RWAY - Earnings call 4 2023 | Runway Growth Finance Corp.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Runway Growth Finance Fourth Quarter and Fiscal Year Ended 2023 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Quinlan Abel, Assisted Vice President, Investor Relations. Please go ahead.

Quinlan Abel

Thank you, operator. welcome Fourth Runway ended Quarter XXXX. and Call Finance December everyone, the for and evening, to Growth the Conference XX, Good Fiscal Year

us Credit Growth President Finance Growth Deputy results Chief Raterman, year from acting were Joining Runway Acting Officer. just Chief and investors.runwaygrowth.com. Financial and Executive Growth Relations and call ended Head Capital; Officer Finance's Greg Tom quarter of close XXXX and Chief Runway Chief website financial are accessed Runway Growth market Officer Greifeld, Runway today's Growth of Officer Investment the fiscal on be of Finance today from released fourth after Operating at can Finance's and and Runway and Investor

call page. Finance at the arranged have We Runway the web for a of Growth replay

call, other are a are expectations. on These forward-looking interest and identified actual uncertainties remind our we caused differ uncertainties expressed filings rising you the During want from subject are those are statements. statements market historical statements future economic forward-looking to These current to that not changing not statements on this statements, guarantee results the may we I without by that of purely cause performance based forward-looking and materially in conditions including SEC. surrounding to other and could factors conditions and rates, that this factors call limitation, make forward-looking with in

those or inaccurate, this these contained as assumptions no on the as on you and of statements assumptions Growth reasonable, date assumptions are update we based forward-looking statements forward-looking should which prove subsequent of assumes statements. not these made forward-looking can events. reliance place The call incorrect, to the be statements forward-looking a Finance forward-looking believe Runway and the that be Although those the hereof, statements any obligation undue on can on are result, based to are

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Greg Greifeld

delivered and I'll thanks, our for from year quarter, In deals us XXXX for everyone, strategy lender-friendly market a on measured for favorable to leverage fourth market Throughout also dry share advantage conditions operating XXXX, which quality an this outlook XXXX, more results. discuss key joining more in our reduced our on portfolio up Today, the evening Runway credit highlights, in touch in the Quinlan, provide XXXX. and risk-adjusted the a strong existing set a to stage and quarter our to us ahead. whole discuss the generated preserved of free for approach, Thanks, XXXX new XXXX of environment, while Runway takeaways leading our and took powder fourth companies. returns, take supporting as overview

on points enforced XX% its has to supplemental These the and return XXXX, quarter by expanded the and to Since by least loans. of strong base debt Runway and by lien in is underpinned value, portfolio committed fourth senior distributions. Runway are basis annualized to with what secured shareholder our the to dividend space be risky XX.X% venture remains we basis ongoing dividend which driving XX.X%. by returns believe first strong points yield XX equity XXX consistent

to investment activity. Turning

capital. amounts covenants, and and transitional the sponsors of lower of equity was tighter interest year higher debt normal XXXX rates, and companies both valuations a as adjusted to lower new generally

few criteria met held Our but deals half of our in as remains XXXX. expectations, a particularly pipeline the strong, first companies unrealistic actionable underwriting

best nondilutive to help aspire we growth. capital to the reminder, a companies As fuel access

the chance management fences. swing We are for lender last teams troubled to not situation one help give a last to a of fix resort or

profitability. influx of the of results credit deals while I evaluating the quality industry-leading our that executed safeguarding late-stage sustainable presented of pursuit selective highest path clear only remain preserving and diligence which the to demonstrated quality positions speak companies our We we of QX, shareholders. companies for been to in believe BDC. have were X end, who we've new existing investments on X while proud portfolio remaining our in a operating the focus To in the in team's new

to Amid our occur on market our increase repayments to In environment, dynamic dry focused our risk team and strategy to our companies. leverage XXXX, our and existing reduce powder. to the remains supporting mitigating portfolio meaningful access was allow

and our ample from meet high to ability ratio on Our terms the low and about us credit the focus our opportunities gives to lenders. without worry dry that leverage bar restrictions powder having

due To maintained us to in selection positioning the attractive investments originate and diligence criteria ahead. credit processes selective highly summarize, we in QX, year

our to continue and manage will defensively. balance prioritize credit quality sheet We

to In achievements. X addition investment other I'd activity, like to mention

First, moment. shareholders a in we quarter, through a offering fourth the provide increased secondary additional for in our will Tom which color on liquidity

credit $XXX was quarter that ecosystem APOLLO. Second, for to Capital XXXX financing subsequent a to up LLC our venture between late capacity end, joint [ joint sponsor-backed pleased growth companies. established Cadma stage and the we partnership ] focus Partners, announce venture an of Runway-Cadma financing is private by I The platform venture with and were to and million. in with Cadma will equal Runway on financing

as partnership quarters. this forward future look We're thrilled to in you to appropriate enter and updating

to which bank coupled environment financial longer led have declining all cautious with fluctuating and banking the across Silicon a XXXX which operating for U.S. impacted experienced Turning a standards, rates, prolonged year dynamic inflation, stress, of environment. significantly challenging all the we Bank, stages. equity and markets XXXX venture Valley in for a marketplace. This recap the to to higher which dealmaking period collapse contributed high now crisis lending regional valuations, a of was of of

Further, to protect began we see we XXXX. as portfolio our high-quality throughout in to constant teams the of action year. $XX through evaluation represented equity from venture down deal portfolio venture our During annual to approximately recent with marking years deal this and U.S. sought some management late-stage the late-stage disciplined of XXXX, Further, was historically. value billion total we've credit U.S. took seen count, XX% but value of XXXX figures first XXXX, loans strongest fiscal the above time, levels and for XX% total of equity lien apply decisive preserve data, proceeding. still we record management shoots green and to XXXX communication portfolio and and According in the quality, disciplined deal Pitchbook

supplement seeking growth dynamic deals of the of This With that market is continuing this dilutive we as demand remains we've minimally in are our a the Companies against smaller seek the backdrop runway And in Runway opportunity selective with volume capital challenging capital on values. challenged. believe clear. is and fundraising proposition to but of investment value a continuation and we heightened quarters, recent higher late-stage borrowers for observed environment, criteria. rigorous raised to at XXXX, the extend equity bar

will venture We over the $X raised relative prudent ability we that junior demonstrated portfolio believe our highest capital. by an loan strategy and performance $XXX This of overview with portfolio, deeper approximately which portfolio companies XXXX raise for sum, us the turbulent deliver quality to In borrowers to quantity. Tom late-stage I dive financial both their other in our to want billion million company ecosystem. our XXXX, previous architecture into standards prioritize outlook and portfolio or quality our underwriting shareholders. are enabled market is but deploy equity in is to and quarters. our our capital among close proactive continue the distinctive Runway with consistent but teams in to value management was to

raise months high XX which of runway. well Companies at will completed provided capital, XX additional advantage strategic companies of believe XXXX counsel, equity operational positioned to a market to than we Runway historically funding to network financial turned We to rounds we we valuations, drives borrowers shareholders. in offer soon and results and take need XXXX we to and These these teams are are for expertise management and to more lender. that believe opportunities. Increasingly, our optimal just because an go

team have Our new relative the a and and actionable increased grew activity, our first pipeline to to of opportunities. tighter tends sheets the with This we issued robust multiple slowest quarter demonstrates continues credit qualified, market year, deals XXXX. discipline seasonally, borrowers. this our to In term pipeline box. deal challenging be of Despite of see which our

off sharing newly formed activity. May. over between joint Tom. to We already in to our turn is venture and Cadam more transaction look start forward XXXX with a fast it With to that, I'll

Thomas Raterman

X and environment everyone. Thanks, Runway's of Reflecting we in good Greg, our for the fundraising $XXX.X completed million funded in quarter, XXXX, environment proud fourth operating and investments are on venture challenging We loans. evening, amidst landscape. companies a across the representing portfolio performance

average X X risk the third Our to moved portfolio during quarter companies quarter fourth of X Category XXXX. in X.XX the Category X.XX to from quarter. portfolio the increased from weighted in rating

rating. scale a to most on X based Our where credit rating system the favorable is X X, of represents

first the venture latest Our on lien in senior portfolio loans debt stage, in continues to market. focused secured be companies highest concentrated quality the

XX% a bar at slightly were the of that QX of With QX. quarters, current our and end In calculated we the focused XX.X% or XX.X% loan-to-value a for increased weighted our weighted evaluating of portfolio to loans average in with to that portfolio from risk high in loan with the better, the for quarter quarter. ratio our line found we're third dollar previous maintaining We in on X investments. value rating

but billion flat billion, Our of decrease a of a $X.XX X% prior $X.XX approximately for investment portfolio XXXX $X.XX had in third billion total bills, fair the of the period. value year excluding comparable quarter treasury from from

holdings, in to XXXX The unrealized loss Included XXXX. future had equity $XXX.X unrealized a stock million of the result is compared end see of end financial quarter QX quarter which in $XXX.X As was $XX in as we the preferred million we XXXX, at third NAV is an fourth of XXXX of of decline at as of assets detailed realized an as the of presentation for million in end our reflected PivotX, bridge. a net debt on Runway are opportunity our million in the NAV investment of NAV $XX.XX an our to quarter million third primarily $XX.XX per share of well the as XX, of at XXXX. QX which investor hold was loss statements. the of $X.X CareCloud our from upside December loss on decreasing $X.X electing

million the or market that candidates ideal are we highest primarily approach refinancing quarter, quality, quarter investing a to credit-first most in by for from XXXX. $XX.X This our received fourth in third the interest $XXX.X which sheet. floors prioritizes our the of at are interest credit of As above the earning loans term rate a spread generally or or the agreed-upon is loan rate time base rate signing plus All comprised floating reflect the set which currently reminder, closing In the companies, XXX% of decrease million in repayments, is assets. at late-stage principal portfolio driven environments. acquisitions

year our Elevated prepayments and approach the underwriting of portfolio. and to health for the strength quarter overall in an are the indicator of

half significantly prepayment expect throughout that activity in second Further, building provides XXXX We activity additional in more of manner runway with prepayment accretive. year. liquidity this to activity a fully with is deploy We in third of million $XX.X of XXXX $XX.X and investment income the million total compared $XX.X quarter quarter income of to million XXXX. fourth in of generated and net investment million the the $XX

dollar the generated portfolio XX.X% year. yield comparable XXXX weighted average the of for third to XX.X% compared a XX.X% as fourth for of debt last quarter quarter Our the of for period XXXX annualized and

in spike prepayments. of third XXXX attribute the in acceleration to in the We an quarter the yield

for down of on the to net X% $X.X the fourth quarter. expenses our Runway million, investments third quarter $X.X $XX.X in expenses quarter of the of in third net XXXX. the to loss of unrealized a a unrealized for Moving million loss Total fourth from XXXX. million million compared $XX.X operating recorded quarter were

a had realized million to also the prior no loss realized of net We loss quarter. compared in $XX.X

credit in quarter of of maintaining performance. value unrealized the of coupled levels highly We investment $X.X record remain due in confident generally preferred portfolio track our fourth decreases companies CareCloud. nonaccruals process support resulting with the from equity investments was our position selective and our on The to and predominantly of diligent that million low healthy loss fair loss monitoring

fair treasury had end, no status. loans [ as portfolio, status the our market million. a of XXXX. placed we of comprised representing loan XX, of XX, Healthcare excluding ] of December principal at $X.X outstanding the total XXXX, December value on $X.X an to The nonaccrual As of quarter X.XX% fair bills, Mingle investment value of on Subsequent to balance we million nonaccrual loan

quarter part and investments quarter the portfolio fourth fourth asset ratio the and respectively, X.XX In and of leverage XXXX. All generate X.XXx the as X.XXx, our compared of to leverage end with were third XXXX, quarter to nondilutive were funded X.XX our in of of growth. at coverage strategy

the partner stock. a in float this attract November XXXX. larger And XXXX, positive that understand XXXX, expect investment million, million It's pleased note was million, value total Runway we approximately of and equivalents, owned Ultimately, natural available our by since Oaktree were proposition. to unrestricted part that for liquidity XX, have just XX, million important term, of and $XXX of we XXXX. as September and great Turning stock on capacity is the our long liquidity of the has cash to and We completion over of as offering $XXX Oaktree including borrowing been X.X cash compared common $XXX $XXX December with a to the view public liquidity. this we to to of our high-quality shares At a Runway secondary life cycle. the million a respectively, investors

quarter $XXX.X specific of million, companies majority which unfunded to to to we performance million eligible At had of of currently are end, subject milestones. be these portfolio $XX commitments commitments funded. the were loan

our During VERO repayment our $XX.X of X the term quarter, principal to million for $XX senior a loan for we secured million. repayment secured Biotech totaling to scheduled prepayments of amortization $X.X of and million full The and loan included prepayments million. partial $XX.X principal Brivo term experienced senior

call, our up Runway's As the repurchase quarter third of $XX our earnings stock. a to million ability to of Directors on common approved program, mentioned us giving Board stock acquire

shares XXXX. has during expires program, the plan, purchased stock company. QX, adviser under management of its To not Separately, repurchase which through X, date, the XX,XXX November incentive any on external the long-term shares company repurchased of the

Finally, the as on with regular dividend. of regular February share X, distribution first a well a supplemental XXXX, our per Board per declared share for dividend of quarter as the $X.XX $X.XX payable

economic as weighs expect ongoing policy ahead, on venture trajectory. surrounding fiscal remain the U.S. to challenged Looking we market uncertainty the

to our environment for performance and With returns credit that, to macro our open shareholders. continue preserving line we maximize focused remain questions. will the the While companies, capital impact superior delivering for portfolio on please operator, risk-adjusted

Operator

question will first Fargo. our O'Shea Wells be And of Instructions] for from [Operator today Finian coming

Finian O'Shea

just the a question on higher style level nonaccruals. and investment sort of

the as profitable there's growth you. lending pivoting that value but with where So something, mostly to companies more so or you're them franchise that but you've always a that into described covers which that strategy business unprofitable, transitioning makes are core

it you sort So your the going sort in or cases on business the more new are from touch to of related the that core venture that of can wrong, off -- is falls underwriting?

Greg Greifeld

COVID, you some originally also operational our issues. question. quite but to a strategy as imagine, can X This Mingle Yes. been a a with the terms that was smaller line of road, is This smaller only call which specifically is quarter, And with in have just dealing regulatory for our were It Greg. book. that this company, now we is Thanks nonaccrual position has some not on portfolio Health, for as building spoke the name Tom one had portfolio in the headwinds along as on the in has we the about bumps time. some

believe for value material we are maximize working right do value. company right situation what them we now, the but with owed. in The excess make there get that very on We sure we them this to the is that here is of are to security fluid

Finian O'Shea

or talk more here a that and seeing Is idiosyncratic? of headwind then lot way the what we're Or a And its venture. VC way? is high-level can run of of helpful. Is more also there we're the working Very about fundraising challenging this of seeing mill impacting -- finally sort Okay. just companies backdrop? that's you through on of broadly sort

Greg Greifeld

work funds overall new less companies plentiful are funds have the XXXX definitely a terms having And there anticipated. less and dry said than headwinds longer think having anticipated year may in of the fruition. powder which meet that the transitional segment than dollar to actually to making look a have to take amounts in that as led actual lot engaging that structures as liquidity they they been prepared our normal as for remarks, changed as they're fund new other and sure smaller cost available availability in the have might them, R&D making next of to projects will of well and of has ability forward really to fund terms realize we they that sure that have I normal in raise internal was through

been of are terms less having So market long some short, and definitely available. capital in there in headwinds

the their this down that, on we having face However, whole, that companies stronger to ramp burn. think leads and be to

Operator

of coming Instructions] JPMorgan next be from Wedel today [Operator will Melissa our And question

Melissa Wedel

particular. wanted for had that been of guys how in on to unrivaled a for Trying been one I on XX% the PivotX nonaccrual I so in full has a had to like or start quarter. fourth even a ago, But think about while. I to mark a while write-down that you know this with quarter quickly nonaccrual costs. understand

Greg Greifeld

Yes.

are we about mentioned, with the for still which viability, specifically believe chance has we exploring IP an and that still monetization them, speaking name, as believe we has success. So had strategy we

raised capital. However, that frame capital at confidence in just term. have not in capital business that in business litigation. of we required, we're near being recovering for IP of clear that from beginning less been realized looking We've the We're funding the risk additional in potential, and the the the capital we time

us from So [ transitioned time the have of ] not as around a through away the just revisit loan. frame, we the to viability the has led feedback that mark bid credit

Melissa Wedel

that thresholds of half try XXXX we also the portfolio? thinking I making as the particularly elevated for to expecting noting it you're reconcile deleveraging maybe in comments about were wanted were activity, of 'XX, a to your year but that back portfolio. into a be of there investments some to Okay. meeting also the about make flat, sort that lot of Should the prepayment

Thomas Raterman

Sure.

question, hear you. So I for think nice the from -- thanks to Melissa,

just this we think year of really prepayments, and about as will we forward, for standards, look to for could pattern the theme come. always to portfolio what place. our pipeline sticking deals a we the pattern sense significant them. obviously do we us we As We knitting, not a should in on focusing have look forward, There's is the that number have we ask changing of do. that we in the the The

of the be So to terms to X% it standards get the We'd our if slightly I not in year, we'd flat, in environment over slightly over this by up. like not see at but think least going portfolio, flat, to the like end leverage our we're to there. credit compromise of --

Greg Greifeld

Yes. sticking idiom as only knitting, to the agree marathon really beyond another that we would add I And portfolio a thing a completely view of not the to add to our sprint.

make Our it. to, has market the access to best as liquidity have -- is loans companies is view to availability to the . to the goal and capital loans the and best for

Operator

Our today from B. next of will Rowe question Riley. be Bryce coming

Bryce Rowe

around the maybe unrealized saw wanted beyond start to from CareCloud. in I you quarter the what depreciation

some -- unrealized about already depreciation maybe assume in to think, of the some mark Tom, rating you mentioned Greg, you this have the internal that or talk that -- you I might fair again, had can value that CareCloud on associated PivotX. you process the from and and away reversal guess from mentioned I quarter, maybe mark of X that X with fair X value there an of been companies went

Thomas Raterman

million we up would a adjusted drift we equity rates portfolio that the roughly that Sure. natural X, Thanks, the from ] our on Aria. position bit, there And I CareCloud monumental the to equity mark also or the in just adding as was change went alarming. that kind just X names in outside far, a were There piece our even by whole, and probably significant, talked Well, which was about had rest scenario. X nothing those really were nothing warrant $X was a largest PivotX. really was [ of in But that the Bryce. It X impact. say, frankly, components that discount was

Bryce Rowe

own as to kind around Okay. of you the about you talk of maybe And that would what the joint joint investment guess, Tom. venture. go expect for That's type Is I that portfolio? equity a you just capital or then put the your similar Maybe a what do into Can debt it helpful, X will question type structure to, joint in of venture? venture?

Thomas Raterman

Well, that's run lending to alt we Apollo, and of want investment Valley say, this world's Silicon with course, well. all, being venture ecosystem of quite one Sure. managers know the the by really market first And to then, just significant. have are some venture veterans of who very joint part is largest I the delighted Cadma of Cadma.

and we're we've to $XX In the in amount that or potentially initially, terms million it more. to up financing of in each $XXX then putting we're take even in, arranged putting equity million

the initial that's we're that cap So about. structure thinking

for stay a the companies to deals and late-stage the through focus, through the what largely where situation go of in to where we terms new it's diversify us we're in JV as as continue market be can't an really opportunity markets the portfolio in the an the JV And doing. a in earnings this equity interest tend add that particularly to opportunity, those view our -- stream. We won't larger, with to

Bryce Rowe

typically your think Tom, like helping deals larger us deals. And of how you -- of said, you in I Great. mean kind will about could dollar terms volume ramp. that underwrite

the wouldn't way? Am but that to And right really thinking few thing so I take, off. about a theoretically that ramp

Thomas Raterman

I extent, within Cadma's diversification build to some the view diversification our to is JV. also is to view To think and build

that into think venture that's think I ramp don't think of and intend to going as this I from this of joint should any equity loans change. sell don't point, balance So our the through an you to year. We at it -- book

year, that keeping view through as to grows. it ramp JV in would the but diversification size steady I relative So a it the as

Operator

next The Instructions] from [Operator is Hovde question coming of Zwick Group. Eric

Erik Zwick

of kind on on JV. Bryce's follow-up a with start just question Maybe the

any as you well. with from of [indiscernible] that the that Apollo or curious sourcing Does kind mentioned if benefits as partnership well? the Cadma, broaden kind of relationship partnership with Just

Thomas Raterman

for many just expanding a of strategic certainly we beyond expect and it's of sources to Yes, partnership . us, one benefits see capital.

Erik Zwick

current And seeing you versus pipeline? investments are pipeline, in then And more particular provide there today the add-ons. industries the of as mix pertains can it regard new of the with in any color are active any you're kind to to terms that just

Greg Greifeld

I'd the weighted pipeline see Yes. our mining new We say to is more the delayed of companies investments. scheduled definitely towards to to best opportunities draws. portfolio the more outside already money give are always

sector, of the think expect we're across this the technology, consistent investing terms of I In seeing as a remain consumer universe lot of of sciences gamut to well the legs life our as throughout opportunity year. and X split

Erik Zwick

repurchase curious X about me, for to at 'XX authorization kind last And the use all. your appetite in of just

Thomas Raterman

think get Ultimately, are I like can trades. we return X shares. the And really book is repurchase function the there to where shareholders. dividend. and where stock kind mean to One to is that's a other we'd raise of to to the the of build to grow to ways capital I the point continue equity.

if to get -- to usage be program I closer above So hopefully, point, here, would expect see NAV less NAV to or at under significant. trading that some we

Operator

next will Mickey of Ladenberg, Schleien be Our from coming question

Mickey Schleien

but the dead more Not horse, I to JV. have questions beat few a a on

the could Tom, JV? target said debt-to-equity you for First, you repeat the what was

Thomas Raterman

Sure.

to from of base each million will joining today. to equity for and Mickey, and then XX%, equity, us least will $XX -- million up with thanks that be $XXX of it's million, to debt. going which be at $XX in in Initially, so million $XXX so another grow comprised So

Mickey Schleien

your JV? Understand. what return And target on Tom, invested capital the on is

Thomas Raterman

Yes.

what [indiscernible] significantly, the and would leverage. the level little return are So think on apply because similar not at that we be we there very that looking is same in greater you on more to returns if portfolio so just core going asset really very we're get leverage, as the the a equity,

Mickey Schleien

I Apollo. I Cadma Is And confirm, right? to owned is that just understands. by want XXX%

Thomas Raterman

That's a question so, really part Apollo. definitely Cadma but is of for Apollo

Mickey Schleien

obviously Oaktree are does with and given about Apollo, competitors? how working And Apollo, Runway feel Oaktree

Thomas Raterman

to to supportive on and and fairly Oaktree continues that Obviously, about a of meaningful partner expand our they supportive Board, period. things something and be our has we're a it. footprint, had program, do capital fully that Oaktree we've understand going the gestation were is embrace very they our access talked to and they and it's to

Mickey Schleien

I understand. Apollo. of going And with Is competing correct? the to not be any JV is that other part

Thomas Raterman

yes. objective, our That's

Mickey Schleien

between Okay. deal JV? And BDC and the how flow the will you allocate

Thomas Raterman

BDC in is to our goal drops in that out. So certain There lending increase our are where limitations under portfolio. diversification the our really the it agreements

maximize there. concentrations various So limitations, and deals lose extent over to base series or our there's allow Those we to leverage our a revolver dollar amount, certain bank the our the will things that. and key JV for in we pick of up borrowing the a hit -- us availability in industries the maturities, those under like first revolver effectively utilize

we're leverage the using leverage. focus using to effectively the that's on allocation is that assets So and sure our making really gain effectively the

Mickey Schleien

the you to update this that And us -- on returns when time? he can Understand. on David with quarter, day-to-day David's expectation you the bit say a lastly, at for Anything company. last gave an little just of involvement

Thomas Raterman

change. no Really,

back to wishes be know year. David speak with later certainly appreciates all received he he's Greg We the quite well David I I and expect this frequently. and

Operator

will coming [Operator Instructions] Casey Our Compass. next question of be from Alexander

Casey Alexander

Yes.

Sorry, bit repurchase confirm that. fourth so not shares? for another I I X.XX, I quarter, this want do I in you correctly, the call started apologize did missed call that I had because of if any quite that the read a release at conference to

Thomas Raterman

correct. That's

Casey Alexander

November offering not Oaktree window? after why how the chose come when that you in weak, quite was curious to I'm stock the And shares in repurchase some

Thomas Raterman

in stock traded. at range how the looked to a trading We we at opportunities Well, really deploy capital. stock And for Casey, the it opinion, the we felt our looked into moved where us back, decided the could reserve for need. sheet or dry its to powder our a was either own dry itself stand on in powder the there where period balance a that program and on -- greater

Casey Alexander

already All to ask Okay. said. I that and I rest from here want the transcript. of you've don't I'm sorry, the late, you repeat get this I'll to got right. anything

Operator

I Greifeld to this time, more in over the for like the to at And Please questions call And sir. are back turn there closing remarks. Greg queue. no would ahead, go

Casey Alexander

we immense you operator. positioned that see today. and We you, May. believe late-stage quarter for all ahead financial look XXXX challenges. essential Thank Thank a the nuanced you well updating variety support year are on results are first with We forward growth our companies faced in opportunity for joining of funding us for in to to high-quality, provide

Operator

conference for concludes call. This participating. today's Thank you

disconnect. all may You

Runway Growth Finance (RWAY) 7 Mar 242023 Q4 Earnings call transcript