Runway Growth Finance Corp. · NASDAQ:RWAY
Runway Growth Finance — Q3 2025 Earnings Presentation
27 slides from Runway Growth Finance's earnings presentation, Nov 6, 2025
Slide 1: Runway Growth Finance Corp. Third Quarter 2025 Investor Presentation
Runway Growth Finance Corp. Third Quarter 2025 Investor Presentation NASDAQ Listed I RWAY I RWAYL I RWAYZ November 2025 © Runway Growth Capital LLC 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation dated November 2025 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 inte
Slide 3: Investment Thesis
Investment Thesis Our Investment Opportunity 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 Industry Leading Strong & D
Slide 4: Platform Continues to Evolve
Runway Growth Overview Runway Growth's Platform Continues to Evolve Our platform is establishing the infrastructure for multi-faceted growth: ORGANIC INORGANIC In the last 12 months Runway has: This transaction demonstrates that Runway: ✓ Enhanced financing solutions ✓ Represents a destination for g
Slide 5: Runway Growth Overview
Runway Growth Overview RUNWAY GROWTH FINANCE CORP. 5
Slide 6: SWK Transaction enhances Runway Growth's financial profile
Runway Growth Overview SWK Transaction enhances Runway Growth’s financial profile Enhanced scale expected to drive further RWAY fixed + cost absorption Runway Growth Finance + Portfolio Expansion + Operational Efficiency anticipates the acquisition will Increased scale and growth in Driven by enhanc
Slide 7: Runway is Providing Access to Venture Debt with a Fully-Scaled Platform
Runway Growth Overview Runway is Providing Access to Venture Debt with a Fully-Scaled Platform Leading Growth Capital Capabilities Underpinned by a Full-Service Credit Near-term Growth Levers Platform Post-BC Partners Combination: Comprehensive Capital Solutions for Enhanced financing solutions: the
Slide 8: Venture Debt is Leading Growth in Direct Lending
Runway Growth Overview Venture Debt is Leading Growth in Direct Lending As founders opt for larger raises to extend runway and defer future rounds, Runway continues to be well positioned to take advantage of diversified loan size and solutions to drive portfolio growth. $400 25,000 Venture Debt Deal
Slide 9: Runway Has an Edge in Pricing Risk and Ascribing Company Value
Runway Growth Overview 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 portf
Slide 10: Portfolio Overview
Runway Growth Overview Portfolio Overview Portfolio at Fair Value: $946 million Current Investments by Security Type (by FMV)1 Current Investments by Origination Channel (by FMV) 2% 1% 2% 4% Preferred Stock 22% Second Lien Term Loan Non-Sponsored Senior Secured First Lien Term Loan Warrant Sponsored
Slide 11: Highly Diversified Portfolio
Runway Growth Overview Highly Diversified Portfolio (1) Portfolio at Fair Value by Industry Portfolio Fair Value by Geography 1 2 Canada 2% 5 % 0 8% 5 % % 16% 19% 40% 7 % U.K. 16% 2% 3% 4% 54% Application Software, 24% Systems Software, 15% Netherlands Germany 2% 4% 3% Breakout Across Verticals Heal
Slide 12: Strong Balance Sheet Provides For Flexibility & Growth
Runway Growth Overview Strong Balance Sheet Provides For Flexibility & Growth Historical ROE1 and Leverage 15.4% 13.9% 13.1% 12.5% 12.7% 12.3% 11.3% 11.4% 11.1% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.79x 0.95x 0.91x 1.10x 1.08x 1.08x 0.99x 1.05x 0.92x Relatively low leverage ratio p
Slide 13: Experienced Management Team with Solid Track Record
Runway Growth Overview 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. Runway’s Leadership. David Spreng Tom Rat
Slide 14: Runway's Story - Company History
Runway Growth Overview Runway’s Story – Company History Demonstrated track record of growth and ability to attract top tier institutional partners Platform Investment Runway Today Added new origination, credit Initial Fundraise & First Continued Growth Launch of LP Fund and finance team members Runw
Slide 15: Portfolio & Financial Highlights
THIRD QUARTER 2025 Portfolio & Financial Highlights RUNWAY GROWTH FINANCE CORP. 15
Slide 16: Key Portfolio Metrics
Portfolio & Financial Highlights Key Portfolio Metrics Portfolio at FV & Investment Yield Sources of Investment Income(1) 18.27% 2% 1% 1% 2% 2% 3% 1% 2% 17.39% 2% 1% 16.88% 16.83% 1% 3% 3% 3% 1% 3% 4% 4% 4% 7% 15.92% 15.44% 15.40% 7% 9% 15.05% 14.69% 8% 6% 6% 8% 9% 10% 7% 5% 11% 8% 8% 10% 12% 11% 7%
Slide 17: Key Portfolio Metrics
Portfolio & Financial Highlights Key Portfolio Metrics Committed Capital ($M) Cumulative Commitments Avg. New Deal Commitment Inception-to-Date: $3,093 $3,213 $3,028 $2,731 $2,819 $2,970 • 29% Portfolio Companies Upsized (23 $2,546 $2,582 Portfolio Companies, 36 Upsize $2,354 Transactions) • 16 Refi
Slide 18: Portfolio Risk Ratings
Portfolio & Financial Highlights Portfolio Risk Ratings Investments at Fair Value by Weighted Average Risk Rating1 Risk Rating Category1 4.00 8% Category 2 3.50 3.00 Category 3 2.39 2.44 2.47 2.48 2.42 23% 2.24 2.33 2.33 2.33 2.50 Category 4 2.00 1.50 69% * * 1.00 0.50 0.00 Q3'23 Q4'23 Q1'24 Q2'24 Q
Slide 19: Warrants & Equity Portfolio
Portfolio & Financial Highlights Warrants & Equity Portfolio Warrants and Other Equity ($M) Warrant and Other Equity Holdings $106.6 • 22 Companies with both loan and warrant investments • 15 Companies with warrant investments only $67.1 • 7 Companies with shares of common or preferred stock $62.2 $
Slide 20: Leverage & Liquidity
Portfolio & Financial Highlights Leverage & Liquidity Liquidity 2022 2023 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Cash & $5.8 $5.8 $3.3 $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 Equivalents Credit Facility $250.0 $88.0 $128.0 $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.
Slide 21: Portfolio Highlights
Portfolio & Financial Highlights Portfolio Highlights Average Accounting Yield1 Annualized Dividend Yield2 16.4% 16.5% 16.2% 15.8% 14.6% 14.6% 14.5% 14.4% 15.4% 14.3% 14.1% 14.1% 15.1% 13.3% 13.0% 14.2% 14.1% 13.8% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q
Slide 22: Financial Highlights
Portfolio & Financial Highlights Financial Highlights STATEMENT OF ASSETS & LIABILITIES 1 As of September 30, 2025 As of December 31, 2024 Total investments at fair value 945,964 1,076,840 Cash and cash equivalents 7,917 5,751 Total assets 963,346 1,091,355 Debt2 443,506 552,332 Total liabilities 47
Slide 23: Q3-2025 NAV/Share Bridge
Portfolio & Financial Highlights Q3-2025 NAV/Share Bridge Reconciliation of Quarterly NAV per Share1 Increase Decrease Total $14.00 $13.90 $(0.36) $0.43 $13.80 $13.70 $(0.04) $(0.04) $13.66 $13.60 $(0.13) $0.03 $13.55 $13.50 $13.40 $13.30 $13.20 Beginning NAV Net Investment Dividend Net realized Rev
Slide 24: Supplemental Information
Supplemental Information RUNWAY GROWTH FINANCE CORP. 24
Slide 25: 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 26: Analyst Coverage
Analyst Coverage • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Compass Point – Casey Alexander • Janney – John Rowan • J.P. Morgan – Melissa Wedel, CFA • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer – Mitchel Penn, CFA • UBS –
Slide 27: Please contact us with any questions or comments.
Please contact us with any questions or comments. investors@runwaygrowth.com
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