Runway Growth Finance Corp. (RWAY) reported its financial results for the first quarter of 2025, revealing a net increase in net assets resulting from operations of $1.9 million, or $0.05 per share, compared to $12.0 million, or $0.30 per share, in the same period last year. The company's total investment income for the quarter was $35.4 million, down from $40.0 million in the prior year, primarily due to a decrease in interest income attributed to falling interest rates and a reduction in the average outstanding principal on interest-earning debt investments. The net asset value per share decreased to $13.48 from $13.79 at the end of the previous fiscal year.
Total assets as of March 31, 2025, were reported at $1.03 billion, a decline from $1.09 billion at the end of 2024. This decrease was largely driven by a reduction in the fair value of investments, which fell to $1.00 billion from $1.08 billion. The company’s investments at fair value included $997.4 million in non-control/non-affiliate investments, $6.9 million in control investments, and $4.6 million in affiliate investments. The company also reported cash and cash equivalents of $18.4 million, significantly up from $5.8 million at the end of 2024.
In terms of liabilities, Runway Growth Finance Corp. reported total liabilities of $529.6 million, down from $576.5 million at the end of 2024. The company reduced its credit facility debt to $253.0 million from $311.0 million, while maintaining its 2026 and 2027 notes at $95.0 million and $152.3 million, respectively. The company declared dividends totaling $13.4 million during the quarter, with $13.2 million payable in cash and the remainder distributed in shares under its Dividend Reinvestment Plan.
Operationally, the company’s investment portfolio consisted of 52 companies, with a focus on high-growth sectors such as technology and healthcare. The company funded $15.3 million in existing portfolio companies during the quarter and received $75.0 million from sales and prepayments. The dollar-weighted annualized yield on the debt investment portfolio was reported at 15.4%, down from 17.4% in the previous year. Looking ahead, Runway Growth Finance Corp. remains focused on maximizing total returns through its investment strategies while navigating the challenges posed by fluctuating interest rates and market conditions.
About Runway Growth Finance Corp.
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