COMP <GO>

RWAY vs HRZN // PIOTROSKI F-SCORE QUALITY

Runway Growth Finance Corp. (NASDAQ) VS. Horizon Technology Finance Corporation (NASDAQ) • 15-METRIC TALLY: RWAY 2 — HRZN 1

■ METRIC PARITY

LAST: $6.60 (+1.70%) • MKT CAP: $276.6M

piotroski-score

4/9

LAST: $4.13 (+2.74%) • MKT CAP: $276.9M

piotroski-score

4/9

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (RWAY VS. HRZN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	RWAY	HRZN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	7.00%	-0.80%	+7.80	RWAY	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	20.45%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality ACTIVE	4/9	4/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.7	37.2	+15.54	RWAY	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	7.5x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$276.6M	$276.9M	-$244.7K	HRZN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	RWAY REV	HRZN REV	RWAY GROSS %	HRZN GROSS %	RWAY FCF	HRZN FCF
FY 2025	$0	$0	—	—	$186.3M	$56.6M
FY 2024	$0	$0	—	—	$69.8M	$3.9M
FY 2023	$0	$0	—	—	$112.4M	-$5.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

RWAY // BETA —

HRZN // BETA —