Runway Growth Finance Corp.

Listed Company

RWAYCIK 0001653384NasdaqEmerging GrowthMarylandITFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$34.05M

Total Assets

$960.11M

Equity

$484.97M

Shares Out

36.13M

Op. Cash Flow

$186.31M

Business

Runway Growth Finance Corp. is an externally managed, non‑diversified closed‑end management investment company that provides specialty financing to high‑growth companies. It offers senior secured loans, hybrid debt and equity financings, warrants and other equity positions designed to be more flexible than traditional credit and less dilutive than equity. Its primary business segments are Sponsored Growth Lending and Non‑Sponsored Growth Lending, and it also participates in joint ventures and co‑investment arrangements. The company focuses on U.S. late‑ and growth‑stage technology, healthcare, business and financial services companies through direct origination and sponsor relationships.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Other income	582,000	531,000	488,000	2,000	1,000
Total investment income	137	145	164	108	71
Management fees	16	16	17	12	9
Incentive fees	14	15	19	13	9
Interest and other debt financing expenses	43	44	43	17	—
Professional fees	2	2	2	2	2
Administration agreement expenses	3	2	2	2	2
Insurance expense	646,000	829,000	1	1	339,000
Tax expense	880,000	392,000	664,000	—	—
Other expenses	1	976,000	867,000	851,000	683,000
Total operating expenses	80	81	86	48	27
Net investment income	57	64	78	60	44
Net realized gain (loss) on investments	3	−3	−18	—	—
Net realized gain (loss) on forward contracts and foreign currency transactions	−26,000	0	0	—	—
Net realized gain (loss)	3	−3	−18	—	—
Net change in unrealized gain (loss) on investments	−25	13	−16	—	—
Net change in unrealized gain (loss) on forward contracts and foreign currency transactions	−711,000	0	0	—	—
Net change in unrealized gain (loss)	−26	13	−16	—	—
Net realized and unrealized gain (loss)	−23	10	−34	—	—
Net increase (decrease) in net assets resulting from operations	34	74	44	32	46
Net investment income per common share (basic and diluted)	1.55	1.64	1.93	1.46	1.3
Net increase (decrease) in net assets resulting from operations per common share, Basic	0.93	1.89	1.09	0.79	1.33
Net increase (decrease) in net assets resulting from operations per common share, Diluted	0.93	1.89	1.09	0.79	1.33
Weighted average shares outstanding, Basic	37	39	41	41	34
Weighted average shares outstanding, Diluted	37	39	41	41	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-02-28	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31
Total investments at fair value	—	927	—	—	—
Cash and cash equivalents	—	18	—	—	—
Interest and fees receivable	—	8	—	—	—
Deferred financing costs	—	4	—	—	—
Other assets	—	3	—	—	—
Total assets	—	960	—	—	—
Credit facility	—	173	—	—	—
Deferred financing costs	—	−2	—	—	—
Total debt, less deferred financing costs	—	435	—	—	—
Incentive fees payable	—	14	—	—	—
Interest payable	—	7	—	—	—
Foreign currency forward contracts	—	711,000	—	—	—
Secured borrowings	—	15	—	—	—
Accrued expenses and other liabilities	—	3	—	—	—
Total liabilities	—	475	—	—	—
Commitments, Contingencies, and Off-Balance Sheet Arrangements (Note 8)	—	—	—	—	—
Common stock, par value	—	361,000	—	—	—
Additional paid-in capital	—	535	—	—	—
Accumulated undistributed (overdistributed) earnings	—	−50	—	—	—
Total net assets	—	485	—	—	—
Shares of common stock outstanding ($0.01 par value, 100,000,000 shares authorized)	—	36	—	—	—
Net asset value per share	13.42	13.42	13.55	13.66	13.48

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind interest	−16	−12	−20	−9	−3
Sales or repayments of investments	299	231	296	169	304
Payments for derivative contracts	−1	—	—	—	—
Proceeds from derivative contracts	1	—	—	—	—
Net realized (gain) loss on investments	−3	3	18	—	—
Net change in unrealized (gain) loss on investments	25	−13	16	—	—
Amortization of fixed income premiums or accretion of discounts and end-of-term payments	−5	−7	−9	−7	—
Amortization of deferred financing costs	3	3	3	1	472,000
(Increase) decrease in interest and fees receivable	547,000	128,000	497,000	−6	−301,000
(Increase) decrease in other assets	−2	282,000	25,000	227,000	−599,000
Increase (decrease) in incentive fees payable	338,000	2	4	3	1
Increase (decrease) in interest payable	−987,000	979,000	543,000	6	−219,000
Increase (decrease) in accrued expenses and other liabilities	1	−435,000	1	92,000	486,000
Net cash provided by (used in) operating activities	186	70	112	−360	−61
Payments of deferred financing costs	−4	−166,000	−2	−10	−400,000
Borrowings under credit facility	206	211	210	484	161
Repayments under credit facility	−344	−172	−275	−208	−199
Proceeds from secured borrowings	15	—	—	—	—
Acquisition/ Repurchase of stock	−13	−36	—	−11	—
Retirement of shares	—	−1,000	—	—	—
Dividends paid to stockholders	−51	−70	−73	−52	−18
Net cash (used in) provided by financing activities	−174	−67	−115	361	51
Effect of foreign currency exchange rates	6,000	—	—	—	—
Net increase (decrease) in cash and cash equivalents	12	3	−3	1	−10
Taxes paid	390,000	616,000	340,000	1,000	—
Interest paid	38	37	38	8	3

Filings

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