Runway Growth Finance Corp.

Ladies and gentlemen, thank you for standing by, and welcome to the Runway Growth Finance fourth quarter and fiscal year in the 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 fourth quarter and fiscal year ended December 31st, 2025. Joining us on the call today from Runway Growth Finance are David Spring, Chief Executive Officer, Greg Greifeld, 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 fourth quarter and fiscal year ended 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 fourth quarter and full year 2025 financial results. Today, I'll discuss our highlights for the quarter and the year and provide an update on our pending acquisition of SWK Holdings. Then Greg will discuss our portfolio activity and share our outlook on the current market backdrop. And Tom will conclude with a deep dive into our financial performance. In the fourth quarter, Runway delivered total investment income of $30 million and net investment income of $11.6 million. During the quarter, we completed seven investments in new and existing portfolio companies across the high growth verticals of technology, healthcare, and select consumer sectors, representing $42.9 million in funded loans. Taking a step back, 2025 was a dynamic year shaped by several market-moving events and volatility, including ongoing tariff uncertainty, evolving interest rate policy, geopolitical conflicts, and increasing attention to AI-driven disruption. In times like these, it's critical to stay disciplined in our investment process and diligent in our approach to portfolio construction, traits that have defined our company since its founding. We believe our consistent performance across cycles reflects this philosophy. That said, we are not complacent and remain focused on executing against the initiatives we have discussed in recent quarters, which include further enhancing the risk profile of our portfolio through diversification and smaller position sizes, expanding our suite of financing solutions, and maximizing the value of our existing commitments through robust monitoring and diligent risk mitigation. As a part of the BC Partners Credit ecosystem, we've made steady progress on these objectives. We've also leveraged their combined resources and network in evaluating attractive and complementary portfolios, as demonstrated by our announced acquisition of SWK Holdings in the fourth quarter. As an update on timing, the transaction with SWK is now expected to close in early April. Our confidence in closing this transaction remains unchanged. One key aspect of our transaction with SWK is the diversification it will bring to our portfolio. While we remain confident in our current asset mix, increasing our exposure and strengthening our capabilities in healthcare and life sciences will enhance our portfolio and drive optionality moving forward. In the coming quarters, we believe there could be attractive opportunities across all of our areas of focus, technology, healthcare, and select consumer sectors. Greg will provide additional detail on how we think about software investing, with the takeaway being we have strong conviction in our underwriting capabilities and disciplined investment framework, which we believe position us well to consistently identify and execute unattractive opportunities in the sector. By broadening exposure across sectors and maintaining an allocation to software companies that meet our high standards, Runway is better positioned to generate consistent, attractive, and risk-adjusted results for our shareholders. Before I turn the call over to Greg, I'll conclude with an update on our originations in the first quarter. Although this is seasonally our slowest quarter, activity thus far is encouraging and our pipeline is stronger than it was at this point last year, giving us measured optimism for the remainder of 2026. As we take advantage of enhanced origination channels through BC partners, and SWK throughout the remainder of the year, we will apply the same rigor to new opportunities and act thoughtfully in making any additions to our portfolio. I will now turn over to Greg for more in-depth look at our portfolio activity. Thank you, David.