Runway Growth Finance Corp.

Ladies and gentlemen, thank you for standing by and welcome to the Runway Growth Finance First Quarter 2025 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, Investor Relations. Please go ahead.

Thank you, Operator. Good evening everyone, and welcome to the runway growth finance conference call for the 1st quarter ended March 31st, 2025. Joining us on the call today from runway growth finance are David spring chief executive officer, Greg, chief investment officer of runway growth, capital, LLC, our investment advisor and Tom Ratterman chief financial officer and chief operating officer. Runway Growth Finance's first quarter 2025 financial results were released 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, without limitation, market conditions caused by uncertainty surrounding interest rates, changing economic conditions, and other factors we identify 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 to discuss our first quarter 2025 financial results. Today, I'll start by discussing first quarter highlights and how we are optimizing our portfolio in the current environment. Then Greg will shed light on the evolving venture landscape. And to conclude, Tom will provide a deeper dive on our financial performance. For the first quarter, Runway delivered total investment income of $35.4 million and net investment income of $15.6 million. We touched on this during our fourth quarter earnings call at the end of March, but it's worth reiterating that given the current volatility in the market, our team has been focused on the health of our portfolio, enhancing our origination channels given our recently completed merger with BC Partners Credit and continuing to apply discipline to our underwriting practices. To that end, in the first quarter, we executed on three investments in existing portfolio companies representing $50.7 million in funded loans. The first quarter tends to be a seasonally slower period, but we've also been selective in our evaluation practices. This selectivity has been informed by the knowledge that our platform and opportunity set would be expanding in short order with the completion of our merger with BC Partners. As we've said, since we announced the BC Partners transaction, we don't anticipate this expansion to result in portfolio growth overnight, but we believe we have ample liquidity and are positioned to move opportunistically when the right investments arise. As we look to the balance of the year, runway growth capital is seeking originations in the total loan size of $30 to $150 million, with the ideal allocation to the BDC remaining between $20 and $45 million. We believe this range will further diversify our BDC's portfolio over time as we look for new opportunities that meet our high credit standards. Our investors in turn are positioned to benefit from a strategic focus that will further diversify our portfolio and mitigate risk. Before I turn the call over to Greg, I want to highlight the current inflection point for the runway growth story. We are excited about the opportunities we have in front of us in this next phase at runway growth. To both our existing and potential investors, I want you to walk away from our call knowing the following three things. First, we believe Runway is well positioned to optimize our portfolio in the quarters ahead. We have expanded origination channels to ensure that our investment mix is built for the quarters and years to come. Second, we intend to remain credit first in our underwriting practices. This may mean more episodic portfolio expansion over a longer time horizon but we believe this is how we're going to deliver for our shareholder base over the long term. Finally, we have a strong decade-long track record, and we have low loss rates compared to our peers and the BDC sector overall. We are seasoned credit professionals who know how to build our portfolio for any economic cycle. Today, we believe runway growth represents an attractive entry point for investors who are looking for a prudent portfolio manager, exposure to the venture ecosystem, and clear upside opportunity. We are confident in the path ahead and thrilled to officially be a part of the broader BC Partners Credit platform. With that, I'll turn it over to Greg.