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 Finance Corp. (RWAY) reported record total investment income of $25.2 million and net investment income of $14.5 million for Q2 2022. The investment portfolio reached $807.7 million, reflecting a strategic growth approach. Core leverage ratio increased to 40.2%, and a dividend of $0.33 per share was declared, a 10% increase from the previous quarter. However, net change in unrealized depreciation on investments was $16.2 million, indicating challenges in equity valuations. Total operating expenses increased to $10.7 million.
Runway Growth Capital has appointed Brad Pritchard as Managing Director, Technology, leveraging over 20 years of experience in venture lending. Operating from Silicon Valley, he will focus on technology investments and sustainability initiatives. Pritchard previously held leadership roles at BlackRock and Hercules Capital, enhancing Runway's capabilities to support firms with flexible financing solutions. CEO David Spreng emphasized Pritchard's ability to strengthen relationships with top venture capital firms and late-stage technology companies.
Runway Growth Finance Corp. (RWAY) announced a cash distribution of $0.33 per share for Q3 2022, marking a 10% increase over the prior quarter. This represents the third consecutive quarterly increase since its listing. Key dates for the dividend include a declaration date of July 28, 2022, record date of August 9, 2022, and payment date of August 23, 2022. The company aims to distribute substantially all available earnings quarterly, with an optional dividend reinvestment plan for shareholders.
Runway Growth Finance Corp. (RWAY) announced a public offering of $70 million in notes due July 28, 2027, with net proceeds expected to be approximately $67.9 million after underwriting costs. The notes bear an interest rate of 7.50%, with the first payment set for September 1, 2022. Proceeds will be used to repay debts under a Credit Agreement and for general corporate purposes. The offering is set to close on July 28, 2022, and the notes will be listed on Nasdaq under the symbol RWAYL.
Runway Growth Finance Corp. (RWAY) announced an underwritten offering of unsecured notes, expected to be listed on the Nasdaq Global Select Market under the symbol RWAYL. Proceeds will be used to repay $163 million of existing debt under its Credit Facility with KeyBank, maturing April 20, 2026, which carries an interest rate of 5.18%. The offering will fund investments aligned with its business strategy and cover operational expenses. Joint managers for the offering include Oppenheimer & Co. Inc. and B. Riley Securities, Inc.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced a record second quarter for 2022, completing nine investments totaling $200 million in commitments and $151.7 million in funded loans. The company’s total loan commitments reached $1.8 billion, with $1.4 billion funded since inception. Key investments included a $50 million loan to EBR Systems for a leadless pacemaker and $60 million to a new portfolio company focusing on security testing. Runway Growth emphasized its credit-focused approach, maintaining a stable portfolio amid economic challenges.
Runway Growth Capital announced the hiring of Jeff Goldrich as Managing Director, Technology, on July 13, 2022. Based in Chicago, Goldrich brings nearly a decade of experience in the technology sector, aiming to enhance the company’s investment pipeline. CEO David Spreng highlighted the growing deal flow amid market turbulence, indicating a need for additional expertise in sourcing top-tier growth opportunities. Goldrich's background includes significant roles in various technology sub-sectors, enhancing Runway's reputation in venture debt lending with a founder-friendly approach.
Runway Growth Finance Corp. (RWAY) will release its Q2 2022 financial results on August 4, 2022, after market close. A conference call to discuss these results is scheduled for 3:00 p.m. PT (6:00 p.m. ET) the same day. Interested participants should register online in advance. Runway Growth specializes in providing flexible capital solutions to late- and growth-stage companies and operates as a closed-end investment fund regulated as a business development company.
Runway Growth Capital has provided a $50 million senior secured term loan to Interactions to refinance existing debt and support growth.
Interactions specializes in enterprise conversational AI and aims to enhance its Intelligent Virtual Assistant platform. The refinancing will allow Interactions to invest in R&D and operational infrastructure at a time of market volatility.
This strategic move is intended to strengthen Interactions' position in a market affected by labor shortages and increasing automation demands in customer service.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced its participation in the 2022 Wells Fargo BDC Power Alley Conference. CEO David Spreng and CFO Tom Raterman will be available for virtual one-on-one meetings on June 9, 2022. Runway Growth specializes in providing flexible capital solutions for late- and growth-stage companies, offering an alternative to equity financing. The firm operates as a closed-end investment fund, regulated as a business development company under the Investment Company Act of 1940.
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