Business
Runway Growth Finance Corp. Reports Fourth Quarter and Fiscal Year Ended 2021 Financial Results
Reports Quarterly and Annual Investment Income of $17.6 and $71.4 Million, Respectively Record Quarterly Origination Volume of $216 Million Conference Call
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Reports Quarterly and Annual Investment Income of $17.6 and $71.4 Million, Respectively Record Quarterly Origination Volume of $216 Million Conference Call Today, Thursday, March 3 at 6:00 p.m. ET WOODSIDE, Calif., March 03, 2022 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late-stage and growth companies seeking an alternative to raising equity, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021. Fourth Quarter 2021 Highlights Net investment income (“NII”) of $10.9 million, or $0.28 per shareAnnualized portfolio yield on debt investments of 14.0% for the quarterSix investments funded totaling $188.9 million across three new and three existing portfolio companiesAggregate proceeds of $94.1 million received from principal repayments, including normal amortization and prepayments$70 million raised through issuance of 4.25% unsecured senior notes due 2026; $20 million closed in December 2021, remaining $50 million closed in February 2022 2021 Fiscal Year Highlights Total investment portfolio at 12/31/2021 of $729.5 million at fair valueNII of $44.5 million, or $1.12 per shareNet asset value (“NAV”) at 12/31/2021 of $606.2 million, or $14.65 per shareTotal investment fundings of $424.1 million: $239.5 million in 11 new portfolio companies and $184.6 million in 16 existing portfolio companiesTotal loan commitments and investment fundings of $1.45 billion and $1.18 billion, respectively, since Runway Growth’s inceptionNo credit losses and industry-leading low loss ratio of 20 basis points per year on a gross basis and 1 basis point per year on a net basis, based on cumulative commitments “Runway Growth’s strong financial results, record originations and industry leading low credit losses underscores the power of our proprietary underwriting process and disciplined approach to capital deployment,” said David Spreng, Founder and CEO of Runway Growth. “2021 was a monumental year for Runway Growth as we entered the public market with a differentiated approach, targeting late-and growth-stage businesses through bespoke financing solutions to offer investors consistent yield while maximizing returns.\" Spreng continued, “Runway Growth was conceived to be cycle resistant, so as we look in...