Private company

Lafayette Square USA, Inc.

Lafayette Square USA, Inc. is an investment fund that raised $25.5 million in 2025 (SEC Form D).2 It is headquartered in Miami, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersMiami, United States2
  • Incorporated inDE3
  • Business address175 Sw 7Th Street, Unit 2307, Miami, Fl3
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI549300CE39J57RU8M8062
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00018490892

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“1940 Act”) and that has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income67$34.3M in 2025
-$10.0M0$10.0M$20.0M$30.0M$40.0M2022: -$476.0K-$476.0K20222023: $11.0M$11.0M20232024: $27.8M$27.8M2024+153%2025: $34.3M$34.3M2025+23%
Fiscal year202120222023202420252026
Income tax$06$07$371.0K7$262.0K7
Net income-$476.0K6$11.0M7$27.8M7$34.3M7
Earnings per share-$0.326$1.017$1.247$1.387
Earnings per share (diluted)-$0.326$1.017$1.247$1.387
Shares (weighted, basic)1.5M shares710.9M shares722.5M shares724.8M shares7
Shares (weighted, diluted)1.5M shares710.9M shares722.5M shares724.8M shares7

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Corporate structure

Lafayette Square USA, Inc. sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Lafayette Square USA, Inc.

  • Hildene Capital Management, LLC Filed SCHEDULE 13G on Lafayette Square USA, Inc., latest Jul 6, 2026
  • De Depot Et Placement Du Quebec Caisse Filed SCHEDULE 13D/A on Lafayette Square USA, Inc., latest Jun 30, 2026 (11 filings since Jul 5, 2022)
  • Jeffrey S. Skoll Filed SCHEDULE 13G/A on Lafayette Square USA, Inc., latest May 15, 2025 (4 filings since Jul 5, 2022)
  • Retirement System Of The State Of Hawaii Employees' Filed SCHEDULE 13G/A on Lafayette Square USA, Inc., latest Apr 1, 2025 (4 filings since Jul 5, 2022)
  • University of California Regents Filed SCHEDULE 13G/A on Lafayette Square USA, Inc., latest Jan 28, 2025 (3 filings since Jul 3, 2023)
  • Capricorn Investment Group LLC Filed SC 13G/A on Lafayette Square USA, Inc., latest Feb 9, 2024 (3 filings since Jul 5, 2022)
  • Opportunity Finance Network (a Pennsylvania non-profit corporation) Filed SC 13G/A on Lafayette Square USA, Inc., latest Jan 22, 2024 (3 filings since Dec 27, 2022)
  • Lafayette Square USA, Inc. Miami, Florida, United States
    • Lafayette Square SBIC GP, LLC Subsidiary · Delaware, United States
    • Lafayette Square SBIC, LP Subsidiary · Delaware, United States
    • Lafayette Square SSBIC GP, LLC Subsidiary · Delaware, United States
    • Lafayette Square SSBIC, LP Subsidiary · Delaware, United States
    • LS BDC Holdings, LLC Subsidiary · Delaware, United States
    • LS SBIC Holdings, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Lafayette Square USA, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$199.2M7 Dec 31, 2025$202.5M7 Dec 31, 2024−1.6%

Properties, in its own words

Our headquarters are located at 175 SW 7th Street, Suite 2307, Miami, Florida 33130 and are provided by our

Administrator. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be

The rest of Item 2

conducted. We do not own any real estate or other physical properties materially important to our operations.

Item 2 of the 10-K filed Mar 25, 2026.5

Leadership

Who has led Lafayette Square USA, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Damien Dwin2021–now

President

  1. Damien Dwin2022–now

Chief financial officer

  1. Seren Tahiroglu2021–now
2025
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Executive OfficerDwin Damien named Oct 2, 202521
  • Chief Compliance OfficerMartineau Joyce named Oct 2, 202521
  • DirectorBrooks Levee named Oct 2, 202521
  • DirectorMayfield Jamila named Oct 2, 202521

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • LS BDC Holdings, LLC Delaware4
  • LS SBIC Holdings, LLC Delaware4
  • Lafayette Square SBIC GP, LLC Delaware4
  • Lafayette Square SBIC, LP Delaware4
  • Lafayette Square SSBIC GP, LLC Delaware4
  • Lafayette Square SSBIC, LP Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Lafayette Square Empire BDC, Inc.Nov 5, 2021 to May 11, 20223
  • Lafayette Square Empire BDC, LLCMar 11, 2021 to Sep 16, 20213

Timeline

  1. Oct 2, 20268-K Regulation FD disclosure22
  2. Sep 30, 20268-K Entered a material agreement; New debt or obligation23
  3. Aug 3, 20268-K Results of operations24
  4. Jun 30, 20268-K Unregistered sale of shares25
  5. Jun 30, 20268-K Regulation FD disclosure26
  6. Jun 9, 20268-K Shareholder vote27
  7. May 11, 20268-K Executive or director change28
  8. May 8, 20268-K Results of operations29
  9. Apr 1, 20268-K Unregistered sale of shares30
  10. Mar 25, 20268-K Results of operations31
  11. Dec 23, 20258-K Unregistered sale of shares32
  12. Dec 23, 20258-K Regulation FD disclosure33
  13. Jul 27, 2021New chief executive Damien Dwin becomes CEO11
  14. Feb 19, 2021Founded Lafayette Square USA, Inc. is founded2

Calendar

Coming up

  1. Around Oct 29, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results24
  2. May 8, 2026Reported quarterly or annual results29
  3. Mar 25, 2026Reported quarterly or annual results31
  4. Nov 7, 2025Reported quarterly or annual results34
  5. Aug 1, 2025Reported quarterly or annual results35
  6. May 8, 2025Reported quarterly or annual results36
  7. Mar 14, 2025Reported quarterly or annual results37
  8. Nov 7, 2024Reported quarterly or annual results38

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

209 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 65 major events, 63 insider forms, 29 large holders, 6 private raises, 25 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Oct 2, 2026D/A EDGAR
  3. Sep 30, 20268-K EDGAR
  4. Aug 3, 202610-Q EDGAR
  5. Aug 3, 20268-K EDGAR
  6. Jul 6, 2026SCHEDULE 13G EDGAR
  7. Jun 30, 20268-K EDGAR
  8. Jun 30, 20268-K EDGAR
  9. Jun 30, 2026SCHEDULE 13D/A EDGAR
  10. Jun 26, 20264 PRIMARY DOCUMENT EDGAR
  11. Jun 9, 20268-K EDGAR
  12. Jun 1, 202640-17G EDGAR
  13. May 29, 20263 EDGAR
  14. May 11, 20268-K EDGAR
  15. May 8, 202610-Q EDGAR
  16. May 8, 20268-K EDGAR
  17. Apr 28, 2026DEF 14A EDGAR
  18. Apr 1, 20268-K EDGAR
  19. Apr 1, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Apr 1, 20264 EDGAR

The 209 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

51 open-market trades by officers, directors and large owners since October 2021: 51 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 26, 2026Employees' Retirement System of the State of Hawaii10% ownerBuy1,365,188$14.65$20.0MForm 4
Mar 30, 2026Employees' Retirement System of the State of Hawaii10% ownerBuy270,636$14.78$4.0MForm 4
Mar 30, 2026CAISSE DE DEPOT ET PLACEMENT DU QUEBEC10% ownerBuy338,295$14.78$5.0MForm 4
Mar 30, 2026Tahiroglu SerenChief Financial OfficerBuy169$14.78$2.5KForm 4
Mar 30, 2026Stone IleanaSecretaryBuy203$14.78$3.0KForm 4
Dec 19, 2025Employees' Retirement System of the State of Hawaii10% ownerBuy269,542$14.84$4.0MForm 4
Dec 19, 2025CAISSE DE DEPOT ET PLACEMENT DU QUEBEC10% ownerBuy336,927$14.84$5.0MForm 4
Dec 19, 2025Tahiroglu SerenChief Financial OfficerBuy168$14.84$2.5KForm 4
Dec 19, 2025Stone IleanaSecretaryBuy202$14.84$3.0KForm 4
Oct 23, 2025Daniele PhilipChief Risk OfficerBuy3,331$15.01$50.0KForm 4
Oct 23, 2025Dwin DamienPresident and CEOBuy6,662$15.01$100.0KForm 4
Sep 30, 2025Employees' Retirement System of the State of Hawaii10% ownerBuy319,787$15.01$4.8MForm 4
Sep 30, 2025CAISSE DE DEPOT ET PLACEMENT DU QUEBEC10% ownerBuy399,734$15.01$6.0MForm 4
Sep 29, 2025Stone IleanaSecretaryBuy240$15.01$3.6KForm 4
Sep 29, 2025Dwin DamienPresident and CEOBuy3,997$15.01$60.0KForm 4
Sep 29, 2025Tahiroglu SerenChief Financial OfficerBuy200$15.01$3.0KForm 4
Sep 29, 2025Daniele PhilipChief Risk OfficerBuy1,999$15.01$30.0KForm 4
Sep 26, 2024Employees' Retirement System of the State of Hawaii10% ownerBuy141,700$14.82$2.1MForm 4
Sep 26, 2024CAISSE DE DEPOT ET PLACEMENT DU QUEBEC10% ownerBuy170,040$14.82$2.5MForm 4
Apr 30, 2024Employees' Retirement System of the State of Hawaii10% ownerBuy140,000$15.00$2.1MForm 4

All 51 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 29, 2025Raised $25.5 million in a private offering of equity Form D: 152 investors so far Form D

SEC filer profile

How Lafayette Square USA, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLafayette Square USA, Inc.1
  • CIK0001849089
  • Employer ID (EIN)87-28070755
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address175 Sw 7Th Street, Unit 2307, Miami, FL1
  • Phone78668809751
  • Shares outstanding34,293,627 as of Aug 3, 20269
  • Public float$0 as of Mar 25, 20267
  • AuditorErnst & Young LLP, Tysons, Virginia PCAOB ID 42; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 11, 20211
  • Filings223 in all: 8-K (65), 4 (53), 10-Q (15), 3 (15), SC 13G/A (9), SC 13D/A (8), 10-K (5), 40-17G (5)1
    All 27 form types

    40-APP (5), 40-APP/A (5), D/A (5), DEF 14A (5), SC 13G (5), APP NTC (3), CORRESP (3), SCHEDULE 13G/A (3), 10-12G/A (2), APP ORDR (2), SCHEDULE 13D/A (2), 10-12G (1), 10-K/A (1), APP WD (1), D (1), N-54A (1), SC 13D (1), SCHEDULE 13G (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks Lafayette Square USA, Inc. names in Item 1A of its 10-K filed Mar 25, 2026: 78 risks under these headings, as written.5

  • Investing in shares of our Common Stock involves a number of significant risks. Before you invest in shares of our
  • Common Stock, you should be aware of various risks, including those described below. The risks set out below are not the
  • only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may
  • also impair our operations and performance. If any of the following events occur, our business, financial condition, results
  • of operations and cash flows could be materially and adversely affected. In such case, our net asset value could decline,
  • and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated
  • with an investment in us as well as those factors generally associated with an investment company with investment
  • objectives, investment policies, capital structure or trading markets similar to ours.
  • We are subject to risks and conflicts relating to our business and structure which may make it more difficult for you
  • Risks Relating to Our Business and Structure
  • Operating as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In
  • addition, if we fail to maintain our status as a BDC (including if we do not invest a sufficient portion of our assets in
The other 67 risks
  • qualifying assets), we might be regulated as a closed-end investment company, which would subject us to additional
  • regulatory restrictions.
  • Our investment strategy prioritizes lending to businesses in Working Class Areas and employing Working Class People,
  • which may limit available investment opportunities and result in the Company underperforming relative to peers that do
  • not maintain similar objectives.
  • Our Prohibited Investments policy limits the universe of available investment opportunities, which may result in the
  • Company underperforming relative to peers that do not maintain similar restrictions.
  • Insured depository institution shareholders that are subject to regulatory examination for CRA compliance may fail to
  • obtain favorable regulatory consideration of their investment under the CRA.
  • Our financial condition and results of operation depend on our ability to manage future growth effectively.
  • We depend upon our Adviser and Administrator for our success and upon their access to the investment professionals
  • and partners of Lafayette Square and its affiliates.
  • We depend on the Adviser’s key personnel in seeking to achieve our investment objectives.
  • The Adviser's personnel primarily work from home.
  • The Adviser's dependence on technology.
  • The Adviser may frequently be required to make investment analyses and decisions on an expedited basis in order to
  • take advantage of investment opportunities, and our Adviser may not have knowledge of all circumstances that could
  • impact an investment by the Company.
  • Each of the Adviser and the Administrator can resign on 60 days’ notice, and we may not be able to find a suitable
  • replacement within that time, resulting in a disruption in our operations that could adversely affect our financial
  • condition, business, and results of operations.
  • There are significant potential conflicts of interest that could affect our investment returns, including conflicts related
  • to obligations that the Adviser’s Investment Committee, the Adviser or its affiliates have to other investment accounts
  • and conflicts related to fees and expenses of such other investment accounts.
  • The Adviser’s investment professionals are engaged in other investment activities on behalf of Other Clients.
  • The Adviser’s Investment Committee, the Adviser or its affiliates may possess material non-public information, limiting
  • our investment discretion.
  • Our management and incentive fee structure may create incentives for the Adviser and Administrator that are not fully
  • aligned with the interests of our stockholders and may induce the Adviser to make speculative investments.
  • Our ability to enter into transactions with our affiliates will be restricted.
  • Shares of our Common Stock are illiquid investments for which there is not a secondary market.
  • Our reliance on Rule 506(c) of Regulation D permits general solicitation in connection with our Private Offering and
  • subjects us to additional requirements and risks.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in
  • We will be subject to corporate-level income tax if we are unable to maintain qualification as a RIC.
  • Material U.S. Federal Income Tax Considerations — Taxation as a RIC.”
  • We will need to raise additional capital to grow because we must distribute most of our income.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash
  • representing such income.
  • If we are not treated as a “publicly offered regulated investment company,” as defined in the IRC, U.S. stockholders
  • that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • As a BDC, our need to raise additional capital (because we must distribute most of our income) exposes us to risks,
  • including the typical risks associated with leverage.
  • We intend to finance a portion of our investments with borrowed money, which will magnify the potential for gain or
  • loss on amounts invested and may increase the risk of investing in us.
  • We will be subject to risks associated with any credit facility.
  • Our interests in any subsidiary that enters into a credit facility would be subordinated, and we may not receive cash on
  • our equity interests from any such subsidiary.
  • Our ability to sell investments held by any subsidiary that enters into a credit facility would be limited.
  • Any inability to renew, extend, or replace a credit facility could adversely impact our liquidity and ability to find new
  • investments or maintain distributions to our stockholders.
  • Our Shareholders may fail to fund their Capital Commitments when due.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be
  • precluded from investing according to our current business strategy.
  • Company — Qualifying Assets.”
  • Failure to qualify as a BDC would decrease our operating flexibility.
  • There may be uncertainty as to the value of our portfolio investments.
  • Our Board may change our investment objective and operating policies without prior notice or stockholder approval.
  • Provisions of the Delaware General Corporation Law (“DGCL”) and of our Charter and Bylaws could deter takeover
  • attempts and have an adverse effect on the price of shares of Common Stock.
  • We do not currently have comprehensive documentation of our internal controls and have not yet tested our internal
  • controls in accordance with Section 404 of SOX, and failure by us to develop effective internal controls over financial
  • reporting in accordance with Section 404 could have a material adverse effect on our business and the value of our
  • Common Stock.
  • We depend on information systems, and systems failures could significantly disrupt our business, which may, in turn,
  • negatively affect the value of our Common Stock and our ability to pay distributions.
  • Risks relating to compliance with the AIFMD.

Legal proceedings

Neither we nor our Adviser or Administrator is currently subject to any material legal proceedings, nor, to our knowledge,

is any material legal proceeding that would affect our business threatened against us, or against our Adviser or

Administrator.

From time to time, we, our Adviser or Administrator may be a party to certain legal proceedings in the ordinary course of

The opening of Item 3, Legal Proceedings.5

Sources

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