Core Viewpoint - Kahn Swick & Foti, LLC has initiated an investigation into Grindr Inc. to determine if its officers and directors breached fiduciary duties or violated laws [1] Group 1: Investigation Details - The investigation focuses on potential breaches of fiduciary duties by Grindr's officers and directors, including its controlling stockholder [1] - KSF encourages shareholders of Grindr Inc. to contact them to discuss their legal rights without obligation or cost [1] Group 2: About Kahn Swick & Foti, LLC - Kahn Swick & Foti, LLC is recognized as one of the nation's premier boutique securities litigation law firms, ranked among the top 10 firms nationally based on total settlement value [1] - The firm serves a variety of clients, including public and private institutional investors, and retail investors, seeking recoveries for investment losses due to corporate fraud or malfeasance [1]

Core Viewpoint - Runway Growth Finance Corp. (RWAY) is positioned as a key player in providing growth capital to venture-backed companies, with an optimistic price target set by Erik Zwick indicating potential for significant stock price appreciation [1][4]. Financial Performance and Strategic Direction - In its Q4 2025 earnings call, RWAY reported a 7.40% decrease in stock price to $6.63, reflecting a change of $0.53, while discussing its operational strategies and future growth prospects [2][4]. - The stock's daily trading range was between a low of $6.63 and a high of $7.06, with a yearly fluctuation between $11.41 and $6.63, highlighting market volatility [2]. Market Position and Investor Interest - RWAY has a market capitalization of approximately $239.57 million, indicating a strong presence in the financial sector [3][5]. - The trading volume of 1,061,185 shares on the NASDAQ exchange reflects significant investor interest in RWAY [3][5].

Core Insights - Runway Growth Finance Corp. reported a revenue of $30.04 million for the quarter ended December 2025, reflecting an 11.1% decrease year-over-year and falling short of the Zacks Consensus Estimate of $32.19 million by 6.69% [1] - The company's earnings per share (EPS) was $0.32, down from $0.39 in the same quarter last year, and also below the consensus estimate of $0.36, resulting in an EPS surprise of -11.11% [1] Financial Performance - Investment income from non-control/non-affiliate sources included interest income of $25.66 million, which was lower than the average estimate of $27.04 million from two analysts [4] - Dividend income matched the estimate at $0.25 million, while payment in-kind interest income was reported at $4.31 million, slightly above the average estimate of $4.17 million [4] Stock Performance - Over the past month, shares of Runway Growth Finance Corp. have declined by 16.9%, contrasting with a 2.3% decrease in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Runway Growth Finance Corp. reported quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.36 per share, and down from $0.39 per share a year ago, representing an earnings surprise of -11.11% [1] - The company posted revenues of $30.04 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 6.69%, compared to year-ago revenues of $33.78 million [2] - Runway Growth Finance Corp. shares have declined approximately 17.9% since the beginning of the year, while the S&P 500 has only declined by 1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $33.56 million, and for the current fiscal year, it is $1.50 on revenues of $131.94 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 25% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8]

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $30 million, down from $36.7 million in Q3 2025, while net investment income decreased to $11.6 million from $15.7 million [5][19] - The weighted average portfolio risk rating increased to 2.45 in Q4 2025 from 2.42 in Q3 2025, indicating a slight increase in perceived risk [19] - The total investment portfolio had a fair value of $927.4 million, a decrease of 2% from $946 million in Q3 2025 [19][23] - Net assets decreased to $484.9 million from $489.5 million at the end of Q3 2025, with NAV per share at $13.42, down 1% from $13.55 [23] Business Line Data and Key Metrics Changes - In Q4, the company completed 7 investments totaling $42.9 million, including a $20 million investment in a mobility company and a $10 million investment in a special purpose vehicle [6][17] - Follow-on investments totaled $10.9 million across four existing portfolio companies [18] Market Data and Key Metrics Changes - The company noted ongoing market volatility due to tariff uncertainties, interest rate policy changes, and geopolitical conflicts, which have influenced investment strategies [6][8] - The competitive landscape in software and consumer sectors is providing attractive returns, despite the company’s cautious approach to underwriting [34] Company Strategy and Development Direction - The company aims to enhance its portfolio's risk profile through diversification and smaller position sizes, while expanding its suite of financing solutions [8] - The acquisition of SWK Holdings is expected to diversify the portfolio and strengthen capabilities in healthcare and life sciences [9][27] - The company plans to reduce average position size to $23.5 million post-acquisition, down from $30.3 million, as part of its portfolio enhancement initiatives [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline for 2026, noting it is stronger than the previous year, driven by opportunities from BC Partners and the SWK acquisition [11][33] - The company remains focused on maintaining a conservative approach to underwriting while seeking strong companies [34] - Management anticipates some softness in Q1 2026 earnings due to delays in the SWK transaction but believes the dividend is sustainable [21][29] Other Important Information - Total operating expenses decreased to $18.4 million in Q4 2025 from $21 million in Q3 2025 [22] - The company experienced a net realized loss on investments of $377 thousand in Q4 2025, an improvement from a loss of $1.3 million in Q3 2025 [22] Q&A Session Summary Question: Can you discuss the current pipeline and opportunities? - Management noted that the pipeline is stronger than last year, with significant contributions from BC Partners and SWK, and expects to see at least one deal per quarter going forward [33] Question: What is the pro forma leverage number post-Q1 actions? - The leverage ratio post-SWK acquisition is expected to be just under 1.2, with a target range of 1.2 to 1.3 moving forward [37] Question: Any updates on the Cadma JV? - Management confirmed ongoing efforts with Cadma, expecting the first distribution from the JV in Q2 [39] Question: Can you provide updates on the SWK Holdings portfolio? - The SWK portfolio will include 13 loans with a fair value of around $235 million, with an aggregate yield of about 14% [44] Question: Will share repurchases resume post-acquisition? - Management indicated that share repurchases are viewed as an important tool for shareholder value and will be discussed with the board after the acquisition closes [55]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated total investment income of $30 million and net investment income of $11.6 million, a decrease from $36.7 million and $15.7 million in Q3 2025 respectively [5][18] - The weighted average portfolio risk rating increased to 2.45 in Q4 2025 from 2.42 in Q3 2025, indicating a slight increase in perceived risk [18] - The total investment portfolio had a fair value of $927.4 million, down 2% from $946 million in Q3 2025 [18][22] - The net asset value (NAV) per share was $13.42 at the end of Q4, a decrease of 1% compared to $13.55 at the end of Q3 2025 [22] Business Line Data and Key Metrics Changes - The company completed 7 investments in new and existing portfolio companies totaling $42.9 million in funded loans during Q4 2025 [6][15] - Notable investments included a $20 million investment in a mobility company and a $10 million investment in a special purpose vehicle for consumer products [16] Market Data and Key Metrics Changes - The company noted ongoing tariff uncertainty, evolving interest rate policy, and geopolitical conflicts as significant market factors affecting operations in 2025 [7][8] - The competitive dynamics in the software and consumer sectors are providing attractive returns, despite the company’s cautious approach to underwriting [33] Company Strategy and Development Direction - The company is focused on enhancing the risk profile of its portfolio through diversification and smaller position sizes, while expanding its suite of financing solutions [8][9] - The acquisition of SWK Holdings is expected to diversify the portfolio and strengthen capabilities in healthcare and life sciences [9][26] - The company aims to maintain a leverage ratio between 1.2 and 1.3, considering economic conditions and capital market volatility [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline for new investments, attributing strength to the partnership with BC Partners and the upcoming SWK acquisition [32] - The company anticipates attractive opportunities across technology, healthcare, and select consumer sectors in the coming quarters [9][11] - Management acknowledged the challenges posed by elevated prepayments and the need for careful portfolio management [20][37] Other Important Information - The company’s total available liquidity was $395.2 million as of December 31, 2025, including unrestricted cash and cash equivalents [24] - The company plans to redeem a portion of its 7.5% notes and all of its 8% notes, which were due in 2027, to enhance its balance sheet [25] Q&A Session Summary Question: Can you discuss the current pipeline and opportunities? - Management noted that the pipeline is stronger than the previous year, driven by BC Partners, with expectations for at least one deal per quarter going forward [32][33] Question: What is the pro forma leverage number post-SWK acquisition? - The leverage ratio post-SWK is expected to be just under 1.2, with a target range of 1.2 to 1.3 moving forward [36] Question: Any updates on the Cadma joint venture? - Management confirmed ongoing efforts with Cadma, expecting the first distribution from the JV in Q2 2026 [39] Question: What changes have occurred in the SWK Holdings portfolio? - The SWK portfolio will include 13 loans with a fair value of around $235 million, alongside equity positions [44] Question: How will the stock repurchase program be affected post-acquisition? - The company plans to revisit the stock repurchase program after the SWK acquisition closes, likely in May [55][56]

Financial Data and Key Metrics Changes - In Q4 2025, total investment income was $30 million, and net investment income was $11.6 million, down from $36.7 million and $15.7 million in Q3 2025 respectively [5][16] - The weighted average portfolio risk rating increased to 2.45 in Q4 2025 from 2.42 in Q3 2025 [16] - The total investment portfolio had a fair value of $927.4 million, a decrease of 2% from $946 million in Q3 2025 [16][20] - Net assets decreased to $484.9 million from $489.5 million at the end of Q3 2025 [20] - NAV per share was $13.42 at the end of Q4 2025, down 1% from $13.55 at the end of Q3 2025 [20] Business Line Data and Key Metrics Changes - The company completed 7 investments in new and existing portfolio companies totaling $42.9 million in Q4 2025 [5][14] - Notable investments included a $20 million investment in a mobility company and a $10 million investment in a special purpose vehicle for consumer products [14] Market Data and Key Metrics Changes - The company noted ongoing market volatility due to tariff uncertainty, interest rate policy changes, and geopolitical conflicts, impacting investment strategies [6] - The competitive landscape in software and consumer sectors is providing attractive returns, despite the company maintaining a conservative underwriting approach [30] Company Strategy and Development Direction - The company is focused on enhancing the risk profile of its portfolio through diversification and smaller position sizes [6] - The acquisition of SWK Holdings is expected to diversify the portfolio and strengthen capabilities in healthcare and life sciences [7][8] - The company aims to maintain a leverage ratio between 1.2 and 1.3 post-acquisition, considering economic conditions [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the SWK transaction, which is anticipated to stabilize the asset base and enhance earnings power [18][23] - The company expects to see attractive opportunities across technology, healthcare, and consumer sectors in the coming quarters [8][15] Other Important Information - Total operating expenses for Q4 2025 were $18.4 million, down from $21 million in Q3 2025 [19] - The company recorded a net realized loss on investments of $377 thousand in Q4 2025, compared to a loss of $1.3 million in Q3 2025 [19] Q&A Session Summary Question: Pipeline strength and industry focus - Management noted that the pipeline is stronger than the previous year, with significant contributions from BC Partners and SWK, indicating a positive outlook for new deals [29][30] Question: Pro forma leverage post-acquisition - The pro forma leverage post-SWK acquisition is expected to be just under 1.2, with a target range of 1.2 to 1.3 moving forward [34] Question: Updates on SWK Holdings portfolio - The SWK portfolio is expected to include 13 loans with a fair value of around $235 million, alongside equity positions [40] Question: Software portfolio performance - Management confirmed that Circadence has closed an equity round and signed a contract with the Department of Defense, indicating improved performance [43] Question: Share repurchase program - The company plans to revisit the share repurchase program post-acquisition, with discussions expected in May [51][52]

Fourth Quarter 2025 Investor Presentation All of the information in this presentation is presented as of the date of this presentation (except as otherwise specified), is subject to change without notice, and may have changed (possibly materially) between the date of this presentation and the date this presentation was received. No member of the Company or Runway Growth Capital LLC has any obligation to update the information in this presentation to account for changes subsequent to any date as of which suc ...

Investment Portfolio - As of December 31, 2025, the investment portfolio had a fair value of $927.4 million and a net asset value of $485.0 million[382]. - The company had investments in 56 companies, with 23 companies holding a combination of debt and equity investments[389]. - The fair value of senior secured loans was $853.9 million, representing 92.07% of the total portfolio[390]. - The dollar-weighted annualized yield on debt investments was 14.6% for the year ended December 31, 2025[391]. - The dollar-weighted annualized yield for all investments was 13.79% for the year ended December 31, 2025[392]. - For the year ended December 31, 2025, the company funded $85.2 million in seven new portfolio companies and $65.1 million in nine existing companies, totaling $150.3 million in investments[393]. - The ending investment portfolio as of December 31, 2025, was $927.4 million, a decrease from $1,076.8 million at the end of 2024, reflecting a net change in unrealized loss of $24.985 million[395]. - As of December 31, 2025, 62.72% of the debt investment portfolio was rated as Category 2, indicating acceptable business prospects and compliance with covenants[396]. - The fair value of the company's debt investments rated as Category 5 (going concern nature in question) was $2.4 million, representing 0.25% of the total portfolio[396]. - As of December 31, 2025, 95.1% of the debt portfolio investments, amounting to $836.5 million, bore interest at variable rates, with approximately 80.0% based on SOFR and 20.0% based on Prime[458]. Financial Performance - The company reported total investment income of $137.3 million for the year ended December 31, 2025, down from $144.6 million in 2024, primarily due to decreased interest income from falling interest rates[404]. - Net investment income for 2025 was $56.9 million, compared to $63.8 million in 2024, indicating a decline in profitability[401]. - The company experienced a net realized gain of $2.8 million in 2025, contrasting with a net realized loss of $2.9 million in 2024[401]. - The total operating expenses for 2025 were $80.4 million, slightly down from $80.9 million in 2024[401]. - The net increase in net assets resulting from operations for the year ended December 31, 2025 was $34.0 million, compared to $73.6 million in 2024 and $44.3 million in 2023[413]. - Cash provided by operating activities for the year ended December 31, 2025 was $186.3 million, an increase from $69.8 million in 2024[418]. - Financing activities used $173.9 million of cash in 2025, compared to $67.0 million in 2024[420]. - The company reported $145.5 million in total unfunded commitments, including $122.8 million for debt financing to portfolio companies and $22.7 million for equity financing to Runway-Cadma I LLC[427]. Debt and Commitments - As of December 31, 2025, the company had $437.3 million in outstanding debt, with $25.0 million due within the next year, $239.3 million due within one to three years, and $173.0 million due beyond three years[425]. - The company had $12.2 million in deferred incentive fees as of December 31, 2025, with $4.2 million due within the next year[425]. - The company issued $103.25 million in aggregate principal amount of 7.25% interest-bearing unsecured Notes due February 3, 2031[451]. - The company redeemed $40.25 million of the July 2027 Notes and $51.75 million of the December 2027 Notes in March 2026[453]. - The company funded $5.5 million in unfunded commitments on existing investments during the recent portfolio activity[454]. Management and Operations - The company is externally managed by Runway Growth Capital LLC, which provides administrative services necessary for operations[387]. - The company has elected to be regulated as a BDC under the Investment Company Act of 1940 and as a RIC under subchapter M of the Code[383]. - The company expects to maintain its status as an emerging growth company until December 31, 2026[386]. - The company is pursuing a merger with SWK Holdings Corporation, with potential risks and uncertainties associated with the transaction[384]. - The company anticipates making quarterly distributions to stockholders, with the timing and amount determined by the Board of Directors[436]. Market and Interest Rate Risks - Interest rate risk is significant, with net investment income affected by fluctuations in various interest rates, including SOFR and Prime rates[457]. - The company did not have any hedging instruments as of December 31, 2025, to mitigate interest rate and currency exchange rate fluctuations[466]. - The company regularly measures exposure to interest rate risk and manages it by comparing interest rate sensitive assets to liabilities[461]. - The analysis of interest rate sensitivity indicates potential changes in net income based on hypothetical base rate changes, with a 200 basis point increase resulting in a net income increase of $9.623 million[462]. - A hypothetical 200 basis point increase in interest rates could increase interest income by a maximum of $13.1 million, while a decrease could reduce investment income by a maximum of $8.1 million annually[458]. - Market risks include changes in interest rates, commodity prices, and economic instability, which could materially impact the company's operating results[455].

Investment Income - Total investment income for Q4 2025 was $30.0 million, down from $33.8 million in Q4 2024[6] - Net investment income for Q4 2025 was $11.6 million, or $0.32 per share, compared to $14.6 million, or $0.39 per share in Q4 2024[8] - Total investment income for 2025 was $137,329, a decrease of 5.1% from $144,632 in 2024[32] - Net investment income for Q4 2025 was $11,627, down 20.5% from $14,621 in Q4 2024[32] - Net investment income per common share for 2025 was $1.55, down 5.5% from $1.64 in 2024[32] Investment Portfolio - The investment portfolio had a fair value of $927.4 million as of December 31, 2025, consisting of $860.3 million in loans, with 99.3% being senior secured loans[11] - The dollar-weighted annualized yield on debt investments for Q4 2025 was 14.2%[7] Assets and Liabilities - Total assets decreased to $960,114, down 12.0% from $1,091,355 in 2024[30] - Total liabilities decreased to $475,145, down 17.6% from $576,486 in 2024[30] - Total debt decreased to $435,337, down 21.2% from $552,332 in 2024[30] Net Asset Value - The net asset value per share decreased to $13.42 as of December 31, 2025, down 2.7% from $13.79 a year earlier[15] - Net asset value per share decreased to $13.42 from $13.79 in 2024[30] Liquidity - As of December 31, 2025, the company had approximately $395.2 million in available liquidity, including $18.2 million in cash[16] - Cash and cash equivalents increased to $18,175 from $5,751 in 2024[30] Dividends - The company declared a dividend of $0.33 per share for Q1 2026, payable on March 24, 2026[17] Investment Activity - Total investment fundings for fiscal year 2025 amounted to $261.6 million, including $86.4 million in seven new portfolio companies[5] - Runway Growth anticipates closing the acquisition of SWK Holdings to enhance its capabilities in healthcare and life sciences[4] Credit Loss - The company reported a low credit loss ratio of an average 10 basis points per year on a gross basis since inception[5] Operations - Net increase in net assets resulting from operations for 2025 was $34,049, a decrease of 53.8% from $73,609 in 2024[32] - Weighted average shares outstanding decreased to 36,697,936 in 2025 from 38,852,271 in 2024[32]