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Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement of

Investments."

Dividends on the Series A Preferred Stock are payable in-kind (PIK). Pursuant to the Ninth Amendment, the issuer has the option to pay up to 50% of dividends in cash; however, no cash payments have been made to date.

All investments are denominated in U.S. dollars unless otherwise noted.

The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

Percentage is based on net assets of $496,850 as of June 30, 2026.

Loan includes interest rate floor feature, which generally ranges from 1.00% to 4.00%.

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the

Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of

each investment's most recent reset date prior to June 30, 2026. As of June 30, 2026, the reference rates for our variable rate loans were the 180-day SOFR at 3.85%, 90-day SOFR at 3.73%, and 30-day SOFR

at 3.65%.

Position or portion thereof is an unfunded loan or equity commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair

value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity

date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2026:

Cash and cash equivalents balance represents amounts held in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of June 30, 2026, $154,813 was held

in FGTXX and had 7-day effective yield of 3.59%.

Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over

the management or policies of the portfolio company. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio

company’s outstanding voting securities. As of June 30, 2026, the Company’s non-controlled/affiliated investments and controlled/affiliated investments were as follows:

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities.” Except as noted by this footnote, all of

the instruments on this table are subject to restrictions on resale.

Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1).

Industries are classified by The Global Industry Classification Standard ("GICS").

The Company owns 31.25% of the equity interests in Neighborhood Grocery Catalyst Fund LLC.

Investments, or portion thereof, held by the SSBIC subsidiary (as defined in Note 1).

The Company owns 100.00% of the equity interests in Worker Solutions, LLC.

The Company owns a 66.25% of the equity interests in 3360 Frankford LLC.

The Company owns a 7.02% share in Liberty Top Holdings, LLC.

The Company owns a 27.00% share in GELDO Inc.

The Company owns a 100.00% share in Lafayette Square Technologies, LLC.

The Company owns a 100.00% share in Studio Lafayette, LLC.

The Company owns a 47.37% share in Truly Redlands LLC.

Assets are pledged as collateral for the ING Credit Facility. See Note 5 “Debt”.

The Company owns a 100.00% share in Lafayette Square Mortgage Solutions, LLC.

The Company owns a 20.00% share in Sparrow Rock, Inc.

The Company owns a 100.00% share in Lafayette Square SBLC, LLC.

The Company owns a 90.89% share in LSA Affordable Housing LP.

Represents investment in a Term Loan.

The Company owns a 100.00%100.00% share in Lafayette Square Life Company LLC., which in turn owns a 100.00% share in Ladder Life Insurance Company.

Represents investment in a Delayed Draw Term Loan.

Represents investment in a Revolving Facility.

The Company owns a 20.00% share in Patti's Good Life LLC.

The Company owns a 57.37% share in SHaD Momentum LLC.

This portfolio company has been reclassified to a different industry classification in the current-period Consolidated Schedule of Investments. The industry classification presented in the comparative Schedule

of Investments reflects the classification in effect at the time of original reporting and has not been restated to reflect this reclassification.

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22026-06-300001849089MediVisuals Solutions Inc | First lien senior secured loan 32026-06-300001849089Oakwell Holding LLC | Convertible Note2026-06-300001849089Samaha & Associates LLC | First lien senior secured loan 12026-06-300001849089Samaha & Associates LLC | First lien senior secured loan 22026-06-300001849089ZRG Partners LLC | First lien senior secured loan 12026-06-300001849089ZRG Partners LLC | First lien senior secured loan 22026-06-300001849089ZRG Partners LLC | First lien senior secured loan 32026-06-300001849089ls:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001849089Standard Real Estate Investments LP | First lien senior secured loan 12026-06-300001849089Standard Real Estate Investments LP | First lien senior secured loan 22026-06-300001849089ls:RealEstateManagementDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001849089160 Driving Academy (a/k/a Rock Gate Capital, LLC) | First lien senior secured loan 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from______ to______

Commission File Number 814-01427

LAFAYETTE SQUARE USA, INC.

(Exact name of registrant as specified in its charter)


Delaware		87-2807075
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

175 SW 7th St, Unit 2307

Miami, FL 33130

(Address of principal executive offices)

(786) 753-7096

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934:

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required

to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be

submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the

registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a

smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated

filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐

No ☒

As of June 30, 2026, there was no established public market for the registrant’s common shares.

As of August 3, 2026, the Registrant had 34,293,627 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents


		Page
	Cautionary Statement Regarding Forward-Looking Statements	1
Part I. Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (unaudited)	6
	Consolidated Statements of Cash Flows for the three and six months ended June 30, 2026 and 2025 (unaudited)	8
	Consolidated Schedule of Investments as of June 30, 2026 (unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (unaudited)	28
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	82
Item 4.	Controls and Procedures	84
Part II. Other Information
Item 1.	Legal Proceedings	85
Item 1A.	Risk Factors	85
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	85
Item 3.	Defaults Upon Senior Securities	85
Item 4.	Mine Safety Disclosures	85
Item 5.	Other Information	85
Item 6.	Exhibits	85
SIGNATURES		86

Table of Contents

Lafayette Square USA, Inc.

Cautionary Statement Regarding Forward-Looking Statements

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve

known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-

looking statements are not historical facts, but rather are based on current expectations, estimates and projections about

Lafayette Square USA, Inc., together with its consolidated subsidiaries (“we,” “us,” “our,” or the “Company”), our

prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as

“anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,”

“should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are

intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject

to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause

actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without

limitation:

•our business prospects and the prospects of the companies in which we may invest;

•our ability to raise sufficient capital to execute our investment strategy;

•heightened global political and economic uncertainty caused by war, social unrest and political tension;

•the impact of economic recessions or downturns and any resulting harm to our operating results;

•U.S. trade policy developments, tariffs and other trade restrictions;

•price inflation and changes in the general interest rate environment, which could adversely affect the operating

results of our portfolio companies and impact their ability to pay interest and principal on our loans;

•general economic and political trends and other external factors, including the impact of any future pandemic or

epidemic;

•the demand from middle market businesses for capital investment and managerial assistance;

•our ability to create and preserve jobs and stimulate the economy;

•the ability of our portfolio companies to achieve their objectives;

•our expected financing arrangements and expected investments;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with LS BDC Adviser, LLC (the “Adviser”) or any of its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•our use of financial leverage;

•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•the effect of changes to tax legislation and our tax position;

•the impact of information technology system failures, data security breaches, data privacy compliance, network

disruptions, and cybersecurity attacks;

•the ability of our subsidiaries to maintain their small business investment companies licenses from the U.S. Small

Business Administration (the “SBA”), including the license for a small business investment company (“SBIC”)

Table of Contents

currently held by Lafayette Square SBIC, LP and the license for a specialized small business investment company

(“SSBIC”) currently held by Lafayette Square SSBIC, LP, and the potential benefits from having such licenses;

•our ability to adhere to and meet our goals, including our Goal2030™ (as defined in this report);

•our ability to deploy at least 51% of our invested capital in Working Class Areas (as defined in this report);

•our ability to improve the retention, well-being, and productivity of employees in our portfolio companies;

•our ability to enhance the risk-adjusted financial returns of our portfolio companies;

•our ability to encourage our portfolio companies to adopt Managerial Assistance Recommendations (as defined in

this report);

•our ability to reduce employee turnover and increase median income of employees within our portfolio

companies;

•our ability to encourage and increase participation in medical care benefits and retirement benefits by employees

within our portfolio companies;

•the likelihood that the federal government will expand its partnerships with the private sector, including through

programs aligned with our Goal2030™; and

•our ability to qualify for and maintain our qualification as a regulated investment company (a “RIC”) and as a

business development company (a “BDC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of

those assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions

also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking

statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved.

Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by

applicable law. Because we are an investment company, the forward-looking statements and projections contained in this

report are excluded from the safe harbor protection provided by Section 21E under the U.S. Securities Exchange Act of

1934, as amended (the “Exchange Act”).

Table of Contents

Lafayette Square USA, Inc.

Consolidated Statements of Assets and Liabilities

(dollar amounts in thousands, except per share data or otherwise noted)


	June 30, 2026	December 31, 2025
	(unaudited)
Assets
Investments, at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $915,704 and $737,077 as of June 30, 2026 and December 31, 2025, respectively)	$901,931	$736,333
Non-controlled/affiliated investments at fair value (amortized cost of $26,098 and $22,443 as of June 30, 2026 and December 31, 2025, respectively)	28,015	22,127
Controlled/affiliated investments at fair value (amortized cost of $53,925 and $30,921 as of June 30, 2026 and December 31, 2025, respectively)	53,712	30,753
Cash and cash equivalents	154,813	199,187
Deferred financing costs	8,568	9,575
Interest receivable	6,990	2,964
Other assets	2,247	2,534
Total assets	$1,156,276	$1,003,473

Liabilities
Secured borrowings (see Note 5)	$299,982	$276,982
SBA-guaranteed debentures (see Note 5)	230,000	230,000
Notes payable, net of deferred financing costs of $1,426 and $1,598, respectively (see Note 5)	63,574	63,402
Unsettled trades payable	42,189	—
Distributions payable	9,704	9,239
Interest and financing payable	7,711	7,517
Management fee payable (see Note 6)	2,045	1,841
Incentive fee payable (see Note 6)	1,788	1,516
Accounts payable and accrued expenses	1,410	1,223
Income tax payable	856	178
Due to affiliate	167	246
Total liabilities	659,426	592,144
Commitments and Contingencies (See Note 7)

Net assets
Preferred stock, par value $0.001 per share (50,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025)	—	—
Common stock, par value $0.001 per share (450,000,000 shares authorized, 34,293,627 and 27,776,022 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	34	28
Paid-in capital in excess of par	506,762	410,747
Distributable earnings (losses)	(9,946)	554
Total net assets	496,850	411,329
Total liabilities and net assets	$1,156,276	$1,003,473

Net asset value per common share	$14.49	$14.81

The accompanying notes are an integral part of these consolidated financial statements.

Lafayette Square USA, Inc.

Consolidated Statements of Operations

(dollar amounts in thousands, except per share data or otherwise noted)


	For the three months ended June 30, 2026	For the three months ended June 30, 2025	For the six months ended June 30, 2026	For the six months ended June 30, 2025
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Investment Income:
Non-controlled/non-affiliated investments:
Interest income (see Note 2)	$23,553	$19,775	$44,471	$36,278
Fee income	141	359	521	1,086
Non-controlled/affiliated investments:
Interest income	106	69	198	716
Controlled/affiliated investments:
Interest income	116	—	147	—
Interest from cash and cash equivalents	713	1,034	1,641	2,472
Total investment income	24,629	21,237	46,978	40,552

Expenses:
Interest and financing expenses (see Note 5)	$8,267	$7,254	$16,321	$13,269
Management fee (see Note 6)	2,045	1,585	3,927	3,063
Incentive fee (see Note 6)	1,788	1,620	3,391	3,134
Administrative services fee (see Note 6)	600	450	1,100	900
Professional fees	517	350	1,076	659
General and administrative expenses	444	590	972	840
Income tax expense	678	41	678	670
Directors' fees	146	80	271	160
Organizational costs (see Note 2)	—	75	—	75
Total expenses	14,485	12,045	27,736	22,770
Net investment income (loss)	10,144	9,192	19,242	17,782

Net realized and unrealized gains (losses) on investment transactions:
Net realized gains (losses) on investments:
Net realized gains (losses) on investments in non- controlled/non-affiliated investments	—	24	—	82
Total net realized gains (losses) on investments	—	24	—	82
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	(8,812)	(552)	(13,029)	347
Net change in unrealized gains (losses) on investments in non-controlled/affiliated investments	2,349	441	2,233	2,041
Net change in unrealized gains (losses) on investments in controlled/affiliated investments	(9)	—	(45)	—
Total net change in unrealized gains (losses) on investments	(6,472)	(111)	(10,841)	2,388
Net increase (decrease) in net assets resulting from operations	$3,672	$9,105	$8,401	$20,252

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Lafayette Square USA, Inc.

Consolidated Statements of Operations (continued)

(dollar amounts in thousands, except per share data or otherwise noted)


Weighted average common shares outstanding	29,652,829	24,217,260	28,802,536	24,098,036
Earnings (loss) per common share (basic and diluted)	$0.12	$0.38	$0.29	$0.84

The accompanying notes are an integral part of these consolidated financial statements.

Lafayette Square USA, Inc.

Consolidated Statements of Changes in Net Assets

(dollar amounts in thousands, except per share data or otherwise noted)


	Common Stock
	Shares	Par Amount	Paid in Capital Excess of Par	Distributable Earnings (Losses)	Total net assets
Balance, March 31, 2025	24,096,013	$24	$355,594	$3,955	$359,573
Capital transactions:
Issuance of common stock	—	—	—	—	—
Reinvestment of stockholder distributions	197,026	—	2,920	—	2,920
Net increase in net assets from capital transactions	197,026	—	2,920	—	2,920
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—	—	—	9,192	9,192
Net realized gain (loss)	—	—	—	24	24
Net change in unrealized gain (losses)	—	—	—	(111)	(111)
Total increase (decrease) in net assets resulting from operations	—	—	—	9,105	9,105
Distributions to stockholders from:
Distributable earnings	—	—	—	(8,503)	(8,503)
Total distributions to stockholders	—	—	—	(8,503)	(8,503)
Total increase (decrease) for the three months ended June 30, 2025	197,026	—	2,920	602	3,522
Balance, June 30, 2025	24,293,039	$24	$358,514	$4,557	$363,095


	Common Stock
	Shares	Par Amount	Paid in Capital Excess of Par	Distributable Earnings (Losses)	Total net assets
Balance, March 31, 2026	29,313,127	$29	$433,470	$(3,914)	$429,585
Capital transactions:
Issuance of common stock	4,886,588	5	71,904	—	71,909
Reinvestment of stockholder distributions	93,912	—	1,388	—	1,388
Net increase in net assets from capital transactions	4,980,500	5	73,292	—	73,297
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—	—	—	10,144	10,144
Net realized gain (loss)	—	—	—	—	—
Net change in unrealized gain (losses)	—	—	—	(6,472)	(6,472)
Total increase (decrease) in net assets resulting from operations	—	—	—	3,672	3,672
Distributions to stockholders from:
Distributable earnings	—	—	—	(9,704)	(9,704)
Total distributions to stockholders	—	—	—	(9,704)	(9,704)
Total increase (decrease) for the three months ended June 30, 2026	4,980,500	5	73,292	(6,032)	67,265
Balance, June 30, 2026	34,293,627	$34	$506,762	$(9,946)	$496,850

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Lafayette Square USA, Inc.

Consolidated Statements of Changes in Net Assets (continued)

(dollar amounts in thousands, except per share data or otherwise noted)


	Common Stock
	Shares	Par Amount	Paid in Capital Excess of Par	Distributable Earnings (Losses)	Total net assets
Balance, December 31, 2024	23,797,438	$24	$351,181	$1,201	$352,406
Capital transactions:
Issuance of common stock	116,132	—	1,721	—	1,721
Reinvestment of stockholder distributions	379,469	—	5,612	—	5,612
Net increase in net assets from capital transactions	495,601	—	7,333	—	7,333
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—	—	—	17,782	17,782
Net realized gain (loss)	—	—	—	82	82
Net change in unrealized gain (losses)	—	—	—	2,388	2,388
Total increase (decrease) in net assets resulting from operations	—	—	—	20,252	20,252
Distributions to stockholders from:
Distributable earnings	—	—	—	(16,896)	(16,896)
Total distributions to stockholders	—	—	—	(16,896)	(16,896)
Total increase (decrease) for the six months ended June 30, 2025	495,601	—	7,333	3,356	10,689
Balance, June 30, 2025	24,293,039	$24	$358,514	$4,557	$363,095


	Common Stock
	Shares	Par Amount	Paid in Capital Excess of Par	Distributable Earnings (Losses)	Total net assets
Balance, December 31, 2025	27,776,022	$28	$410,747	$554	$411,329
Capital transactions:
Issuance of common stock	6,330,982	6	93,251	—	93,257
Reinvestment of stockholder distributions	186,623	—	2,764	—	2,764
Net increase in net assets from capital transactions	6,517,605	6	96,015	—	96,021
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	—	—	—	19,242	19,242
Net realized gain (loss)	—	—	—	—	—
Net change in unrealized gain (losses)	—	—	—	(10,841)	(10,841)
Total increase (decrease) in net assets resulting from operations	—	—	—	8,401	8,401
Distributions to stockholders from:
Distributable earnings	—	—	—	(18,901)	(18,901)
Total distributions to stockholders	—	—	—	(18,901)	(18,901)
Total increase (decrease) for the six months ended June 30, 2026	6,517,605	6	96,015	(10,500)	85,521
Balance, June 30, 2026	34,293,627	$34	$506,762	$(9,946)	$496,850

The accompanying notes are an integral part of these consolidated financial statements.

Lafayette Square USA, Inc.

Consolidated Statements of Cash Flows

(dollar amounts in thousands, except per share data or otherwise noted)


	For the six months ended June 30, 2026	For the six months ended June 30, 2025
	(unaudited)	(unaudited)
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$8,401	$20,252
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss on investments	—	(82)
Net change in unrealized (gain) loss on investments	10,841	(2,388)
Purchases of investments	(283,814)	(285,770)
Net accretion of discount on investments	(2,393)	(1,132)
Proceeds from sales and repayments of investments	80,921	114,244
Amortization of deferred financing costs	1,181	772
Changes in operating assets and liabilities:
Interest receivable	(4,026)	(1,805)
Due from affiliate	—	(178)
Other assets	287	(1,998)
Unsettled trades payable	42,189	—
Deferred revenue payable	—	(1,012)
Accounts payable and accrued expenses	187	111
Management fee payable	204	210
Incentive fee payable	272	42
Interest and financing payable	194	1,642
Income tax payable	678	393
Due to affiliate	(79)	523
Net cash provided by (used in) operating activities	(144,957)	(156,176)

Cash flows from financing activities
Proceeds from issuance of shares of common stock	93,257	1,721
Distributions paid	(15,672)	(10,634)
Proceeds from secured borrowings	213,500	118,750
Repayments of secured borrowings	(190,500)	(72,500)
Proceeds from SBA-guaranteed debentures	—	37,495
Deferred financing costs paid	(2)	(1,789)
Net cash provided by (used in) financing activities	100,583	73,043

Net increase (decrease) in cash and cash equivalents	(44,374)	(83,133)
Cash and cash equivalents at beginning of period	199,187	202,452
Cash and cash equivalents at end of period	$154,813	$119,319

Supplemental information (1):
Cash paid for interest	$14,879	$10,790
Shares issued from dividend reinvestment plan	$2,764	$5,612

(1) Deferred financing costs of $9,592 for the six months ended June 30, 2025, previously presented as supplemental information,

have been removed to conform to the current period presentation.

The accompanying notes are an integral part of these consolidated financial statements.

Lafayette Square USA, Inc.

Consolidated Schedule of Investments

June 30, 2026


Company (1)(3)(11)(13)	Footnotes	Investment Type	Reference Rate and Spread		Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares (4)	Amortized Cost	Fair Value	Percentage of Net Assets (5)
Non-controlled/non-affiliated investments
Aerospace & Defense
C Speed LLC	(6)(7)(23)(30)	First lien senior secured loan	S+	7.40%	11.13%	10/1/2024	10/1/2029	$9,000	$8,970	$8,820	1.8%
C Speed LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	7.40%	11.13%	10/1/2024	10/1/2029	15,032	14,937	14,732	3.0%
									23,907	23,552	4.8%
Commercial Services & Supplies
Rotolo Consultants, Inc.	(6)(7)(23)(29)	First lien senior secured loan	S+	5.50%	9.24%	1/31/2025	1/31/2031	5,283	5,270	5,283	1.1%
Rotolo Consultants, Inc.	(6)(7)(8)(23)(30)	First lien senior secured loan	S+	5.50%	9.24%	1/31/2025	1/31/2031	4,540	4,496	4,540	0.9%
Rotolo Consultants, Inc.	(6)(7)(23)(28)	First lien senior secured loan	S+	5.50%	9.24%	1/31/2025	1/31/2031	27,779	27,955	27,779	5.6%
Soapy Joe's Midco OC Holdings LLC	(6)(7)(8)(12)(29)(33)	First lien senior secured loan	S+	5.85%	—%	4/22/2025	4/22/2030	—	—	—	—%
Soapy Joe's Midco OC Holdings LLC	(6)(7)(12)(28)(33)	First lien senior secured loan	S+	5.85%	9.49%	4/22/2025	4/22/2030	15,338	15,282	15,338	3.1%
TEC Services LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	5.50%	9.30%	1/9/2025	12/31/2029	9,850	9,850	9,850	2.0%
ZWR Holdings, Inc.		Subordinated debt	14.00% (Inc. 10.00% PIK)		14.00%	8/16/2021	2/12/2027	1,959	1,959	1,959	0.4%
ZWR Holdings, Inc.		Warrants				8/16/2021	2/16/2027	24,953	—	—	—%
									64,812	64,749	13.1%
Construction & Engineering
Florida Solid Solutions LLC	(6)(7)(12)(29)	First lien senior secured loan	S+	6.25%	10.00%	4/02/2026	4/02/2031	5,700	5,700	5,700	1.1%
Florida Solid Solutions LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	6.25%	9.99%	4/02/2026	4/02/2031	9,192	9,105	9,192	1.9%
Ickler Electric Corporation	(6)(7)(12)(23)(28)	First lien senior secured loan	S+	6.50%	10.23%	4/17/2025	4/17/2030	43,560	43,388	43,360	8.8%
Ickler Electric Corporation	(12)(23)	Subordinated debt		14.00%	14.00%	4/17/2025	10/17/2030	1,604	1,589	1,595	0.3%
Ickler Electric Corporation	(12)	Warrants				4/17/2025	4/17/2030	37,608	—	—	—%
Synergi, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	7.45%	11.45%	12/19/2022	12/17/2027	19,850	19,929	19,850	4.0%
Synergi, LLC	(6)(7)(8)(23)(30)	First lien senior secured loan	S+	7.45%	11.45%	12/19/2022	12/17/2027	250	239	250	0.1%
									79,950	79,947	16.2%
Diversified Consumer Services
Best Friends Pet Care Holdings Inc.	(6)(7)(12)(23)(29)(3 3)	First lien senior secured loan	S+	6.95%	10.94%	12/21/2023	6/21/2028	27,528	27,479	27,528	5.5%
Best Friends Pet Care Holdings Inc.	(6)(7)(12)(23)(28)(3 3)	First lien senior secured loan	S+	6.95%	10.94%	12/21/2023	6/21/2028	20,226	20,075	20,226	4.1%
Med Learning Group, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	5.75%	9.48%	3/26/2024	12/30/2027	19,167	19,195	19,167	3.9%
Med Learning Group, LLC	(6)(7)(23)(29)	First lien senior secured loan	S+	5.75%	9.48%	3/26/2024	12/30/2027	5,293	5,310	5,293	1.1%
Sand Lake Outsourcing Intermediate, LLC	(6)(7)(8)(30)	First lien senior secured loan	S+	6.50%	—%	4/22/2026	1/28/2031	—	(3)	—	—%
Sand Lake Outsourcing Intermediate, LLC	(6)(7)(28)	First lien senior secured loan	S+	6.50%	10.23%	4/22/2026	1/28/2031	19,248	19,156	19,157	3.9%
									91,212	91,371	18.5%

Table of Contents

Lafayette Square USA, Inc.

Consolidated Schedule of Investments (continued)

June 30, 2026


Company (1)(3)(11)(13)	Footnotes	Investment Type	Reference Rate and Spread		Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares (4)	Amortized Cost	Fair Value	Percentage of Net Assets (5)
Diversified Telecommunication Services
Johnsoncomm LLC	(6)(7)(15)(23)(28)	First lien senior secured loan	S+	9.00%	12.74%	1/31/2025	1/31/2030	15,971	15,863	15,348	3.1%
									15,863	15,348	3.1%
Electrical Equipment
Electro Technical Industries, LLC	(6)(7)(8)(12)(30)	First lien senior secured loan	S+	5.50%	—%	3/31/2025	3/31/2030	—	(13)	—	—%
Electro Technical Industries, LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	5.50%	9.17%	3/31/2025	3/31/2030	12,378	12,304	12,378	2.5%
Mission Critical Group LLC	(6)(7)(8)(29)	First lien senior secured loan	S+	5.25%	—%	4/02/2026	10/01/2030	—	(5)	—	—%
Mission Critical Group LLC	(6)(7)(8)(30)	First lien senior secured loan	S+	5.25%	—%	4/02/2026	10/01/2030	—	(4)	—	—%
Mission Critical Group LLC	(6)(7)(28)	First lien senior secured loan	S+	5.25%	8.93%	4/02/2026	10/01/2030	12,278	12,215	12,215	2.5%
									24,497	24,593	5.0%
Financial Services
Core Capital Partners II-S LP	(6)(7)(8)(23)(30)(33)	First lien senior secured loan	S+	7.50%	11.23%	10/11/2024	10/11/2027	6,187	6,136	6,187	1.2%
Core Capital Partners II-S LP	(6)(7)(23)(28)(33)	First lien senior secured loan	S+	7.50%	11.23%	10/11/2024	10/11/2027	28,000	27,876	28,000	5.6%
HVEP CARRY HOLDCO LLC	(6)(7)(28)	First lien senior secured loan	S+	6.50%	10.16%	6/03/2026	6/03/2029	8,750	8,665	8,665	1.7%
									42,677	42,852	8.5%
Food Distributors
Genuine Food Lab LLC	(6)(7)(8)(12)(29)(33)	First lien senior secured loan	S+	8.15%	—%	6/06/2025	6/06/2030	—	(20)	—	—%
Genuine Food Lab LLC	(6)(7)(12)(28)(33)	First lien senior secured loan	S+	8.15%	11.89%	6/06/2025	6/06/2030	9,975	9,896	9,809	2.0%
									9,876	9,809	2.0%
Food Products
Capital City LLC	(6)(7)(15)(29)	First lien senior secured loan	S+	8.00%	11.73%	9/20/2024	9/20/2029	619	616	616	0.1%
Capital City LLC	(6)(7)(15)(28)	First lien senior secured loan	S+	8.00%	11.73%	9/20/2024	9/20/2029	477	474	475	0.1%
OWP International LLC	(6)(7)(8)(12)(29)	First lien senior secured loan	S+	5.75%	9.49%	11/20/2025	11/20/2030	240	231	238	—%
OWP International LLC	(6)(7)(8)(12)(30)	First lien senior secured loan	S+	5.75%	9.49%	11/20/2025	11/20/2030	1,000	974	993	0.2%
OWP International LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	5.75%	9.49%	11/20/2025	11/20/2030	14,925	14,795	14,813	3.0%
									17,090	17,135	3.4%
Health Care Equipment & Services
MSPB MSO, LLC	(6)(7)(23)(29)	First lien senior secured loan	S+	6.50%	10.23%	11/10/2023	11/10/2028	11,578	11,599	11,520	2.3%
MSPB MSO, LLC	(6)(7)(8)(23)(30)	First lien senior secured loan	S+	6.50%	10.17%	11/10/2023	11/10/2028	6,000	5,978	5,970	1.2%
MSPB MSO, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	6.50%	10.23%	11/10/2023	11/10/2028	9,850	9,833	9,801	2.0%
									27,410	27,291	5.5%
Health Care Providers & Services
Ally Medical Holdings, LLC	(6)(7)(8)(23)(29)	First lien senior secured loan	S+	7.00%	—%	1/15/2026	1/15/2030	—	(44)	—	—%
Ally Medical Holdings, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	7.00%	10.74%	1/15/2026	1/15/2030	14,375	14,250	14,375	2.9%
Prime IV Hydration & Wellness Inc.	(6)(7)(8)(15)(29)(33)	First lien senior secured loan	S+	6.50%	—%	11/25/2025	11/25/2030	—	(35)	—	—%
Prime IV Hydration & Wellness Inc.	(6)(7)(15)(28)(33)	First lien senior secured loan	S+	6.50%	10.23%	11/25/2025	11/25/2030	7,960	7,818	7,900	1.6%
Salt Dental Collective LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	6.75%	10.49%	3/20/2023	2/15/2028	17,497	17,411	17,497	3.5%
SMG Operating Company, LLC	(6)(7)(8)(23)(29)	First lien senior secured loan	S+	5.00%	—%	12/5/2025	12/5/2030	—	(5)	—	—%
SMG Operating Company, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	5.00%	8.65%	12/5/2025	12/5/2030	8,479	8,423	8,436	1.7%
Straine Dental Management, LLC	(6)(7)(8)(23)(29)	First lien senior secured loan	S+	7.24%	10.96%	11/25/2025	11/25/2030	123	115	123	—%

Table of Contents

Lafayette Square USA, Inc.

Consolidated Schedule of Investments (continued)

June 30, 2026


Company (1)(3)(11)(13)	Footnotes	Investment Type	Reference Rate and Spread		Interest Rate	Acquisition Date	Maturity Date	Par Amount/ Shares (4)	Amortized Cost	Fair Value	Percentage of Net Assets (5)
Straine Dental Management, LLC	(6)(7)(23)(28)	First lien senior secured loan	S+	7.42%	11.14%	11/25/2025	11/25/2030	11,729	11,685	11,729	2.4%
									59,618	60,060	12.1%
Hotels, Restaurants & Leisure
Aetius Holdings, LLC	(6)(7)(28)	First lien senior secured loan	S+	7.00%	10.93%	1/25/2023	9/30/2026	884	884	884	0.2%
Dance Nation Holdings LLC	(6)(7)(28)	First lien senior secured loan	S+	6.95%	10.95%	8/24/2023	8/24/2028	36,749	36,625	35,922	7.2%
Dance Nation Holdings LLC	(6)(7)(30)	First lien senior secured loan	S+	6.95%	10.95%	8/24/2023	8/24/2028	5,000	4,987	4,888	1.0%
Dance Nation Topco LLC		Preferred Equity				8/24/2023		2,000,000	1,959	1,720	0.3%
LC Hospitality, LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	5.45%	9.18%	7/25/2024	7/25/2031	10,579	10,517	10,169	2.0%
Liberty Lenwich Holdings LLC	(6)(7)(8)(15)(23)(29)	First lien senior secured loan	S+	5.00%	—%	2/28/2025	2/28/2030	—	(11)	—	—%
Liberty Lenwich Holdings LLC	(6)(7)(15)(23)(28)	First lien senior secured loan	S+	5.00%	8.74%	2/28/2025	2/28/2030	22,268	22,382	22,268	4.5%
Liberty Lenwich Holdings LLC	(6)(7)(8)(15)(23)(30)	First lien senior secured loan	S+	5.00%	—%	2/28/2025	2/28/2030	—	(22)	—	—%
									77,321	75,851	15.2%
Independent Power & Renewable
National Carbon Technologies – California, LLC	(28)	First lien senior secured loan		12.25%	12.25%	5/31/2024	5/31/2029	14,000	13,999	13,703	2.8%
truCurrent LLC	(6)(7)(8)(29)	First lien senior secured loan	S+	7.20%	10.94%	2/12/2024	2/12/2029	23,900	23,849	23,900	4.8%
truCurrent LLC	(6)(7)(28)	First lien senior secured loan	S+	7.20%	10.94%	2/12/2024	2/12/2029	12,500	12,434	12,500	2.5%
									50,282	50,103	10.1%
Insurance
Arrowhead Capital Group LLC	(23)	Preferred equity			10.00%	2/28/2025		15,000,000	15,000	15,000	3.0%
									15,000	15,000	3.0%
IT Services
DRS Imaging Services LLC	(6)(7)(12)(29)	First lien senior secured loan	S+	6.00%	9.73%	3/28/2025	3/28/2030	4,230	4,208	4,194	0.8%
DRS Imaging Services LLC	(6)(7)(8)(12)(30)	First lien senior secured loan	S+	6.00%	—%	3/28/2025	3/28/2030	—	(53)	—	—%
DRS Imaging Services LLC	(6)(7)(12)(28)	First lien senior secured loan	S+	6.00%	9.73%	3/28/2025	3/28/2030	10,515	10,544	10,426	2.1%
Xpect Solutions, LLC	(6)(7)(8)(12)(23)(29)	First lien senior secured loan	S+	5.90%	9.63%	10/7/2024	10/7/2029	8,263	8,237	8,056	1.6%
Xpect Solutions, LLC	(6)(7)(8)(12)(23)(30)	First lien senior secured loan	S+	5.90%	—%	10/7/2024	10/7/2029	—	(13)	—	—%
Xpect Solutions, LLC	(6)(7)(12)(23)(28)	First lien senior secured loan	S+	5.90%	9.63%	10/7/2024	10/7/2029	22,106	21,960	21,554	4.3%
									44,883	44,230	8.8%
Media
Direct Digital Holdings, LLC	(6)(7)(29)	First lien senior secured loan	S+	10.00%	13.82%	6/29/2022	12/3/2026	646	646	646	0.1%
Direct Digital Holdings, LLC	(6)(7)(28)	First lien senior secured loan	S+	10.00%	13.83%	6/29/2022	12/3/2026	9,643	7,559	9,643	1.9%
Direct Digital Holdings, LLC	(6)(7)(28)	First lien senior secured loan	S+	10.00%	13.82%	6/29/2022	12/3/2026	510	510	510	0.1%
Direct Digital Holdings, LLC	(6)(7)(28)	First lien senior secured loan	S+	10.00%	13.82%	9/8/2025	9/30/2026	3,989	3,985	3,989	0.8%
Direct Digital Holdings, LLC		Preferred Equity			10.00%	8/8/2025		18,513,285	18,513	14,255	2.9%
Direct Digital Holdings, LLC	(2)	Preferred Equity			10.00%	10/14/2025		10,475,769	7,152	8,066	1.6%
									38,365	37,109	7.4%
Professional Services
Akoma Capital Advisory LLC	(6)(7)(15)(28)	First lien senior secured loan	S+	7.00%	10.73%	3/31/2026	3/31/2029	600	594

Lafayette Square USA, Inc. 10-Q