Runway Growth Finance
RWAY on Nasdaq. Runway Growth Finance Corp provides loans to technology and healthcare companies. Market value $270m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$6.38 a share, 23% above its 1-year low
Over the past year the price has ranged from $5.19 to $10.20.
Dividend: 19.0% a year
Paid every year for 4 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | 0.95 | 0.93 | 1.07 | 0.90 |
| Shares outstanding | ||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt0.90× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $27 million, up 62% on a year ago.
- 13% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $668 million more than cash, up from $510 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $25m |
| December 2024 | $28m |
| March 2025 | $2m |
| June 2025 | $17m |
| September 2025 | $8m |
| December 2025 | $7m |
| March 2026 | -$35m |
| June 2026 | $27m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 97 funds in all.
- Oaktree Capital ManagementHoward Marks
- Value
- $39m
- Share of fund
- 1.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Oaktree Capital ManagementHoward Marks | $39m | 1.0% |
Largest holders overall
- Oaktree Capital Management$39m
- Sound Income Strategies$11mAdded
- Ares Management$9mAdded
- HighTower Advisors$8mCut
- Bulldog Investors, LLP$6mCut
- North Ground Capital$4mCut
- Allium Financial Advisors$4mCut
- Franklin Resources$3mAdded
- Summit Financial$3mAdded
- Alpine Global Management$3mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Oaktree Capital Holdings, LLCPassive investorat least 26.2%(filed with 2 related holders)Since 1 April 2025
- OCM Growth Holdings LLCPassive investorat least 16.6%−2.9 pts(filed with 2 related holders)Since 7 May 2026
| Holder | Stake | Since | |
|---|---|---|---|
Oaktree Capital Holdings, LLC Passive investor | at least 26.2% (filed with 2 related holders) | 1 April 2025 | |
OCM Growth Holdings LLC Passive investor | at least 16.6%−2.9 pts (filed with 2 related holders) | 7 May 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $259,572 of shares on the open market.
- Goldthorpe Edward J.DirectorBought
- Date
- 22 September 2026
- Shares
- 6,251
- Price
- $6.76
- Value
- $42,257
- Goldthorpe Edward J.DirectorBought
- Date
- 21 September 2026
- Shares
- 3,749
- Price
- $6.72
- Value
- $25,193
- Rovner MichaelCo-Chief Executive OfficerBought
- Date
- 9 September 2026
- Shares
- 7,000
- Price
- $6.57
- Value
- $45,990
- SPRENG R DAVIDPresident and Co-CEO, DirectorBought
- Date
- 14 August 2026
- Shares
- 1,000
- Price
- $6.89
- Value
- $6,889
- Thomson CarmelaCFO, Treasurer and SecretaryBought
- Date
- 13 August 2026
- Shares
- 8,000
- Price
- $6.97
- Value
- $55,743
- Raterman Thomas B.CFO, COOBoughtunder a preset trading plan
- Date
- 20 May 2026
- Shares
- 7,000
- Price
- $6.34
- Value
- $44,380
- SPRENG R DAVIDPresident and CEO, DirectorBought
- Date
- 20 May 2026
- Shares
- 3,000
- Price
- $6.37
- Value
- $19,110
- Raterman Thomas B.CFO, COOBoughtunder a preset trading plan
- Date
- 14 May 2026
- Shares
- 3,000
- Price
- $6.67
- Value
- $20,010
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 September 2026 | Goldthorpe Edward J. Director | Bought | 6,251 | $6.76 | $42,257 |
| 21 September 2026 | Goldthorpe Edward J. Director | Bought | 3,749 | $6.72 | $25,193 |
| 9 September 2026 | Rovner Michael Co-Chief Executive Officer | Bought | 7,000 | $6.57 | $45,990 |
| 14 August 2026 | SPRENG R DAVID President and Co-CEO, Director | Bought | 1,000 | $6.89 | $6,889 |
| 13 August 2026 | Thomson Carmela CFO, Treasurer and Secretary | Bought | 8,000 | $6.97 | $55,743 |
| 20 May 2026 | Raterman Thomas B. CFO, COO | Bought under a preset trading plan | 7,000 | $6.34 | $44,380 |
| 20 May 2026 | SPRENG R DAVID President and CEO, Director | Bought | 3,000 | $6.37 | $19,110 |
| 14 May 2026 | Raterman Thomas B. CFO, COO | Bought under a preset trading plan | 3,000 | $6.67 | $20,010 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 11 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On January 23, 2025, the Board of Directors (the “Board”) of Runway Growth Finance Corp. (the “Company”) dismissed RSM US LLP (“RSM”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 28 January 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.