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Runway Growth Finance (RWAY) investor relations material
Runway Growth Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported total investment income of $36.7 million and net investment income of $15.7 million ($0.43 per share) for Q3 2025, both up sequentially from Q2 2025 and slightly down year-over-year.
Completed 11 investments totaling $128.3 million in high-growth sectors, including technology, healthcare, and select consumer.
Announced a definitive merger agreement to acquire SWK Holdings, expected to scale the portfolio by $242 million and increase healthcare/life sciences exposure.
Platform expanded through organic and inorganic growth, including enhanced financing solutions and a merger with SWK Holdings, increasing scale and origination capabilities.
Maintains a disciplined, credit-first underwriting approach with industry-leading low loss rates and a strong, experienced management team.
Financial highlights
Total investment income was $36.7 million for Q3 2025, flat year-over-year; net investment income was $15.7 million ($0.43 per share).
Portfolio fair value was $946 million as of September 30, 2025, down from $1.02 billion in Q2 2025 and $1.08 billion at year-end 2024.
Net asset value per share was $13.55, with net assets at $489.5 million.
Dollar-weighted annualized yield on debt investments was 16.8% for Q3 2025.
Operating expenses for Q3 2025 were $21.0 million.
Outlook and guidance
SWK Holdings acquisition expected to close in early 2026, anticipated to be accretive in the first full quarter post-close.
Dividend for Q4 2025 set at $0.33 per share, payable December 3, 2025.
Enhanced scale and operational efficiency anticipated to improve ROE and dividend coverage.
Sufficient liquidity to support near-term capital requirements, with $371.9 million in available liquidity as of September 30, 2025.
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