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RUNWAY GROWTH FINANCE CORP Second Quarter 2026 Investor Presentation NASDAQ Listed I RWAY I RWAYL I RWAYI I SWKHL Date August 2026 Website runwaygrowth.com
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© 2026 RUNWAY GROWTH CAPITAL Forward-Looking Statements This presentation dated August 2026 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. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. 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. Past performance is not an indication of future results. 2
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Runway Growth Overview
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© 2026 RUNWAY GROWTH CAPITAL 4 1. Net loss rate based on commitments as of 6/30/2026 The Runway Difference Scaled Credit Platform Robust Solution Set Strong, Stable Returns Low Historical Loss Rate Credit-first Underwriting Established Track Record Attractive Yield with Potential Equity Upside • 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 Strong & Experienced Team • Senior executive team has average of 25+ years of experience • Demonstrated by 33 consecutive quarterly distributions since inception • Expansive network of contacts within the venture capital industry across equity providers, lenders, advisers, etc. Diversified Portfolio • With the closing of the SWK transaction, the portfolio now spans healthcare, life sciences and technology • Average position size steadily declining over time Credit First Approach • Disciplined investment approach has kept our annualized net loss rate1 below 20 bps, which has historically been offset by ongoing realized gains on warrant and equity investments Representing a Compelling Entry Point for Investors
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© 2026 RUNWAY GROWTH CAPITAL 5 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 Current BC Partners Acquisition Runway Growth Capital, Runway Growth’s investment adviser, was acquired by BC Partners Credit on 1/30/2025 Runway’s Story – Company History Demonstrated track record of growth and ability to attract top tier institutional partners 2025 Runway Today Runway Growth Capital manages $1.3B in AUM 27 employees across 3 offices Announced definitive merger agreement with SWK Holdings on 10/9/2025 which closed on 4/6/2026
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© 2026 RUNWAY GROWTH CAPITAL Our platform is establishing the infrastructure for multi-faceted growth: ORGANIC In the last 12 months Runway has: • Enhanced financing solutions • Expanded origination channels • Augmented access to capital INORGANIC 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 Underpinned by a Comprehensive, Fully-Scaled Credit Platform1 Combined Platform AUM2 ~$11.4B Over 2x the closest standalone venture debt peer Global Investment Exposure 7 Offices Across US, UK, France, and Germany Combined Team of 169 Professionals Across BC Partners and Runway Growth CapitalVenture / Growth Ecosystem-Oriented Stages of Development Middle Market Buyout-Oriented Stages * All statistics are inclusive of the combined Runway Growth and BC Partners platform 1. Data as of 6/30/2026 2. BC Partners Credit AUM as of 3/31/2026 and Runway’s AUM as of 6/30/2026 Runway Growth's Platform Continues to Evolve 6
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© 2026 RUNWAY GROWTH CAPITAL 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. 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 shareholder value. 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 should grow AUM and generate additional origination activities. Near-term Growth Levers Post-BC Partners Combination: 1 2 3 *Above statements are the views of Runway Leading Growth Capital Capabilities Underpinned by a Full-Service Credit Platform Comprehensive Capital Solutions for the Venture Growth Ecosystem Disciplined Investment Process with Focus on Deep Credit Analysis Scaled, Diverse Portfolio with Centralized Portfolio Management Team Strong Balance Sheet Optimized for Flexibility and Disciplined Growth Experienced Management Team with Solid Track Record Runway is Providing Access to Venture Debt with a Fully-Scaled Platform 7 + + + + + +
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© 2026 RUNWAY GROWTH CAPITAL 8 APPROACH TO UNDERWRITING 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 Active portfolio monitoring and proactive borrower engagement Runway Has an Edge in Pricing Risk and Ascribing Company Value
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© 2026 RUNWAY GROWTH CAPITAL 9 Venture activity remains modest overall and robust at the top end of the market, with record levels of capital deployment Runway’s Investment Focus & Process • Low loan-to-value in the sub 30% area at origination 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 Deal value in 2026 reached record levels of $413 billion as of Q2, outperforming any single full year total over the past decade. Venture Debt Deal Volume Trends1 *Above statements are the views of Runway. Data is as of 6/30/2026 1. Pitchbook-NVCA Venture Monitor data, Q2 2026 Venture Debt is Leading Growth in Direct Lending $84 $94 $150 $156 $176 $359 $237 $166 $215 $319 $413 11,338 12,124 12,943 14,023 14,221 19,699 18,303 15,475 15,407 16,348 9,646 5,000 10,000 15,000 20,000 25,000 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Deal value ($B) Deal count
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© 2026 RUNWAY GROWTH CAPITAL 10 Runway’s Management Team Mike Rovner Co-CEO, Co-CIO Carmela Thomson CFO David Spreng Founder, Co-CEO, Co-CIO Avisha Khubani Chief Credit Officer • Founded Runway Growth Capital in 2015. • Led investment platform since inception. • 30+ years of venture capital and growth lending experience. • Managing Director, BC Partners Credit since 2023. • Founder and former CEO of Ovation Partners leading platform growth, private debt origination and strategic partnerships. • 30+ years of experience spanning technology, entrepreneurship, venture capital and growth lending. • Joined Runway in 2021 as Vice President of Finance & Accounting; promoted to Senior Vice President in 2024. • Played an integral role in Runway's IPO, capital raising efforts and financial reporting processes. • Former Senior Audit Manager at KPMG LLP with extensive audit and accounting experience. • Joined Runway in 2018 as Vice President, Portfolio Analytics. • Progressed through multiple leadership roles overseeing portfolio monitoring and valuation. • Previously led portfolio valuation engagements at Duff & Phelps and Empire Valuation Consultants. Runway’s expanded leadership team combines complementary experience while maintaining the Company's proven investment strategy and underwriting discipline, strengthening its ability to execute across market cycles.
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11 Investment Opportunity Strong Fundamentals Long-Term Value
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© 2026 RUNWAY GROWTH CAPITAL 12 Overview & Key Themes Capital Commitment Reinforces Shareholder Alignment We believe the current share price does not reflect Runway’s underlying fundamentals and shareholder-focused capital allocation $15M Share Repurchase Underway Common shares currently trade at a ~23% dividend yield1 Adviser and insiders intend to purchase up to 10% of shares 2026 dividend expected to remain fully covered Valuation Disconnect Proactive Portfolio Monitoring SWK Transaction Enhances Profile • Greater than 50% discount to NAV implies credit losses well above our historical loss and recover rate • Independent 3rd party portfolio valuations have consistently supported NAV • 94% of investments are performing and risk rated 1-3 • Category 3 loans represent performing credits with proactive monitoring • SWK expands industry diversification, reduces average position size and increases asset yields • ~$0.05 NII/Share accretion 1. As of 8/4/2026
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© 2026 RUNWAY GROWTH CAPITAL Insiders’ Commitment to Purchase Shares & Ongoing Company Share Repurchase 13 up to 10% • The program will begin when the blackout period ends following the Company’s second quarter 2026 earnings release on August 6, 2026 • Share purchases executed through various methods including 10b5-1 programs, open market purchases and/or tender offers PLAN TO ACQUIRE of outstanding shares over the next two years as long as shares trade at or below 70% of NAV Board, Management, Adviser and Affiliates Stock Purchases to Further Align Interests with Shareholders • The Company intends to continue share repurchases and prioritize allocating capital toward share repurchases while thoughtfully managing leverage and evaluating portfolio expansion • Management will continue to evaluate capital allocation decisions as part of ongoing dialogue with the Board of Directors $15 Million Company Sponsored Share Repurchase Plan APPROVAL Approved by Board of Directors and announced on May 7, 2026 EXECUTION Executed via a 10b5-1 program PROGRESS Repurchased $3.1 million of existing plan as of August 3, 2026
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© 2026 RUNWAY GROWTH CAPITAL 14 Current Market Price Overstates Probable Credit Losses • Category 5: 0% recovery • Category 4: 0% recovery • Category 3: 4% recovery Total of 6 investments with partial losses since inception vs implied ~10 investments with full losses in Categories 3, 4, and 5 Historical recovery1: 76% 1. As of 6/30/2026 Market Implied Credit Losses of 49% of Q2-26 NAV as of August 4, 2026
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© 2026 RUNWAY GROWTH CAPITAL 15 Portfolio Valuations Independently Validated & Consistently Realized Broad Third-Party Review1 Backtesting Demonstrates Accuracy2,3 Third-party review, backtesting consistency, and internal independence support the reliability of our fair value marks. Fair value marks tracked exit values within 0.2%-2.4% over the year preceding exit. 1. Independent ownership: Portfolio Monitoring & Valuation owns the valuation process and develops fair value marks independently, with no input from originators on valuation conclusions. 2. Targeted third-party review: Independent valuation coverage is governed by a structured framework that considers position size, risk rating, and other relevant factors, with the objective of prioritizing larger exposures and riskier credits where valuation judgment is most meaningful. Credit-rated 3 or higher reviewed by third party in last two quarters Positions above $18.5M reviewed by third party in last two quarters 82% 73% Fair Value % Relative to Exit Value - Preceding 4 QuartersRunway uses nationally recognized firms including Houlihan Lokey, Kroll, and Stout to provide independent valuation ranges. 1. As of 6/30/2026 2. Inception-to-date exited debt investments through June 30, 2026 3. “PQ” denotes the number of quarter-ends preceding the investment’s exit date; PQ1 represents the immediately preceding quarter -end, PQ2 represents two quarter-ends prior, etc. 3. Validated by back-testing: Historical debt exits are reviewed against prior valuation marks, and results have supported the reasonableness and consistency of Runway’s valuation framework. 4. Formal governance: Quarterly valuation conclusions are reviewed by the Valuation Committee before being presented to the Audit Committee and Board for approval. Valuation Process & Monitoring
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© 2026 RUNWAY GROWTH CAPITAL 11% 65% 18% 2% 4% 1 2 3 4 5 94% of the portfolio has a weighted average risk rating of 3 or better 1–5 scale; lower number reflects higher credit quality Category 3 = enhanced monitoring, not impaired credit What Moves a Loan into Category 3 • Performance weakens relative to the underwriting plan • Borrower trends require increased monitoring • LTV increases relative to origination, while collateral remains intact What Category 3 Means • Borrower remains in full payment compliance • No expected loss of principal or returns • Increased communication with management Enhanced monitoring situations — not impaired credits Debt Investments at Fair Value by Risk Rating1 Portfolio mix by risk category; Categories 1–3 represent the performing core Category 3 Portfolio Snapshot1 8 Category 3 loans 2 cash flow positive borrowers ~22 mo. average runway for remaining 6 Category 3 reflects proactive monitoring, not near-term liquidity distress Active Monitoring Framework report monthly report quarterly, with additional reporting at Runway’s request Runway’s proactive monitoring framework is designed to identify emerging performance variances early and increase engagement before issues become more significant. Runway’s Proactive Monitoring Framework Risk Category Cost ($M) Fair Value ($M) FV as % of Cost 1 $119.4 $123.4 103.4% 2 $720.7 $735.0 102.0% 3 $206.1 $197.6 95.9% 4 $26.3 $21.2 80.8% 5 $53.7 $45.0 83.8% 83% 17% 161. As of 6/30/2026
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© 2026 RUNWAY GROWTH CAPITAL 14.2% 16.9% RWAY SWK 23% 29% 33% 15% Consumer Services & Products Healthcare Technology Financials Strategic & Financial Benefits of the Acquisition of SWK Holdings 17 Acquisition Highlights Debt Portfolio Companies Enhances diversity across borrowers and sectors ~$0.05 Quarterly NII / Share Accretion2 Growth in Yielding Assets Expands income generating capacity Diversification • Larger platform scale • Lower average position size • Broader sector mix • Expanded sourcing channels Breakout Across Verticals 3/31/2026 6/30/2026 Q2 Realized Gain on SWK asset Eton Warrant Gross Proceeds $10.1 Million Realized Gain $3.4 Million Key Takeaways • Stronger diversification with lower concentration • Meaningful increase in income generating assets • Immediately accretive to earnings • Capital efficiently deployed through Eton monetization All-In Rate Comparison Yield Comparison1 10.9% 11.8% RWAY SWK 1. RWAY as of 3/31/26, SWK standalone at acquisition close 4/6/26. Investment yield is calculated by taking total debt -related income during the quarter divided by the average fair value of debt investments outstanding during the period, annualized 2. SWK quarterly NII/share accretion revised from prior quarter estimates due to purchase accounting +13 26% 3/31/26 6/30/26 Fair Value of Investments $886.3 million $1,192.0 million Top 10 investments as % of total debt fair value 54% 41% Number of debt portfolio companies 32 46 Number of debt investments 45 57 Average principal loan size by portfolio company $28.3 million $25.4 million Weighted average risk rating 2.67 2.34 26% 13% 43% 18% Consumer Services & Products Healthcare Technology Financials SWK Pro Forma Investment Yield1 ~16.9% Average Loan Size (Principal) $32.3 $30.4 $25.4 -4.4% -6.0% -16.4% 2024 2025 Q2-2026 Avg. Principal Loan Size ($M) % Change
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© 2026 RUNWAY GROWTH CAPITAL 18 Stable Dividend Outlook Anticipate greater than 100% coverage on annual base dividend $0.66 Dividend/share paid year- to date $1.32 Expected full-year base dividend ~23% Dividend yield on market price1 ~11% Dividend yield to 6/30/26 NAV 1. As of 8/4/2026
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Second Quarter 2026 19 Portfolio & Financial Highlights
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© 2026 RUNWAY GROWTH CAPITAL 20 Total Loan Commitments $3.7B Average Operating History2 15.1 Years Average Loan Commitment $31.7M Average Enterprise Value2 $402.7M Number of Investments Made 115 Average Revenue2 $111.4M Number of Realized Investments3 59 Average LTV2 23.2% Cumulative Gross/Net Loss Rate 2.10%/1.72% Loan Structure 96% First Lien Past performance is not an indication of future results 1. Cumulative since inception – from December 2016 to June 2026 2. Weighted average on funded at origination for current investment portfolio as of June 30, 2026 3. Excludes 8 active investments that have refinanced with Runway Growth Cumulative since inception1 Current portfolio at origination Portfolio at Fair Value: $1.2 billion Portfolio Overview
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© 2026 RUNWAY GROWTH CAPITAL 21 Current Investments by Security Type (by FMV)1 Current Investments by Origination Channel (by FMV) Portfolio at Fair Value: $1.2 billion Portfolio Overview 1. Common Stock, Preferred Units, and Revolving Loan comprise less than 1% of the portfolio 33% 67% Non-Sponsored Sponsored 3% 2% 90% 2% 1% 2% Preferred Stock Second Lien Term Loan Senior Secured First Lien Term Loan Warrant & Other Contractual Rights Equity Interest Subordinated Debt
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© 2026 RUNWAY GROWTH CAPITAL 22 Portfolio at Fair Value by Industry1 Breakout Across Verticals Portfolio Fair Value by Geography Highly Diversified Portfolio 1. Multi-Sector Holdings and Media & Entertainment each represent less than 3% of the portfolio Application Software, 21% Commercial & Professional Services, 10% Consumer Services, 3% Consumer Staples Distribution & Retail, 4% Financial Services, 11% Health Care Equipment & Services, 18% Household & Personal Products, 7% Insurance, 3% Systems Software, 10% Technology Hardware & Equipment, 7% 5 5 % 0 % 7 % 24% 6% 31% 15% 4% 6% U.K. 5% Germany 6% Canada 1% Netherlands 2% Consumer Services & Products 23% Technology 33% Healthcare 29% Financials 15%
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© 2026 RUNWAY GROWTH CAPITAL 23 Runway’s Approach to Software 1. The Software metrics represent Application Software and Systems Software and exclude Technology, Hardware, & Equipment. % of Total Portfolio 26% % of Total Debt Portfolio 27% FV as a % of Cost of Software Portfolio 98% % First Lien 93% % of Portfolio Cash Flow Positive 58% % of Loans with Financial Covenants 94% % of Sponsored Loans 94% Software Portfolio Metrics1 $308.4 million Software Portfolio at Fair Value 9 Software Portfolio Companies Software Investing Framework • Late-Stage Focus: Target high-quality software companies with proven business models and durable, non-cyclical revenue profiles • Mission-Critical Solutions: Invest in platforms embedded in customer workflows with high switching costs, long implementation cycles, and deep domain expertise • Defensible Business Models: Focus on companies with strong competitive moats, including diversified customer bases and resilient end-market exposure • AI as an Enabler: Prioritize businesses positioned to leverage AI to enhance operations, efficiency, and growth • Disciplined Credit Approach: Apply rigorous underwriting with first-lien structures, active monitoring, and a focus on downside protection Software End Market Exposure Systems + Application Software 6/30/26 Runway’s Technology Vertical 19% Technology Hardware & Equipment 56% Application Software 25% Systems Software E-commerce, 5% Logistics, 23% Government / Defense, 6% Utilities, 13%Media and Entertainment, 14% Automotive Retail, 6% B2C Companies, 17% Insurance, 13% Information Technology, 3%
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© 2026 RUNWAY GROWTH CAPITAL 85% 80% 79% 78% 75% 67% 77% 73% 78% 7% 8% 8% 10% 11% 11% 14% 16% 4% 7% 7% 8% 9% 9% 7% 7% 9% 14% 1% 3% 3% 3% 10% 2% 1% 3% 2% 1% 3% 2% 3% 1% 2% 2% 1% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Interest income (cash) Interest income (PIK) OID accretion End of term payments Prepayment fees Other income $1,063 $1,066 $1,077 $1,004 $1,025 $946 $927 $886 $1,192 15.05% 15.92% 14.69% 15.44% 15.40% 16.83% 14.15% 14.22% 14.15% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Portfolio at FV ($M) W.A. Debt Investment Yield 24 Past performance is not an indication of future results 1. Contains only accelerated ETP upon prepayments, while recurring ETP accretion resides in "OID accretion" % 2. “Other income” consists of U.S. Treasury Bills, dividend income, interest income on money market funds, and other sources of income 3. Calculated by taking total debt-related income during the quarter divided by the average fair value of debt investments outstanding during the period, annualized; Includes prepayments Portfolio at FV & Investment Yield Sources of Investment Income (3) Key Portfolio Metrics 57 debt and 101 equity investments to 79 portfolio companies as of 6/30/2026 3 1 2 Excluding impact from recent non-accruals, Q2-26 yield would have been ~15%.
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© 2026 RUNWAY GROWTH CAPITAL 70% 17% 1% 5% 7% New Loan Delayed Draw Upsize Refinance Equity Funding 25 Key Portfolio Metrics Q2 2026 Gross Fundings by Type (%)1 Net Quarterly Fundings by Type ($M) 32 Inception-to-Date: • 26% of Portfolio Companies Upsized (25 Portfolio Companies, 41 Upsize Transactions) • 17 Refinances or 17% of Portfolio Companies Trailing 12 Months: • $19.7M average new deal commitment • $16.2M average funding at origination Committed Capital ($M) 1. JV Equity Funding and Upsize Restructure account for less than 1% of gross fundings each 2. One of two refinances was a net decrease in funding in Q4’24, resulting in a net funding on refinances of negative $36M not reflected in the chart 3. Two of three refinances were a net decrease in funding in Q3’25, resulting in a net funding on refinances of negative $13M not reflected in the chart $2,731 $2,819 $2,970 $3,028 $3,093 $3,213 $3,282 $3,338 $3,683 $49.8 $34.2 $37.7 $55.0 $30.0 $23.6 $16.7 $27.1 $18.1 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Cumulative Commitments Avg. New Deal Commitment $75 $58 $70 $35 $17 $32 $6 $35 $9 $3 $13 $6 $10 $10 $46 $3 $3 $3 $1 $1 $4 $2 $2 $1 $5 $7 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 New Loan Delayed Draws Upsize Refinance Equity Funding JV Equity Funding +$216 million in new loans from SWK acquisition
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© 2026 RUNWAY GROWTH CAPITAL 26 1. 1-5 rating scale with a lower number reflecting a higher credit quality rating Investments at Fair Value by Risk Rating Category1 Weighted Average Risk Rating1 Portfolio Risk Ratings 94% Of The Portfolio Has A Weighted Average Risk Rating Of 3 Or Better 0.23 Q2’26 Weighted Average Risk Rating Excluding Non-Accruals: 2.13 2.47 2.48 2.33 2.33 2.33 2.42 2.45 2.67 2.34 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Category 1, 11% Category 2, 65% Category 3, 18% Category 4, 2% Category 5, 4%
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© 2026 RUNWAY GROWTH CAPITAL 27 Warrants and Other Equity ($M) Warrants & Equity Portfolio 101 Warrants and/or Equity Investments in 66 Companies • 33 Companies with both loan and equity investments • 32 Companies with equity investments only • 1 Company with 100% equity interest Cumulative Net Loss Rate 1.72% Cumulative Impact of Equity Gains on Debt Losses ($M) $48.2 $62.2 $106.6 $57.8 $62.5 $67.1 $67.1 $56.8 $70.0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 -$ 24.9 -$ 24.9 -$ 27.8 -$ 27.8 -$ 29.3 -$ 29.3 -$ 29.3 -$ 29.3 -$ 76.9 $ 4.9 $ 4.9 $ 4.8 $ 10.9 $ 10.9 $ 9.6 $ 9.2 $ 10.5 $ 13.7 -$ 20.0 -$ 20.0 -$ 22.9 -$ 16.9 -$ 18.4 -$ 19.7 -$ 20.1 -$ 18.8 -$ 63.2 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Cumulative Debt Losses Cumulative Net Equity G/L Net Losses
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© 2026 RUNWAY GROWTH CAPITAL 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 28 Strong Balance Sheet Provides For Flexibility & Growth Historical ROE1 and Leverage 11.3% 12.5% 11.4% 12.3% 11.1% 12.7% 9.5% 9.2% 15.5% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0.98x1.10x 1.08x 0.99x1.08x 1.05x 0.92x 0.90x 1.36x
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© 2026 RUNWAY GROWTH CAPITAL 29 Statement of Assets & Liabilities 1 As of June 30, 2026 As of June 30, 2025 Total investments at fair value 1,192,350 1,024,951 Cash and cash equivalents 10,831 5,960 Total assets 1,222,357 1,041,257 Debt2 678,945 515,948 Total liabilities 719,779 542,383 Total net assets 502,578 498,874 Net asset value per share 11.91 13.66 Statement of Operations 1 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Total investment income 37,026 35,147 Total operating expenses 18,835 21,199 Net investment income 18,191 13,948 Net realized and unrealized gain (loss) 9,002 2,849 Net increase (decrease) in net assets from operations 27,193 16,797 Net investment income per share 0.43 0.38 Note: Past performance is not an indication of future results 1. In thousands, except per share data 2. Net of unamortized deferred debt costs Financial Highlights
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© 2026 RUNWAY GROWTH CAPITAL 30 Three Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 Total investment income 37,026 29,450 30,037 36,747 35,147 Net investment income 18,191 10,624 11,627 15,736 13,948 Net investment income per share 0.43 0.29 0.32 0.43 0.38 Net asset value 502,578 438,228 484,969 489,526 498,874 Net asset value per share 11.91 12.13 13.42 13.55 13.66 Dividend declared and payable per share 0.33 0.33 0.33 0.36 0.35 Dollar-weighted annualized yield on debt investments 14.15% 14.2% 14.2% 16.8% 15.4% Net realized and unrealized gain (loss) 9,002 (45,441) (4,260) (7,717) 2,849 Leverage ratio 1.36x 0.98x 0.90x 0.92x 1.05x Note: Past performance is not an indication of future results Data in thousands, except per share data and percentages Selected Historical Financial Information
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© 2026 RUNWAY GROWTH CAPITAL 31 Leverage & Liquidity Liquidity Debt Capital Structure1 2023 2024 2025 2026 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Cash & Equivalents $37.7 $15.0 $3.0 $6.9 $8.8 $3.6 $5.8 $18.4 $6.0 $7.9 $18.2 $2.3 $10.8 Credit Facility Availability $190.0 $297.0 $278.0 $313.0 $241.0 $248.0 $239.0 $297.0 $291.0 $364.0 $377.0 $370.0 $200.0 Net Assets $573.9 $570.5 $547.1 $529.5 $506.4 $507.4 $514.9 $503.3 $498.9 $489.5 $485.0 $438.2 $502.6 1. As of June 30, 2026 2. Amended to $425M as of July 13, 2026 KeyBank Credit Facility $350M Revolver Outstanding $550M2 Revolving Credit Facility $600M Maximum Accordion Commitment 2027 7.50% Notes $40M Aggregate principal 7.50% Interest Rate July 28, 2027 Stated Maturity SWK 2027 9.00% Notes $33M Aggregate principal 9.00% Interest Rate January 31, 2027 Stated Maturity 2028 7.51% Notes $107M Aggregate principal 7.51% Interest Rate April 7, 2028 Stated Maturity 2029 7.00% Notes $50M Aggregate principal 7.00% Interest Rate December 1, 2029 Stated Maturity 2031 7.25% Notes $103M Aggregate principal 7.25% Interest Rate February 3, 2031 Stated Maturity
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© 2026 RUNWAY GROWTH CAPITAL 32 Financial 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 yieldbasis 2. Annualized; sum of BoP Market Price + Dividend/share divided by BoP Market Price 3. Annualized quarterly figures Average Accounting Yield1 Annualized Dividend Yield2 Weighted Average Interest Expense Annualized Return on Equity and Assets3 11.3% 12.5% 11.4% 12.3% 11.1% 12.7% 9.5% 9.2% 15.5% 5.5% 5.9% 5.4% 5.9% 5.4% 6.3% 4.8% 4.6% 6.8% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 ROE ROA7.57% 7.62% 7.25% 7.14% 7.52% 7.52% 7.38% 7.41% 7.20% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 15.5% 15.3% 15.5% 13.1% 13.5% 13.4% 13.0% 14.8% 19.2% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 14.85% 15.02% 14.66% 14.56% 14.80% 14.43% 14.03% 13.86% 13.60% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Excluding impact from recent non-accruals, Q2-26 yield would have been ~15%
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© 2026 RUNWAY GROWTH CAPITAL NAV/Share Bridge- SWK Acquisition Impact (3/31/26 to 4/6/26) 1. NAV/share calculated using shares outstanding immediately preceding acquisition close on 4/6/26 of 36,134,037 Per Share Impact: (-$0.22) NAV per Share Remained Stable Excluding One-Time Acquisition Expenses(1) 33
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© 2026 RUNWAY GROWTH CAPITAL Q2-2026 NAV/Share Bridge from SWK Closing NAV(1) 1. NAV/share calculated using weighted average shares outstanding of 42,074,771 Per Share Impact: ($0.00) 34
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35 Supplemental Information
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© 2026 RUNWAY GROWTH CAPITAL Regulation and Structure 36 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 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 Regulated Investment Company (RIC) • 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
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© 2026 RUNWAY GROWTH CAPITAL Analyst Coverage 37 • BofA Securities – Derek Hewett • B. Riley – Sean-Paul Adams • Clear Street – Mickey Schleien • Compass Point – Jason Stewart • J.P. Morgan – Richard Shane • Ladenburg Thalmann – Christopher Nolan, CFA • Lucid Capital Markets – Erik Zwick, CFA • Oppenheimer – Mitchell Penn, CFA • Wells Fargo – Finian O’Shea, CFA
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