Private Credit Portfolio Analysis | Runway Growth Finance Corp. Reports FY 2024 Results
- Editor
- Mar 20
- 2 min read
Whats New:
Runway Growth Finance Corp. reported its fiscal year 2024 financial results, showing growth in total assets and investments owned at fair value compared to the previous year. The fund's total assets increased to $1.09 billion as of December 31, 2024, up from $1.08 billion at the end of 2023. Net asset value per share rose to $13.79, indicating improved performance.
Portfolio Dynamics:
Total assets grew to $1.09 billion as of December 31, 2024, compared to $1.08 billion at the end of 2023.
Investments owned at fair value increased to $1.08 billion, up from $1.07 billion at the end of 2023.
Cash and cash equivalents rose to $5.75 million from $2.97 million at the end of 2023.
Investment Activty:
Dividend and interest receivable decreased slightly to $8.14 million from $8.27 million at the end of 2023.
Other assets decreased to $623,000 from $905,000 at the end of 2023.
The fund reported realized investment losses of $2.94 million for 2024, compared to $18.39 million in 2023.
Capital Structure:
Long-term debt increased to $552.33 million from $510.08 million at the end of 2023.
Line of credit grew to $311 million from $272 million at the end of 2023.
Stockholders' equity decreased to $514.87 million from $547.07 million at the end of 2023.
Performance Profile:
Net asset value per share increased to $13.79 as of December 31, 2024, compared to $13.50 at the end of 2023.
Net income for 2024 was $73.61 million, up from $44.34 million in 2023.
Unrealized gain on investments was $12.80 million in 2024, compared to a loss of $15.55 million in 2023.
Risk & Quality:
Incentive fee payable increased to $14.11 million from $12.50 million at the end of 2023.
Interest payable rose to $7.74 million from $6.76 million at the end of 2023.
Accrued liabilities and other liabilities decreased to $2.31 million from $2.74 million at the end of 2023.
The Wrap:
Runway Growth Finance Corp. demonstrated growth in fiscal year 2024, with increases in total assets, investments at fair value, and net asset value per share. The fund's net income significantly improved, and it reported an unrealized gain on investments compared to a loss in the previous year. However, the increase in long-term debt and line of credit suggests higher leverage, while the decrease in stockholders' equity indicates potential capital structure changes or distributions.
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