Note 12 – Financial Highlights

The following table sets forth the financial highlights for the nine months ended September 30, 2025 and 2024 (in thousands, except for per share data and ratios):


	Nine Months Ended September 30,
	2025				2024
Per Share Data(1):
Net asset value at beginning of period	$	13.79			$		13.50
Net investment income		1.23					1.25
Net realized gain (loss)		0.09					-
Net change in unrealized gain (loss)		(0.60	)				(0.10	)
Total from investment operations		0.72					1.15

Distributions		(1.07	)				(1.39	)
Accretion (dilution), net (2)		0.11					0.13
Net asset value at end of period	$	13.55			$		13.39

Ratio/Supplemental Data:
Total return based on net asset value(3)		6.02		%			9.48		%
Total return based on market value(4)		2.46		%			(7.45	)	%
Ratio of net investment income to average net assets(5)(6)		11.92		%			12.55		%
Ratio of total operating expenses to average net assets(5)(6)		16.32		%			15.77		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		13.29		%			12.63		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)(6)		7.02		%			11.59		%
Portfolio turnover rate(7)		10.64		%			14.20		%

Per share market value at beginning of period	$	10.96			$		12.62
Per share market value at end of period	$	10.16			$		10.29
Net assets at beginning of period	$	514,869			$		547,071
Net assets at end of period	$	489,526			$		507,358
Weighted average net assets	$	507,904			$		522,925
Weighted average shares outstanding for the period, basic	36,887,968					39,317,890

(1)

All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.

(2)

Net accretion (dilution) represents the effect of issuance and repurchase of common stock.

(3)

Total return based on net asset value is calculated as the change in net asset value per share during the period, plus dividends per share, divided by the beginning net asset value per share. The total returns are not annualized.

(4)

Total return based on market value is calculated as the change in market value per share during the period, plus dividends per share, divided by the beginning market value per share. The total returns are not annualized.

(5)

The ratios are calculated based on weighted average net assets for the relevant period and are annualized.

(6)

The ratio includes annualized incentive fees and as incentive fees are performance driven, the amount expensed in future periods may vary significantly and is dependent on overall investment performance, early terminations, scheduled prepayments and other liquidity events.

(7)

The portfolio turnover rate for the period is calculated by taking the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover is not annualized.

Runway Growth Finance Corp. 10-Q