Redwood Grove Capital, LLC Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $350,722 (100.0% shares, 0.0% debt)

Holdings (22)

New Positions (1)

Value ($000) $7,332 Shares 92,000 Est. Cost $83.36 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	92,000	$7,332	2.1%	$83.36	0.0%	COM	115236101

Increased Positions (5)

ELAN ELANCO ANIMAL HEALTH INC 10.0%

Value ($000) $35,235 (+24.3%) Shares 1,557,000 (+10.7%) Est. Cost $12.77 Unrealized +70.5%

FISV FISERV INC 3.6%

Value ($000) $12,751 (-34.9%) Shares 189,832 (+25.0%) Est. Cost $121.14 Unrealized -30.8%

IEX IDEX CORP 4.7%

Value ($000) $16,388 (+52.3%) Shares 92,100 (+39.3%) Est. Cost $168.86 Unrealized +1.1%

SW SMURFIT WESTROCK PLC 4.5%

Value ($000) $15,918 (+42.9%) Shares 411,636 (+57.3%) Est. Cost $41.76 Unrealized -8.7%

ICFI ICF INTL INC 3.6%

Value ($000) $12,651 (+50.3%) Shares 148,311 (+63.5%) Est. Cost $89.65 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELAN	ELANCO ANIMAL HEALTH INC	1,557,000 (+10.7%)	$35,235 (+24.3%)	10.0%	$12.77	+70.5%	COM	28414H103
FISV	FISERV INC	189,832 (+25.0%)	$12,751 (-34.9%)	3.6%	$121.14	-30.8%	COM	337738108
IEX	IDEX CORP	92,100 (+39.3%)	$16,388 (+52.3%)	4.7%	$168.86	+1.1%	COM	45167R104
SW	SMURFIT WESTROCK PLC	411,636 (+57.3%)	$15,918 (+42.9%)	4.5%	$41.76	-8.7%	SHS	G8267P108
ICFI	ICF INTL INC	148,311 (+63.5%)	$12,651 (+50.3%)	3.6%	$89.65	-5.3%	COM	44925C103

Decreased Positions (11)

AMRC AMERESCO INC 4.1%

Value ($000) $14,429 (-30.7%) Shares 492,625 (-20.5%) Est. Cost $22.21 Unrealized +58.1%

IQV IQVIA HLDGS INC 3.0%

Value ($000) $10,346 (-36.1%) Shares 45,900 (-46.1%) Est. Cost $177.17 Unrealized +22.8%

GOOG ALPHABET INC 7.8%

Value ($000) $27,263 (-10.9%) Shares 86,881 (-30.8%) Est. Cost $168.24 Unrealized +70.2%

POR PORTLAND GEN ELEC CO 4.3%

Value ($000) $15,180 (-15.9%) Shares 316,321 (-22.9%) Est. Cost $39.09 Unrealized +19.6%

SNY SANOFI SA 2.6%

Value ($000) $9,151 (-23.3%) Shares 188,841 (-25.3%) Est. Cost $48.38 Unrealized —

MRK MERCK & CO INC 4.2%

Value ($000) $14,701 (+19.7%) Shares 139,668 (-4.6%) Est. Cost $85.83 Unrealized +8.6%

FSLR FIRST SOLAR INC 7.2%

Value ($000) $25,392 (+10.5%) Shares 97,200 (-6.7%) Est. Cost $180.58 Unrealized +39.7%

URI UNITED RENTALS INC 0.5%

Value ($000) $1,820 (-45.9%) Shares 2,249 (-36.2%) Est. Cost $326.51 Unrealized +165.6%

BAC BANK AMERICA CORP 4.1%

Value ($000) $14,388 (-8.4%) Shares 261,607 (-14.1%) Est. Cost $32.10 Unrealized +64.1%

ARRY ARRAY TECHNOLOGIES INC 4.3%

Value ($000) $15,206 (+7.3%) Shares 1,649,253 (-5.2%) Est. Cost $12.00 Unrealized -28.5%

SHLS SHOALS TECHNOLOGIES GROUP IN 6.1%

Value ($000) $21,475 (+0.4%) Shares 2,526,422 (-12.5%) Est. Cost $7.52 Unrealized +19.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMRC	AMERESCO INC	492,625 (-20.5%)	$14,429 (-30.7%)	4.1%	$22.21	+58.1%	CL A	02361E108
IQV	IQVIA HLDGS INC	45,900 (-46.1%)	$10,346 (-36.1%)	3.0%	$177.17	+22.8%	COM	46266C105
GOOG	ALPHABET INC	86,881 (-30.8%)	$27,263 (-10.9%)	7.8%	$168.24	+70.2%	CAP STK CL C	02079K107
POR	PORTLAND GEN ELEC CO	316,321 (-22.9%)	$15,180 (-15.9%)	4.3%	$39.09	+19.6%	COM NEW	736508847
SNY	SANOFI SA	188,841 (-25.3%)	$9,151 (-23.3%)	2.6%	$48.38	—	SPONSORED ADR	80105N105
MRK	MERCK & CO INC	139,668 (-4.6%)	$14,701 (+19.7%)	4.2%	$85.83	+8.6%	COM	58933Y105
FSLR	FIRST SOLAR INC	97,200 (-6.7%)	$25,392 (+10.5%)	7.2%	$180.58	+39.7%	COM	336433107
URI	UNITED RENTALS INC	2,249 (-36.2%)	$1,820 (-45.9%)	0.5%	$326.51	+165.6%	COM	911363109
BAC	BANK AMERICA CORP	261,607 (-14.1%)	$14,388 (-8.4%)	4.1%	$32.10	+64.1%	COM	060505104
ARRY	ARRAY TECHNOLOGIES INC	1,649,253 (-5.2%)	$15,206 (+7.3%)	4.3%	$12.00	-28.5%	COM SHS	04271T100
SHLS	SHOALS TECHNOLOGIES GROUP IN	2,526,422 (-12.5%)	$21,475 (+0.4%)	6.1%	$7.52	+19.4%	CL A	82489W107

Unchanged Positions (5)

GNRC GENERAC HLDGS INC 3.2%

Value ($000) $11,098 Shares 81,380 Est. Cost $139.22 Unrealized +15.9%

PYPL PAYPAL HLDGS INC 2.7%

Value ($000) $9,481 Shares 162,404 Est. Cost $83.15 Unrealized -22.0%

IFF INTERNATIONAL FLAVORS&FRAGRA 4.2%

Value ($000) $14,804 Shares 219,682 Est. Cost $80.28 Unrealized -19.8%

QCOM QUALCOMM INC 5.3%

Value ($000) $18,645 Shares 109,006 Est. Cost $138.22 Unrealized +23.6%

HUM HUMANA INC 7.7%

Value ($000) $27,065 Shares 105,670 Est. Cost $262.81 Unrealized -0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GNRC	GENERAC HLDGS INC	81,380	$11,098	3.2%	$139.22	+15.9%	COM	368736104
PYPL	PAYPAL HLDGS INC	162,404	$9,481	2.7%	$83.15	-22.0%	COM	70450Y103
IFF	INTERNATIONAL FLAVORS&FRAGRA	219,682	$14,804	4.2%	$80.28	-19.8%	COM	459506101
QCOM	QUALCOMM INC	109,006	$18,645	5.3%	$138.22	+23.6%	COM	747525103
HUM	HUMANA INC	105,670	$27,065	7.7%	$262.81	-0.6%	COM	444859102