Business
Runway Growth Finance Corp. Reports Second Quarter 2022 Financial Results
Achieves Record Total and Net Investment Income of $25.2 and $14.5 Million, Respectively Increases Core Leverage Ratio of Portfolio to 40% Grows Investment
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Achieves Record Total and Net Investment Income of $25.2 and $14.5 Million, Respectively Increases Core Leverage Ratio of Portfolio to 40% Grows Investment Portfolio to Record $807.7 Million Conference Call Today, Thursday, August 4 at 6:00 p.m. ET WOODSIDE, Calif., Aug. 04, 2022 (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 second quarter ended June 30, 2022. Second Quarter 2022 Highlights Total investment income of $25.2 millionNet investment income of $14.5 million, or $0.35 per shareTotal investment portfolio of $807.7 million at fair valueNet asset value of $14.14 per shareDollar-weighted annualized yield on debt investments of 15.1% for the quarterNine investments completed totaling $200.0 million in new commitments including $151.7 million in funded loansAggregate proceeds of $86.8 million received from principal repayments inclusive of interest, fees and proceeds from the exercise and sale of warrantsDeclared third quarter dividend of $0.33 per share, up 10% quarter over quarterSubsequent to quarter end, priced an offering of 7.50% notes due 2027 resulting in net proceeds of $78.1 million “Runway Growth had another record quarter in which we grew our portfolio by executing against our credit-first, long-term strategy,” said David Spreng, Founder and CEO of Runway Growth. “We are well positioned to continue to prudently scale our portfolio in the second half of the year.” Spreng continued, “We have the opportunity to capitalize on broader market dynamics and partner with best-in-class companies that are seeking non-dilutive capital. Runway is building a platform at the intersection of later-stage companies and lower-risk underwriting rigor. In volatile times, this focus on risk mitigation is our differentiator. We will continue to strategically deploy leverage and expand ROE to create value for both our shareholders and portfolio companies.” Second Quarter 2022 Operating Results Total investment income for the quarter ended June 30, 2022 was $25.2 million, compared to $18.7 million for the quarter ended June 30, 2021. The year-over-year improvement is primarily due to an increase in interest income on...