Runway Growth Finance (RWAY)
Provides senior secured loans to late-stage growth companies.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jun 15, 2026 | B of A Securities | Downgrade | ||
| May 14, 2026 | Wells Fargo | Reiterate | Rating: —Target: $9.50 | Target: $6.50 |
| Mar 13, 2026 | Morgan Stanley | Target | Target: — | Target: $10 |
| Mar 13, 2026 | Loop Capital Markets | Target | Target: — | Target: $10 |
| Oct 14, 2025 | UBS | Reiterate | Rating: —Target: $14.50 | Target: $12.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $10.8M · Total debt $693.8M · Total assets $1.22B · Shareholders' equity $502.6M
- Revenue
- −$8.2M
- Operating income
- $40.2M
- Net income
- $27.2M
HistoryDividendAnnual yield
| Institutions | 49.00% | 20.54M shares | |
|---|---|---|---|
| 99 holders · as of Jun 30, 2026 | |||
| Insiders | 1.45% | 607.8K shares | |
| 4 holders · as of Sep 10, 2026 | |||
| Strategic holders | 11.28% | 4.73M shares | |
| 1 holder · as of Apr 13, 2026 | |||
| Other | 38.27% | 16.04M shares | |
| remainder | |||
41.91M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Oaktree Capital Management LPInstitution | 16.77% | 7.03M | as of Jun 30, 2026 |
Carlson Capital, L.P.Strategic10 percent owner | 11.28% | 4.73M | filed Apr 13, 2026 |
Sound Income Strategies, LLCInstitution | 4.78% | 2.00M | as of Jun 30, 2026 |
Ares Management LLCInstitution | 3.62% | 1.52M | as of Jun 30, 2026 |
Hightower Advisors, LLCInstitution | 3.20% | 1.34M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | Michael Rovner | officer: Co-Chief Executive Officer | +7,000 | $6.57 |
| 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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Runway Growth Finance | $6.75 | +0.83% | $284.1M | 60.8 | 5.1 | 4.5 | +10.1% |
| Hercules Capital | $17.32 | −0.32% | $3.25B | 8.7 | 8.9 | 5.6 | +86.7% |
| Blue Owl Technology Finance | $10.54 | −0.99% | $4.92B | 8.2 | 8.0 | 3.6 | +14.6% |
| Trinity Capital | $17.84 | +0.65% | $1.59B | 9.2 | 8.6 | 5.6 | +41.2% |
| TriplePoint Venture Growth BDC | $4.90 | +1.14% | $196.5M | 4.9 | 5.5 | 2.3 | −4.7% |
| Horizon Technology Finance | $4.65 | −0.21% | $233.4M | 13.4 | 6.5 | 2.1 | +2.1% |
| Blue Owl Capital | $11.20 | +0.04% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Main Street Capital | $56.16 | −0.21% | $5.23B | 11.3 | 14.8 | 7.5 | −26.1% |
| Median | 9.2 | 8.6 | 3.9 | +2.1% |