Employees' Retirement System of the State of Hawaii 4

What Happened
The Employees' Retirement System of the State of Hawaii, listed as a 10% owner, made a purchase of Lafayette Square USA, Inc. common stock on 2026-06-26. The filing shows an open market or private purchase (code P) of 1,365,187.71 shares at $14.65 per share, for a total transaction value of $20,000,000. This was a purchase (a bullish capital deployment), not a sale.

Key Details

• Transaction date: 2026-06-26. Report filed with accession 0001936313-26-000003 on the same date.
• Price and size: 1,365,187.71 shares at $14.65 per share; total value $20,000,000.
• Transaction type: P = Purchase (open market or private purchase).
• Insider status: Institutional 10% owner (Employees' Retirement System of the State of Hawaii), not an executive.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Reported with the same Period of Report and filing date (no late filing indicated in the provided data).
• No footnotes (e.g., 10b5-1, tax withholding) were provided in the excerpt.

Context
Because this buyer is a 10% institutional owner rather than company management, the purchase signals an institutional allocation of capital but does not reflect insider (executive/officer) trading sentiment. Purchases by large holders can be interpreted by some investors as a positive vote of confidence, but they should be considered alongside other factors (fund strategy, portfolio rebalancing, or private transactions).