Runway Growth Finance Corp.

Ladies and gentlemen, thank you for standing by, and welcome to the Runway Growth Finance Fourth Quarter and Fiscal Year Ended 2024 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, Assistant Vice President, and Best of Relations. You may begin.

Thank you, Operator. Good evening, everyone, and welcome to the Runway Growth Finance Conference Call for the Fourth Quarter and Fiscal Year Ended December 31st, 2024. Joining us on the call today from Runway Growth Finance are David Spreng, Chairman and Chief Executive Officer, Greg Greifeld, Chief Investment Officer of Runway Growth Capital LLC, our investment advisor, and Tom Raderman, Chief Financial Officer and Chief Operating Officer. Runway Growth Finance's fourth quarter and fiscal year-ended 2024 financial results will release just after today's market close and can be accessed from Runway Growth Finance's Investor Relations website, at investors.runwaygrowth.com. We have arranged for a replay of the call to be available on the Runway Growth Finance webpage. During this call, I want to remind you that we may make forward-looking statements based on current expectations. The statements on this call that are not purely historical are forward-looking statements. These forward-looking statements are not a guarantee of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including, and without limitation, market conditions caused by uncertainty surrounding interest rates, changing economic conditions, and other factors we identified in our filings with the SEC. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions can be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained on this call are made as of the date hereof, and Runway Growth Finance assumes no obligation to update the forward-looking statements or subsequent events. To obtain copies of SEC-related filings, please visit our website. With that, I will turn the call over to David.

Thank you, Quinlan, and thanks, everyone, for joining us this evening. On today's call, we will discuss our fourth quarter and full year 2024 financial results, reflect on the recently closed acquisition of our advisor by BC Partners Credit, and share our market outlook for the year ahead. We are pleased with the performance of the portfolio and our strategic execution in 2024. For the fourth quarter, Runway delivered total investment income of $33.8 million and net investment income of $14.6 million. Against the evolving rate environment and macro backdrop, we focused on the health of our late and growth stage portfolio and maintained strong credit quality. The fourth quarter of 2024 was transformative for Runway. We have enhanced our origination channels, expanded our product set, and built infrastructure to accelerate pipeline growth as we seek to optimize our portfolio. As we previously announced, during the fourth quarter, Runway Growth Capital, our investment advisor, entered into a definitive agreement to be acquired by BC Partners Credit as a long-term strategic investment. BC Partners Credit now has more than $10 billion in assets under management and is the credit arm of BC Partners, an alternative investment firm with over $40 billion in AUM. In January, we were pleased to announce the close of this transaction following a strong shareholder vote in favor of this path forward. To reiterate, Runway Growth Capital continues to operate with its full team intact and remains the investment advisor to runway growth finance. The close of the BC Partners transaction ushers in a new era for our shareholders and borrowers, who we believe will benefit from our combined scale and expertise. Looking ahead, runway growth capital is seeking to grow originations in the total loan size of 30 to 150 million. our ideal allocation to the BDC will remain 20 to 45 million. Greg will cover this in more momentarily, but we believe this range of check size is positioned to benefit both Runway and BC in the long term. Additionally, we expect this focus will further diversify our BDC's portfolio. For example, a $50 million investment pays back its loan, we may seek attractive opportunities in the 20 to 30 million size to deploy that return capital. We view this as a win-win for our investors. They gain a scaled platform that offers stronger deal flow and more solutions to attract prospective borrowers, as well as a strategic focus that will further diversify our go-forward portfolio and mitigate risk. We are just getting started, and as we embark on this new chapter with the support of BC partners, we are confident that our platform is well positioned to maximize our portfolio while maintaining disciplined underwriting practices. We remain focused on our long-term vision of providing financing solutions to passionate entrepreneurs who are building innovative businesses. To that end, in the fourth quarter, we were pleased to execute on two investments with new companies, and five investments with existing portfolio companies, representing $154 million in funded loans. Our new positions during the quarter include the completion of a $43 million loan to Piano Software, a global leader in digital experience management. We also completed a $26.7 million investment to Hurricane Clean Co. Limited, an integrated merchant acquiring and payment processing platform. Our investments made in the quarter are reflective of our focus on the high-growth sectors of technology, healthcare, and consumer products and services. As I wrap up, I want to reiterate our excitement for the path forward. Our portfolio is positioned to perform and we believe our borrowers will operate effectively against the macro backdrop taking shape in 2025. Looking ahead, Runway will continue to prioritize a credit-first investment philosophy, maintain selectivity as we seek to optimize our portfolio. With that, I'll turn it over to Greg.