Carlson Capital, L.P. 4

What Happened

• Carlson Capital, L.P. (reported as a 10% owner) recorded dispositions of SWK Holdings Corp. (SWKH) common stock on April 6, 2026. The Form 4 lists multiple cancellations/ disposals totaling about 34,712,035 SWK shares (all reported at $0.00 per share because the SWK shares were cancelled in the merger).
• Per the merger agreement (footnotes), each SWK share was converted at the Effective Time into either (A) 1.7264 shares of Runway Growth Finance Corp. common stock or (B) $20.59 in cash plus $0.74 in guaranteed cash (total cash per share = $21.33). If all shares elected cash, the aggregate cash consideration would be roughly $740.4 million. This was a merger conversion, not an open‑market sale.

Key Details

• Transaction date: April 6, 2026; Form 4 filed April 8, 2026 (timely filing).
• Reported price on Form 4: $0.00 per share (shares were cancelled/converted under the Merger Agreement).
• Total shares disposed (reported): ~34,712,035 SWK common shares across several reported holdings/entities.
• Conversion terms: 1.7264 Runway shares per SWK share OR $20.59 cash + $0.74 guaranteed cash per SWK share (total $21.33 cash per share).
• Shares outstanding/owned after transaction: SWK common stock was cancelled at the Effective Time; holders received Runway stock and/or cash as described.
• Notable footnotes: transactions arose from the Agreement and Plan of Merger dated Oct 9, 2025; the reported shares were held via various affiliated entities (the Fund, Carlson Capital GP, individuals and trusts) and the reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.

Context

• This is an institutional/10%‑owner disposition effected by the merger — not a managerial open‑market sale by an executive. The Form 4 records the corporate conversion; individual motivations are not implied.
• For retail investors: conversion transactions reflect deal terms (stock or cash consideration). Purchases by insiders are generally more informative about sentiment than corporate merger conversions like this one.