Business
Runway Growth Finance Corp. Reports Second Quarter 2024 Financial Results
Delivered Total and Net Investment Income of $34.2 million and $14.6 million, Respectively Investment Portfolio of $1.1 billion Conference Call Today,
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Delivered Total and Net Investment Income of $34.2 million and $14.6 million, Respectively Investment Portfolio of $1.1 billion Conference Call Today, Thursday, August 8, 2024 at 5:00 p.m. ET MENLO PARK, Calif., Aug. 08, 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 second quarter ended June 30, 2024. Second Quarter 2024 Highlights Total investment income of $34.2 millionNet investment income of $14.6 million, or $0.37 per shareNet asset value of $13.14 per shareDollar-weighted annualized yield on debt investments of 15.1% for the quarterTwo investments completed in new portfolio companies representing $75.5 million in funded loansAggregate proceeds of $25.3 million received from principal prepayments, and $1.3 million received from scheduled amortizationsRepurchased 1,074,842 shares of the Company's common stock during the second quarter under previously authorized $25.0 million share repurchase program Third Quarter 2024 Distributions Declared third quarter 2024 regular dividend of $0.40 per shareDeclared third quarter 2024 supplemental dividend of $0.05 per share “In the second quarter, Runway Growth executed on two new investments as the Company thoughtfully expanded its high quality, late-stage portfolio,” said David Spreng, Founder and CEO of Runway Growth. “Heading into the second half of the year our pipeline is strong, and we remain focused on the performance of our portfolio while capitalizing on opportunities to re-deploy capital and increase the overall diversification of our investments. As a result of our strict underwriting and ongoing monitoring of our portfolio, we feel confident in our ability to position our shareholders for long-term returns.” Second Quarter 2024 Operating Results Total investment income for the quarter ended June 30, 2024 was $34.2 million, compared to $41.9 million for the quarter ended June 30, 2023. Net investment income for the quarter ended June 30, 2024 was $14.6 million, or $0.37 per share, compared to $19.7 million, or $0.49 per share, for the quarter ended June 30, 2023. The Company's dollar-weighted annualized yield on average debt investments for the qua...