Runway Growth Finance portfolio shrinks 14%, NII falls 11% as SWK merger looms

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 20, 2025 · ~2 min read

Key Changes

• high

  Portfolio fair value declined from $1.08B to $927M (14% drop); NAV fell from $515M to $485M. Equity portfolio down 37% to $67M. Debt yield compressed 30bp to 14.6%. Net unrealized losses of $26M vs. $13M gain prior year.

  MD&A: Portfolio Metrics verify on EDGAR →
• high

  Net investment income fell 11% to $56.9M ($1.55/share vs. $1.64 prior year). Dividends cut 22% to $1.40/share from $1.79. New originations plunged 61% to $85M (7 companies) vs. $220M (8 companies) in 2024.

  MD&A: Operating Results verify on EDGAR →
• high

  SWK Holdings merger announced Oct 2025; stockholders face dilution, uncertain synergies, and change-of-control contract triggers. No assurance deal will close. New risk subsection added to filing.

  Risk Factors: SWK Merger verify on EDGAR →