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Red Flags Detected

  • Marley Spoon Se Non-Accrual (new) — Placed on non-accrual March 31, 2026, with $43.1M fair value (3.62% of portfolio) and $2.6M in forgone income, indicating material credit deterioration.
  • Blueshift Labs And Marley Spoon Restructurings (new) — Restructurings drove $44M in realized losses (vs. $4.6M gain in H1 2025), representing significant portfolio credit events.
  • Nav Dilution From Swk Acquisition (new) — Issuing 6.3M shares at market price ($6.89) below NAV ($11.93) created $0.33/share dilution, reducing existing shareholder value.
  • Credit Facility Commitment Reduction (new) — Total commitments reduced from $550M to $425M (23% cut) on July 13, 2026, constraining future borrowing capacity.
  • Asset Coverage Ratio Decline (worsened) — Fell from 195% (Jun 2025) to 174% (Jun 2026), reflecting increased leverage and realized losses; remains above 150% regulatory minimum but shows deterioration.
NASDAQ: RWAY Runway Growth Finance Corp. 10-Q

RWAY Q2 2026: Net income +61.9% to $27.2M, but NAV/share falls 11.3% on realized losses

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

  • high

    Net income rose 61.9% to $27.2M (diluted EPS $0.65, +44.4%) for Q2 2026, but the gain came from below-the-line items—operating results deteriorated as the company swung from an $18.7M net increase in net assets (H1 2025) to a $7.6M net decrease (H1 2026), driven by $44M in realized losses on Blueshift Labs and Marley Spoon restructurings.

    MD&A: Net Assets from Operations verify on EDGAR →
  • high

    Completed $258M acquisition of SWK Holdings on April 6, 2026, expanding portfolio from 56 to 79 companies (+46%) and adding $239.7M in healthcare/life sciences investments, funded with $173.5M cash, $75.5M stock (6.3M shares), and a $9M contribution from adviser RGC.

    MD&A: SWK Acquisition verify on EDGAR →
  • high

    Debt portfolio yield compressed 120 basis points to 14.2% (Q2 2026) from 15.4% (Q2 2025), reflecting lower interest rates and/or the addition of lower-yielding SWK healthcare assets; total debt increased 31% to $683.5M, and available liquidity fell 29% to $210.8M.

    MD&A: Debt Portfolio Yield & Liquidity verify on EDGAR →

1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 26, 2026 · How we verify