Q2 24 EPS
$0.37
MISS 15.91%
Est. $0.44
Q2 24 Revenue
$34.2M
MISS 9.66%
Est. $37.9M
Did RWAY Beat Earnings? Q2 2024 Results
Runway Growth Finance Corp. Posted a softer second quarter in 2024, with total investment income falling to $34.19 million and net investment income per share declining to $0.37, both well below year-ago levels, as a smaller and lower-yielding portfo… Read more Runway Growth Finance Corp. Posted a softer second quarter in 2024, with total investment income falling to $34.19 million and net investment income per share declining to $0.37, both well below year-ago levels, as a smaller and lower-yielding portfolio continued to weigh on results. The primary culprit was a sharp contraction in payment-in-kind interest income, which dropped to $2.33 million from $6.42 million a year earlier, compounding the pressure from reduced interest income across the broader loan book. Net asset value per share slipped to $13.14 from $14.17 in Q2 2023, and net unrealized losses of $6.30 million further darkened the picture relative to the $2.64 million unrealized gain posted in the prior-year quarter. Despite the headwinds, management struck an optimistic tone on capital deployment, pointing to a strong pipeline heading into the second half and noting that post-quarter activity, including a $75 million loan prepayment from Cloudpay and a new $15 million share repurchase program, signals continued confidence in redeploying capital and broadening portfolio diversification.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 15.1% for the quarter
- • Two new investments in portfolio companies representing $75.5 million in funded loans
- • Lower total investment income driven by smaller portfolio and reduced PIK interest income
- • Net unrealized losses of $6.3 million on investments during the quarter
- • 98.6% of term loans are senior secured
RWAY YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“In the second quarter, Runway Growth executed on two new investments as the Company thoughtfully expanded its high quality, late-stage portfolio. Heading into the second half of the year our pipeline is strong, and we remain focused on the performance of our portfolio while capitalizing on opportunities to re-deploy capital and increase the overall diversification of our investments. As a result of our strict underwriting and ongoing monitoring of our portfolio, we feel confident in our ability to position our shareholders for long-term returns.”
— David Spreng, Q2 2024 Earnings Press Release
RWAY Earnings Trends
RWAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RWAY EPS Trend
Earnings per share: estimate vs actual
RWAY Revenue Trend
Quarterly revenue: estimate vs actual
RWAY Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.31 | $0.29 | -7.05% | $29.5M | -0.18% |
| Q4 25 MISS FY | $0.35 | $0.32 | -7.35% | $30.0M | -4.96% |
| FY Full Year | — | $1.55 | — | $137.3M | — |
| Q3 25 BEAT | $0.39 | $0.43 | +10.40% | $36.7M | +4.91% |
| Q2 25 MISS | $0.39 | $0.38 | -1.66% | $35.1M | +2.57% |
| Q1 25 BEAT | $0.37 | $0.42 | +13.61% | $35.4M | +5.63% |
| Q4 24 MISS FY | $0.42 | $0.39 | -6.70% | $33.8M | -6.42% |
| FY Full Year | $1.67 | $1.64 | -1.60% | $144.6M | -1.72% |
| Q3 24 MISS | $0.45 | $0.41 | -8.89% | $36.7M | -5.25% |
| Q2 24 MISS | $0.44 | $0.37 | -15.91% | $34.2M | -9.66% |
| Q1 24 BEAT | $0.45 | $0.46 | +2.22% | $40.0M | +0.00% |
| Q4 23 MISS FY | $0.49 | $0.45 | -8.16% | $39.2M | +0.00% |
| FY Full Year | — | $1.93 | — | $164.2M | — |
| Q3 23 BEAT | $0.47 | $0.54 | +14.89% | $43.8M | +8.44% |
| Q2 23 BEAT | $0.45 | $0.49 | +8.89% | $41.9M | +99,650.00% |