RWAY earnings analysis
What we found in RWAY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Runway Growth Finance Corp. reported a significant decline in total revenue and net income for Q1 2026, with revenues decreasing to $28 million from $37 million in Q4 2025, and net investment income also down from $15.6 million to $10.6 million year-over-year. The company announced a quarter-end cash distribution of $0.33 per share despite facing headwinds including increased net unrealized losses and reduced operating cash flow.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Q1 2026 revenue dropped to $28M from $37M in Q4 2025, marking a substantial decrease.
- EPS Decrease
- Reported Q1 2026 diluted EPS of $0.25, down from $0.43 in Q4 2025.
- Cash Flow from Operations
- Operating cash flow provided only $5.9M in Q1 2026, a significant drop from $73.6M in Q1 2025.
- Net Investment Income
- Net investment income fell to $10.6 million in Q1 2026, compared to $15.6 million in Q1 2025.
- Dividend Declared
- Scheduled a dividend of $0.33 per share to be paid in Q2 2026 despite recent losses.
- Investment Portfolio Stability
- Despite challenges, the investment portfolio's fair value remained at $886.3 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Net Unrealized Losses
- Unrealized losses surged to $46.7 million in Q1 2026, impacting financial stability.
- Decreased Cash Flow
- Operating cash flow decreased significantly to $5.9 million from $73.6 million year-over-year.
- High Debt Obligations
- Total outstanding debt increased to $430.5 million, with a large portion due in the near term.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.25
What they said about what is next.
No explicit numeric guidance provided in this quarterly filing. Outlook noted potential headwinds in market conditions.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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