What is Runway Growth's latest dividend and current dividend yield?

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What guidance did Runway Growth's management provide for the next earnings period?

- **$242M SWK Merger**: Expands healthcare/life sciences exposure to 31% of portfolio, expected to be accretive in Q1 2026.
- **Financial Performance**: Q3 net investment income $15.7M, up 13% YoY; liquidity of $371.9M supports growth.
- **Risk Management**: Portfolio risk rating 2.42, with 97% floating-rate assets and 0.2% nonaccrual loans.
- **Regulatory Delay**: Merger closing pushed to early 2026 due to SEC review delays.
- **Yield Outlook**: SWK portfolio offers higher yield, with potential for organic growth through upsizing.

**【CEO Summary Section】**
- Announced merger with SWK Holdings, adding $242 million to the portfolio and expanding healthcare/life sciences exposure to 31% of the portfolio.
- Merger expected to be accretive in the first full quarter post-closing, enhancing earnings power and diversification.
- Highlighted inorganic growth strategy through BC Partners Credit platform, with SWK as a prime example of complementary deal execution.
- Emphasized disciplined approach to portfolio optimization, including risk mitigation and monitoring.

**【CFO Financial Commentary】**
- Q3 2025 results: Total investment income $36.7M, net investment income $15.7M, up from Q2 2025.
- Weighted average portfolio risk rating increased to 2.42 (scale 1-5), loan-to-value ratio rose to 31.4%.
- Liquidity of $371.9M, with $143.7M in unfunded commitments.
- Merger with SWK expected to lower risk profile, enhance yield, and improve dividend coverage.
- Share repurchase program of $25M approved, with 397,983 shares repurchased in Q3.

**【Q&A Key Highlights】**
- **Merger Timeline**: Closing expected in early 2026, delayed by SEC regulatory review due to government shutdown.
- **Yield Profile**: SWK portfolio has slightly higher yield than Runway's, with potential for organic growth through upsizing loans.
- **Prepayment Activity**: Elevated repayments in Q3 ($199.7M), expecting normalization in Q4.
- **Competitive Dynamics**: Spread compression in venture debt, but less pronounced than broader markets.
- **Integration Plan**: SWK team to assist with transition, maintaining focus on healthcare/life sciences strategy.
- **Dividend Decision**: Q3 dividend of $0.33 covered by Q4 earnings expectations, considering prepayment income and portfolio rebuild.

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