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R••••• G••••• F•••••• C••••

Business development companymanaged by R••••• G••••• C•••••• L••Listed: RWAY, RWAYI, RWAYL· CHICAGO, IL

A business development company traded as RWAY, RWAYI, RWAYL, managed by R••••• G••••• C•••••• L••, holding $1.2B across 81 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.2B
Borrowers: 81
Mark on cost: 99.6¢
First lien: 89%

Schedule of investments (160)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$81.4M
on non-accrual, 1 borrower
1 borrower on non-accrual, $81.4M principal; the largest is M••••• S•••• S• ($81.4M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen M••••• S•••• S• →
93.3¢ → 99.6¢
book mark on cost
Marked its book up from 93.3¢ to 99.6¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
2 below 80¢
$53.5M principal
2 positions across 2 borrowers marked below 80¢ on cost, $53.5M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
56 → 81
borrowers
Added a net 25 borrowers in the quarter to Jun 30, 2026, to 81.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
5 → 9
loans paying in kind
Loans paying in kind rose from 5 to 9 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →

Every headline figure, and the identifiersCIK 1653384 · file 814-01180Show

Fair value

$1.2B

as of Jun 30, 2026

Principal held

$1.2B

debt pieces, the filer's figure

Cost

$1.2B

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

160

81 borrowers

First lien

89%

93% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

126

10 sponsors financed

Portfolio through time

Fair value by quarter end$1.2B as of Jun 30, 2026

Dec 31, 2021$146M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.2B	81	100c	9	704 bp
Mar 31, 2026	$899M	56	93c	5	707 bp
Dec 31, 2025	$1.0B	58	97c	7	718 bp
Sep 30, 2025	$960M	55	98c	6	693 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$89B	55	101c	8	693 bp
Mar 31, 2025	$5.0B	54	98c	10	669 bp
Dec 31, 2024	$5.8B	59	98c	10	671 bp
Sep 30, 2024	$4.4B	59	98c	9	678 bp
Jun 30, 2024	$4.4B	56	98c	9	662 bp
Mar 31, 2024	$4.2B	55	98c	8	677 bp
Dec 31, 2023	$6.2B	62	99c	15	673 bp
Sep 30, 2023	$4.1B	61	98c	12	706 bp
Jun 30, 2023	$4.4B	59	99c	12	731 bp
Mar 31, 2023	$159B	62	92c	15	772 bp
Dec 31, 2022	$9.1B	67	99c	37	769 bp
Dec 31, 2021	$146M	3	n/a	0	1150 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

3•• C•••••• L•• first lien term loan
1 BDC hold it · matures Sep 30, 2026
$72.3M 92c
M••••• S•••• S• unsecured or subordinated subordinated debt
1 BDC hold it · matures Dec 31, 2030
$63.8M 81c
S•••••• I•• first lien term loan
1 BDC hold it · matures Sep 30, 2028
$54.6M 101c
A•••••• G••••• I•• first lien term loan
1 BDC hold it · matures Jun 15, 2028
$51.4M 101c
U•••• T••••••••• I•• first lien term loan
1 BDC hold it · matures May 8, 2031
$51.0M 63c
K•• I••••••••• I•• first lien term loan
1 BDC hold it · matures Aug 13, 2029
$45.0M 101c
P•••• S•••••••• I•• first lien term loan
1 BDC hold it · matures Dec 31, 2029
$43.0M 101c
B••••• I•• first lien term loan
1 BDC hold it · matures Dec 15, 2029
$40.0M 103c
E•• S••••••• I•• first lien term loan
1 BDC hold it · matures Jun 15, 2027 · possible sponsor B••••• W••• C••••••• L••
$40.0M 101c
M•••••• R•••• I•• first lien term loan
1 BDC hold it · matures Aug 29, 2029
$40.0M 100c
Z••••• C•••••••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 21, 2029
$40.0M 100c
E•••••• S•••••••• I•• first lien term loan
1 BDC hold it · matures Jul 10, 2027 · possible sponsor C•••••• G••••• C••••••• L••
$39.0M 102c

Schedule of investments at Dec 31, 2022

357 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
M•••••••• I••• C••••••• & E••••••••• R•••••	preferred equity equity	Not disclosed	$68,000 37c		Jul 22, 2029
N••••••••• I••••••••• W••••••• C••••••• • E••••••••• R••••• C••••••• & E••••••••• R•••••	warrants equity	Not disclosed	$68,000 37c
M•••••••• I••• C••••••• & E••••••••• R•••••	preferred equity equity	Not disclosed	$68,000 37c		Jul 22, 2029
M•••••• B••• I••• B•••••••••	warrants equity	Not disclosed	$59,000 19c		Mar 4, 2032
M•••••• B••• I••• B•••••••••	warrants equity	Not disclosed	$59,000 19c		Mar 4, 2032
S••••••• M•••••• C••••••••• H••••• C••• T•••••••••	preferred equity equity	Not disclosed	$50,000 357c		Jun 29, 2031
S••••••• M•••••• C••••••••• H••••• C••• T•••••••••	preferred equity equity	Not disclosed	$50,000 357c		Jun 29, 2031
R•••••••• I••• T••••••••• H•••••••, S•••••• & P•••••••••	preferred equity equity	Not disclosed	$49,000 196c		Dec 28, 2028
C••••••••• C••••••••• A••••••••• S•••••••	preferred equity equity	Not disclosed	$22,000 3c		Oct 31, 2029
C••••••••• C••••••••• A••••••••• S•••••••	preferred equity equity	Not disclosed	$22,000 3c		Oct 31, 2029
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
M••••• H••••••••• S••••••••• I••• S••••• C• H••••• C••• T•••••••••	preferred equity equity	Not disclosed	Not disclosed n/a		Aug 15, 2028
3••• C•••• ••• N••••••••• A••••••••• S•••••••	preferred equity equity	Not disclosed	Not disclosed n/a		Dec 28, 2028
M••••• I••	warrants equity	Not disclosed	Not disclosed
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
M••••• H••••••••• S••••••••• I••• S••••• C• H••••• C••• T•••••••••	preferred equity equity	Not disclosed	Not disclosed n/a		Aug 15, 2028
C••••••••• I••• H••••• C••• T•••••••••	warrants equity	Not disclosed	Not disclosed n/a		Jan 8, 2023
s• P••••• H•••••••• I•• S••••• 1•	preferred equity equity	Not disclosed	Not disclosed
P•••• G••••• I••• E•••••• A••••••••• S•••••••	warrants equity	Not disclosed	Not disclosed		Dec 23, 2023
s• T••••••••• H•••••••• S•••••• • P••••••••• z•••••• I•••	equity equity	Not disclosed	Not disclosed n/a
M••••• I•••	preferred equity equity	Not disclosed	Not disclosed
M••••• I••	warrants equity	Not disclosed	Not disclosed
s• M••••• I•••	preferred equity equity	Not disclosed	Not disclosed
N••••••••• I••••••••• W••••••• A••••••••• A•••••••••	warrants equity	Not disclosed	Not disclosed n/a
S••••• S••••••• S•••• C••••••••• I•••	warrants equity	Not disclosed	Not disclosed n/a		Mar 29, 2029
s• M••••	preferred equity equity	Not disclosed	Not disclosed
M••••• I••	warrants equity	Not disclosed	Not disclosed
C••••••• C•••	unstated lien unstated	Not disclosed	Not disclosed	S+950 bp PIK 9.50%	Dec 15, 2022
M•••••••• I••• C••••••• & E••••••••• R•••••	preferred equity equity	Not disclosed	Not disclosed
C•••••• I••••••••• P•••••••• S•••••	preferred equity equity	Not disclosed	Not disclosed
A••••••• I•• I••• S••••••••• C••••••• Services	warrants equity	Not disclosed	Not disclosed n/a		Sep 1, 2027
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp
A•••••••• I••••••••• S••••• S•••••• T••• L••••	term loan first lien	Not disclosed	Not disclosed
C••••••• C•••	term loan first lien	Not disclosed	Not disclosed	S+950 bp	Nov 30, 2026
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
s• T••••••••• H•••••••• S•••••• • P••••••••• z•••••• I•••	equity equity	Not disclosed	Not disclosed n/a
3••• C•••• ••• N••••••••• A••••••••• S•••••••	preferred equity equity	Not disclosed	Not disclosed n/a		Dec 28, 2028
z•••••• I••• T••••••••• H•••••••, S•••••• & P•••••••••	equity equity	Not disclosed	Not disclosed n/a
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
A••••••• I•• I••• S••••••••• C••••••• Services	warrants equity	Not disclosed	Not disclosed n/a		Sep 1, 2027
S•• V•••• I••• C•••• B• N••••••••• S•••• A•••••••••	warrants equity	Not disclosed	Not disclosed n/a		Dec 3, 2028
S••••• S••••••• S•••• C••••••••• I•••	warrants equity	Not disclosed	Not disclosed n/a		Mar 29, 2029
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp
P•••• G••••• I••• E•••••• A••••••••• S•••••••	warrants equity	Not disclosed	Not disclosed		Dec 23, 2023
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp
C•••••• I••••••••• W•••••••	warrants equity	Not disclosed	Not disclosed
A•••••••• I••••••••• D••• I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• I••••••••• E••••• I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
M••••• I••	term loan first lien	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
S•• V•••• I••• C•••• B• N••••••••• S•••• A•••••••••	warrants equity	Not disclosed	Not disclosed n/a		Jun 30, 2027
C••••••••• I••• H••••• C••• T•••••••••	warrants equity	Not disclosed	Not disclosed n/a		Jan 8, 2023
P••••• H•••••••• I•• S••••• 1•	preferred equity equity	Not disclosed	Not disclosed
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025
C••••••••• I••• H••••• C••• T•••••••••	warrants equity	Not disclosed	Not disclosed n/a		Jan 8, 2023
M••••• I••	unstated lien unstated	Not disclosed	Not disclosed	S+1200 bp	Jan 15, 2025

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2018 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: R••••• Growth Credit Fund Inc.; GSV Growth Credit Fund Inc.reported
Latest schedule: 0001193125-26-337968reported