DDM Analysis: RWAY

Valuation Snapshot

Stable Growth	$11.94 - $17.73	$14.70
Multi-Stage	$23.29 - $25.55	$24.40
Blended Fair Value	$19.55
Current Price	$10.16
Upside	92.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	1.75	0.00	0.48	0.20	0.22	0.04	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	-100.00%	147.01%	-11.31%	473.51%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	14.37%	0.00%	3.57%	1.52%	1.71%	0.30%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.90
(-) Cash Dividends Paid (M)	41.46
(=) Cash Retained (M)	13.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.98	6.86	4.12
Cash Retained (M)	13.45	13.45	13.45
(-) Cash Required (M)	-10.98	-6.86	-4.12
(=) Excess Retained (M)	2.47	6.59	9.33
(/) Shares Outstanding (M)	37.04	37.04	37.04
(=) Excess Retained per Share	0.07	0.18	0.25
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	0.07	0.18	0.25
(=) Adjusted Dividend	1.19	1.30	1.37
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.94	$14.70	$17.73
Upside / Downside	17.53%	44.73%	74.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.90	54.35	53.81	53.27	52.74	52.21	53.78
Payout Ratio	75.51%	78.41%	81.30%	84.20%	87.10%	90.00%	92.50%
Projected Dividends (M)	41.46	42.62	43.75	44.86	45.94	46.99	49.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	39.16	39.56	39.96
Year 2 PV (M)	36.94	37.70	38.46
Year 3 PV (M)	34.80	35.87	36.97
Year 4 PV (M)	32.74	34.10	35.50
Year 5 PV (M)	30.78	32.38	34.05
PV of Terminal Value (M)	688.32	724.16	761.48
Equity Value (M)	862.73	903.77	946.42
Shares Outstanding (M)	37.04	37.04	37.04
Fair Value	$23.29	$24.40	$25.55
Upside / Downside	129.28%	140.18%	151.52%

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Runway Growth Finance Corp. (RWAY)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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