Runway Growth Finance Business Summary

Runway Growth Finance Corp. (RWAY) is an externally managed, closed-end business development company (BDC) that specializes in providing senior secured loans, or venture debt, to late-stage and growth companies. The company generates revenue primarily through interest income from its loan portfolio—which maintained a weighted average annualized yield of approximately 16.8% as of late 2025—supplemented by fee income from loan originations, amendments, and prepayments. Its primary business segments target high-growth industries including technology (SaaS, fintech, and enterprise tech), life sciences, healthcare services, and consumer products. As of February 2026, RWAY is finalizing the acquisition of SWK Holdings Corporation, a move projected to increase its total assets to $1.3 billion and expand its healthcare exposure to roughly 31% of its portfolio. RWAY competes directly with other venture-focused BDCs such as Hercules Capital (HTGC), TriplePoint Venture Growth (TPVG), and Horizon Technology Finance (HRZN), distinguishing itself through a focus on minimally dilutive capital for companies with a clear path to profitability. Founded in 2015 by Silicon Valley veteran David Spreng, the company is led by a management team with deep roots in venture capital and credit markets. David Spreng serves as CEO and President, bringing over 30 years of experience and a pedigree that includes four appearances on the Forbes Midas List. The executive team includes Thomas Raterman as Chief Financial Officer and Chief Operating Officer, and Greg Greifeld, who was elevated to Chief Investment Officer in early 2025 to oversee investment strategy and deal structuring. In 2025, the company’s external manager, Runway Growth Capital, was acquired by BC Partners Credit, a global alternative investment platform with approximately $10 billion in AUM. This strategic alignment is reflected in the board of directors, which is chaired by Ted Goldthorpe, the Head of BC Partners Credit. Other key board members include Julie Persily and John F. Engel, while OCM Growth Holdings remains a significant institutional stakeholder.