{"url_path":"/sec/cik-0001849089/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1849089/0001628280-26-032846-index.html","accession_number":"0001628280-26-032846","cik":"0001849089","ticker":null,"issuer_name":"Lafayette Square USA, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1849089/0001628280-26-032846-index.html","primary_entity_key":"0001849089","primary_entity_name":"Lafayette Square USA, Inc."},"word_count":28703,"has_tables":true,"body_markdown":"ls-20260331\n0001849089FALSE2026Q1--12-31http://fasb.org/srt/2025#AffiliatedEntityMemberhttp://fasb.org/srt/2025#AffiliatedEntityMemberP10D\n\nUnless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant\n\nunobservable inputs. See Note 4 \"Fair Value Measurement of Investments.\"\n\nDividends 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.\n\nAll investments are denominated in U.S. dollars unless otherwise noted.\n\nThe total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.\n\nPercentage is based on net assets of $429,585 as of March 31, 2026.\n\nLoan includes interest rate floor feature, which generally ranges from 1.00% to 4.00%.\n\nVariable 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\n\nFederal 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\n\neach investment's most recent reset date prior to March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the 180-day SOFR at 3.70%, 90-day SOFR at 3.68%, and 30-day\n\nSOFR at 3.66%.\n\nPosition 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\n\nvalue, 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\n\ndate stated. See below for more information on the Company’s unfunded commitments as of March 31, 2026:\n\nCash and cash equivalents balance represents amounts held in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2026, $193,198 was held\n\nin FGTXX and had an average one-year yield of 4.03%.\n\nUnder 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\n\nthe 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\n\ncompany’s outstanding voting securities. As of March 31, 2026, the Company’s non-controlled/affiliated investments and controlled/affiliated investments were as follows:\n\nSecurities 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\n\nthe instruments on this table are subject to restrictions on resale.\n\nInvestments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1).\n\nIndustries are classified by The Global Industry Classification Standard (\"GICS\").\n\nThe Company owns 31.25% of the equity interests in Neighborhood Grocery Catalyst Fund LLC.\n\nInvestments, or portion thereof, held by the SSBIC subsidiary (as defined in Note 1).\n\nThe Company owns 100.00% of the equity interests in Worker Solutions, LLC.\n\nThe Company owns a 66.25% of the equity interests in 3360 Frankford LLC.\n\nThe Company owns a 7.02% share in Liberty Top Holdings, LLC.\n\nThe Company owns a 27.00% share in GELDO Inc.\n\nThe Company owns a 100.00% share in Lafayette Square Technologies, LLC.\n\nThe Company owns a 100.00% share in Studio Lafayette, LLC.\n\nThe Company owns a 47.37% share in Truly Redlands LLC.\n\nAssets are pledged as collateral for the ING Credit Facility. See Note 5 “Debt”.\n\nThe Company owns a 100.00% share in Lafayette Square Mortgage Solutions, LLC.\n\nThe Company owns a 20.00% share in Sparrow Rock, Inc.\n\nThe Company owns a 100.00% share in Lafayette Square SBLC, LLC.\n\nThe Company owns a 90.89% share in LSA Affordable Housing LP.\n\nRepresents investment in a Term Loan. \n\nStudio Lafayette, LLC has been reclassified from Human Resource & Employment Services to Professional Services in the current-year Consolidated Schedule of Investments. The industry\n\nclassification 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.\n\nRepresents investment in a Delayed Draw Term Loan.\n\nRepresents investment in a Revolving Facility.\n\nThe Company owns a 20.00% share in Patti's Good Life LLC.\n\nThe Company owns a 60.20% share in SHaD Momentum LLC.\n\nUnless 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\n\nMeasurement of Investments.\"\n\nFootnote is currently not in use.\n\nAll investments are denominated in U.S. dollars unless otherwise noted.\n\nThe total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.\n\nPercentage is based on net assets of $411,329 as of December 31, 2025.\n\nLoan includes interest rate floor feature, which generally ranges from 1.00% to 4.00%.\n\nVariable 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\n\nbased 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\n\ninterest rate in effect as of December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the 180-day SOFR at 3.57%, 90-day  SOFR at 3.65% and 30-day\n\nSOFR at 3.69%.\n\nPosition 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\n\ncost 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\n\nexpire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2025:\n\nCash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2025, $199,187\n\nwas held in FGTXX and had an average one year yield of 4.21%.\n\nUnder 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\n\nmanagement 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\n\noutstanding voting securities. As of December 31, 2025, the Company’s non-controlled/affiliated investments and controlled/affiliated investments were as follows:\n\nSecurities exempt from registration under the Securities Act of 1933, as amended (the \"Securities Act\"), and may be deemed to be “restricted securities.”\n\nExcept as noted by this footnote, all of the instruments on this table are subject to restrictions on resale.\n\nInvestments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1).\n\nIndustries are classified by The Global Industry Classification Standard (\"GICS\").\n\nThe Company owns a 31.25% share in Neighborhood Grocery Catalyst Fund LLC.\n\nInvestments, or portion thereof, held by the SSBIC subsidiary (as defined in Note 1).\n\nThe Company owns a 100.00% share in Worker Solutions, LLC.\n\nThe Company owns a 66.25% share in 3360 Frankford LLC.\n\nThe Company owns a 7.02% share in Liberty Top Holdings, LLC.\n\nThe Company owns a 27.00% share in GELDO Inc.\n\nThe Company owns a 100.00% share in Lafayette Square Technologies, LLC\n\nThe Company owns a 100.00% share in Studio Lafayette, LLC\n\nThe Company owns a 47.37% share in Truly Redlands LLC\n\nAssets are pledged as collateral for the ING Credit Facility. See Note 5 “Debt”.\n\nThe Company owns a 100.00% share in Lafayette Square Mortgage Solutions, LLC.\n\nThe Company owns a 20.00% share in Sparrow Rock, Inc.\n\nThe Company owns a 100.00% share in Lafayette Square SBLC, LLC.\n\nThe Company owns a 90.89% share in LSA Affordable Housing LP.\n\nRepresents investment in a Term Loan.\n\nRepresents investment in a Delayed Draw Term Loan.\n\nRepresents investment in a Revolving 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LLC | First lien senior secured loan 12026-03-310001849089OWP International LLC | First lien senior secured loan 22026-03-310001849089OWP International LLC | First lien senior secured loan 32026-03-310001849089us-gaap:InvestmentUnaffiliatedIssuerMemberls:FoodProductsMember2026-03-310001849089Prime IV Hydration & Wellness Inc. | First lien senior secured loan 12026-03-310001849089Prime IV Hydration & Wellness Inc. | First lien senior secured loan 22026-03-310001849089us-gaap:InvestmentUnaffiliatedIssuerMemberls:HealthCareDistributorsMember2026-03-310001849089MSPB MSO, LLC | First lien senior secured loan 12026-03-310001849089MSPB MSO, LLC | First lien senior secured loan 22026-03-310001849089MSPB MSO, LLC | First lien senior secured loan 32026-03-310001849089us-gaap:InvestmentUnaffiliatedIssuerMemberls:HealthCareEquipmentAndServicesMember2026-03-310001849089Ally Medical Holdings, LLC | First lien senior secured loan 12026-03-310001849089Ally Medical Holdings, LLC | First lien senior 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32026-03-310001849089Xpect Solutions, LLC | First lien senior secured loan 12026-03-310001849089Xpect Solutions, LLC | First lien senior secured loan 22026-03-310001849089Xpect Solutions, LLC | First lien senior secured loan 32026-03-310001849089us-gaap:InvestmentUnaffiliatedIssuerMemberls:ITServicesMember2026-03-310001849089Direct Digital Holdings, LLC | First lien senior secured loan 12026-03-310001849089Direct Digital Holdings, LLC | First lien senior secured loan 22026-03-310001849089Direct Digital Holdings, LLC | First lien senior secured loan 32026-03-310001849089Direct Digital Holdings, LLC | First lien senior secured loan 42026-03-310001849089Direct Digital Holdings, LLC | Preferred Equity 12026-03-310001849089Direct Digital Holdings, LLC | Preferred Equity 22026-03-310001849089us-gaap:InvestmentUnaffiliatedIssuerMemberls:MediaMember2026-03-310001849089Akoma Capital Advisory LLC | First lien senior secured loan2026-03-310001849089CentralBDC Enterprises, LLC | First lien senior 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Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be\n\nsubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the\n\nregistrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a\n\nsmaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated\n\nfiler,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition\n\nperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the\n\nExchange Act. ☒\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐\n\nNo ☒\n\nAs of March 31, 2026, there was no established public market for the registrant’s common shares.\n\nAs of May 8, 2026 the Registrant had 29,407,040 shares of common stock, $0.001 par value per share, outstanding.\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nPage\n\n[Cautionary Statement Regarding Forward-Looking Statements](#icf58b7f161364a20b04cd7a86c0bfeb9_10)\n\n[1](#icf58b7f161364a20b04cd7a86c0bfeb9_10)\n\n[Part I. Financial Information](#icf58b7f161364a20b04cd7a86c0bfeb9_187)\n\n[Item 1.](#icf58b7f161364a20b04cd7a86c0bfeb9_73)\n\n[Financial Statements](#icf58b7f161364a20b04cd7a86c0bfeb9_73)\n\n[Consolidated Statements of Assets and Liabilities as of](#icf58b7f161364a20b04cd7a86c0bfeb9_79)March 31, 2026[(unaudited) and](#icf58b7f161364a20b04cd7a86c0bfeb9_79)December 31,\n\n2025\n\n[3](#icf58b7f161364a20b04cd7a86c0bfeb9_79)\n\n[Consolidated Statements of Operations for the](#icf58b7f161364a20b04cd7a86c0bfeb9_82)three months endedMarch 31, 2026[and](#icf58b7f161364a20b04cd7a86c0bfeb9_82)2025\n\n[(unaudited)](#icf58b7f161364a20b04cd7a86c0bfeb9_82)\n\n[4](#icf58b7f161364a20b04cd7a86c0bfeb9_82)\n\n[Consolidated Statements of Changes in Net Assets for the](#icf58b7f161364a20b04cd7a86c0bfeb9_85)three months endedMarch 31, 2026[and](#icf58b7f161364a20b04cd7a86c0bfeb9_85)\n\n2025[(unaudited)](#icf58b7f161364a20b04cd7a86c0bfeb9_85)\n\n[5](#icf58b7f161364a20b04cd7a86c0bfeb9_85)\n\n[Consolidated Statements of Cash Flows for the](#icf58b7f161364a20b04cd7a86c0bfeb9_88)three months endedMarch 31, 2026[and](#icf58b7f161364a20b04cd7a86c0bfeb9_88)2025\n\n[(unaudited)](#icf58b7f161364a20b04cd7a86c0bfeb9_88)\n\n[6](#icf58b7f161364a20b04cd7a86c0bfeb9_88)\n\n[Consolidated Schedule of Investments as of](#icf58b7f161364a20b04cd7a86c0bfeb9_91)March 31, 2026[(unaudited) and](#icf58b7f161364a20b04cd7a86c0bfeb9_91)December 31, 2025\n\n[7](#icf58b7f161364a20b04cd7a86c0bfeb9_91)\n\n[Notes to Consolidated Financial Statements (unaudited)](#icf58b7f161364a20b04cd7a86c0bfeb9_103)\n\n[26](#icf58b7f161364a20b04cd7a86c0bfeb9_103)\n\n[Item 2.](#icf58b7f161364a20b04cd7a86c0bfeb9_190)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#icf58b7f161364a20b04cd7a86c0bfeb9_190)\n\n[53](#icf58b7f161364a20b04cd7a86c0bfeb9_190)\n\n[Item 3.](#icf58b7f161364a20b04cd7a86c0bfeb9_67)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#icf58b7f161364a20b04cd7a86c0bfeb9_67)\n\n[76](#icf58b7f161364a20b04cd7a86c0bfeb9_67)\n\n[Item 4.](#icf58b7f161364a20b04cd7a86c0bfeb9_145)\n\n[Controls and Procedures](#icf58b7f161364a20b04cd7a86c0bfeb9_145)\n\n[78](#icf58b7f161364a20b04cd7a86c0bfeb9_145)\n\n[Part II. Other Information](#icf58b7f161364a20b04cd7a86c0bfeb9_196)\n\n[Item 1.](#icf58b7f161364a20b04cd7a86c0bfeb9_199)\n\n[Legal Proceedings](#icf58b7f161364a20b04cd7a86c0bfeb9_199)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_199)\n\n[Item 1A.](#icf58b7f161364a20b04cd7a86c0bfeb9_202)\n\n[Risk Factors](#icf58b7f161364a20b04cd7a86c0bfeb9_202)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_202)\n\n[Item 2.](#icf58b7f161364a20b04cd7a86c0bfeb9_205)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#icf58b7f161364a20b04cd7a86c0bfeb9_205)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_205)\n\n[Item 3.](#icf58b7f161364a20b04cd7a86c0bfeb9_208)\n\n[Defaults Upon Senior Securities](#icf58b7f161364a20b04cd7a86c0bfeb9_208)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_208)\n\n[Item 4.](#icf58b7f161364a20b04cd7a86c0bfeb9_211)\n\n[Mine Safety Disclosures](#icf58b7f161364a20b04cd7a86c0bfeb9_211)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_211)\n\n[Item 5.](#icf58b7f161364a20b04cd7a86c0bfeb9_214)\n\n[Other Information](#icf58b7f161364a20b04cd7a86c0bfeb9_214)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_214)\n\n[Item 6.](#icf58b7f161364a20b04cd7a86c0bfeb9_217)\n\n[Exhibits](#icf58b7f161364a20b04cd7a86c0bfeb9_217)\n\n[79](#icf58b7f161364a20b04cd7a86c0bfeb9_217)\n\n[SIGNATURES](#icf58b7f161364a20b04cd7a86c0bfeb9_181)\n\n[80](#icf58b7f161364a20b04cd7a86c0bfeb9_181)\n\n1\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve\n\nknown and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-\n\nlooking statements are not historical facts, but rather are based on current expectations, estimates and projections about\n\nLafayette Square USA, Inc., together with its consolidated subsidiaries (“we,” “us,” “our,” or the “Company”), our\n\nprospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as\n\n“anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,”\n\n“should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are\n\nintended to identify forward-looking statements. These statements are not guarantees of future performance and are subject\n\nto risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause\n\nactual results to differ materially from those expressed or forecasted in the forward-looking statements, including without\n\nlimitation:\n\n•our business prospects and the prospects of the companies in which we may invest;\n\n•our ability to raise sufficient capital to execute our investment strategy;\n\n•heightened global political and economic uncertainty caused by war, social unrest and political tension;\n\n•the impact of economic recessions or downturns could harm our operating results;\n\n•U.S. trade policy developments, tariffs and other trade restrictions;\n\n•price inflation and changes in the general interest rate environment, which could adversely affect the operating\n\nresults of our portfolio companies and impact their ability to pay interest and principal on our loans;\n\n•changes in the general interest rate environment;\n\n•general economic and political trends and other external factors, including the impact of any future pandemic or\n\nepidemic;\n\n•the demand from middle market businesses for capital investment and managerial assistance;\n\n•our ability to create and preserve jobs and stimulate the economy;\n\n•the ability of our portfolio companies to achieve their objectives;\n\n•our expected financing arrangements and expected investments;\n\n•the adequacy of our cash resources, financing sources and working capital;\n\n•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;\n\n•our contractual arrangements and relationships with third parties;\n\n•actual and potential conflicts of interest with LS BDC Adviser, LLC (the “Adviser”) or any of its affiliates;\n\n•the dependence of our future success on the general economy and its effect on the industries in which we invest;\n\n•our use of financial leverage;\n\n•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;\n\n•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;\n\n•the impact on our business of U.S. and international financial reform legislation, rules and regulations;\n\n•the effect of changes to tax legislation and our tax position;\n\n•the impact of information technology system failures, data security breaches, data privacy compliance, network\n\ndisruptions, and cybersecurity attacks;\n\n2\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\n•the ability of our subsidiaries to maintain their small business investment companies licenses from the Small\n\nBusiness Administration (the “SBA”), including the license for a small business investment company (“SBIC”)\n\ncurrently held by Lafayette Square SBIC, LP and the license for a specialized small business investment company\n\n(“SSBIC”) currently held by Lafayette Square SSBIC, LP, and the potential benefits from having such licenses;\n\n•our ability to adhere to and meet our goals, including our Goal2030™ (as defined in this report);\n\n•our ability to deploy at least 51% of our invested capital in Working Class Areas;\n\n•our ability to improve the retention, well-being, and productivity of employees in our portfolio companies;\n\n•our ability to enhance the risk-adjusted financial returns of our portfolio companies;\n\n•our ability to encourage our portfolio companies to adopt Managerial Assistance Recommendations;\n\n•our ability to reduce employee turnover and increase median income of employees within our portfolio\n\ncompanies;\n\n•our ability to encourage and increase participation in medical care benefits and retirement benefits by employees\n\nwithin our portfolio companies;\n\n•the likelihood that the federal government will expand its partnerships with the private sector, including through\n\nprograms aligned with our Goal2030™; and\n\n•our ability to qualify for and maintain our qualification as a regulated investment company (a “RIC”) and as a\n\nbusiness development company (a “BDC”).\n\nAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, any of\n\nthose assumptions could prove to be inaccurate. As a result, the forward-looking statements based on those assumptions\n\nalso could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking\n\nstatement in this report should not be regarded as a representation by us that our plans and objectives will be achieved.\n\nMoreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by\n\napplicable law. Because we are an investment company, the forward-looking statements and projections contained in this\n\nreport are excluded from the safe harbor protection provided by Section 21E under the U.S. Securities Exchange Act of\n\n1934, as amended (the “Exchange Act”).\n\n3\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Statements of Assets and Liabilities\n\n(dollar amounts in thousands, except per share data or otherwise noted)\n\nMarch 31, 2026\n\nDecember 31, 2025\n\n(unaudited)\n\nAssets\n\nInvestments, at fair value:\n\nNon-controlled/non-affiliated investments at fair value (amortized cost of $762,652 and\n\n$737,077 as of March 31, 2026 and December 31, 2025, respectively)\n\n$757,691\n\n$736,333\n\nNon-controlled/affiliated investments at fair value (amortized cost of $26,098 and\n\n$22,443 as of March 31, 2026 and December 31, 2025, respectively)\n\n25,666\n\n22,127\n\nControlled/affiliated investments at fair value (amortized cost of $38,907 and $30,921\n\nas of March 31, 2026 and December 31, 2025, respectively)\n\n38,703\n\n30,753\n\nCash and cash equivalents\n\n193,198\n\n199,187\n\nDeferred financing costs\n\n9,072\n\n9,575\n\nInterest receivable\n\n4,731\n\n2,964\n\nOther assets\n\n2,471\n\n2,534\n\nCapital call receivable\n\n10\n\n—\n\nTotal assets\n\n$1,031,542\n\n$1,003,473\n\nLiabilities\n\nSecured borrowings (see Note 5)\n\n$289,982\n\n$276,982\n\nSBA-guaranteed debentures (see Note 5)\n\n230,000\n\n230,000\n\nNotes payable, net of deferred financing costs of $1,512 and $1,598, respectively (see\n\nNote 5)\n\n63,488\n\n63,402\n\nDistributions payable\n\n9,197\n\n9,239\n\nInterest and financing payable\n\n3,679\n\n7,517\n\nManagement fee payable (see Note 6)\n\n1,882\n\n1,841\n\nAccounts payable and accrued expenses\n\n1,688\n\n1,223\n\nIncentive fee payable (see Note 6)\n\n1,603\n\n1,516\n\nDue to affiliate\n\n260\n\n246\n\nIncome tax payable\n\n178\n\n178\n\nTotal liabilities\n\n601,957\n\n592,144\n\nCommitments and Contingencies (See Note 7)\n\nNet assets\n\nPreferred stock, par value $0.001 per share (50,000,000 shares authorized, 0 shares\n\nissued and outstanding as of March 31, 2026 and December 31, 2025)\n\n—\n\n—\n\nCommon stock, par value $0.001 per share (450,000,000 shares authorized, 29,313,127\n\nand 27,776,022 shares issued and outstanding as of March 31, 2026 and December 31,\n\n2025, respectively)\n\n29\n\n28\n\nPaid-in capital in excess of par\n\n433,470\n\n410,747\n\nDistributable earnings (losses)\n\n(3,914)\n\n554\n\nTotal net assets\n\n429,585\n\n411,329\n\nTotal liabilities and net assets\n\n$1,031,542\n\n$1,003,473\n\nNet asset value per common share\n\n$14.66\n\n$14.81\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n4\n\nLafayette Square USA, Inc.\n\nConsolidated Statements of Operations\n\n(dollar amounts in thousands, except per share data or otherwise noted)\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\n(unaudited)\n\n(unaudited)\n\nInvestment Income:\n\nInterest income from non-controlled/non-affiliated investments:\n\nCash\n\n$20,918\n\n$16,503\n\nFee income\n\n380\n\n727\n\nInterest income from non-controlled/affiliated investments:\n\nCash\n\n92\n\n647\n\nInterest income from controlled/affiliated investments:\n\nCash\n\n31\n\n—\n\nInterest from cash and cash equivalents\n\n928\n\n1,438\n\nTotal investment income\n\n22,349\n\n19,315\n\nExpenses:\n\nInterest and financing expenses (see Note 5)\n\n$8,054\n\n$6,015\n\nManagement fee (see Note 6)\n\n1,882\n\n1,478\n\nIncentive fee (see Note 6)\n\n1,603\n\n1,514\n\nGeneral and administrative expenses\n\n618\n\n250\n\nAdministrative services fee (see Note 6)\n\n500\n\n450\n\nProfessional fees\n\n469\n\n309\n\nDirectors' fees\n\n125\n\n80\n\nIncome tax expense\n\n—\n\n629\n\nTotal expenses\n\n13,251\n\n10,725\n\nNet investment income (loss)\n\n9,098\n\n8,590\n\nNet realized and unrealized gains (losses) on investment transactions:\n\nNet realized gains (losses) on investments:\n\nNet realized gains (losses) on investments in non-controlled/non-affiliated\n\ninvestments\n\n—\n\n58\n\nTotal net realized gains (losses) on investments\n\n—\n\n58\n\nNet change in unrealized gains (losses) on investments:\n\nNet change in unrealized gains (losses) on investments in non-controlled/non-\n\naffiliated investments\n\n(4,217)\n\n899\n\nNet change in unrealized gains (losses) on investments in non-controlled/\n\naffiliated investments\n\n(116)\n\n1,600\n\nNet change in unrealized gains (losses) on investments in controlled/affiliated\n\ninvestments\n\n(36)\n\n—\n\nTotal net change in unrealized gains (losses) on investments\n\n(4,369)\n\n2,499\n\nNet increase (decrease) in net assets resulting from operations\n\n$4,729\n\n$11,147\n\nWeighted average common shares outstanding\n\n27,942,796\n\n23,977,487\n\nNet investment income (loss) per common share (basic and diluted)\n\n$0.33\n\n$0.36\n\nEarnings (loss) per common share (basic and diluted)\n\n$0.17\n\n$0.46\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n5\n\nLafayette Square USA, Inc.\n\nConsolidated Statements of Changes in Net Assets\n\n(dollar amounts in thousands, except per share data or otherwise noted)\n\nCommon Stock\n\nShares\n\nPar\n\nAmount*\n\nPaid in\n\nCapital\n\nExcess of Par\n\nDistributable\n\nEarnings\n\n(Losses)\n\nTotal net\n\nassets\n\nBalance, December 31, 2024\n\n23,797,438\n\n$24\n\n$351,181\n\n$1,201\n\n$352,406\n\nCapital transactions:\n\nIssuance of common stock\n\n116,132\n\n—\n\n1,721\n\n—\n\n1,721\n\nReinvestment of stockholder distributions\n\n182,443\n\n—\n\n2,692\n\n—\n\n2,692\n\nNet increase in net assets from capital transactions\n\n298,575\n\n—\n\n4,413\n\n—\n\n4,413\n\nNet increase (decrease) in net assets resulting from\n\noperations:\n\nNet investment income (loss)\n\n—\n\n—\n\n—\n\n8,590\n\n8,590\n\nNet realized gain (loss)\n\n—\n\n—\n\n—\n\n58\n\n58\n\nNet change in unrealized gain (losses)\n\n—\n\n—\n\n—\n\n2,499\n\n2,499\n\nTotal increase (decrease) in net assets resulting from\n\noperations\n\n—\n\n—\n\n—\n\n11,147\n\n11,147\n\nDistributions to stockholders from:\n\nDistributable earnings\n\n—\n\n—\n\n—\n\n(8,393)\n\n(8,393)\n\nTotal distributions to stockholders\n\n—\n\n—\n\n—\n\n(8,393)\n\n(8,393)\n\nTotal increase (decrease) for the three months ended\n\nMarch 31, 2025\n\n298,575\n\n—\n\n4,413\n\n2,754\n\n7,167\n\nBalance, March 31, 2025\n\n24,096,013\n\n$24\n\n$355,594\n\n$3,955\n\n$359,573\n\nCommon Stock\n\nShares\n\nPar\n\nAmount\n\nPaid in\n\nCapital\n\nExcess of Par\n\nDistributable\n\nEarnings\n\n(Losses)\n\nTotal net\n\nassets\n\nBalance at December 31, 2025\n\n27,776,022\n\n$28\n\n$410,747\n\n$554\n\n$411,329\n\nCapital transactions:\n\nIssuance of common stock\n\n1,444,394\n\n1\n\n21,347\n\n—\n\n21,348\n\nReinvestment of stockholder distributions\n\n92,711\n\n—\n\n1,376\n\n—\n\n1,376\n\nNet increase in net assets from capital transactions\n\n1,537,105\n\n1\n\n22,723\n\n—\n\n22,724\n\nNet increase (decrease) in net assets resulting from\n\noperations:\n\nNet  investment income (loss)\n\n—\n\n—\n\n—\n\n9,098\n\n9,098\n\nNet realized gain (loss)\n\n—\n\n—\n\n—\n\n—\n\n—\n\nNet change in unrealized gain (losses)\n\n—\n\n—\n\n—\n\n(4,369)\n\n(4,369)\n\nTotal increase (decrease) in net assets resulting from\n\noperations\n\n—\n\n—\n\n—\n\n4,729\n\n4,729\n\nDistributions to stockholders from:\n\nDistributable earnings\n\n—\n\n—\n\n—\n\n(9,197)\n\n(9,197)\n\nTotal distributions to stockholders\n\n—\n\n—\n\n—\n\n(9,197)\n\n(9,197)\n\nTotal increase (decrease) for the three months ended\n\nMarch 31, 2026\n\n1,537,105\n\n1\n\n22,723\n\n(4,468)\n\n18,256\n\nBalance, March 31, 2026\n\n29,313,127\n\n$29\n\n$433,470\n\n$(3,914)\n\n$429,585\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n6\n\nLafayette Square USA, Inc.\n\nConsolidated Statements of Cash Flows\n\n(dollar amounts in thousands, except per share data or otherwise noted)\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\n(unaudited)\n\n(unaudited)\n\nCash flows from operating activities\n\nNet increase (decrease) in net assets resulting from operations\n\n$4,729\n\n$11,147\n\nAdjustments to reconcile net increase (decrease) in net assets resulting from operations\n\nto net cash provided by (used in) operating activities:\n\nNet realized (gain) loss on investments\n\n—\n\n(58)\n\nNet change in unrealized (gain) loss on investments\n\n4,369\n\n(2,499)\n\nPurchases of investments\n\n(72,626)\n\n(189,022)\n\nNet accretion of discount on investments\n\n(1,162)\n\n(614)\n\nProceeds from sales and repayments of investments\n\n36,572\n\n80,555\n\nAmortization of deferred financing costs\n\n591\n\n369\n\nChanges in operating assets and liabilities:\n\nInterest receivable\n\n(1,767)\n\n(964)\n\nDue from affiliate\n\n—\n\n71\n\nOther assets\n\n63\n\n(336)\n\nDeferred revenue payable\n\n—\n\n(1,181)\n\nAccounts payable and accrued expenses\n\n465\n\n292\n\nManagement fee payable\n\n41\n\n103\n\nIncentive fee payable\n\n87\n\n(64)\n\nInterest and financing payable\n\n(3,838)\n\n(1,745)\n\nIncome tax payable\n\n—\n\n629\n\nDue to affiliate\n\n14\n\n232\n\nNet cash provided by (used in) operating activities\n\n(32,462)\n\n(103,085)\n\nCash flows from financing activities\n\nProceeds from issuance of shares of common stock\n\n21,338\n\n1,721\n\nDistributions paid\n\n(7,863)\n\n(5,161)\n\nProceeds from secured borrowings\n\n100,000\n\n113,750\n\nRepayments of secured borrowings\n\n(87,000)\n\n(72,500)\n\nProceeds from SBA-guaranteed debentures\n\n—\n\n9,995\n\nDeferred financing costs paid\n\n(2)\n\n(604)\n\nNet cash provided by (used in) financing activities\n\n26,473\n\n47,201\n\nNet increase (decrease) in cash and cash equivalents\n\n(5,989)\n\n(55,884)\n\nCash and cash equivalents at beginning of period\n\n199,187\n\n202,452\n\nCash and cash equivalents at end of period\n\n$193,198\n\n$146,568\n\nSupplemental information (1):\n\nCash paid for interest\n\n$6,927\n\n$7,369\n\nShares issued from dividend reinvestment plan\n\n$1,376\n\n$2,692\n\n(1) Deferred financing costs paid of $604 for the three months ended March 31, 2025, previously presented as supplemental\n\ninformation, has been removed to conform to the current period presentation.\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n7\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nNon-controlled/non-affiliated investments\n\nAerospace & Defense\n\nC Speed LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n7.40%\n\n11.10%\n\n10/1/2024\n\n10/1/2029\n\n$8,200\n\n$8,166\n\n$8,077\n\n1.9%\n\nC Speed LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.40%\n\n11.10%\n\n10/1/2024\n\n10/1/2029\n\n15,071\n\n14,966\n\n14,844\n\n3.5%\n\n23,132\n\n22,921\n\n5.4%\n\nCommercial Services & Supplies\n\nIronhorse Purchaser, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.95%\n\n12/21/2023\n\n9/30/2027\n\n9,773\n\n9,690\n\n9,773\n\n2.3%\n\nRotolo Consultants, Inc.\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.20%\n\n1/31/2025\n\n1/31/2031\n\n5,233\n\n5,217\n\n5,233\n\n1.2%\n\nRotolo Consultants, Inc.\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.20%\n\n1/31/2025\n\n1/31/2031\n\n1,399\n\n1,352\n\n1,399\n\n0.3%\n\nRotolo Consultants, Inc.\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.20%\n\n1/31/2025\n\n1/31/2031\n\n20,029\n\n20,012\n\n20,029\n\n4.7%\n\nTEC Services LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n1/9/2025\n\n12/31/2029\n\n—\n\n—\n\n—\n\n—%\n\nTEC Services LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n1/9/2025\n\n12/31/2029\n\n—\n\n—\n\n—\n\n—%\n\nTEC Services LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.30%\n\n1/9/2025\n\n12/31/2029\n\n9,875\n\n9,875\n\n9,875\n\n2.3%\n\nZero Waste Recycling LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.45%\n\n10.39%\n\n6/29/2022\n\n5/15/2026\n\n4,915\n\n5,077\n\n4,915\n\n1.1%\n\nZero Waste Recycling LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.45%\n\n10.38%\n\n6/29/2022\n\n5/15/2026\n\n12,560\n\n12,560\n\n12,560\n\n2.9%\n\nZWR Holdings, Inc.\n\nSubordinated debt\n\n14.00% (Inc.\n\n10.00% PIK)\n\n14.00%\n\n8/16/2021\n\n2/12/2027\n\n1,921\n\n1,921\n\n1,921\n\n0.4%\n\nZWR Holdings, Inc.\n\nWarrants\n\n8/16/2021\n\n2/16/2027\n\n24,953\n\n—\n\n—\n\n—%\n\n65,704\n\n65,705\n\n15.2%\n\nConstruction & Engineering\n\nIckler Electric Corporation\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.20%\n\n4/17/2025\n\n4/17/2030\n\n38,211\n\n37,911\n\n38,211\n\n8.9%\n\nIckler Electric Corporation\n\n(12)(23)\n\nSubordinated debt\n\n14.00%\n\n14.00%\n\n4/17/2025\n\n10/17/2030\n\n1,572\n\n1,557\n\n1,572\n\n0.4%\n\nIckler Electric Corporation\n\n(12)\n\nWarrants\n\n4/17/2025\n\n4/17/2030\n\n37,608\n\n—\n\n—\n\n—%\n\nSynergi, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.45%\n\n11.41%\n\n12/19/2022\n\n12/17/2027\n\n15,319\n\n15,267\n\n15,089\n\n3.5%\n\nSynergi, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n7.45%\n\n11.15%\n\n12/19/2022\n\n12/17/2027\n\n225\n\n212\n\n222\n\n0.1%\n\nTrilon Group, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n4.50%\n\n8.16%\n\n3/24/2023\n\n5/25/2029\n\n196\n\n190\n\n196\n\n—%\n\n55,137\n\n55,290\n\n12.9%\n\nDiversified Consumer Services\n\nMed Learning Group, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n3/26/2024\n\n12/30/2027\n\n15,373\n\n15,294\n\n15,373\n\n3.6%\n\nMed Learning Group, LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n3/26/2024\n\n12/30/2027\n\n4,245\n\n4,234\n\n4,245\n\n1.0%\n\n19,528\n\n19,618\n\n4.6%\n\nDiversified Financial Services\n\nCore Capital Partners II-S LP\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n7.50%\n\n11.20%\n\n10/11/2024\n\n10/11/2027\n\n5,246\n\n5,185\n\n5,246\n\n1.2%\n\nCore Capital Partners II-S LP\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.50%\n\n11.20%\n\n10/11/2024\n\n10/11/2027\n\n28,000\n\n27,850\n\n28,000\n\n6.5%\n\n33,035\n\n33,246\n\n7.7%\n\n8\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nDiversified Telecommunication Services\n\nJohnsoncomm LLC\n\n(6)(7)(15)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n9.00%\n\n12.70%\n\n1/31/2025\n\n1/31/2030\n\n15,971\n\n15,852\n\n15,832\n\n3.7%\n\n15,852\n\n15,832\n\n3.7%\n\nElectrical Equipment\n\nElectro Technical Industries, LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n3/31/2025\n\n3/31/2030\n\n—\n\n(13)\n\n—\n\n—%\n\nElectro Technical Industries, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.16%\n\n3/31/2025\n\n3/31/2030\n\n12,458\n\n12,380\n\n12,458\n\n2.9%\n\n12,367\n\n12,458\n\n2.9%\n\nFood & Staples Retailing\n\nGenuine Food Lab LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.25%\n\n—%\n\n6/06/2025\n\n6/06/2030\n\n—\n\n(21)\n\n—\n\n—%\n\nGenuine Food Lab LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.25%\n\n11.95%\n\n6/06/2025\n\n6/06/2030\n\n10,000\n\n9,915\n\n9,825\n\n2.3%\n\n9,894\n\n9,825\n\n2.3%\n\nFood Products\n\nCapital City LLC\n\n(6)(7)(15)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.00%\n\n11.70%\n\n9/20/2024\n\n9/20/2029\n\n640\n\n623\n\n635\n\n0.1%\n\nCapital City LLC\n\n(6)(7)(15)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.00%\n\n11.70%\n\n9/20/2024\n\n9/20/2029\n\n494\n\n490\n\n490\n\n0.1%\n\nOWP International LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n11/20/2025\n\n11/20/2030\n\n240\n\n231\n\n238\n\n0.1%\n\nOWP International LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n11/20/2025\n\n11/20/2030\n\n1,000\n\n973\n\n990\n\n0.2%\n\nOWP International LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n11/20/2025\n\n11/20/2030\n\n14,963\n\n14,828\n\n14,814\n\n3.4%\n\n17,145\n\n17,167\n\n3.9%\n\nHealth Care Distributors\n\nPrime IV Hydration & Wellness Inc.\n\n(6)(7)(8)(15)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n—%\n\n11/25/2025\n\n11/25/2030\n\n—\n\n(37)\n\n—\n\n—%\n\nPrime IV Hydration & Wellness Inc.\n\n(6)(7)(15)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.20%\n\n11/25/2025\n\n11/25/2030\n\n7,980\n\n7,830\n\n7,822\n\n1.8%\n\n7,793\n\n7,822\n\n1.8%\n\nHealth Care Equipment & Services\n\nMSPB MSO, LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.20%\n\n11/10/2023\n\n11/10/2028\n\n9,839\n\n9,822\n\n9,691\n\n2.3%\n\nMSPB MSO, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.20%\n\n11/10/2023\n\n11/10/2028\n\n5,086\n\n5,042\n\n5,009\n\n1.2%\n\nMSPB MSO, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.20%\n\n11/10/2023\n\n11/10/2028\n\n8,370\n\n8,319\n\n8,245\n\n1.9%\n\n23,183\n\n22,945\n\n5.4%\n\nHealth Care Providers & Services\n\nAlly Medical Holdings, LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n7.00%\n\n—%\n\n1/15/2026\n\n1/15/2030\n\n—\n\n(47)\n\n—\n\n—%\n\nAlly Medical Holdings, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.00%\n\n10.70%\n\n1/15/2026\n\n1/15/2030\n\n14,750\n\n14,613\n\n14,613\n\n3.4%\n\nSalt Dental Collective LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.52%\n\n3/20/2023\n\n2/15/2028\n\n17,542\n\n17,440\n\n17,542\n\n4.1%\n\nSMG Operating Company, LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n12/5/2025\n\n12/5/2030\n\n—\n\n(5)\n\n—\n\n—%\n\nSMG Operating Company, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n8.67%\n\n12/5/2025\n\n12/5/2030\n\n8,500\n\n8,442\n\n8,442\n\n2.0%\n\nStraine Dental Management, LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n7.24%\n\n11.00%\n\n11/25/2025\n\n11/25/2030\n\n123\n\n115\n\n123\n\n—%\n\nStraine Dental Management, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.42%\n\n11.19%\n\n11/25/2025\n\n11/25/2030\n\n11,759\n\n11,709\n\n11,759\n\n2.7%\n\n52,267\n\n52,479\n\n12.2%\n\nHotels, Restaurants & Leisure\n\nAetius Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.00%\n\n10.96%\n\n1/25/2023\n\n6/30/2026\n\n884\n\n883\n\n884\n\n0.2%\n\nDance Nation Holdings LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.91%\n\n8/24/2023\n\n8/24/2028\n\n30,438\n\n30,297\n\n29,752\n\n6.9%\n\nDance Nation Holdings LLC\n\n(6)(7)(8)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n—%\n\n8/24/2023\n\n8/24/2028\n\n—\n\n(16)\n\n—\n\n—%\n\n9\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nDance Nation Topco LLC\n\nPreferred Equity\n\n8/24/2023\n\n1,652,200\n\n1,652\n\n1,421\n\n0.3%\n\nLC Hospitality, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.45%\n\n9.15%\n\n7/25/2024\n\n7/25/2031\n\n10,602\n\n10,536\n\n10,430\n\n2.4%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(8)(15)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n2/28/2025\n\n2/28/2030\n\n—\n\n(12)\n\n—\n\n—%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(15)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n8.70%\n\n2/28/2025\n\n2/28/2030\n\n14,405\n\n14,319\n\n14,405\n\n3.4%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(8)(15)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n2/28/2025\n\n2/28/2030\n\n—\n\n(24)\n\n—\n\n—%\n\n57,635\n\n56,892\n\n13.2%\n\nIndependent Power & Renewable\n\nNational Carbon\n\nTechnologies – California, LLC\n\nFirst lien senior secured loan\n\n12.25%\n\n12.25%\n\n5/31/2024\n\n5/31/2029\n\n14,000\n\n13,999\n\n14,000\n\n3.3%\n\ntruCurrent LLC\n\n(6)(7)(8)(29)\n\nFirst lien senior secured loan\n\nS+\n\n7.20%\n\n10.90%\n\n2/12/2024\n\n2/12/2029\n\n22,000\n\n21,938\n\n22,000\n\n5.1%\n\ntruCurrent LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.20%\n\n10.90%\n\n2/12/2024\n\n2/12/2029\n\n12,500\n\n12,425\n\n12,500\n\n2.9%\n\n48,362\n\n48,500\n\n11.3%\n\nInsurance\n\nArrowhead Capital Group LLC\n\n(23)\n\nPreferred equity\n\n10.00%\n\n2/28/2025\n\n15,000,000\n\n15,000\n\n15,000\n\n3.5%\n\n15,000\n\n15,000\n\n3.5%\n\nIT Services\n\nDRS Imaging Services LLC\n\n(6)(7)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n9.95%\n\n3/28/2025\n\n3/28/2030\n\n4,241\n\n4,216\n\n4,203\n\n1.0%\n\nDRS Imaging Services LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n—%\n\n3/28/2025\n\n3/28/2030\n\n—\n\n(56)\n\n—\n\n—%\n\nDRS Imaging Services LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n9.95%\n\n3/28/2025\n\n3/28/2030\n\n4,602\n\n4,534\n\n4,561\n\n1.1%\n\nXpect Solutions, LLC\n\n(6)(7)(8)(12)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.90%\n\n9.60%\n\n10/7/2024\n\n10/7/2029\n\n7,406\n\n7,377\n\n7,277\n\n1.7%\n\nXpect Solutions, LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.90%\n\n—%\n\n10/7/2024\n\n10/7/2029\n\n—\n\n(14)\n\n—\n\n—%\n\nXpect Solutions, LLC\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.90%\n\n9.60%\n\n10/7/2024\n\n10/7/2029\n\n22,163\n\n22,002\n\n21,775\n\n5.1%\n\n38,059\n\n37,816\n\n8.9%\n\nMedia\n\nDirect Digital Holdings, LLC\n\n(6)(7)(29)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n646\n\n646\n\n646\n\n0.2%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n9,643\n\n6,750\n\n9,643\n\n2.2%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n510\n\n510\n\n510\n\n0.1%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n9/8/2025\n\n9/30/2026\n\n3,989\n\n3,989\n\n3,989\n\n0.9%\n\nDirect Digital Holdings, LLC\n\nPreferred Equity\n\n10.00%\n\n8/8/2025\n\n18,513,285\n\n18,513\n\n16,408\n\n3.8%\n\nDirect Digital Holdings, LLC\n\n(2)\n\nPreferred Equity\n\n10.00%\n\n10/14/2025\n\n10,475,769\n\n7,152\n\n9,285\n\n2.2%\n\n37,560\n\n40,481\n\n9.4%\n\nProfessional Services\n\nAkoma Capital Advisory LLC\n\n(6)(7)(15)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.00%\n\n10.70%\n\n3/31/2026\n\n3/31/2029\n\n600\n\n594\n\n594\n\n0.1%\n\nCentralBDC Enterprises, LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.95%\n\n6/25/2024\n\n6/11/2029\n\n3,158\n\n3,148\n\n3,158\n\n0.7%\n\nCentralBDC Enterprises, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.95%\n\n6/25/2024\n\n6/11/2029\n\n16,547\n\n16,478\n\n16,547\n\n3.9%\n\nFlatworld Intermediate Corporation\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.45%\n\n—%\n\n3/25/2025\n\n3/25/2030\n\n—\n\n(60)\n\n—\n\n—%\n\nFlatworld Intermediate Corporation\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.45%\n\n9.15%\n\n3/25/2025\n\n3/25/2030\n\n39,650\n\n39,288\n\n39,650\n\n9.2%\n\nOakwell Holding LLC\n\n(15)\n\nConvertible Note\n\n10.00%\n\n10.00%\n\n12/23/2024\n\n12/31/2028\n\n1,500\n\n1,500\n\n1,500\n\n0.3%\n\nZRG Partners LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.66%\n\n10/21/2024\n\n6/14/2029\n\n5,430\n\n5,409\n\n5,430\n\n1.3%\n\n10\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nZRG Partners LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nP+\n\n5.00%\n\n11.75%\n\n10/21/2024\n\n6/14/2029\n\n2,105\n\n2,092\n\n2,105\n\n0.5%\n\nZRG Partners LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.69%\n\n10/21/2024\n\n6/14/2029\n\n11,241\n\n11,184\n\n11,241\n\n2.6%\n\n79,633\n\n80,225\n\n18.6%\n\nReal Estate Management & Development\n\nStandard Real Estate Investments LP\n\n(6)(7)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.70%\n\n12.66%\n\n10/6/2023\n\n10/6/2026\n\n2,044\n\n2,044\n\n2,038\n\n0.5%\n\nStandard Real Estate Investments LP\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.70%\n\n12.66%\n\n10/6/2023\n\n10/6/2026\n\n3,067\n\n3,060\n\n3,056\n\n0.7%\n\n5,104\n\n5,094\n\n1.2%\n\nRoad & Rail\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n5/31/2024\n\n5/30/2029\n\n44,302\n\n43,790\n\n36,770\n\n8.6%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n7/3/2025\n\n5/30/2029\n\n1,077\n\n1,033\n\n894\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n7/3/2025\n\n5/30/2029\n\n2,187\n\n2,103\n\n1,815\n\n0.4%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n10/30/2025\n\n5/30/2029\n\n1,611\n\n1,543\n\n1,337\n\n0.3%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n11/14/2025\n\n5/30/2029\n\n1,072\n\n1,026\n\n889\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n11/26/2025\n\n5/30/2029\n\n802\n\n768\n\n666\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/10/2025\n\n5/30/2029\n\n534\n\n511\n\n443\n\n0.1%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/19/2025\n\n5/30/2029\n\n1,066\n\n1,020\n\n885\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/23/2025\n\n5/30/2029\n\n1,172\n\n1,121\n\n973\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n1/8/2026\n\n5/30/2029\n\n1,329\n\n1,270\n\n1,103\n\n0.3%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n2/6/2026\n\n5/30/2029\n\n882\n\n842\n\n732\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n3/5/2026\n\n5/30/2029\n\n703\n\n670\n\n583\n\n0.1%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n3/24/2026\n\n5/30/2029\n\n788\n\n751\n\n654\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate\n\nCapital, LLC)\n\n(12)\n\nWarrants\n\n5/31/2024\n\n5/30/2029\n\n166,108\n\n—\n\n—\n\n—%\n\n56,448\n\n47,744\n\n11.2%\n\nSpecialized Consumer Services\n\nBest Friends Pet Care Holdings Inc.\n\n(6)(7)(12)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.91%\n\n12/21/2023\n\n6/21/2028\n\n24,325\n\n24,179\n\n24,325\n\n5.7%\n\nBest Friends Pet Care Holdings Inc.\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.91%\n\n12/21/2023\n\n6/21/2028\n\n15,658\n\n15,371\n\n15,658\n\n3.6%\n\n11\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nSoapy Joe's Midco OC Holdings LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.85%\n\n—%\n\n4/22/2025\n\n4/22/2030\n\n—\n\n—\n\n—\n\n—%\n\nSoapy Joe's Midco OC Holdings LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.85%\n\n9.52%\n\n4/22/2025\n\n4/22/2030\n\n15,266\n\n15,204\n\n15,266\n\n3.6%\n\n54,754\n\n55,249\n\n12.9%\n\nTransportation Infrastructure\n\nTyler Distribution Centers LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.03%\n\n—%\n\n3/12/2025\n\n3/12/2030\n\n—\n\n(48)\n\n—\n\n—%\n\nTyler Distribution Centers LLC\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.03%\n\n8.73%\n\n3/12/2025\n\n3/12/2030\n\n32,000\n\n31,734\n\n31,993\n\n7.4%\n\n31,686\n\n31,993\n\n7.4%\n\nWater Utilities\n\nPuris LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.42%\n\n2/20/2025\n\n6/28/2029\n\n590\n\n590\n\n590\n\n0.1%\n\nPuris LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.45%\n\n6/28/2024\n\n6/28/2029\n\n2,799\n\n2,784\n\n2,799\n\n0.7%\n\n3,374\n\n3,389\n\n0.8%\n\nTotal non-controlled/non-affiliated investments\n\n762,652\n\n757,691\n\n176.4%\n\nNon-controlled/affiliated investments (10)\n\nCommercial Services & Supplies\n\nIVM GK9 Holdings LLC\n\nEquity\n\n10/7/2022\n\n14,969\n\n4,881\n\n5,000\n\n1.2%\n\n4,881\n\n5,000\n\n1.2%\n\nDiversified Consumer Services\n\n3360 Frankford LLC\n\n(17)\n\nEquity\n\n9/23/2024\n\n2,458,671\n\n2,459\n\n2,459\n\n0.6%\n\n2,459\n\n2,459\n\n0.6%\n\nFood Products\n\nPatti's Good Life LLC\n\n(31)\n\nEquity\n\n3/12/2026\n\n15\n\n69\n\n70\n\n—%\n\nPatti's Good Life LLC\n\n(31)\n\nPreferred Equity\n\n12.00%\n\n3/12/2026\n\n70\n\n3,396\n\n3,430\n\n0.8%\n\n3,465\n\n3,500\n\n0.8%\n\nHotels, Restaurants & Leisure\n\nLiberty Top Holdings, LLC\n\n(15)(18)\n\nEquity\n\n2/28/2025\n\n3,000,000\n\n3,000\n\n3,000\n\n0.7%\n\n3,000\n\n3,000\n\n0.7%\n\nProfessional Services\n\nSparrow Rock, Inc.\n\n(15)(25)\n\nPreferred Equity\n\n11/12/2025\n\n2,614,379\n\n2,000\n\n2,000\n\n0.5%\n\n2,000\n\n2,000\n\n0.5%\n\nReal Estate Management & Development\n\nNW1LS CO-INVEST LP\n\n(8)\n\nEquity\n\n4/10/2025\n\n10,000,000\n\n10,293\n\n9,707\n\n2.3%\n\n10,293\n\n9,707\n\n2.3%\n\nTotal non-controlled/affiliated investments\n\n26,098\n\n25,666\n\n6.1%\n\nControlled/affiliated investments (10)\n\nDiversified Financial Services\n\nLafayette Square SBLC, LLC\n\n(26)\n\nEquity\n\n12/30/2025\n\n100\n\n7,981\n\n7,945\n\n1.8%\n\n7,981\n\n7,945\n\n1.8%\n\n12\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nCompany (1)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nDiversified Real Estate Activities\n\nLafayette Square Mortgage Solutions,\n\nLLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n—%\n\n11/6/2025\n\n11/6/2030\n\n—\n\n—\n\n—\n\n—%\n\nLafayette Square Mortgage Solutions,\n\nLLC\n\n(8)(24)\n\nEquity\n\n11/6/2025\n\n100\n\n1,150\n\n1,150\n\n0.3%\n\nLSA Affordable Housing LP\n\n(8)(27)\n\nEquity\n\n10/20/2025\n\n100\n\n4,043\n\n3,986\n\n1.0%\n\n5,193\n\n5,136\n\n1.3%\n\nInsurance\n\nGELDO Inc.\n\n(15)(19)\n\nPreferred Equity\n\n6/17/2025\n\n3,857,032\n\n$3,000\n\n$3,000\n\n0.7%\n\n3,000\n\n3,000\n\n0.7%\n\nIT Services\n\nLafayette Square Technologies, LLC\n\n(20)\n\nEquity\n\n8/4/2025\n\n100\n\n4,500\n\n4,500\n\n1.0%\n\n4,500\n\n4,500\n\n1.0%\n\nProfessional Services\n\nStudio Lafayette, LLC\n\n(21)(33)\n\nEquity\n\n8/4/2025\n\n100\n\n1,500\n\n1,500\n\n0.3%\n\nWorker Solutions LLC\n\n(8)(16)\n\nEquity\n\n12/30/2024\n\n100\n\n1,850\n\n1,850\n\n0.4%\n\n3,350\n\n3,350\n\n0.7%\n\nReal Estate Management & Development\n\nNeighborhood Grocery Catalyst Fund\n\nLLC\n\n(8)(14)\n\nEquity\n\n12/20/2024\n\n100\n\n7,783\n\n7,672\n\n1.8%\n\nTruly Redlands LLC\n\n(22)\n\nEquity\n\n9/30/2025\n\n4,500\n\n4,500\n\n4,500\n\n1.0%\n\nSHaD Momentum LLC\n\n(32)\n\nEquity\n\n3/30/2026\n\n26,000\n\n2,600\n\n2,600\n\n0.6%\n\n14,883\n\n14,772\n\n3.4%\n\nTotal controlled/affiliated investments\n\n38,907\n\n38,703\n\n8.9%\n\nTotal Portfolio Investments\n\n$827,657\n\n$822,060\n\n191.4%\n\nCash and cash equivalents\n\nCash and Cash Equivalents\n\n(9)(23)\n\nMoney market fund\n\n193,198\n\n193,198\n\n193,198\n\n45.0%\n\nTotal cash and cash equivalents\n\n193,198\n\n193,198\n\n45.0%\n\nTotal Portfolio Investments, Cash and Cash Equivalents\n\n$1,020,855\n\n$1,015,258\n\n236.4%\n\n13\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\n(1)\n\nUnless 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\n\nInvestments.\"\n\n(2)\n\nDividends 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\n\nmade to date.\n\n(3)\n\nAll investments are denominated in U.S. dollars unless otherwise noted.\n\n(4)\n\nThe total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.\n\n(5)\n\nPercentage is based on net assets of $429,585 as of March 31, 2026.\n\n(6)\n\nLoan includes interest rate floor feature, which generally ranges from 1.00% to 4.00%.\n\n(7)\n\nVariable 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\n\nFederal 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\n\neach investment's most recent reset date prior to March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the 180-day SOFR at 3.70%, 90-day SOFR at 3.68%, and 30-day\n\nSOFR at 3.66%.\n\n(8)\n\nPosition 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\n\nvalue, 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\n\ndate stated. See below for more information on the Company’s unfunded commitments as of March 31, 2026:\n\n14\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\nInvestments\n\nUnused Fee Rate\n\nCommitment Type\n\nCommitment Expiration Date\n\nUnfunded Commitment\n\nFirst Lien Debt\n\nAlly Medical Holdings, LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n1/15/2028\n\n10,000\n\nC Speed LLC\n\n0.50%\n\nRevolver\n\n10/1/2029\n\n800\n\nCore Capital Partners II-S LP\n\n—%\n\nRevolver\n\n10/11/2027\n\n6,754\n\nDance Nation Holdings LLC\n\n0.50%\n\nRevolver\n\n8/24/2028\n\n4,131\n\nDRS Imaging Services LLC\n\n0.50%\n\nRevolver\n\n3/28/2030\n\n4,000\n\nElectro Technical Industries, LLC\n\n0.50%\n\nRevolver\n\n3/31/2030\n\n2,222\n\nFlatworld Intermediate Corporation\n\n0.50%\n\nRevolver\n\n3/25/2030\n\n7,500\n\nGenuine Food Lab LLC\n\n0.75%\n\nDelayed Draw Term Loan\n\n6/6/2028\n\n5,000\n\nLafayette Square Mortgage Solutions, LLC\n\n—%\n\nDelayed Draw Term Loan\n\n11/6/2030\n\n10,000\n\nLiberty Lenwich Holdings LLC\n\n0.50%\n\nRevolver\n\n2/28/2030\n\n3,000\n\nLiberty Lenwich Holdings LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n2/28/2027\n\n3,000\n\nMSPB MSO, LLC\n\n0.38%\n\nRevolver\n\n11/10/2028\n\n3,390\n\nOWP International LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n11/20/2027\n\n1,759\n\nOWP International LLC\n\n0.50%\n\nRevolver\n\n11/20/2030\n\n2,000\n\nPrime IV Hydration & Wellness Inc.\n\n0.50%\n\nDelayed Draw Term Loan\n\n11/25/2026\n\n4,000\n\nRotolo Consultants, Inc.\n\n0.50%\n\nRevolver\n\n1/31/2031\n\n18,601\n\nSMG Operating Company, LLC\n\n1.00%\n\nDelayed Draw Term Loan\n\n12/5/2027\n\n1,500\n\nSoapy Joe's Midco OC Holdings LLC\n\n0.45%\n\nDelayed Draw Term Loan\n\n10/22/2026\n\n5,000\n\nStraine Dental Management, LLC\n\n0.25%\n\nDelayed Draw Term Loan\n\n5/25/2027\n\n3,618\n\nSynergi, LLC\n\n0.50%\n\nRevolver\n\n12/19/2027\n\n3,525\n\nTEC Services LLC\n\n1.00%\n\nDelayed Draw Term Loan\n\n7/1/2026\n\n3,000\n\nTEC Services LLC\n\n0.50%\n\nRevolver\n\n12/31/2029\n\n2,000\n\nTrilon Group, LLC\n\n0.50%\n\nRevolver\n\n5/27/2029\n\n719\n\ntruCurrent LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n12/12/2026\n\n3,000\n\nTyler Distribution Centers LLC\n\n0.50%\n\nRevolver\n\n3/12/2030\n\n6,000\n\nXpect Solutions, LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n10/7/2026\n\n2,500\n\nXpect Solutions, LLC\n\n0.50%\n\nRevolver\n\n10/7/2029\n\n2,000\n\nZRG Partners LLC\n\n1.50%\n\nDelayed Draw Term Loan\n\n6/14/2026\n\n556\n\nZRG Partners LLC\n\n0.50%\n\nRevolver\n\n6/14/2029\n\n421\n\nEquity\n\nLafayette Square Mortgage Solutions, LLC\n\n—%\n\nEquity\n\n—\n\n18,850\n\nLSA Affordable Housing LP\n\n—%\n\nEquity\n\n—\n\n1,014\n\nNeighborhood Grocery Catalyst Fund LLC\n\n—%\n\nEquity\n\n—\n\n4,828\n\nNW1LS CO-INVEST LP\n\n—%\n\nEquity\n\n—\n\n293\n\nWorker Solutions, LLC\n\n—%\n\nEquity\n\n—\n\n1,650\n\n$146,631\n\n15\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\n(9)\n\nCash and cash equivalents balance represents amounts held in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2026, $193,198 was held\n\nin FGTXX and had an average one-year yield of 4.03%.\n\n(10)\n\nUnder 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\n\nthe 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\n\ncompany’s outstanding voting securities. As of March 31, 2026, the Company’s non-controlled/affiliated investments and controlled/affiliated investments were as follows:\n\nNon-controlled/affiliated investments\n\nFair Value as of\n\nDecember 31, 2025\n\nGross\n\nAdditions\n\nGross\n\nReductions\n\nChange in Unrealized\n\nGains (Losses)\n\nFair Value as of\n\nMarch 31, 2026\n\nInvestment\n\nIncome\n\n3360 Frankford LLC\n\n$2,459\n\n$—\n\n$—\n\n$—\n\n$2,459\n\n$—\n\nIVM GK9 Holdings LLC\n\n5,000\n\n—\n\n—\n\n—\n\n5,000\n\n—\n\nLiberty Top Holdings, LLC\n\n3,000\n\n—\n\n—\n\n—\n\n3,000\n\n70\n\nNW1LS CO-INVEST LP\n\n9,668\n\n190\n\n—\n\n(151)\n\n9,707\n\n—\n\nPatti's Good Life LLC\n\n—\n\n69\n\n—\n\n1\n\n70\n\n—\n\nPatti's Good Life LLC\n\n—\n\n3,396\n\n—\n\n34\n\n3,430\n\n22\n\nSparrow Rock, Inc.\n\n2,000\n\n—\n\n—\n\n—\n\n2,000\n\n—\n\nNon-controlled/affiliated investments\n\n$22,127\n\n$3,655\n\n$—\n\n$(116)\n\n$25,666\n\n$92\n\nControlled/affiliated investments\n\nFair Value as of\n\nDecember 31, 2025\n\nGross\n\nAdditions\n\nGross\n\nReductions\n\nChange in Unrealized\n\nGains (Losses)\n\nFair Value as of\n\nMarch 31, 2026\n\nInvestment\n\nIncome\n\nGELDO Inc.\n\n$3,000\n\n$—\n\n$—\n\n$—\n\n$3,000\n\n$—\n\nLafayette Square Mortgage Solutions, LLC\n\n300\n\n850\n\n—\n\n—\n\n1,150\n\n—\n\nLafayette Square SBLC, LLC\n\n5,445\n\n2,536\n\n—\n\n(36)\n\n7,945\n\n—\n\nLafayette Square Technologies, LLC\n\n3,000\n\n1,500\n\n—\n\n—\n\n4,500\n\n—\n\nLSA Affordable Housing LP\n\n3,986\n\n—\n\n—\n\n—\n\n3,986\n\n—\n\nNeighborhood Grocery Catalyst Fund LLC\n\n7,672\n\n—\n\n—\n\n—\n\n7,672\n\n31\n\nSHaD Momentum LLC\n\n—\n\n2,600\n\n—\n\n—\n\n2,600\n\n—\n\nStudio Lafayette, LLC\n\n1,000\n\n500\n\n—\n\n—\n\n1,500\n\n—\n\nTruly Redlands LLC\n\n4,500\n\n—\n\n—\n\n—\n\n4,500\n\n—\n\nWorker Solutions LLC\n\n1,850\n\n—\n\n—\n\n—\n\n1,850\n\n—\n\nControlled/affiliated investments\n\n$30,753\n\n$7,986\n\n$—\n\n$(36)\n\n$38,703\n\n$31\n\n16\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nMarch 31, 2026\n\n(11)\n\nSecurities 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\n\non this table are subject to restrictions on resale.\n\n(12)\n\nInvestments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1).\n\n(13)\n\nIndustries are classified by The Global Industry Classification Standard (\"GICS\").\n\n(14)\n\nThe Company owns 31.25% of the equity interests in Neighborhood Grocery Catalyst Fund LLC.\n\n(15)\n\nInvestments, or portion thereof, held by the SSBIC subsidiary (as defined in Note 1).\n\n(16)\n\nThe Company owns 100.00% of the equity interests in Worker Solutions, LLC.\n\n(17)\n\nThe Company owns a 66.25% of the equity interests in 3360 Frankford LLC.\n\n(18)\n\nThe Company owns a 7.02% share in Liberty Top Holdings, LLC.\n\n(19)\n\nThe Company owns a 27.00% share in GELDO Inc.\n\n(20)\n\nThe Company owns a 100.00% share in Lafayette Square Technologies, LLC.\n\n(21)\n\nThe Company owns a 100.00% share in Studio Lafayette, LLC.\n\n(22)\n\nThe Company owns a 47.37% share in Truly Redlands LLC.\n\n(23)\n\nAssets are pledged as collateral for the ING Credit Facility. See Note 5 “Debt”.\n\n(24)\n\nThe Company owns a 100.00% share in Lafayette Square Mortgage Solutions, LLC.\n\n(25)\n\nThe Company owns a 20.00% share in Sparrow Rock, Inc.\n\n(26)\n\nThe Company owns a 100.00% share in Lafayette Square SBLC, LLC.\n\n(27)\n\nThe Company owns a 90.89% share in LSA Affordable Housing LP.\n\n(28)\n\nRepresents investment in a Term Loan. \n\n(29)\n\nRepresents investment in a Delayed Draw Term Loan.\n\n(30)\n\nRepresents investment in a Revolving Facility.\n\n(31)\n\nThe Company owns a 20.00% share in Patti's Good Life LLC.\n\n(32)\n\nThe Company owns a 60.20% share in SHaD Momentum LLC.\n\n(33)\n\nStudio Lafayette, LLC has been reclassified from Human Resource & Employment Services to Professional Services in the current-year Consolidated Schedule of Investments. The industry classification\n\npresented 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.\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n17\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nNon-controlled/non-affiliated investments\n\nAerospace & Defense\n\nC Speed LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.67%\n\n10/1/2024\n\n10/1/2029\n\n$4,700\n\n$4,662\n\n$4,630\n\n1.1%\n\nC Speed LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.67%\n\n10/1/2024\n\n10/1/2029\n\n15,109\n\n14,995\n\n14,882\n\n3.6%\n\n19,657\n\n19,512\n\n4.7%\n\nCommercial Services & Supplies\n\nIronhorse Purchaser, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.97%\n\n12/21/2023\n\n9/30/2027\n\n9,773\n\n9,675\n\n9,773\n\n2.4%\n\nRotolo Consultants, Inc.\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.18%\n\n1/31/2025\n\n1/31/2031\n\n5,246\n\n5,230\n\n5,246\n\n1.3%\n\nRotolo Consultants, Inc.\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.18%\n\n1/31/2025\n\n1/31/2031\n\n3,528\n\n3,478\n\n3,528\n\n0.9%\n\nRotolo Consultants, Inc.\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.18%\n\n1/31/2025\n\n1/31/2031\n\n20,080\n\n20,062\n\n20,080\n\n4.9%\n\nTEC Services LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n1/09/2025\n\n12/31/2029\n\n—\n\n—\n\n—\n\n—%\n\nTEC Services LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n1/09/2025\n\n12/31/2029\n\n—\n\n—\n\n—\n\n—%\n\nTEC Services LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.27%\n\n1/09/2025\n\n12/31/2029\n\n9,900\n\n9,900\n\n9,900\n\n2.4%\n\nZero Waste Recycling LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.45%\n\n10.52%\n\n6/29/2022\n\n5/15/2026\n\n4,927\n\n5,068\n\n4,927\n\n1.2%\n\nZero Waste Recycling LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.45%\n\n10.53%\n\n6/29/2022\n\n5/15/2026\n\n12,590\n\n12,590\n\n12,590\n\n3.1%\n\nZWR Holdings, Inc.\n\nSubordinated debt\n\n14.00% (Inc.\n\n10.00% PIK)\n\n14.00%\n\n8/16/2021\n\n2/12/2027\n\n1,883\n\n1,883\n\n1,883\n\n0.5%\n\nZWR Holdings, Inc.\n\nWarrants\n\n8/16/2021\n\n2/16/2027\n\n24,953\n\n—\n\n—\n\n—%\n\n67,886\n\n67,927\n\n16.7%\n\nConstruction & Engineering\n\nIckler Electric Corporation\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.17%\n\n4/17/2025\n\n4/17/2030\n\n38,308\n\n37,982\n\n38,273\n\n9.3%\n\nIckler Electric Corporation\n\n(12)(23)\n\nSubordinated debt\n\n14.00%\n\n14.00%\n\n4/17/2025\n\n10/17/2030\n\n1,557\n\n1,542\n\n1,554\n\n0.4%\n\nIckler Electric Corporation\n\n(12)\n\nWarrants\n\n4/17/2025\n\n4/17/2030\n\n37,608\n\n—\n\n—\n\n—%\n\nSynergi, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.45%\n\n11.39%\n\n12/19/2022\n\n12/17/2027\n\n15,649\n\n15,582\n\n15,414\n\n3.7%\n\nSynergi, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n7.45%\n\n—%\n\n12/19/2022\n\n12/17/2027\n\n—\n\n(15)\n\n—\n\n—%\n\nTrilon Group, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n4.75%\n\n—%\n\n3/24/2023\n\n5/25/2029\n\n—\n\n(6)\n\n—\n\n—%\n\n55,085\n\n55,241\n\n13.4%\n\nDiversified Consumer Services\n\nMed Learning Group, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.42%\n\n3/26/2024\n\n12/30/2027\n\n15,412\n\n15,325\n\n15,412\n\n3.7%\n\nMed Learning Group, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n—%\n\n3/26/2024\n\n12/30/2027\n\n—\n\n—\n\n—\n\n—%\n\nMed Learning Group, LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.42%\n\n3/26/2024\n\n12/30/2027\n\n4,256\n\n4,244\n\n4,256\n\n1.0%\n\nMed Learning Group, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n—%\n\n3/26/2024\n\n12/30/2027\n\n—\n\n—\n\n—\n\n—%\n\n19,569\n\n19,668\n\n4.9%\n\nDiversified Financial Services\n\nCore Capital Partners II-S LP\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n7.50%\n\n11.17%\n\n10/11/2024\n\n10/11/2027\n\n4,343\n\n4,270\n\n4,343\n\n1.1%\n\nCore Capital Partners II-S LP\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.50%\n\n11.17%\n\n10/11/2024\n\n10/11/2027\n\n28,000\n\n27,817\n\n28,000\n\n6.8%\n\n32,087\n\n32,343\n\n7.9%\n\n18\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nDiversified Telecommunication Services\n\nJohnsoncomm LLC\n\n(6)(7)(15)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.90%\n\n10.58%\n\n1/31/2025\n\n1/31/2030\n\n16,000\n\n15,872\n\n15,870\n\n3.9%\n\n15,872\n\n15,870\n\n3.9%\n\nElectrical Equipment\n\nElectro Technical Industries, LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n—%\n\n3/31/2025\n\n3/31/2030\n\n—\n\n(14)\n\n—\n\n—%\n\nElectro Technical Industries, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.22%\n\n3/31/2025\n\n3/31/2030\n\n12,538\n\n12,455\n\n12,538\n\n3.0%\n\n12,441\n\n12,538\n\n3.0%\n\nFood & Staples Retailing\n\nGenuine Food Lab LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.25%\n\n—%\n\n6/06/2025\n\n6/06/2030\n\n—\n\n(20)\n\n—\n\n—%\n\nGenuine Food Lab LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.25%\n\n11.93%\n\n6/06/2025\n\n6/06/2030\n\n10,000\n\n9,908\n\n9,986\n\n2.4%\n\n9,888\n\n9,986\n\n2.4%\n\nFood Products\n\nCapital City LLC\n\n(6)(7)(8)(15)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.00%\n\n11.67%\n\n9/20/2024\n\n9/20/2029\n\n640\n\n622\n\n634\n\n0.2%\n\nCapital City LLC\n\n(6)(7)(15)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.00%\n\n11.67%\n\n9/20/2024\n\n9/20/2029\n\n494\n\n490\n\n490\n\n0.1%\n\nOWP International LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n—%\n\n11/20/2025\n\n11/20/2030\n\n—\n\n(10)\n\n—\n\n—%\n\nOWP International LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.43%\n\n11/20/2025\n\n11/20/2030\n\n1,000\n\n971\n\n990\n\n0.2%\n\nOWP International LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.43%\n\n11/20/2025\n\n11/20/2030\n\n15,000\n\n14,851\n\n14,852\n\n3.6%\n\n16,924\n\n16,966\n\n4.1%\n\nGas Utilities\n\nTCFIII Owl Buyer LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.34%\n\n1/31/2023\n\n4/17/2026\n\n10,675\n\n10,661\n\n10,675\n\n2.6%\n\n10,661\n\n10,675\n\n2.6%\n\nHealth Care Distributors\n\nPrime IV Hydration & Wellness Inc.\n\n(6)(7)(8)(15)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n—%\n\n11/25/2025\n\n11/25/2030\n\n—\n\n(39)\n\n—\n\n—%\n\nPrime IV Hydration & Wellness Inc.\n\n(6)(7)(15)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.17%\n\n11/25/2025\n\n11/25/2030\n\n8,000\n\n7,841\n\n7,842\n\n1.9%\n\n7,802\n\n7,842\n\n1.9%\n\nHealth Care Equipment & Services\n\nMSPB MSO, LLC\n\n(6)(7)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.17%\n\n11/10/2023\n\n11/10/2028\n\n9,863\n\n9,841\n\n9,715\n\n2.4%\n\nMSPB MSO, LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.17%\n\n11/10/2023\n\n11/10/2028\n\n5,086\n\n5,036\n\n5,009\n\n1.2%\n\nMSPB MSO, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n10.17%\n\n11/10/2023\n\n11/10/2028\n\n8,391\n\n8,333\n\n8,266\n\n2.0%\n\n23,210\n\n22,990\n\n5.6%\n\nHealth Care Providers & Services\n\nSalt Dental Collective LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.57%\n\n3/20/2023\n\n2/15/2028\n\n17,587\n\n17,467\n\n17,587\n\n4.4%\n\nSMG Operating Company, LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n12/5/2025\n\n12/5/2027\n\n—\n\n(5)\n\n—\n\n—%\n\nSMG Operating Company, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n8.87%\n\n12/5/2025\n\n12/5/2030\n\n8,500\n\n8,436\n\n8,436\n\n2.1%\n\nStraine Dental Management, LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n7.42%\n\n—%\n\n11/25/2025\n\n11/25/2030\n\n—\n\n(9)\n\n—\n\n—%\n\nStraine Dental Management, LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.42%\n\n11.24%\n\n11/25/2025\n\n11/25/2030\n\n11,759\n\n11,700\n\n11,700\n\n2.8%\n\n37,589\n\n37,723\n\n9.3%\n\n19\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nHotels, Restaurants & Leisure\n\nAetius Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.00%\n\n10.93%\n\n1/25/2023\n\n3/31/2026\n\n909\n\n907\n\n907\n\n0.2%\n\nDance Nation Holdings LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.89%\n\n8/24/2023\n\n8/24/2028\n\n31,625\n\n31,443\n\n31,625\n\n7.8%\n\nDance Nation Holdings LLC\n\n(6)(7)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.89%\n\n8/24/2023\n\n8/24/2028\n\n4,131\n\n4,112\n\n4,131\n\n1.0%\n\nDance Nation Topco LLC\n\nPreferred Equity\n\n8/24/2023\n\n1,652,200\n\n1,652\n\n1,652\n\n0.4%\n\nLC Hospitality, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.45%\n\n9.12%\n\n7/25/2024\n\n7/25/2031\n\n10,387\n\n10,316\n\n10,218\n\n2.5%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(8)(15)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n2/28/2025\n\n2/28/2030\n\n—\n\n(13)\n\n—\n\n—%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(15)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n8.85%\n\n2/28/2025\n\n2/28/2030\n\n14,441\n\n14,348\n\n14,441\n\n3.5%\n\nLiberty Lenwich Holdings LLC\n\n(6)(7)(8)(15)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.00%\n\n—%\n\n2/28/2025\n\n2/28/2030\n\n—\n\n(25)\n\n—\n\n—%\n\n62,740\n\n62,974\n\n15.4%\n\nIndependent Power & Renewable\n\nNational Carbon\n\nTechnologies – California, LLC\n\nFirst lien senior secured loan\n\n12.25%\n\n12.25%\n\n5/31/2024\n\n5/31/2029\n\n14,000\n\n13,999\n\n13,999\n\n3.4%\n\ntruCurrent LLC\n\n(6)(7)(8)(29)\n\nFirst lien senior secured loan\n\nS+\n\n7.20%\n\n10.88%\n\n2/12/2024\n\n2/12/2029\n\n10,000\n\n9,923\n\n10,000\n\n2.4%\n\ntruCurrent LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n7.20%\n\n10.88%\n\n2/12/2024\n\n2/12/2029\n\n12,500\n\n12,416\n\n12,500\n\n3.0%\n\n36,338\n\n36,499\n\n8.8%\n\nInsurance\n\nArrowhead Capital Group LLC\n\n(23)\n\nPreferred equity\n\n2/28/2025\n\n15,000,000\n\n15,000\n\n15,000\n\n3.6%\n\n15,000\n\n15,000\n\n3.6%\n\nIT Services\n\nDRS Imaging Services LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n—%\n\n3/28/2025\n\n3/28/2030\n\n—\n\n(27)\n\n—\n\n—%\n\nDRS Imaging Services LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n—%\n\n3/28/2025\n\n3/28/2030\n\n—\n\n(59)\n\n—\n\n—%\n\nDRS Imaging Services LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.25%\n\n9.92%\n\n3/28/2025\n\n3/28/2030\n\n4,614\n\n4,541\n\n4,578\n\n1.1%\n\nXpect Solutions, LLC\n\n(6)(7)(8)(12)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.42%\n\n10/7/2024\n\n10/7/2029\n\n7,425\n\n7,391\n\n7,425\n\n1.8%\n\nXpect Solutions, LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n—%\n\n10/7/2024\n\n10/7/2029\n\n—\n\n(15)\n\n—\n\n—%\n\nXpect Solutions, LLC\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.42%\n\n10/7/2024\n\n10/7/2029\n\n22,219\n\n22,044\n\n22,219\n\n5.4%\n\n33,875\n\n34,222\n\n8.3%\n\nMedia\n\nDirect Digital Holdings, LLC\n\n(6)(7)(29)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n624\n\n624\n\n624\n\n0.2%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n9,315\n\n5,839\n\n9,315\n\n2.3%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n6/29/2022\n\n12/3/2026\n\n493\n\n493\n\n493\n\n0.1%\n\nDirect Digital Holdings, LLC\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n10.00%\n\n13.98%\n\n9/8/2025\n\n9/30/2026\n\n3,853\n\n3,849\n\n3,853\n\n0.9%\n\nDirect Digital Holdings, LLC\n\nPreferred Equity\n\n8/8/2025\n\n18,058,066\n\n18,058\n\n16,005\n\n3.9%\n\nDirect Digital Holdings, LLC\n\nPreferred Equity\n\n10/14/2025\n\n10,218,183\n\n6,894\n\n9,056\n\n2.2%\n\n35,757\n\n39,346\n\n9.6%\n\nProfessional Services\n\nCentralBDC Enterprises, LLC\n\n(6)(7)(8)(12)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.93%\n\n6/25/2024\n\n6/11/2029\n\n2,863\n\n2,853\n\n2,863\n\n0.7%\n\nCentralBDC Enterprises, LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.25%\n\n8.92%\n\n6/25/2024\n\n6/11/2029\n\n16,589\n\n16,516\n\n16,589\n\n4.0%\n\n20\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nFlatworld Intermediate Corporation\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.18%\n\n3/25/2025\n\n3/25/2030\n\n300\n\n236\n\n300\n\n0.1%\n\nFlatworld Intermediate Corporation\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.50%\n\n9.18%\n\n3/25/2025\n\n3/25/2030\n\n39,750\n\n39,386\n\n39,750\n\n9.7%\n\nOakwell Holding LLC\n\n(15)\n\nConvertible Note\n\n10.00%\n\n10.00%\n\n12/23/2024\n\n12/31/2028\n\n1,500\n\n1,500\n\n1,500\n\n0.4%\n\nZRG Partners LLC\n\n(6)(7)(8)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.67%\n\n10/21/2024\n\n6/14/2029\n\n4,431\n\n4,409\n\n4,431\n\n1.1%\n\nZRG Partners LLC\n\n(6)(7)(8)(23)(30)\n\nFirst lien senior secured loan\n\nP+\n\n5.00%\n\n11.75%\n\n10/21/2024\n\n6/14/2029\n\n1,600\n\n1,585\n\n1,600\n\n0.4%\n\nZRG Partners LLC\n\n(6)(7)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.00%\n\n9.73%\n\n10/21/2024\n\n6/14/2029\n\n11,273\n\n11,208\n\n11,273\n\n2.7%\n\n77,693\n\n78,306\n\n19.1%\n\nReal Estate Management & Development\n\nStandard Real Estate Investments LP\n\n(6)(7)(29)\n\nFirst lien senior secured loan\n\nS+\n\n8.70%\n\n12.64%\n\n10/6/2023\n\n10/6/2026\n\n2,044\n\n2,044\n\n2,038\n\n0.5%\n\nStandard Real Estate Investments LP\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n8.70%\n\n12.64%\n\n10/6/2023\n\n10/6/2026\n\n3,067\n\n3,056\n\n3,056\n\n0.7%\n\n5,100\n\n5,094\n\n1.2%\n\nRoad & Rail\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n5/31/2024\n\n5/30/2029\n\n43,712\n\n43,155\n\n37,155\n\n9.0%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n7/3/2025\n\n5/30/2029\n\n1,063\n\n1,015\n\n903\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n7/3/2025\n\n5/30/2029\n\n2,158\n\n2,068\n\n1,834\n\n0.4%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(12)\n\nWarrants\n\n5/31/2024\n\n5/30/2029\n\n166,108\n\n—\n\n—\n\n0.3%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n10/30/2025\n\n5/30/2029\n\n1,590\n\n1,517\n\n1,351\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n11/14/2025\n\n5/30/2029\n\n1,057\n\n1,009\n\n899\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n11/26/2025\n\n5/30/2029\n\n792\n\n755\n\n673\n\n0.1%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/10/2025\n\n5/30/2029\n\n527\n\n502\n\n448\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/19/2025\n\n5/30/2029\n\n1,052\n\n1,002\n\n894\n\n0.2%\n\n160 Driving Academy (a/k/a Rock Gate Capital,\n\nLLC)\n\n(6)(7)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.75%\n\n10.75%\n\n12/23/2025\n\n5/30/2029\n\n1,156\n\n1,101\n\n983\n\n—%\n\n52,124\n\n45,140\n\n10.8%\n\nSpecialized Consumer Services\n\nBest Friends Pet Care Holdings Inc.\n\n(6)(7)(12)(23)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.88%\n\n12/21/2023\n\n6/21/2028\n\n24,386\n\n24,217\n\n24,386\n\n5.9%\n\nBest Friends Pet Care Holdings Inc.\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n6.95%\n\n10.88%\n\n12/21/2023\n\n6/21/2028\n\n15,498\n\n15,384\n\n15,498\n\n3.8%\n\nSoapy Joe's Midco OC Holdings LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n5.85%\n\n—%\n\n4/22/2025\n\n4/22/2030\n\n—\n\n—\n\n—\n\n—%\n\nSoapy Joe's Midco OC Holdings LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.85%\n\n9.57%\n\n4/22/2025\n\n4/22/2030\n\n15,196\n\n15,126\n\n15,196\n\n3.7%\n\n54,727\n\n55,080\n\n13.4%\n\n21\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nTransportation Infrastructure\n\nTyler Distribution Centers LLC\n\n(6)(7)(8)(12)(23)(30)\n\nFirst lien senior secured loan\n\nS+\n\n5.03%\n\n—%\n\n3/12/2025\n\n3/12/2030\n\n—\n\n(51)\n\n—\n\n—%\n\nTyler Distribution Centers LLC\n\n(6)(7)(12)(23)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.03%\n\n8.71%\n\n3/12/2025\n\n3/12/2030\n\n32,000\n\n31,722\n\n31,994\n\n7.8%\n\n31,671\n\n31,994\n\n7.8%\n\nWater Utilities\n\nPuris LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.62%\n\n2/20/2025\n\n6/28/2029\n\n591\n\n591\n\n591\n\n0.1%\n\nPuris LLC\n\n(6)(7)(12)(28)\n\nFirst lien senior secured loan\n\nS+\n\n5.75%\n\n9.44%\n\n6/28/2024\n\n6/28/2029\n\n2,806\n\n2,790\n\n2,806\n\n0.7%\n\n3,381\n\n3,397\n\n0.8%\n\nTotal non-controlled/non-affiliated investments\n\n737,077\n\n736,333\n\n179.0%\n\nNon-controlled/affiliated investments (10)\n\nCommercial Services & Supplies\n\nIVM GK9 Holdings LLC\n\nEquity\n\n10/07/2022\n\n14,969\n\n4,881\n\n5,000\n\n1.2%\n\n4,881\n\n5,000\n\n1.2%\n\nDiversified Consumer Services\n\n3360 Frankford LLC\n\n(17)\n\nEquity\n\n9/23/2024\n\n2,458,671\n\n2,459\n\n2,459\n\n0.6%\n\n2,459\n\n2,459\n\n0.6%\n\nHotels, Restaurants & Leisure\n\nLiberty Top Holdings, LLC\n\n(15)(18)\n\nEquity\n\n2/28/2025\n\n3,000,000\n\n3,000\n\n3,000\n\n0.7%\n\n3,000\n\n3,000\n\n0.7%\n\nProfessional Services\n\nSparrow Rock, Inc.\n\n(15)(25)\n\nPreferred Equity\n\n11/12/2025\n\n2,614,379\n\n2,000\n\n2,000\n\n0.5%\n\n2,000\n\n2,000\n\n0.5%\n\nReal Estate Management & Development\n\nNW1LS CO-INVEST LP\n\n(8)\n\nEquity\n\n4/10/2025\n\n10,000,000\n\n10,103\n\n9,668\n\n2.5%\n\n10,103\n\n9,668\n\n2.5%\n\nTotal non-controlled/affiliated investments\n\n22,443\n\n22,127\n\n5.5%\n\nControlled/affiliated investments (10)\n\nDiversified Financial Services\n\nLafayette Square SBLC, LLC\n\n(26)\n\nEquity\n\n12/30/2025\n\n100\n\n5,445\n\n5,445\n\n1.3%\n\n5,445\n\n5,445\n\n1.3%\n\nDiversified Real Estate Activities\n\nLafayette Square Mortgage Solutions, LLC\n\n(6)(7)(8)(12)(29)\n\nFirst lien senior secured loan\n\nS+\n\n6.50%\n\n—%\n\n11/06/2025\n\n11/06/2030\n\n—\n\n—\n\n—\n\n—%\n\nLafayette Square Mortgage Solutions, LLC\n\n(24)\n\nEquity\n\n11/6/2025\n\n100\n\n300\n\n300\n\n0.1%\n\nLSA Affordable Housing LP\n\n(8)(27)\n\nEquity\n\n10/20/2025\n\n3,985,639\n\n4,043\n\n3,986\n\n1.0%\n\n4,343\n\n4,286\n\n1.1%\n\nHuman Resource & Employment Services\n\nStudio Lafayette, LLC\n\n(21)\n\nEquity\n\n8/04/2025\n\n100\n\n1,000\n\n1,000\n\n0.2%\n\n1,000\n\n1,000\n\n0.2%\n\n22\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nCompany (1)(2)(3)(11)(13)\n\nFootnotes\n\nInvestment Type\n\nReference\n\nRate and\n\nSpread\n\nInterest\n\nRate\n\nAcquisition\n\nDate\n\nMaturity\n\nDate\n\nPar\n\nAmount/\n\nShares (4)\n\nAmortized\n\nCost\n\nFair\n\nValue\n\nPercentage\n\nof Net\n\nAssets (5)\n\nInsurance\n\nGELDO Inc.\n\n(15)(19)\n\nPreferred Equity\n\n6/17/2025\n\n3,857,032\n\n3,000\n\n3,000\n\n0.7%\n\n3,000\n\n3,000\n\n0.7%\n\nIT Services\n\nLafayette Square Technologies, LLC\n\n(20)\n\nEquity\n\n8/04/2025\n\n100\n\n3,000\n\n3,000\n\n0.7%\n\n3,000\n\n3,000\n\n0.7%\n\nProfessional Services\n\nWorker Solutions LLC\n\n(8)(16)\n\nEquity\n\n12/30/2024\n\n100\n\n1,850\n\n1,850\n\n0.4%\n\n1,850\n\n1,850\n\n0.4%\n\nReal Estate Management & Development\n\nNeighborhood Grocery Catalyst Fund LLC\n\n(8)(14)\n\nEquity\n\n12/20/2024\n\n100\n\n7,783\n\n7,672\n\n1.9%\n\nTruly Redlands LLC\n\n(22)\n\nEquity\n\n9/30/2025\n\n4,500\n\n4,500\n\n4,500\n\n1.1%\n\n12,283\n\n12,172\n\n3.0%\n\nTotal controlled/affiliated investments\n\n30,921\n\n30,753\n\n7.4%\n\nTotal Portfolio Investments\n\n$790,441\n\n$789,213\n\n191.9%\n\nCash and cash equivalents\n\nCash and Cash Equivalents\n\n(9)(23)\n\nMoney market fund\n\n199,187\n\n199,187\n\n199,187\n\n48.4%\n\nTotal cash and cash equivalents\n\n199,187\n\n199,187\n\n48.4%\n\nTotal Portfolio Investments, Cash and Cash Equivalents\n\n$989,628\n\n$988,400\n\n240.3%\n\n(1)\n\nUnless 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\n\nInvestments.\"\n\n(2)\n\nFootnote is currently not in use.\n\n(3)\n\nAll investments are denominated in U.S. dollars unless otherwise noted.\n\n(4)\n\nThe total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.\n\n(5)\n\nPercentage is based on net assets of $411,329 as of December 31, 2025.\n\n(6)\n\nLoan includes interest rate floor feature, which generally ranges from 1.00% to 4.00%.\n\n(7)\n\nVariable 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\n\nFunds 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 December 31,\n\n2025. As of December 31, 2025, the reference rates for our variable rate loans were the 180-day SOFR at 3.57%, 90-day  SOFR at 3.65% and 30-day SOFR at 3.69%.\n\n(8)\n\nPosition 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,\n\nif 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.\n\nSee below for more information on the Company’s unfunded commitments as of December 31, 2025:\n\n23\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\nInvestments\n\nUnused Fee Rate\n\nCommitment Type\n\nCommitment\n\nExpiration Date\n\nUnfunded\n\nCommitment\n\nFirst Lien Debt\n\nCore Capital Partners II-S LP\n\n—%\n\nRevolver\n\n10/11/2027\n\n6,754\n\nSMG Operating Company, LLC\n\n1.00%\n\nDelayed Draw Term Loan\n\n12/05/2030\n\n1,500\n\nSynergi, LLC\n\n0.50%\n\nRevolver\n\n12/17/2027\n\n3,525\n\nMSPB MSO, LLC\n\n0.38%\n\nRevolver\n\n11/10/2028\n\n3,390\n\ntruCurrent LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n2/12/2029\n\n3,000\n\nTrilon Group, LLC\n\n0.50%\n\nRevolver\n\n5/25/2029\n\n719\n\nZRG Partners LLC\n\n1.50%\n\nDelayed Draw Term Loan\n\n6/14/2029\n\n556\n\nZRG Partners LLC\n\n0.50%\n\nRevolver\n\n6/14/2029\n\n421\n\nCapital City LLC\n\n—%\n\nDelayed Draw Term Loan\n\n9/20/2029\n\n2,500\n\nC Speed LLC\n\n0.50%\n\nRevolver\n\n10/01/2029\n\n800\n\nXpect Solutions, LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n10/07/2029\n\n2,500\n\nXpect Solutions, LLC\n\n0.50%\n\nRevolver\n\n10/07/2029\n\n2,000\n\nTEC Services LLC\n\n1.00%\n\nDelayed Draw Term Loan\n\n12/31/2029\n\n3,000\n\nTEC Services LLC\n\n0.50%\n\nRevolver\n\n12/31/2029\n\n2,000\n\nLiberty Lenwich Holdings LLC\n\n0.50%\n\nRevolver\n\n2/28/2030\n\n3,000\n\nLiberty Lenwich Holdings LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n2/28/2030\n\n3,000\n\nTyler Distribution Centers LLC\n\n0.50%\n\nRevolver\n\n3/12/2030\n\n6,000\n\nFlatworld Intermediate Corporation\n\n0.50%\n\nRevolver\n\n3/25/2030\n\n7,500\n\nDRS Imaging Services LLC\n\n0.50%\n\nRevolver\n\n3/28/2030\n\n4,000\n\nElectro Technical Industries, LLC\n\n0.50%\n\nRevolver\n\n3/31/2030\n\n2,222\n\nSoapy Joe's Midco OC Holdings LLC\n\n0.45%\n\nDelayed Draw Term Loan\n\n4/22/2030\n\n5,000\n\nGenuine Food Lab LLC\n\n0.75%\n\nDelayed Draw Term Loan\n\n6/06/2030\n\n5,000\n\nLafayette Square Mortgage Solutions, LLC\n\n—%\n\nDelayed Draw Term Loan\n\n11/06/2030\n\n10,000\n\nOWP International LLC\n\n0.50%\n\nDelayed Draw Term Loan\n\n11/20/2030\n\n1,759\n\nOWP International LLC\n\n0.50%\n\nRevolver\n\n11/20/2030\n\n2,000\n\nPrime IV Hydration & Wellness Inc.\n\n0.50%\n\nDelayed Draw Term Loan\n\n11/25/2030\n\n4,000\n\nStraine Dental Management, LLC\n\n0.25%\n\nDelayed Draw Term Loan\n\n11/25/2030\n\n3,618\n\nRotolo Consultants, Inc.\n\n0.50%\n\nRevolver\n\n1/31/2031\n\n18,601\n\nEquity\n\nLafayette Square Mortgage Solutions, LLC\n\n—%\n\nEquity\n\n—\n\n19,700\n\nLSA Affordable Housing LP\n\n—%\n\nEquity\n\n—\n\n1,014\n\nNeighborhood Grocery Catalyst Fund LLC\n\n—%\n\nEquity\n\n—\n\n4,828\n\nNW1LS CO-INVEST LP\n\n—%\n\nEquity\n\n—\n\n332\n\nWorker Solutions, LLC\n\n—%\n\nEquity\n\n—\n\n1,650\n\n$135,889\n\n24\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\n(9)\n\nCash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2025, $199,187\n\nwas held in FGTXX and had an average one year yield of 4.21%.\n\n(10)\n\nUnder 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\n\nmanagement 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\n\noutstanding voting securities. As of December 31, 2025, the Company’s non-controlled/affiliated investments and controlled/affiliated investments were as follows:\n\nNon-controlled/affiliated investments\n\nFair Value as of\n\nDecember 31, 2024\n\nGross\n\nAdditions\n\nGross\n\nReductions\n\nChange in\n\nUnrealized\n\nGains (Losses)\n\nFair Value as of\n\nDecember 31, 2025\n\nInvestment\n\nIncome\n\n3360 Frankford LLC\n\n$2,459\n\n$—\n\n$—\n\n$—\n\n$2,459\n\n$—\n\nGK9 Global Companies, LLC\n\n22,124\n\n115\n\n(22,124)\n\n(115)\n\n—\n\n647\n\nIVM GK9 Holdings LLC\n\n5,000\n\n—\n\n—\n\n—\n\n5,000\n\n147\n\nLiberty Top Holdings, LLC\n\n—\n\n3,000\n\n—\n\n—\n\n3,000\n\n159\n\nNW1LS CO-INVEST LP\n\n—\n\n10,103\n\n—\n\n(435)\n\n9,668\n\n—\n\nSparrow Rock, Inc.\n\n—\n\n2,000\n\n—\n\n—\n\n2,000\n\n—\n\nNon-controlled/affiliated investments\n\n$29,583\n\n$15,218\n\n$(22,124)\n\n$(550)\n\n$22,127\n\n$953\n\nControlled/affiliated investments\n\nFair Value as of\n\nDecember 31, 2024\n\nGross\n\nAdditions\n\nGross\n\nReductions\n\nChange in\n\nUnrealized\n\nGains (Losses)\n\nFair Value as of\n\nDecember 31, 2025\n\nInvestment\n\nIncome\n\nGELDO Inc.\n\n$—\n\n$3,000\n\n$—\n\n$—\n\n$3,000\n\n$—\n\nLafayette Square Mortgage Solutions, LLC\n\n—\n\n300\n\n—\n\n—\n\n300\n\n—\n\nLafayette Square SBLC, LLC\n\n—\n\n5,445\n\n—\n\n—\n\n5,445\n\n—\n\nLafayette Square Technologies, LLC\n\n—\n\n3,000\n\n—\n\n—\n\n3,000\n\n—\n\nLSA Affordable Housing LP\n\n—\n\n4,043\n\n—\n\n(57)\n\n3,986\n\n6\n\nNeighborhood Grocery Catalyst Fund LLC\n\n4,219\n\n4,111\n\n(547)\n\n(111)\n\n7,672\n\n68\n\nStudio Lafayette, LLC\n\n—\n\n1,000\n\n—\n\n—\n\n1,000\n\n—\n\nTruly Redlands LLC\n\n—\n\n4,500\n\n—\n\n—\n\n4,500\n\n—\n\nWorker Solutions LLC\n\n350\n\n1,500\n\n—\n\n—\n\n1,850\n\n—\n\nControlled/affiliated investments\n\n$4,569\n\n$26,899\n\n$(547)\n\n$(168)\n\n$30,753\n\n$74\n\n25\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nConsolidated Schedule of Investments (continued)\n\nDecember 31, 2025\n\n(11)\n\nSecurities 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\n\ntable are subject to restrictions on resale.\n\n(12)\n\nInvestments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1).\n\n(13)\n\nIndustries are classified by The Global Industry Classification Standard (\"GICS\").\n\n(14)\n\nThe Company owns a 31.25% share in Neighborhood Grocery Catalyst Fund LLC.\n\n(15)\n\nInvestments, or portion thereof, held by the SSBIC subsidiary (as defined in Note 1).\n\n(16)\n\nThe Company owns a 100.00% share in Worker Solutions, LLC.\n\n(17)\n\nThe Company owns a 66.25% share in 3360 Frankford LLC.\n\n(18)\n\nThe Company owns a 7.02% share in Liberty Top Holdings, LLC.\n\n(19)\n\nThe Company owns a 27.00% share in GELDO Inc.\n\n(20)\n\nThe Company owns a 100.00% share in Lafayette Square Technologies, LLC\n\n(21)\n\nThe Company owns a 100.00% share in Studio Lafayette, LLC\n\n(22)\n\nThe Company owns a 47.37% share in Truly Redlands LLC\n\n(23)\n\nAssets are pledged as collateral for the ING Credit Facility. See Note 5 “Debt”.\n\n(24)\n\nThe Company owns a 100.00% share in Lafayette Square Mortgage Solutions, LLC.\n\n(25)\n\nThe Company owns a 20.00% share in Sparrow Rock, Inc.\n\n(26)\n\nThe Company owns a 100.00% share in Lafayette Square SBLC, LLC.\n\n(27)\n\nThe Company owns a 90.89% share in LSA Affordable Housing LP.\n\n(28)\n\nRepresents investment in a Term Loan.\n\n(29)\n\nRepresents investment in a Delayed Draw Term Loan.\n\n(30)\n\nRepresents investment in a Revolving Facility.\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n26\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLafayette Square USA, Inc.\n\nNotes to Consolidated Financial Statements\n\nMarch 31, 2026\n\n(dollar amounts in thousands, except per share data or otherwise noted)\n\nNote 1. Organization\n\nLafayette Square USA, Inc. (the “Company,” which term refers to either Lafayette Square USA, Inc. or Lafayette Square\n\nUSA, Inc. together with its consolidated subsidiaries, as the context may require) is an externally managed, non-diversified,\n\nclosed-end investment company that has elected to be regulated as a business development company (“BDC”) under the\n\nInvestment Company Act of 1940, as amended (the “1940 Act”). On May 16, 2022, Lafayette Square Empire BDC, Inc.\n\nfiled with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation to\n\nchange its corporate name from “Lafayette Square Empire BDC, Inc.” to “Lafayette Square USA, Inc.” In addition, for\n\nU.S. federal income tax purposes, the Company adopted an initial tax year end of December 31, 2021, and was taxed as a\n\ncorporation for the tax years ending December 31, 2021 and December 31, 2022. The Company has elected to be treated,\n\nand intends to qualify annually thereafter, as a RIC under Subchapter M of the Internal Revenue code (“the IRC”).\n\nHowever, there is no guarantee that the Company will qualify to make such an election for any future taxable year.\n\nThe Company is externally managed by LS BDC Adviser, LLC (the “Adviser”) pursuant to the Investment Advisory\n\nAgreement. The Adviser is a subsidiary of Lafayette Square Holding Company, LLC (together with its controlled\n\nsubsidiaries, including the Adviser and LS Administration, LLC, “Lafayette Square”).\n\nThe Company’s investment objective is to generate favorable risk-adjusted returns, including current income and capital\n\nappreciation, primarily from directly originated investments in middle market companies.\n\nThe Company invests primarily in first and second lien loans and, to a lesser extent, in subordinated and mezzanine loans\n\nand equity and equity-like securities, including common stock, preferred stock and warrants. The Company defines middle\n\nmarket companies as those with annual revenues between $10 million and $1 billion, and annual earnings before interest,\n\ntaxes, depreciation, and amortization (“EBITDA”) of between $10 million and $100 million, although the Company may\n\ninvest in larger or smaller companies. The Company also may purchase interests in loans, corporate bonds or other\n\ninstruments through secondary market transactions.\n\nThe Company has formed several wholly owned subsidiaries to support specific investment strategies. LS BDC Holdings,\n\nLLC has elected to be a taxable entity to hold certain equity or equity-like investments in portfolio companies that are\n\n‘pass-through’ entities for tax purposes. Lafayette Square SBIC, LP (“LS SBIC LP”) and Lafayette Square SSBIC, LP\n\n(“LS SSBIC LP” and together with LS SBIC LP, the “LS SBICs”) are each licensed by the U.S. Small Business\n\nAdministration (the “SBA”) to invest in eligible ‘small businesses’ as defined by the SBA. Lafayette Square RBIC, LP\n\n(“LS RBIC LP”) is licensed by the U.S. Department of Agriculture (the “USDA”) as a Rural Business Investment\n\nCompany to help meet equity capital investment needs in rural communities. All significant intercompany transactions and\n\nbalances have been eliminated in such consolidation.\n\nNote 2. Significant Accounting Policies\n\nBasis of Presentation\n\nThe following is a summary of significant accounting policies consistently followed by the Company in the preparation of\n\nits consolidated financial statements. The Company is an investment company and accordingly applies specific accounting\n\nand financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting\n\nStandards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying\n\nconsolidated financial statements have been prepared in conformity with accounting principles generally accepted in the\n\nUnited States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X. Certain reclassifications have been made\n\nto current period industry classifications. See footnote (33) to the Consolidated Schedule of Investments.\n\nThese consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial\n\nstatements and notes related thereto for the year ended December 31, 2025, included in the Company’s annual report on\n\nForm 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 25, 2026. The\n\n27\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nresults for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full\n\nfiscal year, any other interim period or any future year or period.\n\nUse of Estimates\n\nThe preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates\n\nand assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities\n\nat the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting\n\nperiod. Actual results could differ from those estimates.\n\nCash and Cash Equivalents\n\nThe Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit\n\nInsurance Corporation insurance limits. As of March 31, 2026 and December 31, 2025, the Company held $193,198 and\n\n$199,187 in cash and cash equivalents, respectively, of which no cash or cash equivalents were restricted. Of the total cash\n\nand cash equivalents balance, $193,198 and $199,187 were held in an interest bearing money market fund, Goldman Sachs\n\nFinancial Square Government Fund (FGTXX), with U.S. Bank National Association as of March 31, 2026 and\n\nDecember 31, 2025, respectively. For the three months ended March 31, 2026 and March 31, 2025, the Company earned\n\n$928 and $1,438, respectively, in interest on cash and cash equivalents balances, and the balance is included under Interest\n\nfrom cash and cash equivalents in the Consolidated Statements of Operations. Investments in money market funds are\n\ncategorized as Level 1 in the fair value hierarchy.\n\nOrganization and Offering Costs\n\nOrganization costs consist of costs incurred to establish the Company and enable it to do business legally. Offering costs\n\nconsist of costs incurred in connection with the offering of the common stock of the Company.\n\nThe Company’s initial organization costs incurred were expensed as incurred, and initial offering costs are amortized over\n\none year. The Company reimburses the Adviser for the organization and offering costs it incurs on the Company’s behalf.\n\nIf actual organization and offering costs incurred exceed $1 million, the Adviser or its affiliates will bear the excess costs.\n\nAs of March 31, 2026, the Company had incurred $989 of organization and offering costs since inception.\n\nDeferred Financing Costs\n\nDeferred financing costs, incurred in connection with any credit facility, SBA-guaranteed debentures, and Notes  (see Note\n\n5) are deferred and amortized over the life of the respective credit facility, Notes, and SBA-guaranteed debentures.\n\nIndemnifications\n\nIn the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or\n\nwarranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its\n\nhistory and experience, management believes that the likelihood of such an event is remote.\n\nRevenue Recognition\n\nInvestment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by\n\nthe difference between the net proceeds from the disposition and the amortized cost basis of investment using specific\n\nidentification method without regard to unrealized gains or losses previously recognized. The Company reports current\n\nperiod changes in fair value of investments that are measured at fair value as a component of the net change in unrealized\n\nappreciation (depreciation) on investments in the Consolidated Statements of Operations.\n\nInvestment Income\n\nInterest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent\n\nthat such amounts are expected to be collected. The Company records the accretion of discounts and amortization of\n\npremiums as interest income using the effective interest method or straight-line method, as applicable, adjusted only for\n\n28\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nmaterial amendments or prepayments. Dividend income, which represents dividends from equity investments and\n\ndistributions from subsidiaries, if any, is recognized on the applicable record date or ex-dividend date.\n\nOriginal Issue Discount\n\nDiscounts to par on portfolio securities are accreted into income over the tenor of each instrument using the effective\n\ninterest method. Any remaining discount is accreted into income upon prepayment or redemption of the instrument.\n\nPIK Interest\n\nThe Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind (“PIK”) interest provision.\n\nPIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan\n\nto the extent triggered in accordance with the terms of the applicable loan agreement, rather than being paid to the\n\nCompany in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred\n\nuntil the debt principal is repaid. PIK interest income may create taxable income in excess of cash income received, and the\n\nCompany may be required to distribute such income to its stockholders to maintain its tax treatment as a RIC for U.S.\n\nfederal income tax purposes, even though the Company has not yet collected the cash.\n\nPIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income.\n\nThis affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a\n\nRIC for federal income tax purposes, even though the Company has not yet collected the cash.\n\nFee Income\n\nOrigination fees received are recorded as deferred income and recognized as investment income over the term of the loan.\n\nUpon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives\n\ncertain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties,\n\nstructuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned.\n\nSuch fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are\n\ngenerally received in cash and recorded as investment income when earned.\n\nNon-accrual loans\n\nA loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews\n\nall loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or\n\ninterest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid\n\ninterest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted\n\nto interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans\n\nare recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-\n\naccrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment,\n\nfuture payments are likely to remain current. As of March 31, 2026, we had one investment partially on non-accrual status.\n\nThe non-accrual portion of this investment represents 1.0% of total investments at fair value. As of December 31, 2025, we\n\nhad one investment partially on non-accrual status. The non-accrual portion of this investment represents 0.9% of total\n\ninvestments at fair value.\n\nInvestment Classification\n\nThe Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the\n\nCompany is deemed to be an “Affiliated Person” of a portfolio company if it owns more than 5% of a portfolio company's\n\noutstanding voting securities. The Company refers to such investments in Affiliated Persons as “Affiliated Investments.”\n\nUnder the 1940 Act, the Company is deemed to be an Affiliated Person and  to “control” a portfolio company if it owns\n\nmore than 25% of its outstanding voting securities and/or has the power to exercise control over the management or\n\npolicies of such portfolio company. Such investments in portfolio companies that the Company “controls” are referred to as\n\n“Control Investments.”  Investments which are neither Control Investments nor Affiliated Investments are referred to as\n\n“Non-Controlled/Non-Affiliated Investments.”\n\n29\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nFair Value of Financial Instruments\n\nThe Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value\n\nMeasurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value\n\nand requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its\n\nfinancial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value\n\nhierarchy.\n\nThe availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of\n\nfactors, including, for example, the type of product, whether the product is new, whether the product is traded on an active\n\nexchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models\n\nor inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.\n\nAccordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial\n\ninstruments classified as Level 3.\n\nInvestments for which market quotations are not readily available are valued at fair value as determined in good faith\n\npursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other\n\nasset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between\n\nmarket participants at the measurement date. Pursuant to Rule 2a-5, the board of directors (the “Board”) has designated the\n\nAdviser as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating\n\nto all Company investments, subject to the oversight of the Board. The Adviser may carry out its designated\n\nresponsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s Board-approved\n\npolicies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and\n\ncalculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for\n\nwhich market quotations are not readily available and other Company assets utilizing inputs from pricing sources,\n\nquotation reporting systems, valuation agents and other third-party sources.\n\nThe Adviser has established a valuation committee (the “Valuation Committee”) to carry out the day-to-day fair valuation\n\nresponsibilities and has adopted policies and procedures to govern activities of the Valuation Committee and the\n\nperformance of functions required to determine the fair value of the Company’s investments in good faith. These functions\n\ninclude periodically assessing and managing material risks associated with fair value determinations, selecting, applying,\n\nreviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value,\n\nand overseeing and evaluating pricing services used.\n\nDistributions\n\nDistributions to common stockholders are recorded on the record date. The Board authorizes and declares ordinary cash\n\ndistributions of the Company on a quarterly basis. The amount to be paid out as a distribution is determined by the Board\n\neach quarter and is generally based upon the earnings estimated by management. To the extent distributions exceed the\n\nCompany’s earnings, such amounts may constitute a return of capital to stockholders. Net realized capital gains, if any, are\n\ndistributed to stockholders at least annually, although the Company may, in its discretion, retain such capital gains for\n\ninvestment.\n\nThe Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions\n\nthe Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the\n\nBoard authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP\n\nwill have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than\n\nreceiving a cash distribution. Shares issued under the DRIP are issued at a price per share equal to the most recent net asset\n\nvalue (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the\n\n1940 Act).\n\nRecent Accounting Pronouncements\n\n30\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial\n\nAccounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or\n\nexpected to have minimal impact on the Company’s consolidated financial statements.\n\nIn November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income Expense\n\nDisaggregation Disclosures (Subtopic 220-40),” (“ASU 2024-03”) which requires disaggregated disclosure of certain costs\n\nand expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each\n\nrelevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim\n\nreporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The\n\nCompany is currently evaluating the impact on its consolidated financial statements.\n\nSegment Reporting\n\nIn accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single\n\noperating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein\n\nand the Company does not have any intra-segment sales and transfers of assets.\n\nThe Company operates through a single operating and reporting segment with an investment objective to generate both\n\ncurrent income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating\n\ndecision maker (“CODM”) is comprised of the Company’s chief executive officer and chief financial officer. The CODM\n\nassesses the performance of the Company and makes operating decisions on behalf of the Company on a consolidated basis\n\nprimarily based on the Company’s net increase in net assets resulting from operations (“net income”). In addition to\n\nnumerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of any\n\ndistribution to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the\n\nsegment assets are reflected on the accompanying consolidated balance sheet as “total assets,” and the significant segment\n\nexpenses are listed on the accompanying consolidated statement of operations.\n\nNote 3. Investments\n\nThe following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with\n\ncorresponding percentage of total portfolio investments) as of March 31, 2026 and December 31, 2025.\n\nMarch 31, 2026\n\nAmortized Cost\n\nFair Value\n\nFirst lien senior secured loans\n\n$715,357\n\n86.5%\n\n$710,584\n\n86.5%\n\nEquity\n\n56,609\n\n6.8%\n\n55,939\n\n6.8%\n\nPreferred equity\n\n50,713\n\n6.1%\n\n50,544\n\n6.1%\n\nSubordinated debt\n\n3,478\n\n0.4%\n\n3,493\n\n0.4%\n\nConvertible note\n\n1,500\n\n0.2%\n\n1,500\n\n0.2%\n\nWarrants\n\n—\n\n—%\n\n—\n\n—%\n\nTotal\n\n$827,657\n\n100.0%\n\n$822,060\n\n100.0%\n\nDecember 31, 2025\n\nAmortized Cost\n\nFair Value\n\nFirst lien senior secured loans\n\n$690,548\n\n87.4%\n\n$689,683\n\n87.4%\n\nEquity\n\n48,364\n\n6.1%\n\n47,880\n\n6.1%\n\nPreferred equity\n\n46,604\n\n5.9%\n\n46,713\n\n5.9%\n\nSubordinated debt\n\n3,425\n\n0.4%\n\n3,437\n\n0.4%\n\nConvertible note\n\n1,500\n\n0.2%\n\n1,500\n\n0.2%\n\nWarrants\n\n—\n\n—%\n\n—\n\n—%\n\nTotal\n\n$790,441\n\n100.0%\n\n$789,213\n\n100.0%\n\n1 Empire Region: New York, New Jersey, Connecticut and Pennsylvania\n\n2 Gulf Coast Region: Arkansas, Louisiana, Oklahoma and Texas\n\n3 Mid-Atlantic Region: Delaware, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and West \n\nVirginia and the District of Columbia\n\n4 Far West: California, Hawaii and Nevada\n\n5 Great Lakes Region: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin\n\n6 Southeast Region: Alabama, Georgia, Florida, Mississippi and the territory of Puerto Rico\n\n7 Cascade Region: Alaska, Idaho, Oregon and Washington\n\n8 Northeast Region: Maine, Massachusetts, New Hampshire, Rhode Island and Vermont\n\n9 Four Corners Region: Arizona, Colorado, New Mexico and Utah\n\n31\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost\n\nand fair value (with corresponding percentage of total portfolio investments) as of March 31, 2026 and December 31, 2025.\n\nThe geographic composition is determined by the location of the corporate headquarters of the portfolio company, which\n\nmay not be indicative of the primary source of the portfolio company’s business:\n\nMarch 31, 2026\n\nAmortized Cost\n\nFair Value\n\nEmpire1\n\n$260,914\n\n31.5%\n\n$262,437\n\n31.8%\n\nGulf Coast2\n\n142,669\n\n17.2%\n\n145,194\n\n17.7%\n\nMid-Atlantic3\n\n135,862\n\n16.4%\n\n135,448\n\n16.6%\n\nFar West4\n\n131,470\n\n15.9%\n\n131,140\n\n16.0%\n\nGreat Lakes5\n\n78,230\n\n9.5%\n\n69,416\n\n8.4%\n\nSoutheast6\n\n43,195\n\n5.2%\n\n43,040\n\n5.2%\n\nCascade7\n\n17,440\n\n2.1%\n\n17,542\n\n2.1%\n\nNortheast8\n\n9,894\n\n1.2%\n\n9,825\n\n1.2%\n\nFour Corners9\n\n7,983\n\n1.0%\n\n8,018\n\n1.0%\n\nTotal\n\n$827,657\n\n100.0%\n\n$822,060\n\n100.0%\n\nDecember 31, 2025\n\nAmortized Cost\n\nFair Value\n\nEmpire\n\n$246,988\n\n31.2%\n\n$248,561\n\n31.4%\n\nFar West\n\n136,579\n\n17.3%\n\n137,161\n\n17.4%\n\nGulf Coast\n\n128,165\n\n16.2%\n\n131,514\n\n16.7%\n\nMid-Atlantic\n\n121,155\n\n15.3%\n\n121,341\n\n15.4%\n\nGreat Lakes\n\n84,567\n\n10.7%\n\n77,486\n\n9.8%\n\nSoutheast\n\n37,836\n\n4.8%\n\n37,735\n\n4.8%\n\nCascade\n\n17,461\n\n2.2%\n\n17,587\n\n2.2%\n\nNortheast\n\n9,888\n\n1.3%\n\n9,986\n\n1.3%\n\nFour Corners\n\n7,802\n\n1.0%\n\n7,842\n\n1.0%\n\nTotal\n\n$790,441\n\n100.0%\n\n$789,213\n\n100.0%\n\n32\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair\n\nvalue (with corresponding percentage of total portfolio investments) as of March 31, 2026 and December 31, 2025.\n\nMarch 31, 2026\n\nAmortized Cost\n\nFair Value\n\nProfessional Services\n\n$84,983\n\n10.3%\n\n$85,575\n\n10.4%\n\nCommercial Services & Supplies\n\n70,585\n\n8.6%\n\n70,705\n\n8.7%\n\nHotels, Restaurants & Leisure\n\n60,635\n\n7.3%\n\n59,892\n\n7.3%\n\nConstruction & Engineering\n\n55,137\n\n6.7%\n\n55,290\n\n6.7%\n\nSpecialized Consumer Services\n\n54,754\n\n6.6%\n\n55,249\n\n6.7%\n\nHealth Care Providers & Services\n\n52,267\n\n6.3%\n\n52,479\n\n6.4%\n\nIndependent Power & Renewable\n\n48,362\n\n5.8%\n\n48,500\n\n5.9%\n\nRoad & Rail\n\n56,448\n\n6.8%\n\n47,744\n\n5.8%\n\nIT Services\n\n42,559\n\n5.1%\n\n42,316\n\n5.1%\n\nDiversified Financial Services\n\n41,016\n\n5.0%\n\n41,191\n\n5.0%\n\nMedia\n\n37,560\n\n4.5%\n\n40,481\n\n4.9%\n\nTransportation Infrastructure\n\n31,686\n\n3.8%\n\n31,993\n\n3.9%\n\nReal Estate Management & Development\n\n30,280\n\n3.7%\n\n29,573\n\n3.6%\n\nHealth Care Equipment & Services\n\n23,183\n\n2.8%\n\n22,945\n\n2.8%\n\nAerospace & Defense\n\n23,132\n\n2.8%\n\n22,921\n\n2.8%\n\nDiversified Consumer Services\n\n21,987\n\n2.7%\n\n22,077\n\n2.7%\n\nFood Products\n\n20,610\n\n2.5%\n\n20,667\n\n2.5%\n\nInsurance\n\n18,000\n\n2.2%\n\n18,000\n\n2.2%\n\nDiversified Telecommunication Services\n\n15,852\n\n1.9%\n\n15,832\n\n1.9%\n\nElectrical Equipment\n\n12,367\n\n1.5%\n\n12,458\n\n1.5%\n\nFood & Staples Retailing\n\n9,894\n\n1.2%\n\n9,825\n\n1.2%\n\nHealth Care Distributors\n\n7,793\n\n0.9%\n\n7,822\n\n1.0%\n\nDiversified Real Estate Activities\n\n5,193\n\n0.6%\n\n5,136\n\n0.6%\n\nWater Utilities\n\n3,374\n\n0.4%\n\n3,389\n\n0.4%\n\nTotal\n\n$827,657\n\n100.0%\n\n$822,060\n\n100.0%\n\n33\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nDecember 31, 2025\n\nAmortized Cost\n\nFair Value\n\nProfessional Services\n\n$81,543\n\n10.3%\n\n$82,156\n\n10.4%\n\nCommercial Services & Supplies\n\n72,767\n\n9.3%\n\n72,927\n\n9.2%\n\nHotels, Restaurants & Leisure\n\n65,740\n\n8.3%\n\n65,974\n\n8.4%\n\nConstruction & Engineering\n\n55,085\n\n7.0%\n\n55,241\n\n7.0%\n\nSpecialized Consumer Services\n\n54,727\n\n6.9%\n\n55,080\n\n7.0%\n\nRoad & Rail\n\n52,124\n\n6.6%\n\n45,140\n\n5.7%\n\nMedia\n\n35,757\n\n4.5%\n\n39,346\n\n5.0%\n\nDiversified Financial Services\n\n37,532\n\n4.7%\n\n37,788\n\n4.8%\n\nHealth Care Providers & Services\n\n37,589\n\n4.8%\n\n37,723\n\n4.8%\n\nIT Services\n\n36,875\n\n4.7%\n\n37,222\n\n4.7%\n\nIndependent Power & Renewable\n\n36,338\n\n4.6%\n\n36,499\n\n4.6%\n\nTransportation Infrastructure\n\n31,671\n\n4.0%\n\n31,994\n\n4.1%\n\nReal Estate Management & Development\n\n27,486\n\n3.5%\n\n26,934\n\n3.4%\n\nHealth Care Equipment & Services\n\n23,210\n\n2.9%\n\n22,990\n\n2.9%\n\nDiversified Consumer Services\n\n22,028\n\n2.8%\n\n22,127\n\n2.8%\n\nAerospace & Defense\n\n19,657\n\n2.5%\n\n19,512\n\n2.5%\n\nInsurance\n\n18,000\n\n2.3%\n\n18,000\n\n2.3%\n\nFood Products\n\n16,924\n\n2.1%\n\n16,966\n\n2.1%\n\nDiversified Telecommunication Services\n\n15,872\n\n2.0%\n\n15,870\n\n2.0%\n\nElectrical Equipment\n\n12,441\n\n1.6%\n\n12,538\n\n1.6%\n\nGas Utilities\n\n10,661\n\n1.3%\n\n10,675\n\n1.4%\n\nFood & Staples Retailing\n\n9,888\n\n1.3%\n\n9,986\n\n1.3%\n\nHealth Care Distributors\n\n7,802\n\n1.0%\n\n7,842\n\n1.0%\n\nDiversified Real Estate Activities\n\n4,343\n\n0.5%\n\n4,286\n\n0.5%\n\nWater Utilities\n\n3,381\n\n0.4%\n\n3,397\n\n0.4%\n\nHuman Resource & Employment Services\n\n1,000\n\n0.1%\n\n1,000\n\n0.1%\n\nTotal\n\n$790,441\n\n100.0%\n\n$789,213\n\n100.0%\n\nStudio Lafayette, LLC was reclassified from Human Resource & Employment Services to Professional Services in the\n\ncurrent period. Human Resource & Employment Services is therefore presented in the December 31, 2025 comparative\n\nperiod only. See footnote (33) to the Consolidated Schedule of Investments.\n\nNote 4. Fair Value Measurement of Investments\n\nASC Topic 820 defines fair value as the amount that would be received in the sale of an asset or paid in the transfer of a\n\nliability in an orderly transaction between market participants at the measurement date. Where available, the Company uses\n\nquoted market prices based on the last sales price on the measurement date.\n\nIn accordance with ASC Topic 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes\n\nthe inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based\n\nupon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest\n\npriority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). To the\n\nextent that fair value is based on inputs that are less observable, the determination of fair value requires a significant\n\namount of management judgment. The Company's money market investments are classified as Level 1 and are not included\n\nin the fair value hierarchy tables below.\n\nThe three-tier hierarchy of inputs is summarized below.\n\n34\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nLevel 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date.\n\nLevel 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities\n\nin active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active,\n\nand fair value is determined through the use of models or other valuation methodologies.\n\nLevel 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market\n\nactivity for the investment. The inputs into determination of fair value require significant management judgment and\n\nestimation.\n\nThe inputs used by management in estimating the fair value of Level 3 investments may include valuations and other\n\nreporting provided by representatives of the portfolio companies, original transaction prices, recent transactions for\n\nidentical or similar instruments, and comparisons to fair values of comparable investments, and may include adjustments to\n\nreflect illiquidity or non-transferability. The Adviser has policies with respect to its investments, which may assist the\n\nAdviser in assessing the quality of information provided by, or on behalf of, each portfolio investment and in determining\n\nwhether such information continues to be provided by a reliable source or whether further investigation is necessary. Any\n\nsuch investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied\n\nby, or on behalf of, such portfolio investment and to determine independently the fair value of the Company’s interest in\n\nsuch portfolio investments, consistent with the Adviser’s valuation procedures.\n\nThe Company has engaged two independent third-party valuation providers to perform quarterly valuation procedures and\n\ndetermine estimated fair value ranges for substantially all of its illiquid investments. Certain immaterial investments are\n\nvalued internally on a quarterly basis unless otherwise determined by the Valuation Committee, and are corroborated by an\n\nindependent valuation firm on an annual basis. Investments that have been completed within the past three months are fair\n\nvalued at cost unless there has been a material event since the completion date. If there has been a material event or if\n\nmaterial information emerges that was not known as of the close of the transaction, the independent third-party valuation\n\nproviders provide an independent valuation range. The types of valuation methodologies employed by the third-party\n\nvaluation providers include discounted cash flow, recent financing and enterprise value valuation methodologies. Pursuant\n\nto the Rule 2a-5 under the 1940 Act, the Board has chosen to designate the Adviser as the Valuation Designee to perform\n\nfair value determinations relating to the value of the assets for which market quotations are not readily available, subject to\n\nthe Board's oversight.\n\nThe Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value\n\ndue to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the\n\ninvestments and borrowings are traded.\n\nThe inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing\n\nin these securities. The availability of valuation techniques and observable inputs can vary from security to security and is\n\naffected by a wide variety of factors including the type of security, whether the security is new and not yet established in\n\nthe marketplace, and other characteristics particular to the transaction. Inputs may include price information, volatility\n\nstatistics, specific and broad credit data, liquidity statistics and other factors.\n\nThe use of these valuation models requires significant estimation and judgment by the Adviser. While the Company\n\nbelieves its valuation methods are appropriate, other market participants may value identical assets differently than the\n\nCompany at the measurement date. The methods used by the Company may calculate a fair value that is not indicative of\n\nnet realizable value or of future fair values. The Company may also have risk associated with its concentration of\n\ninvestments in certain geographic regions and industries.\n\nTo the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the\n\ndetermination of fair value requires more judgment. Those estimated values do not necessarily represent amounts that may \n\nultimately be realized due to future circumstances that cannot be reasonably anticipated. Accordingly, the degree of\n\njudgment exercised by the Adviser in determining fair value is greatest for securities categorized in Level 3.\n\nThe determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers\n\nobservable data to be market data which are readily available, regularly distributed or updated, reliable and verifiable, not\n\nproprietary. Such observable data may fall into different levels of the fair value hierarchy. In such cases, for disclosure\n\n35\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\npurposes, the level in the fair value hierarchy where the fair value measurement falls (in its entirety) is based on the lowest\n\nlevel input that is significant to the fair value measurement. The categorization of an investment within the hierarchy is\n\nbased upon the pricing transparency of the investment, and observability of prices and inputs may be reduced for many\n\ninvestments. This condition could cause the investment to be reclassified to a lower level within the fair value hierarchy.\n\nThe consolidated financial statements include portfolio investments at fair value of $822,060 and $789,213 as of March 31,\n\n2026 and December 31, 2025, respectively. Because of the inherent uncertainty of valuation, the determined values may\n\ndiffer significantly from the values that would have been used had a liquid market existed for the investments as of\n\nMarch 31, 2026 and December 31, 2025.\n\nThe following tables present fair value measurements of investments, by major class according to the fair value hierarchy\n\nas of March 31, 2026 and December 31, 2025.\n\nMarch 31, 2026\n\nFair Value Measurements\n\nLevel 1\n\nLevel 2\n\nLevel 3\n\nTotal\n\nFirst lien senior secured loans\n\n$—\n\n$—\n\n$710,584\n\n$710,584\n\nEquity\n\n—\n\n—\n\n55,939\n\n55,939\n\nPreferred equity\n\n—\n\n—\n\n50,544\n\n50,544\n\nSubordinated debt\n\n—\n\n—\n\n3,493\n\n3,493\n\nConvertible note\n\n—\n\n—\n\n1,500\n\n1,500\n\nWarrants\n\n—\n\n—\n\n—\n\n—\n\nTotal Investments\n\n$—\n\n$—\n\n$822,060\n\n$822,060\n\nDecember 31, 2025\n\nFair Value Measurements\n\nLevel 1\n\nLevel 2\n\nLevel 3\n\nTotal\n\nFirst lien senior secured loans\n\n$—\n\n$—\n\n$689,683\n\n$689,683\n\nEquity\n\n—\n\n—\n\n47,880\n\n47,880\n\nPreferred equity\n\n—\n\n—\n\n46,713\n\n46,713\n\nSubordinated debt\n\n—\n\n—\n\n3,437\n\n3,437\n\nConvertible note\n\n1,500\n\n1,500\n\nWarrants\n\n—\n\n—\n\n—\n\n—\n\nTotal Investments\n\n$—\n\n$—\n\n$789,213\n\n$789,213\n\nThe carrying value of the Credit Facility and SBA guaranteed debentures approximates fair value as of March 31, 2026 and\n\nDecember 31, 2025 and would be categorized as Level 3 in the fair value hierarchy if determined as of the reporting date.\n\nThe following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs\n\nfor the three months ended March 31, 2026 and March 31, 2025.\n\n36\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nFor the three months ended\n\nMarch 31, 2026\n\nInvestments\n\nFirst Lien\n\nSenior\n\nSecured\n\nLoans\n\nSubordinated\n\nDebt\n\nEquity\n\nPreferred\n\nEquity\n\nConvertible\n\nNote\n\nWarrants\n\nTotal\n\nInvestments\n\nBalance as of December 31, 2025\n\n$689,683\n\n$3,437\n\n$47,880\n\n$46,713\n\n$1,500\n\n$—\n\n$789,213\n\nPurchases of investments and other\n\nadjustments to cost\n\n60,219\n\n53\n\n8,245\n\n4,109\n\n—\n\n—\n\n72,626\n\nProceeds from sales and repayments of\n\ninvestments\n\n(36,572)\n\n—\n\n—\n\n—\n\n—\n\n—\n\n(36,572)\n\nNet realized gain (loss)\n\n—\n\n—\n\n—\n\n—\n\n—\n\n—\n\n—\n\nNet accretion of discount on\n\ninvestments\n\n1,162\n\n—\n\n—\n\n—\n\n—\n\n1,162\n\nNet change in unrealized gain (loss) on\n\ninvestments\n\n(3,908)\n\n3\n\n(186)\n\n(278)\n\n—\n\n—\n\n(4,369)\n\nBalance as of March 31, 2026\n\n$710,584\n\n$3,493\n\n$55,939\n\n$50,544\n\n$1,500\n\n$—\n\n$822,060\n\nFor the three months ended\n\nMarch 31, 2025\n\nInvestments\n\nFirst Lien\n\nSenior\n\nSecured\n\nLoans\n\nSubordinated\n\nDebt\n\nEquity\n\nPreferred\n\nEquity\n\nConvertible\n\nNote\n\nWarrants\n\nTotal\n\nInvestments\n\nBalance as of December 31, 2024\n\n$540,195\n\n$1,712\n\n$12,028\n\n$1,652\n\n$1,500\n\n$—\n\n$557,087\n\nPurchases of investments and other\n\nadjustments to cost\n\n169,425\n\n35\n\n19,562\n\n—\n\n—\n\n—\n\n189,022\n\nProceeds from sales and repayments of\n\ninvestments\n\n(80,555)\n\n—\n\n—\n\n—\n\n—\n\n—\n\n(80,555)\n\nNet realized gain (loss)\n\n58\n\n—\n\n—\n\n—\n\n—\n\n—\n\n58\n\nNet accretion of discount on\n\ninvestments\n\n614\n\n—\n\n—\n\n—\n\n—\n\n—\n\n614\n\nNet change in unrealized gain (loss) on\n\ninvestments\n\n237\n\n2\n\n1,715\n\n545\n\n—\n\n—\n\n2,499\n\nBalance as of March 31, 2025\n\n$629,974\n\n$1,749\n\n$33,305\n\n$2,197\n\n$1,500\n\n$—\n\n$668,725\n\nFor the three months ended March 31, 2026, the net change in unrealized gain (loss) on investments attributable to Level 3\n\ninvestments still held on March 31, 2026 was $(4,369) as shown on the Consolidated Statements of Operations. For the\n\nthree months ended March 31, 2025, the net change in unrealized gain (loss) on investments attributable to Level 3\n\ninvestments still held on March 31, 2025 was $2,499 as shown on the Consolidated Statements of Operations.\n\nPurchases of investments and other adjustments to costs include purchases of new investments at cost, accretion/\n\namortization of income from discount/premium on debt securities and PIK.\n\nReclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the\n\nbeginning of the period which the reclassifications occur. There were no transfers between Levels 1, 2 and 3 during the\n\nthree months ended March 31, 2026 and March 31, 2025.\n\nSignificant Unobservable Inputs\n\nASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the\n\nvaluation of assets and liabilities classified as Level 3 within the fair value hierarchy. The table below is not intended to be\n\nall-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the\n\nCompany.\n\n37\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value\n\nhierarchy as of March 31, 2026 and December 31, 2025.\n\nRange\n\nFair Value, as of\n\nMarch 31, 2026\n\nValuation\n\nTechnique\n\nUnobservable\n\nInput\n\nWeighted\n\nAverage Mean\n\nMinimum\n\nMaximum\n\nAssets:\n\nFirst lien senior secured loans\n\n$594,864\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n10.8%\n\n8.4%\n\n15.9%\n\nFirst lien senior secured loans\n\n47,746\n\nWaterfall Analysis\n\nEV/EBITDA\n\n7.0x\n\n6.0x\n\n8.0x\n\nFirst lien senior secured loans\n\n67,974\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nEquity\n\n47,939\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nEquity\n\n8,000\n\nWaterfall Analysis\n\nEV/EBITDA\n\n6.8x\n\n6.3x\n\n7.3x\n\nSubordinated debt\n\n1,921\n\nWaterfall Analysis\n\nEV/EBITDA\n\n7.8x\n\n7.5x\n\n8.0x\n\nSubordinated debt\n\n1,572\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n12.7%\n\n12.7%\n\n12.7%\n\nPreferred equity\n\n8,430\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nPreferred equity\n\n15,000\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n10.0%\n\n10.0%\n\n10.0%\n\nPreferred equity\n\n27,114\n\nWaterfall Analysis\n\nEV/EBITDA\n\n1.1x\n\n0.6x\n\n1.3x\n\nConvertible note\n\n1,500\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nWarrants\n\n—\n\nWaterfall Analysis\n\nEV/EBITDA\n\n0.0x\n\n0.0x\n\n0.0x\n\nTotal Level 3 Assets\n\n$822,060\n\nRange\n\nFair Value, as of\n\nDecember 31, 2025\n\nValuation\n\nTechnique\n\nUnobservable\n\nInput\n\nWeighted\n\nAverage Mean\n\nMinimum\n\nMaximum\n\nAssets:\n\nFirst lien senior secured loans\n\n$575,915\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n10.0%\n\n7.9%\n\n12.8%\n\nFirst lien senior secured loans\n\n59,426\n\nWaterfall Analysis\n\nEV/EBITDA\n\n5.0x\n\n1.0x\n\n7.3x\n\nFirst lien senior secured loans\n\n54,342\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nSubordinated debt\n\n1,883\n\nWaterfall Analysis\n\nEV/EBITDA\n\n8.3x\n\n8.0x\n\n8.5x\n\nSubordinated debt\n\n1,554\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n14.4%\n\n14.4%\n\n14.4%\n\nEquity\n\n39,880\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nEquity\n\n8,000\n\nWaterfall Analysis\n\nEV/EBITDA\n\n6.1x\n\n5.8x\n\n6.8x\n\nPreferred equity\n\n5,000\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nPreferred equity\n\n15,000\n\nDiscounted Cash\n\nFlow\n\nDiscount Rate\n\n12.0%\n\n12.0%\n\n12.0%\n\nPreferred equity\n\n26,713\n\nWaterfall Analysis\n\nEV/EBITDA\n\n1.5x\n\n1.0x\n\n8.3x\n\nConvertible note\n\n1,500\n\nTransaction\n\nPrecedent\n\nTransaction Price\n\nN/A\n\nN/A\n\nN/A\n\nWarrants\n\n—\n\nWaterfall Analysis\n\nEV/EBITDA\n\n0.0x\n\n0.0x\n\n0.0x\n\nTotal Level 3 Assets\n\n$789,213\n\nThe significant unobservable input used in the income approach of fair value measurement of the Company’s investments\n\nis the discount rate used to discount the estimated future cash flows received from the underlying investment, which\n\ninclude both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease\n\n38\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\n(increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the\n\nfollowing factors: risk of default, rating of the investment and comparable investments, and call provisions.\n\nThe significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments\n\nare the market multiples of EBITDA or revenue of the comparable guideline public companies. The Company selects a\n\npopulation of public companies for each investment with similar operations and attributes of the portfolio company. Using\n\nthese guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The\n\nCompany selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated\n\nenterprise value based on such multiple and generally the latest twelve months EBITDA or revenue of the portfolio\n\ncompany (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in\n\nenterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.\n\nNote 5. Debt\n\nAs a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock\n\nsenior to shares of our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, subject to\n\nreceipt of certain approvals and compliance with certain disclosure requirements, immediately after each such issuance.\n\nSection 61(a) of the 1940 Act reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as\n\nthe BDC meets certain disclosure requirements and obtains certain approvals. In April 2021, our Board and initial\n\nstockholder approved the reduced asset coverage ratio. The reduced asset coverage requirements permit us to increase the\n\nmaximum amount of leverage that we are permitted to incur by reducing the asset coverage requirements applicable to us\n\nfrom 200% to 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold,\n\nwe may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior\n\nsecurities for every $100 of net assets under a 200% asset coverage requirement. In addition, while any senior securities\n\nremain outstanding, we are generally prohibited from making distributions to our stockholders or repurchasing of such\n\nsecurities or shares unless we meet the applicable asset coverage ratios at the time of such distribution or repurchase. As of\n\nMarch 31, 2026 and December 31, 2025, the Company’s asset coverage ratios based on the aggregate amounts of senior\n\nsecurities outstanding were 221.5% and 220.8%, respectively.\n\nThe facilities of the Company consist of the following:\n\nMarch 31, 2026\n\nDecember 31, 2025\n\nAggregate\n\nPrincipal\n\nAmount\n\nAvailable\n\nPrincipal\n\nAmount\n\nOutstanding\n\nUnused\n\nPortion\n\nAggregate\n\nPrincipal\n\nAmount\n\nAvailable\n\nPrincipal\n\nAmount\n\nOutstanding\n\nUnused\n\nPortion\n\nSecured borrowings\n\n$300,000\n\n$289,982\n\n$10,018\n\n$300,000\n\n$276,982\n\n$23,018\n\nSBA-Guaranteed\n\nDebentures\n\n290,000\n\n230,000\n\n60,000\n\n290,000\n\n230,000\n\n60,000\n\nNote payable\n\n65,000\n\n65,000\n\n—\n\n65,000\n\n65,000\n\n—\n\nTotal\n\n$655,000\n\n$584,982\n\n$70,018\n\n$655,000\n\n$571,982\n\n$83,018\n\nThe following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the\n\nCompany's total debt for the three months ended March 31, 2026 and March 31, 2025:\n\n39\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nInterest expense\n\n$7,397\n\n$5,599\n\nNon-usage fee (1)\n\n66\n\n47\n\nAmortization of deferred financing costs\n\n591\n\n369\n\nWeighted average interest rate (2)\n\n5.88%\n\n6.11%\n\nWeighted average outstanding balance\n\n$510,104\n\n$371,759\n\n(1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the ING Credit\n\nFacility.\n\n(2) Weighted average interest rate is calculated as interest expense for the period, annualized, divided by the weighted\n\naverage outstanding balance for the period. Excludes non-usage fees and amortization of deferred financing costs, each\n\npresented as separate line items in the table above.\n\nCredit Facilities\n\nING Credit Facility\n\nOn June 18, 2024, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated,\n\nsupplemented, or otherwise modified from time to time, the “ING Credit Facility”) with ING Capital, LLC, as\n\nAdministrative Agent, Lead Arranger, Bookrunner and Sustainability Structuring Agent. The ING Credit Facility is\n\nguaranteed by certain subsidiaries of the Company in existence as of the closing date of the ING Credit Facility and\n\nprovides that such facility will be guaranteed by certain subsidiaries of the Company formed or acquired by the Company\n\nafter the date of such facility (collectively, the “Guarantors”). The ING Credit Facility permits the Company to borrow debt\n\nunder such facility in an amount (the “borrowing base”) calculated based upon unused capital commitments made by\n\ninvestors in the Company and the value of certain eligible portfolio investments. The amount of permissible borrowings\n\nunder the ING Credit Facility may be increased through an uncommitted accordion feature through which existing and new\n\nlenders may, at their option, agree to provide additional financing to the Company. The ING Credit Facility is secured by a\n\nfirst-priority interest in the unused commitments of the Company’s investors and substantially all of the eligible portfolio\n\ninvestments held by the Company and each Guarantor, subject to certain exceptions. The Company may use the proceeds\n\nof the ING Credit Facility for general corporate purposes, including the funding of portfolio investments. \n\nThe Company may borrow amounts under the ING Credit Facility in U.S. dollars or certain other permitted currencies.\n\nAmounts drawn under the ING Credit Facility in U.S. dollars bear interest at either (i) term SOFR plus margin of 2.70%\n\nper annum, or (ii) the alternate base rate plus margin of 1.70% per annum. In each case, the annual interest rate is\n\nadjustable based on a sustainability-linked loan pricing structure that directly references Goal2030™, the Company's\n\nproprietary framework of measurable objectives with respect to its portfolio companies, including (1) increasing\n\nemployment opportunities by assisting portfolio companies in creating and/or retaining 100,000 Working Class Jobs and\n\n150,000 jobs overall, (2) incentivizing at least 50% of borrowers to adopt third-party employee benefit services or human\n\nresources policy changes, and (3) encouraging economic growth in Working Class Areas by investing at least 50% of\n\nassets in companies located in or that are Substantial Employers of Working Class People (for a full description of\n\nGoal2030™, see \"Item 1. Business\" in the Company's Annual Report on Form 10-K for the year ended December 31,\n\n2025), with ING acting as the sole Sustainability Structuring Agent. Following completion of the annual benchmark review\n\nfor the year ended December 31, 2025, as verified by an independent third-party auditor, the Company met two of the three\n\napplicable benchmarks. As a result, effective May 6, 2026, the applicable interest rate margin will be reduced by 8 basis\n\npoints and the commitment fee will be reduced by 1.6 basis points, in accordance with the terms of the credit agreement.\n\nThe Company may elect either the term SOFR or alternate base rate at the time of each drawdown, and loans denominated\n\nin U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain\n\nconditions. Amounts drawn under the ING Credit Facility in other permitted currencies bear interest at the relevant rate\n\nspecified in such facility plus an applicable margin (including any applicable credit spread adjustment).\n\n40\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe ING Credit Facility includes customary affirmative and negative covenants, including certain limitations on the\n\nincurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit\n\nfacilities of this nature.\n\nThe availability period with respect to the revolving credit facility under the ING Credit Facility terminates on June 19,\n\n2028 (“Commitment Termination Date”), and the ING Credit Facility matures on June 18, 2029 (“Maturity Date”). During\n\nthe period from the Commitment Termination Date to the Maturity Date, the Company is obligated to make mandatory\n\nprepayments under the ING Credit Facility out of the proceeds of certain asset sales and other recovery events.\n\nOn September 20, 2024, the Company entered into Amendment No. 1 to the Senior Secured Revolving Credit Agreement\n\n(the “First Amendment”), to the ING Credit Facility. The parties to the First Amendment include the Company, the lenders\n\nparty thereto, Subsidiary Guarantors party thereto and ING Capital LLC, as Administrative Agent. The First Amendment\n\nprovides for, among other things, an upsize in the total commitments from lenders under the credit facility from\n\n$75 million to $150 million.\n\nOn December 12, 2024, the Company entered into a joinder agreement (the “First Lender Joinder Agreement”), under the\n\naccordion feature in the ING Credit Facility, the aggregate commitments under the ING Credit Facility increased from\n\n$150 million to $175 million. The parties to the First Lender Joinder Agreement include the Company, BankUnited, N.A.,\n\nas additional lender, the Subsidiary Guarantors party to such agreement and the Administrative Agent.\n\nOn December 20, 2024, the Company entered into a joinder agreement (the “Second Lender Joinder Agreement”), under\n\nthe accordion feature in the ING Credit Facility, the aggregate commitments under such facility increased from\n\n$175 million to $225 million. The parties to the Second Lender Joinder Agreement include the Company, Customers Bank,\n\nas additional lender, the Subsidiary Guarantors party to such agreement and the Administrative Agent.\n\nOn March 20, 2025, the Company entered into a commitment increase agreement (the “First Commitment Increase\n\nAgreement”) under the accordion feature in the ING Credit Facility, the aggregate commitments under such facility\n\nincreased from $225 million to $250 million. The parties to the First Commitment Increase Agreement include the\n\nCompany, ING Capital LLC as lender, the Subsidiary Guarantors party to such agreement and the Administrative Agent.\n\nOn April 24, 2025, the Company entered into Amendment No. 2 to the Senior Secured Revolving Credit Agreement (the\n\n“Second Amendment”), which amended the ING Credit Facility. The parties to the Second Amendment include the\n\nCompany, the lenders party to such amendment, Subsidiary Guarantors party to such amendment and ING Capital LLC, as\n\nAdministrative Agent. The Second Amendment provides for an increase of the accordion provision to permit increases in\n\nthe total facility amount of up to $300 million and permit the Company to enter into repurchase agreements in an aggregate\n\nnominal amount of up to $30 million.\n\nAlso on April 24, 2025, the Company entered into a waiver letter permitting the Company to enter into a repurchase\n\nagreement with Midcap Financial Trust dated as of April 17, 2025.\n\nOn May 30, 2025, the Company entered into a joinder agreement (the “Third Lender Joinder Agreement”) under the\n\naccordion feature in the ING Credit Facility pursuant to which aggregate commitments under such facility increased from\n\n$250 million to $275 million. The parties to the Third Lender Joinder Agreement include the Company, City National\n\nBank, as additional lender, the Subsidiary Guarantors party to such agreement and the Administrative Agent.\n\nOn October 30, 2025, the Company entered into a commitment increase agreement (the “Second Commitment Increase\n\nAgreement”) under the accordion feature in the ING Credit Facility pursuant to which aggregate commitments under such\n\nfacility increased from $275 million to $300 million. The parties to the Second Commitment Increase Agreement include\n\nthe Company, City National Bank, as additional lender, the Subsidiary Guarantors party to such agreement and the\n\nAdministrative Agent.\n\nAs amended as of March 31, 2026, the ING Credit Facility allows us to borrow up to $300 million, subject to certain\n\nrestrictions, including availability under the borrowing base.\n\n41\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nAs of March 31, 2026 and December 31, 2025, we had approximately $290.0 million and $277.0 million, respectively, in\n\noutstanding borrowings from the ING Credit Facility and availability as determined under the borrowing base of the ING\n\nCredit Facility of $10.0 million.\n\nThe following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the\n\nING Credit Facility for the three months ended March 31, 2026 and March 31, 2025:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nInterest expense\n\n$3,473\n\n$3,198\n\nNon-usage fee (1)\n\n66\n\n47\n\nAmortization of financing costs\n\n201\n\n138\n\nWeighted average interest rate (2)\n\n6.55%\n\n7.25%\n\nWeighted average outstanding balance\n\n$215,104\n\n$178,810\n\n(1)Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the ING Credit\n\nFacility.\n\n(2) Weighted average interest rate is calculated as interest expense for the period, annualized, divided by the weighted\n\naverage outstanding balance for the period. Excludes non-usage fees and amortization of deferred financing costs, each\n\npresented as separate line items in the table above.\n\nSBA-Guaranteed Debentures\n\nLS SBIC LP and LS SSBIC LP are able to borrow funds from the SBA against their regulatory capital (which\n\napproximates equity capital in LS SBIC LP and LS SSBIC LP) that is paid in and is subject to customary regulatory\n\nrequirements, including, but not limited to, periodic examination by the SBA. As of March 31, 2026 and December 31,\n\n2025, LS SBIC LP and LS SSBIC LP had a combined regulatory capital of $175.0 million and $110.0 million,\n\nrespectively. SBA-guaranteed debentures outstanding were $230.0 million as of both March 31, 2026 and December 31,\n\n2025. SBA debentures are non-recourse to us, have a 10-year maturity, and may be prepaid at any time without penalty.\n\nThe interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread\n\nover 10-year U.S. Treasury Notes. Current SBA regulations limit the amount that each of LS SBIC LP and LS SSBIC LP\n\nmay borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital.\n\nThe SBA-guaranteed debentures incurred an upfront commitment fee of 1.00% on the total commitment amount and a\n\n2.435% issuance discount on drawdowns, which are amortized over the life of the SBA-guaranteed debentures. In addition,\n\nan annual fee is charged on the SBA-guaranteed debentures which are amortized over the period.\n\nThe following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2026:\n\nIssuance Date\n\nMaturity Date\n\nDebenture Amount\n\nInterest Rate\n\nSBA Annual Charge\n\nSeptember 15, 2023\n\nMarch 1, 2034\n\n$31,000\n\n5.04%\n\n0.047%\n\nMarch 15, 2024\n\nSeptember 1, 2034\n\n5,960\n\n4.38%\n\n0.047%\n\nJune 14, 2024\n\nSeptember 1, 2034\n\n45,540\n\n4.38%\n\n0.129%\n\nSeptember 16, 2024\n\nMarch 1, 2035\n\n82,505\n\n4.96%\n\n0.129%\n\nDecember 12, 2024\n\nMarch 1, 2035\n\n27,500\n\n4.96%\n\n0.347%\n\nMarch 28, 2025\n\nSeptember 1, 2035\n\n9,995\n\n4.53%\n\n0.347%\n\nJune 27, 2025\n\nSeptember 1, 2035\n\n27,500\n\n4.53%\n\n0.347%\n\nThe following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed\n\ndebentures for the three months ended March 31, 2026 and March 31, 2025:\n\n42\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nInterest expense\n\n$2,807\n\n$2,401\n\nNon-usage fee\n\n—\n\n—\n\nAmortization of financing costs\n\n304\n\n231\n\nWeighted average interest rate (1)\n\n4.95%\n\n5.05%\n\nWeighted average outstanding balance\n\n$230,000\n\n$192,949\n\n(1) Weighted average interest rate is calculated as interest expense for the period, annualized, divided by the weighted\n\naverage outstanding balance for the period.\n\nNotes Payable\n\nOn August 19, 2025, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing\n\nthe issuance of $65.0 million in aggregate principal amount of 7.00% Senior Notes (the “Notes”) to qualified institutional\n\ninvestors in a private placement.\n\nThe Notes were issued on August 19, 2025 and will mature on August 19, 2030 unless redeemed, purchased or prepaid\n\nprior to such date by the Company in accordance with their terms and have a fixed coupon rate of 7.00% per annum.\n\nInterest on the Notes will be due semiannually. These interest rates are subject to increase (up to a maximum increase of\n\n2.00% above the stated rate for the Notes) in the event that, subject to certain exceptions, the Notes cease to have an\n\ninvestment grade rating and the Company’s minimum secured debt ratio exceeds certain thresholds.\n\nThe Notes are general unsecured obligations of the Company that rank at least pari passu, without preference or priority,\n\nwith all other unsecured and unsubordinated indebtedness of the Company. The Notes are guaranteed, on a senior\n\nunsecured basis, by LS BDC Holdings, LLC (the “Guarantor”), a wholly owned subsidiary of the Company.\n\nThe Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private\n\nplacement, including, without limitation, affirmative and negative covenants, such as maintenance of the Company’s status\n\nas a business development company within the meaning of the Investment Company Act of 1940, as amended, a minimum\n\nconsolidated net worth test and a minimum asset coverage ratio. The Note Purchase Agreement also contains customary\n\nevents of default with customary cure and notice periods.\n\nIn addition, the Company is obligated to offer to repay the Notes at 100% of the principal amount of such Notes, together\n\nwith interest on such Notes accrued to, if certain change in control events occur.\n\nThe Notes were offered in reliance on Section 4(a)(2) of Securities Act of 1933, as amended (the “Securities Act”). The\n\nNotes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may\n\nnot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the\n\nregistration requirements of the Securities Act, as applicable. The Company intends to use the net proceeds from this\n\noffering for its general corporate purposes.\n\nAs of March 31, 2026, the carrying amount of the Company’s borrowings under the Notes approximated its fair value. As\n\nof March 31, 2026, unamortized debt issuance costs of $1,512 are being deferred and amortized over the remaining term of\n\nthe Notes. As of March 31, 2026, the Notes had an outstanding balance of $65,000.\n\n43\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nThe following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the\n\nNotes for the three months ended March 31, 2026 and March 31, 2025:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nInterest expense\n\n$1,117\n\n$—\n\nNon-usage fee\n\n—\n\n—\n\nAmortization of financing costs\n\n86\n\n—\n\nWeighted average interest rate (1)\n\n7.00%\n\n—%\n\nWeighted average outstanding balance\n\n$65,000\n\n$—\n\n(1) Weighted average interest rate is calculated as interest expense for the period, annualized, divided by the weighted\n\naverage outstanding balance for the period.\n\nNote 6. Related Party Agreements and Transactions\n\nInvestment Advisory Agreement\n\nUnder the Investment Advisory Agreement, the Adviser manages the day-to-day operations of, and provides investment\n\nadvisory services to the Company. The Board initially approved the Investment Advisory Agreement on April 26, 2021 and\n\nmost recently approved its renewal on March 17, 2026. The Adviser is a registered investment adviser with the SEC. The\n\nAdviser receives fees for providing services, consisting of two components, a base management fee and an incentive fee.\n\nBase Management Fee:\n\nThe base management fee (“Management Fee”) is payable quarterly in arrears beginning in the period during its initial\n\ncapital drawdown from its non-affiliated investors (the “Initial Drawdown”) at an annual rate of (i) prior to a Liquidity\n\nEvent (as defined below), 0.75%, and (ii) following a Liquidity Event, 1.0%, in each case of the average value of our gross\n\nassets (gross assets equal the total assets of the Company as set forth on the Company’s Consolidated Statements of Assets\n\nand Liabilities) at the end of the two most recently completed calendar quarters. No Management Fee is charged on\n\ncommitted but undrawn capital commitments.\n\nWe define a “Liquidity Event” as the earliest to occur of: (1) a quotation or listing of our common stock on a national\n\nsecurities exchange, including an initial public offering or (2) a Sale Transaction. A “Sale Transaction” means (a) the sale\n\nof all or substantially all of our capital stock or assets to, or another liquidity event with, another entity or (b) a transaction\n\nor series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in\n\neach case for consideration of either cash and/or publicly listed securities of the acquirer. Potential acquirers could include\n\nentities that are not BDCs that are advised by the Adviser or its affiliates.\n\nFor the three months ended March 31, 2026 and March 31, 2025, the Company incurred Management Fee expense of\n\n$1,882 and $1,478, respectively. As of March 31, 2026 and December 31, 2025, $1,882 and $1,841, respectively, of such\n\nexpense remained payable as shown on the Consolidated Statements of Assets and Liabilities.\n\nIncentive Fee:\n\nThe Company also pays the Adviser an incentive fee consisting of two parts: (i) an incentive fee based on pre-incentive fee\n\nnet investment income (the “Income-Based Fee”), and (ii) the capital gains component of the incentive fee (the “Capital\n\nGains Fee”) of which is described in more detail below.\n\nThe Income-Based Fee, is based on Pre-Incentive Fee Net Investment Income Returns and is determined and payable in\n\narrears as of the end of each calendar year. “Pre-Incentive Fee Net Investment Income Returns” means, as the context\n\nrequires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately\n\npreceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees\n\n44\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nfor providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other\n\nfees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued\n\nfor the quarter (including the Management Fee, expenses payable under the Administration Agreement), and any interest\n\nexpense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred\n\nshares, but excluding the incentive fee.\n\nPre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such\n\nas original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not\n\nyet received in cash. Pre-Incentive Net Investment Income Returns do not include any realized capital gains, realized\n\ncapital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income Returns,\n\nexpressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a\n\n“hurdle rate” of return of 1.25% per quarter (5.0% annualized).\n\nPrior to a Liquidity Event, we pay the Adviser the Income-Based Fee as follows:\n\n•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our\n\nPre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%;\n\n•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of\n\nsuch Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate\n\nof return of 1.47% (5.88% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income\n\nReturns (which exceeds the hurdle rate but is less than 1.47%) as the “catch-up.” The “catch-up” is meant to\n\nprovide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a\n\nhurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and\n\n•15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of\n\nreturn of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved,\n\n15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.\n\nFollowing a Liquidity Event, we will pay the Adviser the Income-Based Fee as follows:\n\n•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our\n\nPre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%;\n\n•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of\n\nsuch Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate\n\nof return of 1.47% (5.88% annualized). The “catch-up” is meant to provide the Adviser with approximately 17.5%\n\nof our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment\n\nincome exceeds 1.47% in any calendar quarter; and\n\n•17.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of\n\nreturn of 1.52% (6.06% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved,\n\n17.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.\n\nFor the three months ended March 31, 2026 and March 31, 2025, the Company incurred Income-Based Fees of $1,603 and\n\n$1,514, respectively. As of March 31, 2026 and December 31, 2025, $1,603 and $1,516 of such fees, respectively,\n\nremained payable as shown on the Consolidated Statements of Assets and Liabilities.\n\nThe second part of the incentive fee, the Capital Gains Fee, is determined and payable in arrears as of the end of each\n\ncalendar year (or at the time of a Liquidity Event). The Capital Gains Fee is equal to 15% of (1) realized capital gains less\n\n(2) realized capital losses, less unrealized capital losses on a cumulative basis from inception through the day before the\n\nLiquidity Event, less the aggregate amount of any previously paid Capital Gains Fee.\n\nPrior to a Liquidity Event, the Capital Gains Fee equals:\n\n45\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\n•15% of cumulative realized capital gains less all realized capital losses and unrealized capital depreciation on a\n\ncumulative basis from inception through the end of such calendar year (or upon a Liquidity Event), less the\n\naggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP.\n\nFollowing a Liquidity Event, the amount payable equals:\n\n•17.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of\n\nall realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of\n\nany previously paid Capital Gains Fee as calculated in accordance with GAAP.\n\nIf a Liquidity Event occurs on a date other than the first day of a fiscal year, the Capital Gains Fee will be calculated as of\n\nthe day before the Liquidity Event, with such Capital Gains Fee paid to the Adviser annually following the end of the fiscal\n\nyear in which the Liquidity Event occurred. Solely for purposes of calculating the Capital Gains Fee after a Liquidity\n\nEvent, the Company will be deemed to have previously paid a Capital Gains Fee prior to a Liquidity Event equal to the\n\nproduct obtained by multiplying (a) the actual aggregate amount of previously paid Capital Gains Fee for all periods prior\n\nto a Liquidity Event by (b) the percentage obtained by dividing (x) 17.5% by (y) 15%.\n\nEach year, the Capital Gains Fee is calculated net of the aggregate amount of any previously paid Capital Gains Fee for all\n\nprior periods. We will accrue, but will not pay, a Capital Gains Fee with respect to unrealized appreciation because a\n\nCapital Gains Fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no\n\nevent will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by\n\nthe Investment Advisers Act of 1940, as amended (the “Advisers Act”), including Section 205 thereof.\n\nFor the purpose of computing the Capital Gains Fee, the calculation methodology looks through derivative financial\n\ninstruments or swaps as if we owned the reference assets directly.\n\nFor the three months ended March 31, 2026 and March 31, 2025, the Company has not incurred any Capital Gains Fees.\n\nAdministration Agreement\n\nPursuant to the administration agreement between the Company and LS Administration, LLC (the “Administration\n\nAgreement”), LS Administration, LLC (the “Administrator”) furnishes the Company with office space, office services, and\n\nequipment. Under the Administration Agreement, our Administrator performs or oversees the performance of our required\n\nadministrative services, which include providing assistance in accounting, legal, compliance, operations, technology,\n\ninternal audit, and investor relations, and loan agency services (including any third party service providers related to the\n\nforegoing) and being responsible for the financial records that we are required to maintain and preparing reports to our\n\nstockholders and reports filed with the SEC. In addition, our Administrator assists us in determining and publishing our net\n\nasset value, overseeing the preparation and filing of our tax returns and the printing and disseminating reports to our\n\nstockholders, assessing our internal controls under the Sarbanes-Oxley Act, and generally overseeing the payment of our\n\nexpenses and the performance of administrative and professional services rendered to us by others.\n\nPayments under the Administration Agreement are equal to an amount that reimburses our Administrator for its costs and\n\nexpenses. Such payments include the Company's allocable portion of (i) the expenses incurred by our Administrator in\n\nperforming its obligations under the Administration Agreement, (ii) the compensation paid to our Chief Compliance\n\nOfficer and Chief Financial Officer and their respective staffs, (iii) the costs of any sub-administration agreements that our\n\nAdministrator may enter into and (iv) the cost of providing managerial assistance upon request to portfolio companies. The\n\nAdministration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other\n\nparty. Our Administrator reserves the right to waive all or part of any reimbursements due from us at its sole discretion.\n\nThe Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance\n\nof its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers,\n\nmanagers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it will\n\nbe entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees\n\nand amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the\n\nAdministration Agreement or otherwise as administrator for us.\n\n46\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nFor the three months ended March 31, 2026 and March 31, 2025, the Company incurred $500 and $450, respectively, in\n\nfees under the Administrative Agreement. These fees are included in administrative service fees in the accompanying\n\nConsolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, $0 and $0, respectively, were\n\nunpaid and included in administrative services fee payable in the accompanying Consolidated Statements of Assets and\n\nLiabilities. No administrative services fee was charged to the Company prior to the Company’s commencement of\n\noperations.\n\nAdditionally, pursuant to a sub-administration agreement with SS&C Technologies, Inc. (“SS&C”), SS&C performs\n\ncertain of the Company’s required administrative services, which include providing assistance in accounting, legal,\n\ncompliance, operations, investor relations and technology, being responsible for the financial records that the Company is\n\nrequired to maintain and preparing reports to the Company’s stockholders and reports filed with the SEC. SS&C is also\n\nreimbursed for certain expenses it incurs on our behalf.\n\nOur Administrator and Adviser have entered into staffing agreements with affiliates of Lafayette Square pursuant to which\n\nsuch Lafayette Square affiliates agree to provide our Administrator and Adviser with access to certain legal, operations,\n\nfinancial, compliance, accounting, internal audit (in their role of performing our Sarbanes-Oxley Act internal control\n\nassessment), clerical and administrative personnel.\n\nAffiliated Transactions\n\nThe Adviser’s investment allocation policy seeks to ensure allocation of investment opportunities on a fair and equitable\n\nbasis over time between the Company and other funds or investment vehicles managed by the Adviser or its affiliates. It is\n\nexpected that the Company may have overlapping investment strategies with such affiliated funds and/or investment\n\nvehicles, but there are prohibitions under the 1940 Act from participating in certain transactions with such affiliates without\n\nprior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. As a result,\n\nthe Company, the Adviser and certain of their affiliates applied for, and have been granted, exemptive relief by the SEC for\n\nthe Company to co-invest with other funds or investment vehicles managed by the Adviser or certain of its affiliates, in a\n\nmanner consistent with the requirements of the Company’s organizational documents and investment strategy as well as\n\napplicable laws and regulations and the Adviser’s fiduciary duties. As a result of such exemptive relief, there could be\n\nsignificant overlap in the Company’s investment portfolio and the investment portfolios of such other affiliated entities that\n\navail themselves of such exemptive relief and that have an investment objective similar to the Company. In addition, any\n\ntransaction fees (including break-up or commitment fees, but excluding transaction fees contemplated by Section 17(e) or\n\n57(k) of the 1940 Act, as applicable, which are expected to be retained by the Adviser, to the extent permitted by applicable\n\nlaw) received in connection with a co-investment transaction among the Company and its affiliated entities will be\n\ndistributed to the participating entities (including the Company) on a pro rata basis based on the amounts they invested or\n\ncommitted, as the case may be, in such transaction.\n\nDue to/from Affiliate\n\nFrom time to time, the Administrator pays for certain unaffiliated third-party expenses incurred by the Company. These\n\nexpenses are not marked-up and represent the same amount the Company would have paid had the Company paid the\n\nexpenses directly. After the commencement of operations these expenses are reimbursed on an ongoing basis. As of\n\nMarch 31, 2026 and December 31, 2025, $260 and $246, respectively, were included in the Due to Affiliate line item in the\n\nConsolidated Statements of Assets and Liabilities for reimbursable expenses paid by the Administrator on behalf of the\n\nCompany. As of March 31, 2026 and December 31, 2025, $— and $—, respectively, were included in the Due from\n\nAffiliate line item in the Consolidated Statements of Assets and Liabilities for reimbursable expenses due from the\n\nAdministrator on behalf of the Company.\n\n47\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nNote 7. Commitments and Contingencies\n\nAs of March 31, 2026, the Company was not subject to any legal proceedings, although the Company may, from time to\n\ntime, be involved in litigation arising out of operations in the normal course of business or otherwise.\n\nThe Company has and may in the future become obligated to fund commitments such as revolving credit facilities, bridge\n\nfinancing commitments or delayed draw commitments. The Company had the following unfunded commitments to fund\n\ninvestments as of the indicated dates:\n\nPar Value as of\n\nPar Value as of\n\nMarch 31, 2026\n\nDecember 31, 2025\n\nUnfunded debt securities\n\n$119,996\n\n$108,365\n\nUnfunded equity securities\n\n26,635\n\n27,524\n\nTotal unfunded commitments\n\n$146,631\n\n$135,889\n\nNote 8. Directors Fees\n\nOur independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit\n\nCommittee receives an additional annual fee of $20 (prorated for any partial year). We are also authorized to pay the\n\nreasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her\n\nduties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on\n\nthe same day as any regular meeting of the Board).\n\nFor the three months ended March 31, 2026 and March 31, 2025, independent directors fees were paid in the form of our\n\ncommon stock issued at a price per share equal to the greater of NAV or the market price, if any, at the time of payment.\n\nOn March 27, 2026, the Company issued 26,952 shares of common stock to our directors as compensation for their\n\nservices for the fiscal year ended December 31, 2025. On March 26, 2025, the Company issued 23,460 shares of common\n\nstock to our directors as compensation for their services for the fiscal year ended December 31, 2024.\n\nNo compensation is paid to directors who are ‘‘interested persons’’ of the Company (as such term is defined in the 1940\n\nAct). For the three months ended March 31, 2026 and March 31, 2025, the Company accrued $125 and $80, for directors’\n\nfees expense, respectively.\n\nNote 9. Share Data and Distributions\n\nEarnings per Share\n\nThe following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31,\n\n2026 and March 31, 2025:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nEarnings (loss) per common share (basic and diluted):\n\nNet increase (decrease) in net assets resulting from operations\n\n$4,729\n\n$11,147\n\nWeighted average common shares outstanding\n\n27,942,796\n\n23,977,487\n\nEarnings (loss) per common share (basic and diluted):\n\n$0.17\n\n$0.46\n\nCapital Activity\n\nThe Company is authorized to issue 50,000,000 shares of preferred stock at a par value of $0.001 per share and\n\n450,000,000 shares of common stock at a par value of $0.001 per share. The Company has entered into subscription\n\n48\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nagreements in which investors have made capital commitments to purchase shares of the Company's common stock (the\n\n“Subscription Agreements”) with several investors, providing for the private placement of the Company’s common stock.\n\nUnder the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s\n\ncommon stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to the\n\nadjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions\n\non an as-needed basis as determined by the Company with a minimum of ten business days prior notice.\n\nAs of March 31, 2026 and December 31, 2025, the Company had closed capital commitments totaling $412.1 million and\n\n$411.2 million, respectively, for the private placement of the Company's common stock, of which $— and $20.4 million,\n\nrespectively, were uncalled.\n\nShare Issuance Date\n\nShares Issued\n\nAmount\n\nAverage Offering\n\nPrice per Share\n\nMarch 27, 2026\n\n1,444,394\n\n$21,348\n\n$14.78\n\nTotal\n\n1,444,394\n\n$21,348\n\n$14.78\n\nShare Issuance Date\n\nShares Issued\n\nAmount\n\nAverage Offering\n\nPrice per Share\n\nMarch 26, 2025\n\n116,132\n\n$1,721\n\n$14.82\n\nTotal\n\n116,132\n\n$1,721\n\n$14.82\n\nDistributions\n\nDistributions to common stockholders are recorded on the ex-dividend date. The Company has elected to be taxed as a RIC\n\nunder Subchapter M of the IRC. As a RIC, the Company is required to distribute an amount at least equal to 90% of its\n\ninvestment company taxable income to its stockholders, determined without regard to any deduction for such distributions\n\npaid, in order to be eligible for tax benefits allowed to a RIC under Subchapter M of the IRC. The Company anticipates\n\npaying out as a distribution all or substantially all of those amounts. The amount to be paid out is determined by the Board\n\nand is based on management's estimate of the Company's annual taxable income. Net realized capital gains, if any, may be\n\ndistributed to stockholders or retained for reinvestment.\n\nThe Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for the automatic reinvestment of all\n\ncash distributions declared by the Board, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board\n\ndeclares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions\n\nautomatically reinvested in additional shares of common stock, rather than receiving a cash distribution. The Company\n\nreserves the right to use primarily newly issued shares to implement the DRIP, whether the shares are trading at a price per\n\nshare at or above NAV. NAV is determined as of the latest available quarter end before such distribution. However, the\n\nCompany reserves the right to purchase shares in the open market in connection with the implementation of the DRIP. In\n\nthe event the price per share is trading at a discount to NAV, the Company intends to purchase shares in the open market\n\nrather than issue new shares.\n\nFor the three months ended March 31, 2026, the following table summarizes the distributions declared on shares of the\n\nCompany’s common stock:\n\nDate Declared\n\nRecord Date\n\nPayment Date\n\nAmount\n\nAmount Per\n\nShare\n\nMarch 27, 2026\n\nMarch 27, 2026\n\nApril 23, 2026\n\n$9,197\n\n$0.33\n\nFor the three months ended March 31, 2025, the following table summarizes the distributions declared on shares of the\n\nCompany’s common stock:\n\n49\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nDate Declared\n\nRecord Date\n\nPayment Date\n\nAmount\n\nAmount Per\n\nShare\n\nMarch 25, 2025\n\nMarch 25, 2025\n\nMay 6, 2025\n\n$8,393\n\n$0.35\n\nThe Company has a DRIP, pursuant to which stockholders may elect to have their cash distributions reinvested in\n\nadditional shares of the Company’s common stock. The Company satisfies DRIP participation through the issuance of new\n\nshares.  When the Company issues new shares in connection with the DRIP, the issue price is equal to the net asset value\n\nper share most recently determined as of the distribution payment date. Dividend reinvestment plan activity for the three\n\nmonths ended March 31, 2026 and March 31, 2025 was as follows:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nShares issued\n\n92,711\n\n182,443\n\nAverage issue price per share\n\n$14.84\n\n$14.76\n\nNote 10.  Tax Matters\n\nThe Company is subject to the U.S. federal income tax rules and filing requirements. The Company has elected to be\n\ntreated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the IRC. As a result, the Company\n\ngenerally does not expect to be subject to U.S. federal income taxes on its RIC operations. However, there is no guarantee\n\nthat the Company will qualify to make such an election for any taxable year.\n\nThe Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income\n\nTaxes, as of March 31, 2026 and December 31, 2025.\n\nIn the normal course of business, the Company is subject to examination by federal and certain state and local tax\n\nregulators. The Company adopted a tax year-end of December 31. It is the Company’s policy to recognize accrued interest\n\nand penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes.\n\nThe Company's taxable income for each period is an estimate and will not be finally determined until the Company files its\n\ntax return for each year. Therefore, the final taxable income earned in each period and carried forward for distribution in\n\nthe following period may be different than this estimate.\n\nFor tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to\n\ncarry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-\n\nterm capital losses. As of March 31, 2026 the Company did not have a capital loss carryforward.\n\nFor U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital,\n\nlong term capital gains or a combination thereof. The tax character of distributions paid for the three months ended\n\nMarch 31, 2026 and for the year ended December 31, 2025, were as follows:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the year ended\n\nDecember 31, 2025\n\nOrdinary Income\n\n$9,197\n\n$34,708\n\nLong-term Capital Gain\n\n$—\n\n$—\n\nReturn of Capital\n\n$—\n\n$—\n\n50\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nAs of March 31, 2026 and December 31, 2025, the tax cost and estimated gross unrealized appreciation/(depreciation) from\n\ninvestments for federal income tax purposes were as follows.\n\nMarch 31, 2026\n\nDecember 31, 2025\n\nTax cost\n\n$828,569\n\n$791,182\n\nGross unrealized appreciation\n\n$7,221\n\n$9,209\n\nGross unrealized depreciation\n\n(13,730)\n\n(11,178)\n\nNet unrealized investment appreciation / (depreciation)  on\n\ninvestments\n\n$(6,509)\n\n$(1,969)\n\nThe Company has a wholly owned corporate subsidiary that is consolidated for financial statement purposes. This entity;\n\nLS BDC Holdings, LLC (the “taxable subsidiary”), has elected to be taxed as regular c-corporation for federal income tax\n\npurposes. This taxable subsidiary recognizes deferred tax assets and liabilities for the estimated future tax effects\n\nattributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts\n\nincluded in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in\n\nwhich any such temporary differences are expected to reverse.\n\nTotal income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory\n\nincome tax rate of 21% to net increase (decrease) in net assets from operations for the three months ended March 31, 2026\n\nare as follows:\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nIncome tax (expense)/benefit at federal statutory tax rate\n\n$(993)\n\nIncome attributable to the RIC and not subject to corporate tax\n\n1,045\n\nState and local income tax benefit (net of federal benefit)\n\n11\n\nChanges in Valuation Allowances\n\n(63)\n\nTotal income tax (expense)/benefits\n\n$—\n\nState and local income taxes, net of federal benefit, decreased the effective tax rate by 0.01% from the federal statutory\n\nrate, for the period ended March 31, 2026.\n\nAt March 31, 2026, the taxable subsidiary did not have any capital loss carryforwards.\n\nNet operating loss carryforwards are available to offset future taxable income. These net operating loss carryforwards can\n\nbe carried forward indefinitely and may offset up to 80% of taxable income in any given year. Any unused portion will\n\ncontinue to be carried forward. As of March 31, 2026, the Company had a net operating loss carryforward for federal\n\nincome tax purposes of $509. \n\nAt March 31, 2026, the Company determined a partial valuation allowance of the Company's gross deferred tax asset was\n\nrequired.  The Company’s assessment considered, among other matters, the nature, frequency and severity of current and\n\ncumulative losses, the duration of statutory carryforward periods and the associated risk that operating loss and capital loss\n\ncarryforwards are limited or are likely to expire unused, and unrealized gains and losses on investments.  Through the\n\nconsideration of these factors, the Company has determined that it is more likely than not that the Company’s net deferred\n\ntax asset would not be realized in full.  As a result, the Company recorded a partial valuation allowance with respect to its\n\ngross deferred tax asset for the three months ended March 31, 2026. From time to time, the Company may modify its\n\nestimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance as\n\nnew information becomes available.  Modifications to the Company’s estimates or assumptions regarding its deferred tax\n\nliability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles\n\nor related guidance or interpretations thereof, limitations imposed on or expirations of the Company’s net operating losses\n\nand capital loss carryovers (if any) and changes in applicable tax law could result in increases or decreases in the\n\nCompany’s NAV per share, which could be material.\n\n51\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nNote 11. Financial Highlights\n\nBelow is the schedule of financial highlights of the Company for the three months ended March 31, 2026 and March 31,\n\n2025:\n\nPer Common Share Data:(1)\n\nFor the three\n\nmonths ended\n\nMarch 31, 2026\n\nFor the three\n\nmonths ended\n\nMarch 31, 2025\n\nNet asset value, beginning of period\n\n$14.81\n\n$14.81\n\nNet investment income (loss)\n\n0.33\n\n0.36\n\nNet realized and unrealized gain (loss)\n\n(0.16)\n\n0.10\n\nNet increase (decrease) in net  assets resulting from operations\n\n0.17\n\n0.46\n\nEffect of offering price of subscriptions(2)\n\n0.01\n\n—\n\nDistributions declared\n\n(0.33)\n\n(0.35)\n\nNet asset value, end of period\n\n$14.66\n\n$14.92\n\nTotal return based on NAV(3)\n\n1.19%\n\n3.12%\n\nCommon shares outstanding, end of period\n\n29,313,127\n\n24,096,013\n\nWeighted average shares outstanding\n\n27,942,796\n\n23,977,487\n\nNet assets, end of period\n\n$429,585\n\n$359,573\n\nRatio/Supplemental data:\n\nRatio of net investment income (loss) to average net assets\n\n8.79%\n\n9.78%\n\nRatio of expenses to average net assets\n\n12.77%\n\n12.23%\n\nRatio of expenses (before management fees, incentive fees and interest and\n\nfinancing expenses) to average net assets\n\n1.64%\n\n1.97%\n\nWeighted average debt outstanding\n\n$510,104\n\n$371,759\n\nTotal debt outstanding\n\n$584,982\n\n$451,982\n\nAsset coverage ratio(4)\n\n221.5%\n\n244.1%\n\nPortfolio turnover(5)\n\n5%\n\n13%\n\n(1)The per share data were derived by using the weighted average shares from the date of the first issuance of shares,\n\nthrough the three months ended March 31, 2026 and March 31, 2025.\n\n(2)Increase (decrease) was due to the offering price of subscriptions during the period (See note 9).\n\n(3)Total return was based upon the change in net asset value per share between the opening and ending net assets per\n\nshare and the issuance of common stock in the period. Total return is not annualized.\n\n(4)On September 30, 2024, the Company received exemptive relief from the SEC allowing the Company to modify the\n\nasset coverage requirement under the 1940 Act to exclude the SBA-guaranteed debentures from this calculation. The\n\ninclusion of unfunded commitments in the calculation of the asset coverage ratio would not cause us to be below the\n\nrequired amount of regulatory coverage.\n\n(5)Portfolio turnover is calculated using the lesser of year-to-date sales and principal repayments or year-to-date\n\npurchases over the average of the total investments at fair value.\n\n52\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)\n\nNote 12.  Subsequent Events\n\nThe Company's management evaluated subsequent events through the date of issuance of the consolidated financial\n\nstatements. Other than the subsequent events disclosed below, no subsequent events occurred during such period that\n\nwould require disclosure in, or would be required to be recognized in, the consolidated financial statements of the\n\nCompany.\n\nAs of the date of this Report, the Company repaid $97.5 million of outstanding principal on the ING Credit Facility and\n\nborrowed an additional amount of $32.0 million. As of the date of this Report, the outstanding principal balance on the\n\nING Credit Facility is $224.5 million.\n\n10 We define “Working Class,” based on the definition of low- to moderate-income (“LMI”) under the Community\n\nReinvestment Act of 1977, as an individual, family or household whose income is less than 80% of the Area Median\n\nIncome as reported by the Federal Financial Institutions Examination Council at https://www.ffiec.gov/Medianincome.htm.\n\n53\n\n[Table of Contents](#icf58b7f161364a20b04cd7a86c0bfeb9_184)"}