Runway Growth Finance Corp. · NASDAQ:RWAY
Runway Growth Finance — Q1 2026 Earnings Presentation
32 slides from Runway Growth Finance's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Investor Presentation
First Quarter 2026 Investor Presentation NASDAQ Listed I RWAY I RWAYL I RWAYI I SWKHL Date Website May 2026 runwaygrowth.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation dated May 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 intended
Slide 3: Investment Opportunity
GROWTH FINANCE CORP = Investment Opportunity © 2026 RUNWAY GROWTH CAPITAL
Slide 4: The Runway Difference
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 ~$10.3B 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 NII accretion during the first full quarter + Optimize
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 activity remains modest overall and robust at the top end of the market, with record levels of capital deployment • Low loan-to-value in the sub 30% area at origination provides a margin of safety for ventur
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: $886.3 million Current Investments by Security Type Current Investments by Origination (by FMV)1 Channel (by FMV) 2% 2% 1% 3% 24% Preferred Stock Second Lien Term Loan Non-Sponsored Senior Secured First Lien Term Loan Sponsored Warrant Equity Interest 76%
Slide 12: Portfolio Overview
Portfolio Overview Portfolio at Fair Value: $886.3 million Cumulative since inception1 Current portfolio at origination Total Loan Commitments $3.3B Average Operating History2 15.6 Years Average Loan Commitment $33.4M Average Enterprise Value2 $474.6M Number of Investments Made 100 Average Revenue2
Slide 13: Highly Diversified Portfolio
Highly Diversified Portfolio Portfolio Fair Value by Geography Portfolio at Fair Value by Industry1 1 2 Canada <1% % 0 5 9%5 % % 17% 19% 35% 7 % U.K. 2% 4% 5% Commercial & Professional Services, 12% Systems Software, 11% Netherlands Germany 2% 7% Breakout Across Verticals Financials 18% Application
Slide 14: Runway’s Approach to Software
Runway’s Approach to Software Software Investing Framework Runway’s Technology Vertical • Late-Stage Focus: Target high-quality software companies with proven business models and durable, non-cyclical revenue profiles • Mission-Critical Solutions: Invest in platforms embedded in customer workflows w
Slide 15: Runway’s Pro Forma Portfolio
Runway’s Pro Forma Portfolio RWAY (3/31/26) Pro Forma Fair Value of Investments $886.3 million $1,126.0 million Top 10 investments (% based on Fair Value) 54% 43% Number of debt portfolio companies 32 44 Number of debt investments 45 58 Average principal loan size $28.3 million $25.2 million Weighte
Slide 16: Strong Balance Sheet Provides For Flexibility & Growth
Strong Balance Sheet Provides For Flexibility & Growth Relatively low leverage ratio provides dry powder for growth Historical ROE1 and Leverage 13.9% 12.5% 12.3% 12.7% 11.3% 11.4% 11.1% 9.5% 9.2% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 0.91x 1.10x 1.08x 1.08x 0.99x 1.05x 0.92x 0.90x 0
Slide 17: Experienced Management Team with Solid Track Record
Experienced Management Team with Solid Track Record Our investment adviser’s highly experienced leadership team with strong venture-related backgrounds is equipped to deliver Runway’s vision and execute across multiple economic cycles. David Spreng Tom Raterman Carmela Thomson Avisha Khubani Founder
Slide 18: Runway’s Story – Company History
Runway’s Story – Company History Demonstrated track record of growth and ability to attract top tier institutional partners Initial Fundraise & First Close Platform Investment Runway Today on the BDC Strategic alliance Continued Growth formed with Oaktree Capital Added new origination, credit and Ru
Slide 19: Portfolio & Financial Highlights
Portfolio & Financial Highlights First Quarter 2026 19
Slide 20: Key Portfolio Metrics
Key Portfolio Metrics 45 debt and 71 equity investments to 56 portfolio companies as of 3/31/2026 Portfolio at FV & Investment Yield Sources of Investment Income1 17.39% 16.83% 1% 2% 15.92% 1% 2% 2% 1% 2% 3% 15.05% 14.69% 15.44% 15.40% 14.15% 14.22% 4% 1% 7% 3% 3% 3% 3% 1% 3% 7% 6% 7% 8% 9% 9% 6% 7%
Slide 21: Key Portfolio Metrics
Key Portfolio Metrics Committed Capital ($M) Cumulative Commitments Avg. New Deal Commitment Inception-to-Date: $3,213 $3,282 $3,338 $3,093 • 28% Portfolio Companies Upsized (23 Portfolio $2,819 $2,970 $3,028 $2,731 Companies, 38 Upsize Transactions) $2,582 • 16 Refinances or 19% of Portfolio Compan
Slide 22: Portfolio Risk Ratings
Portfolio Risk Ratings 91% Of The Portfolio Has A Weighted Average Risk Rating Of 3 Or Better Investments at Fair Value by Risk Rating Category1 Weighted Average Risk Rating1 4.00 Category 5 7% Category 1 3.50 Category 4 1% 2% 3.00 2.67 2.44 2.47 2.48 2.42 2.45 2.33 2.33 2.33 2.50 0.23 2.00 Category
Slide 23: Warrants & Equity Portfolio
Warrants & Equity Portfolio 71 Warrants and/or Equity Investments in 47 Companies Warrants and Other Equity ($M) $106.6 • 23 Companies with both loan and equity investments • 23 Companies with equity investments only $62.2 $62.5 $67.1 $67.1 $46.8 $48.2 $57.8 $56.8 • 1 Company with 100% equity intere
Slide 24: Leverage & Liquidity
Leverage & Liquidity Liquidity 2023 2024 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Cash & Equivalents $3.3 $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 $18.2 $2.3 Credit Facility Availability $128.0 $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.0 $291.0 $364.0 $377.0 $370.0 Ne
Slide 25: Portfolio Highlights
Portfolio Highlights Average Accounting Yield1 Annualized Dividend Yield2 15.67% 16.4% 16.2% 16.5% 15.02% 15.8% 15.6% 14.85% 14.66% 14.80% 14.56% 14.43% 14.2% 14.1% 13.8% 13.6% 14.03% 13.67% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 W
Slide 26: Financial Highlights
Financial Highlights Statement of Assets & Liabilities 1 As of March 31, 2026 As of March 31, 2025 Total investments at fair value 886,346 927,402 Cash and cash equivalents 2,312 18,175 Total assets 904,926 960,114 Debt2 426,944 435,337 Total liabilities 466,698 475,145 Total net assets 438,228 484,
Slide 27: Selected Historical Financial Information
Selected Historical Financial Information Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Total investment income 29,450 30,037 36,747 35,147 35,398 Net investment income 10,624 11,627 15,736 13,948 15,599 Net investment income per share 0.29 0.32 0.43 0.38 0.42 Net asset value 438,228 4
Slide 28: Q1-2026 NAV/Share Bridge
Q1-2026 NAV/Share Bridge Per Share Impact: (-$1.29) Reconciliation of Quarterly NAV per Share1 Increase Decrease Total $14.00 $13.50 $0.29 $(0.33) $0.03 $- $13.42 $13.00 $(1.28) $12.50 $(0.00) $12.00 $12.13 $11.50 Earnings and Distributions Investment Portfolio Performance $11.00 Beginning NAV Net I
Slide 29: Supplemental Information
Supplemental Information 29
Slide 30: 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 31: Analyst Coverage
Analyst Coverage • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Clear Street – Mickey Schleien • Compass Point – Casey Alexander • J.P. Morgan – Richard Shane • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer – Mitchell Penn, CFA •
Slide 32: Contact us with any questions or comments.
Contact us with any questions or comments. investors@runwaygrowth.com
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