Runway Growth Finance Corp.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 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 June 30, 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		49,879		49,525		50,333		(10) (11) (12)
Blueshift Labs, Inc.	Senior Secured	SOFR+8.25% PIK, 11.25% floor, 1.50% ETP	12/19/2023	12/15/2028		26,784		26,576		27,021		(10) (11) (12)
Blueshift Labs, Inc.	Senior Secured	SOFR+8.25% PIK, 11.25% floor	12/12/2024	12/15/2028		515		515		954		(10) (12) (22)
CarNow, Inc.	Senior Secured	SOFR+7.25%, 11.75% floor, 1.60% ETP	3/22/2024	3/22/2029		20,000		18,019		18,396		(11) (12)
Piano Software, Inc.	Senior Secured	SOFR+7.25%, 11.25% floor, 1.50% ETP	12/31/2024	12/31/2029		43,000		42,086		41,723		(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		35,181		34,949		34,936		(10) (11) (12)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Second Lien	FIXED 12.50% PIK, 31.05% ETP	12/12/2024	9/24/2029		6,229		5,982		6,068		(10) (11) (12)
Zinnia Corporate Holdings, LLC	Senior Secured	SOFR+8.00%, 10.00% floor	9/23/2024	9/21/2029		40,000		39,293		39,358		(12)
Total Application Software - 43.86%*						216,945		218,789
Commercial & Professional Services
Bombora, Inc.	Senior Secured	SOFR+4.75%, 6.75% floor, 3.25% PIK, 0.96% ETP	12/26/2023	1/15/2028		29,389		29,398		29,309		(10) (11) (12)
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor	7/10/2023	7/10/2027		39,000		38,176		39,245		(12)
FiscalNote, Inc.	Senior Secured	PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP	10/19/2020	7/15/2027		25,760		26,292		27,140		(10) (11) (12) (14)
Interactions Corporation	Senior Secured	SOFR+9.26%, 9.76% floor, 3.9375% ETP	6/24/2022	6/15/2027		40,000		40,561		40,323		(11) (12)
Swing Education, Inc.	Senior Secured	SOFR+7.00%, 10.80% floor, 3.50% ETP	6/27/2025	6/15/2029		8,000		7,862		7,662		(11) (12)
Swing Education, Inc. (Revolver)	Senior Secured	SOFR+6.65%, 10.45% floor	6/27/2025	6/1/2028	N/A		(199)		-		(12)
Total Commercial & Professional Services - 28.80%*						142,090		143,679
Consumer Staples Distribution & Retail
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor, 1.00% ETP	6/30/2021	6/15/2027		41,982		42,062		32,745		(6) (9) (10) (11) (18)
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor	2/28/2025	6/15/2027		2,796		2,796		2,181		(6) (9) (10) (18)
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor	5/20/2025	9/30/2025		2,836		2,836		2,212		(6) (9) (10) (18)
Total Consumer Staples Distribution & Retail - 7.44%*						47,694		37,138
Financial Services
Autobooks, Inc.	Senior Secured	SOFR+7.50%, 11.77% floor, 2.75% ETP	5/5/2025	2/5/2028		27,000		26,310		26,307		(11) (12)
Hurricane Cleanco Limited	Senior Secured	FIXED 6.25%, 6.25% PIK	12/31/2024	11/22/2029		30,169		27,584		30,035		(5) (9) (10) (21)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 6.00% ETP	11/29/2022	11/15/2026		25,000		25,716		22,680		(11) (12)
Total Financial Services - 15.84%*						79,610		79,022

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 Equipment & Services
	EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027		40,000		40,345	40,918	(11) (12) (16)
	Mingle Healthcare Solutions, Inc.	Senior Secured	SOFR+9.75%, 12.26% floor, 10.50% ETP	8/15/2018	12/15/2026		4,127		4,757	2,399	(11) (26)
	Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027		15,000		15,157	15,423	(11) (12)
	Nalu Medical, Inc.	Senior Secured	PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP	10/12/2022	10/12/2027		21,115		21,378	22,332	(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		16,780	16,975	(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		34,204	34,689	(11) (12)
	Total Health Care Equipment & Services - 26.61%*						132,621		132,736
Household & Personal Products
	Madison Reed, Inc.	Senior Secured	PRIME+4.75%, 11.00% floor, 11.00% cash cap, 3.00% ETP	12/16/2022	12/16/2026		16,341		16,459	16,598	(10) (11) (12)
	Total Household & Personal Products - 3.33%*						16,459		16,598
Insurance
	Kin Insurance, Inc.	Senior Secured	PRIME+6.25%, 12.50% floor, 3.30% ETP	9/26/2022	9/15/2026		75,000		76,324	78,195	(11) (12)
	Total Insurance - 15.67%*						76,324		78,195
Media & Entertainment
	Skillshare, Inc.	Senior Secured	SOFR+6.50%, 10.72% floor, 3.00% ETP	11/8/2022	11/8/2026		20,400		20,673	20,400	(11) (12)
	Snap! Mobile, Inc.	Senior Secured	SOFR+7.50%, 12.10% floor, 3.83% ETP	9/30/2024	9/30/2028		18,000		17,634	17,530	(11) (12)
	Total Media & Entertainment - 7.60%*						38,307		37,930
Systems 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		74,577	70,254	(11) (12)
	Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 7.50% ETP	12/20/2018	12/15/2025		23,252		24,602	20,232	(11)
	Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028		42,500		42,390	42,511	(11) (12)
	Total Systems Software - 26.66%*						141,569		132,997
Technology Hardware & Equipment
	Brivo, Inc.	Senior Secured	SOFR+7.25%, 11.29% floor, 2.53% ETP	12/27/2024	12/15/2029		40,000		39,804	40,187	(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		14,610		14,920	14,710	(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		29,913	30,502	(11) (12)
	Total Technology Hardware & Equipment - 17.12%*						84,637		85,399
Total Debt Investments - 192.93%*						976,256		962,483

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
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A			289,419			250	311	(13)
	VTX Holdings, LLC	Equity	Series C Preferred Units	12/12/2024	N/A			3,015,219			143	83	(13)
	Total Application Software - 0.08%*							393			394
Commercial & Professional Services
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A			230,881			438	124	(13) (14) (19)
	JobGet Holdings, Inc. (fka Snagajob, Inc.)	Equity	Series C-1 Preferred Stock	11/15/2024	N/A			476,564			39,275	29,028	(13) (27)
	JobGet Holdings, Inc. (fka Snagajob, Inc.)	Equity	Series C-2 Preferred Stock	11/15/2024	N/A			16,963			-	-	(13) (27)
	JobGet Holdings, Inc. (fka Snagajob, Inc.)	Equity	Convertible Note	6/24/2025	9/22/2025			1,000,000			1,000	1,000	(13) (28) (29)
	Total Commercial & Professional Services - 6.04%*							40,713			30,152
Consumer Staples Distribution & Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A			46,004			410	14	(6) (9) (13) (18) (19) (21)
	Total Consumer Staples Distribution & Retail - 0.00%*							410			14
Health Care Equipment & Services
	CareCloud, Inc.	Equity	8.75% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A			462,064			12,132	9,977
	Total Health Care Equipment & Services - 2.00%*							12,132			9,977
Media & Entertainment
	Minute Media Inc.	Equity	Preferred Stock	12/13/2023	N/A			1,039			120	150	(5) (9) (13)
	Minute Media Inc.	Equity	Common Stock	12/13/2023	N/A			136			16	18	(5) (9) (13)
	Total Media & Entertainment - 0.03%*							136			168
Technology Hardware & Equipment
	zSpace, Inc.	Equity	Common Stock	12/31/2020	N/A			81,046			1,119	264	(13) (15) (19)
	Total Technology Hardware & Equipment - 0.05%*					1,119			264
Total Equity Investments - 8.20%*							54,903			40,969

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		447		(13)
Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,370		(13)
Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		449		(13) (20)
CarNow, Inc.	Warrants	Common Stock	3/22/2024	3/22/2034			200,000			2,400		2,766		(13)
INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		338		(13)
JWP Holdco LLC (fka Longtail Ad Solutions, Inc.)	Warrants	Common Units	12/12/2019	12/12/2029			167,827			47		-		(13)
Piano Software, Inc.	Warrants	Series D Preferred Stock	12/31/2024	12/31/2034			119,978			348		478		(13)
Predactiv, Inc. (fka Sharethis, Inc.)	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028			647,615			2,162		52		(13)
Total Application Software - 1.18%*					7,212			5,900
Commercial & Professional Services
AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			870,514			1,750		-		(13)
Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			174		119		(13)
Bombora, Inc.	Warrants	Common Stock	12/26/2023	12/26/2033			48,632			43		48		(13)
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030			11,273			218		1,224		(5) (9) (13)
CloudPay, Inc.	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031			3,502			52		58		(5) (9) (13)
CloudPay, Inc.	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032			5,252			176		106		(5) (9) (13)
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/10/2023	7/10/2033			248,997			447		396		(13)
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/17/2024	7/17/2034			236,550			377		376		(13)
FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		1		(13) (14) (20)
Interactions Corporation	Warrants	Common Stock	6/24/2022	6/24/2032			189,408			219		8		(13)
JobGet Holdings, Inc. (fka Snagajob, Inc.)	Warrants	Series B-1 Preferred Stock	9/29/2021	9/29/2031			763,269			343		-		(13)
Swing Education, Inc.	Warrants	Series C Preferred Stock	6/27/2025	6/27/2035			196,160			19		19		(13)
Total Commercial & Professional Services - 0.47%*							3,945			2,355
Financial Services
Autobooks, Inc.	Warrants	Success Fee	5/5/2025	N/A		N/A			489		515		(13) (20)
Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		65		(13)
Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		76		(13)
Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		367		(13)
Total Financial Services - 0.21%*							989			1,023

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Health Care Equipment & Services
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	3/30/2031		5,320		282		-		(13) (14)
Allurion Technologies, Inc.	Warrants	Common Stock	6/14/2022	3/30/2031		1,851		141		-		(13) (14)
Allurion Technologies, Inc.	Warrants	Common Stock	9/15/2022	9/15/2032		1,850		144		-		(13) (14)
Allurion Technologies, Inc.	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		604		(13) (16) (20)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		-		(13)
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		19		(13)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		67		(13)
Onward Medical, N.V.	Warrants	Common Stock	6/28/2024	9/26/2034		165,338		340		362		(8) (9) (13) (17) (21)
Route 92 Medical, Inc.	Warrants	Success fee	3/31/2025	3/31/2035	N/A		833		829		(13) (20)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		198		(13)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		298		(13)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		74		(13) (20)
Total Health Care Equipment & Services - 0.49%*						3,650		2,451
Household & Personal Products
Madison Reed, Inc.	Warrants	Success fee	12/16/2022	N/A	N/A		209		169		(13) (20)
Total Household & Personal Products - 0.03%*						209		169
Insurance
Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032		62,364		426		316		(13)
Total Insurance - 0.06%*						426		316
Media & Entertainment
Skillshare, Inc.	Warrants	Success fee	11/8/2022	N/A	N/A		301		335		(13) (20)
Snap! Mobile, Inc.	Warrants	Series B Preferred Stock	9/30/2024	9/30/2034		19,140		345		338		(13)
Total Media & Entertainment - 0.14%*						646		673
Pharmaceuticals, Biotechnology & Life Sciences
Mustang Bio, Inc.	Warrants	Common Stock	3/4/2022	3/4/2032		997		315		-		(13) (15)
Total Pharmaceuticals, Biotechnology & Life Sciences - 0.00%*						315		-

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
Systems Software
		Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		1		(13)
		Circadence Corporation	Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		-		(13)
		Circadence Corporation	Warrants	Success fee	12/21/2023	N/A		N/A			304		447		(13) (20)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		-		(13)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			124,215			158		183		(13)
		Total Systems Software - 0.13%*							5,284			631
Technology Hardware & Equipment
		Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032			201,000			98		305		(13)
		Brivo, Inc.	Warrants	Series A-2 Preferred Stock	12/27/2024	12/27/2034			32,109			43		49		(13)
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		136		(7) (9) (13)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		247		(13) (20)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	10/5/2018	10/5/2028			73,746			89		149		(13)
		RealWear, Inc.	Warrants	Common Stock	10/5/2018	10/5/2028			38,705			47		1		(13)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	12/28/2018	12/28/2028			14,749			16		30		(13)
		RealWear, Inc.	Warrants	Common Stock	12/28/2018	12/28/2028			7,742			9		-		(13)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	6/27/2019	6/27/2029			81,251			250		64		(13)
		RealWear, Inc.	Warrants	Common Stock	6/27/2019	6/27/2029			42,643			131		1		(13)
		Total Technology Hardware & Equipment - 0.20%*					1,128			982
	Total Warrants - 2.91%*							23,804			14,500
Total Non-Control/Non-Affiliate Investments - 204.04%*							1,054,963			1,017,952

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments													(24)
	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													(25)
	Equity Investments
	Commercial & Professional Services
		Pivot3, Inc.	Equity	100% Equity Interest	12/31/2023		N/A		N/A				950		995		(23)
		Total Commercial & Professional 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		6,004		(9)
		Total Multi-Sector Holdings - 1.20%*								5,600				6,004
	Total Equity Investments - 1.40%*								6,550				6,999
Total Control Investments - 1.40%*								6,550				6,999
Total Investments - 205.44%*						$		1,066,064			$	1,024,951

Foreign Currency Forward Contracts

Foreign Currency · Counterparty · Maturity Date · Notional Amount to be Sold (£) · Notional Amount to be Purchased ($) · Unrealized Gain (Loss) ($)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	9/8/2025	351	462		(20)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	12/8/2025	384	505		(22)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	5/14/2026	21,964	28,873		(1,317)
Total				$	(1,359)

(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 June 30, 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 6.33% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of German domiciled investments represents 7.45% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian domiciled investments represents 2.98% of net assets.
(8)	Portfolio company is domiciled in the Netherlands. Fair value of Dutch domiciled investments represents 3.48% 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 12.88% of total assets as of June 30, 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 June 30, 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.
(28)	JobGet Holdings, Inc. (fka Snagajob.com, Inc.) convertible note may not be assigned or transferred, unless it meets the criteria of a permitted transfer.
(29)	Convertible notes represent investments that are redeemable by the Company upon the occurrence of contingent events. There are no principal or interest payments to be made against the notes.
*	Fair value as a percentage of net assets.

RUNWAY GROWTH FINANCE CORP

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