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RWAY

Runway Growth Finance Corp.

RWAY

Runway Growth Finance Corp. • NASDAQ
$9.19 ▲ 0.44% (+0.04)
Market Cap $332.07 M
52w High $11.73
52w Low $8.35
Dividend Yield 1.05%
P/E 6.29
Volume 225.85K
Outstanding Shares 36.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.992M ▼ $3.625M ▼ $8.019M ▼ 38.2% ▼ $0.43 ▼ $8.019M ▼
Q2-2025 $30.529M ▲ $3.689M ▲ $16.797M ▲ 55.02% ▲ $0.45 ▲ $16.797M ▲
Q1-2025 $13.727M ▼ $2.962M ▼ $1.866M ▼ 13.594% ▼ $0.42 ▼ $1.866M ▼
Q4-2024 $41.157M ▲ $3.021M ▼ $28.222M ▲ 68.572% ▲ $0.75 ▲ $28.222M ▲
Q3-2024 $36.651M $20.776M $25.049M 68.345% $0.65 $25.049M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.917M ▲ $963.346M ▼ $473.82M ▼ $489.526M ▼
Q2-2025 $5.96M ▼ $1.041B ▲ $542.383M ▲ $498.874M ▼
Q1-2025 $18.356M ▲ $1.033B ▼ $529.606M ▼ $503.29M ▼
Q4-2024 $5.751M ▲ $1.091B ▲ $576.486M ▲ $514.869M ▲
Q3-2024 $3.617M $1.076B $568.22M $507.358M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.019M ▼ $18.513M ▲ $127.61M ▲ $-90.458M ▼ $1.957M ▲ $18.513M ▲
Q2-2025 $16.797M ▲ $-297K ▼ $0 ▼ $-12.101M ▲ $-12.396M ▼ $-297K ▼
Q1-2025 $1.866M ▼ $10.239M ▼ $78.643M ▲ $-60.957M ▼ $12.605M ▲ $10.239M ▼
Q4-2024 $28.222M ▲ $13.89M ▼ $0 $-11.756M ▲ $2.134M ▲ $13.89M ▼
Q3-2024 $25.049M $25.915M $0 $-31.108M $-5.193M $25.915M

Five-Year Company Overview

Income Statement

Income Statement Runway Growth Finance has shown a clear pattern of growth in revenue and profits over the past several years. Lending income has expanded steadily as the loan portfolio has grown, and operating profits have generally kept pace. There was a soft patch recently where cash-style profitability dipped, but earnings quickly recovered and reached new highs in the latest year. Overall, the company looks like a scaled‑up version of itself compared with a few years ago: larger, more profitable, and still solidly in the black throughout the period, which is notable for a specialty lender.

Balance Sheet

Balance Sheet The balance sheet reflects a lender that has grown aggressively while remaining equity‑backed. Total assets have expanded significantly as the firm has made more loans, funded mainly by a meaningful increase in borrowings. Equity has stayed fairly stable in absolute terms, though it has become a smaller share of the total capital structure as leverage has risen. Cash on hand is quite lean, which is typical for this type of business but means the firm is reliant on its credit facilities and capital markets access. The key trade‑off here is higher earning assets versus a more leveraged balance sheet that is more sensitive to credit conditions.

Cash Flow

Cash Flow Cash flow has been more volatile than reported earnings, which is common for a lender actively growing its book. A few years ago, cash was flowing out as the company rapidly expanded lending activity, leading to negative operating cash flow despite positive profits. More recently, cash generation has turned positive as the portfolio has matured and repayments and interest receipts have caught up with originations. Capital spending is essentially negligible, so cash dynamics are driven almost entirely by lending and funding decisions. Investors should expect cash flows to swing with the pace of growth and credit cycles rather than follow a smooth trend.

Competitive Edge

Competitive Edge Runway Growth Finance occupies a focused niche: senior secured lending to late‑stage and growth companies, especially in technology, life sciences, and related sectors. Its edge comes from a credit‑first culture, an experienced team with long histories in venture lending, and deep relationships across the venture capital ecosystem. The loans are typically structured to be well‑protected, with strong collateral and lender‑friendly terms, but still appealing to founders looking to avoid heavy equity dilution. The strategic tie‑up with BC Partners adds further weight in sourcing and underwriting larger, more complex deals. On the other hand, concentration in high‑growth sectors links its fortunes to the health of tech and life sciences funding cycles, and competition from other private credit and venture debt players remains intense.

Innovation and R&D

Innovation and R&D While Runway is not a technology developer, its “innovation” is in how it designs, underwrites, and manages credit rather than in labs or patents. The firm emphasizes a highly structured and disciplined investment process, using tight loan‑to‑value thresholds, thoughtful amortization, and downside protections like warrants and covenants. It has also differentiated itself by offering flexible, founder‑friendly capital that can be customized to each borrower’s situation. The partnership with BC Partners effectively extends its origination and analysis capabilities, enabling more sophisticated deal structures and broader reach. Future innovation will likely take the form of new financing products, expanded sector coverage, and refinements to its risk tools, rather than traditional R&D.

Summary

Runway Growth Finance appears to be a maturing specialty lender that has grown its revenue and earnings meaningfully while building a larger, more leveraged balance sheet centered on senior secured loans to high‑growth companies. Profitability has generally been solid and trending upward, though cash flows have moved around with the pace of loan growth and repayments, which is typical for this business model. The company’s main strengths lie in its disciplined credit approach, experienced team, and strong venture and sponsor relationships, reinforced by its partnership with BC Partners. Key uncertainties revolve around credit quality through a full economic cycle, integration of acquisitions like SWK Holdings, competition in private credit, and the health of the technology and life sciences funding environment, all of which can materially influence future results.

NEWS

November 6, 2025 · 4:05 PM UTC

Runway Growth Finance Corp. Reports Third Quarter 2025 Financial Results

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November 6, 2025 · 8:30 AM UTC

Runway Growth Finance Corp. Announces Fourth Quarter 2025 Dividend of $0.33 per Share

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October 14, 2025 · 2:57 PM UTC

SWK Holdings Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of SWK Holdings Corporation - SWKH

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October 9, 2025 · 6:00 PM UTC

Runway Growth Finance Corp. to Acquire SWK Holdings Corporation

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October 9, 2025 · 5:45 PM UTC

Runway Growth Finance Corp. to Acquire SWK Holdings Corporation

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