Royce Micro-cap Trust, Inc /md/ reports 365.70% increase in ownership of AMRC / Ameresco, Inc.

Ameresco, Inc.

US ˙ NYSE ˙ US02361E1082

Security	AMRC / Ameresco, Inc.
Institution	Royce Micro-cap Trust, Inc /md/
Latest Disclosed Ownership	187,531 shares
Latest Disclosed Value	$ 2,848,595

On August 15, 2025 - Royce Micro-cap Trust, Inc /md/ filed a NPORT-P form disclosing ownership of 187,531 shares of Ameresco, Inc. (US:AMRC) valued at $2,848,596 USD as of June 30, 2025. The entity filed a previous NPORT-P on May 19, 2025 disclosing 40,269 shares of Ameresco, Inc.. This represents a change in shares of 365.70% during the quarter. The current value of the position is $5,337,132 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2025-08-15	2025-06-30	NP	Ameresco	EC	US02361E1082	187,531	147,262	365.70	2,849	486.01	0.5128
2025-05-19	2025-03-31	NP	Ameresco	EC	US02361E1082	40,269	40,269		486		0.0996
2023-08-09	2023-06-30	NP	Ameresco	EC	US02361E1082	0	-8,500	-100.00	0	-100.00
2023-05-19	2023-03-31	NP	Ameresco	EC	US02361E1082	8,500	0	0.00	418	-13.81	0.0884
2023-02-21	2022-12-31	NP	Ameresco	EC	US02361E1082	8,500	-15,000	-63.83	486	-68.95	0.1042
2022-11-17	2022-09-30	NP	Ameresco	EC	US02361E1082	23,500	-30,000	-56.07	1,562	-35.90	0.3703
2022-08-16	2022-06-30	NP	Ameresco	EC	US02361E1082	53,500	-6,000	-10.08	2,437	-48.48	0.5576
2022-05-16	2022-03-31	NP	Ameresco	EC	US02361E1082	59,500	0	0.00	4,730	-2.37	0.8757
2022-02-24	2021-12-31	NP	Ameresco	EC	US02361E1082	59,500	-34,900	-36.97	4,846	-12.15	0.8209
2021-11-22	2021-09-30	NP	Ameresco	EC	US02361E1082	94,400	0	0.00	5,516	-6.84	0.9505
2021-08-24	2021-06-30	NP	Ameresco	EC	US02361E1082	94,400	-10,500	-10.01	5,921	16.06	0.9633
2021-05-17	2021-03-31	NP	Ameresco	EC	US02361E1082	104,900	0	0.00	5,101	-6.90	0.8938
2021-02-19	2020-12-31	NP	Ameresco	EC	US02361E1082	104,900	-11,700	-10.03	5,480	40.70	1.0622
2020-11-24	2020-09-30	NP	Ameresco	EC	US02361E1082	116,600	-50,000	-30.01	3,894	-15.86	0.9691
2020-08-19	2020-06-30	NP	Ameresco	EC	US02361E1082	166,600	-41,700	-20.02	4,628	30.48	1.2550
2020-05-27	2020-03-31	NP	Ameresco	EC	US02361E1082	208,300	-23,100	-9.98	3,547	-12.40	1.2586
2020-02-19	2019-12-31	NP	Ameresco	EC	02361E108	231,400	-20,000	-7.96	4,050	0.25	1.0003
2019-11-25	2019-09-30	NP	Ameresco	EC	US02361E1082	251,400	251,400		4,040		1.0818

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.