Runway Growth Finance Corp. Provides First Quarter 2024 Portfolio Update

Completed Two Investments in New and Existing Portfolio Companies Representing $25.0 Million in Funded Loans

MENLO PARK, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided an operational and portfolio update for the first quarter ended March 31, 2024.

“In the first quarter, we saw heightened pipeline activity and executed on investments that demonstrate our disciplined lending strategy to attractive late and growth stage companies,” said Greg Greifeld, Acting Chief Executive Officer of Runway Growth, and Deputy Chief Investment Officer and Head of Credit of Runway Growth Capital LLC. “We are focused on prudently deploying leverage to enhance long-term shareholder value and are encouraged by the opportunity we see in our target asset class. The late and growth stage companies that make up our existing and prospective borrowers are insulated from much of the volatility we see in the earlier stages, and we believe our underwriting rigor positions the portfolio for resilience in the coming year. The team is in a strong position to drive performance with ample capital to execute against our long-term growth strategy and deliver shareholder value.”

Originations
In the first quarter of 2024, Runway Growth funded two investments: one investment in a new portfolio company and one investment in an existing portfolio company. These include:

• Completion of a $32.0 million investment to a new portfolio company in the automotive technology industry that provides real-time enterprise software solutions to help dealers elevate the car-buying experience by transforming the way they connect with customers, funding $20.0 million at transaction close; and
• Completion of a $5.0 million follow-on investment to Madison Reed, Inc. (“Madison Reed”), consisting of a $1.2 million delayed draw and $3.8 million upsize to its existing commitment. Madison Reed is a digitally enabled prestige hair color company predominantly focused on women.

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