Runway Growth Finance (RWAY) - 2025 Q4 - Annual Results

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]