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 secured a $75 million senior secured credit facility for Brivo Systems, a leader in cloud-based access control technologies. This funding will support Brivo's innovative ecosystem of access control solutions critical for the PropTech sector. Brivo's SaaS platform enhances security and user experience, driving organic growth. Runway's Managing Director noted Brivo's consistent performance, while Brivo's CEO highlighted Runway's tailored approach as a key factor in their partnership.
Runway Growth Finance reported a record total investment income of $27.3 million and net investment income of $14.5 million, or $0.36 per share, for Q3 2022. The total investment portfolio grew to a record $910.2 million with a dollar-weighted annualized yield on debt investments of 14.4%. The company declared a 9% increase in its quarterly dividend to $0.36 per share, reflecting strong financial performance. As of September 30, 2022, net asset value per share was $14.12.
Kin, a direct-to-consumer home insurance provider, has successfully closed a $145 million committed credit facility led by Runway Growth Capital and the Avenue Venture Opportunities Fund. The funding will support the expansion of the Kin Interinsurance Network, with $100 million available immediately. The remaining funds will be released as Kin meets specific milestones. CEO Sean Harper stated that this upsized facility allows Kin to innovate within the $120 billion U.S. home insurance market with minimal dilution, enhancing affordability and accessibility for customers.
Runway Growth Finance Corp. (RWAY) announced a fourth quarter 2022 cash dividend of $0.36 per share, marking a 9% increase from the previous quarter and the fourth consecutive quarterly increase since its public listing. Key dates include October 27 for declaration, November 8 as the record date, and November 22 for payment. The company plans to distribute substantially all available earnings quarterly, with an optional dividend reinvestment plan for shareholders.
Runway Growth Capital has closed a senior secured term loan of $45 million to Nalu Medical, aimed at supporting the commercialization of Nalu's innovative neuromodulation devices for managing chronic neuropathic pain. This funding will enhance Nalu's commercial operations and clinical research, especially in Peripheral Nerve Stimulation and Spinal Cord Stimulation markets. The partnership provides Nalu with flexible, long-term financing to expand its market reach and address the opioid dependency issue associated with chronic pain treatments.
Runway Growth Finance Corp. (RWAY) announced it will release its third-quarter 2022 financial results on November 3, 2022, after market close. A conference call is scheduled for the same day at 3:00 p.m. PT (6:00 p.m. ET) to discuss these results. Participants can register online for the call or webcast, with a replay available two hours post-call for 90 days. Runway Growth specializes in providing flexible capital solutions to late- and growth-stage companies, positioning itself as a competitive alternative to equity financing.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced significant achievements in its operational update for Q3 2022, including $216 million in new investments and $161 million in funded loans. Total loan commitments rose to $2.0 billion with $1.6 billion funded since inception. The company completed nine investments during the quarter, highlighting its position as a preferred lender for innovative growth-stage companies. Runway Growth's portfolio consists of 48 debt and 50 equity investments across various sectors, aiming to provide stable yields.
Runway Growth Capital and Skyview Capital have announced a significant growth investment in Fidelis Cybersecurity, aimed at enhancing its cyber solutions for commercial, enterprise, and government clients. This investment will support Fidelis' product development, operational infrastructure, and growth initiatives in the high-demand cybersecurity market. The company's innovative XDR solutions are trusted by many top organizations, with strong backing from the government and a reputation for low client churn. This reaffirms Runway's commitment to Fidelis, which has been part of its portfolio since May 2021.
Runway Growth Capital has appointed Brannon Morisoli as Managing Director, Life Sciences, effective August 16, 2022. Morisoli will drive investments and debt capital solutions in the life sciences sector, leveraging his extensive industry experience and connections. He previously served as Director at SWK Holdings and has a solid academic background, including degrees from UCLA and Notre Dame. Runway aims to strengthen its focus on life sciences with Morisoli's expertise.
Runway Growth Capital has appointed Ted Cavan as Managing Director of Technology, bringing over a decade of experience in funding high-growth technology companies. Cavan will operate from Boston and focus on late and growth-stage technology firms, particularly in enterprise software. He previously held senior roles at Stifel and TriplePoint Capital, where he was involved in sourcing and managing senior debt investments. His expertise in venture and growth debt is expected to enhance Runway's capital deployment strategy in the Northeast market.
FAQ
What is the current stock price of Runway Growth Finance (RWAY)?
What is the market cap of Runway Growth Finance (RWAY)?
What does Runway Growth Finance Corp. do?
Who manages Runway Growth Finance Corp.?
What industries does Runway Growth Finance Corp. invest in?
What are some recent achievements of Runway Growth Finance Corp.?
What is the focus of Runway Growth Finance Corp.'s investments?
Where does Runway Growth Finance Corp. have its investments?
How does Runway Growth Finance Corp. manage its portfolio?
What was the total investment income for Runway Growth Finance Corp. in Q4 2023?
How much liquidity does Runway Growth Finance Corp. have?
What is Runway-Cadma I LLC?
