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• A venture capital fund for debt.
• A specialized bank for high-growth tech and life sciences companies.
• JPMorgan Chase for growth-stage companies seeking venture debt.

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• Venture Debt (Senior Secured Loans): Runway Growth Finance provides debt capital, primarily in the form of senior secured term loans, to late-stage venture and growth-stage companies across various sectors.

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Major Customers of Runway Growth Finance (RWAY)

• Klaviyo (Symbol: KVYO) - A marketing automation and customer engagement platform that went public.
• Toast (Symbol: TOST) - A cloud-based technology platform for restaurants that went public.
• Stripe - A widely recognized private company providing payment processing software and APIs.
• Carbon Health - A private technology-enabled healthcare provider.
• Patreon - A private membership platform for creators to run subscription content services.

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• Runway Growth Capital LLC
• KPMG LLP
• U.S. Bank National Association (Parent: U.S. Bancorp, Symbol: USB)
• Wilmington Trust, National Association (Parent: M&T Bank Corporation, Symbol: MTB)
• Dechert LLP

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David Spreng, Chief Executive Officer, Founder, Chairman, and Chief Investment Officer

David Spreng founded Runway Growth Capital in 2015 and is a member of the firm's investment committee. He is a seasoned Silicon Valley-based investment executive with 30 years of experience as a venture capitalist and growth debt lender. As a venture capitalist, he was involved in the formation and development of nearly 50 technology companies, with 18 IPOs and 14 trade-sales. He was ranked four times by Forbes magazine on their annual Midas List as one of the top 50 venture capitalists, achieving the #8 spot in 2006. Beginning in 2010, David transitioned from venture capital to growth lending as a Co-Founder of Decathlon Capital Partners, a provider of revenue-based loans to small, fast-growing, bootstrapped companies. He also founded or co-founded Crescendo Ventures. He is the author of "All Money Is Not Created Equal".

Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer

Tom Raterman joined Runway Growth Capital in 2015 as Chief Financial Officer and assumed the additional role of Chief Operating Officer in 2022. He also serves as Treasurer and Secretary. He has over 30 years of corporate finance, investment banking, and financial executive/management experience with rapidly growing entrepreneurial companies, including a long history in credit analysis, structuring, and lending. Tom previously served as Partner and Chief Operating Officer of GSV Financial Group LLC and its wholly-owned subsidiary GSV Ventures LLC. He began his professional career as a corporate lender with Continental Bank and Security Pacific Bank.

Greg Greifeld, Chief Investment Officer

Greg Greifeld joined Runway Growth Capital in 2015 and serves as the Chief Investment Officer. As CIO, he leads the team responsible for due diligence, performance monitoring, and deal structuring for prospective borrowers and portfolio companies. He also serves on the firm's investment committee, amendment committee, and first deal review committee. Greg was recognized as a Rising Star by both Venture Capital Journal and Private Debt Investor in 2020. Prior to joining Runway, he held roles at J.P. Morgan and HPS Investment Partners.

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. She has over 20 years of experience assisting industry firms navigate complex regulations, serving as in-house and outsourced Chief Compliance Officer for more than 20 firms, including registered investment advisors, investment companies, and broker-dealers. Before joining Kroll, Colleen was a Consultant at ACA, where she advised both small and large firms, including Fortune 500 companies, on complex regulations.

Jeff Goldrich, Managing Director, Technology

Jeff Goldrich joined Runway Growth Capital in 2022 as Managing Director, Technology. He has nearly a decade of experience lending to a wide variety of technology companies. Previously, Jeff was a Managing Director at CIBC Innovation Banking, a technology lender with a global footprint. At CIBC, he partnered with technology executives, investors, and third-party diligence providers to source, structure, execute, and monitor credit for growth-stage software and services firms. His experience covers companies with various ownership structures, including bootstrapped, family office-owned, and VC and PE-backed. Jeff began his career in commercial banking at The PrivateBank and was a founding member of its Technology Banking team, which issued hundreds of millions of dollars in debt to dozens of technology companies before the bank was acquired by CIBC in 2017.

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The key risks for Runway Growth Finance (RWAY) primarily revolve around the credit quality of its investment portfolio, its sensitivity to interest rate fluctuations, and the consequent impact on dividend sustainability.

1. Deteriorating Credit Quality and Portfolio Performance: Runway Growth Finance has faced concerns regarding the diminishing credit quality of its loan portfolio. The company's risk rating has trended higher, with a rating of 2.48, where 1 represents the highest performing companies and 5 the weakest. A steady increase in this risk rating is a significant concern. The firm's portfolio, heavily concentrated in the technology sector, is susceptible to vulnerabilities within that industry and challenges stemming from lower venture deal volumes and declining credit quality.
2. Sensitivity to Fluctuating Interest Rates: With approximately 100% exposure to floating-rate loans, Runway Growth Finance is highly sensitive to changes in interest rates. While higher rates can increase income, they also place significant pressure on borrowers, potentially impacting their ability to repay. Conversely, anticipated interest rate cuts would likely dampen net investment income (NII) growth, creating a headwind for the company's financial performance.
3. Dividend Sustainability: The ability of Runway Growth Finance to cover its dividend distributions with net investment income has been a recurring concern. Although recent reports indicate improved dividend coverage, historical underperformance, where net investment income was insufficient to cover the dividend, suggests that sustained economic volatility or a reduction in NII due to falling interest rates could again jeopardize the dividend's safety.

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Runway Growth Finance (RWAY) operates primarily in the venture debt and growth lending market, providing senior secured loans and growth capital solutions to high-growth potential companies, predominantly in the technology, healthcare, and life sciences sectors. While the company has investments in several countries, the majority of its portfolio is concentrated in the United States.

The addressable market for Runway Growth Finance's main products and services can be primarily sized by the venture debt market.

• For the U.S. venture debt market, it is projected to reach approximately $27.83 billion in 2025. This includes traditional venture debt, which is expected to account for around $23.94 billion of that total.
• Globally, the venture debt market was estimated to be over $30 billion in 2024.

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Expected Drivers of Future Revenue Growth for Runway Growth Finance (RWAY)

Over the next 2-3 years, Runway Growth Finance (RWAY) is expected to experience revenue growth driven by several key factors:

1. Expansion of its Loan Portfolio and Originations: As a provider of senior-secured loans to late- and growth-stage venture companies, an increase in the volume and size of its loan originations is a primary revenue driver for Runway Growth Finance. The company's investment commitments to both new and existing portfolio companies are projected to continue growing, supported by a strong balance sheet. Furthermore, unfunded commitments indicate potential for future capital deployment.
2. Strategic Acquisition of SWK Holdings: A significant driver of future growth is the definitive merger agreement to acquire SWK Holdings, a specialty finance company focused on the healthcare and life sciences sectors. This acquisition, expected to close in early 2026, is anticipated to be strategically and financially beneficial, enhancing Runway's portfolio diversification and expanding its investment capabilities, particularly within the healthcare and technology sectors.
3. Favorable Interest Rate Environment and Predominance of Floating-Rate Assets: Runway Growth Finance benefits from a high percentage (97%) of floating-rate assets in its loan portfolio. This structure allows the company to capitalize on rising interest rates, directly increasing its interest income. The company's debt portfolio generated a dollar-weighted average annualized yield of 16.8% in Q3 2025, an increase from the previous quarter.
4. Sustained Demand for Venture Debt Financing: Runway Growth Finance specializes in offering flexible capital solutions, including senior secured loans and hybrid debt-and-equity financing, to late- and growth-stage companies, predominantly in technology, healthcare, and business services. There is an ongoing and rising demand for customized financing options that provide an alternative to traditional equity, allowing companies to fund growth with minimal dilution. This consistent demand helps to fuel Runway's lending pipeline.

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Share Repurchases

• On May 7, 2025, the Board of Directors approved a new stock repurchase program of $25 million, which is set to expire on May 7, 2026.
• During the third quarter of 2025, Runway Growth Finance repurchased 397,983 shares for an aggregate purchase price of $4.4 million.
• An earlier $15 million share repurchase program, approved on July 30, 2024, resulted in the repurchase of 1,199,867 shares for $12.5 million as of December 31, 2024.

Inbound Investments

• Runway Growth Finance's investment advisor was acquired by affiliates of BC Partners Advisors L.P. in the first quarter of 2025.
• This integration within the broader BC Partners platform is expected to enhance origination channels and drive portfolio diversification for Runway Growth Finance.
• The company anticipates that this partnership will provide ample liquidity for opportunistic and selective investments.

Outbound Investments

• In the third quarter of 2025, Runway Growth funded 11 investments in new and existing portfolio companies, representing $128.3 million in gross funded investments.
• As of September 30, 2025, the company's investment portfolio had an aggregate fair value of approximately $0.9 billion across 54 companies.
• Following the third quarter of 2025, Runway Growth Finance entered into a merger agreement to acquire SWK Holdings, with the aim of expanding its exposure to the healthcare and life sciences sectors.