SWK holder exits after Runway Growth merger

Rhea-AI Filing Summary

Carlson Capital affiliates and related entities report that they no longer beneficially own any shares of SWK Holdings Corporation following its merger with Runway Growth Finance Corp. On April 6, 2026, SWK merged into an acquisition subsidiary of Runway under an Agreement and Plan of Merger.

At the merger’s effective time, each share of SWK common stock was converted into either 1.7264 shares of Runway common stock or $20.59 in cash, based on each holder’s election and subject to proration, plus an additional $0.74 per share cash payment funded by the adviser. After this transaction, the reporting persons’ beneficial ownership fell to 0 shares, or 0% of SWK’s outstanding stock.

Key Figures

Beneficial ownership: 0 shares Ownership percentage: 0% Stock consideration per share: 1.7264 shares +4 more

7 metrics

Beneficial ownership 0 shares Reporting persons’ holdings after merger

Ownership percentage 0% Portion of SWK common stock class now held

Stock consideration per share 1.7264 shares Runway Growth Finance common stock per SWK share

Cash election per share $20.59 Per Share Cash Consideration alternative to stock

Guaranteed cash payment $0.74 per share Additional cash funded by the adviser

Shares outstanding 12,095,906 shares SWK common shares outstanding as of March 2, 2026

Merger closing date April 6, 2026 Effective time of SWK–Runway merger

Key Terms

Agreement and Plan of Merger, Per Share Stock Consideration, Per Share Cash Consideration, Per Share Guaranteed Cash Payment, +2 more

6 terms

Agreement and Plan of Merger regulatory

"pursuant to the Agreement and Plan of Merger dated as of October 9, 2025"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

Per Share Stock Consideration financial

"1.7264 shares of common stock ... (the "Per Share Stock Consideration")"

Per Share Cash Consideration financial

"$20.59 in cash (the "Per Share Cash Consideration")"

The amount of cash offered to buy each share of a company in a transaction, such as a takeover or buyout. Think of it as the dollar price a buyer promises to hand over for every share you own; it matters to investors because it determines the immediate cash value they would receive, whether the offer is above or below current market price, and helps compare competing bids or evaluate fairness.

Per Share Guaranteed Cash Payment financial

"$0.74 in cash, which represents a pro rata share of the guaranteed cash payment"

Total Per Share Consideration financial

"collectively with the Per Share Stock Consideration and the Per Share Cash Consideration, the "Total Per Share Consideration""

beneficially owned financial

"the Reporting Persons beneficially owned an aggregate of 0 Shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

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

What does the latest Schedule 13D/A for SWK Holdings (SWKH) disclose?

It discloses that Carlson Capital affiliates and related entities now beneficially own 0 shares of SWK Holdings. This follows SWK’s merger into a Runway Growth Finance Corp. subsidiary, which converted all SWK common stock into stock or cash plus an additional cash payment.

What merger terms affected SWK Holdings (SWKH) shareholders in this filing?

Each SWK share was converted into either 1.7264 shares of Runway Growth Finance common stock or $20.59 in cash, subject to election and proration. Shareholders also received an extra $0.74 per share in cash as a guaranteed payment funded by Runway Growth Capital’s adviser.

When did the SWK Holdings (SWKH) merger with Runway Growth Finance close?

The merger closed on April 6, 2026, when SWK Holdings was merged into an acquisition subsidiary of Runway Growth Finance. At that effective time, all SWK common shares were cancelled and converted into the specified stock-or-cash consideration plus the additional cash payment per share.

How many SWK Holdings (SWKH) shares were outstanding before this amendment?

The amendment references 12,095,906 SWK common shares outstanding as of March 2, 2026. This figure comes from SWK’s Form 8-K filed March 3, 2026 and is used to calculate that the reporting persons’ current beneficial ownership is approximately 0% of the outstanding shares.

Did Carlson Capital entities trade SWK Holdings (SWKH) shares since the prior amendment?

No. The filing states that no transactions in SWK common stock were effected by the reporting persons since Amendment No. 16. Their ownership dropped to zero as a result of the merger mechanics, not from open-market purchases or sales after the previous amendment.

Who are the main reporting persons in the SWK Holdings (SWKH) Schedule 13D/A?

The main reporting persons include Double Black Diamond Offshore Ltd., Carlson Capital, L.P., Asgard Investment Corp. entities, and Clint D. Carlson. Each now reports 0 shares beneficially owned, with 0% of the class, following completion of the Runway Growth Finance merger.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/08/2026 - 06:31 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 17)

SWK HOLDINGS CORPORATION

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

78501P203

(CUSIP Number)

Carlson Capital, L.P.
Attn: Rahim Ibrahim, 2100 McKinney Avenue
Dallas, TX, 75201
(214) 932-9600

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/06/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 78501P203

1

Name of reporting person

Double Black Diamond Offshore Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 78501P203

1

Name of reporting person

Carlson Capital, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN, IA

SCHEDULE 13D

CUSIP Number(s): 78501P203

1

Name of reporting person

Asgard Investment Corp. II

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 78501P203

1

Name of reporting person

Asgard Investment Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 78501P203

1

Name of reporting person

Clint D. Carlson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: SWK HOLDINGS CORPORATION
(c)	Address of Issuer's Principal Executive Offices: 5956 Sherry Lane, Suite 650, Dallas, TEXAS , 75225.
Item 1 Comment: Explanatory Note This Amendment No. 17 ("Amendment No. 17") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on November 4, 2009 (the "Original Schedule 13D"), as amended by Amendment No. 1 to the Original Schedule 13D filed with the SEC on November 25, 2009 ("Amendment No. 1"), and as further amended by Amendment No. 2 to the Original Schedule 13D filed with the SEC on March 1, 2012 ("Amendment No. 2"), and as further amended by Amendment No. 3 to the Original Schedule 13D filed with the SEC on September 9, 2013 ("Amendment No. 3"), and as further amended by Amendment No. 4 to the Original Schedule 13D filed with the SEC on May 16, 2014 ("Amendment No. 4"), and as further amended by Amendment No. 5 to the Original Scheduled 13D filed with the SEC on June 23, 2014 ("Amendment No. 5"), and as further amended by Amendment No. 6 to the Original Schedule 13D filed with the SEC on July 16, 2014 ("Amendment No. 6"), and as further amended by Amendment No. 7 to the Original Schedule 13D filed with the SEC on August 19, 2014 ("Amendment No. 7"), and as further amended by Amendment No. 8 to the Original Schedule 13D filed with the SEC on December 8, 2014 ("Amendment No. 8"), and as further amended by Amendment No. 9 to the Original Schedule 13D filed with the SEC on March 30, 2018 ("Amendment No. 9), and as further amended by Amendment No. 10 to the Original Schedule 13D filed with the SEC on April 6, 2021 ("Amendment No. 10"), and as further amended by Amendment No. 11 to the Original Schedule 13D filed with the SEC on May 18, 2021 ("Amendment No. 11"), and as further amended by Amendment No. 12 to the Original Schedule 13D filed with the SEC on November 12, 2021 ("Amendment No. 12"), and as further amended by Amendment No. 13 to the Original Schedule 13D filed with the SEC on November 23, 2021 ("Amendment No. 13") and as further amended by Amendment No. 14 to the Original Schedule 13D filed with the SEC on December 28, 2021 ("Amendment No. 14"), and as further amended by Amendment No. 15 to the Original Schedule 13D filed with the SEC on January 7, 2022 ("Amendment No. 15"), and as further amended by Amendment No. 16 to the Original Schedule 13D filed with the SEC on October 23, 2024 ("Amendment No. 16, and together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment No. 10, Amendment No. 11, Amendment No. 12, Amendment No. 13, Amendment No. 14, Amendment No. 15, Amendment No. 16 and this Amendment No. 17, the "Schedule 13D"), with respect to the shares of common stock ("Shares"), par value $0.001 per share, of SWK Holdings Corporation (the "Issuer"). Capitalized terms used herein and not otherwise defined in this Amendment No. 17 have the meanings set forth in the Schedule 13D. This Amendment No. 17 amends Items 4, 5 and 6 as set forth below.
Item 4.	Purpose of Transaction
	The information previously provided in response to Item 4 is hereby amended and supplemented by adding the following information: On April 6, 2026, pursuant to the Agreement and Plan of Merger dated as of October 9, 2025 (the "Merger Agreement"), Runway Growth Finance Corp. ("Parent"), RWAY Portfolio Holding Corp., RWAY Portfolio Corp. ("Acquisition Sub"), Runway Growth Capital LLC ("Adviser") and SWK Holdings Corporation ("SWK") effected a merger pursuant to which SWK was merged with and into Acquisition Sub (the "First Merger"). Pursuant to the Merger Agreement, upon completion of the First Merger (the "Effective Time"), each issued and outstanding common stock of SWK ("SWK Common Stock") was cancelled and converted into the right to receive (i) either (A) 1.7264 shares of common stock, par value $0.01 per share, of Parent ("Parent Common Stock" and such consideration, the "Per Share Stock Consideration") or (B) $20.59 in cash (the "Per Share Cash Consideration") (in each case, based on the election of the holder thereof in accordance with the terms of the Merger Agreement and subject to proration as provided therein) plus (ii) $0.74 in cash, which represents a pro rata share of the guaranteed cash payment paid by the Adviser (the "Per Share Guaranteed Cash Payment" and collectively with the Per Share Stock Consideration and the Per Share Cash Consideration, the "Total Per Share Consideration"). As a result, the Reporting Persons no longer beneficially own any shares of the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	Pursuant to the closing of the merger described in Item 4, the Reporting Persons beneficially owned an aggregate of 0 Shares, constituting approximately 0% of the Shares outstanding. The aggregate percentage of Shares reported in this Amendment No. 17 are based on an aggregate number of 12,095, 906 Shares outstanding as of March 2, 2026, as reported in the Issuer's 8-K filed with the SEC on March 3, 2026.
(c)	No transactions were effected by the Reporting Persons in the Shares since the filing of Amendment No. 16.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information previously provided in response to Item 6 is hereby amended and supplemented by adding the following information: Item 4 of this Amendment No. 17 is hereby incorporated by reference.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Double Black Diamond Offshore Ltd.

Signature:	/s/ Clint D. Carlson
Name/Title:	By: Carlson Capital, L.P., its investment manager, By: Asgard Investment Corp. II, its general partner, Clint D. Carlson, President
Date:	04/08/2026

Carlson Capital, L.P.

Signature:	/s/ Clint D. Carlson
Name/Title:	By: Asgard Investment Corp. II, its general partner, Clint D. Carlson, President
Date:	04/08/2026

Asgard Investment Corp. II

Signature:	/s/ Clint D. Carlson
Name/Title:	Clint D. Carlson, President
Date:	04/08/2026

Asgard Investment Corp.

Signature:	/s/ Clint D. Carlson
Name/Title:	Clint D. Carlson, President
Date:	04/08/2026

Clint D. Carlson

Signature:	/s/ Clint D. Carlson
Name/Title:	Clint D. Carlson
Date:	04/08/2026