Runway Growth Finance
Provides senior secured loans to late-stage growth companies.
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Profile
Provides senior secured venture loans to late-stage growth companies in technology, healthcare, business services, financial services, and selected consumer markets. Income is debt-led, with warrants and equity positions adding secondary capital-gain exposure under an externally managed BDC structure.
Provides directly originated senior secured loans to late-stage and growth companies that want debt financing instead of a more dilutive equity raise. Target sectors include technology, healthcare and life sciences, business services, financial services, and selected consumer markets, with one reportable segment.
The portfolio is debt-led, with warrants and other equity positions adding secondary capital-gain exposure. Borrowers are mainly U.S.-weighted, while the adviser also markets financing across North America, Europe, and Australia.
Operates as an externally managed BDC advised by Runway Growth Capital, now part of BC Partners Credit. The SWK acquisition expanded healthcare and life-sciences exposure, and the business depends on credit underwriting, borrower performance, debt-market access, and the spread between funding costs and portfolio yields.
Company facts
Categories
Key statistics
Year to date −27.3% · Average volume (30d) 577.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 15, 2026 | B of A Securities | Downgrade | Neutral | Underperform | ||
| May 14, 2026 | Wells Fargo | Reiterate | Equal Weight | $9.50 | $6.50 | |
| Mar 13, 2026 | Morgan Stanley | Target | $10 | |||
| Mar 13, 2026 | Loop Capital Markets | Target | $10 | |||
| Oct 14, 2025 | UBS | Reiterate | Buy | $14.50 | $12.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.29 | $0.43 | +47.2% | $31.1M | $37.0M | +19.2% | +14.38% |
| May 7, 2026Q1 FY26 | $0.31 | $0.29 | −6.5% | $29.5M | $29.5M | −0.1% | −4.25% |
| Mar 12, 2026Q4 FY25 | $0.36 | $0.32 | −11.1% | $31.9M | $30.0M | −6.0% | −7.40% |
| Nov 6, 2025Q3 FY25 | $0.38 | $0.43 | +13.2% | $31.6M | $21.0M | −33.6% | +1.85% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $13.7M | $30.5M | $21.0M | $19.0M | $30.7M | −$8.2M | |
| Gross profit | $4.8M | $20.5M | $11.6M | $10.4M | $23.8M | −$12.1M | |
| Operating income | $1.9M | $16.8M | $8.0M | $7.4M | −$24.3M | $40.2M | |
| Net income | $1.9M | $16.8M | $8.0M | $7.4M | −$34.8M | $27.2M | |
| Diluted EPS | $0.42 | $0.45 | $0.22 | $0.20 | −$0.96 | $0.65 | |
| Gross margin | 35.2% | 67.1% | 55.5% | 54.5% | 77.6% | — | |
| Operating margin | 13.6% | 55.0% | 38.2% | 38.7% | -79.2% | — |
Fiscal years (4-quarter sums)FY21 $54.3M · FY22 $55.5M · FY23 $94.5M · FY24 $124.2M · FY25 $84.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $10.8M · Total debt $693.8M · Total assets $1.22B · Shareholders' equity $502.6M
Dividends
Last cut to $0.33 from $0.40 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Aug 31 | $0.33 | |
| May 18, 2026 | May 18 | Jun 2 | $0.33 | |
| Mar 10, 2026 | Mar 10 | Mar 24 | $0.33 | |
| Nov 17, 2025 | Nov 17 | Dec 3 | $0.33 | cut from $0.40 |
| Aug 18, 2025 | Aug 18 | Sep 2 | $0.36 | special dividend |
| May 19, 2025 | May 19 | Jun 3 | $0.35 | special dividend |
| Mar 31, 2025 | Mar 31 | Apr 14 | $0.36 | special dividend |
| Nov 18, 2024 | Nov 18 | Dec 2 | $0.40 | raised from $0.36 |
Ownership
Shares outstanding 42.46M · Float 41.84M · 98.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| OCM Growth Holdings LLC · 10 percent owner | 7.03M | 16.55% | Form 4 | Nov 19, 2025 |
| Oaktree Capital Management LP | 7.03M | 16.55% | 13F | Aug 14, 2026 |
| Carlson Capital, L.P. · 10 percent owner | 4.73M | 11.13% | Form 4 | Apr 13, 2026 |
| Sound Income Strategies, LLC | 2.00M | 4.72% | 13F | Jul 20, 2026 |
| Ares Management LLC | 1.52M | 3.57% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | R. David Spreng | director, officer: President and Co-CEO | +1,000 | $6.89 |
| Aug 13, 2026 | Carmela Thomson | officer: CFO, Treasurer and Secretary | +8,000 | $6.97 |
| May 20, 2026 | R. David Spreng | director, officer: President and CEO | +3,000 | $6.37 |
| May 14, 2026 | Thomas B. Raterman | officer: CFO, COO | +3,000 | $6.67 |
| May 20, 2026 | Thomas B. Raterman | officer: CFO, COO | +7,000 | $6.34 |
Peers
- Hercules Capital
Leading venture-debt BDC for technology and life-sciences borrowers
- Blue Owl Technology Finance
Scaled technology-focused BDC with a software lending concentration
- Trinity Capital
Diversified growth lender spanning tech, equipment, and life sciences
- TriplePoint Venture Growth BDC
Venture-growth BDC focused on VC-backed technology companies
- Horizon Technology Finance
Smaller venture lender focused on tech, life science, and sustainability
- Blue Owl Capital
Large direct-lending BDC for upper-middle-market sponsored borrowers
- Main Street Capital
Internally managed BDC with lower-middle-market and private-credit reach
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Runway Growth Finance | $6.66 | +1.37% | $279.8M | 59.9 | 4.9 | 4.5 | +10.1% |
| Hercules Capital | $17.52 | +0.22% | $3.27B | 8.8 | 9.0 | 5.6 | +86.7% |
| Blue Owl Technology Finance | $11.41 | +0.25% | $5.26B | 8.8 | 8.7 | 3.8 | +14.6% |
| Trinity Capital | $18.75 | +1.05% | $1.67B | 9.7 | 8.9 | 5.8 | +41.2% |
| TriplePoint Venture Growth BDC | $5.43 | 0.00% | $220.5M | 5.5 | 6.1 | 2.6 | −4.7% |
| Horizon Technology Finance | $4.75 | +0.85% | $235.4M | 13.5 | 6.6 | 2.3 | +2.1% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Main Street Capital | $58.45 | −0.18% | $5.44B | 11.8 | 15.4 | 7.8 | −26.1% |
| Median | 9.7 | 8.8 | 4.0 | +2.1% |