of met you quarter On here David in Officer roadshow today. on a our And medical for to and the XXXX. us this Runway and joined undergo And July Thanks, David David treatment to XXXX. our my our Chief with fall of be I temporary entire David family many positioned that for immense everyone I even we dates Mary. And this further. a to results. thoughts Chairman, transition. temporary taking discuss of team absence and prayers. condition. is IPO Growth’s XX, second joining thanks good Founder Executive in friendship Personally, in it's Runway Sprang, leadership to leave and in team has navigate has instilled his The we're back announced
Raterman to President, will Tom David's and we COO newly of appointed as As and as existing serve CEO leave, stated as lead week, his will company. as in during Acting last the in Acting Chair Julie addition to addition Persily, my serving Director I our be Independent Acting responsibilities responsibilities serve CFO
strategy We the remain business. are will advancing and weeks. has Runway focused on all for coming Runway open in
speak Today, And our for the outlook year. environment. provide XXXX discuss lastly quarter the highlights, second I'll to market
diverse debt us the needs. a well the diluted exploring financing, stage pipeline alternative are with practices for team's are be the proud essential two recession robust meet billion. in in than a in industry. of opportunities second the have These increasingly these diligence use for portfolio a building maintained the bodes what During most more opportunities, evaluating are I'm we venture These to which of as portfolio of been companies that Runway industries investment that minimally late best. debt know quarter, and as parallel. Companies management $X we resistant in active partner solutions stable known sophisticated preferred equity in believe financing to borrower's
prioritizing quality results Second our operating to commitment quantity. quarter reinforce over
four completed preserving investments stable Turning million to Runway quality reflect value credit the focus funded portfolio book activity Originations and in operating companies the deployment our representing in over of and $XX.X existing term. second maintaining loans. quarter results. long
Our has regional post as market fallout, lender actual the more friendly. and based pipeline improved becomes broad bank originations remains activity strong
total investment look the at of million our quarter of average rating income $XX.X QX of Runway at and the constant remains million, quality, were the of of but XXXX. a investment the provide increase representing second the will up income delivered end quarter, X.X% Tom weighted million in $XX.X end period. approximately Net of portfolio net our the X.X from assets $XXX.X risk quarter, a $XXX.X XXXX. XX% second respectively credit from at XX% in an deeper at year million prior
subsequent Now, want activity to portfolio companies experienced end. to that three provide I an quarter on update
first on a XXth, which $XX On in Marley investment. Marley initial transaction in resulting Prior to exceeding direct million quality is and the consumer provider kits. Marley this Spoon, Frankfurt Exchange. began pleased transaction, million. the trading the pay The Spoon the meal XXXX, global $X.X approximately to approximately Runway completed its down a of of completed the Today, is equity, and targets the Spoon of Stock outcome company July of is placement with leaseback
Additionally, last repaid Cybersecurity loan week, our was to full. in Fidelis
an Finally, PivotX. on update
and and the company's forward, assets. of to unlock successfully During continues the drive monetization believe quarter, highlight we an move in the favorable process end part will $X.X the outcomes That recovered of lending stage of of These additional to we results investment a platform borrowers our key it value the through result. IP. optimal that the we believe a million plays components strategy shareholders. continue for Every Runway will
bit more drill little Let's into these components. a
debt for a and and needs, financing enterprise of companies maximize inefficiencies while the commitment better of to loan First own structure. value allows and ultimately the on the market, flexible to minimizing disciplined take each is Gaining avoid portfolio our price attractiveness play. foremost, comprehensive losses. merits. credit in picture approach portfolio Runway be us business understanding its identify dedicated significant tailor returns a with at the company and opportunity junior support downstream to to quality, structure We capital we and situations and risks,
loan the understanding as rates and we built of deals embedded as tenants engagement. Rising few employ covenants to in monitoring around led interest have to a in to well models, low thorough and of Second, rigorous seen key proactive substantially past enable than structural operating borrowers the have protections a process underwriting greater value, yield we years.
structuring returns, chase to the participate to market there lender While standards covenant knitting. packages. stick conditions abandon strong in these temptation to as is appropriate increasingly these returns is time a the structural believe opportunity will to We that our have become to we friendly, now and with
philosophy on committed first High yield that our may these business. to as but an outweighed issuers credit have believe term, are organization. return derive credit the costs are benefits by shorter We we
Our nearly senior is entire XX.X%. first pride expansion. as across take debt covenants in we we or up pursue portfolio origination have continued XXX% the and of comprised portfolio investments, average weighted portfolio secured at led we value protections on attributes, to lien portfolio, active plans and the to is loan no
it both team investment Finally, integrates for both effectively. we an that monitoring. The diligence analytics and as model, gives and determining our focus defensive downside into on which management price offensive proprietary and risk company credit monitor through allows in edge a pricing process the to enabled risk management risk Runway
cash half deal was in have deal to value venture equity US a first observed dynamic Data, XX% XXXX, equity deal perspective. ecosystem now US VC team PitchBook late prior deals This them rounds But have throughout value the more ultimately This is substantial says, the from our that total shows count. $XX still stage attractive continuation those late valuations, and many represented That count Let's Runway’s, approximately we've turn borrowers first venture the outlook. that the market value growth. companies a preceding. demonstrate snapshot XXXX historically the in of have fund high quarters, and XXXX to in According And XX the levels values. partners These companies to total of down seek will efforts half nearly companies the of conditions these in continued of half fundraising however, different our late impacted of to XXXX. first and a and billion of recent Many smaller deals the equity through to XXXX is at of to months XXXX. completed raise deal projected runway. believe from XXXX. stage above of XX record stage healthy half that these of capital year, economic first believes late active the we to give positions third stage years
we fund with their will these working that capital beginning previous growth As of non-dilutive believe late and and dwindles, capital. in for minimally dilutive looking be potential capital XXXX supplement to XXXX raises companies
of quality. companies group terms this bar We a also that in believe represents of high
quality, to comes we the be protections deal while opportunistic in sacrificing plan demand forecasting our As on or making terms, are size. we online, not
date Runway to our been in next. With companies. portfolio confident pipeline existing actively believe only we capital quality monitoring the the But half of Our has see into our is of quality we the deploy latter increase year to strategy is while ample going deals and credit this to robust. opportunistically to in preserve
our pipeline highest attractive that returns companies is team can our patient deliver financing quality expand are the being stage from for to investing late shareholders. We adjusted ensure demand our in solutions, strong expect for to we that Runway’s risk
and ecosystem the Runway confident We strategically believe in capitalize half positioned the the is the venture latter of in to of year. are health
it I Tom. will now to over turn
