SCHEDULE: Oaktree Reduces Stake in Runway Growth Finance

Oaktree Capital Management entities reported a sale of 1.25 million shares of Runway Growth Finance Corp. common stock, reducing their beneficial ownership to 19.45%.

Summary

• Reporting Persons, including OCM Growth Holdings LLC, Oaktree Capital Holdings, LLC, and Oaktree Capital Group Holdings GP, LLC, filed Amendment No. 20 to their Schedule 13D.
• On November 17, 2025, the Reporting Persons sold 1,250,000 shares of Runway Growth Finance Corp. Common Stock.
• The shares were sold at a price of $9.05 per share through a Rule 144 block sale.
• Following the sale, the Reporting Persons beneficially own an aggregate of 7,029,668 shares of Common Stock.
• This represents approximately 19.45% of the Issuer's Common Stock outstanding, calculated based on 36,134,037 shares as of November 4, 2025.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to a significant institutional investor reducing its stake, which can be interpreted as a lack of stronger conviction or a strategic divestment. While the sale itself is a neutral transaction, the market often views such reductions as a bearish signal for the underlying stock.

Positives

• Reporting Persons realized proceeds of approximately $11.31 million from the sale of 1,250,000 shares at $9.05 per share.
• The sale was executed as a Rule 144 block sale, indicating an orderly market transaction.

Negatives

• The Reporting Persons reduced their beneficial ownership in Runway Growth Finance Corp. from approximately 22.91% to 19.45%.
• A significant block sale by a major institutional investor could be perceived negatively by the market, potentially signaling a lack of conviction or a rebalancing away from the issuer.

Future Outlook

No forward-looking statements or guidance provided in this filing.

Industry Context

This filing primarily reflects an investment decision by a specific institutional investor (Oaktree) to reduce its stake in a Business Development Company (BDC). It does not provide broader industry trends or competitive analysis, focusing instead on the investor's change in beneficial ownership.

Stakeholder Impact

• Shareholders: Existing shareholders might view the reduction in Oaktree's stake negatively, potentially leading to downward pressure on the stock price.
• Management: Management may need to address market concerns regarding the institutional investor's reduced position.

Key Dates

Recommendation

While a significant institutional investor reducing its stake can be a negative signal, this filing alone does not provide enough fundamental information about Runway Growth Finance Corp. to warrant a 'sell' recommendation. The stock is likely to experience some downward pressure due to the news, but a 'hold' allows investors to monitor the company's performance and any further developments before making a definitive buy or sell decision. The sale could be part of Oaktree's portfolio rebalancing rather than a direct negative assessment of the issuer's future prospects.

Keywords

Runway Growth Finance Corp., OCM Growth Holdings, Oaktree Capital, Schedule 13D/A, Common Stock, Share Sale, Beneficial Ownership, Institutional Investor, Rule 144, Block Sale