Melissa Wedel

Erik Zwick

Mickey Schleien

Casey Alexander

Cory Johnson

Finian O'Shea

Douglas Harter

Sean-Paul Adams

- Runway Growth Finance Corp. (RWAY) has entered into a definitive merger agreement with SWK Holdings Corporation (SWKH).  **[0001653384_2175522:8]** 
- The **NAV-for-NAV merger** is structured as a tax-free reorganization with an estimated purchase price of **~$220 million**.  **[0001653384_2175522:8]**  Consideration includes **~$145M in cash** and **$75.5M in RWAY shares**, plus an additional **$9M cash payment** from Runway Growth Capital LLC to SWK stockholders.  **[0001653384_2175522:8]** 
- The transaction is anticipated to close in **late Q4-2025 or early Q1-2026**.  **[0001653384_2175522:8]** 
- This merger is expected to expand RWAY's healthcare portfolio, increasing its percentage in these markets from **14% to approximately 31%** of the total loan portfolio post-transaction.  **[0001653384_2175522:11]** 
- RWAY anticipates the acquisition to generate **mid single-digit run-rate NII accretion** during the first full quarter following closing of the transaction.  **[0001653384_2175522:13]**

Runway Growth Finance Corp. Announces Merger with SWK Holdings Corporation

- **Runway Growth Finance Corp. (RWAY)** entered into an Agreement and Plan of Merger to acquire **SWK Holdings Corporation** as of **October 9, 2025**.  **[1653384_0001193125-25-236260_rway-ex2_1.htm:0]** 
- The acquisition was **unanimously approved** by the boards of directors of both companies and will result in RWAY as the surviving entity after a three-step merger process.  **[1653384_0001193125-25-236260_rway-ex2_1.htm:3]** 
- SWK Holdings Corporation stockholders will receive either **Runway Growth Finance Corp. common stock or cash**, plus a **Per Share Guaranteed Cash Payment**.  **[1653384_0001193125-25-236260_rway-ex2_1.htm:9]**  The total Guaranteed Cash Payment is **$9,000,000**.  **[1653384_0001193125-25-236260_rway-ex2_1.htm:113]**

Runway Growth Finance Corp. Announces Acquisition of SWK Holdings Corporation

- Runway Growth Finance Corp. (RWAY) has entered into a definitive merger agreement to acquire **SWK Holdings Corporation** (SWKH), a life science focused specialty finance company.  **[1653384_24e6b022303b4cb69f14643806d122f4_0]** 
- The **NAV-for-NAV merger** has an estimated purchase price of approximately **$220 million**, which includes **$75.5 million in Runway Growth shares** and approximately **$145 million in cash**.  **[1653384_24e6b022303b4cb69f14643806d122f4_2]** 
- The acquisition is expected to **increase total assets to $1.3 billion** pro forma and **expand Runway Growth's healthcare and life sciences investments** from 14% to approximately **31%** of its portfolio as of June 30, 2025.  **[1653384_24e6b022303b4cb69f14643806d122f4_0]** **[1653384_24e6b022303b4cb69f14643806d122f4_1]** 
- The transaction is anticipated to be **accretive to net investment income (NII)**, with expected mid-single-digit run-rate NII accretion during the first full quarter following the close.  **[1653384_24e6b022303b4cb69f14643806d122f4_0]** **[1653384_24e6b022303b4cb69f14643806d122f4_1]** 
- The merger is projected to close in **late 2025 or the first quarter of 2026**, pending SWK shareholder and regulatory approvals.  **[1653384_24e6b022303b4cb69f14643806d122f4_2]**

Runway Growth Finance to Acquire SWK Holdings

- Runway Growth Finance Corp. (RWAY) has entered into a **definitive merger agreement to acquire SWK Holdings Corporation (SWK)**.  **[1653384_0001193125-25-236076_rway-20251009.htm:0]** **[1653384_0001193125-25-236076_rway-ex99.htm:0]** 
- The acquisition is expected to be **accretive to net investment income (NII)**, with mid-single-digit NII accretion anticipated.  **[1653384_0001193125-25-236076_rway-ex99.htm:0]** **[1653384_0001193125-25-236076_rway-ex99.htm:1]** 
- The transaction will expand RWAY's balance sheet to **$1.3 billion in total assets pro forma** and increase healthcare investments to approximately **31% of the portfolio from 14%** as of June 30, 2025.  **[1653384_0001193125-25-236076_rway-ex99.htm:1]** 
- The estimated purchase price is approximately **$220 million**, consisting of **$75.5 million in RWAY shares** and approximately **$145 million in cash**, plus an additional **$9 million cash contribution** from RWAY's investment adviser.  **[1653384_0001193125-25-236076_rway-ex99.htm:1]** 
- The transaction is expected to close in **late 2025 or the first quarter of 2026**.  **[1653384_0001193125-25-236076_rway-ex99.htm:1]**

- Runway Growth Finance Corp. **funded 11 investments** totaling **$128.3 million** during the third quarter of 2025, which included two new portfolio companies and eight existing ones.  **[1653384_0001193125-25-235226_rway-ex99_1.htm:0]** 
- The company experienced **liquidity events totaling $201.2 million** in its investment portfolio for the quarter ended September 30, 2025.  **[1653384_0001193125-25-235226_rway-ex99_1.htm:1]** 
- As of **September 30, 2025**, the portfolio included **47 debt investments** to 30 portfolio companies and **89 equity investments** in 47 portfolio companies.  **[1653384_0001193125-25-235226_rway-ex99_1.htm:1]**

Runway Growth Finance Corp. Announces Third Quarter 2025 Portfolio Update

- During the third quarter of 2025, Runway Growth Finance Corp. funded **11 investments totaling $128.3 million**, including two new portfolio companies and eight investments in existing portfolio companies.  **[1653384_10f77b5b14ca47e9b49e19741e3a5d84_0]** 
- The company experienced **liquidity events totaling $201.2 million** in its investment portfolio during Q3 2025, with significant full principal repayments from companies such as Kin Insurance, Inc. ($75.0 million), Interactions Corporation ($40.0 million), and FiscalNote, Inc. ($25.8 million).  **[1653384_10f77b5b14ca47e9b49e19741e3a5d84_1]** 
- As of September 30, 2025, Runway Growth's portfolio included **47 debt investments to 30 companies** and **89 equity investments in 47 companies**, primarily in the technology, healthcare, and select consumer services and products industries.  **[1653384_10f77b5b14ca47e9b49e19741e3a5d84_2]**

Runway Growth Finance (RWAY)