Investments

3 Months Ended

Mar. 31, 2025

Note 3. Investments

The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

	March 31, 2025
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	320,949,728	84.2	%	$	302,968,264	80.6	%
Second Lien Senior Secured Loan		6,075,937	1.6			6,044,612	1.6
Senior Secured Notes		429,780	0.1			417,402	0.1
Senior Unsecured Notes		5,722,843	1.5			3,699,200	1.0
Preferred Equity Securities		41,564,803	10.9			50,798,894	13.5
Warrants and Other Equity Securities		3,598,027	0.9			9,021,488	2.4
Fund Investments		2,898,305	0.8			2,873,702	0.8
Total	$	381,239,423	100.0	%	$	375,823,562	100.0	%

	December 31, 2024
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	316,588,427	83.7	%	$	304,120,042	80.5	%
Second Lien Senior Secured Loan		6,148,061	1.6			6,034,048	1.6
Senior Secured Notes		341,103	0.1			341,103	0.1
Senior Unsecured Notes		5,460,171	1.4			3,427,073	0.9
Preferred Equity Securities		43,141,500	11.4			53,603,056	14.2
Warrants and Other Equity Securities		3,598,027	1.0			7,426,377	2.0
Fund Investments		2,898,305	0.8			2,688,619	0.7
Total	$	378,175,594	100.0	%	$	377,640,318	100.0	%

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:

	March 31, 2025
	Amortized Cost				Fair Value
Southeast	$	114,976,011	30.2	%	$	114,482,721	30.5	%
Midwest		63,685,155	16.6			67,577,103	18.0
West		76,730,247	20.2			69,635,170	18.5
Northeast		51,767,733	13.6			46,022,213	12.2
East		31,434,505	8.2			29,169,204	7.8
Southwest		24,732,784	6.5			26,990,067	7.2
South		17,912,988	4.7			21,947,084	5.8
Total	$	381,239,423	100.0	%	$	375,823,562	100.0	%

	December 31, 2024
	Amortized Cost				Fair Value
Southeast	$	117,080,225	30.9	%	$	117,034,924	31.1	%
West		82,054,389	21.7			79,102,675	20.9
Southwest		24,839,939	6.6			26,915,726	7.1
Northeast		46,304,903	12.2			40,825,353	10.8
M idwest		51,256,396	13.6			55,040,086	14.6
South		21,269,446	5.6			25,378,672	6.7
East		35,370,296	9.4			33,342,882	8.8
Total	$	378,175,594	100.0	%	$	377,640,318	100.0	%

The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

	March 31, 2025
	Amortized Cost				Fair Value
Aerospace & Defense	$	8,998,881	2.4	%	$	8,040,539	2.1	%
Chemicals		14,655,180	3.8			14,775,000	3.9
Commercial Services & Supplies		4,120,866	1.1			4,020,613	1.1
Construction & Engineering		85,415,026	22.3			94,163,254	25.0
Consumer Finance		3,689,745	1.0			3,699,200	1.0
Distributors		14,695,849	3.9			11,503,094	3.1
Diversified Financials		2,898,305	0.8			2,873,702	0.8
Diversified Telecommunication Services		23,123,220	6.1			24,004,234	6.4
Electrical Equipment		11,231,594	2.9			2,232,912	0.6
Entertainment		18,798,687	4.9			14,922,154	4.0
Food Products		9,655,157	2.5			11,790,320	3.1
Healthcare Providers & Services		38,436,305	10.1			35,613,111	9.5
Hotels, Restaurants & Leisure		4,872,413	1.3			4,910,624	1.3
Household Durables		4,534,241	1.2			3,723,819	1.0
Household Products		4,884,839	1.3			5,268,460	1.4
IT Services		12,256,920	3.2			12,366,208	3.3
Leisure Products		5,493,980	1.4			3,558,876	0.9
Machinery		4,481,482	1.2			4,412,647	1.2
Media		19,790,178	5.2			22,017,301	5.9
Personal Products		4,336,026	1.1			4,374,124	1.2
Professional Services		51,155,828	13.4			58,051,414	15.3
Software		997,284	0.3			1,009,349	0.3
Specialty Retail		6,729,601	1.8			6,814,742	1.8
Trading Companies & Distributors		15,774,059	4.1			11,338,412	3.0
Transportation Infrastructure		10,213,757	2.7			10,339,453	2.8
Total	$	381,239,423	100.0	%	$	375,823,562	100.0	%

	December 31, 2024
	Amortized Cost				Fair Value
Aerospace & Defense	$	8,918,780	2.4	%	$	8,103,579	2.1	%
Chemicals		14,623,342	3.9			14,812,499	3.9
Commercial Services & Supplies		4,118,722	1.1			3,908,639	1.0
Construction & Engineering		75,685,424	19.9			83,705,436	22.3
Consumer Finance		3,427,073	0.9			3,427,073	0.9
Distributors		14,323,723	3.8			13,163,459	3.5
Diversified Financials		2,898,305	0.8			2,688,619	0.7
Diversified Telecommunication Services		22,915,391	6.1			23,137,607	6.1
Electrical Equipment		11,231,435	3.0			5,729,737	1.5
Entertainment		18,324,745	4.8			14,317,635	3.8
Food Products		9,662,293	2.6			11,608,503	3.1
Healthcare Providers & Services		43,990,733	11.6			41,162,604	10.9
Hotels, Restaurants & Leisure		4,891,016	1.3			4,910,952	1.3
Household Durables		4,534,757	1.2			3,057,209	0.8
Household Products		4,875,685	1.3			4,990,960	1.3
IT Services		12,433,640	3.3			12,558,929	3.3
Leisure Products		5,449,787	1.4			3,230,877	0.9
Machinery		4,547,261	1.2			4,217,950	1.1
Media		22,096,440	5.8			26,926,042	7.1
Personal Products		4,360,968	1.2			4,404,301	1.2
Professional Services		51,365,785	13.5			58,307,390	15.4
Software		997,284	0.3			965,151	0.3
Specialty Retail		6,609,366	1.7			6,703,118	1.8
Trading Companies & Distributors		15,699,920	4.2			11,262,596	3.0
Transportation Infrastructure		10,193,719	2.7			10,339,453	2.7
Total	$	378,175,594	100.0	%	$	377,640,318	100.0	%

Star Mountain Lower Middle-Market Capital Corp 10-Q