Business
Runway Growth Finance Corp. Reports Third Quarter 2021 Financial Results
Raised Gross Proceeds Totaling $100 Million with Initial Public Offering on October 25, 2021 Reports Net Investment Income of $10.7 Million for the Third
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Raised Gross Proceeds Totaling $100 Million with Initial Public Offering on October 25, 2021 Reports Net Investment Income of $10.7 Million for the Third Quarter Conference Call Today, Thursday, November 4 at 4:30 p.m. ET WOODSIDE, Calif., Nov. 04, 2021 (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 quarter ended September 30, 2021. Third Quarter 2021 Highlights Raised total gross proceeds of approximately $100 million with initial public offering in October 2021Net investment income (“NII”) of $10.7 million, or $0.32 per shareAnnualized portfolio yield on debt investments of 15.3% for the quarterFunded six investments totaling $101.3 million across two new and four existing portfolio companiesReceived aggregate proceeds of $104.7 million from principal repayments, including normal amortization and prepaymentsInaugural quarterly dividend as a public company of $0.25 per share payable on November 22, 2021, the Company’s fifteenth consecutive quarterly dividend Year-to-Date Highlights Total investment portfolio of $646.4 million at fair valueNet investment income of $33.6 million, or $1.04 per shareNet asset value of $504.2 million, or $14.60 per shareFunded investments totaling $237.1 million: $140.1 million in nine new portfolio companies and $97.0 million in ten existing portfolio companiesTotal loan commitments and investment fundings of $1.2 billion and $1.0 billion, respectively, since Runway Growth’s inception “We are thrilled to be entering the next phase of Runway Growth’s strategy as a publicly-traded, pure-play growth lending platform,” said David Spreng, Founder, CEO and Chief Investment Officer of Runway Growth. “We continued to capitalize on a favorable market backdrop, achieving strong year-over-year NII growth. On a sequential basis, we were pleased to maintain the scale of our investment portfolio, despite heightened prepayment activity, as well as our solid NAV levels.” Spreng continued, “Runway Growth is poised to finish 2021 from a position of strength and hit the ground running in 2022. We see strong origination trends across both sponsored and non-sponsored opportunities in a rapidly expa...