Core Viewpoint - Runway Growth Finance Corp. reported its financial results for the first quarter of 2025, highlighting a decrease in total and net investment income compared to the previous year, while maintaining a strong investment portfolio and liquidity position [2][5][12]. Financial Performance - Total investment income for Q1 2025 was $35.4 million, down from $40.0 million in Q1 2024 [5]. - 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 [5][8]. - The dollar-weighted annualized yield on average debt investments was 15.4% for the quarter [6]. Operating Expenses and Gains - Total operating expenses for Q1 2025 were $19.8 million, a decrease from $21.3 million in Q1 2024 [7]. - The company realized a net gain on investments of $6.1 million for Q1 2025, compared to no net realized gains or losses in Q1 2024 [7][8]. Investment Portfolio - As of March 31, 2025, the investment portfolio had a fair value of $1.0 billion, consisting of $946.4 million in term loans, with 97.9% being senior secured loans [10]. - The company completed three investments in existing portfolio companies during Q1 2025, totaling $50.7 million in funded investments [8][11]. Net Asset Value - The net asset value as of March 31, 2025, was $503.3 million, or $13.48 per share, down from $529.5 million, or $13.36 per share, as of March 31, 2024 [12]. Liquidity and Capital Resources - The company had approximately $315.4 million in available liquidity as of March 31, 2025, including $18.4 million in cash and $297.0 million in borrowing capacity [14]. - The core leverage ratio was approximately 99%, compared to 108% at the end of 2024 [14]. Distributions - The board declared a regular quarterly distribution of $0.33 per share and a supplemental distribution of $0.02 per share for Q2 2025 [15]. Recent Developments - The company entered into a Master Note Purchase Agreement on April 7, 2025, issuing $107.0 million in Series 2025A Senior Notes with a fixed interest rate of 7.51% [18][19]. - A new share repurchase program was approved, allowing the company to repurchase up to $25.0 million of its outstanding common stock [23].