SADDLE BROOK, N.J., July  06, 2026  (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of Runway Growth Finance Corp. (NASDAQ:RWAY) with 1,127,854 shares, announced

RWAY

Bulldog Investors Calls on Runway Growth Finance Corp. (RWAY) to Expand Its Share Repurchase Program

Bulldog Investors pushes Runway Growth Finance to expand buybacks amid NAV discount

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>SADDLE BROOK, N.J., July  06, 2026  (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of Runway Growth Finance Corp. (NASDAQ:RWAY) with 1,127,854 shares, announced</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Bulldog Investors, holder of more than 3% of RWAY, is pressuring management to materially expand the company&#039;s share repurchase program as Runway trades at a sizeable NAV discount. The catalyst follows a $15 million buyback announced May 7, while the stock drifted lower to $5.49 by July 2, widening the discount from NAV. Bulldog signals potential governance changes or wind-down if management does not act, creating near-term price volatility and possible NAV uplift if buybacks intensify.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Bulldog Investors holds &gt;3% of RWAY and seeks larger buybacks.</li><li>May 7 announced $15M buyback; stock 6.83, NAV 12.13, 44% discount.</li><li>Since then, price fell to 5.49 by July 2; NAV discount ~55%.</li><li>Bulldog threatens director nominations or wind-up if management resists.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Runway Growth Finance Corp. (RWAY)</strong>: Subject of activism; potential policy shifts on buybacks and leverage.</li><li><strong>Bulldog Investors, LLP (N/A)</strong>: Activist investor pressing for larger buybacks and governance moves.</li><li><strong>David Spreng (N/A)</strong>: Runway CEO; previously announced $15M buyback; facing activism.</li><li><strong>Phillip Goldstein (N/A)</strong>: Bulldog partner; spokesperson contact; investor activism background.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The article centers on an activist investor pressuring Runway to change its capital allocation, a typical driver of near-term price moves separate from earnings.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>RWAY currently trades at about a 55% discount to NAV.</li><li>Activist pressure could trigger volatility or a governance tilt via proxy actions.</li><li>Bulldog push centers on repurchases and debt reduction rather than new loans.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>RWAY ticker: Runway Growth Finance Corp.</li><li>Bulldog Investors holds 1,127,854 shares (&gt;3%).</li><li>May 7, 2026: Runway announced a $15 million buyback.</li><li>Stock price: $6.83 at May 7, 2026; $5.49 on July 2, 2026.</li><li>NAV: $12.13; NAV discount ~44% at May 7; ~55% currently.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish near-term on expanded buybacks; monitor management response and any governance moves over 1–3 quarters.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">SADDLE BROOK, N.J., July  06, 2026  (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a shareholder owning more than 3% of the outstanding shares of Runway Growth Finance Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RWAY">RWAY</a>) with 1,127,854 shares, announced today that it is calling on management to materially expand its share repurchase program.</p>  <p align="justify">On May 7, 2026, with Runway’s stock price at $6.83, down from its five-year peak of almost $15 and 44% below its last reported net asset value (NAV) of $12.13, CEO David Spreng announced a $15 million share repurchase program "as we believe our shares present an extremely compelling value." Since then, Runway’s shares have continued to fall, closing at $5.49 on July 2<sup>nd</sup>, a discount of 55% below NAV. It follows that if Runway’s portfolio were liquidated in an orderly fashion and the cash received was distributed to shareholders, they would stand to receive more than double what they would receive today by selling their shares in the market.</p>  <p align="justify">Absent a full-blown liquidation, Bulldog believes it no longer makes sense for Runway to issue additional loans that the market immediately devalues by more than 50%. Instead, Bulldog believes the best investment Runway can make is to purchase its own shares. Therefore, until the discount shrinks significantly, Bulldog is calling on Runway to use any investible cash to repurchase its shares (which will be highly accretive to NAV) and to reduce debt (so as to keep the leverage ratio from increasing).</p>  <p align="justify">If management declines to cease making loans and materially expand Runway’s share repurchase program, Bulldog may nominate directors that support a transaction to maximize shareholder value including possibly winding up the company.</p>  <p align="justify"><strong>About Bulldog Investors, LLP: </strong>Bulldog is an SEC-registered investment adviser that manages closed-end funds and separately managed accounts. (<a href="https://www.globenewswire.com/Tracker?data=T75j-38COSXS2zjNRh7EbFGfNSFsgh_INCWcZVq6asMjdo9D-baXLTjB2oSaBa8j0WWNb3YeMemn6yljcVTZ8ipqLHYWMiOXOw2sQ-HrA7S2UDtxsmo8N4l_25bO5P2y" rel="nofollow" target="_blank">www.bulldoginvestors.com</a>)</p>  <p align="justify">Contact: Phillip Goldstein (914) 260-8248 / pgoldstein@bulldoginvestors.com</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTc1NzUzMyM3NjkyNjg4IzUwMDExNTI1Nw=="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/MDcyZDIxNzAtMDdiOS00YjkwLWIwYjYtZDkzMjQ3OTJlODQ5LTUwMDExNTI1Ny0yMDI2LTA3LTA2LWVu/tiny/Bulldog-Investors-LLP.png" referrerpolicy="no-referrer-when-downgrade"></img>

Bulldog Investors, holder of more than 3% of RWAY, is pressuring management to materially expand the company's share repurchase program as Runway trades at a sizeable NAV discount. The catalyst follows a $15 million buyback announced May 7, while the stock drifted lower to $5.49 by July 2, widening the discount from NAV. Bulldog signals potential governance changes or wind-down if management does not act, creating near-term price volatility and possible NAV uplift if buybacks intensify.

Bulldog Investors Calls on Runway Growth Finance Corp. (RWAY) to Expand Its Share Repurchase Program

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News