[8-K] Runway Growth Finance Corp. Reports Material Event

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Gladstone Land (LAND) Q2-25 10-Q highlights:

Portfolio: 150 farms, 103,001 acres across 15 states; real-estate net book value fell to $1.13 bn (-2.4% YTD) after selling seven farms for $64.5 mm and booking $15.7 mm aggregate gains.
Financial position: Total assets $1.26 bn (-4.1% YTD); debt (lines, notes, bonds) trimmed by $28.1 mm to $496.4 mm, pushing liability ratio down to 46.8%. Cash rose to $30.5 mm (up $12.2 mm) on sale proceeds.
Q2 performance: Lease revenue plunged 42% YoY to $12.3 mm as disposed and held-for-sale assets exited the rent roll; operating expenses held flat at $12.5 mm. Interest expense eased 10% to $5.0 mm, but the revenue slide drove a GAAP net loss of $7.9 mm vs. $0.8 mm prior-year. After $6.0 mm preferred dividends, loss attributable to common widened to $13.9 mm (-$0.38/sh).
6-month view: Revenue down 30% to $29.1 mm; net income $7.2 mm helped by $13.3 mm gains, yet common shareholders posted a $4.8 mm loss (-$0.13/sh). Operating cash flow fell 56% to $8.4 mm.
Capital: Weighted-avg fixed borrowing cost 3.8%; 55,306 acre-feet of water assets carried at $37.1 mm; equity cushion $670.1 mm but cumulative distributions now exceed earnings by $189.5 mm.

Outlook: Management targets recycling capital from mature assets into higher-yield farms, but must restore rental income to cover preferred distributions and sustain common dividends.

Gladstone Land (LAND) 2025雲� 2攵勱赴 10-Q 欤检殧雮挫毄:

韽姼韽措Μ鞓�: 15臧� 欤检棎瓯胳硱 150臧� 雴嶌灔, 103,001鞐愳澊旎�; 攵€霃欖偘靾滌灔攵€臧€旃橂姅 7臧� 雴嶌灔毵り皝鞙茧 6,450毵� 雼煬毳� 頇曤炒頃橁碃齑� 1,570毵� 雼煬鞚� 鞚挫澋鞚� 氚橃榿頃橂┌ 鞐办磮雽€牍� 2.4% 臧愳唽頃� 11鞏� 3觳滊 雼煬.
鞛靸來儨: 齑濎瀽靷� 12鞏� 6觳滊 雼煬(鞐办磮雽€牍� 4.1% 臧愳唽); 攵€毂�(霛检澑, 雲疙姼, 毂勱秾) 2,810毵� 雼煬欷勳棳 4鞏� 9,640毵� 雼煬搿� 攵€毂勲箘鞙� 46.8%搿� 頃橂澖. 順勱笀鞚€ 毵り皝雽€旮堨溂搿� 1,220毵� 雼煬歃濌皜頃� 3,050毵� 雼煬搿� 歃濌皜.
2攵勱赴鞁れ爜: 鞛勲寑靾橃澋鞚€ 毵り皝氚� 毵り皝鞓堨爼鞛愳偘鞚� 鞛勲寑氇╇鞐愳劀鞝滌櫢霅橂┌ 鞝勲厔霃欔赴雽€牍� 42% 臧愳唽頃� 1,230毵� 雼煬; 鞓侅梾牍勳毄鞚€ 1,250毵� 雼煬搿� 鞙犾. 鞚挫瀽牍勳毄鞚€ 10% 臧愳唽頃� 500毵� 雼煬, 頃橃毵� 靾橃澋臧愳唽搿� GAAP 靾滌啇鞁� 790毵� 雼煬旮半, 鞝勲厔霃欔赴 80毵� 雼煬頋戩瀽雽€牍� 鞎呿檾. 鞖办劆欤� 氚半嫻 600毵� 雼煬彀皭頉� 氤错喌欤� 攴€靻� 靻愳嫟鞚€ 1,390毵� 雼煬(-欤茧嫻 0.38雼煬) 頇曤寑.
6臧滌洈鞁れ爜: 靾橃澋 30% 臧愳唽頃� 2,910毵� 雼煬; 1,330毵� 雼煬鞚挫澋鞐� 頌橃瀰鞏� 靾滌澊鞚� 720毵� 雼煬旮半, 攴鸽煬雮� 氤错喌欤检＜電� 480毵� 雼煬靻愳嫟(-欤茧嫻 0.13雼煬) 旮半. 鞓侅梾順勱笀頋愲鞚€ 56% 臧愳唽頃� 840毵� 雼煬.
鞛愲掣: 臧€欷戫弶攴� 瓿犾爼彀瀰牍勳毄 3.8%; 55,306鞐愳澊旎ろ敿韸� 靾橃瀽鞗� 鞛愳偘 3,710毵� 雼煬搿� 韽夑皜; 鞛愱赴鞛愲掣鞕勳订旮� 6鞏� 7,010毵� 雼煬, 雸勳爜氚半嫻旮堨澊鞚挫澋鞚� 1鞏� 8,950毵� 雼煬齑堦臣.

鞝勲: 瓴届榿歆勳潃靹膘垯頃� 鞛愳偘鞐愳劀鞛愲掣鞚� 須岇垬頃� 靾橃澋毳犾澊雴掛潃雴嶌灔鞙茧 鞛埇鞛愴暊瓿勴殟鞚措倶, 鞖办劆欤� 氚半嫻鞚� 於╇嫻頃橁碃氤错喌欤� 氚半嫻鞚� 鞙犾頃橁赴鞙勴暣鞛勲寑靾橃澋鞚� 須岆车頃挫暭頃�.

Faits marquants du 10-Q T2-25 de Gladstone Land (LAND) :

Portefeuille : 150 fermes, 103 001 acres r茅partis dans 15 脡tats ; la valeur comptable nette de l鈥檌mmobilier est tomb茅e 脿 1,13 Md$ (-2,4 % depuis le d茅but de l鈥檃nn茅e) apr猫s la vente de sept fermes pour 64,5 M$ et l鈥檈nregistrement de gains cumul茅s de 15,7 M$.
Situation financi猫re : Actifs totaux de 1,26 Md$ (-4,1 % depuis le d茅but de l鈥檃nn茅e) ; dette (lignes, billets, obligations) r茅duite de 28,1 M$ 脿 496,4 M$, faisant baisser le ratio d鈥檈ndettement 脿 46,8 %. La tr茅sorerie est mont茅e 脿 30,5 M$ (+12,2 M$) gr芒ce aux produits des ventes.
Performance du T2 : Les revenus locatifs ont chut茅 de 42 % en glissement annuel 脿 12,3 M$ en raison de la sortie des actifs c茅d茅s et destin茅s 脿 la vente du portefeuille locatif ; les charges d鈥檈xploitation sont rest茅es stables 脿 12,5 M$. Les charges d鈥檌nt茅r锚ts ont diminu茅 de 10 % 脿 5,0 M$, mais la chute des revenus a entra卯n茅 une perte nette GAAP de 7,9 M$ contre un b茅n茅fice de 0,8 M$ l鈥檃n dernier. Apr猫s 6,0 M$ de dividendes pr茅f茅rentiels, la perte attribuable aux actionnaires ordinaires s鈥檈st creus茅e 脿 13,9 M$ (-0,38 $/action).
Vue semestrielle : Revenus en baisse de 30 % 脿 29,1 M$ ; r茅sultat net de 7,2 M$ soutenu par des gains de 13,3 M$, mais les actionnaires ordinaires ont subi une perte de 4,8 M$ (-0,13 $/action). Le flux de tr茅sorerie op茅rationnel a chut茅 de 56 % 脿 8,4 M$.
Capital : Co没t moyen pond茅r茅 de l鈥檈ndettement fixe 脿 3,8 % ; actifs en eau de 55 306 acre-pieds 茅valu茅s 脿 37,1 M$ ; coussin de fonds propres de 670,1 M$, mais les distributions cumul茅es d茅passent d茅sormais les b茅n茅fices de 189,5 M$.

Perspectives : La direction vise 脿 recycler le capital des actifs matures vers des fermes 脿 rendement plus 茅lev茅, mais doit r茅tablir les revenus locatifs pour couvrir les distributions pr茅f茅rentielles et maintenir les dividendes ordinaires.

Positive

Debt reduced by $28.1 mm, lowering leverage and interest expense.
$64.5 mm asset sales produced $15.7 mm gains, bolstering cash to $30.5 mm.
Weighted-average fixed borrowing rate remains low at 3.8%, largely hedged.
Long-term water assets expanded to 55,306 acre-feet, enhancing strategic value.

Negative

Lease revenue fell 42% YoY, creating a quarterly net loss.
Loss attributable to common widened to $13.9 mm (-$0.38/sh).
Operating cash flow dropped 56%, below dividend requirements.
Cumulative distributions now exceed earnings by $189.5 mm鈥攑otential sustainability concern.

Insights

TL;DR: Revenue collapse from asset sales offsets debt cuts; equity dilution risk grows.

The quarter shows the double-edged nature of LAND鈥檚 capital-recycling strategy. Management harvested $64 mm from Florida and Nebraska exits at attractive cap-rates, trimming leverage and boosting cash. However, the lost rent created a 42% top-line hole that turned operating break-even into a $7.9 mm loss. Preferred dividends pushed the common into a deep deficit, raising questions about dividend coverage. Debt metrics improve鈥攏et debt/real estate now ~44% and fixed rates under 4%鈥攂ut operating cash flow covers barely 70% of combined common and preferred payouts. Unless acquisitions redeploy proceeds rapidly at accretive spreads, 2025 earnings will stay under pressure.

TL;DR: Net asset value intact; income profile weakened鈥攏eutral price impact.

Book equity slipped only 2.5%, and farmland cap-rate marks remain conservative, so NAV support is solid. Debt pay-downs and interest swaps protect against rate volatility. Yet the sharp revenue drop signals that disposition pace outran reinvestment, exposing the stock to dividend cut speculation. From a total-return lens, recycling gains into higher-yield West Coast specialty crops could restore FFO, but timing risk is high. I view the filing as neutral: balance-sheet safer, earnings softer.

Gladstone Land (LAND) 2025雲� 2攵勱赴 10-Q 欤检殧雮挫毄:

韽姼韽措Μ鞓�: 15臧� 欤检棎瓯胳硱 150臧� 雴嶌灔, 103,001鞐愳澊旎�; 攵€霃欖偘靾滌灔攵€臧€旃橂姅 7臧� 雴嶌灔毵り皝鞙茧 6,450毵� 雼煬毳� 頇曤炒頃橁碃齑� 1,570毵� 雼煬鞚� 鞚挫澋鞚� 氚橃榿頃橂┌ 鞐办磮雽€牍� 2.4% 臧愳唽頃� 11鞏� 3觳滊 雼煬.
鞛靸來儨: 齑濎瀽靷� 12鞏� 6觳滊 雼煬(鞐办磮雽€牍� 4.1% 臧愳唽); 攵€毂�(霛检澑, 雲疙姼, 毂勱秾) 2,810毵� 雼煬欷勳棳 4鞏� 9,640毵� 雼煬搿� 攵€毂勲箘鞙� 46.8%搿� 頃橂澖. 順勱笀鞚€ 毵り皝雽€旮堨溂搿� 1,220毵� 雼煬歃濌皜頃� 3,050毵� 雼煬搿� 歃濌皜.
2攵勱赴鞁れ爜: 鞛勲寑靾橃澋鞚€ 毵り皝氚� 毵り皝鞓堨爼鞛愳偘鞚� 鞛勲寑氇╇鞐愳劀鞝滌櫢霅橂┌ 鞝勲厔霃欔赴雽€牍� 42% 臧愳唽頃� 1,230毵� 雼煬; 鞓侅梾牍勳毄鞚€ 1,250毵� 雼煬搿� 鞙犾. 鞚挫瀽牍勳毄鞚€ 10% 臧愳唽頃� 500毵� 雼煬, 頃橃毵� 靾橃澋臧愳唽搿� GAAP 靾滌啇鞁� 790毵� 雼煬旮半, 鞝勲厔霃欔赴 80毵� 雼煬頋戩瀽雽€牍� 鞎呿檾. 鞖办劆欤� 氚半嫻 600毵� 雼煬彀皭頉� 氤错喌欤� 攴€靻� 靻愳嫟鞚€ 1,390毵� 雼煬(-欤茧嫻 0.38雼煬) 頇曤寑.
6臧滌洈鞁れ爜: 靾橃澋 30% 臧愳唽頃� 2,910毵� 雼煬; 1,330毵� 雼煬鞚挫澋鞐� 頌橃瀰鞏� 靾滌澊鞚� 720毵� 雼煬旮半, 攴鸽煬雮� 氤错喌欤检＜電� 480毵� 雼煬靻愳嫟(-欤茧嫻 0.13雼煬) 旮半. 鞓侅梾順勱笀頋愲鞚€ 56% 臧愳唽頃� 840毵� 雼煬.
鞛愲掣: 臧€欷戫弶攴� 瓿犾爼彀瀰牍勳毄 3.8%; 55,306鞐愳澊旎ろ敿韸� 靾橃瀽鞗� 鞛愳偘 3,710毵� 雼煬搿� 韽夑皜; 鞛愱赴鞛愲掣鞕勳订旮� 6鞏� 7,010毵� 雼煬, 雸勳爜氚半嫻旮堨澊鞚挫澋鞚� 1鞏� 8,950毵� 雼煬齑堦臣.

Faits marquants du 10-Q T2-25 de Gladstone Land (LAND) :

Portefeuille : 150 fermes, 103 001 acres r茅partis dans 15 脡tats ; la valeur comptable nette de l鈥檌mmobilier est tomb茅e 脿 1,13 Md$ (-2,4 % depuis le d茅but de l鈥檃nn茅e) apr猫s la vente de sept fermes pour 64,5 M$ et l鈥檈nregistrement de gains cumul茅s de 15,7 M$.
Situation financi猫re : Actifs totaux de 1,26 Md$ (-4,1 % depuis le d茅but de l鈥檃nn茅e) ; dette (lignes, billets, obligations) r茅duite de 28,1 M$ 脿 496,4 M$, faisant baisser le ratio d鈥檈ndettement 脿 46,8 %. La tr茅sorerie est mont茅e 脿 30,5 M$ (+12,2 M$) gr芒ce aux produits des ventes.
Performance du T2 : Les revenus locatifs ont chut茅 de 42 % en glissement annuel 脿 12,3 M$ en raison de la sortie des actifs c茅d茅s et destin茅s 脿 la vente du portefeuille locatif ; les charges d鈥檈xploitation sont rest茅es stables 脿 12,5 M$. Les charges d鈥檌nt茅r锚ts ont diminu茅 de 10 % 脿 5,0 M$, mais la chute des revenus a entra卯n茅 une perte nette GAAP de 7,9 M$ contre un b茅n茅fice de 0,8 M$ l鈥檃n dernier. Apr猫s 6,0 M$ de dividendes pr茅f茅rentiels, la perte attribuable aux actionnaires ordinaires s鈥檈st creus茅e 脿 13,9 M$ (-0,38 $/action).
Vue semestrielle : Revenus en baisse de 30 % 脿 29,1 M$ ; r茅sultat net de 7,2 M$ soutenu par des gains de 13,3 M$, mais les actionnaires ordinaires ont subi une perte de 4,8 M$ (-0,13 $/action). Le flux de tr茅sorerie op茅rationnel a chut茅 de 56 % 脿 8,4 M$.
Capital : Co没t moyen pond茅r茅 de l鈥檈ndettement fixe 脿 3,8 % ; actifs en eau de 55 306 acre-pieds 茅valu茅s 脿 37,1 M$ ; coussin de fonds propres de 670,1 M$, mais les distributions cumul茅es d茅passent d茅sormais les b茅n茅fices de 189,5 M$.

08/07/2025 - 04:05 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): August 07, 2025 (August 07, 2025)

    

Runway Growth Finance Corp.

(Exact name of Registrant as Specified in Its Charter)


Maryland	814-01180	47-5049745
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

205 N. Michigan Ave. Suite 4200
Chicago, Illinois		60601
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (312) 698-6902

    

     Not Applicable

    

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	RWAY	Nasdaq Global Select Market
7.50% Notes due 2027	RWAYL	Nasdaq Global Select Market
8.00% Notes due 2027	RWAYZ	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 7, 2025 Runway Growth Finance Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025. The text of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth under this Item 2.02, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information set forth under this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

Item 9.01 Financial Statements and Exhibits.


Exhibit Number		Description

99.1		Press Release, dated August 7, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			Runway Growth Finance Corp.

Date:	August 7, 2025	By:	/s/ Thomas B. Raterman
			Chief Operating Officer, Chief Financial Officer, Treasurer, and Secretary

Source:

AG真人官方