Welcome to our dedicated page for Runway Growth Finance news (Ticker: RWAY), a resource for investors and traders seeking the latest updates and insights on Runway Growth Finance stock.
Runway Growth Finance Corp. (Nasdaq: RWAY) is a specialty finance company dedicated to providing senior secured loans to high-growth-potential companies across a variety of industries including technology, life sciences, healthcare information and services, business services, and select consumer services and products. The company leverages its capital, as well as relationships and expertise, to help dynamic companies achieve their fullest potential.
Founded in 2015 and managed by Runway Growth Capital LLC, an established registered investment advisor led by industry veteran David Spreng, Runway Growth is a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940. With a robust portfolio primarily concentrated in the United States, but also featuring investments in Germany and Canada, Runway Growth focuses on late- and growth-stage businesses that seek an alternative to raising equity.
Runway Growth's recent achievements include a strategic joint venture with Cadma Capital Partners LLC to form Runway-Cadma I LLC, aimed at financing private and sponsor-backed late- and growth-stage companies with a financing capacity of up to $200 million. This collaboration is set to enhance asset origination and deliver quality returns while maintaining excellent credit quality.
In 2023, Runway Growth reported a total investment income of $39.2 million for the fourth quarter, compared to $36.5 million in the same period in 2022. Despite a challenging economic environment, the company maintained industry-leading credit quality and expanded its return on equity by 33 basis points. As of December 31, 2023, the company's investment portfolio had an aggregate fair value of approximately $1.0 billion.
Looking ahead, Runway Growth continues to focus on prudently deploying capital to support high-quality, late-stage companies. With approximately $319.9 million in available liquidity as of March 31, 2024, the company is well-positioned to execute against its long-term growth strategy and deliver sustainable shareholder value.
Runway Growth's commitment to providing flexible capital solutions is underscored by its disciplined approach to portfolio management and consistent partnership with borrowers. The company’s leadership in the venture debt ecosystem and strategic growth initiatives make it a significant player in the specialty finance sector.
Runway Growth Capital has announced a $23 million growth capital commitment to Snap! Mobile, a leading fundraising platform for schools and organizations. Snap! has helped raise over $900M for 125,000+ groups and teams, reaching 12.5M+ participants and donors. The platform provides comprehensive software solutions for athletic directors and coaches, including account disbursements, scheduling, communications, and team store management. The funding will enable Snap! to expand its digital platform and support more schools in their fundraising efforts.
Runway Growth Finance Corp. (Nasdaq: RWAY) reported its Q3 2024 financial results on November 12, 2024. The company achieved total investment income of $36.7 million and net investment income of $15.9 million, or $0.41 per share. The net asset value (NAV) per share was $13.39, down from $14.08 a year earlier. The investment portfolio's fair value stood at $1.07 billion.
Key activities included seven new investments totaling $74.0 million, $75.0 million in principal prepayments, and the repurchase of 644,763 shares. The company declared a $0.40 per share dividend for Q4 2024.
Runway Growth's investment adviser announced a business combination with BC Partners, expected to enhance origination opportunities and financing solutions. Post quarter-end, the company received several loan repayments totaling $28.6 million and repurchased 528,305 shares.
The conference call to discuss these results is scheduled for November 12, 2024, at 5:00 p.m. ET.
Runway Growth Finance (Nasdaq: RWAY) has declared a fourth quarter 2024 regular cash dividend of $0.40 per share. The dividend will be paid on December 2, 2024, to shareholders of record as of November 18, 2024. The company maintains an 'opt out' dividend reinvestment plan, allowing stockholders to automatically reinvest cash dividends into additional common shares unless they choose to opt out. Distributions are subject to the company's earnings, financial condition, and maintenance of regulated investment company status.
Runway Growth Capital has announced a definitive agreement to be acquired by BC Partners Credit, the $8 billion credit arm of BC Partners. Following the transaction, expected to close in Q4 2024, Runway will continue operating independently as the investment adviser to Runway Growth Finance Corp (Nasdaq: RWAY) and other private funds, with current management remaining in place.
The combination aims to enhance origination capabilities, expand investment solutions, and accelerate capital formation. Runway will maintain its focus on $30-150 million investments while adding structured equity preferred investments, asset-based lending, and equipment leasing capabilities. The deal requires approval from Runway Growth Finance stockholders.
Runway Growth Capital has been named to Inc. Magazine's 2024 Founder-Friendly Investors list, highlighting its role in providing growth loans as alternatives to equity raising. Since its 2015 founding, Runway has partnered with 83 companies and issued over $3.2 billion in total loan commitments. Recent notable transactions include a $20 million growth capital provision to Elevate Services, building on a previous $40 million commitment, a $65 million investment in Synack, and a $30 million investment in Bombora.
Runway Growth Finance Corp. (Nasdaq: RWAY), a provider of flexible capital solutions to late- and growth-stage companies, has announced its schedule for releasing third quarter 2024 financial results. The company will release its Q3 2024 financial results after market close on Tuesday, November 12, 2024.
Following the release, Runway Growth will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results. Interested participants can register for the call or webcast through the Runway Growth Investor Relations website. It is recommended that participants register at least 15 minutes before the call starts.
For those unable to attend live, a replay of the webcast will be available two hours after the call and will remain accessible on the same web page for 90 days.
Runway Growth Finance Corp. (Nasdaq: RWAY) provided an operational and portfolio update for Q3 2024. The company funded seven investments totaling $75.3 million, including two new portfolio companies and five existing ones. Notable investments include:
1. $23 million to Snap! Mobile, Inc. (software platform for school fundraising)
2. $45.3 million to Zinnia Corporate Holdings, (business processing for insurance industry)
3. $20 million upsized loan to Elevate Services, Inc. (legal services provider)
Liquidity events included a $75 million full repayment from CloudPay, Inc. and a $10 million assignment to their joint venture. As of September 30, 2024, Runway Growth's portfolio comprised 49 debt investments and 86 equity investments across technology, healthcare, and consumer services sectors.
Runway Growth Finance Corp. (Nasdaq: RWAY) reported its Q2 2024 financial results, highlighting total investment income of $34.2 million and net investment income of $14.6 million or $0.37 per share.
The company managed an investment portfolio valued at $1.1 billion and repurchased 1,074,842 shares under a $25 million repurchase program. They declared a regular dividend of $0.40 per share and a supplemental dividend of $0.05 per share for Q3 2024.
Key metrics include a NAV per share of $13.14, and a dollar-weighted annualized yield on debt investments of 15.1%. Operating expenses decreased to $19.6 million from $22.2 million year-over-year. However, net realized gain on investments was zero, and there was an unrealized loss of $6.3 million.
Runway Growth completed two new investments totaling $75.5 million in funded loans and received $25.3 million in principal prepayments. The company maintains a strong liquidity position with $249.8 million available, including $8.8 million in cash.
Runway Growth Finance Corp. (Nasdaq: RWAY) has announced its third quarter 2024 dividend distributions. The Board of Directors declared a regular cash distribution of $0.40 per share and an additional supplemental dividend of $0.05 per share. Key dates for the dividend are:
- Declaration Date: July 30, 2024
- Record Date: August 12, 2024
- Payment Date: August 26, 2024
The company aims to distribute substantially all available earnings quarterly, subject to Board discretion and various factors. Runway Growth maintains an "opt out" dividend reinvestment plan for stockholders, automatically reinvesting cash dividends in additional common stock for those who haven't opted out.
Runway Growth Capital has provided an additional $20 million growth investment to Elevate, a leading provider of legal software and services. This investment builds upon a previous $40 million commitment made by Runway in 2023, bringing the total funding to $60 million. The capital will support Elevate's continued growth and innovation in the legal technology sector.
Brad Pritchard, Managing Director at Runway, expressed enthusiasm for the partnership with Elevate, highlighting the company's position as a market leader. Liam Brown, Chairman and CEO of Elevate, stated that the investment demonstrates confidence in their strategy and will enable the pursuit of inorganic growth opportunities.
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