Runway Growth Finance Corp. Provides Third Quarter 2026 Portfolio Update

Four full loan repayments contributed to $139.4 million in portfolio liquidity events during the quarter.

Rhea-AI Summary

Runway Growth Finance (Nasdaq: RWAY) completed four follow-on investments in existing portfolio companies, funding approximately $8.5 million in the third quarter of 2026. The quarter ended September 30 included $2.9 million invested across three companies and approximately $5.6 million funded to Marley Spoon.

Runway restructured approximately $28.9 million in unfunded commitments to Marley Spoon into a €8.1 million bridge loan. The restructuring remains ongoing, with Runway evaluating multiple paths to liquidity. Portfolio liquidity events totaled $139.4 million, including four full loan repayments and scheduled principal payments and partial prepayments. The company plans disciplined capital deployment through share repurchases and selective new originations.

8 points · 1 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointExtensiv loan repayment returned $72.3 million through full repayment in the third quarter of 2026. 27% of market cap
• Moderate pointRoute 92 Medical loan repayment returned $35.0 million through full repayment in the third quarter of 2026. 13% of market cap
• Moderate pointOnward Medical loan repayment returned $17.1 million through full repayment in the third quarter of 2026. 6.4% of market cap
• Minor pointFederal Hearings and Appeals Services loan repayment returned $6.3 million through full repayment in the third quarter of 2026.
• Minor pointScheduled principal payments and partial prepayments totaled $8.7 million in the third quarter of 2026.

3 minor points

• Minor pointFollow-on investments funded $2.9 million across three existing portfolio companies in the third quarter of 2026.
• Minor pointMarley Spoon bridge loan received approximately $5.6 million in funding during the third quarter of 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Share repurchases and selective new originations remain part of Runway's planned capital deployment.

Negative

• Moderate pointMarley Spoon restructuring replaced approximately $28.9 million in unfunded commitments with a €8.1 million bridge loan; restructuring remains ongoing. 11% of market cap

News Explained

Marley Spoon is advancing a revised operating plan focused on lower costs and financial sustainability, and the plan includes a recently announced 21% workforce reduction.

Key Figures

Liquidity events: $139.4 million Follow-on investments: $2.9 million Workforce reduction: 21% +3 more

Liquidity events

$139.4 million

Investment portfolio repayments and other principal payments, third quarter 2026

Follow-on investments

$2.9 million

Aggregate amount to three existing portfolio companies, third quarter 2026

Workforce reduction

21%

Marley Spoon's recently announced reduction

Debt investments

52 investments to 42 companies

Portfolio as of September 30, 2026

Equity investments

102 investments in 66 companies

Portfolio as of September 30, 2026

Companies with debt and equity investments

31 companies

Portfolio as of September 30, 2026

Key Terms

senior secured term loan, unfunded commitments, bridge loan, business development company

4 terms

senior secured term loan financial

"Full repayment of the Company's senior secured term loan to 3PL Central LLC"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

unfunded commitments financial

"Restructure of approximately $28.9 million in unfunded commitments to Marley Spoon SE"

Unfunded commitments are promises by investors to provide capital to an investment vehicle or fund that have been agreed upon but not yet called or paid. They matter because they represent future cash obligations and potential buying power—like agreeing to pay for future work on a house—which affects an investor’s liquidity, risk exposure and a fund’s ability to make new investments or meet obligations.

bridge loan financial

"into a €8.1 million bridge loan"

A bridge loan is a short-term loan used to quickly provide funds until a larger, long-term financing option is in place. It acts like a temporary bridge, helping individuals or businesses cover immediate expenses or complete transactions without delay. For investors, it’s important because it offers quick access to cash but often comes with higher costs and short repayment periods.

business development company regulatory

"regulated as a business development company under the Investment Company Act of 1940"

A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.

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Completed Four Investments in Existing Portfolio Companies Representing $8.5 Million in Fundings

MENLO PARK, Calif., Oct. 13, 2026 (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 quarter ended September 30, 2026.

“During the third quarter of 2026, with our expanded leadership team in place, we remained focused on optimizing the portfolio and allocating capital in a manner that we believe best serves our shareholders,” said Runway Growth Founder and Co-CEO David Spreng. “We continue to take a measured approach to new originations while remaining optimistic about Runway’s long-term growth opportunity and confident in our ability to capitalize on the expanding financing needs of the innovation economy.”

“We continued to make progress this quarter optimizing our portfolio, which we believe is one of the most important ways we can create value for shareholders,” said Runway Growth Co-CEO Michael Rovner. “We are encouraged by the healthy level of repayment activity, which we believe reflects the underlying strength of many of our portfolio companies. As we noted earlier this quarter, we believe Runway’s share price does not accurately reflect the fundamentals of our portfolio. We remain focused on closing that valuation gap over time through disciplined capital deployment, including share repurchases and selective new originations.”

Originations

During the third quarter of 2026, Runway Growth funded follow-on investments in four existing portfolio companies totaling approximately $8.5 million. These included:

• Completion of follow-on investments in an aggregate amount of $2.9 million to three existing portfolio companies;
• Restructure of approximately $28.9 million in unfunded commitments to Marley Spoon SE into a €8.1 million bridge loan, of which approximately $5.6 million was funded during the quarter.

Marley Spoon remains under active portfolio management. The portfolio company is advancing a revised operating plan focused on reducing costs and achieving financial sustainability, which includes a recently announced 21% workforce reduction. Runway remains actively engaged as the restructuring process evolves and continues to evaluate multiple paths to liquidity.

Liquidity Events

During the third quarter of 2026, Runway Growth experienced the following liquidity events totaling $139.4 million in its investment portfolio:

• Full repayment of the Company's senior secured term loan to 3PL Central LLC (dba Extensiv) of $72.3 million;
• Full repayment of the Company's senior secured term loan to Route 92 Medical, Inc. of $35.0 million;
• Full repayment of the Company's senior secured term loan to Onward Medical, N.V. of $17.1 million;
• Full repayment of the Company's senior secured term loan to Shepherd Intermediate, LLC (dba Federal Hearings and Appeals Services) of $6.3 million; and
• Other scheduled loan principal amortization payments and partial prepayments of $8.7 million.

Portfolio Construction and Management

Runway Growth is a credit-first organization, carefully structured to focus on what it believes to be the highest-quality, late-stage companies in the venture debt market. The Company seeks to uphold industry-leading investment standards as well as disciplined underwriting and monitoring of its portfolio. Runway Growth is positioned as a preferred lender in the venture debt space, supporting and working closely with companies to help them reach their full growth potential. Since inception, the Company has focused on the fastest growing sectors of the economy, including healthcare, technology and select consumer services and products industries.

As of September 30, 2026, the Runway Growth portfolio included 52 debt investments to 42 companies and 102 equity investments in 66 companies, including 31 companies where Runway Growth holds both a debt and equity investment. Investments were comprised of late and growth-stage businesses in the technology, healthcare and select consumer services and products industries. Runway Growth’s normal business operations include frequent communication with portfolio companies.

About Runway Growth Finance Corp.

Runway Growth is a specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veterans David Spreng and Michael Rovner. For more information, please visit www.runwaygrowth.com.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

No Offer or Solicitation

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this press release is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in Runway Growth or in any fund or other investment vehicle managed by Runway Growth Capital LLC, BC Partners Advisors L.P. or any of their affiliates.

Important Disclosures

Strategies described in this press release involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein. Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors”, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.

IR Contacts 

Taylor Donahue, Prosek Partners, rway@prosek.com

Carmela Thomson, Chief Financial Officer, ct@runwaygrowth.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Runway Growth Finance invest in the third quarter of 2026?

Runway Growth Finance funded approximately $8.5 million in follow-on investments across four existing portfolio companies. This included $2.9 million across three companies and approximately $5.6 million funded to Marley Spoon during the quarter ended September 30, 2026.

What was in Runway Growth Finance's portfolio as of September 30, 2026?

Runway Growth Finance held 52 debt investments in 42 companies and 102 equity investments in 66 companies as of September 30, 2026. These included 31 companies in which Runway held both debt and equity investments.