RWAYIMEDIUM SIGNALFINANCIAL10-K
RWAYI's investment portfolio underwent significant restructuring with new debt and warrant positions while net income declined substantially and the company reduced capital returns to shareholders.
The extensive portfolio changes suggest active rebalancing of investment positions, potentially reflecting changing market conditions or strategic shifts in target sectors. The meaningful reduction in net income combined with lower share buybacks and dividend payments indicates either underperformance in existing investments or a more conservative capital allocation approach during a transitional period.
Comparing 2026-03-12 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS
The company's financial position shows mixed signals with total assets declining 12% to $960.1M while debt decreased more substantially by 21.2% to $435.3M, improving the overall leverage profile. Net income declined meaningfully from $73.6M to $34.0M, reflecting challenges in investment performance or portfolio transitions. Capital returns to shareholders were notably reduced, with share buybacks falling 65.2% to $12.5M and dividends declining 26.4% to $51.4M, suggesting management is preserving cash during this period of portfolio repositioning.
FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
$36.0M→$12.5M
Buyback activity reduced 65.2% — capital being redeployed elsewhere or cash conservation underway.
Net Income
P&L
$73.6M→$34.0M
Net income declined 53.7% — review whether driven by operations, interest costs, or non-recurring items.
Dividends Paid
Cash Flow
$69.9M→$51.4M
Dividend reduced 26.4% — monitor management commentary on capital allocation priorities.
Total Debt
Balance Sheet
$552.3M→$435.3M
Debt reduced 21.2% — deleveraging strengthens balance sheet and reduces financial risk.
Total Liabilities
Balance Sheet
$576.5M→$475.1M
Liabilities reduced 17.6% — deleveraging improves balance sheet strength and financial flexibility.
Total Assets
Balance Sheet
$1.1B→$960.1M
Total assets contracted 12% — asset sales, write-downs, or balance sheet optimization underway.
LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-20
ADDED
Investment Type Warrant Common Stock Initial Acquisition Date 7/26/2019 Maturity Date 7/26/2029 2025-12-31 0001653384 rway:O2024Q4DividendsMember 2025-01-01 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Application Software Blueshift Labs, Inc.
Investment Type Warrant Success fee Initial Acquisition Date 12/19/2023 2024-01-01 2024-12-31 0001653384 us-gaap:FairValueInputsLevel1Member rway:AprilTwoThousandTwentySixNotesMember 2024-12-31 0001653384 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Commercial Professional Services Swing Education, Inc.
Investment Type Warrant Series A Preferred Stock Initial Acquisition Date 12/28/2018 Maturity Date 12/28/2028 2024-01-01 2024-12-31 0001653384 us-gaap:IPOMember 2021-10-25 2021-10-25 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment Services Mingle Healthcare Solutions, Inc.
Investment Type Warrant Common Stock Initial Acquisition Date 6/14/2022 Maturity Date 1/22/2025 2024-01-01 2024-12-31 0001653384 us-gaap:CommonStockMember 2023-12-31 0001653384 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember rway:SeniorSecuredTermLoansMember 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Financial Services Vesta Payment Solutions, Inc.
Investment Type Senior Secured Interest Rate SOFR+7.00%, 9.00% floor, 6.00% ETP Initial Acquisition Date 11/29/2022 Maturity Date 11/15/2026 2025-12-31 0001653384 us-gaap:FairValueInputsLevel3Member rway:ValuationTechniqueWaterfallApproachMember srt:WeightedAverageMember us-gaap:MeasurementInputExpectedTermMember us-gaap:PreferredStockMember 2024-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Insurance Kin Insurance, Inc.
Investment Type Senior Secured Interest Rate SOFR+7.50%, 12.78% floor, 0.50% ETP Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2027 2025-01-01 2025-12-31 0001653384 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPriceVolatilityMember rway:ValuationTechniqueWaterfallApproachMember srt:MinimumMember us-gaap:PreferredStockMember 2024-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Data Processing Outsourced Services Elevate Services, Inc.
Investment Type Warrant Series C Preferred Stock Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2033 2024-01-01 2024-12-31 0001653384 srt:ParentCompanyMember 2020-03-31 2021-03-24 0001653384 us-gaap:FairValueInputsLevel2Member rway:DecemberTwoThousandTwentySevenNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrant Health Care Equipment Services Allurion Technologies, Inc.
Investment Type Warrants Earnout Initial Acquisition Date 8/2/2023 Maturity Date 8/1/2028 2025-01-01 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Application Software JWP Holdco LLC (fka Longtail Ad Solutions, Inc.) Investment Type Warrant Common Units Initial Acquisition Date 12/12/2019 Maturity Date 12/12/2029 2025-01-01 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants System Software Dejero Labs Inc.
Investment Type Warrants Common Stock Initial Acquisition Date 3/30/2021 Maturity Date 3/30/2031 2025-01-01 2025-12-31 0001653384 srt:MaximumMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-12-31 0001653384 rway:FirstRepurchaseProgramMember 2022-02-24 0001653384 rway:WarrantContractMember 2025-01-01 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Commercial Professional Services Swing Education, Inc.
(Revolver) Investment Type Senior Secured Interest Rate SOFR+6.65%, 10.45% floor Initial Acquisition Date 6/27/2025 Maturity Date 6/1/2028 2025-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Financial Services Autobooks, Inc.
REMOVED
Investment Type Warrants Success fee Initial Acquisition Date 12/17/2021 Maturity Date 12/17/2028 2023-01-01 2023-12-31 0001653384 us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:ValuationTechniqueOptionPricingModelMember us-gaap:MeasurementInputExpectedTermMember us-gaap:WarrantMember 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Property Casualty Insurance Kin Insurance, Inc.
Investment Type Warrants Common Stock Initial Acquisition Date 10/6/2023 Maturity Date 10/6/2033 one 2024-01-01 2024-12-31 0001653384 us-gaap:RetainedEarningsMember 2021-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Application Software 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Property Casualty Insurance Kin Insurance, Inc.
Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 5/5/2023 Maturity Date 9/26/2032 2023-12-31 0001653384 rway:BorrowingMember rway:AprilTwoThousandTwentySixNotesMember 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Bombora, Inc.
Investment Type Equity 11% Series A Cumulative Redeemable Perpetual Preferred Stock Initial Acquisition Date 1/8/2020 2024-12-31 0001653384 Affiliate Investments Warrants Application Software Coginiti Corp Investment Type Warrants Common Stock Initial Acquisition Date 3/9/2020 Maturity Date 3/9/2030 2024-12-31 0001653384 Affiliate Investments Equity Investments Gynesonics, Inc.
Series A-1 Preferred Stock 2024-12-31 0001653384 rway:TwoThousandTwentySixSeniorNotesMember 2021-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Application Software 3DNA Corp.
Investment Type Senior Secured Interest Rate SOFR+7.25%, 11.25% floor, 1.50% ETP Initial Acquisition Date 12/31/2024 Maturity Date 12/31/2029 2024-01-01 2024-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments System Software Dejero Labs Inc.
Investment Type Second Lien Interest Rate SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP Initial Acquisition Date 12/22/2021 Maturity Date 12/22/2025 2024-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Healthcare Equipment Revelle Aesthetics, Inc.
Investment Type Warrants Series A-2 Preferred Stock Initial Acquisition Date 3/30/2022 Maturity Date 3/30/2032 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Application Software Aria Systems, Inc.
Investment Type Warrants Series G Preferred Stock Initial Acquisition Date 6/29/2018 Maturity Date 6/29/2028 2023-12-31 0001653384 us-gaap:UnsecuredDebtMember rway:TwoThousandTwentySevenNotesMember 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology Mingle Healthcare Solutions, Inc.
Common Stock Initial Acquisition Date 9/2/2022 Maturity Date 9/2/2032 2023-01-01 2023-12-31 0001653384 Non-Control/Non-Affiliate Investments Warrants Application Software Dtex Systems, Inc.
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