Runway Growth Finance Corporation ( (RWAY) ) has released its Q3 earnings. Here is a breakdown of the information Runway Growth Finance Corporation presented to its investors.
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Runway Growth Finance Corp., based in Menlo Park, California, is a specialty finance company that provides flexible capital solutions to late- and growth-stage companies as an alternative to raising equity. The company operates as a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940.
In the third quarter of 2024, Runway Growth Finance Corp. reported total investment income of $36.7 million and net investment income of $15.9 million, or $0.41 per share. The investment portfolio stood at $1.1 billion, with new investments totaling $75.3 million. The company also announced a regular dividend of $0.40 per share for the fourth quarter.
Key financial metrics include a dollar-weighted annualized yield on debt investments of 15.9% and a net asset value per share of $13.39. Runway Growth completed two new investments and five follow-on investments, contributing to a robust portfolio despite a decrease in total income compared to the previous year. Additionally, the company repurchased 644,763 shares of its common stock.
Looking ahead, Runway Growth Finance Corp.’s management remains optimistic about the company’s growth prospects, citing the recent business combination with BC Partners as a positive development that will enhance origination opportunities and financing solutions. As the company approaches the end of 2024, it is poised to accelerate growth and drive long-term shareholder value.
