Runway Growth Finance Corp. Reports Third Quarter 2024 Financial Results

Core Insights - Runway Growth Finance Corp. reported total investment income of $36.7 million and net investment income of $15.9 million for Q3 2024, reflecting a decrease from the previous year [2][4] - The company declared a regular dividend of $0.40 per share for Q4 2024, indicating a commitment to returning value to shareholders [3][12] - The investment portfolio as of September 30, 2024, had a fair value of approximately $1.07 billion, with a significant portion in senior secured loans [7][9] Financial Performance - Total investment income for Q3 2024 was $36.7 million, down from $43.8 million in Q3 2023 [4] - Net investment income for Q3 2024 was $15.9 million, or $0.41 per share, compared to $22.0 million, or $0.54 per share, in the same quarter of the previous year [4][10] - The dollar-weighted annualized yield on debt investments was 15.9% for Q3 2024 [5] Investment Activity - The company completed seven investments during the quarter, totaling $75.3 million in funded investments [2][3] - The investment portfolio included approximately $1.00 billion in term loans, with 98.6% classified as senior secured loans [7] Net Asset Value and Liquidity - As of September 30, 2024, the net asset value per share was $13.39, down from $14.08 a year earlier [9] - Total net assets decreased to $507.4 million, an 11% decline from $570.5 million as of September 30, 2023 [9] - The company had approximately $251.6 million in available liquidity, including $3.6 million in cash and $248.0 million in borrowing capacity [11] Recent Developments - The company announced a business combination with BC Partners, which is expected to enhance origination opportunities and financing solutions [3][15] - A special meeting of stockholders is planned for December 13, 2024, to seek approval for a new investment advisory agreement following the merger [15]