Runway Growth Finance (US:RWAY)2025-05-12 20:05Investment Income - Total investment income for Q1 2025 was $35.4 million, down from $40.0 million in Q1 2024, representing a decrease of 11.5%[4] - Net investment income for Q1 2025 was $15.6 million, or $0.42 per share, compared to $18.7 million, or $0.46 per share in Q1 2024, reflecting a decline of 16.6% in net income[4] - Total investment income decreased to $35,398 million in Q1 2025 from $40,009 million in Q1 2024, a decline of approximately 11.5%[31] - Net investment income fell to $15,599 million in Q1 2025, down from $18,664 million in Q1 2024, representing a decrease of about 16.5%[31] - Net investment income per common share decreased to $0.42 in Q1 2025 from $0.46 in Q1 2024[31] Operating Expenses - Total operating expenses decreased to $19.8 million in Q1 2025 from $21.3 million in Q1 2024, a reduction of 7.0%[6] - Total operating expenses decreased to $19,799 million in Q1 2025 from $21,345 million in Q1 2024, a decline of approximately 7.3%[31] - Management fees increased slightly to $4,009 million in Q1 2025 from $3,952 million in Q1 2024[31] Asset Valuation - The net asset value per share increased to $13.48 as of March 31, 2025, compared to $13.36 a year earlier, marking a growth of 0.9%[12] - The investment portfolio had an aggregate fair value of $1.0 billion, consisting of $946.4 million in term loans, with 97.9% being senior secured loans[9] Liquidity and Capital Management - As of March 31, 2025, the company had approximately $315.4 million in available liquidity, including $18.4 million in cash[14] - The company approved a share repurchase program allowing for the repurchase of up to $25.0 million of its outstanding common stock[22] Investment Activity - The company completed three investments in existing portfolio companies, totaling $50.7 million in funded investments[7] Unrealized and Realized Gains/Losses - Net realized gain on affiliate investments was $8,943 million in Q1 2025, while net realized loss on non-control/non-affiliate investments was $(2,886) million[31] - The net change in unrealized loss on investments totaled $(19,790) million in Q1 2025, compared to $(6,617) million in Q1 2024, indicating a significant increase in unrealized losses[31] Net Assets and Tax Expense - Net increase in net assets resulting from operations was $1,866 million in Q1 2025, down from $12,047 million in Q1 2024, a decline of approximately 84.5%[31] - The company reported a tax expense of $110 million in Q1 2025, compared to only $2 million in Q1 2024, indicating a significant increase in tax liabilities[31] Share Count - The weighted average shares outstanding decreased to 37,347,428 in Q1 2025 from 40,392,255 in Q1 2024, a reduction of about 7.6%[31]