Business
Runway Growth Finance Corp. Reports Fourth Quarter and Fiscal Year Ended 2022 Financial Results
Delivered Record Quarterly and Annual Net Investment Income of $18.4 and $59.8 Million, Respectively Increased Core Leverage Ratio of Portfolio to 97% Grew
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Delivered Record Quarterly and Annual Net Investment Income of $18.4 and $59.8 Million, Respectively Increased Core Leverage Ratio of Portfolio to 97% Grew Investment Portfolio to Record $1.1 Billion Conference Call Today, Thursday, March 2 at 6:00 p.m. ET WOODSIDE, Calif., March 02, 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 fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter 2022 Highlights Total investment income of $36.8 millionNet investment income of $18.4 million, or $0.45 per shareNet asset value of $14.22 per shareDollar-weighted annualized yield on debt investments of 15.5% for the quarter12 investments completed in new and existing portfolio companies totaling $327.0 million in new commitments including $232.6 million in funded loansAggregate proceeds of $16.0 million received from principal repaymentsDeclared first quarter 2023 dividend of $0.40 per share, up 11% quarter over quarterDeclared a first quarter 2023 supplemental dividend of $0.05 per share 2022 Fiscal Year Highlights Total investment portfolio at year-end 2022 of $1.1 billion at fair valueNet investment income of $59.8 million, or $1.46 per shareNet asset value (“NAV”) at 12/31/2022 of $576.1 million, or $14.22 per shareTotal investment fundings of $628.8 million: $401.1 million in 14 new portfolio companies and $227.7 million in 12 existing portfolio companiesNo credit losses and industry-leading low credit loss ratio of 6 basis points per year on a gross basis and 1 basis point per year on a net (debt and equity) basis, based on cumulative commitments “Runway Growth delivered its fifth consecutive record quarter, which we believe validates our investment strategy in high quality, late-stage companies,” said David Spreng, Founder and CEO of Runway Growth. “During 2022, Runway continued to prudently deploy leverage achieving its objective range, to unlock increasingly attractive shareholder returns while fueling minimally dilutive growth for our portfolio companies.” Spreng continued, “Runway Growth’s success speaks to the value of our differentiated and durable model that offers sustainable yield despite ...