Runway Growth Finance Corp. (RWAY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças do crescimento, a Runway Growth Finance Corp. (RWAY) surge como uma potência estratégica, oferecendo soluções inovadoras de capital que transformam as trajetórias de crescimento das empresas no meio do mercado. Ao alavancar um modelo de negócios exclusivo que combina financiamento flexível da dívida com orientação financeira estratégica, a Rway fornece um caminho de financiamento alternativo para empresas ambiciosas de tecnologia, saúde e serviços digitais que buscam acelerar sua expansão sem diluir a equidade. Sua abordagem sofisticada combina gerenciamento de relacionamento personalizado, avaliação avançada de riscos e estratégias financeiras adaptadas, posicionando-as como um parceiro crítico para empresas de estágio de crescimento que navegam no mercado de capitais complexos.

Runway Growth Finance Corp. (RWAY) - Modelo de negócios: Parcerias -chave

Bancos comerciais e instituições financeiras

A partir do quarto trimestre 2023, a Runway Growth Finance Corp. mantém parcerias estratégicas com as seguintes instituições financeiras:

Instituição financeira	Detalhes da parceria	Valor de colaboração
Wells Fargo	Linha de crédito e instalações de empréstimos sindicalizados	US $ 125 milhões
Banco do Vale do Silício	Rede de empréstimos de mercado médio	US $ 85 milhões
Banco Nacional da Cidade	Colaboração de financiamento da dívida	US $ 65 milhões

Empresas de capital de risco e private equity

A Rway colabora com os seguintes parceiros de capital de risco e private equity:

• ARES Management Corporation
• Gestão de ativos Goldman Sachs
• Crescent Capital Group LP

Parceiro	Compromisso de investimento	Área de foco
Gerenciamento de ares	US $ 250 milhões	Investimentos de capital de crescimento
Goldman Sachs	US $ 180 milhões	Setores de tecnologia e saúde

Provedores de serviços de tecnologia e software

As principais parcerias tecnológicas incluem:

• Salesforce
• Microsoft Azure
• Oracle Cloud Infrastructure

Provedor de tecnologia	Tipo de serviço	Investimento anual
Salesforce	CRM e plataforma de gerenciamento de clientes	US $ 1,2 milhão
Microsoft Azure	Infraestrutura de computação em nuvem	$850,000

Empresas de consultoria legal e de conformidade

Rede de conformidade e parceria legal:

• Kirkland & Ellis LLP
• Latham & Watkins LLP
• Wilson Sonsini Goodrich & Rosati

Escritório jurídico	Escopo de serviço	Retentor anual
Kirkland & Ellis	Conformidade regulatória e direito corporativo	US $ 2,5 milhões
Latham & Watkins	Valores mobiliários e regulamentos financeiros	US $ 1,8 milhão

Runway Growth Finance Corp. (RWAY) - Modelo de negócios: Atividades -chave

Fornecendo capital de crescimento para empresas de mercado intermediário

A partir do quarto trimestre 2023, a Runway Growth Finance Corp. gerencia um portfólio total de investimentos de US $ 639,5 milhões em investimentos em dívidas e ações. A empresa se concentra em fornecer soluções de capital flexíveis para empresas de mercado intermediário em vários setores.

Categoria de investimento	Montante total	Número de investimentos
Investimentos em dívida	US $ 562,3 milhões	38 empresas de portfólio
Investimentos em ações	US $ 77,2 milhões	12 empresas de portfólio

Subscrição e estruturação do financiamento da dívida

Em 2023, a empresa executou novos compromissos de empréstimo totalizando US $ 287,6 milhões em vários setores.

• Tamanho médio do empréstimo: US $ 7,5 milhões
• Taxa de juros médios ponderados: 12,3%
• Termo de empréstimo típico: 3-5 anos

Gerenciamento de portfólio e avaliação de risco

Em 31 de dezembro de 2023, a empresa relatou as seguintes métricas de portfólio:

Métrica de risco	Percentagem
Empréstimos não-desempenho	2.1%
Rendimento do portfólio	14.6%
Classificações de grau de investimento	87.5%

Relações com investidores e criação de capital

Em 2023, a Runway Growth Finance Corp. criou US $ 175,2 milhões através de várias atividades do mercado de capitais.

• Ofertas de capital público: US $ 85,6 milhões
• Financiamento da dívida: US $ 89,6 milhões

Serviços de Consultoria Financeira Estratégica

A empresa fornece serviços de consultoria financeira abrangentes com foco em:

Serviço de consultoria	Valor anual da transação
Reestruturação da dívida	US $ 124,3 milhões
Otimização de capital	US $ 98,7 milhões
Aviso de M&A	US $ 67,5 milhões

Runway Growth Finance Corp. (RWAY) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Runway Growth Finance Corp. possui uma equipe de gerenciamento de investimentos com a seguinte composição:

Posição de liderança	Número de executivos	Experiência média do setor
Gestão sênior	5	18,4 anos
Profissionais de investimento	12	12,7 anos

Recursos robustos de análise financeira

Os recursos de análise financeira incluem:

• Licenças totais de software analítico: 15
• Investimento anual em tecnologia financeira: US $ 2,3 milhões
• Capacidade de processamento de dados: 1.2 petabytes

Rede de fornecimento de acordos proprietários

Métrica de rede	2023 dados
Contatos totais de rede	487
Oportunidades anuais de negócios provenientes	124
Taxa de conversão	18.5%

Balanço forte e reservas de capital

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 695,4 milhões
• Equidade dos acionistas: US $ 287,6 milhões
• Caixa e equivalentes em dinheiro: US $ 42,3 milhões

Tecnologia avançada de gerenciamento de riscos

Componente de tecnologia	Especificação
Software de gerenciamento de riscos	Plataforma proprietária personalizada
Investimento de tecnologia anual	US $ 1,7 milhão
Cobertura de monitoramento de risco em tempo real	100% do portfólio

Runway Growth Finance Corp. (Ray) - Modelo de Negócios: Proposições de Valor

Soluções de financiamento de dívida flexíveis e personalizadas

A partir do quarto trimestre de 2023, a Runway Growth Finance Corp. fornece financiamento de dívida que varia de US $ 5 milhões a US $ 50 milhões para empresas de mercado intermediário. O portfólio total de investimentos da empresa foi de US $ 492,3 milhões, com um tamanho médio de investimento de US $ 17,6 milhões por transação.

Métrica de financiamento	Valor
Investimento mínimo	US $ 5 milhões
Investimento máximo	US $ 50 milhões
Valor total do portfólio	US $ 492,3 milhões
Tamanho médio de investimento	US $ 17,6 milhões

Fonte de capital alternativo para empresas de mercado intermediário

O crescimento da pista atende às empresas com receita anual entre US $ 10 milhões e US $ 250 milhões em vários setores.

• Setor de tecnologia: 35% do portfólio
• Serviços de saúde: 22% do portfólio
• Serviços de negócios: 18% do portfólio
• Produtos de consumo: 15% do portfólio
• Outras indústrias: 10% do portfólio

Processo de financiamento rápido e eficiente

A empresa relata um tempo médio de fechamento de negócios de 4-6 semanas, com uma taxa de aprovação de 92% para empresas qualificadas.

Métrica do processo de financiamento	Desempenho
Tempo médio de fechamento de negócios	4-6 semanas
Taxa de aprovação	92%

Menor custo de capital em comparação ao financiamento tradicional de capital

Em dezembro de 2023, a taxa média de juros ponderada do crescimento da pista era de 12,5%, em comparação com as taxas potenciais de diluição de ações de 20 a 30%.

Comparação de custos de capital	Avaliar
Taxa de juros de financiamento da dívida de crescimento da pista	12.5%
Taxa de diluição de ações típicas	20-30%

Orientação financeira estratégica para empresas de palco de crescimento

Em 2023, a empresa prestou serviços de consultoria estratégica a 67 empresas de portfólio, com foco em:

• Otimização operacional
• Reestruturação financeira
• Desenvolvimento da estratégia de crescimento
• Aviso de M&A

Runway Growth Finance Corp. (Rway) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de contas personalizado

A partir do quarto trimestre 2023, a Runway Growth Finance Corp. gerencia um portfólio de 82 relações de investimento ativo com empresas de mercado intermediário. O tamanho médio da conta é de US $ 16,3 milhões, com equipes de gerenciamento de contas dedicadas lidando com segmentos específicos de clientes.

Segmento de clientes	Número de contas	Tamanho médio do portfólio
Setor de tecnologia	29	US $ 18,7 milhões
Setor de saúde	22	US $ 15,2 milhões
Serviços de negócios	31	US $ 14,9 milhões

Relatórios regulares de desempenho do portfólio

A Rway fornece relatórios trimestrais de desempenho com a seguinte frequência:

• Análise de desempenho financeiro detalhado trimestral
• Atualizações mensais de saúde do portfólio
• Acesso ao painel digital em tempo real

Abordagem de parceria estratégica de longo prazo

A duração média do relacionamento com o cliente é de 4,7 anos, com uma taxa de retenção de clientes de 87% a partir de 2023. As métricas de parceria estratégica incluem:

Métrica de Parceria	Valor
Duração média do relacionamento	4,7 anos
Taxa de retenção de clientes	87%
Repetir taxa de investimento	63%

Gerentes de relacionamento dedicados

A Rway emprega 42 gerentes de relacionamento com uma experiência média de 12,3 anos em empréstimos de mercado intermediário. Cada gerente lida com uma média de 7-9 contas de clientes.

Consulta financeira em andamento

Os serviços de consulta financeira incluem:

• Sessões anuais de planejamento financeiro estratégico
• Revisões trimestrais de avaliação de risco
• Desenvolvimento de estratégia de financiamento personalizado

Horário total de consulta em 2023: 4.215 horas em todos os relacionamentos com clientes.

Runway Growth Finance Corp. (Rway) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Runway Growth Finance Corp. mantém uma equipe de vendas direta de 37 representantes profissionais de desenvolvimento de negócios. A equipe se concentra na aquisição direta de clientes com um tamanho médio de negócios de US $ 5,2 milhões por transação.

Métrica da equipe de vendas	Dados específicos
Total de representantes de vendas	37
Tamanho médio de negócios	US $ 5,2 milhões
Taxa anual de aquisição de clientes	62 novos clientes

Redes bancárias de investimento

A Rway aproveita o relacionamento com 28 redes de banco de investimento, gerando aproximadamente US $ 124,6 milhões em transações baseadas em referência durante 2023.

Plataforma de investimento online

A plataforma digital da empresa processou US $ 387,4 milhões em transações em 2023, com 672 contas de investimento on -line exclusivas criadas.

Métrica de plataforma online	2023 desempenho
Volume total de transações	US $ 387,4 milhões
Novas contas online	672

Referências de consultores financeiros

A Rway mantém parcerias com 214 empresas de consultoria financeira independentes, gerando US $ 93,2 milhões por meio de canais de referência em 2023.

Conferências do setor e eventos de rede

Em 2023, a empresa participou de 19 conferências do setor, resultando em 47 novas conexões de clientes institucionais e US $ 76,5 milhões em novas oportunidades de negócios.

Métrica de engajamento da conferência	2023 dados
As conferências totais compareceram	19
Novos clientes institucionais	47
Oportunidades de negócios geradas	US $ 76,5 milhões

Runway Growth Finance Corp. (RWAY) - Modelo de negócios: segmentos de clientes

Empresas de tecnologia de médio porte

No quarto trimestre 2023, a Runway Growth Finance Corp. tem como alvo as empresas de tecnologia com receita anual entre US $ 10 milhões e US $ 100 milhões. A análise do portfólio revela:

Métricas de segmento	Valor
Total de tecnologia de tecnologia	37
Tamanho médio do empréstimo	US $ 15,2 milhões
Valor do portfólio do segmento	US $ 562,4 milhões

Empresas de saúde e ciências da vida

O financiamento de crescimento da pista se concentra em empresas de saúde em estágio de crescimento com características específicas:

• Total de clientes de saúde: 22
• Receita média do cliente: US $ 25,6 milhões
• Faixa de empréstimo típica: US $ 8 milhões a US $ 25 milhões

Provedores de software e serviços digitais

Empréstimos especializados para empresas de software com parâmetros financeiros específicos:

Métricas de segmento de software	Dados quantitativos
Total de clientes de software	29
Cliente mediano arr	US $ 18,3 milhões
Exposição total ao segmento	US $ 441,7 milhões

Negócios em estágio de crescimento

Focado nas empresas demonstrando crescimento consistente da receita:

• Clientes totais em estágio de crescimento: 48
• Requisito de receita anual mínima: US $ 10 milhões
• Compromisso máximo de empréstimo: US $ 35 milhões

Empresas apoiadas por empreendimentos

Segmento direcionado com critérios específicos de apoio de capital de risco:

Segmento apoiado por empreendimento	Métricas quantitativas
Total de clientes apoiados por empreendimentos	33
Financiamento mínimo de VC levantado	US $ 5 milhões
Valor agregado do portfólio	US $ 497,6 milhões

Runway Growth Finance Corp. (RWAY) - Modelo de negócios: Estrutura de custos

Compensação para profissionais de investimento

A partir do terceiro trimestre de 2023, a remuneração total dos funcionários e os benefícios da Runway Growth Finance Corp. era de US $ 16,6 milhões. Isso inclui salários base, bônus de desempenho e remuneração baseada em patrimônio para profissionais de investimento.

Categoria de compensação	Valor ($)
Salários da base	9,200,000
Bônus de desempenho	4,500,000
Remuneração baseada em patrimônio	2,900,000

Manutenção de tecnologia e infraestrutura

As despesas anuais de tecnologia e infraestrutura da empresa totalizaram US $ 3,2 milhões em 2023.

• Manutenção de infraestrutura de TI: US $ 1.500.000
• Sistemas de segurança cibernética: US $ 750.000
• Licenciamento e atualizações de software: US $ 650.000
• Serviços de computação em nuvem: US $ 300.000

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 foram de US $ 2,8 milhões.

Área de conformidade	Despesa ($)
Equipe legal e de conformidade	1,600,000
Auditoria e consultoria externa	750,000
Tecnologia de conformidade	450,000

Marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios em 2023 totalizaram US $ 1,5 milhão.

• Patrocínios de conferência e evento: US $ 450.000
• Marketing digital: US $ 350.000
• Despesas da equipe de vendas: US $ 400.000
• Colaterais de marketing e materiais: US $ 300.000

Despesas de juros em capital emprestado

As despesas totais de juros para 2023 foram de US $ 22,5 milhões.

Fonte de empréstimo	Despesa de juros ($)
Linhas de crédito	15,000,000
Títulos de dívida	7,500,000

Runway Growth Finance Corp. (Rway) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

Para o ano fiscal de 2023, a Runway Growth Finance Corp. registrou receita total de juros de US $ 71,8 milhões. O portfólio da empresa consiste principalmente de empréstimos garantidos e empréstimos da Unitranche, do First Lien, para empresas de mercado intermediário.

Tipo de empréstimo	Receita de juros ($ m)	Porcentagem de total
Empréstimos garantidos sênior do First Lien	45.2	62.9%
Empréstimos unitranche	26.6	37.1%

Taxas de originação

Em 2023, a Runway Growth Finance Corp. gerou US $ 12,3 milhões em taxas de originação de novas transações de empréstimos.

• Taxa de originação média: 2,5%
• Número total de novas origens de empréstimos: 37
• Tamanho médio do empréstimo: US $ 8,5 milhões

Taxas de comprometimento e pré -pagamento

A empresa registrou US $ 3,7 milhões em taxas de comprometimento e pré -pagamento para o ano fiscal de 2023.

Tipo de taxa	Valor ($ m)
Taxas de compromisso	2.1
Taxas de pré -pagamento	1.6

Taxas de gerenciamento de investimentos

A Runway Growth Finance Corp. ganhou US $ 4,5 milhões em taxas de gerenciamento de investimentos em 2023.

Ganhos de capital de investimentos em ações

A empresa percebeu US $ 6,2 milhões em ganhos de capital de investimentos em ações Durante o ano fiscal de 2023.

Tipo de investimento	Ganhos de capital ($ m)
Patrimônio líquido	3.7
Co-investimentos de ações	2.5

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Value Propositions

You're looking at what Runway Growth Finance Corp. (RWAY) offers its customers-the late- and growth-stage companies needing capital. The core value is providing growth funding that is minimally dilutive capital, meaning the company avoids giving up significant ownership equity to secure the necessary cash to scale.

Runway Growth Finance Corp. structures its offering around flexible senior-secured loans. The target size for these loans, across the Runway and BC Partners platform, is explicitly set between $30 million to $150 million. This focus on larger, secured debt positions them as a substantial capital partner.

The financial return profile for Runway Growth Finance Corp. itself translates into a value proposition of high-yield debt solutions for its own shareholders. As of the third quarter of 2025, the dollar-weighted annualized yield on debt investments stood at 16.8%. This high yield is generated from a portfolio that is heavily weighted toward floating-rate assets, with 97% of the loan portfolio comprised of floating rate assets as of Q3 2025.

For the borrower, the value proposition centers on speed and certainty. This debt financing is positioned as a faster, more certain alternative when compared to the often lengthy process of late-stage equity raises. The focus on credit-first underwriting supports this certainty.

Here's a look at the portfolio construction that underpins these value propositions as of September 30, 2025:

Metric	Value / Amount
Dollar-Weighted Annualized Yield on Debt Investments (Q3 2025)	16.8%
Total Investment Portfolio Fair Value (Q3 2025)	$946 million
Net Asset Value (NAV) per Share (Q3 2025)	$13.55
Funded Investments (Q3 2025)	$128.3 million
Dollar-Weighted Loan-to-Value Ratio (Q3 2025)	31.4%
Portfolio Allocation to Senior Secured Loans	Primarily first lien

The structure of the financing itself is a key feature. Runway Growth Finance Corp. directly originates and invests in primarily first lien, senior secured loans. This structure is designed to mitigate risk while providing the necessary capital structure for growth-stage companies.

The operational results from Q3 2025 highlight the income generated from these value-added services:

• Total investment income for Q3 2025 was $36.7 million.
• Net investment income for Q3 2025 was $15.7 million.
• The declared fourth quarter 2025 cash distribution was $0.33 per share.

This focus on current income generation from debt investments, supplemented by capital gains from warrants, is the ultimate return proposition for their investors. Finance: draft 13-week cash view by Friday.

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Customer Relationships

You're a founder looking for growth capital but dread giving up control to traditional equity investors. That's the exact spot Runway Growth Finance Corp. targets, positioning itself as a partner that offers flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity.

High-Touch, Founder-Friendly Service

Runway Growth Finance Corp. emphasizes a service model designed to keep founders in the driver's seat. The core value proposition is providing capital with minimal dilution, which directly supports founder control. This approach is central to their mission to support passionate entrepreneurs in building innovative businesses. The firm's focus on late- and growth-stage businesses suggests a relationship built on understanding the next phase of scaling, not just the immediate exit. The dollar-weighted annualized yield on debt investments for the quarter ended September 30, 2025, stood at a healthy 16.8%, indicating the premium placed on this specialized, less dilutive capital structure.

Proactive Portfolio Monitoring

The relationship extends well beyond the initial funding; it involves diligent risk mitigation and close company support. Runway Growth Finance Corp. maintains a centralized portfolio management team to stay on top of its investments. As of September 30, 2025, the investment portfolio had an aggregate fair value of $0.9 billion across 54 companies. A key indicator of their credit quality and monitoring is that as of June 30, 2025, only 1 loan was on nonaccrual status. Their portfolio construction reflects a preference for security, with 97.6% of the loans being senior secured loans as of September 30, 2025. The firm's CEO, David Spreng, noted a focus on maximizing existing commitments through diligent risk mitigation in the second quarter of 2025.

Here's a quick look at how the portfolio was structured as of September 30, 2025, showing where their relationship focus lies:

Portfolio Component	Count/Value as of 9/30/2025	Percentage/Detail
Aggregate Fair Value of Investment Portfolio	$0.9 billion	Total Portfolio Value
Total Number of Portfolio Companies	54	Total Companies Financed
Debt Investments	47	Investments in Debt
Equity Investments	89	Investments in Equity
Companies with Both Debt & Equity	23	Deepest Level of Partnership

Long-Term Partnering

Runway Growth Finance Corp. views its engagements as long-term partnerships, often providing the next round of capital needed for a portfolio company's next milestone. This is evident in their consistent follow-on activity. For instance, during the third quarter of 2025, they completed 8 investments in existing portfolio companies out of 11 total investments. Specifically, they completed follow-on investments totaling $6.9 million to 5 existing portfolio companies in Q3 2025. This pattern shows a commitment to supporting companies through multiple stages of growth, rather than just a single transaction. The strategy is to support companies as founders opt for larger raises to extend runway and defer future rounds.

The deployment activity in Q3 2025 highlights this focus on existing relationships:

• Total funded investments in Q3 2025: $128.3 million across 11 investments.
• Investments in existing portfolio companies: 8.
• Follow-on funding to 5 existing companies: aggregate amount of $6.9 million.
• Refinancing activity included Skillshare, Inc. and Madison Reed, Inc.

The firm's primary focus sectors-Technology at 63%, Healthcare at 14%, and Consumer Services & Products at 23%-suggests relationships are concentrated where growth is most intense. Finance: draft 13-week cash view by Friday.

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Channels

You're looking at how Runway Growth Finance Corp. (RWAY) brings deals to the table as of late 2025. It's not just one path; it's a mix of internal hustle, big-platform backing, and strategic partnerships. Honestly, the structure is clearly evolving post-BC Partners combination.

Direct Origination

The in-house team is still key, focusing on sourcing deals directly. This is the traditional venture debt approach, targeting high-quality, late-stage companies. While the BC Partners integration is boosting other channels, the core direct sourcing remains active. For the third quarter of 2025, the deployment mix shows a strong reliance on non-sponsored deals.

• 78% of investments originated from non-sponsored channels as of September 30, 2025.
• The company focuses on late- and growth-stage businesses in technology, healthcare, and select consumer sectors.

BC Partners Ecosystem

This is the big lever that's changed the game since the January 2025 acquisition of Runway Growth Capital by BC Partners Credit. The integration is designed to expand the origination funnel significantly. The combined platform is massive, which helps Runway Growth Finance Corp. compete for larger or more diverse opportunities. They explicitly noted that the third quarter investment activity is only beginning to show the benefits of this integration.

Here's a quick look at the scale of the platform supporting these channels:

Metric	Value as of Q1 2025 (Post-Combination)
Combined Platform Assets Under Management (AUM)	Approximately $10.6 billion
Global Offices	8 (US, UK, Canada)
Combined Team Professionals	168

This scale definitely helps strengthen sourcing capabilities and capture a broader range of investment opportunities.

Referral Networks

Relationships with venture capital and private equity firms form a critical part of the pipeline, especially for sponsored deals. While the search results don't give a specific percentage for pure referral-based deals outside the BC ecosystem, the sponsored deal metric gives us a proxy for the impact of these networks.

• 22% of investments in Q3 2025 were from sponsored deals.
• The focus is on maintaining disciplined underwriting standards across all sourced opportunities.

Co-Investment Structures

The Runway-Cadma I LLC joint venture, established with Cadma Capital Partners (an affiliate of Apollo Global Management), is a dedicated channel for deploying capital, often alongside Runway Growth Finance Corp. This structure was initially set up with a financing capacity of up to $200 million. You can see this channel being actively used for specific investments.

Third quarter 2025 activity clearly shows this channel in use:

• Runway Growth Finance Corp. funded one investment in Runway-Cadma I LLC during Q3 2025.
• This specific Q3 2025 equity investment totaled $6.7 million, supporting a Madison Reed investment.
• As of September 30, 2025, Runway Growth Finance Corp. had $22.7 million in unfunded commitments designated for equity financing to the JV with Cadma.

Finance: draft 13-week cash view by Friday.

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Customer Segments

Runway Growth Finance Corp. focuses on providing flexible capital solutions to companies that are past the initial startup phase and are actively scaling.

Late-Stage Growth Companies: Post-product-market fit businesses.

The core customer is the late- and growth-stage company. These businesses are looking for capital to fund growth while trying to avoid the dilution associated with raising another round of equity financing. As of September 30, 2025, the total investment portfolio at fair value stood at $946 million.

The structure of the investment base as of the end of the third quarter of 2025 reflects this focus:

• Debt Investments: 47 to 30 portfolio companies.
• Equity Investments: 89 in 47 portfolio companies.

The firm funded $128.3 million across 11 investments during the third quarter of 2025, showing continued deployment into this segment.

Technology Sector: Companies in software, information services, and AI.

The technology sector is a primary vertical for Runway Growth Finance Corp. Investments are consistently made in businesses within the technology space, alongside healthcare and select consumer services and products industries. The integration with the BC Partners ecosystem is noted to be driving new origination opportunities across this broader borrower base.

Healthcare and Life Sciences: Sector focus expanding to approximately 31% of the portfolio.

Runway Growth Finance Corp. is actively increasing its exposure to the healthcare and life sciences sector. This strategic shift is being executed through the proposed acquisition of SWK Holdings. This transaction is specifically targeted to increase healthcare and life sciences exposure from 14% to 31% of the portfolio at fair value.

Here's a quick look at the portfolio composition metrics as of September 30, 2025, and the targeted sector shift:

Metric	Value	Context/Date
Total Investment Portfolio (Fair Value)	$946 million	September 30, 2025
Total Debt Investments	47	September 30, 2025
Total Equity Investments	89	September 30, 2025
Healthcare/Life Sciences Exposure (Current)	14%	Prior to SWK Holdings acquisition
Projected Healthcare/Life Sciences Exposure	31%	Pro forma target post-acquisition

Venture-Backed Companies: Businesses seeking an alternative to raising equity.

Runway Growth Finance Corp. explicitly positions itself as a provider of capital solutions to companies seeking an alternative to raising equity. This means the customer base is heavily reliant on venture capital or private equity backing, but is now looking for debt financing to extend runway or fund specific growth milestones without further equity dilution. The firm seeks to uphold industry-leading investment standards and disciplined underwriting when supporting these venture-backed entities.

The firm generated total investment income of $36.7 million and net investment income of $15.7 million for the third quarter of 2025.

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Runway Growth Finance Corp.'s operations as of late 2025. It's not just about what they earn; understanding the cost base is key to seeing the net return they generate for investors.

For the quarter ended 9/30/2025, total Operating Expenses hit $21.0 million. That's the overhead for running the shop, which is a key figure to track quarter-over-quarter.

Here's a quick look at the major components of those expenses for that same period, based on the reported figures (amounts are in thousands, so add three zeros for the actual dollar amount):

Cost Component	Q3 2025 Amount (in thousands)	Description Context
Operating Expenses (Total)	$21,000	Total operating costs for the quarter.
Interest and other debt financing expenses	$10,630	Cost of borrowing on credit facilities and unsecured notes.
Incentive fees	$4,075	Performance-based fees paid to the external adviser.
Management fees	$3,963	Base fee paid to the external adviser.

The Interest Expense, which is the cost of borrowing on credit facilities and unsecured notes, was $10,630 thousand for the quarter. That's the direct cost of the leverage Runway Growth Finance Corp. uses to boost its investment capacity; it's a significant chunk of the total operating spend, as you can see.

When we talk about Management Fees, you need to know the structure. The base management fee is set at 1.5% of gross assets. As of September 30, 2025, Runway Growth Finance Corp. reported total assets of $963.3 million. Honestly, that asset level would have technically pushed the fee rate to 1.6%, but the adviser agreed to maintain the base rate at 1.5% for the period. The actual reported fee for the quarter was $3,963 thousand.

Then you have the Incentive Fees, which are the performance-based fees paid to the external adviser. These fees are directly tied to the upside. For the quarter ended September 30, 2025, these amounted to $4,075 thousand. It's important to watch this number relative to net investment income, because it shows how much of the upside the adviser captures.

The cost structure also includes other administrative items you should be aware of:

• Professional fees were $1,687 thousand for the quarter.
• Administration agreement expenses are another line item to monitor.
• There was a net realized loss on investments of $1.3 million in the quarter.

Finance: draft 13-week cash view by Friday.

Runway Growth Finance Corp. (RWAY) - Canvas Business Model: Revenue Streams

You're looking at how Runway Growth Finance Corp. actually brings in the money to pay its distributions and cover operating costs. Honestly, it all flows from the debt they lend out to those late- and growth-stage companies.

Interest Income is definitely the main engine here, coming from those senior-secured loans that form the core of the investment portfolio. For the third quarter ended September 30, 2025, the company's dollar-weighted annualized yield on its debt investments was a solid 16.8%. This yield is what drives the bulk of the recurring revenue.

Here's a quick look at how the investment income components stacked up for that quarter, based on reported figures and analyst estimates:

Income Component	Q3 2025 Amount (Millions USD)	Notes
Interest Income (Accrued)	$30.72	From non-control/non-affiliate debt investments.
Payment in Kind Interest Income	$4.22	Interest that is added to the principal balance.
Dividend Income	$0.25	From equity-related holdings.
Total Investment Income	$36.7	The aggregate top-line income figure.

The Total Investment Income for the quarter ended September 30, 2025, hit $36.7 million. That number matches the prior year's third quarter, showing consistent earning power despite market fluctuations. Remember, this is the gross revenue before taking out operating expenses.

Fee Income comes from the transactional side of lending. You see this when companies pay to get the loan or pay it off early. During Q3 2025, Runway Growth Finance Corp. completed 11 new and existing investments, funding $128.3 million in loans. Plus, they collected aggregate proceeds of $199.7 million from principal prepayments, which often carry prepayment fees. These fees are a nice kicker on top of the regular interest payments.

Finally, there's the Equity/Warrant Gains stream. This is less predictable but important for total returns. For the quarter, the company received aggregate proceeds of $0.2 million from the sale of equity positions. On the flip side, Runway Growth Finance Corp. recorded a net realized loss on investments of $1.3 million in the third quarter, which you have to factor in against any gains.

Finance: draft 13-week cash view by Friday.