# EDGAR Filing Document

**Accession Number:** 0001849089
**File Stem:** 0001104659-26-057971
**Filing Date:** 2026-5
**Character Count:** 14728
**Document Hash:** c9b30b628b64aa6f2ef83051f4bfdab2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057971.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001104659-26-057971

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260508

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lafayette Square USA, Inc.
- **CENTRAL INDEX KEY:** 0001849089

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01427
- **FILM NUMBER:** 26958818

**BUSINESS ADDRESS:**
- **STREET 1:** 175 SW 7TH STREET
- **STREET 2:** UNIT 2307
- **CITY:** MIAMI
- **STATE:** FL
- **BUSINESS PHONE:** 7866880975

**MAIL ADDRESS:**
- **STREET 1:** 175 SW 7TH STREET
- **STREET 2:** UNIT 2307
- **CITY:** MIAMI
- **STATE:** FL

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lafayette Square Empire BDC, Inc.
- **DATE OF NAME CHANGE:** 20211101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lafayette Square Empire BDC, LLC
- **DATE OF NAME CHANGE:** 20210303

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): May 8, 2026**

**LAFAYETTE SQUARE USA, INC.**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **814-01427** | **87-2807075** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **175 SW 7 St, Unit 2307, Miami, Florida** | **33130-2992** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (786) 753-7096**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b- 2 of the Securities Exchange Act of 1934.

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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On May 8, 2026, Lafayette Square USA, Inc. (the "Company") provided an investor presentation to its shareholders summarizing certain financial and performance information for the fiscal quarter ended March 31, 2026. A copy of the investor presentation is attached hereto as Exhibit 99.1

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](tm2613864d1_ex99-1.htm) | [Lafayette Square USA, Inc. Q1 2026 Results Presentation](tm2613864d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Lafayette Square USA, Inc.** | **Lafayette Square USA, Inc.** |
| Date: May 8, 2026 | By: | /s/ Seren Tahiroglu |
|  | Name: | Seren Tahiroglu |
|  | Title: | Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026 Results |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important Information |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDC Performance Highlights $1.03B Total assets [1] 57 Portfolio companies 94% Institutional ownership 10.7% Weighted average yield (at FMV) [2] 8.9% Distribution rate [3] $82M ITD Distributions $822M Investments at FMV 4.8% 221.5% Asset coverage ratio [5] 50.0% Note: Please refer to the end of this presentation for additional disclosures and sources. Past performance is not indicative of future results. Key Year-Over-Year Metrics Metric March 31, 2026 December 31, 2025 Total Assets [1] (in thousands) $1,031,542 $1,003,473 Portfolio Companies 57 54 Total Net Assets (in thousands) $429,585 $411,329 Distribution Rate [3] 8.9% 9.4% Shares Outstanding 29,313,127 27,776,022 Non-Sponsored Mix Net Interest Margin [4] [6] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDC Performance Highlights +35.7% Increase +15 Portfolio Companies +22.9% Increase +$153M FMV Growth Investments at Fair Value ($M) 57 54 47 45 42 34 29 26 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread Highlights Net Interest Margin Funding Sources ING Revolver $290.0M SOFR+ Maturity 2029 $300M Capacity SBA Debentures [9] $230.0M Fixed Rate 10-yr $350M Capacity Sr. Unsecured Notes $65.0M 7.00% Fixed Maturity 2030 BBB (low) / Stable Trend – Morningstar DBRS [10] 11.4% 11.1% 11.1% 10.7% 10.6% 10.7% 8.9% 9.5% 9.4% 9.4% 9.4% 8.9% 6.1% 6.1% 6.1% 6.1% 6.0% 5.9% 4.3% 4.3% 4.3% 4.0% 3.7% 3.7% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 WA Yield (FMV) Distribution Rate WA Interest Rate [11] 3-Mo SOFR [12] 4.8% 10.7% Weighted Average Yield (at FMV) [2] 6.6% Weighted Average Spread [7] 4.8% Net Interest Margin [4] $22.4M Total Investment Income |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Liability Matching $38.2M $77.9M $111.7M $201.1M $245.2M $147.8M $290.0M $65.0M $230.0M $0M $50M $100M $150M $200M $250M $300M $350M 2026 2027 2028 2029 2030 Later or No Maturity 3.1 Yrs WA Asset Maturity 5.5 Yrs WA Debt Maturity Investment Maturities [13] Debt Maturities [14] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit & Portfolio Highlights 1.0% Non-Accrual Rate [15] 98.0% FMV / Par [16] 0% Direct SaaS Exposure [17] 84.6% Floating Rate [18] 2 Weighted Average # of Covenants [19] 5.8% Watch Listed Rate [20] Borrower Performance Metrics Metric March 31, 2026 March 31, 2025 Weighted Average Interest Coverage [21] 2.6x 2.6x Weighted Average Net Leverage [22] 3.9x 3.6x Weighted Average LTV [23] 51.1% 48.1% Weighted Average Duration (years) [24] 3.1 3.7 Weighted Average Spread [7] 6.6% 6.7% Avg FMV / Portfolio Company $14.4M $15.9M First Lien Senior Secured 86.5% 94.2% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit & Portfolio Highlights Professional Services 10.4% Hotels, Restaurants & Leisure 7.3% Health Care Providers & Services 6.4% Independent Power & Renewable 5.9% Road & Rail 5.8% IT Services 5.1% Diversified Financial Services 5.0% Specialized Consumer Svcs. 6.7% Commercial Services & Supplies 8.7% Construction & Engineering 6.7% Top 10 Industry Exposures % Port. [25] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit & Portfolio Highlights Portfolio by Region[8] Empire # of Deals: 16 Far West FMV: $131M # of Deals: 8 Gulf Coast FMV: $145M # of Deals 10 Mid-Atlantic FMV: $135M # of Deals: 10 Great Lakes FMV: $69M # of Deals: 3 Southeast FMV: $43M # of Deals: 6 Cascade FMV: $18M # of Deals: 1 Four Corners FMV: $8M # of Deals: 2 FMV: $263M Northeast FMV: $10M # of Deals: 1 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goal2030 |

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| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goal2030 Highlights[26] 18.8K Target: 100K 54% Target: 50% 37% 4% over target Target: 50% [27] [28] [29] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goal2030 Highlights Human Capital Indicators vs. National Average $434,439 ITD Indicator 53% 45% 11% 65% 42% 35% 11% Managerial Assistance Adoption (Lead) [29] Retirement Participation [32] Healthcare Participation [31] Employee Turnover (Quarterly) [30] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Assets and Liabilities March 31, 2026 December 31, 2025 Assets Investments, at Fair Value $822,060 $789,213 Cash and cash Equivalents 193,198 199,187 Deferred financing and other assets 11,553 12,109 Interest receivable 4,731 2,964 Total Assets $1,031,542 $1,003,473 Liabilities Secured borrowings 289,982 276,982 SBA-guaranteed debentures 230,000 230,000 Notes payable 63,488 63,402 Distributions payable 9,197 9,239 Interest and financing payable 3,679 7,517 Management fee payable 1,882 1,841 Incentive fee payable 1,603 1,516 Other Liabilities 2,126 1,647 Total Liabilities $601,957 $592,144 Net Assets Total Net Assets $429,585 $411,329 Shares Outstanding 29,313,127 27,776,022 NAV Per Share [34] $14.66 $14.81 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations Three months ended March 31, 2026 Three months ended March 31, 2025 Investment Income Interest income from Non-Controlled/Non-Affiliated Investments $20,918 $16,503 Interest income from Affiliated Investments 123 647 Fee Income 380 727 Interest from Cash & Cash Equivalents 928 1,438 Total Investment Income $22,349 $19,315 Expenses Interest & Financing Expenses $8,054 $6,015 Management Fee 1,882 1,478 Incentive Fee 1,603 1,514 General & Administrative Expenses 743 250 Legal & Professional Fees 469 389 Administrative Services Fee 500 450 Income Tax Expense — 629 Total Expenses $13,251 $10,725 Net Investment Income $9,098 $8,590 Realized & Unrealized Gains (Losses) Total Net Realized Gains (Losses) on Investments — $58 Total net change in unrealized gains (losses) on investments $(4369) $2,499 Net increase (decrease) in net assets resulting from operations $4,729 $11,147 Per Share Data [34] Weighted average common shares outstanding 27,942,796 23,977,487 Net Investment Income $0.33 $0.36 Earnings Per Share $0.17 $0.46 Dividend Declared $0.33 $0.35 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and Definitions [1] [2] [3] [4] [5] [6] [7] [8] [16] [9] [17] [11] [18] [12] [19] [20] [21] [22] [23] [24] [13] [14] [15] [10] |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2613864d1_ex99-1img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and Definitions [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] |

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