Runway Growth Finance (RWAY)


Market Price (11/6/2026): $6.56 | Market Cap: $274.9 MilSector: Financials | Industry: Asset Management & Custody Banks

Runway Growth Finance (RWAY)


Market Price (11/6/2026): $6.56
Market Cap: $274.9 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%

Low stock price volatility
Vol 12M is 34%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Venture Capital.

Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -103%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.21

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 265%

Expensive valuation multiples
P/SPrice/Sales ratio is 11x, P/EPrice/Earnings or Price/(Net Income) is 33x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.5%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -335%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -335%

Key risks
RWAY key risks include [1] deteriorating credit quality and a rising risk rating within its tech-concentrated portfolio, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%
2 Low stock price volatility
Vol 12M is 34%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Venture Capital.
4 Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -103%
5 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.21
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 265%
7 Expensive valuation multiples
P/SPrice/Sales ratio is 11x, P/EPrice/Earnings or Price/(Net Income) is 33x
8 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.5%
9 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -335%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -335%
10 Key risks
RWAY key risks include [1] deteriorating credit quality and a rising risk rating within its tech-concentrated portfolio, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/5/2026

Runway Growth Finance (RWAY) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance: Runway Growth Finance Corp. reported robust financial results for its fiscal third quarter ended September 30, 2026, surpassing analyst expectations. The company announced quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.33 per share by 15.15%. Additionally, revenues for fiscal Q3 2026 reached $40.56 million, exceeding the consensus estimate by 6.12%. Net investment income stood at $15.9 million, or $0.38 per share, which fully covered the declared quarterly dividend.

2. Improved Balance Sheet and High Portfolio Yield: The company demonstrated significant improvements in its balance sheet, with core leverage declining to approximately 110% at September 30, 2026, from 136% at June 30, 2026. This reduction in leverage indicates a strengthened financial position. Furthermore, the dollar-weighted annualized yield on debt investments for fiscal Q3 2026 remained strong at 15.8%.

Show more
Updated on 11/5/2026

Runway Growth Finance (RWAY) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance: Runway Growth Finance Corp. reported robust financial results for its fiscal third quarter ended September 30, 2026, surpassing analyst expectations. The company announced quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.33 per share by 15.15%. Additionally, revenues for fiscal Q3 2026 reached $40.56 million, exceeding the consensus estimate by 6.12%. Net investment income stood at $15.9 million, or $0.38 per share, which fully covered the declared quarterly dividend.

2. Improved Balance Sheet and High Portfolio Yield: The company demonstrated significant improvements in its balance sheet, with core leverage declining to approximately 110% at September 30, 2026, from 136% at June 30, 2026. This reduction in leverage indicates a strengthened financial position. Furthermore, the dollar-weighted annualized yield on debt investments for fiscal Q3 2026 remained strong at 15.8%.

3. Consistent Shareholder Returns Through Dividends and Repurchases: Runway Growth Finance maintained its commitment to shareholder returns by declaring consistent quarterly cash distributions of $0.33 per share for both fiscal Q3 2026 (announced August 5, 2026) and fiscal Q4 2026 (announced November 4, 2026). The stock offered a significant annualized dividend yield of 20.1% as of November 4, 2026. Moreover, the company expanded its share repurchase authorization to up to $30.0 million through September 30, 2027, and repurchased 769,037 shares for $4.8 million during fiscal Q3 2026.

4. Positive Analyst Revisions: During the period, several financial analysts issued positive revisions for Runway Growth Finance. B. Riley Financial reaffirmed a "buy" rating and raised its price objective to $11.00 from $10.00 on August 13, 2026. Zacks Research upgraded the shares from a "strong sell" to a "hold" rating on August 11, 2026, while Wall Street Zen raised its rating from a "sell" to a "hold" on August 8, 2026. Additionally, Clear Street upgraded Runway Growth Finance to "Buy" from "Hold" with a $7.50 price target.

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Stock Movement Drivers

Fundamental Drivers

The 17.7% change in RWAY stock from 7/31/2026 to 11/5/2026 was primarily driven by a 80.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611052026Change
Stock Price ($)5.206.1217.7%
Change Contribution By: 
Total Revenues ($ Mil)132380.0%
P/S Multiple15.011.4-23.9%
Shares Outstanding (Mil)3642-14.1%
Cumulative Contribution17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
RWAY17.7% 
Market (SPY)-1.9%39.7%
Sector (XLF)1.0%27.0%

Fundamental Drivers

The 0.5% change in RWAY stock from 4/30/2026 to 11/5/2026 was primarily driven by a 413.3% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)6.096.120.5%
Change Contribution By: 
Total Revenues ($ Mil)4723-52.4%
Net Income Margin (%)71.9%34.5%-52.1%
P/E Multiple6.533.2413.3%
Shares Outstanding (Mil)3642-14.1%
Cumulative Contribution0.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
RWAY0.5% 
Market (SPY)2.3%26.7%
Sector (XLF)10.7%21.2%

Fundamental Drivers

The -26.2% change in RWAY stock from 10/31/2025 to 11/5/2026 was primarily driven by a -73.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)8.296.12-26.2%
Change Contribution By: 
Total Revenues ($ Mil)8423-73.3%
Net Income Margin (%)85.1%34.5%-59.5%
P/E Multiple4.333.2675.9%
Shares Outstanding (Mil)3742-11.8%
Cumulative Contribution-26.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
RWAY-26.2% 
Market (SPY)8.4%28.6%
Sector (XLF)11.1%29.1%

Fundamental Drivers

The -19.5% change in RWAY stock from 10/31/2023 to 11/5/2026 was primarily driven by a -69.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311052026Change
Stock Price ($)7.606.12-19.5%
Change Contribution By: 
Total Revenues ($ Mil)7423-69.7%
Net Income Margin (%)86.9%34.5%-60.3%
P/E Multiple4.833.2595.0%
Shares Outstanding (Mil)4142-3.7%
Cumulative Contribution-19.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
RWAY-19.5% 
Market (SPY)81.3%33.6%
Sector (XLF)85.5%33.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RWAY Return1%-1%26%2%-7%-21%-5%
Peers Return33%-14%29%12%4%-6%59%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
RWAY Win Rate67%50%58%50%42%27% 
Peers Win Rate78%42%65%63%52%49% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
RWAY Max Drawdown--24%-20%-21%-23%-40% 
Peers Max Drawdown-9%-29%-17%-17%-21%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HTGC, TPVG, ARCC, TSLX, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventRWAYS&P 500
2025 US Tariff Shock
  % Loss-22.7%-18.8%
  % Gain to Breakeven29.4%23.1%
  Time to Breakeven86 days79 days
2023 SVB Regional Banking Crisis
  % Loss-15.0%-6.7%
  % Gain to Breakeven17.6%7.1%
  Time to Breakeven33 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-12.5%-24.5%
  % Gain to Breakeven14.2%32.4%
  Time to Breakeven20 days427 days

Compare to HTGC, TPVG, ARCC, TSLX, GBDC

In The Past

Runway Growth Finance's stock fell -22.7% during the 2025 US Tariff Shock. Such a loss loss requires a 29.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRWAYS&P 500
2025 US Tariff Shock
  % Loss-22.7%-18.8%
  % Gain to Breakeven29.4%23.1%
  Time to Breakeven86 days79 days

Compare to HTGC, TPVG, ARCC, TSLX, GBDC

In The Past

Runway Growth Finance's stock fell -22.7% during the 2025 US Tariff Shock. Such a loss loss requires a 29.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Runway Growth Finance (RWAY)

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Runway Growth Finance Corp. (RWAY) operates as a Business Development Company (BDC) specializing in providing debt capital to high-growth companies. Its primary objective is to generate current income and capital appreciation for its shareholders by making investments in senior secured term loans to late-stage, venture-backed businesses.

The company's core offering consists of senior secured term loans, often complemented by warrants or modest equity investments, which provide lenders with potential equity upside. This debt financing serves as a strategic alternative or complement to traditional equity raises, enabling companies to extend their capital runway, fund working capital needs, or support strategic growth initiatives with reduced dilution.

RWAY primarily targets mature, venture-backed companies across various innovative sectors, including technology, life sciences, and other disruptive industries. Its typical borrowers are companies that have demonstrated strong market traction, are backed by reputable venture capital firms, and are seeking non-dilutive or less-dilutive capital to scale their operations, accelerate product development, or prepare for potential liquidity events.

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  • A publicly traded lender that provides loans to fast-growing private tech and life sciences companies.
  • Similar to a venture capital firm, but they primarily provide loans (debt) rather than equity to private growth businesses.
  • Imagine a Blackstone or KKR, but specifically focused on providing debt financing (loans) to high-growth private companies.

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  • Senior Secured Term Loans: Provides debt capital to late and growth-stage companies, often referred to as venture debt, secured by the company's assets.
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Runway Growth Finance (RWAY) primarily provides senior secured term loans to other companies. As a Business Development Company (BDC), its "customers" are the companies in its investment portfolio that it lends to.

Due to the nature of its business, Runway Growth Finance typically invests in a diversified portfolio of private, venture-backed, and growth-stage companies across various technology and life sciences sectors. These portfolio companies are generally not publicly traded, and RWAY does not typically disclose "major customers" in the traditional sense, as its revenue comes from interest income on its loans to a diverse group of companies rather than sales to a few dominant buyers.

Therefore, while RWAY sells primarily to other companies, specific names and public symbols of its "major customers" are not publicly identified as such. Instead, it maintains a portfolio of numerous private companies to which it provides financing.

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  • Runway Growth Capital LLC
  • The Bank of New York Mellon (NYSE: BK)
  • KPMG LLP

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David Spreng Chief Executive Officer

David Spreng founded Runway Growth Capital in 2015 and currently serves as its Chief Executive Officer. With 30 years of experience in venture capital and growth debt lending, he was also a Co-Founder of Decathlon Capital Partners in 2010 and Crescendo Ventures. As a venture capitalist, he contributed to the formation and development of nearly 50 technology companies, resulting in 18 IPOs and 14 trade-sales. Forbes magazine recognized him four times on their annual Midas List as one of the top 50 venture capitalists, ranking him #8 in 2006. Earlier in his career, he was an SVP and Head of Strategy for a $20 billion asset management subsidiary of Lloyds Bank plc. Runway Growth Finance collaborates with institutional investors, including initial backer Oaktree Capital Management, and completed a transaction with BC Partners in 2025. His firm specializes in providing minimally dilutive financing to late and growth-stage companies as an alternative to raising equity, which often includes private equity-backed firms seeking debt solutions.

Thomas Raterman Chief Financial Officer and Chief Operating Officer

Thomas Raterman joined Runway Growth Capital in 2015 as Chief Financial Officer and took on the additional role of Chief Operating Officer in 2022. He brings over 30 years of experience in corporate finance, investment banking, and financial executive management for rapidly growing entrepreneurial companies. His career began as a corporate lender with Continental Bank and Security Pacific Bank. After four years at GE Capital, he served as Treasurer for Discovery Zone, Inc., where he executed various debt and equity financings, including its successful IPO, and was instrumental in its sale to Blockbuster Video Corporation/Viacom. Subsequently, he co-founded LKQ Corporation with former Discovery Zone executives, serving as CFO and later Executive Vice President of its Central Region operations, overseeing 31 acquisitions and growing the company from a startup to $225 million in revenue. Most recently, he was a Partner and Chief Operating Officer of GSV Financial Group LLC and its subsidiary, GSV Ventures LLC.

Greg Greifeld Chief Investment Officer

Greg Greifeld joined Runway Growth Capital in 2015 and currently serves as Chief Investment Officer. In this role, he leads the team responsible for due diligence, performance monitoring, and deal structuring for both prospective borrowers and portfolio companies. He was recognized as a Rising Star by both Venture Capital Journal and Private Debt Investor in 2020. Before joining Runway, Greg held positions at J.P. Morgan and HPS Investment Partners. He previously held the titles of Managing Director, Deputy Chief Investment Officer, and Head of Credit at Runway.

Colleen Corwell Chief Compliance Officer

Colleen Corwell joined Runway Growth Capital in 2022 as Chief Compliance Officer. She is a Managing Director in Kroll's Financial Services Compliance and Regulation practice. With over 20 years of experience, she has served as an in-house and outsourced Chief Compliance Officer for more than 20 firms, including registered investment advisors, investment companies, and broker-dealers. Prior to Kroll, she worked as a Consultant at ACA, advising a range of firms, including Fortune 500 companies, on complex regulations. Her career also includes senior-level positions at Foreside Financial, Alaric Compliance, Ameriprise, Capital One, and ING. She possesses extensive knowledge of various investment products, such as private equity, private credit, and business development companies, and was named among the Top 25 Financial Services Consultants and Leaders in 2024.

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The key risks to Runway Growth Finance (RWAY) primarily revolve around its financial health, income generation, and the broader economic environment.

  1. Financial Health Concerns, including High Debt Levels and an Unsustainable Dividend Payout Ratio: Runway Growth Finance's financial strength has been rated as poor due to its elevated debt levels and a dividend payout ratio of 1.00, which raises questions about its long-term sustainability. The company has also demonstrated a recent trend of issuing new debt.
  2. Declining Investment Income, Net Investment Income (NII), and Yield Compression: The company is facing pressure from declining total investment income and net investment income, alongside a compression in the dollar-weighted average annualized yield on its debt portfolio. This decline in profitability is partly attributed to a normalization of prepayment fee income and the sequencing of portfolio activity.
  3. Exposure to Macroeconomic Uncertainties and Sector-Specific Challenges: As a specialty finance company operating in the financial services sector and lending to late-stage venture companies, Runway Growth Finance is susceptible to industry volatility and potential regulatory changes. Broader macroeconomic uncertainties, fluctuations in interest rates, geopolitical tensions, and competitive pressures within the lending environment also present significant risks. The ability of its portfolio companies, which may not yet be profitable, to achieve their objectives is crucial to RWAY's success.

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Runway Growth Finance (RWAY) specializes in providing venture debt, primarily in the form of senior secured loans, to high-growth, late-stage, venture capital-backed companies. The company primarily operates in the U.S. market, focusing on sectors such as technology, life sciences, and other innovative industries.

The global addressable market for venture debt reached an aggregate deal value of $83.4 billion in 2024. Within this, the United States accounted for a significant portion, with an aggregate deal value of $49 billion in 2024. Another source indicates that U.S. venture debt deals reached $53.3 billion in investments in 2024.

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The following are 3-5 expected drivers of future revenue growth for Runway Growth Finance (RWAY) over the next 2-3 years:
  • Strategic Acquisitions and Platform Expansion: Runway Growth Finance is actively pursuing growth through strategic acquisitions and expanding its platform. The completed acquisition of BC Partners Credit in 2025 and the pending acquisition of SWK Holdings, expected to close in early April 2026, are highlighted as transformative moves. These acquisitions are anticipated to immediately scale the company's portfolio, enhance its earnings potential, and broaden its global footprint. The expanded platform is designed to deepen Runway's capacity to invest across the liquidity spectrum, enable participation in larger deals, and ultimately grow assets under management (AUM) and origination activities.
  • Increased Focus on Healthcare and Life Sciences Sector: The acquisition of SWK Holdings is specifically expected to significantly scale Runway's position in the healthcare and life sciences sector. This transaction is projected to increase RWAY's exposure in this "highly attractive" sector from approximately 14% to 31% of the overall portfolio at fair value. This strategic emphasis on a growing market is expected to enhance diversification and investment capabilities.
  • Reinvestment of Prepayment Activity: Management anticipates additional prepayment activity, particularly building significantly in the second half of 2024. This prepayment activity is viewed as a source of liquidity that Runway can deploy into new, attractive and "fully accretive" investment opportunities in the market, thereby driving future revenue growth.
  • Heightened Pipeline Activity and Disciplined Lending: Runway Growth Finance has reported heightening pipeline activity and a disciplined approach to executing new investments. The CEO expressed "measured optimism" for 2026, citing a stronger pipeline compared to the previous year, which suggests a healthy flow of potential new loan originations. This consistent origination of loans, guided by a disciplined lending strategy, is a core driver of revenue for a venture debt specialist.

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Share Repurchases

  • On May 7, 2025, Runway Growth Finance's Board of Directors approved a share repurchase program authorizing the repurchase of up to $25.0 million of outstanding common stock, set to terminate by May 7, 2026, or upon completion of the repurchases.
  • During the third quarter of 2025, Runway Growth Finance repurchased 397,983 shares for an aggregate purchase price of $4.4 million.
  • Between March 15, 2024, and May 7, 2024, the company repurchased 1,060,798 shares under its share repurchase program.

Share Issuance

  • Information regarding the dollar amount of shares issued by Runway Growth Finance Corp. within the last 3-5 years is not explicitly available in the provided search results. While the company may issue equity securities, specific dollar amounts for such issuances were not detailed.

Inbound Investments

  • In January 2025, Runway Growth Capital, the external manager of Runway Growth Finance, was acquired by BC Partners Credit, enhancing institutional scale and resources for Runway Growth Finance.

Outbound Investments

  • For the fiscal year ended December 31, 2025, total investment fundings amounted to $261.6 million, which included $86.4 million in seven new portfolio companies, $168.5 million in ten existing portfolio companies, and $6.7 million in Runway-Cadma I LLC.
  • In the fourth quarter of 2025, Runway Growth Finance funded seven investments in new and existing portfolio companies, totaling $42.9 million in gross funded investments.
  • From January 1, 2026, through March 12, 2026, the company completed $54.3 million of additional debt commitments, funded $5.5 million upon closing, purchased $2.0 million in equity positions, and funded an additional $5.5 million in unfunded commitments on existing investments.

Capital Expenditures

  • Information on the dollar value and primary focus of capital expenditures for Runway Growth Finance Corp. over the last 3-5 years is not available in the provided search results.

Peer Outperformance in Asset Management & Custody Banks

RWAY has trailed 59% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are ARCC and BN. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that RWAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
25%
of 100 industry peers · -25.3% return
3Y
20%
of 90 industry peers · -24.0% return
5Y
41%
of 82 industry peers · -0.7% return
Asset Management & Custody Banks peers with revenue growth within 4pp of RWAY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
RWAY Runway Growth Finance -6.5% 33.2x -25.3%-24.0%-0.7% —
ARCC Ares Capital -4.1% 15.9x 4.9%31.3%48.5% +49pp
BN Brookfield -6.1% 65.3x -8.4%97.4%30.3% +31pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is RWAY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks ← 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RWAYHTGCTPVGARCCTSLXGBDCMedian
NameRunway G.Hercules.TriplePo.Ares Cap.Sixth St.Golub Ca. 
Mkt Price6.5116.554.4619.3417.7912.9214.73
Mkt Cap0.33.10.213.91.73.42.4
Rev LTM23458311,079119203161
Op Inc LTM-------
FCF LTM-75-1541001,1452292061
FCF 3Y Avg36-17170-8777231653
CFO LTM-75-1541001,1452292061
CFO 3Y Avg36-17070-8777231653

Growth & Margins

RWAYHTGCTPVGARCCTSLXGBDCMedian
NameRunway G.Hercules.TriplePo.Ares Cap.Sixth St.Golub Ca. 
Rev Chg LTM-73.3%13.3%-30.3%-31.6%-50.8%-48.2%-39.9%
Rev Chg 3Y Avg-6.5%7.4%123.1%-4.1%-20.1%16.4%1.7%
Rev Chg Q48.9%-19.8%-91.7%-20.7%-23.7%-31.9%-22.2%
QoQ Delta Rev Chg LTM80.0%-5.9%-33.1%-8.1%-10.3%-13.0%-9.2%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-334.7%-33.6%326.9%106.1%18.3%452.2%62.2%
CFO/Rev 3Y Avg-12.3%-40.7%283.5%-39.6%33.8%175.2%10.7%
FCF/Rev LTM-334.7%-33.6%326.9%106.1%18.3%452.2%62.2%
FCF/Rev 3Y Avg-12.3%-40.8%283.5%-39.6%33.8%175.2%10.7%

Valuation

RWAYHTGCTPVGARCCTSLXGBDCMedian
NameRunway G.Hercules.TriplePo.Ares Cap.Sixth St.Golub Ca. 
Mkt Cap0.33.10.213.91.73.42.4
P/S12.26.75.912.914.316.512.5
P/Op Inc-------
P/EBIT-------
P/E35.38.67.815.921.519.617.8
P/CFO-3.6-20.01.812.278.23.72.7
Total Yield22.8%22.9%33.9%16.0%13.4%14.5%19.4%
Dividend Yield19.8%11.1%21.1%9.7%8.8%9.4%10.4%
FCF Yield 3Y Avg3.9%-5.1%28.7%-6.4%3.2%10.7%3.6%
D/E2.50.82.21.11.11.31.2
Net D/E2.50.82.11.01.11.31.2

Returns

RWAYHTGCTPVGARCCTSLXGBDCMedian
NameRunway G.Hercules.TriplePo.Ares Cap.Sixth St.Golub Ca. 
1M Rtn2.1%-0.1%-7.3%3.8%3.0%6.0%2.6%
3M Rtn14.3%-0.2%-9.6%1.0%-2.6%1.5%0.4%
6M Rtn5.3%6.9%-17.5%7.2%4.4%3.4%4.8%
12M Rtn-20.6%2.8%-3.1%4.9%-10.3%2.2%-0.5%
3Y Rtn-19.1%42.5%-27.2%31.2%18.3%22.8%20.6%
1M Excs Rtn4.2%2.6%-3.0%6.3%5.0%9.1%4.6%
3M Excs Rtn0.9%-0.5%-8.2%-0.1%-3.8%1.6%-0.3%
6M Excs Rtn0.2%2.1%-22.2%2.4%-0.4%-1.4%-0.1%
12M Excs Rtn-35.5%-10.3%-15.3%-8.1%-25.7%-11.4%-13.3%
3Y Excs Rtn-103.0%-36.3%-105.1%-48.1%-58.5%-57.6%-58.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment11415413080 
Lending and Investment    72
Total1141541308072


Price Behavior

Price Behavior
Market Price$6.12 
Market Cap ($ Bil)0.3 
First Trading Date10/21/2021 
Distance from 52W High-26.8% 
   50 Days200 Days
DMA Price$6.53$6.29
DMA Trendupdown
Distance from DMA-6.3%-2.7%
 3M1YR
Volatility26.0%34.0%
Downside Capture43.20100.40
Upside Capture49.8558.09
Correlation (S&P 500)15.2%23.7%
RWAY Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.050.270.830.520.610.59
Up Beta-4.88-0.490.86-0.07-0.040.50
Down Beta0.750.620.420.480.720.74
Up Capture-27%19%150%66%50%17%
Bmk +ve Days12182862130427
Stock +ve Days9183055105363
Down Capture-2%38%19%70%101%86%
Bmk -ve Days10253664121325
Stock -ve Days12223165134363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RWAY
RWAY-26.0%34.0%-0.84-
Sector ETF (XLF)11.1%15.2%0.4729.2%
Equity (SPY)9.5%13.6%0.4128.5%
Gold (GLD)3.6%28.7%0.114.3%
Commodities (DBC)37.7%21.2%1.40-8.6%
Real Estate (VNQ)12.0%14.2%0.5518.5%
Bitcoin (BTCUSD)-20.8%43.3%-0.4212.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RWAY
RWAY-0.4%29.6%0.01-
Sector ETF (XLF)9.1%18.4%0.3637.1%
Equity (SPY)11.3%17.3%0.4835.1%
Gold (GLD)17.5%19.1%0.74-2.2%
Commodities (DBC)8.0%19.6%0.297.0%
Real Estate (VNQ)1.2%18.9%-0.0526.4%
Bitcoin (BTCUSD)5.9%51.5%0.2917.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RWAY
RWAY-0.5%29.6%-0.02-
Sector ETF (XLF)13.3%22.1%0.5436.8%
Equity (SPY)14.9%18.0%0.7035.1%
Gold (GLD)12.0%16.5%0.59-2.2%
Commodities (DBC)7.6%18.1%0.337.0%
Real Estate (VNQ)5.7%20.7%0.2326.3%
Bitcoin (BTCUSD)61.3%66.2%1.0117.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity3.5 Mil
Short Interest: % Change Since 9302026-2.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest11.2 days
Basic Shares Quantity42.1 Mil
Short % of Basic Shares8.4%

Earnings Returns History

Updated 11/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202614.4%16.6%16.8%
5/7/2026-4.2%-2.3%-7.4%
3/12/2026-7.4%-1.8%-8.5%
11/6/2025-0.7%2.0%-2.9%
8/7/20251.0%0.6%1.2%
5/12/20256.5%7.9%11.6%
3/20/2025-1.0%1.4%-12.7%
11/12/20240.3%0.0%6.6%
...
SUMMARY STATS   
# Positive786
# Negative657
Median Positive1.1%4.1%6.5%
Median Negative-5.5%-2.3%-7.4%
Max Positive14.4%16.6%16.8%
Max Negative-7.4%-12.6%-12.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202614.4%16.6%16.8%
5/7/2026-4.2%-2.3%-7.4%
3/12/2026-7.4%-1.8%-8.5%
11/6/2025-0.7%2.0%-2.9%
8/7/20251.0%0.6%1.2%
5/12/20256.5%7.9%11.6%
3/20/2025-1.0%1.4%-12.7%
11/12/20240.3%0.0%6.6%
8/8/2024-6.7%-1.7%-3.6%
5/7/2024-7.0%-7.4%-4.9%
3/7/20241.1%-12.6%-7.7%
11/7/20230.5%6.2%1.3%
8/8/20231.6%6.2%6.5%
SUMMARY STATS   
# Positive786
# Negative657
Median Positive1.1%4.1%6.5%
Median Negative-5.5%-2.3%-7.4%
Max Positive14.4%16.6%16.8%
Max Negative-7.4%-12.6%-12.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/20/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202303/07/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/02/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/12/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/20/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202303/07/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/02/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/03/202210-K
09/30/202111/04/202110-Q
06/30/202110/21/2021424B1
12/31/201903/14/202210-K/A

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 DividendReported 0.33 0 Same NewActual: 0.33 for Q2 2026

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Insider Activity

Updated 9/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goldthorpe, Edward JDirectBuy92220266.766,25142,25767,600Form
2Goldthorpe, Edward JDirectBuy92220266.723,74925,19325,193Form
3Rovner, MichaelCo-Chief Executive OfficerDirectBuy91020266.577,00045,99045,990Form
4Spreng, R DavidPresident and Co-CEODirectBuy81820266.891,0006,8891,339,958Form
5Thomson, CarmelaCFO, Treasurer and SecretaryDirectBuy81720266.978,00055,74389,468Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goldthorpe, Edward JDirectBuy92220266.766,25142,25767,600Form
2Goldthorpe, Edward JDirectBuy92220266.723,74925,19325,193Form
3Rovner, MichaelCo-Chief Executive OfficerDirectBuy91020266.577,00045,99045,990Form
4Spreng, R DavidPresident and Co-CEODirectBuy81820266.891,0006,8891,339,958Form
5Thomson, CarmelaCFO, Treasurer and SecretaryDirectBuy81720266.978,00055,74389,468Form
6Carlson, Capital, LP DirectSell41320266.59560,1053,691,09225,602,150Form
7Ocm, Growth Holdings Llc DirectSell111920259.051,250,00011,312,50063,618,495Form
Core Cache Last Updated: 11/5/2026