Runway Growth Finance Corp. Provides Third Quarter 2025 Portfolio Update
“We executed on our strategic priorities in the third quarter, completing several high-quality transactions," said
Originations
During the third quarter of 2025, Runway Growth funded 11 investments totaling
- Completion of a new
$10.0 million investment toShepherd Intermediate, LLC . (dba Federal Hearings and Appeals Services, “FHAS”), funding$7.5 million at close. FHAS is aURAC-accredited Independent Review Organization ("IRO") and Health Utilization Management company providing medical claims review, dispute resolution, legal adjudication, and business process outsourcing; - Completion of a new
$10.0 million investment toDigicert, Inc. (“Digicert”), funding$9.3 million at close.Digicert is a leader in offering high-assurance digital certificates, certificate management solutions, and public-key infrastructure solutions; - Completion of a new
$45.0 million investment to existing portfolio companyKin Insurance, Inc. (“Kin”), funding the full$45.0 million at close, which refinanced Kin’s existing senior term loan; - Completion of a new
$40.0 million investment to existing portfolio companyMadison Reed, Inc. (“Madison Reed”), funding the full$40.0 million at close, which refinanced Madison Reed’s existing senior term loan; - Completion of a new
$12.9 million investment to existing portfolio companySkillshare, Inc. (“Skillshare”), funding the full$12.9 million at close, which refinanced Skillshare’s existing senior term loan; - Completion of follow-on investments with an aggregate amount of
$6.9 million to five existing portfolio companies; and - Completion of a
$6.7 million equity investment toRunway-Cadma I LLC , our joint venture withCadma Capital Partners LLC , to fund an investment to existing portfolio companyMadison Reed .
Liquidity Events
During the third quarter of 2025, Runway Growth experienced the following liquidity events totaling
- Full principal repayment of the Company’s senior secured term loan to
Nalu Medical, Inc. of$21.1 million ; - Full principal repayment of the Company’s senior secured term loan to
FiscalNote, Inc. of$25.8 million ; - Full principal repayment of the Company’s senior secured term loan to
Kin Insurance, Inc. of$75.0 million ; - Full principal repayment of the Company’s senior secured term loan to
Skillshare, Inc. of$20.4 million ; - Full principal repayment of the Company’s senior secured term loan to
Madison Reed, Inc. of$16.4 million ; - Full principal repayment of the Company’s senior secured term loan to
Interactions Corporation of$40.0 million ; - Full principal repayment of the Company's convertible note to
JobGet Holdings, Inc. (fkaSnagajob, Inc. ) of$1.0 million ; - Liquidation of the Company's holdings of zSpace, Inc.'s common stock for total proceeds of
$0.2 million ; and - Other scheduled loan principal amortization payments of
$1.3 million .
Portfolio Construction and Management
Runway Growth is a credit-first organization, carefully structured to focus on what it believes to be the highest quality, late-stage companies in the venture debt market. The Company seeks to uphold industry-leading investment standards as well as disciplined underwriting and monitoring of its portfolio. Runway Growth is positioned as a preferred lender in the venture debt space, supporting and working closely with companies to help them reach their full growth potential. Since inception, the Company has focused on the fastest growing sectors of the economy, including healthcare, technology and select consumer services and products industries.
As of September 30, 2025, the Runway Growth portfolio included 47 debt investments to 30 portfolio companies and 89 equity investments in 47 portfolio companies, including 23 portfolio companies where Runway Growth holds both a debt and equity investment. Investments were comprised of late and growth-stage businesses in the technology, healthcare and select consumer services and products industries. Runway Growth’s normal business operations include frequent communication with portfolio companies.
About
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
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:
Source: Runway Growth Finance Corp.