RWAYI · Runway Growth Finance Corp. 7.25% Notes due 2031

Runway Growth Finance Corp. reported first quarter 2026 results reflecting challenges amid macroeconomic volatility and the SWK Holdings integration. Total investment income declined to $29.5 million from $35.4 million year-over-year, with dollar-weighted annualized yield on debt investments steady at 14.2%. Operating expenses decreased slightly to $18.8 million from $19.8 million, but net investment income fell to $10.6 million ($0.29 per share) from $15.6 million ($0.42 per share). A $1.3 million net realized gain contrasted with a $46.7 million unrealized loss, leading to a $34.8 million net decrease in net assets from operations ($0.96 per share loss). The investment portfolio contracted to $886.3 million across 56 companies (99.2% senior secured loans), with $17.6 million funded offset by $17.5 million prepayments/equity sales and $1.9 million amortizations. CEO David Spreng highlighted focus on SWK acquisition close, positioning for healthcare/life sciences expansion. Net asset value dropped to $12.13 per share from $13.48 YoY, with liquidity at $372.3 million and core leverage at 98%. The Board declared a $0.33 per share Q2 dividend and a $15 million repurchase program, signaling confidence in valuation. Executive transitions include Thomas B. Raterman's retirement as COO/CFO effective June 30, 2026, succeeded by Carmela Thomson, alongside internal RGC leadership changes post-SWK merger completed April 6, issuing 6.3 million shares.