Runway Growth Finance Corp. RWAY
Runway Growth Finance Corp.
Runway Growth Finance Corp. ("we," "us," "our," or the "Company"), a Maryland corporation formed on August 31, 2015, is structured as an externally managed, non-diversified closed-end management investment company. On August 18, 2021, we changed our name to "Runway Growth Finance Corp." from "Runway Growth Credit Fund Inc." We are a specialty finance company focused on providing senior secured loans to high growth-potential companies in technology, healthcare, business services, financial services, select consumer services and products and other high-growth industries. Our goal is to create significant value for our stockholders and the entrepreneurs we support by providing high growth-potential companies with hybrid debt and equity financing that is more flexible than traditional credit and less dilutive than equity. Our investment objective is to maximize our total return to our stockholders primarily through current income on our loan portfolio, and secondarily through capital gains on our warrants and other equity positions. We are managed by Runway Growth Capital, an experienced provider of growth financing for dynamic, late- and growth-stage companies. As of December 31, 2025, we had an investment portfolio of $927.4 million at fair value, and a net asset value of $485.0 million. Our offices are in Chicago, Illinois; Menlo Park, California; and New York, New York.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | — | — | — | $1.0M | $827.0K | $678.0K | — | — | — | — |
| Total operating expenses | $80.4M | $80.9M | $85.9M | $48.0M | $26.6M | $19.6M | — | — | — | — |
| Interest expense | $42.7M | $44.2M | $43.1M | $16.8M | $4.1M | $1.7M | — | — | — | — |
| Pre-tax income | $34.9M | $74.0M | $45.0M | $32.5M | $45.6M | $47.0M | — | — | — | — |
| Income tax | $900.0K | $400.0K | $700.0K | $300.0K | $0 | $1.3K | — | — | — | — |
| Net income | $34.0M | $73.6M | $44.3M | $32.2M | $45.6M | $47.0M | — | — | — | — |
| EPS, basic | 0.93 | 1.89 | 1.09 | 0.79 | 1.33 | 1.70 | — | — | — | — |
| EPS, diluted | 0.93 | 1.89 | 1.09 | 0.79 | 1.33 | 1.70 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $36.7M | $38.9M | $40.5M | $41.0M | $34.2M | $27.6M | $18.7M | $9.3M | $2.8M | $10.8K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.2M | $5.8M | $3.0M | $5.8M | $4.7M | $14.9M | $45.8M | — | — | — |
| Total assets | $960.1M | $1.09B | $1.08B | $1.14B | $738.3M | — | — | — | — | — |
| Long-term debt | $435.3M | $552.3M | $510.1M | $549.0M | $79.5M | — | — | — | — | — |
| Total liabilities | $475.1M | $576.5M | $532.1M | $565.7M | $132.2M | — | — | — | — | — |
| Retained earnings | -$49.9M | -$43.5M | -$47.6M | -$19.3M | -$267.0K | — | — | — | — | — |
| Total equity | $485.0M | $514.9M | $547.1M | $576.1M | $606.2M | $466.2M | $376.3M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $186.3M | $69.8M | $112.4M | -$359.8M | -$61.2M | -$106.1M | — | — | — | — |
| Financing cash flow | -$173.9M | -$67.0M | -$115.2M | $360.9M | $51.1M | $75.2M | — | — | — | — |
| Dividends paid | $51.4M | $69.9M | $73.3M | $51.6M | $17.9M | $7.3M | — | — | — | — |
| Buybacks | $12.5M | $36.0M | — | $10.8M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-104117.