Form 8-K

8-K — Runway Growth Finance Corp.

Accession: 0001193125-26-337951

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001653384

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — rway-20260806.htm (Primary)

EX-99.1 (rway-ex99_1.htm)

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8-K

8-K (Primary)

Filename: rway-20260806.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

Runway Growth Finance Corp.

(Exact name of Registrant as Specified in Its Charter)

Maryland

814-01180

47-5049745

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

205 N. Michigan Ave.

Suite 4200

Chicago, Illinois

60601

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 698-6902

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

RWAY

Nasdaq Global Select Market

7.50% Notes due 2027

RWAYL

Nasdaq Global Select Market

7.25% Notes due 2031

RWAYI

Nasdaq Global Select Market

9.00% Notes due 2027

SWKHL

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Runway Growth Finance Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. The text of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information set forth under this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number

Description

99.1

Press Release, dated August 6, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Runway Growth Finance Corp.

Date:

August 6, 2026

By:

/s/ Carmela Thomson

Chief Financial Officer

EX-99.1

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EX-99.1

Runway Growth Finance Corp. Reports Second Quarter 2026 Financial Results

Delivered Total and Net Investment Income of $37.0 million and $18.2 million, Respectively

Investment Portfolio of $1.2 billion

Conference Call on Friday, August 7, 2026 at 10:00 a.m. ET

MENLO PARK, Calif., August 6, 2026—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 announced its financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

•

Total investment portfolio of $1.2 billion at fair value

•

Total investment income of $37.0 million

•

Net investment income of $18.2 million, or $0.43 per share

•

Net asset value of $502.6 million, or $11.91 per share

•

Dollar-weighted annualized yield on debt investments of 14.2%

•

Funded approximately $239.6 million of investments acquired in connection with the Company's acquisition of SWK Holdings, including $216.2 million across 13 acquired loan positions and $23.4 million in acquired equity positions, with a combination of cash and the Company's common stock as consideration

•

Ten investments completed in new and existing portfolio companies, representing $101.7 million in funded investments, which net of assignments was $85.8 million

•

Aggregate proceeds of $36.5 million, representing $15.9 million in assignments, $10.5 million from scheduled repayments, and $10.1 million in sale proceeds from equity

•

Repurchased 249,169 shares during the quarter for an aggregate purchase price of $1.4 million

Third Quarter 2026 Distributions

•

Declared third quarter 2026 dividend of $0.33 per share

“During the second quarter, we made meaningful progress executing our strategy while further strengthening the foundation of the business,” said David Spreng, Founder and Co-Chief Executive Officer of Runway Growth. “The successful integration of the SWK portfolio has enhanced our diversification, increased our earnings capacity and broadened our opportunity set. At the same time, we remain disciplined in our capital allocation, balancing new investments with opportunistic share repurchases. Complementing these efforts, our investment adviser and its affiliates recently announced their commitment to purchase up to 10% of our outstanding shares. Together, these actions reflect strong alignment with our shareholders and confidence in Runway’s long-term value.”

“I also want to welcome Mike Rovner, who has been appointed Co-Chief Executive Officer of Runway Growth Finance and Co-Chief Investment Officer of Runway Growth Capital,” continued Mr. Spreng. “Mike brings more than 30 years of experience spanning technology, venture capital, private credit and growth lending. His experience building and leading investment platforms, together with his connectivity across the BC Partners platform, further strengthens our leadership team and investment capabilities. Mike's disciplined investment philosophy and deep understanding of the innovation economy closely align with the culture we've built at Runway, and I look forward to partnering with him as we remain focused on maximizing shareholder returns.”

Second Quarter 2026 Operating Results

Total investment income for the quarter ended June 30, 2026 was $37.0 million, compared to $35.1 million for the quarter ended June 30, 2025.

The Company's dollar-weighted annualized yield on average debt investments for the quarter ended June 30, 2026 was 14.2%. The yield was modestly impacted by the transition of BlueShift and Marley Spoon to non-accrual status at the end of the first quarter. The Company calculates the yield on dollar-weighted debt investments for any period measured as (1) total investment-related income during the period divided by (2) the daily average of the fair value of debt investments, including investments on non-accrual status, outstanding during the period.

Total operating expenses for the quarter ended June 30, 2026 were $18.8 million, compared to $21.2 million for the quarter ended June 30, 2025.

Net investment income for the quarter ended June 30, 2026 was $18.2 million, or $0.43 per share, compared to $13.9 million, or $0.38 per share, for the quarter ended June 30, 2025.

Net realized loss was $45.3 million for the quarter ended June 30, 2026, compared to a net realized loss of $1.5 million for the quarter ended June 30, 2025.

For the quarter ended June 30, 2026, net change in unrealized gain was $54.3 million, compared to a net change in unrealized gain of $4.4 million for the quarter ended June 30, 2025.

For the quarter ended June 30, 2026, our net increase in net assets resulting from operations was $27.2 million, or $0.65 per share, compared to a net increase in net assets resulting from operations of $16.8 million, or $0.45 per share, for the quarter ended June 30, 2025.

Portfolio and Investment Activity

As of June 30, 2026, Runway Growth’s investment portfolio had an aggregate fair value of $1.2 billion in 79 companies, comprising $1.1 billion in loans, 98.0% of which are senior secured loans, and $70.0 million in warrants and other equity-related investments.

During the second quarter of 2026, Runway Growth funded approximately $239.6 million of investments acquired in connection with the Company's acquisition of SWK Holdings, including $216.2 million across 13 acquired loan positions and $23.4 million in acquired equity positions, with a combination of cash and the Company's common stock as consideration, which net of the purchase discount was $225.2 million. The Company also completed ten investments in new and existing portfolio companies, representing $101.7 million in funded investments, which net of assignments was $85.8 million. Total debt and equity fundings net of upfront loan origination fees and purchase discounts were $325.4 million.

During the second quarter of 2026, Runway Growth received aggregate proceeds of $26.0 million in principal prepayments and equity sale proceeds. In addition, Runway Growth received proceeds of $10.5 million in scheduled amortizations.

Total portfolio investment activity for the three months ended June 30, 2026 and 2025 was as follows:

Three Months Ended June 30,

2026

2025

Beginning investment portfolio

886,346

1,004,233

Purchases of investments

325,352

38,719

PIK interest

1,957

4,093

Sales and prepayments of investments

(25,974

)

(25,000

)

Scheduled repayments of investments

(10,469

)

(4,230

)

Amortization of fixed income premiums or accretion of discounts

5,330

2,917

Net realized gain (loss) on investments

(44,384

)

(1,501

)

Net change in unrealized gain (loss) on investments

54,192

5,720

Ending investment portfolio

1,192,350

1,024,951

Net Asset Value

As of June 30, 2026, net asset value per share was $11.91, compared to $12.13 as of March 31, 2026. Total net assets at the end of the second quarter of 2026 was $502.6 million, an increase of 15% from $438.2 million as of March 31, 2026.

Liquidity and Capital Resources

As of June 30, 2026, the Company had approximately $210.8 million in available liquidity, including unrestricted cash and cash equivalents of $10.8 million and $200.0 million in available borrowing capacity under the Company’s credit facility, subject to existing terms, advance rates and regulatory and covenant requirements. The Company ended the quarter with a core leverage ratio of approximately 136%, compared to 98% for the quarter ended March 31, 2026.

Distributions

On August 5, 2026, the Company’s board of directors (the "Board of Directors") declared a quarterly distribution of $0.33 per share for stockholders of record as of August 17, 2026. Distributions are payable on August 31, 2026.

Recent Developments

The Company evaluated events subsequent to June 30, 2026 through August 6, 2026, the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require recognition or disclosure, except as disclosed below.

Credit Facility

On July 13, 2026, the Company entered into the Eighth Amendment to its amended and restated credit agreement (the “Credit Facility Amendment”). The Credit Facility Amendment, (i) reduced the total commitments under the Credit Facility from $550.0 million to $425.0 million; (ii) permitted the future prepayment and termination of a certain lender’s commitments on a non-pro rata basis; (iii) amended certain financial covenants; (iv) updated certain key-person trigger events; and (v) amended certain loan eligibility criteria and borrowing-base concentration limitations.

Appointment of Co-Chief Executive Officer

On August 5, 2026, the Board of Directors elected Michael Rovner, age 56, as the Company’s Co-Chief Executive Officer, effective as of the close of business on August 6, 2026 (the “Effective Time”), to serve alongside R. David Spreng, whose title will change from Chief Executive Officer and President to Co-Chief Executive Officer and President of the Company, as of the Effective Time. In addition, Mr. Rovner will serve as the Co-Chief Executive Officer, the Co-Chief Investment Officer and as a member of the investment committee of Runway Growth Capital LLC ("RGC"), effective as of the Effective Time.

Mr. Rovner has more than 30 years of industry experience spanning early and growth stage technology companies, private equity, private credit, and growth-debt lending. Prior to joining the Company, Mr. Rovner served as a managing director at BC Partners and its affiliate Mount Logan Management since 2023. Before that, from 2012 to 2023, he served as the chief executive officer and head of the investment committee of Ovation Partners, a provider of asset backed lending solutions and growth capital for established companies, which he co-founded. From 2009 to 2011, Mr. Rovner served on the Board of Directors of Vida Capital, a vertically integrated manager of insurance-related and longevity contingent assets, which he co-founded in 2009. From 2000 to 2011, he served as a partner and head of the financial services practice of Austin Ventures, a venture capital and growth equity firm focused on early-stage and growth equity investments in the financial services, technology, digital media, and technology-enabled services markets. Mr. Rovner began his career in early-stage technology businesses, including Empart Technology (acquired by ARI Networks), Stanford Technology Group (acquired by Informix Software), and Mission Critical Software (NASDAQ IPO and subsequent acquisition by NetIQ Corporation). Mr. Rovner received a B.A. in English from UCLA.

Investment Committee

Effective as of the close of business on August 6, 2026, RGC’s Investment Committee will consist of R. David Spreng, Michael Rovner, Thomas B. Raterman and Patrick Schafer. For additional information regarding Mr. Rovner’s appointment and the related changes to RGC’s Investment Committee, refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, being filed concurrently with this Current Report on Form 8-K.

Recent Portfolio Activity

From July 1, 2026 through August 6, 2026, the Company funded $1.9 million in unfunded commitments on existing investments. The Company also received $17.1 million in debt prepayments.

Conference Call

Runway Growth will hold a conference call to discuss its second quarter ended June 30, 2026 financial results at 7:00 a.m. PT (10:00 a.m. ET) on Friday, August 7, 2026. To participate in the conference call or webcast, participants should register online at the Runway Investor Relations website. The earnings call can also be accessed through the following links:

•

Conference Call

•

Webcast

A live webcast will be available in the investor section of the Company’s website, and will be archived for 90 days following the call.

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 veteran David Spreng. 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.

Important Disclosures

Strategies described 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

RUNWAY GROWTH FINANCE CORP.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

June 30, 2026

December 31, 2025

(Unaudited)

Assets

Investments at fair value:

Non-control/non-affiliate investments at fair value (cost of $1,220,537 and $961,646, respectively)

1,179,315

912,656

Affiliate investments at fair value (cost of $4,551 and $4,551, respectively)

Control investments at fair value (cost of $12,180 and $13,233, respectively)

13,035

14,746

Total investments at fair value (cost of $1,237,268 and $979,430, respectively)

1,192,350

927,402

Cash and cash equivalents

10,831

18,175

Interest and fees receivable

13,234

7,594

Deferred financing costs

3,567

4,217

Other assets

2,375

2,726

Total assets

1,222,357

960,114

Liabilities

Debt:

Credit facility

350,000

173,000

2026 Notes

25,000

2027 Notes

73,219

132,250

2028 Notes

107,000

2029 Notes

50,000

2031 Notes

103,250

Deferred financing costs, net

(4,524)

(1,913)

Total debt, net

678,945

435,337

Incentive fees payable

13,238

14,444

Interest payable

9,654

6,756

Foreign currency forward contracts

711

Secured borrowings

14,903

14,578

Accrued expenses and other liabilities

3,039

3,319

Total liabilities

719,779

475,145

Net assets

Common stock, par value

422

361

Additional paid-in capital

585,038

534,508

Accumulated undistributed (overdistributed) earnings

(82,882)

(49,900)

Total net assets

502,578

484,969

Shares of common stock outstanding ($0.01 par value, 100,000,000 shares authorized)

42,215,377

36,134,037

Net asset value per share

11.91

13.42

RUNWAY GROWTH FINANCE CORP.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Investment income

From non-control/non-affiliate investments:

Interest income

34,707

30,490

58,298

60,599

Payment-in-kind interest income

1,546

3,987

6,179

7,638

Dividend income

188

306

506

Fee income

244

314

661

543

From affiliate investments:

Interest income

646

Fee income

256

From control investments:

Interest income

370

864

Other income

106

168

357

Total investment income

37,026

35,147

66,476

70,545

Operating expenses

Management fees

3,478

3,944

7,091

7,953

Incentive fees

(199

)

3,523

2,402

7,452

Interest and other debt financing expenses

13,001

11,764

23,487

22,051

Professional fees

1,046

677

1,650

1,131

Administration agreement expenses

625

663

1,273

1,288

Insurance expense

199

161

359

316

Tax expense

311

140

581

250

Other expenses

374

327

818

557

Total operating expenses

18,835

21,199

37,661

40,998

Net investment income

18,191

13,948

28,815

29,547

Net realized and net change in unrealized gain (loss)

Net realized gain (loss):

Non-control/non-affiliate investments

(44,384

)

(1,501

)

(44,177

)

(4,387

)

Affiliate investments

8,943

Control investments

1,050

Net realized gain (loss) on investments

(44,384

)

(1,501

)

(43,127

)

4,556

Net realized gain (loss) on forward contracts and foreign currency transactions

(873

)

(11

)

(878

)

(11

)

Net realized gain (loss)

(45,257

)

(1,512

)

(44,005

)

4,545

Net change in unrealized gain (loss):

Non-control/non-affiliate investments

54,192

5,595

7,768

(4,204

)

Affiliate investments

(9,925

)

Control investments

125

(658

)

Net change in unrealized gain (loss) on investments

54,192

5,720

7,110

(14,070

)

Net change in unrealized gain (loss) on forward contracts and foreign currency transactions

176

(1,359

)

711

(1,359

)

Net change in unrealized gain (loss) on secured borrowings

(109

)

(255

)

Net change in unrealized gain (loss)

54,259

4,361

7,566

(15,429

)

Net realized and unrealized gain (loss)

9,002

2,849

(36,439

)

(10,884

)

Net increase (decrease) in net assets resulting from operations

27,193

16,797

(7,624

)

18,663

Net increase (decrease) in net assets resulting from operations per common share (basic and diluted)

0.65

0.45

(0.19

)

0.50

Weighted average shares outstanding (basic and diluted)

42,074,771

37,103,061

39,120,815

37,224,569

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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- Definition

Former Legal or Registered Name of an entity

+ References

No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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Namespace Prefix:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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