Runway Growth Finance Corp. Provides First Quarter 2025 Portfolio Update
Runway Growth Finance Corp. (RWAY) has provided its Q1 2025 portfolio update, highlighting three investments in existing portfolio companies totaling $50.7 million in funded loans. The company completed a $55 million investment in Route 92 Medical Inc. (funding $35 million at close), a $13 million follow-on investment in Elevate Services, Inc., and a $2.7 million investment in Marley Spoon SE.
Notable liquidity events included a full principal repayment from Gynesonics, Inc. of $25.6 million plus preferred stock liquidation for total proceeds of $37.4 million, an $11.3 million partial repayment from FiscalNote Holdings, and $0.7 million from Quantum stock liquidation.
As of March 31, 2025, the portfolio comprised 46 debt investments across 31 companies and 84 equity investments in 47 companies, focusing on technology, healthcare, and select consumer services sectors. The company completed the acquisition of its investment adviser by BC Partners Advisors L.P. affiliates in Q1 2025.
Runway Growth Finance Corp. (RWAY) ha fornito un aggiornamento sul portafoglio del primo trimestre 2025, evidenziando tre investimenti in società già presenti nel portafoglio per un totale di 50,7 milioni di dollari in prestiti finanziati. La società ha completato un investimento da 55 milioni di dollari in Route 92 Medical Inc. (con un finanziamento di 35 milioni di dollari alla chiusura), un investimento aggiuntivo di 13 milioni di dollari in Elevate Services, Inc. e un investimento di 2,7 milioni di dollari in Marley Spoon SE.
Tra gli eventi di liquidità più rilevanti si segnalano il rimborso integrale del capitale da parte di Gynesonics, Inc. pari a 25,6 milioni di dollari più la liquidazione di azioni privilegiate per un totale di 37,4 milioni di dollari, un rimborso parziale di 11,3 milioni di dollari da FiscalNote Holdings e 0,7 milioni di dollari dalla liquidazione di azioni di Quantum.
Al 31 marzo 2025, il portafoglio comprendeva 46 investimenti in debito distribuiti su 31 società e 84 investimenti azionari in 47 società, con un focus sui settori della tecnologia, della sanità e di alcuni servizi al consumo selezionati. Nel primo trimestre 2025, la società ha completato l’acquisizione del suo consulente per gli investimenti da parte di affiliati di BC Partners Advisors L.P.
Runway Growth Finance Corp. (RWAY) ha presentado su actualización del portafolio del primer trimestre de 2025, destacando tres inversiones en empresas ya existentes en la cartera por un total de 50,7 millones de dólares en préstamos financiados. La compañía completó una inversión de 55 millones de dólares en Route 92 Medical Inc. (con financiamiento de 35 millones al cierre), una inversión adicional de 13 millones en Elevate Services, Inc. y una inversión de 2,7 millones en Marley Spoon SE.
Entre los eventos de liquidez más destacados se incluyen el reembolso total del principal de 25,6 millones de dólares por parte de Gynesonics, Inc. más la liquidación de acciones preferentes, sumando un total de 37,4 millones, un reembolso parcial de 11,3 millones de FiscalNote Holdings y 0,7 millones por la liquidación de acciones de Quantum.
Al 31 de marzo de 2025, el portafolio estaba compuesto por 46 inversiones de deuda en 31 compañías y 84 inversiones de capital en 47 compañías, enfocándose en los sectores de tecnología, salud y servicios al consumidor selectos. La compañía completó la adquisición de su asesor de inversiones por afiliados de BC Partners Advisors L.P. en el primer trimestre de 2025.
Runway Growth Finance Corp. (RWAY)는 2025년 1분기 포트폴리오 업데이트를 제공하며 기존 포트폴리오 기업 3곳에 총 5,070만 달러의 대출 자금을 투자했다고 밝혔습니다. 회사는 Route 92 Medical Inc.에 5,500만 달러(마감 시점에 3,500만 달러 자금 조달), Elevate Services, Inc.에 1,300만 달러 추가 투자, Marley Spoon SE에 270만 달러 투자를 완료했습니다.
주요 유동성 이벤트로는 Gynesonics, Inc.로부터 2,560만 달러의 원금 전액 상환과 우선주 청산으로 총 3,740만 달러의 수익, FiscalNote Holdings로부터 1,130만 달러의 부분 상환, Quantum 주식 청산으로 70만 달러가 있었습니다.
2025년 3월 31일 기준 포트폴리오는 31개 회사에 걸쳐 46건의 부채 투자와 47개 회사에 84건의 지분 투자를 포함하며, 기술, 헬스케어, 일부 소비자 서비스 분야에 집중하고 있습니다. 회사는 2025년 1분기에 BC Partners Advisors L.P. 계열사에 의해 투자 자문사 인수를 완료했습니다.
Runway Growth Finance Corp. (RWAY) a publié une mise à jour de son portefeuille pour le premier trimestre 2025, mettant en avant trois investissements dans des sociétés déjà présentes dans le portefeuille, totalisant 50,7 millions de dollars de prêts financés. La société a réalisé un investissement de 55 millions de dollars dans Route 92 Medical Inc. (avec un financement de 35 millions à la clôture), un investissement complémentaire de 13 millions dans Elevate Services, Inc., et un investissement de 2,7 millions dans Marley Spoon SE.
Parmi les événements de liquidité notables figurent un remboursement intégral du principal de 25,6 millions de dollars de Gynesonics, Inc. ainsi que la liquidation d’actions privilégiées pour un produit total de 37,4 millions, un remboursement partiel de 11,3 millions de FiscalNote Holdings, et 0,7 million provenant de la liquidation d’actions Quantum.
Au 31 mars 2025, le portefeuille comprenait 46 investissements en dette répartis dans 31 sociétés et 84 investissements en actions dans 47 sociétés, avec un focus sur les secteurs de la technologie, de la santé et de certains services aux consommateurs sélectionnés. La société a finalisé l’acquisition de son conseiller en investissement par des affiliés de BC Partners Advisors L.P. au premier trimestre 2025.
Runway Growth Finance Corp. (RWAY) hat ein Portfolio-Update für das erste Quartal 2025 veröffentlicht und dabei drei Investitionen in bestehende Portfoliounternehmen mit insgesamt 50,7 Millionen US-Dollar an finanzierten Darlehen hervorgehoben. Das Unternehmen schloss eine Investition von 55 Millionen US-Dollar in Route 92 Medical Inc. ab (davon 35 Millionen US-Dollar bei Abschluss finanziert), tätigte eine Folgeinvestition von 13 Millionen US-Dollar in Elevate Services, Inc. und investierte 2,7 Millionen US-Dollar in Marley Spoon SE.
Bemerkenswerte Liquiditätsereignisse umfassten eine vollständige Rückzahlung des Kapitals von Gynesonics, Inc. in Höhe von 25,6 Millionen US-Dollar zuzüglich der Liquidation von Vorzugsaktien mit Gesamterlösen von 37,4 Millionen US-Dollar, eine teilweise Rückzahlung von 11,3 Millionen US-Dollar von FiscalNote Holdings sowie 0,7 Millionen US-Dollar aus der Liquidation von Quantum-Aktien.
Zum 31. März 2025 umfasste das Portfolio 46 Schuldeninvestitionen in 31 Unternehmen und 84 Eigenkapitalinvestitionen in 47 Unternehmen, mit Fokus auf Technologie, Gesundheitswesen und ausgewählte Konsumentendienstleistungen. Im ersten Quartal 2025 schloss das Unternehmen die Übernahme seines Investmentberaters durch Tochtergesellschaften von BC Partners Advisors L.P. ab.
- Secured $50.7M in new loan commitments across three existing portfolio companies
- Received significant liquidity through $37.4M Gynesonics exit
- Additional liquidity from $11.3M FiscalNote partial repayment
- Completed strategic acquisition by BC Partners Advisors L.P. affiliates
- All new investments were to existing portfolio companies, indicating possible conservative stance
- Reduced exposure through multiple liquidation events may impact near-term earnings
Insights
RWAY's Q1 shows healthy capital recycling with $50.7M deployed to existing portfolio companies while receiving $53.1M in repayments, demonstrating solid underwriting.
Runway Growth's Q1 2025 portfolio activity reveals an encouraging balance between new investments and capital returns. The company deployed
The
Notably, RWAY's focus on existing portfolio companies rather than new relationships signals appropriate caution in the current market environment. This approach minimizes information asymmetry risks while leveraging established relationships, which typically results in better risk-adjusted returns.
The portfolio remains well-diversified with 46 debt investments across 31 companies and 84 equity positions in 47 companies, concentrated in resilient sectors like technology and healthcare. This diversification reduces concentration risk while maintaining focus on high-growth verticals.
The completion of BC Partners' acquisition of RWAY's investment adviser could prove strategically advantageous, potentially enhancing origination capabilities and providing additional resources to source and evaluate deals in competitive market segments.
RWAY's defensive posture with existing borrowers reflects market caution, while significant repayments validate their investment thesis and underwriting quality.
Runway's Q1 deployment strategy reveals a calculated approach in the current venture ecosystem. By directing
The
Most telling is the successful
The
Portfolio construction appears sound with dual debt-equity positions in 26 companies, allowing RWAY to capture potential upside while maintaining secured debt positions. The successful close of the BC Partners acquisition could enhance RWAY's competitive position by providing access to broader deal flow and potentially larger check sizes in future quarters.
Completed Three Investments in Existing Portfolio Companies Representing
MENLO PARK, Calif., April 17, 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 provided an operational and portfolio update for the first quarter ended March 31, 2025.
“In the first quarter of 2025, Runway Growth originated high quality financing solutions to several of our existing portfolio companies within the resilient sectors of technology, healthcare and consumer services,” said David Spreng, Founder and CEO of Runway Growth. “As we navigate the current market environment, we are focused on underwriting discipline in our continued effort to preserve credit quality. With the close of the acquisition of Runway Growth’s investment adviser by affiliates of BC Partners Advisors L.P. in the first quarter of 2025, we are leveraging our shared expertise and resources to act thoughtfully on attractive opportunities that we believe will drive growth and deliver value for our shareholders.”
Originations
In the first quarter of 2025, Runway Growth funded three investments in existing portfolio companies. These include:
- Completion of a new
$55 million investment to existing portfolio company, Route 92 Medical Inc. (“Route 92”), funding$35 million at close, which refinanced Route 92’s existing senior term loan; - Completion of a
$13 million follow-on investment to existing portfolio company, Elevate Services, Inc.; and - Completion of a new
$2.7 million investment to existing portfolio company, Marley Spoon SE.
Liquidity Events
During the first quarter ended March 31, 2025, Runway Growth experienced the following liquidity events in its investment portfolio:
- Full principal repayment of the Company’s senior secured term loan to Gynesonics, Inc. of
$25.6 million , combined with liquidation of the Company’s holdings in Gynesonics, Inc. preferred stock, for total proceeds of$37.4 million ; - Partial principal repayment of the Company’s senior secured term loan to FiscalNote Holdings, Inc. of
$11.3 million ; - Liquidation of the Company’s holdings of Quantum Corporation’s common stock for total proceeds of
$0.7 million ; and - Other scheduled loan principal amortization payments of
$3.7 million .
Portfolio Construction and Management
Runway Growth is a credit-first organization, carefully structured to focus on what it believes to be the highest quality, late-stage companies in the venture debt market. The Company seeks to uphold industry-leading investment standards as well as disciplined underwriting and monitoring of its portfolio. Runway Growth is positioned as a preferred lender in the venture debt space, supporting and working closely with companies to help them reach their full growth potential. Since inception, the Company has focused on the fastest growing sectors of the economy, including healthcare, technology and select consumer services and products industries.
As of March 31, 2025, the Runway Growth portfolio included 46 debt investments to 31 portfolio companies and 84 equity investments in 47 portfolio companies, including 26 portfolio companies where Runway Growth holds both a debt and equity investment. Investments were comprised of late and growth-stage businesses in the technology, healthcare and select consumer services and products industries. Runway Growth’s normal business operations include frequent communication with portfolio companies.
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. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.
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”, 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, rway@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com
FAQ
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