Runway Growth Finance Corp. · NASDAQ:RWAY
Runway Growth Finance — Q4 2025 Earnings Presentation
30 slides from Runway Growth Finance's earnings presentation, Mar 12, 2026
Slide 1: Fourth Quarter 2025 Investor Presentation
Fourth Quarter 2025 Investor Presentation NASDAQ Listed I RWAY I RWAYL I RWAYZ Date Website March 2026 runwaygrowth.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation dated March 2026 is being provided by Runway Growth Finance Corp. (“Runway Growth” or the “Company”) for discussion purposes only and is neither an offer to sell, nor a solicitation of an offer to purchase, an interest in the Company. It is solely intende
Slide 3: Investment Opportunity
GROWTH FINANCE CORP = Investment Opportunity © 2026 RUNWAY GROWTH CAPITAL
Slide 4: The Runway Difference: A Compelling Entry Point for Investors
The Runway Difference Scaled Credit Robust Established Credit-first Strong, Stable Low Loss Platform Solution Set Track Record Underwriting Returns Rate Representing a Compelling Entry Point for Investors Attractive Yield with Potential Industry Leading Loss Rates Strong & Experienced Team Dry Powde
Slide 5: Runway Growth's Platform Continues to Evolve
Runway Growth's Platform Continues to Evolve Combined Platform AUM2 Our platform is establishing the infrastructure for multi-faceted growth: ORGANIC INORGANIC ~$10.2B In the last 12 months Runway has: This transaction demonstrates that Runway: Over 2x the closest standalone • Enhanced financing sol
Slide 6: Runway Growth Overview
GROWTH FINANCE CORP = Runway Growth Overview © 2026 RUNWAY GROWTH CAPITAL
Slide 7: SWK Transaction Enhances Runway Growth's Financial Profile
SWK Transaction Enhances Runway Growth’s Financial Profile + + Portfolio Expansion + Operational Efficiency Runway Growth Finance (RWAY) Increased scale and growth in Driven by enhanced scale anticipates the acquisition will generate key sectors mid single-digit run-rate NII accretion + Optimized Le
Slide 8: Runway is Providing Access to Venture Debt with a Fully-Scaled Platform
Runway is Providing Access to Near-term Growth Levers Post-BC Partners Venture Debt with a Fully-Scaled Combination: Platform Enhanced financing solutions: 1 Backed by the resources and scale of BC Partners, our + Leading Growth Capital Capabilities Underpinned by a Full-Service Credit Platform inve
Slide 9: Venture Debt is Leading Growth in Direct Lending
Venture Debt is Leading Growth in Direct Lending Runway’s Investment Focus & Process Venture loan values are climbing while the number of loans falls, underscoring a shift toward fewer but significantly larger transactions. • Low loan-to-value in the sub 30% area at origination provides a margin of
Slide 10: Runway Has an Edge in Pricing Risk and Ascribing Company Value
Runway Has an Edge in Pricing Risk and Ascribing Company Value APPROACH TO UNDERWRITING Low Loan-to-Value Structured amortization schedule “Core vs. Growth” – Understanding of cash burn of the borrower Covenants that allow us to act before problems become critical Active portfolio monitoring and pro
Slide 11: Portfolio Overview
Portfolio Overview Portfolio at Fair Value: $927.4 million Current Investments by Security Type Current Investments by Origination (by FMV)1 Channel (by FMV) 2% 1% 1% 4% Preferred Stock 24% Second Lien Term Loan Non-Sponsored Sponsored Senior Secured First Lien Term Loan Warrant Equity Interest 76%
Slide 12: Portfolio Overview
Portfolio Overview Portfolio at Fair Value: $927.4 million Cumulative since inception1 Current portfolio at origination Total Loan Commitments $3.3B Average Operating History2 15.6 Years Average Loan Commitment $33.5M Average Enterprise Value2 $471.3M Number of Investments Made 98 Average Revenue2 $
Slide 13: Highly Diversified Portfolio
Highly Diversified Portfolio Portfolio at Fair Value by Industry1 Portfolio Fair Value by Geography 1 2 Canada <1% % 0 5 8%5 % % 16% 19% 37% 7 % U.K. 2% 4% 5% Commercial & Professional Services, 13% Systems Software, 11% Netherlands Germany 2% 7% Breakout Across Verticals Application Software, 25% C
Slide 14: Strong Balance Sheet Provides For Flexibility & Growth
Strong Balance Sheet Provides For Flexibility & Growth Relatively low leverage ratio provides dry powder for growth Historical ROE1 and Leverage 13.9% 13.1% 12.7% 12.5% 12.3% 11.3% 11.4% 11.1% 9.5% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 0.95x 0.91x 1.10x 1.08x 1.08x 0.99x 1.05x 0.92x
Slide 15: Experienced Management Team with Solid Track Record
Experienced Management Team with Solid Track Record Our investment adviser’s highly experienced leadership team with strong venture-related backgrounds is equipped to deliver Runway’s vision and execute across multiple economic cycles. David Spreng Tom Raterman Greg Greifeld Founder, CEO CFO, COO CI
Slide 16: Runway's Story – Company History
Runway’s Story – Company History Demonstrated track record of growth and ability to attract top tier institutional partners Initial Fundraise & First Close Platform Investment Runway Today on the BDC Strategic alliance Continued Growth formed with Oaktree Capital Added new origination, credit and Ru
Slide 17: Portfolio & Financial Highlights
Portfolio & Financial Highlights Fourth Quarter 2025 17
Slide 18: Key Portfolio Metrics
Key Portfolio Metrics 41 debt and 72 equity investments to 56 portfolio companies as of 12/31/2025 Portfolio at FV & Investment Yield Sources of Investment Income1 2% 1% 1% 2% 2% 1% 2% 2% 16.88% 17.39% 16.83% 4% 1% 4% 1% 7% 3% 3% 3% 3% 1% 3% 7% 15.92% 6% 6% 7% 8% 9% 9% 10% 15.05% 14.69% 15.44% 15.40
Slide 19: Key Portfolio Metrics
Key Portfolio Metrics Committed Capital ($M) Cumulative Commitments Avg. New Deal Commitment $3,213 $3,282 $3,028 $3,093 $2,970 $2,731 $2,819 Inception-to-Date: $2,546 $2,582 • 28% Portfolio Companies Upsized (23 Portfolio Companies, 38 Upsize Transactions) • 16 Refinances or 20% of Portfolio Compan
Slide 20: Portfolio Risk Ratings
Portfolio Risk Ratings 91% Of The Portfolio Has A Weighted Average Risk Rating Of 3 Or Better Investments at Fair Value by Risk Rating Category1 Weighted Average Risk Rating1 4.00 1% 3.50 8% 3.00 2.39 2.44 2.47 2.48 2.42 2.45 Category 1 2.33 2.33 2.33 2.50 23% Category 2 0.23 2.00 Category 3 1.50 Ca
Slide 21: Warrants & Equity Portfolio
Warrants & Equity Portfolio 72 Warrants and/or Equity Investments in Warrants and Other Equity ($M) 48 Companies $106.6 • 23 Companies with both loan and equity investments $62.2 $57.8 $62.5 $67.1 $67.1 • 23 Companies with equity investments only $46.5 $46.8 $48.2 • 2 Companies with 100% equity inte
Slide 22: Leverage & Liquidity
Leverage & Liquidity Liquidity 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Cash & Equivalents $5.8 $3.3 $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 $18.2 Credit Facility $88.0 $128.0 $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.0 $291.0 $364.0 $377.0 Availability Net
Slide 23: Portfolio Highlights
Portfolio Highlights Average Accounting Yield1 Annualized Dividend Yield2 15.79% 15.67% 16.4% 16.2% 16.5% 15.8% 15.1% 15.02% 14.2% 14.85% 14.80% 14.1% 14.66% 13.8% 13.6% 14.56% 14.43% 14.03% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 W
Slide 24: Financial Highlights
Financial Highlights Statement of Assets & Liabilities 1 As of December 31, 2025 As of December 31, 2024 Total investments at fair value 927,402 1,076,840 Cash and cash equivalents 18,175 5,751 Total assets 960,114 1,091,355 Debt2 435,337 552,332 Total liabilities 475,145 576,486 Total net assets 48
Slide 25: Selected Historical Financial Information
Selected Historical Financial Information Three Months Ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Total investment income 30,037 36,747 35,147 35,398 33,779 Net investment income 11,627 15,736 13,948 15,599 14,621 Net investment income per share 0.32 0.43 0.38 0.42 0.39 Net asset value 484,969
Slide 26: Q4-2025 NAV/Share Bridge
Q4-2025 NAV/Share Bridge Per Share Impact - ($0.13) Reconciliation of Quarterly NAV per Share1 Increase Decrease Total $14.00 $13.90 $13.80 $13.70 $0.32 $(0.33) $13.60 $13.55 $(0.01) $0.01 $13.50 $(0.12) $13.40 $0.00 $13.42 $13.30 Earnings and Distributions Investment Portfolio Performance $13.20 Be
Slide 27: Supplemental Information
Supplemental Information 27
Slide 28: Regulation and Structure
Regulation and Structure Runway Growth is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC and treated as a RIC for tax purposes. Business Development Company (BDC) Regulated Investment Company (RIC) • Regulated by the SEC unde
Slide 29: Analyst Coverage
Analyst Coverage • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Clear Street – Mickey Schleien • Compass Point – Casey Alexander • Janney – John Rowan • J.P. Morgan – Richard Shane • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer
Slide 30: Contact us with any questions or comments.
Contact us with any questions or comments. investors@runwaygrowth.com
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