Runway Growth Finance Corp

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

RWAY$6.63+0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule of Investments as of March 31, 2024 (unaudited)

Consolidated Schedule of Investments (Unaudited)

Portfolio Company	Investment Type	Investment Description(1),(2),(4)	Initial Acquisition Date	Maturity Date	Principal ($) / Shares	Cost ($)	Fair Value ($) (3)	Footnotes
Non-Control/Non-Affiliate Investments
Debt Investments
Application Software
Blueshift Labs, Inc.	Senior Secured	SOFR+6.25%, 11.25% floor, 2.00% PIK, 1.50% ETP	12/19/2023	12/15/2028	25,623	25,240	24,824	(9) (10) (11)
Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 10.00% cash cap, 7.50% ETP	12/20/2018	12/15/2025	23,446	24,796	19,213	(9) (10)
FiscalNote, Inc.	Senior Secured	PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP	10/19/2020	7/15/2027	38,698	40,363	38,426	(9) (10) (11) (13)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Senior Secured	SOFR+9.00%, 9.50% floor, 10.00% cash cap, 4.50% ETP	12/28/2021	12/28/2026	88,997	89,976	88,494	(9) (10) (11)
Total Application Software - 32.29%*					180,375	170,957
Asset Management & Custody Banks
Betterment Holdings, Inc.	Senior Secured	PRIME+4.50%, 8.50% floor	10/6/2023	10/6/2027	8,000	7,893	7,941	(11)
Total Asset Management & Custody Banks - 1.50%*					7,893	7,941
Data Processing & Outsourced Services
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor	7/10/2023	7/10/2027	20,000	19,463	19,706	(11)
Interactions Corporation	Senior Secured	SOFR+9.26%, 9.76% floor, 3.4375% ETP	6/24/2022	6/15/2027	40,000	40,013	39,806	(10) (11)
ShareThis, Inc.	Senior Secured	SOFR+9.25%, 11.86% floor, 3.00% ETP	12/3/2018	9/30/2024	19,556	20,134	19,587	(10) (11)
	Senior Secured	SOFR+8.25%, 10.86% floor, 3.00% ETP	8/18/2020	9/30/2024	931	960	933	(10) (11)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 5.00% ETP	11/29/2022	11/15/2026	25,000	24,889	24,083	(10) (11)
Total Data Processing & Outsourced Services - 19.66%*					105,459	104,115
Education Services
Turning Tech Intermediate, Inc. (dba Echo 360, Inc.)	Senior Secured	SOFR+8.50%, 9.00% floor, 13.00% cash cap, 3.00% ETP	6/22/2021	12/14/2025	25,288	25,809	25,798	(9) (10) (11)
Total Education Services - 4.87%*					25,809	25,798
Electronic Equipment & Instruments
Brivo, Inc.	Senior Secured	SOFR+6.85%, 10.89% floor, 3.00% ETP	10/20/2022	10/20/2027	26,293	26,372	26,753	(10) (11)
Total Electronic Equipment & Instruments - 5.05%*					26,372	26,753
Health Care Equipment
Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027	15,000	14,957	15,412	(10) (11)
Total Health Care Equipment - 2.91%*					14,957	15,412

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Debt Investments
Health Care Technology
	EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027		40,000		39,625	40,385	(10) (11) (15)
	Mingle Healthcare Solutions, Inc.	Senior Secured	SOFR+9.75%, 12.26% floor, 10.50% ETP	8/15/2018	12/15/2026		4,322		4,952	3,202	(10) (24)
	Nalu Medical, Inc.	Senior Secured	PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP	10/12/2022	10/12/2027		20,586		20,554	21,381	(9) (10) (11)
	Route 92 Medical, Inc.	Senior Secured	SOFR+8.48%, 8.98% floor, 3.95% ETP	8/17/2021	7/1/2026		35,000		34,414	35,396	(10) (11)
	SetPoint Medical Corporation	Senior Secured	SOFR+5.75%, 9.00% floor, 4.00% ETP	12/29/2022	12/1/2027		25,000		25,069	25,702	(10) (11)
	Total Health Care Technology - 23.81%*						124,614		126,066
Human Resource & Employment Services
	CloudPay, Inc.	Senior Secured	PRIME+6.25%, 10.25% floor, 2.00% ETP	9/26/2022	8/17/2027		75,000		75,028	75,761	(5) (8) (10) (11)
	Snagajob.com, Inc.	Senior Secured	SOFR+8.50% PIK, 9.00% floor, 2.75% ETP	9/29/2021	9/1/2025		42,297		42,739	35,539	(9) (10) (24)
	Total Human Resource & Employment Services - 21.02%*						117,767		111,300
Internet & Direct Marketing Retail
	Madison Reed, Inc.	Senior Secured	PRIME+4.75%, 11.00% floor, 11.00% cash cap, 3.00% ETP	12/16/2022	12/16/2026		15,975		15,779	15,934	(9) (10) (11)
	Marley Spoon SE	Senior Secured	SOFR+7.50%, 8.26% floor, 1.25% PIK, 1.00% ETP	6/30/2021	6/15/2027		38,051		37,939	37,850	(6) (8) (9) (10) (11)
	Total Internet & Direct Marketing Retail - 10.16%*						53,718		53,784
Internet Software and Services
	Bombora, Inc.	Senior Secured	SOFR+4.75%, 6.75% floor, 3.25% PIK, 0.96% ETP	12/26/2023	1/15/2028		28,203		28,104	28,104	(9) (10) (11)
	CarNow, Inc.	Senior Secured	SOFR+7.25%, 11.75% floor, 1.00% ETP	3/22/2024	3/22/2029		20,000		17,297	17,297	(10) (11)
	Skillshare, Inc.	Senior Secured	SOFR+6.50%, 10.72% floor, 3.00% ETP	11/8/2022	11/8/2026		30,000		29,887	29,580	(10) (11)
	Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028		40,000		39,786	39,786	(10) (11)
	Total Internet Software and Services - 21.68%*						115,074		114,767
Property & Casualty Insurance
	Kin Insurance, Inc.	Senior Secured	PRIME+6.25%, 12.50% floor, 3.00% ETP	9/26/2022	9/15/2026		75,000		75,144	75,437	(10) (11)
	Total Property & Casualty Insurance - 14.25%*						75,144		75,437
System Software
	3PL Central LLC (dba Extensiv)	Senior Secured	SOFR+4.50%, 6.50% floor, 2.50% PIK, 2.34% ETP	11/9/2022	11/9/2027		70,841		70,614	69,633	(9) (10) (11)
	Linxup, LLC	Senior Secured	PRIME+3.25%, 11.75% floor, 2.25% ETP	11/3/2023	11/15/2027		30,000		29,558	29,558	(10) (11)
	Dejero Labs Inc.	Second Lien	SOFR+5.00%, 5.50% floor, 5.00% PIK, 3.00% ETP	12/22/2021	12/22/2025		14,244		14,380	14,388	(7) (8) (9) (10) (11)
	Total System Software - 21.45%*						114,552		113,579
Total Debt Investments - 178.65%*						961,734		945,909

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Equity Investments
Advertising
	Minute Media Inc.	Equity	Preferred Stock	12/13/2023	N/A			1,030			120		120		(5) (12)
		Equity	Common Stock	12/13/2023	N/A			134			16		16		(5) (12)
	Total Advertising - 0.03%*							136			136
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A			289,419			250		127		(12)
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A			230,881			438		307		(12) (13) (16)
	Total Application Software - 0.08%*							688			434
Health Care Technology
	CareCloud, Inc.	Equity	11% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A			462,064			12,132		2,777		(12) (14) (16)
	Total Health Care Technology - 0.52%*							12,132			2,777
Human Resource & Employment Services
	Snagajob.com, Inc.	Equity	Convertible Note	10/26/2023	12/31/2026			1,357			1,357		1,023		(12) (20) (24)
	Total Human Resource & Employment Services - 0.19%*							1,357			1,023
Internet & Direct Marketing Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A			46,004			410		170		(6) (12) (16) (19)
	Total Internet & Direct Marketing Retail - 0.03%*							410			170
Technology Hardware, Storage & Peripherals
	Quantum Corporation	Equity	Common Stock	8/13/2021	N/A			459,720			2,607		274		(8) (12) (14) (16)
	zSpace, Inc.	Equity	Common Stock	12/31/2020	N/A			6,078,499			1,119		—		(12)
	Total Technology Hardware, Storage & Peripherals - 0.06%*					3,726			274
Total Equity Investments - 0.91%*							18,449			4,814
Warrants
Application Software
	3DNA Corp. (dba NationBuilder)	Warrants	Series C-1 Preferred Stock	12/28/2018	12/28/2028			273,164			104		—		(12)
	Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,049		(12)
	Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		168		(12) (18)
	Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		31		(12)
		Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		8		(12)
		Warrants	Success fee	12/21/2023	N/A		N/A			304		290		(12) (18)
	Dtex Systems, Inc.	Warrants	Series C-Prime Preferred Stock	6/1/2018	6/1/2025			500,000			59		325		(12)
		Warrants	Series C-Prime Preferred Stock	7/11/2019	7/11/2026			833,333			115		541		(12)
	FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		20		(12) (13) (18)
	Total Application Software - 0.46%*					6,400			2,432
Asset Management & Custody Banks
	Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		134		(12)
		Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		10		(12)
	Total Asset Management & Custody Banks - 0.03%*							75			144

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Warrants
Biotechnology
Mustang Bio, Inc.	Warrants	Common Stock	3/4/2022	3/4/2032		49,869		315		28		(12) (14)
TRACON Pharmaceuticals, Inc.	Warrants	Common Stock	9/2/2022	9/2/2032		150,753		226		40		(12) (14)
Total Biotechnology - 0.01%*						541		68
Computer & Electronics Retail
Massdrop, Inc.	Warrants	Series B Preferred Stock	7/22/2019	7/22/2029		848,093		183		—		(12)
Total Computer & Electronics Retail - 0.00%*						183		—
Data Processing & Outsourced Services
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/10/2023	7/10/2033		248,997		447		379		(12)
Interactions Corporation	Warrants	Common Stock	6/24/2022	6/24/2032		189,408		219		17		(12)
ShareThis, Inc.	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028		647,615		2,162		471		(12)
Total Data Processing & Outsourced Services - 0.16%*						2,828		867
Electronic Equipment & Instruments
Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032		201,000		98		267		(12)
Epic IO Technologies, Inc.	Warrants	Success fee	12/17/2021	12/17/2028	N/A		505		419		(12) (18)
Total Electronic Equipment & Instruments - 0.13%*						603		686
Health Care Equipment
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		143		(12)
Revelle Aesthetics, Inc.	Warrants	Series A-2 Preferred Stock	3/30/2022	3/30/2032		115,591		126		32		(12)
Total Health Care Equipment - 0.03%*						301		175
Health Care Technology
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	1/22/2025		132,979		282		—		(12) (13) (25)
	Warrants	Common Stock	6/14/2022	1/22/2025		46,256		141		—		(12) (13) (25)
	Warrants	Common Stock	9/15/2022	1/22/2025		46,256		144		—		(12) (13) (25)
	Warrants	Earnout	8/2/2023	8/1/2028	N/A		—		11		(12) (13) (18) (25)
EBR Systems, Inc.	Warrants	Success fee	6/30/2022	6/30/2032	N/A		605		707		(12) (15) (18)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		—		(12)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		100		(12)
Route 92 Medical, Inc.	Warrants	Success fee	8/17/2021	8/17/2031	N/A		835		855		(12) (18)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		212		(12)
	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		318		(12)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		388		(12) (18)
Total Health Care Technology - 0.49%*						3,137		2,591
Human Resource & Employment Services
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030		11,273		218		1,160		(5) (8) (12)
	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031		3,502		52		123		(5) (8) (12)
	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032		5,252		176		185		(5) (8) (12)
Snagajob.com, Inc.	Warrants	Warrant for Series B-1 Preferred Stock	9/29/2021	9/29/2031		763,269		343		—		(12)
Total Human Resource & Employment Services - 0.28%*						789		1,468

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Warrants
Internet & Direct Marketing Retail
		Madison Reed, Inc.	Warrants	Success fee	12/16/2022	N/A		N/A			209		214		(12) (18)
		Total Internet & Direct Marketing Retail - 0.04%*							209			214
Internet Software and Services
		Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			175		114		(12)
			Warrants	Common Stock	12/26/2023	12/26/2033			48,632			43		46		(12)
		CarNow, Inc.	Warrants	Common Stock	3/22/2024	3/22/2034			200,000			2,400		2,400		(12)
		Fidelis Cybersecurity, Inc.	Warrants	Common Stock	3/25/2022	3/25/2032		N/A			79		—		(12) (17)
		INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		684		(12)
		Longtail Ad Solutions, Inc. (dba JW Player)	Warrants	Common Stock	12/12/2019	12/12/2029			387,596			47		320		(12)
		Skillshare, Inc.	Warrants	Success fee	11/8/2022	N/A		N/A			301		422		(12) (18)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			116,908			147		174		(12)
		Total Internet Software and Services - 0.79%*							3,714			4,160
Property & Casualty Insurance
		Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032			41,576			302		385		(12)
			Warrants	Series D-3 Preferred Stock	5/5/2023	9/26/2032			11,549			69		107		(12)
			Warrants	Series D-3 Preferred Stock	8/25/2023	9/26/2032			9,239			55		86		(12)
		Total Property & Casualty Insurance - 0.11%*							426			578
Specialized Consumer Services
		AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			523,893			1,053		—		(12)
			Warrants	Common Stock	10/17/2018	8/31/2027			346,621			697		—		(12)
		Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		365		(12)
		Total Specialized Consumer Services - 0.07%*							2,175			365
System Software
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		234		(7) (8) (12)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		329		(12) (18)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		—		(12)
		Total System Software - 0.11%*							791			563
Technology Hardware, Storage & Peripherals
		RealWear, Inc.	Warrants	Series A Preferred Stock	10/5/2018	10/5/2028			112,451			136		158		(12)
			Warrants	Series A Preferred Stock	12/28/2018	12/28/2028			22,491			25		31		(12)
			Warrants	Series A Preferred Stock	6/27/2019	6/27/2029			123,894			381		174		(12)
		Total Technology Hardware, Storage & Peripherals - 0.07%*					542			363
	Total Warrants - 2.78%*							22,714			14,674
Total Non-Control/Non-Affiliate Investments - 182.34%*							1,002,897			965,397

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments												(22)
Debt Investments
Health Care Technology
		Gynesonics, Inc.	Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP	3/1/2023	11/30/2026			25,595				25,978		23,656		(10) (11)
		Total Health Care Technology - 4.47%*							25,978				23,656
	Total Debt Investments - 4.47%*							25,978				23,656
Equity Investments
Application Software
		Coginiti Corp	Equity	Common Stock	3/9/2020	N/A			1,040,160				4,551		124		(12)
		Total Application Software - 0.02%*							4,551				124
Health Care Technology
		Gynesonics, Inc.	Equity	Series A-2 Preferred Stock	3/1/2023	N/A			3,266,668				25,000		21,246		(12) (26)
			Equity	Series A-1 Preferred Stock	10/24/2023	N/A			3,100,000				3,100		4,540		(12) (26)
		Total Health Care Technology - 4.87%*							28,100				25,786
	Total Equity Investments - 4.89%*							32,651				25,910
Warrants
Application Software
		Coginiti Corp	Warrants	Common Stock	3/9/2020	3/9/2030			811,770				—		95		(12)
		Total Application Software - 0.02%*							—				95
Health Care Technology
		Gynesonics, Inc.	Warrants	Success fee	3/1/2023	3/1/2030		N/A				313		324		(12) (18)
		Total Health Care Technology - 0.06%*							313				324
	Total Warrants - 0.08%*							313				419
Total Affiliate Investments - 9.44%*							58,942				49,985
Control Investments												(23)
Equity Investments
Data Processing & Outsourced Services
		Pivot3, Inc.	Equity	Equity Interest	12/31/2023	N/A		N/A				950		950		(12) (21)
		Total Data Processing & Outsourced Services - 0.18%*							950				950
	Total Equity Investments - 0.18%*							950				950
Total Control Investments - 0.18%*							950				950
Total Investments - 191.96%*						$	1,062,789			$	1,016,332

(1)	Disclosures of interest rates on notes include cash interest rates and payment-in-kind ("PIK") interest rates, as applicable. Unless otherwise indicated, all of the Company's variable interest rate debt instruments bear interest at a rate that is determined by reference to the U.S. Prime Rate, the 1-month Secured Overnight Financing Rate ("SOFR"), or the 3-month Secured Overnight Financing Rate ("SOFR"). At March 31, 2024, the U.S. Prime Rate was 8.50%, the 1-Month SOFR was 5.33%, and the 3-Month SOFR was 5.30%.
(2)	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and, therefore, except as otherwise noted, are subject to limitation on resale, may be deemed to be “restricted securities” under the Securities Act, and were valued at fair value as determined in good faith by the Board of Directors.
(3)	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to "Note 8 – Commitments and Contingencies" for additional detail.
(4)	All portfolio companies are domiciled in the United States, unless otherwise noted.
(5)	Portfolio company is domiciled in the United Kingdom. Fair value of United-Kingdom-domiciled investments represents 14.61% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of Germany-domiciled investments represents 7.18% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian-domiciled investments represents 2.76% of net assets.
(8)	Investment is not a qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. The fair value of non-qualifying assets represent 12.64% of total assets as of March 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a).
(9)	Represents a PIK security. PIK interest will be accrued and paid at maturity.
(10)	Disclosures of end-of-term payments ("ETP") are one-time payments stated as a percentage of original principal amount.
(11)	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in "Note 7 – Borrowings").
(12)	Investments are non-income producing.
(13)	Portfolio company is publicly traded and listed on NYSE.
(14)	Portfolio company is publicly traded and listed on NASDAQ.
(15)	Portfolio company is publicly traded and listed on ASX.
(16)	Investment is not a "restricted security" under the Securities Act.
(17)	The warrant count is based upon a percentage of ownership of Fidelis Cybersecurity, Inc.
(18)	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
(19)	Investment is denominated in a foreign currency and is publicly traded on ETR. At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Transactions of foreign portfolio company investments, and income related from such investments, are translated into U.S. dollars using relevant rates of exchange on the respective dates of such transactions.
(20)	Convertible notes represent investments that are redeemable by the Company upon occurrence of contingent events. There are no principal or interest payments to be made against the note.
(21)	The assets recovered on the senior secured term loan to Pivot 3, Inc. was contributed to P3 Holdco LLC by the Company, a wholly owned subsidiary of the Company. For more information, refer to "Note 2 — Summary of Significant Accounting Policies, Principles of Consolidation"
(22)	Affiliate portfolio company as defined under the 1940 Act in which the Company owns between 5% and 25% (inclusive) of the investment's voting securities and does not have rights to maintain greater than 50% representation on the board.
(23)	Control portfolio company, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
(24)	Investment is on non-accrual status as of March 31, 2024 and is therefore considered non-income producing.
(25)	Sale of equity security is subject to a lock-up period until January 22, 2025
(26)	Gynesonics, Inc. has the right of first refusal on sale of preferred stock.
*	Fair value as a percentage of net assets.

RUNWAY GROWTH FINANCE CORP

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