Runway Growth Finance Corp.

For the period ended Mar 31, 2025. Filed May 12, 2025.

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, 2025 · Filed May 12, 2025

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, 2025 (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
Airship Group, Inc.	Senior Secured	SOFR+3.75%, 9.08% floor, 3.00% PIK, 3.25% ETP	6/28/2024	6/15/2028	49,499	49,008	50,003	(10) (11) (12)
Blueshift Labs, Inc.	Senior Secured	SOFR+6.25%, 11.25% floor, 2.00% PIK, 1.50% ETP	12/19/2023	12/15/2028	26,148	25,906	23,242	(10) (11) (12)
	Senior Secured	SOFR+6.25%, 11.25% floor, 2.00% PIK	12/12/2024	12/15/2028	503	503	938	(10) (12) (22)
Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 7.50% ETP	12/20/2018	12/15/2025	23,752	25,102	20,321	(11)
FiscalNote, Inc.	Senior Secured	PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP	10/19/2020	7/15/2027	25,689	26,129	25,657	(10) (11) (12) (14)
Piano Software, Inc.	Senior Secured	SOFR+7.25%, 11.25% floor, 1.50% ETP	12/31/2024	12/31/2029	43,000	42,048	42,096	(11) (12)
Snap! Mobile, Inc.	Senior Secured	SOFR+7.50%, 12.10% floor, 3.83% ETP	9/30/2024	9/30/2028	18,000	17,571	17,717	(11) (12)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Senior Secured	SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP	12/12/2024	9/24/2029	35,092	34,807	34,823	(10) (11) (12)
	Second Lien	FIXED 12.50% PIK, 31.05% ETP	12/12/2024	9/24/2029	6,000	5,746	5,803	(10) (11) (12)
Total Application Software - 43.83%*					226,820	220,600
Data Processing & Outsourced Services
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor	7/10/2023	7/10/2027	39,000	38,133	39,455	(12)
Hurricane Cleanco Limited	Senior Secured	FIXED 6.25%, 6.25% PIK	12/31/2024	11/22/2029	27,941	27,124	27,941	(5) (9) (10) (21)
Interactions Corporation	Senior Secured	SOFR+9.26%, 9.76% floor, 3.9375% ETP	6/24/2022	6/15/2027	40,000	40,452	40,395	(11) (12)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 6.00% ETP	11/29/2022	11/15/2026	25,000	25,590	22,246	(11) (12)
Total Data Processing & Outsourced Services - 25.84%*					131,299	130,037
Electronic Equipment & Instruments
Brivo, Inc.	Senior Secured	SOFR+7.25%, 11.29% floor, 2.53% ETP	12/27/2024	12/15/2029	40,000	39,755	39,766	(11) (12)
Total Electronic Equipment & Instruments - 7.90%*					39,755	39,766
Healthcare Equipment
Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027	15,000	15,118	15,382	(11) (12)
Total Healthcare Equipment - 3.06%*					15,118	15,382

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
Healthcare Technology
EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027	40,000	40,188	40,787	(11) (12) (16)
Mingle Healthcare Solutions, Inc.	Senior Secured	SOFR+9.75%, 12.26% floor, 10.50% ETP	8/15/2018	12/15/2026	4,257	4,887	2,403	(11) (26)
Nalu Medical, Inc.	Senior Secured	PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP	10/12/2022	10/12/2027	21,007	21,212	21,985	(10) (11) (12)
Onward Medical, N.V.	Senior Secured	SOFR+6.50%, 10.75% floor, 2.50% ETP	6/28/2024	6/15/2028	17,088	16,730	16,994	(8) (9) (11) (12) (17)
Route 92 Medical, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 3.95% ETP	3/31/2025	3/31/2029	35,000	34,095	34,095	(11) (12)
SetPoint Medical Corporation	Senior Secured	SOFR+5.75%, 9.00% floor, 4.00% ETP	12/29/2022	12/1/2027	25,000	25,293	25,986	(11) (12)
Total Healthcare Technology - 28.26%*					142,405	142,250
Human Resource & Employment Services
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Senior Secured	SOFR+8.50% PIK, 9.00% floor, 2.75% ETP	9/29/2021	11/15/2025	3,732	3,774	2,574	(10) (11) (26)
Total Human Resource & Employment Services - 0.51%*					3,774	2,574
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	16,289	16,364	16,529	(10) (11) (12)
Marley Spoon SE	Senior Secured	SOFR+8.75% PIK, 9.51% floor, 0.95% ETP	6/30/2021	6/15/2027	43,067	43,155	33,527	(6) (9) (10) (11) (18)
Total Internet & Direct Marketing Retail - 9.95%*					59,519	50,056
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	29,146	29,133	29,337	(10) (11) (12)
CarNow, Inc.	Senior Secured	SOFR+7.25%, 11.75% floor, 1.60% ETP	3/22/2024	3/22/2029	20,000	17,959	18,204	(11) (12)
Skillshare, Inc.	Senior Secured	SOFR+6.50%, 10.72% floor, 3.00% ETP	11/8/2022	11/8/2026	24,000	24,399	24,216	(11) (12)
Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028	42,500	42,360	42,605	(11) (12)
Zinnia Corporate Holdings, LLC	Senior Secured	SOFR+8.00%, 10.00% floor	9/23/2024	9/21/2029	40,000	39,262	39,433	(12)
Total Internet Software and Services - 30.56%*					153,113	153,795
Property & Casualty Insurance
Kin Insurance, Inc.	Senior Secured	PRIME+6.25%, 12.50% floor, 3.30% ETP	9/26/2022	9/15/2026	75,000	76,113	76,871	(11) (12)
Total Property & Casualty Insurance - 15.27%*					76,113	76,871

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
System Software
	3PL Central LLC (dba Extensiv)	Senior Secured	SOFR+7.00%, 9.00% floor, 5.00% ETP	11/9/2022	9/30/2025			72,290			72,972	69,942	(11) (12)
	Dejero Labs Inc.	Second Lien	SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP	12/22/2021	12/22/2025			14,535			14,805	14,513	(7) (9) (10) (11) (12)
	Linxup, LLC	Senior Secured	PRIME+3.25%, 11.75% floor, 2.25% ETP	11/3/2023	11/15/2027			30,000			29,846	30,602	(11) (12)
	Total System Software - 22.86%*							117,623			115,057
Total Debt Investments - 188.04%*							965,539			946,388
Equity Investments
Advertising
	Minute Media Inc.	Equity	Preferred Stock	12/13/2023	N/A			1,039			120	132	(5) (9) (13)
		Equity	Common Stock	12/13/2023	N/A			136			16	16	(5) (9) (13)
	Total Advertising - 0.03%*							136			148
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A			289,419			250	285	(13)
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A			230,881			438	186	(13) (14) (19)
	VTX Holdings, LLC	Equity	Series C Preferred Units	12/12/2024	N/A			3,015,219			143	146	(13)
	Total Application Software - 0.12%*							831			617
Healthcare Technology
	CareCloud, Inc.	Equity	8.75% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A			462,064			12,132	8,978	(19)
	Total Healthcare Technology - 1.78%*							12,132			8,978
Human Resource & Employment Services
	JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Equity	Series C-1 Preferred Stock	11/15/2024	N/A			389,048			36,502	26,675	(13) (27)
		Equity	Series C-2 Preferred Stock	11/15/2024	N/A			16,963			-	-	(13) (27)
	Total Human Resource & Employment Services - 5.30%*							36,502			26,675
Internet & Direct Marketing Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A			46,004			410	33	(6) (9) (13) (18) (19) (21)
	Total Internet & Direct Marketing Retail - 0.01%*							410			33
Technology Hardware, Storage & Peripherals
	zSpace, Inc.	Equity	Common Stock	12/31/2020	N/A			81,046			1,119	601	(13)
	Total Technology Hardware, Storage & Peripherals - 0.12%*					1,119			601
Total Equity Investments - 7.36%*							51,130			37,052

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
Application Software
3DNA Corp. (dba NationBuilder)	Warrants	Series C-1 Preferred Stock	12/28/2018	12/28/2028			273,164			104		-		(13)
Airship Group, Inc.	Warrants	Series F Preferred Stock	6/28/2024	6/28/2034			519,313			414		433		(13)
Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,283		(13)
Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		196		(13) (20)
Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		12		(13)
	Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		3		(13)
	Warrants	Success fee	12/21/2023	N/A		N/A			304		415		(13) (20)
FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		3		(13) (14) (20)
Piano Software, Inc.	Warrants	Series D Preferred Stock	12/31/2024	12/31/2034			119,978			348		348		(13)
Snap! Mobile, Inc.	Warrants	Series B Preferred Stock	9/30/2024	9/30/2034			19,140			345		387		(13)
Total Application Software - 0.61%*					7,333			3,080
Asset Management & Custody Banks
Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		64		(13)
	Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		74		(13)
Total Asset Management & Custody Banks - 0.03%*							75			138
Biotechnology
Mustang Bio, Inc.	Warrants	Common Stock	3/4/2022	3/4/2032			997			315		-		(13) (15)
Total Biotechnology - 0.00%*							315			-
Data Processing & Outsourced Services
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/10/2023	7/10/2033			248,997			447		469		(13)
	Warrants	Series C Preferred Stock	7/17/2024	7/17/2034			236,550			377		445		(13)
Interactions Corporation	Warrants	Common Stock	6/24/2022	6/24/2032			189,408			219		12		(13)
Predactiv, Inc. (fka Sharethis, Inc.)	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028			647,615			2,162		73		(13)
Total Data Processing & Outsourced Services - 0.20%*							3,205			999

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Electronic Equipment & Instruments
Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032		201,000		98		274		(13)
	Warrants	Series A-2 Preferred Stock	12/27/2024	12/27/2034		32,109		43		44		(13)
Total Electronic Equipment & Instruments - 0.06%*						141		318
Healthcare Equipment
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		17		(13)
Total Healthcare Equipment - 0.00%*						175		17
Healthcare Technology
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	3/30/2031		5,320		282		-		(13) (14)
	Warrants	Common Stock	6/14/2022	3/30/2031		1,851		141		-		(13) (14)
	Warrants	Common Stock	9/15/2022	9/15/2032		1,850		144		-		(13) (14)
	Warrants	Earnout	8/2/2023	8/1/2028	N/A		-		-		(13) (14) (20)
EBR Systems, Inc.	Warrants	Success fee	6/30/2022	6/30/2032	N/A		605		762		(13) (16) (20)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		-		(13)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		76		(13)
Onward Medical, N.V.	Warrants	Common Stock	6/28/2024	9/26/2034		165,338		340		329		(8) (9) (13) (17) (21)
Route 92 Medical, Inc.	Warrants	Success fee	3/31/2025	3/31/2035	N/A		833		833		(13) (20)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		217		(13)
	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		325		(13)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		106		(13) (20)
Total Healthcare Technology - 0.53%*						3,475		2,648
Human Resource & Employment Services
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030		11,273		218		1,275		(5) (9) (13)
	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031		3,502		52		73		(5) (9) (13)
	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032		5,252		176		110		(5) (9) (13)
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Warrants	Series B-1 Preferred Stock	9/29/2021	9/29/2031		763,269		343		-		(13)
Total Human Resource & Employment Services - 0.29%*						789		1,458
Internet & Direct Marketing Retail
Madison Reed, Inc.	Warrants	Success fee	12/16/2022	N/A	N/A		209		195		(13) (20)
Total Internet & Direct Marketing Retail - 0.04%*						209		195

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 Software and Services
		Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			174		127		(13)
			Warrants	Common Stock	12/26/2023	12/26/2033			48,632			43		51		(13)
		CarNow, Inc.	Warrants	Common Stock	3/22/2024	3/22/2034			200,000			2,400		2,593		(13)
		INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		353		(13)
		JWP Holdco LLC (fka Longtail Ad Solutions, Inc.)	Warrants	Common Units	12/12/2019	12/12/2029			167,827			47		-		(13)
		Skillshare, Inc.	Warrants	Success fee	11/8/2022	N/A		N/A			301		417		(13) (20)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			124,215			158		194		(13)
		Total Internet Software and Services - 0.74%*							3,645			3,735
Property & Casualty Insurance
		Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032			62,364			426		301		(13)
		Total Property & Casualty Insurance - 0.06%*							426			301
Specialized Consumer Services
		AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			870,514			1,750		-		(13)
		Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		367		(13)
		Total Specialized Consumer Services - 0.07%*							2,175			367
System Software
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		167		(7) (9) (13)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		239		(13) (20)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		-		(13)
		Total System Software - 0.08%*							791			406
Technology Hardware, Storage & Peripherals
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	10/5/2018	10/5/2028			73,746			89		145		(13)
			Warrants	Common Stock	10/5/2018	10/5/2028			38,705			47		2		(13)
			Warrants	Series A-1 Preferred Stock	12/28/2018	12/28/2028			14,749			16		29		(13)
			Warrants	Common Stock	12/28/2018	12/28/2028			7,742			9		-		(13)
			Warrants	Series A-1 Preferred Stock	6/27/2019	6/27/2029			81,251			250		78		(13)
			Warrants	Common Stock	6/27/2019	6/27/2029			42,643			131		3		(13)
		Total Technology Hardware, Storage & Peripherals - 0.05%*					542			257
	Total Warrants - 2.76%*							23,296			13,919
Total Non-Control/Non-Affiliate Investments - 198.16%*							1,039,965			997,359

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments													(25)
	Equity Investments
	Application Software
		Coginiti Corp	Equity	Common Stock	3/9/2020		N/A			1,040,160				4,551		-		(13)
		Total Application Software - 0.00%*								4,551				-
	Total Equity Investments - 0.00%*								4,551				-
	Warrants
	Application Software
		Coginiti Corp	Warrants	Common Stock	3/9/2020		3/9/2030			811,770				-		-		(13)
Total Application Software - 0.00%* · - · -
Total Warrants - 0.00%* · - · -
Total Affiliate Investments - 0.00%*								4,551				-
Control Investments													(26)
	Equity Investments
	Data Processing & Outsourced Services
		Pivot3, Inc.	Equity	100% Equity Interest	12/31/2023		N/A		N/A				950		995		(23)
		Total Data Processing & Outsourced Services - 0.20%*								950				995
	Multi-Sector Holdings
		Runway-Cadma I LLC	Equity	50% Equity Interest	3/6/2024		N/A		N/A				5,600		5,879		(9)
		Total Multi-Sector Holdings - 1.17%*								5,600				5,879
	Total Equity Investments - 1.37%*								6,550				6,874
Total Control Investments - 1.37%*								6,550				6,874
Total Investments - 199.53%*						$		1,051,066			$	1,004,233

(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 debt instruments bear interest at a rate determined by reference to the U.S. Prime Rate ("PRIME") or the 1-month or 3-month Secured Overnight Financing Rate ("SOFR"). At March 31, 2025, the U.S. Prime Rate was 7.50%, the 1-Month SOFR was 4.32%, and the 3-Month SOFR was 4.29%.
(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 (as defined in "Note 2 – Summary of Significant Accounting Policies").
(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 5.87% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of Germany domiciled investments represents 6.67% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian domiciled investments represents 2.92% of net assets.
(8)	Portfolio company is domiciled in the Netherlands. Fair value of Dutch domiciled investments represents 3.44% of net assets.
(9)	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 represents 9.78% of total assets as of March 31, 2025. 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).
(10)	Represents a PIK security. PIK interest will be accrued and paid at maturity. For any investments denoting a "cash cap", any interest above such cap will be recorded as PIK interest.
(11)	Disclosures of end-of-term payments ("ETP") are one-time payments stated as a percentage of principal amount.
(12)	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in "Note 7 – Borrowings").
(13)	Investments are non-income producing.
(14)	Portfolio company is publicly traded and listed on NYSE.
(15)	Portfolio company is publicly traded and listed on NASDAQ.
(16)	Portfolio company is publicly traded and listed on Australian Stock Exchange.
(17)	Portfolio company is publicly traded and listed on Euronext.
(18)	Portfolio company is publicly traded and listed on Deutsche Borse Xetra.
(19)	Investment is not a "restricted security" under the Securities Act.
(20)	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
(21)	Investment is denominated in a foreign currency. 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.
(22)	Investment represents a security with a tiered fee that increases quarterly, dependent upon the timing of repayment. Such fees are recorded in "Fee income" on the Consolidated Statements of Operations.
(23)	The assets recovered on the senior secured term loan to Pivot3, Inc. were 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".
(24)	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.
(25)	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.
(26)	Investment is on non-accrual status as of March 31, 2025 and is therefore considered non-income producing.
(27)	JobGet Holdings, Inc. (fka Snagajob.com, 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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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.