cash balance and the cash flow composition.