Business
Runway Growth Finance Corp. Reports First Quarter 2023 Financial Results
Delivered Total and Net Investment Income of $39.3 and $18.2 Million, Respectively Increased Core Leverage Ratio of Portfolio to 104% Investment Portfolio of
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Delivered Total and Net Investment Income of $39.3 and $18.2 Million, Respectively Increased Core Leverage Ratio of Portfolio to 104% Investment Portfolio of $1.1 Billion Conference Call Today, Tuesday, May 9 at 5:00 p.m. ET WOODSIDE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced its financial results for the first quarter ended March 31, 2023. First Quarter 2023 Highlights Total investment income of $39.3 millionNet investment income of $18.2 million, or $0.45 per shareNet asset value of $14.07 per shareDollar-weighted annualized yield on debt investments of 15.2% for the quarterSeven investments completed in existing portfolio companies, representing $12.9 million in funded loansAggregate proceeds of $10.2 million received from principal repaymentsDeclared second quarter 2023 regular dividend of $0.40 per shareDeclared second quarter 2023 supplemental dividend of $0.05 per share “Runway Growth demonstrated the power of its weatherproof portfolio focused on the latest-stage companies in recession resistant industries during the first quarter of 2023,” said David Spreng, Founder and CEO of Runway Growth. “Runway’s model is powered by our seasoned team members, who have the deep sector knowledge and experience to operate in this period of macroeconomic volatility. Our team has built what we believe to be the most stable portfolio in the venture debt space, and we are confident in our ability to grow earnings and strategically expand our portfolio in the quarters to come.” Spreng continued, “Our concentration in senior secured and first lien loans is key to our ability to minimize losses, protect our investors, and position Runway Growth as a preferred lender. Our team remains focused on delivering attractive risk-adjusted returns for our shareholders.” First Quarter 2023 Operating ResultsTotal investment income for the quarter ended March 31, 2023 was $39.3 million, compared to $19.2 million for the quarter ended March 31, 2022. Net investment income for the quarter ended March 31, 2023 was $18.2 million, or $0.45 per share, compared to $12.5 million, or $0.30 per share, for the quarter ended March 31, 2022. The Comp...