Runway Growth Finance Corp. (NASDAQ: RWAY) has provided an operational and portfolio update for the first quarter ending March 31, 2024. The company completed two investments amounting to $25.0 million in funded loans during this period.
In the first quarter of 2024, Runway Growth funded two investments, including a $32.0 million investment in a new portfolio company in the automotive technology industry and a $5.0 million follow-on investment to Madison Reed, Inc. Liquidity events during this period included two prepayments totaling $34.5 million and scheduled principal amortization of $0.4 million.
As of March 31, 2024, the Runway Growth portfolio comprised 47 debt investments to 30 portfolio companies and 80 equity investments in 49 portfolio companies, including 26 portfolio companies where Runway Growth holds both a debt and equity investment. The investments were in late and growth-stage businesses in the technology, life sciences, and consumer services and products industries.
Runway Growth remains focused on prudently deploying leverage to enhance long-term shareholder value, and the company's credit-first approach is conservatively focused on what it believes to be the highest quality, late-stage companies in the venture debt market. Despite the ongoing economic turbulence and higher interest rate environment, the company is committed to maintaining a stable portfolio through heightened investment standards.
Runway Growth's portfolio update indicates a commitment to maintaining disciplined lending strategies and underwriting rigor, positioning the portfolio for resilience in the coming year. The company aims to drive performance with ample capital to execute against its long-term growth strategy and deliver shareholder value. The market has reacted to these announcements by moving the company's shares -1.3% to a price of $12.34. For more information, read the company's full 8-K submission here.
