Q1 2024 Earnings Call Transcript for Runway Growth Finance Corp. (NASDAQ:RWAY)

Runway Growth Finance Corp. (NASDAQ:RWAY) recently held its First Quarter 2024 Earnings Conference Call on May 7, 2024, where key executives provided insights into the company’s performance and future outlook. The call was led by David Spreng, Chairman, President, and CEO of Runway Growth Finance, along with other top executives.

During the call, Spreng highlighted the company’s first-quarter portfolio highlights, financial results, and market trends. Runway Growth Finance reported total investment income of $40 million and net investment income of $18.7 million for the quarter, representing a 2% increase from the prior year period. The company’s weighted average portfolio risk rating also saw a slight increase in Q1.

Spreng emphasized the importance of credit quality and the company’s focus on working closely with portfolio companies to maintain consistent yield. He discussed the current market trends, noting that companies are increasingly turning to debt financing as a minimally dilutive alternative to equity financing.

Greg Greifeld, Managing Director and Deputy Chief Investment Officer, provided further insights into the U.S. economic resilience and Runway’s strategic positioning in the market. He highlighted the company’s credit-first philosophy and its commitment to evaluating attractive investment opportunities in sectors like life sciences, technology, and consumer services.

Tom Raterman, CFO and COO of Runway Growth Finance, delved into the company’s financial performance, including total operating expenses, net unrealized losses on investments, and leverage ratios. He also discussed the company’s liquidity position, available borrowing capacity, and unfunded loan commitments.

Overall, the executives expressed confidence in Runway Growth Finance’s ability to navigate the current market environment, uphold its credit standards, and deliver value to shareholders through disciplined underwriting and strategic investments. The company remains focused on preserving credit quality, generating consistent distributions, and seizing opportunities for growth in the coming year.