Runway Growth Finance 7.50% Notes due 2027

RWAYL

Runway Growth Finance trades at a ~54% discount to NAV and yields ~25%, reflecting deep market pessimism and embedded stress assumptions. Despite declining net investment income and imminent dividend cut risk, RWAY's discount overstates likely portfolio losses, especially given its predominantly first lien, senior secured book. Cash coverage is strained, with dividends exceeding operating cash flow and rising PIK interest, making a significant dividend reduction likely in the near term.

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