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© Runway Growth Capital LLC 2025 Runway Growth Finance Corp. Third Quarter 2025 Investor Presentation November 2025 NASDAQ Listed I RWAY I RWAYL I RWAYZ
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 2 This presentation dated November 2025 is being provided by Runway Growth Finance Corp. (“Runway Growth” or the “Company”) for discussion purposes only and is neither an offer to sell, nor a solicitation of an offer to purchase, an interest in the Company. It is solely intended to describe the general business, investment objectives and investment strategy of the Company and should be considered in conjunction with the Company’s Securities and Exchange Commission (“SEC”) filings. The foregoing information is confidential and proprietary to the Company and Runway Growth Capital LLC. The performance information contained herein has not been examined by any independent third party, including any independent accounting firm. There is no guarantee that any of the estimates, targets or projections illustrated in this presentation will be achieved. The case studies, and any other references herein to any of the Company’s past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments. This presentation contains "forward looking statements" that are subject to risks and uncertainties. Forward‐looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. As a result of such risks, uncertainties and factors, actual results may differ materially from those expressed or implied in the Company’s forward-looking statements and reflect numerous assumptions, which may or may not materialize as projected. The Company makes no express or implied representation of warranty with respect to such projections, and expressly disclaims any and all liability for representations, expressed or implied, contained in, or omissions from, this presentation. All of the information in this presentation is presented as of the date of this presentation (except as otherwise specified), is subject to change without notice, and may have changed (possibly materially) between the date of this presentation and the date this presentation was received. No member of the Company or Runway Growth Capital LLC has any obligation to update the information in this presentation to account for changes subsequent to any date as of which such information is given. Forward-looking Statements
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 3 Our Investment Opportunity Investment Thesis • Disciplined investment approach has kept our annualized loss rate at 7 bps, which has historically been offset by ongoing realized gains on warrant and equity investments • We are proud of our low loss rates — 61 bps cumulative net loss rate1 since inception and maintaining this standing is our primary focus Industry Leading Loss Rates • Relatively low leverage ratio provides dry powder for growth • Non-sponsored deals provide unique portfolio expansion opportunity, facing less competition and favorable terms Dry Powder for Portfolio Expansion • Senior executive team has average of 30+ years of experience • Demonstrated by 30 consecutive quarterly distributions since inception • Expansive network of contacts within the venture capital industry across equity providers, lenders, advisers, etc. Strong & Experienced Team • High dividend yield with potential for capital growth relative to industry peers • Attractive dividend yield with potential for equity upside with narrowing of Price/NAV discount Attractive Yield with Potential Equity Upside 1. Cumulative Net Loss Rate based on commitments as of 9 /30/2025 Representing a Compelling Entry Point for Investors: Scaled Credit Platform The Runway Difference Robust Solution Set Strong, Stable Returns Low Loss Rate Credit-first Underwriting Established Track Record
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 4 Venture / Growth Ecosystem-Oriented Stages of Development Middle Market Buyout-Oriented Stages Underpinned by a Comprehensive, Fully-Scaled Credit Platform1 Combined Platform AUM2 ~$10.6B Over 2x the closest standalone venture debt peer Global Investment Exposure 8 Offices Across US, UK, and Canada Combined Team of 168 Professionals Across BC Partners and Runway Growth Capital Runway Growth's Platform Continues to Evolve Our platform is establishing the infrastructure for multi-faceted growth: This transaction demonstrates that Runway: ✓ Represents a destination for growth investment ✓ Can utilize M&A as an attractive growth lever ✓ Has established a blueprint for future expansion In the last 12 months Runway has: ✓ Enhanced financing solutions ✓ Expanded origination channels ✓ Augmented access to capital O R G A N I C I N O R G A N I C Runway Growth Overview * All statistics are inclusive of the combined Runway Growth and BC Partners platform 1. Data as of 9/30/2025 2. BC Credit and Runway’s AUM as of 6/30/2025
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5RUNWAY GROWTH FINANCE CORP. Runway Growth Overview
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 6 Enhanced scale expected to drive further RWAY fixed cost absorption SWK Transaction enhances Runway Growth’s financial profile Incremental Value Drivers for RWAY Trading liquidity expected to improve with broadened shareholder base and increased market cap Lower risk profile supported by average loan position declining to ~2% Reduced funding cost plus increased viability of accessing ABS and other credit markets More efficient use of leverage expands ROE and NII profile contributes to expanded base dividend coverage + + Portfolio Expansion Increased scale and growth in key sectors + Attractive Yields Target portfolio offers incremental yield contribution + Operational Efficiency Driven by enhanced scale + Optimized Leverage Ratio Pro-forma leverage moves up to ~1.1x Runway Growth Finance anticipates the acquisition will generate mid single -digit run - rate NII accretion during the first full quarter following closing of the transaction, enabled by: Runway Growth Overview
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 7 Runway is Providing Access to Venture Debt with a Fully-Scaled Platform Leading Growth Capital Capabilities Underpinned by a Full-Service Credit Platform Experienced Management Team with Solid Track Record Disciplined Investment Process with Focus on Deep Credit Analysis Strong Balance Sheet Optimized for Flexibility and Disciplined Growth Scaled, Diverse Portfolio with Centralized Portfolio Management Team Runway Growth Overview Enhanced financing solutions: Backed by the resources and scale of BC Partners, our investment adviser, Runway Growth Capital LLC (“Runway”), is equipped to offer more comprehensive financing solutions and execute larger deals across a broader borrower base. Augmented access to capital: The expanded platform deepens Runway’s ability to invest across the liquidity spectrum and provides capacity for Runway to deploy additional leverage and participate in larger deals which will grow AUM and generate additional origination activities. Expanded origination channels: BC Partners’ investment platform strengthens Runway’s origination channels and sourcing capabilities, positioning Runway to capture a broader range of investment opportunities designed to enhance stockholder value. Near-term Growth Levers Post-BC Partners Combination: 1 2 3 *Above statements are the views of Runway Comprehensive Capital Solutions for the Venture Growth Ecosystem
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 8 Venture Debt is Leading Growth in Direct Lending Dealmaking activity increased during the quarter with a 4.9% increase in deal value from last quarter led by AI excitement and outsized deals. Venture Debt Deal Volume Trends1 ❑ Low loan-to-value in the sub 30% area provides a margin of safety for venture debt investors ❑ Predictable cash flow enables differentiated return profiles with a shorter time duration ❑ First lien focus given the attractive senior secured position and collateral ❑ Enhanced control through covenants and milestones included in venture debt agreements ❑ Robust Origination pipeline of high-growth companies in select sectors weighted toward growth and late-stage ❑ Insulation from volatility through the venture ecosystem which offers portfolio diversification and hedges against public market activity Runway’s Investment Focus & Process As founders opt for larger raises to extend runway and defer future rounds, Runway continues to be well positioned to take advantage of diversified loan size and solutions to drive portfolio growth. Runway Growth Overview *Above statements are the views of Runway. Data is as of 9/30/2025 1. Pitchbook-NVCA Venture Monitor data, Q3 2025 $88 $84 $94 $149 $156 $175 $360 $236 $166 $216 $250 12,125 11,291 12,076 12,890 13,946 14,134 19,648 18,262 15,346 0 5,000 10,000 15,000 20,000 25,000 $0 $50 $100 $150 $200 $250 $300 $350 $400 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deal value ($B) Deal count
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 9 Runway Has an Edge in Pricing Risk and Ascribing Company Value Low Loan-to-Value Structured amortization schedule “Core vs. Growth” – Understanding of cash burn of the borrower Covenants that allow us to act before problems become critical Structural Protections APPROACH TO UNDERWRITING Active portfolio monitoring and proactive borrower engagement Runway Growth Overview
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 10 Total Loan Commitments $3.2B Average Operating History3 15.7 Years Average Loan Commitment $34.2M Average Enterprise Value3 $452.7M Number of Investments Made 94 Average Revenue3 $105.9M Number of Realized Investments4 55 Average LTV3 22.3% Cumulative Gross/Net Loss Rate 0.91%/0.61% Loan Structure 98% First Lien Past performance is not an indication of future results 1. Common Stock, Preferred Units and Revolvers comprise less than 1% 2. Cumulative since inception – from December 2016 to September 2025 3. Weighted average on funded at origination for current investment portfolio as of September 30, 2025 4. Excludes 8 active investments that have refinanced with Runway Growth Cumulative since inception2 Current portfolio at origination Portfolio at Fair Value: $946 million Runway Growth Overview Current Investments by Security Type (by FMV)1 Current Investments by Origination Channel (by FMV) Portfolio Overview 4% 2% 91% 2% 1% Preferred Stock Second Lien Term Loan Senior Secured First Lien Term Loan Warrant Equity Interest 22% 78% Non-Sponsored Sponsored
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 11 16% 3% 54% Highly Diversified Portfolio Portfolio at Fair Value by Industry Breakout Across Verticals (1) (2) 1% 1 Portfolio Fair Value by Geography Runway Growth Overview (1) 5 5 % 0 % 7 % 1 2 % 19% 4% 40% 16% 2% 8% U.K. 3% Germany 4% Canada 2% Netherlands 2% Consumer Services & Products, 23% Healthcare, 14% Technology, 63% Application Software, 24% Consumer Staples Distribution & Retail, 4% Household & Personal Products, 4% Systems Software, 15% Technology Hardware & Equipment, 9% Commercial & Professional Services, 12% Financial Services, 9% Health Care Equipment & Services, 13% Insurance, 5% Media & Entertainment, 3% 1. Multi-Sector Holdings represent 1% of Runway’s portfolio
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 12 Strong Balance Sheet Provides For Flexibility & Growth Past performance is not an indication of future results 1. ROE calculated by dividing NII for the quarter by average of EOP and BOP equity balance for the period and annualizing Historical ROE1 and Leverage Relatively low leverage ratio provides dry powder for growth 0.95x 0.91x0.79x 1.10x 1.08x 0.99x Runway Growth Overview 1.08x 1.05x 15.4% 13.1% 13.9% 11.3% 12.5% 11.4% 12.3% 11.1% 12.7% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 0.92x
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 13 Experienced Management Team with Solid Track Record Our investment adviser’s highly experienced leadership team with strong venture-related backgrounds is equipped to deliver Runway’s vision and execute across multiple economic cycles. David Spreng Founder, CEO Prior Experiences Tom Raterman CFO, COO Greg Greifeld CIO Prior Experiences Prior Experiences Runway’s Leadership. Runway Growth Overview
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 14 Runway’s Story – Company History Runway Growth Overview 2018 2020 20212019201720162015 2022 2023 Platform Investment Added new origination, credit and finance team members Completed two public baby bond offerings and two private unsecured note offerings Expanded credit facilities available to public and private funds ~$50M secondary offering by Oaktree Launch of LP Fund Expanded Healthcare capabilities Second BDC Fundraise “Fund 2” $175M of $225M targeted second round equity financing in Private BDC completed $100M expandable portfolio leverage facility Team grows to 12 people across three offices Continued Growth Funded $328M in loan commitments across 21 portfolio companies Private BDC pays first quarterly dividend at $0.15 / share Marketing & Origination Launch Origination and marketing efforts launched Completed final close on $275M initial private equity offering Initial Fundraise & First Close on the BDC Strategic alliance formed with Oaktree Capital Management Offices opened in New York and Chicago. Private BDC first close Runway Founded Firm established in Silicon Valley. Fundraising for Runway Growth Credit Fund, the “Private BDC,” began in October 2024 BDC IPO Continued platform expansion with new finance, credit and origination hires IPO of BDC, Runway Growth Finance Corp. (formerly the Private BDC) (Oct 2021) Announced Business Combination Closed on joint venture of up to $200M with Cadma/Apollo Announced business combination in which BC Partners’ credit arm will acquire Runway Growth Capital as a long-term, strategic investment Demonstrated track record of growth and ability to attract top tier institutional partners Current Runway Today Runway Growth Capital, Runway Growth’s investment adviser, was acquired by BC Partners Credit on 1/30/2025 Runway Growth Capital manages $1.3B in AUM 26 employees across 4 offices Announced definitive merger agreement with SWK Holdings on 10/9/2025
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15RUNWAY GROWTH FINANCE CORP. T H I R D Q U A R T E R 2 0 2 5 Portfolio & Financial Highlights
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 16 $1,011 $1,025 $1,016 $1,063 $1,066 $1,077 $1,004 $1,025 $946 18.27% 16.88% 17.39% 15.05% 15.92% 14.69% 15.44% 15.40% 16.83% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Portfolio at FV ($M) W.A. Debt Investment Yield Key Portfolio Metrics 38 debt and 71 equity investments to 54 portfolio companies as of 9/30/2025 Past performance is not an indication of future results 1. Q1'24 and Q4'24 include out of period adjustments related to FiscalNote, Inc. 2. Contains only accelerated ETP upon prepayments, while recurring ETP accretion resides in "OID accretion" % 3. “Other income” consists of U.S. Treasury Bills, dividend income, interest income on money market funds, and other sources of income 4. Excludes investments in Treasury Bills 5. Calculated by taking total debt-related income during the quarter divided by the average fair value of debt investments outstand ing during the period, annualized; Includes prepayments Portfolio at FV & Investment Yield Sources of Investment Income(1) Portfolio & Financial Highlights (4) (5) 69% 75% 77% 85% 80% 79% 78% 75% 67% 12% 12% 11% 7% 8% 8% 10% 11% 11% 5% 6% 6% 7% 7% 8% 9% 9% 7% 8% 4% 4% 1% 3% 3% 3% 10% 4% 1% 1% 2% 1% 3% 2% 2% 1% 2% 3% 1% 2% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Interest income (cash) Interest income (PIK) OID accretion End of term payments (2) Prepayment fees Other income(3)
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 17 $20 $64 $20 $75 $58 $70 $35 $17 $21 $19 $1 $9 $3 $13 $6 $1 $1 $4 $3 $3 $3 $1 $11 $3 $2 $5 $7 $0 $20 $40 $60 $80 $100 $120 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 New Loan Delayed Draws Upsize Refinance Equity Funding JV Equity Funding Key Portfolio Metrics Portfolio & Financial Highlights • 29% Portfolio Companies Upsized (23 Portfolio Companies, 36 Upsize Transactions) • 16 Refinances or 21% of Portfolio Companies Inception-to-Date: • $32.0M average new deal commitment • $28.0M average funding at origination Trailing 12 Months: Q3 2025 Gross Fundings by Type (%) Net Quarterly Fundings by Type ($M) 1. One of two refinances was a net decrease in funding in Q4’24, resulting in a net funding on refinances of negative $36M not r eflected in the chart 2. Two of three refinances were a net decrease in funding in Q3’25, resulting in a net funding on refinances of negative $13M no t reflected in the chart $2,354 $2,546 $2,582 $2,731 $2,819 $2,970 $3,028 $3,093 $3,213 $20.0 $37.1 $32.0 $49.8 $34.2 $37.7 $55.0 $30.0 $23.6 Committed Capital ($M) Cumulative Commitments Avg. New Deal Commitment Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 13% 5% 1% 76% 5% New Loan Delayed Draw Upsize Refinance JV Equity Funding 1 2
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 18 1. Category 1 and Category 5 are less than 1%. 1-5 rating scale with a lower number reflecting a higher credit quality rating * * Portfolio Risk Ratings Investments at Fair Value by Risk Rating Category1 92% Of The Portfolio Has A Weighted Average Risk Rating Of 3 Or Better Weighted Average Risk Rating1 Portfolio & Financial Highlights 69% 23% 8% Category 2 Category 3 Category 4 2.24 2.39 2.44 2.47 2.48 2.33 2.33 2.33 2.42 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 19 • 22 Companies with both loan and warrant investments • 15 Companies with warrant investments only • 7 Companies with shares of common or preferred stock only or a combination with warrants • 1 Company with a loan and common stock • 2 Companies with 100% equity interest 71 WARRANTS AND/OR EQUITY INVESTMENTS IN 47 COMPANIES Warrant and Other Equity HoldingsWarrants and Other Equity ($M) Cumulative Impact of Equity Gains on Debt Losses ($M) Portfolio & Financial Highlights Warrants & Equity Portfolio $49.2 $46.5 $46.8 $48.2 $62.2 $106.6 $57.8 $62.5 $67.1 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 -$ 7.8 -$ 24.8 -$ 24.8 -$ 24.8 -$ 24.8 -$ 27.7 -$ 27.7 -$ 29.2 -$ 29.2 $ 5.0 $ 4.8 $ 4.8 $ 4.8 $ 4.8 $ 4.8 $ 10.8 $ 10.8 $ 9.5 -$ 2.8 -$ 20.0 -$ 20.0 -$ 20.0 -$ 20.0 -$ 22.9 -$ 16.9 -$ 18.4 -$ 19.7 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Cumulative Debt Losses Cumulative Net Equity G/L Net Losses
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 20 Liquidity Leverage & Liquidity Debt Capital Structure1 $107M Aggregate principal April 7, 2028 Stated Maturity 7.51% Interest Rate 2028 7.51% Notes $186M Revolver outstanding $550M Revolving Credit Facility $600M Maximum accordion commitment KeyBank Credit Facility 2027 7.50% Notes $80.5M Aggregate principal 7.50% Interest Rate July 28, 2027 Stated Maturity 2027 8.00% Notes $51.8M Aggregate principal 8.00% Interest Rate December 28, 2027 Stated Maturity 2022 2023 2024 2025 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Cash & Equivalents $5.8 $5.8 $3.3 $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 Credit Facility Availability $250.0 $88.0 $128.0 $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.0 $291.0 $364.0 Net Assets $573.7 $576.1 $569.8 $573.9 $570.5 $547.1 $529.5 $506.4 $507.4 $514.9 $503.3 $498.9 $489.5 1. As of September 30, 2025 $25M Aggregate principal April 13, 2026 Stated Maturity 8.54% Interest Rate 2026 8.54% Notes Portfolio & Financial Highlights
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 21 Annualized Return on Equity and Assets3Weighted Average Interest Expense Average Accounting Yield1 Annualized Dividend Yield2 Portfolio Highlights Past performance is not an indication of future results 1. Accounting yield is the yield resulting from the amortization of principal, interest, and OID, calculated on a constant yield basis 2. Compounded/annualized; sum of BoP Market Price + Dividend/share divided by BoP Market Price 3. Annualized quarterly figures Portfolio & Financial Highlights 7.34% 7.54% 7.59% 7.57% 7.62% 7.25% 7.14% 7.52% 7.52% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 15.4% 15.1% 15.8% 16.4% 16.2% 16.5% 13.8% 14.2% 14.1% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 14.6% 14.6% 14.5% 14.3% 14.4% 13.3% 14.1% 14.1% 13.0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 15.4% 13.1% 13.9% 11.3% 12.5% 11.4% 12.3% 11.1% 12.7% 8.1% 6.9% 7.1% 5.5% 5.9% 5.4% 5.9% 5.4% 6.3% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 ROE ROA
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 22 STATEMENT OF ASSETS & LIABILITIES 1 As of September 30, 2025 As of December 31, 2024 Total investments at fair value 945,964 1,076,840 Cash and cash equivalents 7,917 5,751 Total assets 963,346 1,091,355 Debt2 443,506 552,332 Total liabilities 473,820 576,486 Total net assets 489,526 514,869 Net asset value per share 13.55 13.79 Financial Highlights STATEMENT OF OPERATIONS 1 Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Total investment income 36,747 36,651 Total operating expenses 21,011 20,776 Net investment income 15,736 15,875 Net realized and unrealized gain (loss) (7,717) 9,174 Net increase (decrease) in net assets from operations 8,019 25,049 Net investment income per share 0.43 0.41 Note: Past performance is not an indication of future results. 1. In thousands, except per share data 2. Net of unamortized deferred debt costs Portfolio & Financial Highlights
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 23 Q3-2025 NAV/Share Bridge 1. NAV/share calculated using weighted average shares outstanding during Q3 2025 of 36,225,742 Portfolio & Financial Highlights Per Share Impact - ($0.11) $0.43 $(0.36) $(0.04) $(0.04) $(0.13) $0.03 $13.66 $13.55 Beginning NAV Net Investment Income Dividend Distribution Net realized gain (loss) Reversal of prior period unrealized gain (loss) Net unrealized gain (loss) on investments still held Accretion (Dilution) Ending NAV $13.20 $13.30 $13.40 $13.50 $13.60 $13.70 $13.80 $13.90 $14.00 Reconciliation of Quarterly NAV per Share1 Increase Decrease Total
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24RUNWAY GROWTH FINANCE CORP. Supplemental Information
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 25 • Regulated by the SEC under the Investment Company Act of 1940 (the “1940 Act”) • Externally-managed by Runway Growth Capital • Leverage limited to 2:1 debt/equity • Investments are required to be carried at fair value • Required to offer managerial assistance to portfolio companies • Must distribute at least 90% of income to shareholders as dividend distributions, subject to approval by Runway Growth’s Board of Directors • Mandates asset diversification • Eliminates corporate taxation • Allows for retention of capital gains and/or spillover taxable income Regulation and Structure Runway Growth is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC and treated as a RIC for tax purposes. Business Development Company (BDC) Regulated Investment Company (RIC)
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RUNWAY GROWTH FINANCE CORP. © Runway Growth Capital LLC 2025 | 26 Analyst Coverage • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Compass Point – Casey Alexander • Janney – John Rowan • J.P. Morgan – Melissa Wedel, CFA • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer – Mitchel Penn, CFA • UBS – Doug Harter • Wells Fargo – Finian O’Shea, CFA
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Please contact us with any questions or comments. investors@runwaygrowth.com