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RWAY on Nasdaq

Runway Growth Finance Corp.

Runway Growth Finance Corp. is a fund registered in the United States, based in Chicago, active since 2015.2 Its shares trade on Nasdaq under the symbol RWAY.2

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Last updated Oct 21, 2026.

Overview

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  • TickerRWAY on Nasdaq2
  • HeadquartersChicago, United States2
  • Incorporated inMD3
  • Business address205 N. Michigan Ave., Suite 4200, Chicago, Il 606013
  • Filer category, Emerging growth company3
  • Legal formFUND2
  • Kind of organizationFund2
  • LEI254900AXR3J2N1XT0V022
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST INCORPORATED, 21093 Lutherville Timonium, United States2
  • Registered withSecurities and Exchange Commission, 00016533842

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Runway Growth Finance Corp. ("we," "us," "our," or the "Company"), a Maryland corporation formed on August 31, 2015, is structured as an externally managed, non-diversified closed-end management investment company. On August 18, 2021, we changed our name to "Runway Growth Finance Corp." from "Runway Growth Credit Fund Inc." We are a specialty finance company focused on providing senior secured loans to high growth-potential companies in technology, healthcare, business services, financial services, select consumer services and products and other high-growth industries. Our goal is to create significant value for our stockholders and the entrepreneurs we support by providing high growth-potential companies with hybrid debt and equity financing that is more flexible than traditional credit and less dilutive than equity. Our investment objective is to maximize our total return to our stockh…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5678$34.0M in 2025−28% since 2020
0$20.0M$40.0M$60.0M$80.0M2020: $47.0M$47.0M20202021: $45.6M$45.6M2021−3%2022: $32.2M$32.2M2022−29%2023: $44.3M$44.3M2023+37%2024: $73.6M$73.6M2024+66%2025: $34.0M$34.0M2025−54%

Every line of the income statement as filed: the last 5 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-312022-12-312021-12-31
Other income$582.0K$531.0K$488.0K
Total investment income$137.3M$144.6M$164.2M
Management fees$15.7M$15.7M$16.7M
Incentive fees$14.5M$14.6M$19.0M
Interest and other debt financing expenses$42.7M$44.2M$43.1M
Professional fees$2.2M$2.2M$2.4M
Administration agreement expenses$2.6M$2.0M$2.1M
Insurance expense$646.0K$829.0K$1.0M
Tax expense$880.0K$392.0K$664.0K
Other expenses$1.3M$976.0K$867.0K
Total operating expenses$80.4M$80.9M$85.9M
Net investment income$56.9M$63.8M$78.3M
Net realized gain (loss) on investments$2.9M-$2.9M-$18.4M
Net realized gain (loss) on forward contracts and foreign currency transactions-$26.0K$0$0
Net realized gain (loss)$2.8M-$2.9M-$18.4M
Net change in unrealized gain (loss) on investments-$25.0M$12.8M-$15.5M
Net change in unrealized gain (loss) on forward contracts and foreign currency transactions-$711.0K$0$0
Net change in unrealized gain (loss)-$25.7M$12.8M-$15.5M
Net realized and unrealized gain (loss)-$22.9M$9.9M-$33.9M
Net increase (decrease) in net assets resulting from operations$34.0M$73.6M$44.3M
Net investment income per common share (basic and diluted)$1.55$1.64$1.93$1.46$1.30
Net increase (decrease) in net assets resulting from operations per common share, Basic$0.93$1.89$1.09
Net increase (decrease) in net assets resulting from operations per common share, Diluted$0.93$1.89$1.09
Weighted average shares outstanding, Basic36.7M shares38.9M shares40.5M shares41.0M shares34.2M shares
Weighted average shares outstanding, Diluted36.7M shares38.9M shares40.5M shares

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Corporate structure

Runway Growth Finance Corp. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Runway Growth Finance Corp.

  • OCM Growth Holdings LLC Filed SCHEDULE 13D/A on Runway Growth Finance Corp., latest May 8, 2026 (13 filings since Feb 24, 2022)
  • Runway Growth Finance Corp. Chicago, Illinois, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Runway Growth Finance Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$18.2M8 Dec 31, 2025$5.8M8 Dec 31, 2024+216.0%

Properties, in its own words

Our corporate headquarters are located at 205 N. Michigan Ave., Suite 4200, Chicago, IL 60601 and are provided by the Administrator in accordance with the terms of the Administration Agreement. We and RGC also have offices located in Menlo Park, California and New York, New York. We do not own any real estate.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led Runway Growth Finance Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. R. David Spreng2016–2023
  2. Gregory Louis Greifeld2023
  3. Michael Rovner2026–now

President

  1. R. David Spreng2016–now

Chief financial officer

  1. Thomas B. Raterman2016–2026
  2. Carmela Thomson2026–now

Chief operating officer

  1. Thomas B. Raterman2026–now
20202025
Board members and other officers (13)

Former names

  • Runway Growth Credit Fund Inc.Jun 14, 2017 to Aug 20, 20213
  • GSV Growth Credit Fund Inc.Dec 9, 2015 to May 8, 20173

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure29
  2. Oct 1, 20268-K Entered a material agreement; New debt or obligation; Other events30
  3. Sep 25, 20268-K Entered a material agreement; New debt or obligation31
  4. Aug 6, 2026New chief executive Michael Rovner becomes CEO11
  5. Aug 6, 20268-K Results of operations32
  6. Aug 5, 20268-K Regulation FD disclosure; Other events33
  7. Jul 15, 20268-K Entered a material agreement; New debt or obligation34
  8. Jul 14, 20268-K Regulation FD disclosure35
  9. Jun 25, 20268-K Shareholder vote36
  10. May 29, 20268-K Entered a material agreement; New debt or obligation37
  11. May 7, 20268-K Results of operations38
  12. May 6, 20268-K Regulation FD disclosure; Other events39
  13. Apr 7, 20268-K Completed an acquisition or sale; New debt or obligation; Regulation FD disclosure40
  14. Aug 10, 2023New chief executive Gregory Louis Greifeld becomes CEO12
  15. Apr 12, 2016New chief executive R. David Spreng becomes CEO13
  16. Aug 31, 2015Founded Runway Growth Finance Corp. is founded2

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.43 a share, on Nov 6, 2025.41

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results32
  2. May 7, 2026Reported quarterly or annual results38
  3. Mar 12, 2026Reported quarterly or annual results42
  4. Jan 26, 2026Reported quarterly or annual results43
  5. Nov 6, 2025Reported quarterly or annual results44
  6. Aug 7, 2025Reported quarterly or annual results45
  7. May 12, 2025Reported quarterly or annual results46
  8. Mar 20, 2025Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

322 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 83 major events, 97 insider forms, 13 large holders, 107 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 2, 2026CERT EDGAR
  3. Oct 1, 20268-A12B EDGAR
  4. Oct 1, 20268-K EDGAR
  5. Oct 1, 2026N-23C-2 EDGAR
  6. Sep 28, 2026424B2 EDGAR
  7. Sep 25, 20268-K EDGAR
  8. Sep 25, 2026FWP EDGAR
  9. Sep 25, 2026424B2 EDGAR
  10. Sep 25, 2026424B2 EDGAR
  11. Sep 23, 2026424B2 EDGAR
  12. Sep 22, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Sep 10, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Aug 18, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Aug 6, 202610-Q EDGAR
  17. Aug 6, 20268-K EDGAR
  18. Aug 6, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Aug 5, 20268-K EDGAR
  20. Jul 15, 20268-K EDGAR

The 322 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

162 open-market trades by officers, directors and large owners since October 2021: 145 buys and 17 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Goldthorpe Edward J.DirectorBuy6,251$6.76$42.3KForm 4
Sep 21, 2026Goldthorpe Edward J.DirectorBuy3,749$6.72$25.2KForm 4
Sep 9, 2026Rovner MichaelCo-Chief Executive OfficerBuy7,000$6.57$46.0KForm 4
Aug 14, 2026SPRENG R DAVIDPresident and Co-CEOBuy1,000$6.89$6.9KForm 4
Aug 13, 2026Thomson CarmelaCFO, Treasurer and SecretaryBuy8,000$6.97$55.8KForm 4
May 20, 2026Raterman Thomas B.CFO, COOBuy7,000$6.34$44.4KForm 4
May 20, 2026SPRENG R DAVIDPresident and Co-CEOBuy3,000$6.37$19.1KForm 4
May 14, 2026Raterman Thomas B.CFO, COOBuy3,000$6.67$20.0KForm 4
Apr 9, 2026Carlson Capital, L.P.10% ownerSale560,105$6.59$3.7MForm 4
Nov 17, 2025Oaktree Capital Group Holdings GP, LLC10% ownerSale1,250,000$9.05$11.3MForm 4
Aug 8, 2025OCM Growth Holdings LLC10% ownerSale500,000$10.80$5.4MForm 4
Jul 1, 2025Oaktree Capital Holdings, LLC10% ownerSale1,000,000$10.45$10.4MForm 4
Apr 1, 2025Oaktree Capital Group Holdings GP, LLC10% ownerSale1,000,000$10.35$10.3MForm 4
Dec 19, 2024SPRENG R DAVIDPresident and Co-CEOBuy1,000$10.34$10.3KForm 4
Nov 20, 2024Raterman Thomas B.CFO, COOBuy8,803$10.18$89.6KForm 4
Nov 20, 2024SPRENG R DAVIDPresident and Co-CEOBuy8,803$10.18$89.6KForm 4
Nov 19, 2024SPRENG R DAVIDPresident and Co-CEOBuy13,187$10.10$133.2KForm 4
Nov 19, 2024Raterman Thomas B.CFO, COOBuy13,187$10.10$133.2KForm 4
Nov 18, 2024SPRENG R DAVIDPresident and Co-CEOBuy7,556$10.12$76.5KForm 4
Nov 18, 2024Raterman Thomas B.CFO, COOBuy7,556$10.12$76.5KForm 4

All 162 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 96. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Oaktree Capital Management LP7,029,667$39.4M1.0%No change
Sound Income Strategies, LLC2,003,042$11.2M0.5%+159,810
Ares Management LLC1,517,179$8.5M0.4%+339,356
HighTower Advisors, LLC1,343,131$7.5M0.0%−51,449
Bulldog Investors, LLP1,019,054$5.7M1.3%−181,075
North Ground Capital728,000$4.1M4.9%−233,326
Allium Financial Advisors, LLC715,665$4.0M2.6%−60,140
Franklin Resources Inc573,697$3.2M0.0%+33,947
Summit Financial, LLC543,246$3.0M0.0%+15,255
Alpine Global Management, LLC500,192$2.8M0.5%−181,059
Morgan Stanley486,912$2.7M0.0%+276,118
O'shaughnessy Asset Management, LLC431,542$2.4M0.0%+147,532
Legal & General Group Plc278,034$1.6M0.0%No change
Sbe LLC Dba Cedar Cove Wealth Partners275,536$1.5M0.7%+57,369
Man Group plc186,066$1.0M0.0%+30,805
Bank Of America Corp /de/175,284$983.3K0.0%New
Crewe Advisors LLC172,002$964.9K0.1%No change
UMB Bank, n.a.156,944$880.5K0.0%+82,740
Evanson Financial, LLC150,467$844.1K0.0%New
Millennium Management LLC145,448$816.0K0.0%New
Marshall Wace, Llp141,904$796.1K0.0%−208,815
UBS Group AG128,176$719.1K0.0%−215,054
Virtus Investment Advisers, LLC121,023$678.9K0.2%+24,174
BlackRock, Inc.118,235$663.3K0.0%+16,026
D. E. Shaw & Co., Inc.110,095$617.6K0.0%−15,064

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Runway Growth Finance Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRunway Growth Finance Corp.1
  • CIK0001653384
  • Employer ID (EIN)47-50497454
  • Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Business address205 N. Michigan Ave., Suite 4200, Chicago, IL 606011
  • Phone(312) 281-62701
  • Shares outstanding41,909,904 as of Aug 3, 202610
  • Public float$282.0M as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 9, 20151
  • Filings523 in all: 4 (154), 8-K (124), 10-Q (31), SC 13D/A (24), 3 (22), DEF 14A (12), 40-17G (11), 424B2 (11)1
    All 46 form types

    DEFA14A (11), 10-K (10), CORRESP (9), 40-APP/A (7), 425 (7), 144 (5), 497AD (5), 8-A12B (5), CERT (5), EFFECT (5), FWP (5), 4/A (4), 40-APP (4), 424B7 (4), N-2 (4), N-2/A (4), PRE 14A (4), SCHEDULE 13D/A (4), D/A (3), N-6F/A (3), 10-12G (2), 10-12G/A (2), 10-K/A (2), 424B3 (2), D (2), N-14 8C/A (2), N-23C-2 (2), SC 13D (2), 25-NSE (1), 424B1 (1), 8-K/A (1), APP WD (1), APP WDG (1), DRS (1), N-14 8C (1), N-54A (1), N-6F (1), POS EX (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareRWAYNasdaq Global Select Market LLC
7.50% Notes due 2027RWAYLNasdaq Global Select Market LLC
7.25% Notes due 2031RWAYINasdaq Global Select Market LLC

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Runway Growth Finance Corp. names in Item 1A of its 10-K filed Mar 12, 2026: 76 risks under these headings, as written.4

  • Risks Related to the Economy
  • Political, social and economic uncertainty creates and exacerbates risks.
  • Disruption in the capital markets may cause unstable economic conditions. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations.
  • The current period of capital markets disruption and economic uncertainty may make it difficult to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Further downgrades of the U.S. credit rating could negatively impact our liquidity, financial conditions and earnings and the impact of any government budgetary disruptions.
  • Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, negatively impact us.
  • Our investment portfolio is recorded at fair value, with our Board of Directors determining, in good faith, the fair value of our investment portfolio and, as a result, there is uncertainty as to the value of our portfolio investments.
  • Our financial condition and results of operations depend on our ability to effectively manage and deploy capital.
  • We operate in a highly competitive market for investment opportunities and we may not be able to compete effectively.
  • Our business model depends to a significant extent upon strong referral relationships. Any inability of RGC to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
The other 65 risks
  • We are dependent upon RGC’s key personnel for our future success.
  • Our success depends on the ability of RGC to attract and retain qualified personnel in a competitive environment.
  • The compensation we pay to RGC and our Administrator was not determined on an arm’s-length basis. Thus, the terms of such compensation may be less advantageous to us than if such terms had been the subject of arm’s-length negotiations.
  • Our management fee may induce RGC to purchase assets with borrowed funds and to use leverage despite any enhanced risk.
  • The capital gains portion of our incentive fee may induce RGC to make speculative investments.
  • A general increase in interest rates will likely have the effect of making it easier for RGC to receive incentive fees, without necessarily resulting in an increase in our net earnings.
  • RGC and our Administrator have the right to resign upon not more than 60 days’ notice, and we may not be able to find a suitable replacement for either within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • We may need to raise additional capital to grow because we must distribute most of our income.
  • Any failure on our part to maintain our status as a BDC or fail to qualify as a RIC would reduce our operating flexibility.
  • Regulations governing our operation as a BDC affect our ability to raise additional capital and the way in which we do so. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.
  • We borrow money, which could magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Any defaults under our Credit Facility or other borrowings, including the July 2027, April 2028, or February 2031 Notes could adversely affect our business.
  • If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.
  • Changes in interest rates may affect our cost of capital, the ability of our portfolio companies to service their debt obligations and our net investment income.
  • Our portfolio securities may not have a readily available market price and, in such a case, we will value these securities at fair value as determined in good faith under procedures adopted by our Board of Directors, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
  • To the extent original issue discount and PIK-interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.
  • We have and will continue to expend significant financial and other resources to comply with the requirements of being a public reporting entity.
  • We are obligated to maintain proper and effective internal control over financial reporting. Failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and the value of our common stock.
  • Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.
  • Risks Related to Our Investments
  • Our investments are very risky and highly speculative.
  • Investing in high growth-potential, private companies involves a high degree of risk, and our financial results may be affected adversely if one or more of our significant portfolio investments defaults on its loans or fails to perform as we expect.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies and a greater vulnerability to economic downturns.
  • Inflation may adversely affect our and our portfolio companies’ business, results of operations and financial condition.
  • Our portfolio companies may have limited operating histories and financial resources.
  • The financial projections of our portfolio companies could prove inaccurate.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • We may be subject to risks associated with our investments in covenant-lite loans.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Our portfolio may lack diversification among portfolio companies, which subjects us to a risk of significant loss if one or more of these companies default on their repayment obligations under any of their debt instruments.
  • Our portfolio may be concentrated in a limited number of industries, which will subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
  • Our portfolio may lack diversification among our Sponsored Growth Lending and Non-Sponsored Growth Lending strategies and among sponsors within the Sponsored Growth Lending strategy.
  • We invest in sectors including technology, healthcare, business services, financial services, select consumer services and products and other high-growth industries, which are subject to specific risks related to each.
  • We may be subject to risks associated with our investments in healthcare-related companies.
  • Technology-related sectors, including those involving data processing and outsourced services, in which we invest are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences and periodic downturns.
  • Certain technology-related industries are subject to extensive government regulation, which exposes us to the risk of significant loss if any of these industry sectors experiences a downturn.
  • Any of our portfolio companies operating in the healthcare information and services industry are subject to extensive government regulation and certain other risks particular to that industry.
  • The internet retail industry is subject to many risks and is highly competitive.
  • We may be subject to risks associated with our investments in the software industry.
  • Our portfolio companies operating in the human resources and employment services industry operate in a complex regulatory environment, and failure to comply with applicable laws and regulations could adversely affect the business of our portfolio companies.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Defaults by our portfolio companies will harm our operating results.
  • If our portfolio companies are unable to commercialize their technologies, products, business concepts or services, the returns on our investments could be adversely affected.
  • If our portfolio companies are unable to protect their intellectual property rights, our business and prospects could be harmed, and if portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced.
  • Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment.
  • We may not realize gains from our equity investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • Our investments in portfolio companies may expose us to environmental risks.
  • Risks Related to Our Conflicts of Interest
  • Our relationship with Oaktree may create conflicts of interest.
  • There are significant potential conflicts of interest which could impact our investment returns.
  • RGC’s liability is limited under the Advisory Agreement and we have agreed to indemnify RGC against certain liabilities, which may lead RGC to act in a riskier manner on our behalf than it would when acting for its own account.
  • The valuation process for certain of our investments may create a conflict of interest.
  • We may pay the Adviser an incentive fee on certain investments that include a deferred interest feature.
  • Risks Related to our Common Stock
  • Shares of our common stock have traded at a discount from net asset value and may do so in the future.
  • A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.
  • Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
  • The market value of our common stock may fluctuate significantly.
  • The amount of any distributions we may make is uncertain. We may not be able to pay you distributions, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, to sustain distributions and we may also use offering proceeds to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).
  • Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you.
  • Stockholders may experience dilution in the net asset value of their shares if they do not participate in our Dividend Reinvestment Plan and if our shares are trading at a discount to net asset value.

Legal proceedings

We and RGC are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we or RGC may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings would have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.4

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