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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.
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Q3 2025 earnings summary6 Nov, 2025

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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Frequently asked questions

Runway Growth Finance Corp is a specialty finance company that provides growth capital to late-stage venture-backed companies in various sectors, including technology, life sciences, and healthcare. The company primarily offers senior secured term loans to high-growth companies, helping them fund operations, acquisitions, and other strategic initiatives. Runway Growth Finance focuses on supporting companies with established business models and clear paths to profitability, offering flexible financing solutions tailored to meet the needs of its portfolio companies as they scale. The company is headquartered in Woodside, California, and its shares are listed on the NASDAQ.

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