Business
Runway Growth Finance Corp. Reports Fourth Quarter and Fiscal Year Ended 2023 Financial Results
Delivered Total and Net Investment Income of $39.2 million and $18.3 million, Respectively Investment Portfolio of $1.0 billion Conference Call Today,
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Delivered Total and Net Investment Income of $39.2 million and $18.3 million, Respectively Investment Portfolio of $1.0 billion Conference Call Today, Thursday, March 7, 2024 at 5:00 p.m. ET MENLO PARK, Calif., March 07, 2024 (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, 2023. Fourth Quarter 2023 Highlights Total investment income of $39.2 millionNet investment income of $18.3 million, or $0.45 per shareNet asset value of $13.50 per shareDollar-weighted annualized yield on debt investments of 16.9% for the quarterEight investments completed in new and existing portfolio companies, representing $154.6 million in funded loans and other investmentsAggregate proceeds of $63.4 million received from principal prepayments 2023 Fiscal Year Highlights Total investment portfolio at year-end 2023 of $1.0 billion at fair value, excluding US Treasury BillsNet investment income of $78.3 million, or $1.93 per shareNet asset value (“NAV”) at 12/31/2023 of $547.1 million, or $13.50 per shareTotal investment fundings of $259.2 million: $83.5 million in four new portfolio companies and $175.7 million in 14 existing portfolio companiesLow credit loss ratio of an average 14 basis points per year on a gross basis and an average 11 basis points per year on a net (debt and equity) basis, based on cumulative commitments since inception First Quarter 2024 Distributions Declared first quarter 2024 regular dividend of $0.40 per shareDeclared first quarter 2024 supplemental dividend of $0.07 per share “In 2023, Runway Growth drove shareholder return while taking a measured approach to portfolio management as we preserved industry-leading credit quality,” said Greg Greifeld, Acting Chief Executive Officer of Runway Growth, and Deputy Chief Investment Officer and Head of Credit of Runway Growth Capital. “Over the course of the year, Runway Growth expanded its return on equity by 33 basis points and ended the fourth quarter with eight investments in new and existing portfolio companies.” Greifeld continued, “We are proud of our team’s thoughtful due diligence, consistent partnership with b...