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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 Finance Corp. (Nasdaq: RWAY) announced its Q2 2024 portfolio update, detailing significant investment activities. The company completed two investments totaling $75.5 million in new portfolio companies, including a $58.4 million investment in a marketing technology firm and a $17.1 million investment in Onward Medical N.V. Additionally, a senior secured term loan to Turning Tech Intermediate, Inc. was repaid in full, amounting to $25.3 million. Runway Growth maintains a disciplined underwriting approach and a strong pipeline for future investments. As of June 30, 2024, the portfolio includes 47 debt investments and 83 equity investments, spanning technology, life sciences, and consumer services sectors.
Runway Growth Finance Corp. (Nasdaq: RWAY) will release its Q2 2024 financial results on August 8, 2024, after market close.
A conference call to discuss the results will be held at 2:00 p.m. PT (5:00 p.m. ET) on the same day. Interested parties can register online at the Runway Growth Investor Relations website. The earnings call can be accessed via conference call or webcast, with a replay available two hours post-call and archived for 90 days.
Runway Growth Finance Corp. announced the pricing of a secondary offering of 3,750,000 shares of common stock by a selling stockholder at $11.50 per share through underwriters. The offering is not from the company, and it's expected to settle around May 14, 2024. The underwriters have a 30-day option to purchase additional shares. Various investment banks are involved in managing the offering.
Runway Growth Finance Corp. announced a secondary offering of 3,750,000 shares of common stock by Selling Stockholder OCM Growth Holdings The underwritten offering includes a 30-day option for additional shares. Joint-lead book-running managers are Wells Fargo Securities, Morgan Stanley, BofA Securities, and UBS Investment Bank. Investors should review the company's investment objectives, risks, charges, and expenses before investing. The offering is subject to change and is made through a preliminary prospectus supplement and accompanying base prospectus.
Runway Growth Finance Corp. (Nasdaq: RWAY) reported strong financial results for the first quarter of 2024, including total investment income of $40.0 million and net investment income of $18.7 million. David Spreng returned as Chairman, President, and CEO. The company's investment portfolio reached $1.02 billion and declared dividends for the second quarter. Runway Growth emphasized maintaining credit quality and underwriting rigor to deploy capital effectively. The net asset value per share was $13.36, with total net assets at $529.5 million. Liquidity stood at $319.9 million, with a core leverage ratio of 91%. The company initiated a share repurchase program and completed investments in new and existing portfolio companies. The recent events showcased the prepaid balance of $25.3 million by Echo360 Inc. on the Company's senior secured loan, declaration of distributions, and share repurchase activities.
Runway Growth Finance Corp. (Nasdaq: RWAY) declares a second quarter 2024 regular dividend of $0.40 per share and a $0.07 supplemental dividend. Key dates include Declaration Date: April 30, 2024, Record Date: May 10, 2024, and Payment Date: May 24, 2024. The Company plans to distribute most of its earnings quarterly, considering various factors. Stockholders can opt out of the dividend reinvestment plan.
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