Runway Growth Finance is a business development company (BDC) that makes senior secured loans to high-growth, late- and growth-stage private companies — primarily venture capital- or private equity-backed businesses in technology, healthcare, life sciences, business services, financial services, and select consumer sectors. Borrowers are typically pre-profitability companies that cannot access traditional bank financing, and Runway's loans serve as non-dilutive growth capital used to fund sales and marketing, expand capacity, or extend runway ahead of a future equity raise, IPO, or M&A exit. Runway uses two origination strategies: sponsored growth lending (to VC- or PE-backed companies with institutional oversight) and non-sponsored growth lending (to profitable, founder-led companies that don't want to take on institutional equity). Runway also typically receives warrants or equity alongside its loans, giving it upside participation if a portfolio company exits. Runway earns primarily through floating-rate interest income — 97% of the portfolio is floating rate — supplemented by origination fees, end-of-term payments, and occasional warrant gains. Runway has no employees and is externally managed by Runway Growth Capital, which was acquired by BC Partners Credit in January 2025. As a BDC and regulated investment company, Runway must distribute at least 90% of taxable income to shareholders and funds portfolio growth through equity issuance, unsecured notes, and revolving credit facilities. As of FY25, the portfolio had a fair value of ~$927M, with ~99% of debt investments in first lien senior secured loans. Runway is pursuing inorganic growth via a pending acquisition of SWK Holdings, a healthcare-focused specialty lender, which would push the pro forma portfolio to ~$1.2B and roughly double healthcare and life sciences exposure.