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Mar 31, 2025
Runway Growth Q1 2025 Earnings Report
Runway Growth delivered solid investment income and maintained strong yields despite a drop in total revenue.
Key Takeaways
Runway Growth Finance Corp. reported $35.4M in total investment income and $15.6M in net investment income for Q1 2025, achieving an EPS of $0.42 and a high yield on debt investments, although revenues declined year-over-year.
Total investment income reached $35.4M, beating expectations
Net investment income came in at $15.6M, or $0.42 per share
Dollar-weighted annualized yield on debt investments stood at 15.44%
Net realized gains totaled $6.1M despite $19.8M in unrealized losses
Forward Guidance
Runway Growth anticipates continued selective investment activity and solid distribution coverage, with liquidity support from its credit facility and new capital sources.
Positive Outlook
- Strong liquidity with $315.4M available
- Declared Q2 regular and supplemental dividends
- Completed $40M in new debt commitments in Q2 to-date
- Repurchase program approved for up to $25M
- Continued platform integration with BC Partners enhances reach
Challenges Ahead
- Revenues declined 11.5% YoY
- Significant $19.8M unrealized investment losses in Q1
- NAV per share decreased to $13.48
- Portfolio contraction from $1.08B to $1.00B
- Earnings growth pressure due to lower fee and interest income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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