The following table sets forth the financial highlights for the years ended December 31, 2016 through 2025 (in thousands, except for per share data and ratios):


	Years Ended December 31,
	2025			2024			2023			2022			2021			2020			2019			2018			2017			2016
Per Share Data(1):
Net asset value at beginning of period	$	13.79		$	13.50		$	14.22		$	14.65		$	14.84		$	14.58		$	15.14		$	14.66		$	10.38		$	15.00
Net investment income		1.55			1.64			1.93			1.46			1.30			1.38			1.95			1.26			(0.66)			(83.81)
Net realized gain (loss)		0.08			(0.08)			(0.45)			(0.03)			0.12			(0.19)			0.03			-			-			-
Net change in unrealized gain (loss)		(0.70)			0.33			(0.39)			(0.64)			(0.09)			0.52			(0.50)			-			0.14			(0.01)
Total from investment operations		0.93			1.89			1.09			0.79			1.33			1.71			1.48			1.26			(0.52)			(83.82)

Distributions		(1.40)			(1.79)			(1.81)			(1.26)			(1.33)			(1.49)			(2.20)			(0.75)			-			-
Offering costs		-			-			-			-			(0.21)			-			(0.03)			-			-			-
Accretion (dilution), net (2)		0.10			0.19			-			0.04			0.02			0.04			0.19			(0.03)			4.80			79.20
Net asset value at end of period	$	13.42		$	13.79		$	13.50		$	14.22		$	14.65		$	14.84		$	14.58		$	15.14		$	14.66		$	10.38

Ratio/Supplemental Data:
Total return based on net asset value(3)		7.47	%		15.41	%		7.67	%		5.67	%		7.68	%		12.00	%		10.83	%		8.39	%		41.23	%		(30.80)	%
Total return based on market value(4)		(5.75)	%		1.03	%		24.50	%		0.23	%		N/A			N/A			N/A			N/A			N/A			N/A
Ratio of net investment income to average net assets(5)(6)		11.28	%		12.30	%		13.62	%		10.14	%		8.74	%		9.44	%		12.85	%		8.30	%		(4.56)	%		(595.90)	%
Ratio of total operating expenses to average net assets(5)(6)		15.94	%		15.60	%		14.96	%		8.13	%		5.23	%		4.85	%		6.58	%		6.42	%		12.46	%		595.90	%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		13.07	%		12.79	%		11.64	%		5.90	%		3.41	%		3.05	%		3.64	%		5.42	%		12.46	%		595.90	%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)(6)		6.75	%		14.20	%		7.72	%		5.47	%		8.97	%		11.65	%		9.74	%		8.34	%		(3.56)	%		(595.90)	%
Portfolio turnover rate(7)		15.11	%		22.06	%		18.61	%		19.17	%		52.05	%		26.31	%		35.72	%		14.08	%		206.80	%		N/A

Per share market value at beginning of period	$	10.96		$	12.62		$	11.59		$	12.82			N/A			N/A			N/A			N/A			N/A			N/A
Per share market value at end of period	$	8.93		$	10.96		$	12.62		$	11.59		$	12.82			N/A			N/A			N/A			N/A			N/A
Net assets at beginning of period	$	514,869		$	547,071		$	576,052		$	606,195		$	466,244		$	376,313		$	167,369		$	127,040		$	3,477		$	25
Net assets at end of period	$	484,969		$	514,869		$	547,071		$	576,052		$	606,195		$	466,244		$	376,313		$	167,369		$	127,040		$	3,477
Weighted average net assets	$	504,625		$	518,381		$	574,594		$	589,669		$	508,836		$	403,188		$	283,774		$	141,046		$	40,389		$	152
Weighted average shares outstanding for the period, basic	36,697,936				38,852,271		40,509,269			40,971,242			34,183,358			27,617,425			18,701,021			9,300,960				2,795,274		10,774

(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 values per share.

(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. For the periods 2021 and prior, total return based on market value is not applicable as the Company was not yet public for the entirety of the period.

(5)

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

(6)

The ratio includes 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.

Runway Growth Finance Corp. 10-K