Runway Growth Finance Corp. · NASDAQ:RWAY
Runway Growth Finance — Q2 2026 Earnings Presentation
38 slides from Runway Growth Finance's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation NASDAQ Listed I RWAY I RWAYL I RWAYI I SWKHL Date Website August 2026 runwaygrowth.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation dated August 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 intend
Slide 3: Runway Growth Overview
GROWTH FINANCE CORP = Runway Growth Overview © 2026 RUNWAY GROWTH CAPITAL
Slide 4: The Runway Difference
The Runway Difference Scaled Credit Robust Established Credit-first Strong, Stable Low Historical Loss Platform Solution Set Track Record Underwriting Returns Rate Representing a Compelling Entry Point for Investors Attractive Yield with Potential Credit First Approach Strong & Experienced Team Dive
Slide 5: 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 on the BDC Strategic alliance Continued Growth Runway Today formed with Oaktree Capital Funded $328M in loan Launch of LP Fund Runway Growth Cap
Slide 6: 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 ~$11.4B In the last 12 months Runway has: This transaction demonstrates that Runway: Over 2x the closest standalone • Enhanced financing sol
Slide 7: 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 8: 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 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 • Low loan-to-value in the sub 30% area at of capital deployment origination provides a margin of safety for ventur
Slide 10: Runway's Management Team
Runway’s Management Team Runway’s expanded leadership team combines complementary experience while maintaining the Company's proven investment strategy and underwriting discipline, strengthening its ability to execute across market cycles. David Spreng Mike Rovner Carmela Thomson Avisha Khubani Foun
Slide 11: Investment Opportunity
Investment Opportunity Strong Fundamentals Long-Term Value 11
Slide 12: Overview & Key Themes
Overview & Key Themes Capital Commitment Reinforces Shareholder Alignment $15M Share Common shares Adviser and insiders 2026 dividend Repurchase currently trade at a intend to purchase up expected to remain Underway ~23% dividend yield1 to 10% of shares fully covered Valuation Disconnect Proactive P
Slide 13: Insiders' Commitment to Purchase Shares & Ongoing Company Share Repurchase
Insiders’ Commitment to Purchase Shares & Ongoing Company Share Repurchase Board, Management, Adviser and Affiliates Stock Purchases to Further Align Interests with Shareholders $15 Million Company Sponsored Share Repurchase Plan APPROVAL PLAN TO ACQUIRE Approved by Board of Directors and announced
Slide 14: Current Market Price Overstates Probable Credit Losses
Current Market Price Overstates Probable Credit Losses Market Implied Credit Losses of 49% of Q2-26 NAV as of August 4, 2026 • Category 5: 0% recovery • Category 4: 0% recovery • Category 3: 4% recovery Total of 6 investments with partial losses since inception vs implied ~10 investments with full l
Slide 15: Portfolio Valuations Independently Validated & Consistently Realized
Portfolio Valuations Independently Validated & Consistently Realized Third-party review, backtesting consistency, and internal independence support the reliability of our fair value marks. Broad Third-Party Review1 Backtesting Demonstrates Accuracy2,3 Runway uses nationally recognized firms includin
Slide 16: Runway's Proactive Monitoring Framework
Runway’s Proactive Monitoring Framework Runway’s proactive monitoring framework is designed to identify emerging performance variances early and increase engagement before issues become more significant. Active Monitoring Framework 83% report monthly 17% report quarterly, with additional reporting a
Slide 17: Strategic & Financial Benefits of the Acquisition of SWK Holdings
Strategic & Financial Benefits of the Acquisition of SWK Holdings Acquisition Highlights Key Takeaways • Stronger diversification with lower concentration • Meaningful increase in income generating assets +13 ~$0.05 26% ~16.9% Debt Portfolio Growth in Yielding • Immediately accretive to earnings Qua
Slide 18: Stable Dividend Outlook
Stable Dividend Outlook $0.66 ~23% Dividend/share paid year- Dividend yield on market to date price1 Anticipate greater than 100% coverage on annual base $1.32 ~11% dividend Expected full-year base Dividend yield to 6/30/26 dividend NAV © 2026 RUNWAY GROWTH CAPITAL 1. As of 8/4/2026 18
Slide 19: Portfolio & Financial Highlights
Portfolio & Financial Highlights Second Quarter 2026 19
Slide 20: Portfolio Overview
Portfolio Overview Portfolio at Fair Value: $1.2 billion Cumulative since inception1 Current portfolio at origination Total Loan Commitments $3.7B Average Operating History2 15.1 Years Average Loan Commitment $31.7M Average Enterprise Value2 $402.7M Number of Investments Made 115 Average Revenue2 $1
Slide 21: Portfolio Overview
Portfolio Overview Portfolio at Fair Value: $1.2 billion Current Investments by Security Type Current Investments by Origination (by FMV)1 Channel (by FMV) 2% 2% 1% 3% 2% Preferred Stock Second Lien Term Loan 33% Senior Secured First Lien Non-Sponsored Term Loan Sponsored Warrant & Other Contractual
Slide 22: Highly Diversified Portfolio
Highly Diversified Portfolio Portfolio Fair Value by Geography Portfolio at Fair Value by Industry1 Canada 1% 0 5 % 6%5 % 15% 24% 31% 7 % U.K. 5% 4% 6% Commercial & Professional Financial Services, 11% Services, 10% Netherlands Germany 2% 6% Application Software, 21% Breakout Across Verticals Househ
Slide 23: Runway's Approach to Software
Runway’s Approach to Software Software Investing Framework Runway’s Technology Vertical • Late-Stage Focus: Target high-quality software companies with proven business models and durable, non-cyclical revenue profiles 19% 56% 25% • Mission-Critical Solutions: Invest in platforms embedded in customer
Slide 24: Key Portfolio Metrics
Key Portfolio Metrics 57 debt and 101 equity investments to 79 portfolio companies as of 6/30/2026 Excluding impact from recent Portfolio at FV & Investment Yield non-accruals, Q2-26 yield would have been ~15%. Sources of Investment Income 16.83% 1% 2% 2% 1% 2% 2% 2% 1% 15.92% 15.44% 15.40% 3% 1% 1%
Slide 25: Key Portfolio Metrics
Key Portfolio Metrics Committed Capital ($M) Cumulative Commitments Avg. New Deal Commitment $3,683 Inception-to-Date: $3,282 $3,338 $3,093 $3,213 • 26% of Portfolio Companies Upsized (25 Portfolio $2,819 $2,970 $3,028 $2,731 Companies, 41 Upsize Transactions) • 17 Refinances or 17% of Portfolio Com
Slide 26: Portfolio Risk Ratings
Portfolio Risk Ratings 94% Of The Portfolio Has A Weighted Average Risk Rating Of 3 Or Better Investments at Fair Value by Risk Rating Category1 Weighted Average Risk Rating1 Category 5, 4.00 4% Category 4, 2% 3.50 Category 1, 3.00 2.67 11% 2.47 2.48 2.42 2.45 2.33 2.33 2.33 2.34 Category 3, 18% 2.5
Slide 27: Warrants & Equity Portfolio
Warrants & Equity Portfolio 101 Warrants and/or Equity Investments in 66 Companies Warrants and Other Equity ($M) $106.6 • 33 Companies with both loan and equity investments $67.1 $67.1 $70.0 • 32 Companies with equity investments only $62.2 $57.8 $62.5 $56.8 $48.2 • 1 Company with 100% equity inter
Slide 28: Strong Balance Sheet Provides For Flexibility & Growth
Strong Balance Sheet Provides For Flexibility & Growth Historical ROE1 and Leverage 15.5% 12.5% 12.3% 12.7% 11.3% 11.4% 11.1% 9.5% 9.2% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1.10x 1.08x 1.08x 0.99x 1.05x 0.92x 0.90x 0.98x 1.36x Past performance is not an indication of future results
Slide 29: Financial Highlights
Financial Highlights Statement of Assets & Liabilities 1 As of June 30, 2026 As of June 30, 2025 Total investments at fair value 1,192,350 1,024,951 Cash and cash equivalents 10,831 5,960 Total assets 1,222,357 1,041,257 Debt2 678,945 515,948 Total liabilities 719,779 542,383 Total net assets 502,57
Slide 30: Selected Historical Financial Information
Selected Historical Financial Information Three Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 Total investment income 37,026 29,450 30,037 36,747 35,147 Net investment income 18,191 10,624 11,627 15,736 13,948 Net investment income per share 0.43 0.29 0.32 0.43 0.38 Net asset value 502,578 4
Slide 31: Leverage & Liquidity
Leverage & Liquidity Liquidity 2023 2024 2025 2026 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Cash & Equivalents $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 $18.2 $2.3 $10.8 Credit Facility Availability $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.0 $291.0 $364.0 $377.0 $370.0 $200.0 N
Slide 32: Financial Highlights
Financial Highlights Average Accounting Yield1 Annualized Dividend Yield2 Excluding impact from recent 19.2% 15.02% 14.80% non-accruals, Q2-26 yield would 14.85% 14.66% have been ~15% 14.56% 14.43% 14.03% 15.5% 15.3% 15.5% 13.86% 14.8% 13.60% 13.5% 13.1% 13.4% 13.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'
Slide 33: NAV/Share Bridge- SWK Acquisition Impact
NAV/Share Bridge- SWK Acquisition Impact (3/31/26 to 4/6/26) NAV per Share Remained Stable Excluding One-Time Acquisition Expenses(1) Per Share Impact: (-$0.22) 1. NAV/share calculated using shares outstanding immediately preceding acquisition close on 4/6/26 of 36,134,037 © 2026 RUNWAY GROWTH CAPIT
Slide 34: Q2-2026 NAV/Share Bridge from SWK Closing NAV
Q2-2026 NAV/Share Bridge from SWK Closing NAV(1) Per Share Impact: ($0.00) © 2026 RUNWAY GROWTH CAPITAL 1. NAV/share calculated using weighted average shares outstanding of 42,074,771 34
Slide 35: Supplemental Information
Supplemental Information 35
Slide 36: 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 37: Analyst Coverage
Analyst Coverage • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Clear Street – Mickey Schleien • Compass Point – Jason Stewart • J.P. Morgan – Richard Shane • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer – Mitchell Penn, CFA • W
Slide 38: Contact us with any questions or comments.
Contact us with any questions or comments. investors@runwaygrowth.com
Runway Growth Finance — Q2 2026 Earnings Presentation on 6ix