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Runway Growth Finance Corp. Reports Second Quarter 2025 Financial Results

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Runway Growth Finance Corp. (Nasdaq: RWAY), a provider of flexible capital solutions to late-stage companies, reported strong Q2 2025 financial results. The company delivered total investment income of $35.1 million and net investment income of $13.9 million ($0.38 per share).

Key highlights include a dollar-weighted annualized yield of 15.40% on debt investments, completion of $37.8 million in funded investments across three portfolio companies, and declaration of $0.36 per share in Q3 distributions. The investment portfolio reached $1.0 billion across 54 companies, with 97.8% in senior secured loans. Net asset value stood at $498.9 million ($13.66 per share), representing a 1% increase from the previous quarter.

The company maintains strong liquidity with $297.0 million available, including $6.0 million in cash and $291.0 million in credit facility capacity.

Runway Growth Finance Corp. (Nasdaq: RWAY), fornitore di soluzioni di capitale flessibile per aziende in fase avanzata, ha riportato risultati finanziari solidi per il secondo trimestre 2025. La società ha registrato un reddito totale da investimenti di 35,1 milioni di dollari e un reddito netto da investimenti di 13,9 milioni di dollari (0,38 dollari per azione).

Tra i principali risultati, si evidenzia un rendimento annualizzato ponderato per il valore di 15,40% sugli investimenti in debito, il completamento di investimenti finanziati per 37,8 milioni di dollari in tre società del portafoglio e la dichiarazione di distribuzioni di 0,36 dollari per azione per il terzo trimestre. Il portafoglio di investimenti ha raggiunto un valore di 1,0 miliardo di dollari distribuito su 54 aziende, con il 97,8% rappresentato da prestiti senior garantiti. Il valore netto degli asset si è attestato a 498,9 milioni di dollari (13,66 dollari per azione), con un incremento dell'1% rispetto al trimestre precedente.

La società mantiene una solida liquidità con 297,0 milioni di dollari disponibili, inclusi 6,0 milioni di dollari in contanti e 291,0 milioni di dollari di capacità nella linea di credito.

Runway Growth Finance Corp. (Nasdaq: RWAY), proveedor de soluciones de capital flexibles para empresas en etapas avanzadas, reportó sólidos resultados financieros en el segundo trimestre de 2025. La compañía registró ingresos totales por inversiones de 35,1 millones de dólares y ingresos netos por inversiones de 13,9 millones de dólares (0,38 dólares por acción).

Los aspectos más destacados incluyen un rendimiento anualizado ponderado por dólares del 15,40% en inversiones de deuda, la finalización de 37,8 millones de dólares en inversiones financiadas en tres compañías del portafolio, y la declaración de distribuciones de 0,36 dólares por acción para el tercer trimestre. La cartera de inversiones alcanzó 1.000 millones de dólares en 54 empresas, con un 97,8% en préstamos senior garantizados. El valor neto de los activos fue de 498,9 millones de dólares (13,66 dólares por acción), representando un aumento del 1% respecto al trimestre anterior.

La compañía mantiene una fuerte liquidez con 297,0 millones de dólares disponibles, incluyendo 6,0 millones en efectivo y 291,0 millones en capacidad de línea de crédito.

Runway Growth Finance Corp. (나스�: RWAY)� 후기 단계 기업� 유연� 자본 솔루션을 제공하는 회사�, 2025� 2분기 강력� 재무 실적� 보고했습니다. 사� � 투자 수익 3,510� 달러순투자수� 1,390� 달러 (주당 0.38달러)� 기록했습니다.

주요 내용으로� 부� 투자� 대� 달러 가� 연환� 수익� 15.40%, � 개의 포트폴리� 기업� 걸쳐 3,780� 달러� 투자 완료, 그리� 3분기 배당� 주당 0.36달러 선언� 포함됩니�. 투자 포트폴리오는 54� 기업� 걸쳐 10� 달러� 달하�, 97.8%가 선순� 담보 대출입니다. 순자� 가치는 4� 9,890� 달러 (주당 13.66달러)� 전분� 대� 1% 증가했습니다.

사� 2� 9,700� 달러� 유동�� 유지하고 있으�, � � 600� 달러� 현금, 2� 9,100� 달러� 신용 한도 용량입니�.

Runway Growth Finance Corp. (Nasdaq : RWAY), fournisseur de solutions de capital flexibles pour des entreprises en phase avancée, a annoncé de solides résultats financiers pour le deuxième trimestre 2025. La société a réalisé un revenu total d'investissement de 35,1 millions de dollars et un revenu net d'investissement de 13,9 millions de dollars (0,38 $ par action).

Les points clés incluent un rendement annualisé pondéré en dollars de 15,40 % sur les investissements en dette, la finalisation de 37,8 millions de dollars d'investissements financés dans trois sociétés du portefeuille, et la déclaration de distributions de 0,36 $ par action pour le troisième trimestre. Le portefeuille d'investissement a atteint 1,0 milliard de dollars répartis sur 54 entreprises, avec 97,8 % en prêts garantis senior. La valeur nette d'actif s'élevait à 498,9 millions de dollars (13,66 $ par action), soit une augmentation de 1 % par rapport au trimestre précédent.

La société maintient une forte liquidité avec 297,0 millions de dollars disponibles, comprenant 6,0 millions de dollars en liquidités et 291,0 millions de dollars de capacité de ligne de crédit.

Runway Growth Finance Corp. (Nasdaq: RWAY), ein Anbieter flexibler Kapitallösungen für Unternehmen in der Spätphase, meldete starke Finanzergebnisse für das zweite Quartal 2025. Das Unternehmen erzielte Gesamtanlageerträge von 35,1 Millionen US-Dollar und Nettoanlageerträge von 13,9 Millionen US-Dollar (0,38 US-Dollar je Aktie).

Zu den wichtigsten Highlights zählen eine gewichtete jährliche Rendite von 15,40 % auf Schuldeninvestitionen, die Durchführung von 37,8 Millionen US-Dollar an finanzierten Investitionen in drei Portfoliounternehmen sowie die Erklärung von Dividenden in Höhe von 0,36 US-Dollar je Aktie für das dritte Quartal. Das Anlageportfolio erreichte 1,0 Milliarde US-Dollar verteilt auf 54 Unternehmen, wobei 97,8 % in vorrangige gesicherte Darlehen investiert sind. Der Nettovermögenswert belief sich auf 498,9 Millionen US-Dollar (13,66 US-Dollar je Aktie), was einer Steigerung von 1 % gegenüber dem Vorquartal entspricht.

Das Unternehmen verfügt über eine starke Liquidität mit 297,0 Millionen US-Dollar verfügbar, darunter 6,0 Millionen US-Dollar in bar und 291,0 Millionen US-Dollar an Kreditlinienkapazität.

Positive
  • Total investment income increased to $35.1 million from $34.2 million year-over-year
  • Net asset value per share increased 1% to $13.66
  • Strong liquidity position with $297.0 million available
  • High-quality portfolio with 97.8% senior secured loans
  • Healthy 15.40% dollar-weighted annualized yield on debt investments
Negative
  • Net investment income decreased to $13.9 million from $14.6 million year-over-year
  • Operating expenses increased to $21.2 million from $19.6 million year-over-year
  • Net realized loss of $1.5 million compared to no losses in Q2 2024
  • Core leverage ratio increased to 105% from 99% in previous quarter

Insights

RWAY reported solid Q2 results with stable earnings, strong yield of 15.4%, and portfolio growth to $1B despite tight credit markets.

Runway Growth Finance delivered $35.1 million in total investment income and $13.9 million in net investment income ($0.38 per share) for Q2 2025, demonstrating resilient performance in the venture debt space. The company's investment portfolio reached $1.0 billion across 54 companies, with a dollar-weighted annualized yield on debt investments of 15.40% - an impressive figure that highlights their focus on higher-yielding opportunities.

The portfolio composition remains conservative with 97.8% in senior secured loans, providing significant downside protection. Their net asset value increased slightly to $13.66 per share (up 1% from $13.48 in Q1), reflecting stable portfolio valuations and effective capital management. The company completed $37.8 million in new funded investments while receiving $29.2 million from prepayments and scheduled amortizations, indicating healthy portfolio turnover.

The company's core leverage ratio increased slightly to 105% from 99% in the previous quarter, but remains within reasonable range for a BDC, with substantial liquidity of $297 million available for new investments. The declared distribution of $0.36 per share (including a $0.03 supplemental dividend) represents a payout consistent with their earnings power.

RWAY's stock repurchase program remains active, with 815,408 shares repurchased during the quarter for $8.1 million, demonstrating management's confidence in the company's valuation. Post-quarter activity shows continued momentum with $20 million in new debt commitments and $22.4 million in prepayments, indicating a healthy pipeline and active portfolio management. The slight year-over-year decrease in net investment income (from $14.6M to $13.9M) bears watching but doesn't appear to signal a concerning trend given the overall portfolio stability.

Delivered Total and Net Investment Income of $35.1 million and $13.9 million, Respectively

Investment Portfolio of $1.0 billion

Conference Call Today, Thursday, August 7, 2025 at 5:00 p.m. ET

MENLO PARK, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth� or the “Company�), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Total investment income of $35.1 million
  • Net investment income of $13.9 million, or $0.38 per share
  • Net asset value of $498.9 million, or $13.66 per share
  • Dollar-weighted annualized yield on debt investments of 15.40%
  • Two investments completed in new portfolio companies and one investment with an existing portfolio company, representing $37.8 million in funded investments
  • Aggregate proceeds of $25.0 million in principal prepayments and $4.2 million from scheduled amortization
  • Repurchased 815,408 shares during the quarter for an aggregate purchase price of $8.1 million.

Third Quarter 2025 Distributions

  • Declared total distributions for the third quarter of $0.36 per share, comprised of:
    • A third quarter 2025 regular dividend of $0.33 per share
    • A third quarter 2025 supplemental dividend of $0.03 per share

“Runway Growth demonstrated our consistent earnings power, expanded origination channels, and enhanced solutions set in the second quarter,� said David Spreng, Founder and CEO of Runway Growth. “Our investment activity delivers on the strategy we set forth at the beginning of 2025, optimizing Runway Growth’s portfolio through diversification of loan size, expanding the financing solutions we offer through new products for borrowers, and maximizing our existing commitments through diligent risk mitigation. Looking ahead, Runway Growth is positioned to deliver superior risk-adjusted returns for our shareholders and will continue to apply a critical lens to evaluating opportunities that support our strategic imperatives.�

Second Quarter 2025 Operating Results

Total investment income for the quarter ended June 30, 2025 was $35.1 million, compared to $34.2 million for the quarter ended June 30, 2024.

Net investment income for the quarter ended June 30, 2025 was $13.9 million, or $0.38 per share, compared to $14.6 million, or $0.37 per share, for the quarter ended June 30, 2024.

The Company's dollar-weighted annualized yield on average debt investments for the quarter ended June 30, 2025 was 15.4%. The Company calculates the yield on dollar-weighted debt investments for any period measured as (1) total investment-related income during the period divided by (2) the daily average of the fair value of debt investments, including investments on non-accrual status, outstanding during the period.

Operating expenses for the quarter ended June 30, 2025 were $21.2 million, compared to $19.6 million for the quarter ended June 30, 2024.

Net realized loss on investments was $1.5 million for the quarter ended June 30, 2025, compared to no net realized gains or losses for the quarter ended June 30, 2024.

For the quarter ended June 30, 2025, net change in unrealized gain on investments was $4.4 million, compared to a net change in unrealized loss on investments of $6.3 million for the quarter ended June 30, 2024.

Portfolio and Investment Activity

As of June 30, 2025, Runway Growth’s investment portfolio had an aggregate fair value of $1.0 billion in 54 companies, comprising $962.5 million in loans, 97.8% of which are senior secured loans, and $62.5 million in warrants and other equity-related investments.

During the second quarter of 2025, Runway Growth funded two investments in new portfolio companies and one investment in an existing portfolio company, representing $38.7 million in funded loans, net of upfront loan origination fees.

Total portfolio investment activity for the three months ended June 30, 2025 and 2024 was as follows:

Three Months Ended June 30,
20252024
Beginning investment portfolio$1,004,233$1,016,332
Purchases of investments38,71975,383
PIK interest4,0932,687
Sales and prepayments of investments(25,000)(25,312)
Scheduled repayments of investments(4,230)(1,333)
Amortization of fixed income premiums or accretion of discounts2,9171,867
Net realized gain (loss) on investments(1,501)-
Net change in unrealized gain (loss) on investments5,720(6,300)
Ending investment portfolio$1,024,951$1,063,324

Net Asset Value

As of June 30, 2025, net asset value per share was $13.66, up 1% from $13.48 as of March 31, 2025. Total net assets at the end of the second quarter of 2025 were $498.9 million.

For the quarter ended June 30, 2025, our net increase in net assets resulting from operations was$16.8 million, or$0.45 per share, compared to a net increase in net assets resulting from operations of$1.9 million, or$0.05 per share, for the quarter ended March 31, 2025.

Liquidity and Capital Resources

As of June 30, 2025, the Company had approximately $297.0 million in available liquidity, including unrestricted cash and cash equivalents of $6.0 million and $291.0 million in available borrowing capacity under the Company’s credit facility, subject to existing terms, advance rates and regulatory and covenant requirements.

The Company ended the quarter with a core leverage ratio of approximately 105%, compared to 99% for the quarter ended March 31, 2025.

Distributions

On August 6, 2025, the Company’s board of directors (the "Board of Directors") declared total distributions of $0.36 per share, comprised of a regular quarterly distribution of $0.33 per share and a supplemental distribution of $0.03 per share, for stockholders of record as of August 18, 2025. Distributions are payable on September 2, 2025.

Recent Developments

The Company evaluated events subsequent to June 30, 2025 through August 7, 2025, the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require recognition or disclosure, except as disclosed below.

From July 1, 2025 through August 7, 2025, the Company completed $20.0 million of additional debt commitments, of which $16.8 million was funded upon closing. In addition, the Company funded $0.3 million in unfunded commitments on existing investments. The Company also received $22.4 million in debt prepayments and $0.2 million in proceeds from the sale of equity positions.

Conference Call

Runway Growth will hold a conference call to discuss its second quarter ended June 30, 2025 financial results at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, August 7, 2025. To participate in the conference call or webcast, participants should register online at the . The earnings call can also be accessed through the following links:

A live webcast will be available in the investor section of the , and will be archived for 90 days following the call.

About Runway Growth Finance Corp.

Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit .

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Important Disclosures

Strategies described involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein.Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors�, and in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.

IR Contacts:

Taylor Donahue, Prosek Partners,

Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer,


RUNWAY GROWTH FINANCE CORP.
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share data)
June 30, 2025December 31, 2024
(Unaudited)
Assets
Investments at fair value:
Non-control/non-affiliate investments at fair value (cost of $1,054,963 and $1,038,135, respectively)$1,017,952$1,005,328
Affiliate investments at fair value (cost of $4,551 and $59,198, respectively)-64,572
Control investments at fair value (cost of $6,550 and $6,550, respectively)6,9996,940
Total investments at fair value (cost of $1,066,064 and $1,103,883, respectively)1,024,9511,076,840
Cash and cash equivalents5,9605,751
Interest and fees receivable8,8738,141
Other assets1,473623
Total assets1,041,2571,091,355
Liabilities
Debt:
Credit facility259,000311,000
2026 Notes25,00095,000
2027 Notes132,250152,250
2028 Notes107,000-
Unamortized deferred financing costs(7,302)(5,918)
Total debt, less unamortized deferred financing costs515,948552,332
Incentive fees payable14,49114,106
Interest payable8,1907,743
Foreign currency forward contracts1,359-
Accrued expenses and other liabilities2,3952,305
Total liabilities542,383576,486
Net assets
Common stock, par value365373
Additional paid-in capital549,859557,992
Accumulated undistributed (overdistributed) earnings(51,350)(43,496)
Total net assets$498,874$514,869
Shares of common stock outstanding ($0.01 par value, 100,000,000 shares authorized)36,532,02037,347,428
Net asset value per share$13.66$13.79



RUNWAY GROWTH FINANCE CORP.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Investment income
From non-control/non-affiliate investments:
Interest income$30,490$30,935$60,599$65,390
Payment-in-kind interest income3,9872,3307,6386,537
Dividend income188-506-
Fee income314187543807
From affiliate investments:
Interest income-6006461,199
Fee income--256-
Other income168141357269
Total investment income35,14734,19370,54574,202
Operating expenses
Management fees3,9443,9467,9537,898
Incentive fees3,5233,6497,4528,317
Interest and other debt financing expenses11,76410,86722,05121,727
Professional fees6772531,131915
Administration agreement expenses6634721,2881,036
Insurance expense161209316417
Tax expense140-2502
Other expenses327206557635
Total operating expenses21,19919,60240,99840,947
Net investment income13,94814,59129,54733,255
Net realized and net change in unrealized gain (loss)
Net realized gain (loss):
Non-control/non-affiliate investments(1,501)-(4,387)-
Affiliate investments--8,943-
Net realized gain (loss) on investments(1,501)-4,556-
Net realized gain (loss) on forward contracts and foreign currency transactions(11)-(11)-
Net realized gain (loss)(1,512)-4,545-
Net change in unrealized gain (loss):
Non-control/non-affiliate investments5,595(6,484)(4,204)(11,549)
Affiliate investments-305(9,925)(1,247)
Control investments125(121)59(121)
Net change in unrealized gain (loss) on investments5,720(6,300)(14,070)(12,917)
Net change in unrealized gain (loss) on forward contracts and foreign currency transactions(1,359)-(1,359)-
Net change in unrealized gain (loss)4,361(6,300)(15,429)(12,917)
Net realized and unrealized gain (loss)2,849(6,300)(10,884)(12,917)
Net increase (decrease) in net assets resulting from operations$16,797$8,291$18,663$20,338
Net investment income per common share (basic and diluted)$0.38$0.37$0.79$0.84
Net increase (decrease) in net assets resulting from operations per common share (basic and diluted)$0.45$0.21$0.50$0.51
Weighted average shares outstanding (basic and diluted)37,103,06139,180,76737,224,56939,786,511

FAQ

What were Runway Growth Finance's (RWAY) key financial results for Q2 2025?

Runway Growth reported total investment income of $35.1 million, net investment income of $13.9 million ($0.38 per share), and net asset value of $498.9 million ($13.66 per share).

What is RWAY's dividend distribution for Q3 2025?

Runway Growth declared total distributions of $0.36 per share, consisting of a $0.33 regular quarterly dividend and a $0.03 supplemental dividend, payable on September 2, 2025.

How large is Runway Growth's investment portfolio as of Q2 2025?

The investment portfolio has an aggregate fair value of $1.0 billion across 54 companies, with 97.8% in senior secured loans and $62.5 million in warrants and equity-related investments.

What is Runway Growth's current liquidity position?

As of June 30, 2025, RWAY had $297.0 million in available liquidity, including $6.0 million in cash and $291.0 million in available credit facility capacity.

How did RWAY's investment yield perform in Q2 2025?

The company achieved a dollar-weighted annualized yield of 15.40% on its debt investments for the quarter ended June 30, 2025.
Runway Growth Finance Corp.

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Credit Services
Financial Services
United States
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