Gladstone Investment Corporation 500 Notes Due 2026 (GAINN) posted a solid QQ2 2025 with revenue of $21.883 million, up 6.4% year-over-year, and a robust gross margin of approximately 70.76%, underscored by an EBITDA of $22.51 million and operating income of $15.482 million. Net income for the quarter stood at $15.482 million with an EPS of $0.42, translating to a net income margin of roughly 70.7%. The company generated strong operating cash flow of $63.163 million and reported free cash flow of $63.163 million, while cash at end of period declined modestly to $2.674 million. Financing activities reduced cash by about $69.886 million, and overall liquidity remained solid as net debt stayed near zero (net cash position of approximately $2.0 million). Balance sheet highlights include total assets of $868.8 million, a large long-term investment base ($853.3 million), and total stockholders’ equity of $458.4 million. While profitability and cash generation appear favorable on a quarterly basis, the cohort’s liquidity metrics (e.g., current ratio reported at 0.0288) reflect a capital-light, asset-management structure with a heavy allocation to long-term investments, a common trait for BDC-like entities that warrants careful liquidity interpretation. Management commentary is not embedded in the provided data; as such, this summary relies on reported metrics and observable cash flow dynamics to infer the quarterly performance and potential trajectory.