Runway Growth Finance Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total investment income for the quarter ended September 30, 2026, was $40.6 million, compared to $36.7 million in the same period in 2025.
• Net investment income was $15.9 million ($0.38 per share), compared to $15.7 million ($0.43 per share) in the prior year quarter.
• Total operating expenses were $24.7 million, an increase from $21.0 million in the prior year quarter.
• Net increase in net assets resulting from operations was $10.7 million ($0.26 per share), compared to $8.0 million ($0.22 per share) in the prior year quarter.
• Net realized gain was $10.0 thousand, compared to a net realized loss of $1.3 million in the prior year quarter.
• Net change in unrealized loss was $5.2 million, compared to a net change in unrealized loss of $6.4 million in the prior year quarter.
• Dollar-weighted annualized yield on debt investments was 15.8%.
• Net asset value per share was $11.94, compared to $11.91 as of June 30, 2026.
• Total net assets were $494.7 million, a 1.6% decrease from $502.6 million as of June 30, 2026.
• Core leverage ratio was approximately 110%, down from 136% in the prior quarter.
• Available liquidity was approximately $216.6 million, including $3.6 million in unrestricted cash and $213.0 million in borrowing capacity under the credit facility.

Guidance and Future Outlook:

• Management stated they intentionally moderated originations during the quarter to optimize the balance sheet but remain positioned to capitalize on demand for venture debt financing as the innovation economy grows.
• The company intends to continue a disciplined approach to capital allocation with shareholder value at the center of decision-making.
• The company declared a fourth quarter 2026 dividend of $0.33 per share.

Business Segments and Product Lines:

• The investment portfolio had an aggregate fair value of $1.1 billion, comprising $1.0 billion in loans (96.2% senior secured) and $69.7 million in warrants and other equity-related investments across 77 companies.
• The company completed four investments in existing portfolio companies totaling $8.5 million in funded investments.
• Aggregate proceeds included four full loan principal repayments totaling $130.7 million, $8.7 million in other scheduled loan principal amortization, and $0.6 million in equity proceeds.
• From October 1, 2026, through November 5, 2026, the company completed $4.0 million of additional debt commitments and funded $4.8 million in unfunded commitments on existing investments.
• During the same post-quarter period, the company received $55.0 million in debt prepayments and $0.7 million in equity proceeds.

Market and Competitive Landscape:

• Runway Growth is a specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity.
• Management noted strong earnings and stable NAV reflecting the company's position in the venture debt market.

Risks and Challenges:

• The press release references forward-looking statements involving risks and uncertainties, noting that actual results may differ materially due to factors described in the Company's filings with the SEC.
• Specific risk factors are detailed in the Company's most recent annual report on Form 10-K under the section "Risk Factors."

Management Commentary and Tone:

• David Spreng, Founder and Co-CEO, stated, "We are pleased to report solid third quarter results, reflecting strong earnings and stable NAV."
• Michael Rovner, Co-CEO, noted, "It's been an encouraging first few months at Runway as we continue to execute against our key priorities," highlighting progress in diversifying the portfolio, bringing leverage back within target ranges, and expanding the share repurchase program.

Other Key Points:

• The company repurchased 769,037 shares during the quarter for an aggregate purchase price of $4.8 million.
• On November 4, 2026, the Board of Directors approved an expansion and extension of the Fifth Repurchase Program, authorizing the repurchase of up to $30.0 million of outstanding shares until September 30, 2027.
• On October 1, 2026, the company issued approximately $46.3 million in aggregate principal amount of 7.75% interest-bearing unsecured Notes due October 1, 2031.
• On November 3, 2026, the company redeemed in full approximately $33.0 million in outstanding aggregate principal amount of its 9.00% Senior Notes due January 31, 2027.
• The company's credit facility balance was $212.0 million as of September 30, 2026, up from $173.0 million as of December 31, 2025.
• The 2029 Notes balance was $50.0 million as of September 30, 2026, with no balance as of December 31, 2025.
• The 2031 Notes balance was $103.25 million as of September 30, 2026, with no balance as of December 31, 2025.