# EDGAR Filing Document

**Accession Number:** 0001849089
**File Stem:** 0001104659-25-107972
**Filing Date:** 2025-11
**Character Count:** 62580
**Document Hash:** 9e2b917ced7453296eb5df1f0fe15515
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107972.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001104659-25-107972

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251107

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251106

**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:** 251460080

**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): November 7, 2025**

**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.)** |

---

---

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

---

**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 |

---

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. ⌧

---

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

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A copy of a results presentation summarizing certain financial, performance and human capital information for the fiscal quarter ended September 30, 2025 is attached as Exhibit 99.1 to this Form 8-K.

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](tm2530404d1_ex99-1.htm) | [Lafayette Square USA, Inc. Q3 2025 Results Presentation](tm2530404d1_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.

---

| | | |
|:---|:---|:---|
|  | **Lafayette Square USA, Inc.** | **Lafayette Square USA, Inc.** |
| Date: November 7, 2025 | By: | /s/ Seren Tahiroglu |
|  | Name: | Seren Tahiroglu |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2530404d1_ex99-1img001.jpg)

Quarter ended September 3 0 , 2025 Results Lafayette Square USA, Inc.

![](tm2530404d1_ex99-1img002.jpg)

2 Important Information [1] Forward - looking statements can be identiﬁed by the use of forward - looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. This presentation is for informational purposes only and includes proprietary information of Lafayette Square Holding Company, LLC and its aﬃliates (collectively herein "Lafayette Square") . This document may not be copied, reproduced or disclosed (in whole or in part) to anyone without Lafayette Square's express written permission . This presentation does not constitute an offer to sell or the solicitation of an offer to purchase any securities of any fund managed by Lafayette Square . Any such offer or solicitation may be made only by means of the delivery of a conﬁdential private placement memorandum for Lafayette Square USA, Inc . (the "BDC"), which is managed by LS BDC Adviser, LLC ("LS Adviser") . This presentation should not be used as the sole basis for making a decision as to whether or not to invest in any fund or account managed by Lafayette Square . In making an investment decision, an investor must rely on their own examination of any such fund and the terms of the offering relating thereto . Contents of this presentation should not be construed as legal, tax, investment or other advice, or a recommendation to purchase or sell any particular security . There is no assurance that the BDC will achieve its investment objectives . An investor could lose all or substantially all of his, her or its investment . Statements included herein may constitute "forward - looking statements" 1 , which may relate to future events or our future performance or ﬁnancial condition of Lafayette Square . These statements are not guarantees of future results or ﬁnancial condition and involve a number of risks and uncertainties, including statements as to : our future operating results ; our business prospects and the prospects of our portfolio companies ; the effect of investments that we expect to make and the competition for those investments ; our contractual arrangements and relationships with third parties ; actual and potential conﬂicts of interest with LS Adviser, our investment adviser, and other aﬃliates of the BDC ; the dependence of our future success on the general economy and its effect on the industries in which we invest ; the ability of our portfolio companies to achieve their objectives ; the use of borrowed money to ﬁnance a portion of our investments ; the adequacy of our ﬁnancing sources and working capital ; and the timing of cash ﬂows, if any, from the operations of our portfolio companies . Due to various risks and uncertainties, actual events or results or actual performance results may differ materially from those reﬂected or contemplated in such forward - looking statements . As a result, you should not place undue reliance on such forward - looking statements . Other factors that could cause actual results to differ materially including : changes in the economy ; risks associated with possible disruption in our operations or the economy generally due to terrorism or natural disasters ; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the ﬁnancial and capital markets, including future changes in laws or regulations and conditions in our operating areas ; the ability of LS Adviser to locate suitable investments for us and to monitor and administer our investments ; the ability of LS Adviser or its aﬃliates to attract and retain highly talented professionals ; our ability to qualify and maintain our qualiﬁcation as a regulated investment company and as a business development company ; general price and volume ﬂuctuations in the stock market ; the impact on our business of the Consumer Protection Act and the rules and regulations issued thereunder and any actions toward repeal thereof ; and the effect of changes to tax legislation and our tax position . Additional factors may be included from time to time in the ﬁlings of Lafayette Square with the Securities and Exchange Commission, including annual reports on Form 10 - K, quarterly reports on Form 10 - Q and current reports on Form 8 - K . Additionally, certain statements reﬂect estimates, predictions or opinions of Lafayette Square, which may change . There is no guarantee that these estimates, predictions or opinions will be realized . The information included in this presentation is based on information reasonably available to Lafayette Square as of the date hereof and does not purport to be complete . Lafayette Square does not undertake any duty to update the information set forth in this presentation, whether as a result of new information, future events or otherwise . Furthermore, the information included in this presentation has been obtained from sources that Lafayette Square believes to be reliable . However, these sources cannot be guaranteed as to their accuracy or completeness . No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein by Lafayette Square, and no liability is accepted for the accuracy or completeness of any such information . In evaluation of prior performance information in this presentation, you should remember that past performance is not a guarantee, prediction, or projection of future results, and there can be no assurance that similar results will be achieve in the future . Lafayette Square seeks to improve the retention, well - being, and productivity of employees by connecting portfolio companies with third - party service providers that deliver workplace beneﬁts and/or advisory support ("Third - Party Solution Providers") through Lafayette Square's aﬃliated Worker Solutions, LLC ("Worker Solutions®") platform . Lafayette Square's enhanced managerial assistance platform provided through access to our aﬃliated Worker Solutions® platform . Worker Solutions, LLC ("Worker Solutions®") is a wholly owned Portfolio Company of LS BDC . Potomac x Lafayette Square is provided by Lafayette Square Technologies, LLC, a wholly owned Portfolio Company of LS BDC .

![](tm2530404d1_ex99-1img003.jpg)

Highlights 3

![](tm2530404d1_ex99-1img004.jpg)

4 Impact = Services + Capital Note: Please refer to Slide 30 and 31 for accompanying Important Information regarding additional disclosures and sources. Pa st performance is not indicative of future results. Emergency Savings 11 Portfolio Co. Weight. Avg . EBITDA Distribution Rate 16 Distributions Declared (since inception) In centives for Portfolio Co. for WS Adoption 17 Weighted Avg. Yield 18 Debt Prevented for Workers Through Zero - Interest Loans 12 HR Policy Changes to Expand Beneﬁts Access & Participation 13 Workers Building Credit Scores 14 1:1 Financial Coaching Sessions 15 Worker Solutions® Adoption (L.S. as lead agent) Total Jobs Supported Employee Turnover Healthcare Beneﬁts Participatio n Retirement Beneﬁts Participation PROBLEM Working - Class 1 people and places are overlooked by capital markets. Workers are struggling when it comes to job stability, compensation and beneﬁts . C apital investments are not ﬂowing to many middle market companies in Working - Class places. SOLUTION In line with the BDC's investment objectives, Lafayette Square's performance seeks to produce tangible outcomes (measured by Potomac X Lafayette Square) by combining enhanced managerial assistance for portfolio companies (via Worker Solutions®) with investments and conservative underwriting (through the BDC) in Working - Class communities. 44% Avg. annual national turnover for private companies. 2 68 % Workers living paycheck to paycheck 3 77% Of lower wage workers do not participate in retirement beneﬁts 4 6,900 BDC portfolio companies representing just 4 % of the addressable middle market 5 82 % overlap in BDC portfolio holdings 6 (i.e., correlation): 4 in 5 BDC portfolio companies located in high - income areas 5 +0.7% 57% 28,830 51% Progress Towards Goal 2030 9 as of September 30, 2025 Avg. Portfolio Co. Change since Initial Investment 8 as of September 30, 2025 Cumulative Managerial Assistance Inputs as of September 30, 2025 Cumulative Capital Inputs as of September 30, 2025 The Lafayette Square Effect 7 Worker Solution s® Inputs 10 BDC Inputs $297,412 $126,930 14 51 52 $944M 47 Portfolio Companies (47 as of Nov 1, 2025) $19.1M 9. 4 % $63.1 M $298,171 10.7% Total Assets Share of Portfolio Supporting Working - Class Communities (L.S. as lead agent) +9.8% +2.0%

![](tm2530404d1_ex99-1img005.jpg)

Portfolio Composition as of September 30, 2025 47 Portfolio Companies $747.1M Fair Value $15.9M Avg FMV/ PortCo 88.7% First Lien Loans 8 6.6 % Floating Rate Loans $19.1M Average EBITDA (Portfolio Weighted Average) 3.7x Net Leverage (Portfolio Weighted Average) 2.6x Interest Coverage (Portfolio Weighted Average) 48.8% LTV (Portfolio Weighted Average) 6.6 % Floating Spread (Portfolio Weighted Average) Weighted Average Duration (years) [1] Weighted Average # of Covenants Watch listed Rate [2] Non - Accrual Rate FMV/Par Best Friends Pet Care Holdings Inc Ickler Electric Corporation Direct Digital Holdings , LLC Dance Nation Holdings LLC Rotolo Consultants , Inc Tyler Distribution Centers LLC Core Capital Partners II - S LP Flatworld Intermediate Corporation Xpect Solutions , LLC $29.7M (4.0%) $30.2M (4.0%) $31.4M (4.2%) $32.0M (4.3%) $34.7M (4.6%) $37.5M (5.0%) $38.2M (5.1%) $39.5M (5.3%) $40.0M (5.4%) 160 Driving Academy [4] $40.7M (5.5%) Commercial Services & Supplies Specialized Consumer Services Professional Services Road & Rail Trading Companies & Distributors Media Interactive Media & Services IT Services Transportation and Infrastructure Diversiﬁed Financial Services $69.0M (9.2%) $55.0M (7.4%) $48.2M (6.5%) $40.7M (5.5%) $39.5M (5.3%) $38.2M (5.1%) $37.5M (5.0%) $35.3M (4.7%) $32.0M (4.3%) $31.4M (4.2%) 3.5 2.3 2.1% 0.0% 99.2% Weighted average calculation is based on the fair value of the P ortfolio C ompany investments. Net leverage and LTV statistics include debt that is both senior and pari - passu to the tranche of debt owned by the investment vehicle. Top 10 Portfolio Exposures (at fair value) Top 10 Industry Exposures [3] SouthEast $26.4M Mid - Atlantic $122.1M Gulf Coast $136.5M $73.1M Four Corners $0.0M Far West $140.5M Great Lakes Empire $230.8M Cascade $17.6M© Mapbox© OSM Portfolio by Region # of Portcos FMV Portfolio Build - Up Timeline 47 45 42 34 29 26 22 19 12 11 9 5 2 2 2 $747.1M $732.2M $668.7M $557.1M $461.2M $422.4M $331.4M $273.6M $170.3M $132.7M $113.4M $84.0M $48.1M $40.8M $40.6M 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 5 Note: Figures are based on latest Portfolio Company financial statements available to the Portfolio Company at period end . Past performance is not indicative of future results. [1] Weighted Average Duration of Portfolio represents the time to reach maturity. [2] A Portfolio Company is placed on a "watch list" when its rating is 4 or 5 on an investment rating scale of 1 - 5. Shown as percentage based on deal count. [3] Based on GICS industry codes. [4] 160 Driving Academy also known as Rock Gate Capital, LLC.

![](tm2530404d1_ex99-1img006.jpg)

High Quality Portfolio 5.5% 5.5% 14.5% 13.1% 11.0% 4.6% 5.3% 85.5% 86.9% 89.0% 89.9% 89.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 By FMV Portfolio Performance Rating 18 4 3 2 6 Note: Please refer to Slide 31 for Important Information related to LS Adviser's internal Investment Rating Scale. Past performance is not indicative of future results.

![](tm2530404d1_ex99-1img007.jpg)

We source low - cost, long duration liabilities Sustainability Linked Revolver Investment Grade Rating 4.2% 5.1% 6.5% 8.1% 6.9% 7.1% 6.5% 7.2% 6.6% 6.1% 6.1% 6.1% 6.1% $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SMBC - Subscription Line ING Revolver SBA-guaranteed debentures REPO Senior Notes Weighted-Average Cost of Debt U.S. Department of Agriculture U.S. Small Business Administration 7

![](tm2530404d1_ex99-1img008.jpg)

Note: - Weighted Average Yield at amortized cost and fair value of the portfolio. Does not represent the total return to stockholders. - SOFR data source: https://www.cmegroup.com/market - data/cme - group - benchmark - administration/term - sofr.html - Weighted Average Cost of Debt is calculated as (a) the actual amount of interest expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. Portfolio Economic Analysis of Interest Rates 8 Sep - 24 Dec - 24 Mar - 25 Jun - 25 Sep - 25 3.0% 2.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 11.1% 11.1% 11.4% 4.3% 4.3% 4.3% 6.6% 12.0% 11.8% 6.1% 6.1% 6.1% 9.4% 9.4% 10.7% 4.0% 4.6% 6.1% 8.9% 9.5% 8.9% Net Interest Margin 4.6%

![](tm2530404d1_ex99-1img009.jpg)

$7,460 $7,853 $8,393 $8,503 $8,573 8.90% 8.90% 9.50% 9.40% 9.40% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% $- $2,000 $4,000 $6,000 $8,000 $10,000 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Regular Distribution Distribution Rate Total Shares Total A mount (in 000s) Frequency Amount Per Share Payment Date Record Date Date Declared 8,615,541 30,168 $1,292 Quarterly $0.15 5/15/2023 4/21/2023 4/21/2023 8,645,710 29,859 $1,297 Quarterly $0.15 8/14/2023 6/23/2023 6/23/2023 13,068,112 53,904 $2,614 Quarterly $0.20 11/13/2023 9/29/2023 9/29/2023 13,122,016 81,573 $3,937 Quarterly $0.30 1/4/2024 12/12/2023 12/13/2023 21,584,341 140,901 $6,475 Quarterly $0.30 5/6/2024 3/22/2024 3/26/2024 22,458,336 147,220 $6,738 Quarterly $0.30 8/6/2024 6/25/2024 6/28/2024 23,797,438 164,271 $7,460 Quarterly $0.33 11/4/2024 9/24/2024 9/24/2024 23,979,881 182,443 $7,853 Quarterly $0.33 1/6/2025 12/26/2024 12/26/2024 24,293,039 197,026 $8,393 Quarterly $0.35 5/6/2025 3/25/2025 3/25/2025 24,494,827 201,788 $8,503 Quarterly $0.35 8/1/2025 6/27/2025 6/27/2025 26,398,004 205,205 $8,573 Quarterly $0.35 10/24/2025 9/26/2025 9/26/2025 Distributions Data [1] Past performance is not indicative of future results. [1] Subject to the discretion of and as determined by the Board of Directors, the BDC will authorize and declare ordinary cash distributions on a quarterly basis, based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the BDC can retain such capital gains for investment in its discretion. Common Stock and Distribution Information 9 Total DRIP Shares (in 000's)

![](tm2530404d1_ex99-1img010.jpg)

Book Value Per Share and Dividends Paid Per Share 16 $14.56 $14.60 $14.84 $14.76 $14.83 $14.85 $14.91 $14.89 $14.76 $14.81 $14.92 $14.95 $14.84 $0.05 $0.10 $0.15 $0.20 $0.25 $0.32 $0.39 $0.46 $0.15 $0.30 $0.50 $0.75 $1.00 $1.25 $1.53 $1.81 $2.09 $2.37 $2.65 $14.56 $14.60 $14.99 $15.06 $15.33 $15.65 $16.01 $16.29 $16.49 $16.87 $17.33 $17.71 $17.95 Net Asset Value Per Share Cumulative Supplemental Dividends Cumulative Base Dividends 10 Note: Please refer to Slide 31 for Important Information related to this information. Past performance is not indicative of future results.

![](tm2530404d1_ex99-1img011.jpg)

Robust Balance Sheet and Liquidity profile $388,678 $65,000 $230,000 $244,982 $369,800 Balance Sheet as of September 30, 2025 ($ Thousands) Past performance is not indicative of future results. [1] As of October 30, 2025, the Portfolio Company increased commitments under its revolving credit facility with ING from $27 5 m illion to $300 million, providing an additional $25 million of committed capacity. $369.8 million Total Liquidity ▪ Cash and Cash Equivalents ▪ Undrawn Revolver ▪ Undrawn SBA Capacity ▪ Uncalled Commitments Term Debt ▪ ING Revolver ▪ SBA Debentures ▪ Senior Notes Net Assets ▪ $388.7 million • $944.4 million Total Assets • 10.7% Weighted Average Yield • 47 Investments • 6.1% Weighted Average Cost of Debt • SBA and USDA Licensed • Investment Grade Rating • 94% Institutional Investors 11

![](tm2530404d1_ex99-1img012.jpg)

Liquidity Management [1] As of October 30, 2025, the BDC increased commitments under its revolving credit facility with ING from $275 million to $300 million, providing an additional $25 million of committed capacity. [2] Excludes annual charge. ING Revolving Credit Facility $275,000 [1] Size ING Group Admin Agent 7 Number of Investors 6/18/2028 Revolving Period / Maturity Date SOFR + 275 bps Interest Rate SBA Debentures $230,000 Size SBA Leverage Debentures Lender 2 Number of Funds 9/1/2034 - 9/1/2035 Maturity Date 495 bps Weighted Average Interest Rate [2] Senior Notes $65,000 Size Goldman Sachs Placement Agent 5 years Tenor 8/19/2030 Maturity Date 7% Fixed Coupon $275,000 $165,000 $65,000 $65,000 2028 2029 2030 2031-2033 2034 2035 STAGGERED, LONG - TERM DEBT MATURITIES ING SBA Senior Notes 5.8 Yrs WA Leverage Maturity 3.5 Yrs WA Asset Maturity $ Thousands 12

![](tm2530404d1_ex99-1img013.jpg)

Enhanced Managerial Assistance Results 13

![](tm2530404d1_ex99-1img014.jpg)

Enhanced Managerial Assistance Lafayette Square's enhanced managerial assistance platform is designed to connect portfolio companies with enhanced beneﬁts to improve recruitment, retention, and productivity through access to our aﬃliated Worker Solutions® platform. We support portfolio companies through: • Incentives , including provider discounts negotiated on behalf of portfolio companies • Analytics on human capital trends and beneﬁts utilization • Services for employers through vetted T hird - P arty S olution P roviders • Consultation for P ortfolio C ompany management teams and HR leaders 14

![](tm2530404d1_ex99-1img015.jpg)

Trends in Working - Class Targeted Investments [ 9, 20 , 21 ] Please refer to Slide 30 and 31 for footnote references in the tables and charts above. 1958 Small Business Investment Act Goal 2030 9 : increase employment opportunities (by helping businesses create and/or retain 100,000 Working - Class jobs, and 150,000 jobs overall) Total Jobs [ 20 ] 28,830 Ÿ 11,452 (65 %) YoY Total Working - Class Jobs 14,631 Ÿ 7,639 (109 %) YoY Median In - Portfolio Worker Income LMI: $39.5K $2K (4.8 %) YoY 1977 Community Reinvestment Act Goal2030 : invest at least 50% of our portfolio in borrowers who are either located in Working - Class communities or are substantial employers of Working - Class people Working - Class Areas or Substantial Employer Lead Agent Transactions All Transactions 55% of our portfolio (and 57 % of the transactions where we were lead agent) was invested in borrowers who were either located in Working - Class Areas or were Substantial Employers of Working - Class people. 14,631 Working - Class people employed out of a total of 28,830 employees. 57.0% of lead agent transactions were invested in borrowers who are either located in Working - Class communities or are substantial employers of Working - Class people. 15 National Median: $96.4K [21]

![](tm2530404d1_ex99-1img016.jpg)

Expanding the Footprint of Worker Solutions® [22 – 24] Please refer to Slide 32 for footnote references in the tables and charts above. Q 3 2025 Workers Served has increased to 3,574 versus 2,480 in Q3 2024. A total of nine Third - Party Solution Providers and fourteen HR policy changes have been deployed across the portfolio . Workers Solutions® has provided enhanced managerial assistance to companies and projects aﬃliated with our portfolio companies. This includes providing credit building services to one residential property where 726 tenants have enrolled in credit building services out of a total of 732 residents (99.2 % uptake). 16 Workers w/ Access to Services 1980 Small Business Investment Incentive Act Goal2030 : 50% borrowers adopting Third - Party Solution Providers or HR policy changes 6,538 Ÿ 1,993 (44%) YoY Total Workers Served 3,574 Ÿ 1,094 (44%) YoY Borrower Adoption Rate (since inception of the BDC) Lead Agent Transactions All Transactions Q3 2024 50% Target Employee Turnover [22] Turnover rates are calculated by dividing the total number of voluntary and involuntary terminations for the period by the average number of employees who worked during or received pay for the same period. National turnover includes private employee data from the U.S. Bureau of Labor Statistics - Job Openings and Labor Turnover Survey for calendar year 2025. National value used is dated as of Q2 2025 due to the September 2025 turnover data from the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey not being available at the time of data extraction on October 30, 2025. [24] Retirement Plan Participation National Average 11% National Average 12% National Average 45% National Average 53% National Average 45 % National Average 53% 11% 36% 42% 21% 39% 43%

![](tm2530404d1_ex99-1img017.jpg)

Information as of September 30, 2025. Our current portfolio lends to businesses across a variety of sectors, with locations in nine of our ten Target Regions. The map illustrates (to the extent we have the information from portfolio companies) the location of P ortfolio C ompany headquarters and where P ortfolio C ompany employees work in comparison to LMI and non - LMI census tracts. Worker Solutions® Dashboard Employee Work Locations of Lafayette Square Portfolio Companies Solutions Deployed by Portfolio Companies Total Impact Allies Deployed HR Policy Changes 5 2 3 IVM GK 9 Holdings LLC 1 1 0 Zero Waste Recycling LLC 3 0 3 Dance Nation Holdings LLC 2 2 0 Direct Digital Holdings, LLC 1 1 0 Standard Real Estate Investments LP 1 1 0 Rotolo Consultants, Inc. 3 0 3 LC Hospitality, LLC 1 1 0 Best Friends Pet Care Holdings, Inc. 1 1 0 160 Driving Academy 2 2 0 DRS Imaging Services LLC 2 0 2 Johnsoncomm LLC 1 1 0 Lafayette Square Technologies, LLC 2 2 0 Liberty Lenwich Holdings LLC 1 1 0 Port Jersey Logistics 1 1 0 Studio Lafayette, LLC 1 1 0 Synergi, LLC 3 0 3 truCurrent LLC 1 1 0 Worker Solutions, LLC 32 18 14 T OTAL Solution Providers Deployed Portfolio Companies Solution Provider 5 Sunny Day Fund Solutions Inc. 3 ManifestHQ, Inc 2 medZERO, Inc. 2 HoneyBee 1 Vault 1 Neighborhood Trust Financial Partners 1 Multiply Mortgage 1 Esusu Financial Inc 1 Cantaloupe 1 Boom Pay, Inc. 17 Best Friends Pet Care Holdings, Inc. Dance Nation Holdings LLC C Speed LLC Cafe Zupas, LLC DartPoints Operating Company, LLC Direct Digital Holdings, LLC DRS Imaging Services LLC 3360 Frankford LLC Flatworld Intermediate Corporation IVM GK9 Holdings LLC Ickler Electric Corporation Ironhorse Purchaser, LLC Liberty Lenwich Holdings LLC M&S Acquisition Corporation Med Learning Group, LLC MSPB MSO, LLC Port Jersey Logistics 160 Driving Academy Rotolo Consultants, Inc. Standard Real Estate Investments Synergi , LLC truCurrent LLC LS Hospitality, LLC Xpect Solutions, LLC Zero Waste Recycling, LLC Portco Headquarters LMI Census Tract Non LMI Census Tract Worker Solutions, LLC Lafayette Square Technologies, LLC Studio Lafayette, LLC NM MN WA WV MO MD WY MT MA ME MS OR NH OH ND AR NV GA UT NY NE NC OK VT VA CO TN WI DE SD PA CA MI AZ KY NJ KS TX SC LA AL IN FL ID IA IL

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Recent Developments by Place 18© 2025 Mapbox© OpenStreetMap LMI Tract LMI Non LMI NA Three new investments were made in Q3 2025 : Lafayette Square Technologies, LLC • Miami , FL Studio Lafayette, LLC • Miami, FL Truly Redlands LLC • Redlands, CA

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[1] Cumulative Stepdown Savings refers to the total amount of savings a Portfolio C ompany has received. Savings amounts may differ based upon loan size, stepdown rate, number of solutions adopted and/or policies implemented, and do not account for any costs associated with services adopted and/or policies implemented. [2] A doption D ate refers to the ﬁrst time a Portfolio C ompany adopted services from Third - Party Solution Providers and/or implemented policy changes to existing workplace beneﬁts. Companies may have adopted additional services and/or implemented policy changes at later dates. [3] HR Policy Changes: T he number in parentheses indicates the number of HR policy changes d eployed by the Portfolio Company. [4] Worker Solutions® Intended Outcomes refer to metrics reported to and/or measured by Lafayette Square. Worker Solutions® Results 19 Worker Solutions® Intended Outcomes [4] Outputs Type Solution Name [3] Adoption Date [2] Third - Party Solutions/HR Policy Changes Cumulative Stepdown Savings [1] (as of September 30, 2025) Portfolio Company Prevented debt 79 employees (11% uptake) Third - Party HoneyBee Q3 2021 Zero - interest emergency loans $27,740 ($52,317 from all sources) Portfolio Company #1 Increased savings N/A Third - Party Summer Q1 2022 Education beneﬁts $42,859 Portfolio Company #2 Reduced d ebt Improved credit 7 employees (9% uptake) Third - Party TrustPlus Q2 2022 One - on - one ﬁnancial coaching Increased savings Reduced debt Increased savings 67 employees (6% uptake) Third - Party Sunny Day Fund Q3 2023 Emergency savings beneﬁts $57,000 ($74,988 from all sources) Portfolio Company #3 Improved credit 51 employees (8% uptake) Third - Party Boom Q2 2023 Credit - building through rent payments $69,175 ($128,281 from all sources) Portfolio Company #4 Increased s avings 72 employees (11% uptake) Third - Party Sunny Day Fund Q4 2023 Emergency savings beneﬁts Increased b eneﬁts p articipation - HR Policy Changes HR Policy Change (3) Q1 2023 HR policy changes - healthcare, retirement, and other Prevented debt 59 employees (22% uptake) Third - Party HoneyBee Q4 2023 Zero - interest emergency loans $28,283 ($61,440 from all sources) Portfolio Company #5 Improved credit 726 tenants (99% uptake) Third - Party Esusu Q1 2024 Credit - building through rent payments for residents $4,602 Portfolio Company #6 Increased b eneﬁts p articipation - HR Policy Changes HR Policy Change (3) Q1 2024 HR p olicy c hanges - healthcare, retirement, and other $17,003 ($20,582 from all sources) Portfolio Company #7 Increased savings 79 workers (11% uptake) Third - Party Sunny Day Fund Q4 2024 Emergency saving beneﬁts - Portfolio Company #8 Increased b eneﬁts p articipation - HR Policy Changes HR Policy Change (3) Q3 2024 HR policy changes - healthcare, retirement, and other $5,853 Portfolio Company #9

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[1] Cumulative Stepdown Savings refers to the total amount of savings a Portfolio C ompany has received. Savings amounts may differ based upon loan size, stepdown rate, number of solutions adopted and/or policies implemented, and do not account for any costs associated with services adopted and/or policies implemented . [2] A doption D ate refers to the ﬁrst time a Portfolio C ompany adopted services from Third - Party Solution Providers and/or implemented policy changes to existing workplace beneﬁts. Companies may have adopted additional services and/or implemented policy changes at later dates. [3] HR Policy Changes: T he number in parentheses indicates the number of HR policy changes d eployed by the Portfolio Company. [4] Worker Solutions® Intended Outcomes refer to metrics reported to and/or measured by Lafayette Square. Worker Solutions® Results 20 Worker Solutions® Intended Outcomes [4] Outputs Type Solution Name [3] Adoption Date [2] Third - Party Solutions/HR Policy Changes Cumulative Stepdown Savings [1] (as of September 30, 2025) Portfolio Company Increased retirement savings 1 employee (25% uptake) Third - Party Manifest Q4 2024 Retirement savings migration and consolidation - Portfolio Company #10 Reduced risk of early retirement withdrawals Increased retirement savings N/A Third Party Manifest Q4 2024 Retirement savings migration and consolidation $6,666 ($8,888 from all sources) Portfolio Company #11 Reduced risk of early retirement withdrawals Increased b eneﬁts p articipation - HR Policy Changes HR Policy Change (2) Q1 2025 HR policy changes - healthcare, retirement, and other $9,783 Portfolio Company #12 Increased b eneﬁts p articipation - HR Policy Changes HR Policy Change (3) Q2 2024 HR policy changes - healthcare, retirement, and other $10,726 Portfolio Company #13 Increased savings 34 employees (12% uptake) Third - Party Sunny Day Fund Q2 2025 Emergency savings benefits $10,988 ($13,699 from all sources) Portfolio Company #14 Increased savings 12 employees (10% uptake) Third - Party Sunny Day Fund Q2 2025 Emergency savings benefit $5,679 ($13,841 from all sources) Portfolio Company #15 Reduced debt 6 employees (5% uptake) Third - Party medZERO, Inc. Q2 2025 Zero - interest loans for medical expenses Reduced debt N/A Third - Party medZERO, Inc. Q3 2024 Zero - interest loans for medical expenses $1,814 ($2,811 from all sources) Portfolio Company #16 Reduced time to hire N/A Third - Party Cantaloupe Q3 2025 Hiring and retention support Increased retention Increased savings N/A Third - Party Multiply Mortgage Q2 2025 Home - buying assistance - Portfolio Company #17 Increased retirement savings N/A Third - Party Manifest Q2 2025 Retirement savings migration and consolidation - Portfolio Company #18 32 (Total HR Policy Changes and Services Deployed) $298,171 ($450,671 from all sources) Total

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Worker Solutions®: Third - Party Liquidity Solution Providers Engagement Snapshot [1] Lafayette Square currently does not receive any compensation for the recommendation to use Third - Party Solution Providers . However, we may offer portfolio companies a small stepdown on ﬁnancing costs if they engage a Third - Party Solution Provider and/or adopt certain other designations (such as B - Corporation status) or human capital advice, and in some cases, will negotiate discounts for them on the services provided by Third - Party Solution Providers . [ 1 ] Data as of September 30 , 2025 , provided by Third - Party Solution Providers and not part of the data Lafayette Square receives directly from its portfolio companies . This data reﬂects cumulative, all - time results from Third - Party Solution Providers for Lafayette Square portfolio companies through September 30 , 2025 . [ 2 ] Cumulative savings through Third - Party Solution Provider, Sunny Day Fund, for 230 workers across four portfolio companies . [ 3 ] Cumulative zero - interest loans through Third - Party Solution Provider, HoneyBee , from 146 workers across two portfolio companies [ 4 ] Savings relative to high - cost lending products calculated by using the average payday loan APR (~ 400 %), average P ortfolio C ompany worker loan amount of $216 , and an assumed 5 - mouth repayment period (the average time it takes to repay payday loans .) https : //www . incharge . org/debt - relief/how - payday - loans - work/ 21 Emergency Savings [2] : $297,412 in emergency savings for P ortfolio C ompany workers to address unexpected expenses and protect their retirement savings as of September 30, 2025 . - $690 is the average savings balance per employee - $104 is the average contribution to emergency savings per paycheck among employees Zero Interest Loans [3] : $72,013 in zero - interest loans to P ortfolio C ompany workers to manage their cash ﬂow and avoid taking on high - interest debt as of September 30, 2025. - $216 is the average loan amount. - Estimated $126,930 in debt prevented by providing workers with an alternative to high - cost lending products. [4] The top purposes cited by P ortfolio C ompany workers for using no - cost assistance were: - Emergency cash - Car r epairs - Other expenses - Assisting family

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22 Financial Results

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All data is as of September 30, 2025 . Past performance is not indicative of future results. Detailed Performance data as well as additional Portfolio & Balance Sheet data is available herein. [1] The per share data was derived by using the weighted average shares of common stock outstanding during the period. [2] On September 26, 2025, the Board of Directors of the BDC declared a regular distribution to stockholders in the amount of $0.28 per share and a supplemental distribution in the amount of $0.07 per share. In the aggregate, the regular distribution and supplemental distribution represents an annualized distribution rate of approximately 9.4%. Q 3 2025 Highlights 23 Funding Update Portfolio Update • Announcement of upsizing of commitments in the Revolving Credit Facility with ING Capital, LLC from $275 million to $300 million on October 30, 2025. • On August 19, 2025, Lafayette Square USA, Inc. entered into a Note Purchase Agreement governing the issuance of $65 million i n a ggregate principal amount of 7.00% Senior Notes to qualified institutional investors in a private placement. • On September 19, 2025, Lafayette Square USA, Inc. formed a wholly - owned subsidiary, LS RBIC LP, which has been licensed by the U SDA as a Rural Business Investment Company. Funding Update • Net Investment income per common share of $0.37. [1] • Earnings per share of $0.23. [1] • Net Asset Value per share of $14.84. • Total declared distributions of $0.35 per share for the quarter ended September 30, 2025 , representing an implied forward yield of 9.4%. [2] Performance Update • Quarter over Quarter total assets growth of $76.8 million in fair value for the quarter ended September 30, 2025. • 89.2% of the investments in our portfolio at Fair Value have an Internal Performance Rating of 2, with the remainder with an Internal Performance Rating of 3 and 4. Portfolio Update • Total available liquidity of $369.8 million. Balance Sheet Update

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Quarter Ended Sep. 2025 June 2025 Mar. 2025 Dec. 2024 Sep. 2024 $0.37 $0.38 $0.36 $0.36 $0.33 Net investment income per share [1] Net Realized/Unrealized Gain (Loss) Per Share $(0.14) $0.00 $0.10 $0.03 $(0.13) Net realized/unrealized gain (loss) per share Earnings Per Share $0.23 $0.38 $0.46 $0.39 $0.20 Earnings per common share $(0.35) $(0.35) $(0.35) $(0.33) $(0.33) Dividends declared per share [2] $0.01 $- $- $(0.01) $- Net c hanges from capital share activity $14.84 $14.95 $14.92 $14.81 $14.76 Net Asset Value Per Share Past performance is not indicative of future results. [1] N et Investment Income per share data was derived by using the weighted average shares outstanding during the period. [2] Distributions declared per share data reﬂects the actual amount of distributions declared during the period. Quarterly Financial Results 24

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Note: Past performance is not indicative of future results. - The Per Share data was derived by using the weighted average shares of common stock outstanding during the period. - Please see the BDC's November 6, 2025 Form 10 - Q ﬁling for more detailed information relating to investment income. NAV Per Share Bridge over Previous Quarter 25 $0.37 $(0.35) $- $(0.14) $0.01 $14.84 $14.95 06/30/2025 NAV Net Investment Income Dividends Declared Net realized gains (losses) Net Change in Unrealized Gain (Loss) on Investments Net Changes from Capital Share Activity 9/30/2025 NAV $14.50 $14.60 $14.70 $14.80 $14.90 $15.00 $15.10 $15.20 $15.30 $15.40

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Past performance is not indicative of future results. [1] Investment Fundings includes the impact of new fundings under new and existing commitments. [2] Exit and sales at par outstanding amounts. [3] Normal course investment activity. [4] Comprised of subordinated debt and second lien loans. [5] Based on the contractual interest rate at the time of funding. [6] Based on the contractual interest rate spread at the time of funding. Applicable base rates include SOFR and Prime. For v ari able rate loans that have a SOFR and Prime Rate Option, the SOFR spread was used in the calculation. For variable rate loans that only have a Prime rate option, the Prime spread was used. Portfolio Highlights - New Originations 26 Jan, 9999 Jan, 9999 Quarter Ended Totals Since Inception Sep , 2025 June , 2025 Mar , 2024 Dec , 2024 Sep , 2024 Portfolio Funds (Dollars in 000s) $1,081,075 $27,804 $78,015 $227,572 $138,300 $17,859 New Investment Commitments $941,609 $49,187 $88,972 $186,248 $117,199 $43,687 Investment Fundings [1] ($159,498) ($28,352) ($21,856) ($70,046) $(16,803) $(1,553) Exit and Sales of investments [2] ($29,244) ($2,766) ($3,973) ($5,975) ($4,034) ($1,396) Utilizations [3] Asset Mix of New Investments 94. 14 % 79.97 % 85.80 % 89.60 % 94.90 % 94.30 % Senior Secured 0.18% - - - - - Junior Debt [4] 5. 68 % 20.03 % 1 4.2 0% 10 . 40 % 5. 1 0% 5. 70% Equity And Other Investments Portfolio Rotation - Debt Investments 11.0 5 % 10. 7 9% 1 1.00 % 10. 20 % 10. 50 % 1 0.30 % Wt. Avg. Rate On New Investments [5] S+6.6 6 % S+ 6.65 % S+7.21% S+6.42% S+6.45% S+6. 09 % Wt. Avg. Spread Over The Applicable Base Rate Of New Floating Rate Investments [6]

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Note: Please see the BDC's November 6 , 2025 Form 10 - Q ﬁling for more information regarding Assets and Liabilities. Quarterly Statements of Assets and Liabilities 27 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Quarter Ended (Dollar amounts in 000s, except share and per share data) Sep, 2025 June 2025 Mar, 2025 Dec, 2024 Sep, 2024 Assets $747,078 $732,215 $668,725 $557,087 $461,154 Investments, at fair value $178,732 $119,319 $146,568 $202,452 $216,880 Cash and cash equivalents $10,910 $9,592 $8,810 $8,575 $7,234 Deferred ﬁnancing costs $3,903 $3,653 $2,812 $1,848 $1,797 Interest receivables $3,215 $2,327 $665 $329 $1,214 Other Assets $788 $438 $189 $260 $130 Due from aﬃliate $944,381 $867,544 $827,769 $770,551 $688,409 Total Assets Liabilities $244,982 $254,482 $249,482 $208,232 $147,000 Secured borrowings $230,000 $230,000 $202,500 $192,505 $165,005 SBA - guaranteed debentures $65,000 $- $- $- $- Notes Payable $8,573 $8,503 $8,393 $7,853 $7,460 Distributions payable $2,142 $760 $941 $649 $1,105 Accounts payable and accrued expenses $1,713 $1,585 $1,478 $1,375 $1,147 Management fee payable $1,609 $1,620 $1,514 $1,578 $1,312 Incentive fee payable $1,389 $4,686 $1,299 $3,044 $789 Interest and ﬁnancing payable $241 $744 $453 $221 $97 Due to aﬃliate $54 $564 $800 $171 $156 Income tax payable $- $1,505 $1,336 $2,517 $4,404 Deferred revenue payable $- $- $- $- $10,996 Reverse repurchase agreement $555,703 $504,449 $468,196 $418,145 $339,471 Total Liabilities $388,678 $363,095 $359,573 $352,406 $348,938 Total Net Assets $944,381 $867,544 $827,769 $770,551 $688,409 Total Liabilities and Net Assets $14.84 $14.95 $14.92 $14.81 $14.76 Net Asset Value per Share 225.4% 243.3% 244.7% 270.4% 318.6% Asset coverage ratio 26,192,799 24,293,039 24,096,013 23,797,438 23,633,167 Number of shares of common stock outstanding

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[1] Presentation of the table is provided to either expand or combine income and expense items as related to the quarterly Form 10 - Q and Form 10 - K ﬁlings for the respective periods ending. [2] Per Share Data calculated based on the daily weighted average shares outstanding during the period presented. Quarterly Operating Results [1] 28 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Quarter Ended (Dollar amounts in 000s, except share and per share data) Sep, 2025 June 2025 Mar, 2025 Dec, 2024 Sep, 2024 Investment Income $21,303 $20,878 $18,588 $17,866 $14,331 Interest income $518 $359 $727 $349 $233 Dividend and fee income $21,821 $21,237 $19,315 $18,215 $14,564 Total Investment Income Expenses $7,949 $7,254 $6,015 $4,994 $2,714 Interest and ﬁnancing expenses $1,713 $1,585 $1,478 $1,375 $1,147 Management fee $1,609 $1,620 $1,514 $1,578 $1,312 Incentive fee – net investment income $805 $350 $309 $438 $715 Legal & Professional fees $618 $590 $250 $382 $410 General and administrative expenses $450 $450 $450 $542 $500 Administrative services fee $80 $80 $80 $108 $80 Directors' fees ($6) $75 $- $46 $- Organizational costs ($532) $41 $629 $135 $236 Income tax expense $12,686 $12,045 $10,725 $9,598 $7,114 Total Expenses $9,135 $9,192 $8,590 $8,617 $7,450 Net Investment Income after Tax Net Gain (Loss) on Investments $121 $24 $58 $98 $- Net realized gain (loss) on investments ($3,598) ($111) $2,499 $172 ($2,847) Net unrealized appreciation (depreciation) on investments ($3,477) ($87) $2,557 $270 ($2,847) Net gain (loss) on investments $5,658 $9,105 $11,147 $8,887 $4,603 Net Increase (decrease) in Net Assets Resulting from Operations Per Share Data [2] $0.37 $0.38 $0.36 $0.36 $0.33 Net Investment Income Per Share $0.23 $0.38 $0.46 $0.39 $0.20 Earnings (loss) Per Share $8,573,177 $8,502,564 $8,392,958 $7,853,154 $7,459,833 Distributions declared and paid $24,463,746 $24,217,260 $23,977,487 $22,531,521 $22,614,966 Weighted average shares of common stock outstanding

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29 All - in - rate Base Rate Spread Par Amount Funded At Close Commitment Issuer Deal Type Investment Type Portfolio Company N/A N/A $1,000 $1,000 New Equity Lafayette Square Technologies, LLC N/A N/A $500 $500 New Equity Studio Lafayette, LLC N/A N/A $4,500 $4,500 New Equity Truly Redlands LLC 12.25% 6.00% $5,000 N/A Existing 1st lien senior secured revolver C Speed LLC 12.30% 5.25% $316 N/A Existing 1st lien senior secured revolver CentralBDC Enterprises, LLC, 9.55% 7.50% $919 N/A Existing 1st lien senior secured revolver Core Capital Partners II - S LP 11.80% 6.95% $4,131 N/A Existing 1st lien senior secured revolver Dance Nation Holdings LLC 14.28% 10.00% $3,804 $3,804 Existing 1st lien senior secured term loan Direct Digital Holdings, LLC 9.80% 5.50% $300 N/A Existing 1st lien senior secured revolver Flatworld Intermediate Corporation 10.50% 6.50% $15,000 $15,000 Existing 1st lien senior secured term loan Ickler Electric Corporation 12.01% 5.75% $3,425 N/A Existing 1st lien senior secured DDTL Med Learning Group, LLC N/A N/A $3,438 N/A Existing Equity Neighborhood Grocery Catalyst Fund LLC N/A N/A $414 N/A Existing Equity NW1LS CO - INVEST LP 10.76% 6.75% $2,000 $2,000 Existing 1st lien senior secured term loan 160 Driving Academy 9.51% 5.50% $3,514 N/A Existing 1st lien senior secured revolver Rotolo Consultants, Inc. 12.25% 5.00% $926 N/A Existing 1st lien senior secured DDTL ZRG Partners LLC Quarter Ended September 30, 2025 (Dollars in 000s) Investment Activity

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30 Important Information This presentation should be read in conjunction with the BDC's Form 10 - Q which was ﬁled with the U . S . Securities and Exchange Commission ("SEC") on November 6 , 2025 , which summarizes certain ﬁnancial and performance information for the quarter ended September 30 , 2025 . Past performance is not indicative of future results . [ 1 ] "Working - Class Areas" refers to : i) "Empowerment Zones", as deﬁned in the Empowerment Zones and Enterprise Communities Act of 1993 , as amended ; ii) "Opportunity Zones", as deﬁned in the U . S . Tax Cut and Jobs Act of 2017 , and/or areas targeted by a government entity for redevelopment or to revitalize or stabilize designated disaster areas ; and iii) low - and moderate - income ("LMI") areas, as deﬁned under applicable Community Reinvestment Act ("CRA") regulation as an individual income that is less than 80 % of the area median income ("AMI") or a median family income that is less than 80 % in a census tract . AMI is deﬁned as the median family income for the metropolitan statistical area or metropolitan division, if applicable, or if the person or census tract is located outside of a metropolitan statistical area, the statewide non - metropolitan median family income . We may use the terms "LMI", "underserved" and "Working - Class" interchangeably . [ 2 ] Turnover rates are calculated by dividing the total terminations, voluntary and involuntary, for the period by the average number of employees who worked during or received pay for the same period . National turnover includes private employee data from the U . S . Bureau of Labor Statistics - Job Openings and Labor Turnover Survey for calendar year 2025 . National value used is for Q 2 2025 due to the unavailability of September 2025 turnover data from the US Bureau of Labor Statistics' Job Openings and Labor Turnover Survey at the time of data extraction, October 30 , 2025 . [ 3 ] PYMNTS & Lending Club, October 2025 . [ 4 ] National private sector retirement beneﬁts participation data is sourced from the BLS September 2025 National Compensation Survey . "Lower wage workers" refers to those earning less than 25 % of average wages . [ 5 ] Lafayette Square analysis of the SEC's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") database of BDC portfolio companies as of June 2025 and Dun & Bradstreet data as of March 2025 . A total of 6 , 921 Portfolio Company investments in U . S . were identified by their headquartered addresses . This analysis includes 6 , 750 portfolio companies with a U . S . presence where we had enough data to determine if an address was located in a Low - Moderate - Income tract . The Federal Financial Institutions Examination Council's ("FFIEC") deﬁnes middle to upper income as median family incomes making greater than 80 % of the area median income . "Middle market" is deﬁned as ﬁrms with revenue between $10 million and $1 billion . [ 6 ] Lafayette Square analysis of BDC portfolio companies in the EDGAR database, as of June 30 th, 2025 . Cross investments includes all public and private BDCs ; fair value has been considered to calculate overlap in assets . [ 7 ] Portfolio Company employment metrics shown are comprised of (1) KPI quarterly reporting data from 22 of 47 active portfolio companies as of September 30 , 2025 ; and (2) data collected as of the BDC's initial investment for the remaining portfolio companies who did not agree to provide quarterly census data . Corresponding employee metrics rely on feedback from our portfolio companies, the accuracy of which cannot be guaranteed and may be calculated differently by each Portfolio Company . The total employees for Q 2 2025 is revised to 28 , 614 , from 30 , 638 , based on revisions to 2 of the 21 reporting portfolio companies that participated in quarterly KPI reporting . [ 8 ] "Change Since Initial Investment Average" represents the average of all portfolio companies' change in turnover, medical care participation or retirement participation since the BDC's initial investment, otherwise known as deal close date, with the Portfolio Company . A negative turnover value indicates turnover has decreased since initial investment . Where data wasn't available in the same quarter as the initial investment, the next available quarter's data was used . Percentages are based on 22 of 47 active portfolio companies' current human capital data made available to Lafayette Square . [ 9 ] Lafayette Square's 2030 Goals ("Goal 2030 ") to (1) increase employment opportunities (by helping businesses create and/or retain 100 , 000 Working - Class jobs, and 150 , 000 jobs overall), (2) provide signiﬁcant managerial assistance to small and middle - market companies (by incentivizing at least 50 % of our borrowers to adopt Worker Solutions®) and (3) encourage economic growth in Working - Class communities (by investing at least 50 % of our portfolio in borrowers who are either located in Working - Class communities or are substantial employers of Working - Class people .) [ 10 ] Lafayette Square seeks to improve the retention, well - being, and productivity of employees by connecting portfolio companies with third - party service providers that deliver workplace beneﬁts and/or advisory support ("Third - Party Solution Providers") through Lafayette Square's aﬃliated Worker Solutions® platform . Worker Solutions® inputs represent services offered by 4 of 10 Third - Party Solutions Providers adopted by Lafayette Square portfolio companies and HR policy changes implemented by portfolio companies . Please note that metrics regarding the use of the following Third - Party Service Providers have not been included : (i) Multiply Mortgage as services have not yet been utilized by workers ; (ii) Esusu , as services are currently offered only to an aﬃliated project of a Lafayette Square Portfolio Company and not to employees of the Portfolio Company ; (iii) medZERO , Inc . as the service launched just prior to quarter end ; (iv) Vault as the service was not utilized by employees ; (v) Manifest ; and (vi) Cantaloupe as the service has not been utilized by employees . [ 11 ] Cumulative savings through Sunny Day Fund Solutions, Inc . , a Third - Party Service Provider, across 230 workers from four portfolio companies . 944 workers across four portfolio companies currently have access to the service .

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31 Important Information [ 12 ] Cumulative debt was prevented through the use of HoneyBee , a Third - Party Solution Provider, for 146 workers across two portfolio companies from a total of 1 , 899 workers with access to the service . Savings relative to high - cost lending products calculated by using the average payday loan APR (~ 400 %), average loan amount of $216 , and an assumed 5 - month repayment period (the average time it takes to repay payday loans) . https : //www . incharge . org/debt - relief/how - payday - loans - work/ [ 13 ] HR policy changes were implemented by five portfolio companies, resulting in 1 , 860 workers now having access to additional services resulting from those changes . [ 14 ] 51 workers have signed up for credit building services via rent reporting through Boom Pay, Inc . , a Third - Party Solution Provider, with a total of 663 workers having access to these services in one Portfolio Company . Credit building metrics from Esusu are not included, as services are currently offered only to a Portfolio Company's affiliated project and not directly to employees of the Portfolio Company . [ 15 ] Seven workers from one Portfolio Company have participated in 52 1 : 1 ﬁnancial coaching sessions through TrustPlus , a Third - Party Solution Provider . [ 16 ] On September 26 , 2025 , the Board of Directors of the BDC declared a regular distribution to stockholders in the amount of $0 . 28 per share and a supplemental distribution in the amount of $0 . 07 per share . In the aggregate, the regular distribution and supplemental distribution represents an annualized distribution rate of approximately 9 . 4 % . [ 17 ] Lafayette Square rewards portfolio companies with an interest rate stepdown when they adopt services from Third - Party Solution Providers and/or implement policy changes to existing workplace beneﬁts (deﬁned as "Qualifying Human Capital Investments") that we believe will enhance employee well - being and improve retention . As of September 30 , 2025 , we have rewarded a combined total of $298 , 171 through interest rate step down savings . Lafayette Square portfolio companies having adopted Qualifying Human Capital Investments have received a total of $450 , 671 in cumulative savings through interest rate step downs from the BDC in addition to other sources, including the Private Fund and other non - Lafayette Square lenders . [ 18 ] Weighed Average Yield is only one component of expected performance and is not, and should not, be viewed as a statement of the future performance of the BDC . Yield of Assets in the portfolio is not indicative of the return or distribution rate received by investors . [ 19 ] As part of the monitoring process, LS Adviser employs an internal investment rating system to categorize our investments . In addition to various risk management and monitoring tools, LS Adviser rates the credit risk of all investments on a scale of 1 to 5 no less frequently than quarterly . This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i . e . , at the time of origination or acquisition), although it may also take into account the performance of the Portfolio Company's business, the collateral coverage of the investment and other relevant factors . These internal risk ratings do not constitute ratings of investments by a nationally recognized statistical rating organization . The rating system is as follows : Investment Rating Scale 1. Involves the least amount of risk to our initial cost basis . The borrower is performing above expectations, and the trends and risk factors for this investment since the time of origination or acquisition are generally favorable which may include the performance of the Portfolio Company or a potential exit . 2. Involves an acceptable level of risk that is similar to the risk at the time of origination or acquisition . The borrower is generally performing as expected and the risk factors are neutral to favorable . All investments or acquired investments in new portfolio companies are initially assessed a rating of 2 . 3. Involves a borrower performing below expectations and indicates that the loan's risk has increased since origination or acquisition . The borrower could be out of compliance with debt covenants, however loan payments are generally not past due . 4. Involves a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination or acquisition . In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due) 5. Involves a borrower performing substantially below expectations and indicates that the loan's risk has increased substantially since origination or acquisition . Most or all of the debt covenants are out of compliance and payments are substantially delinquent . Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered .

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32 Important Information [ 20 ] Portfolio Company employment metrics shown are comprised of 1) KPI quarterly reporting data from 22 of 47 active portfolio companies as September 30 , 2025 ; and 2) data collected as of the BDC's initial investment for the remaining portfolio companies who did not agree to provide quarterly census data . Corresponding employee metrics rely on feedback from our portfolio companies, the accuracy of which cannot be guaranteed and may be calculated differently by each Portfolio Company . [ 21 ] National median income data is from the U . S . Census Bureau's 2022 American Community Survey . This is the most recent data available as of July 2025 . Median family income is used to calculate individual LMI per CRA guidelines . The metric is included at the national level to serve as a similar, but not exact, comparison . [ 22 ] Turnover rates are calculated by dividing the total voluntary terminations, for the period by the average number of employees who worked during or received pay for the same period . National turnover includes private employee data from the U . S . Bureau of Labor Statistics - Job Openings and Labor Turnover Survey for calendar year 2025 . National value used is for Q 2 2025 due to the unavailability of September 2025 turnover data from the U . S . Bureau of Labor Statistics' Job Openings and Labor Turnover Survey at the time of data extraction, October 30 , 2025 . Unless otherwise advised by the Portfolio Company of involuntary terminations or expiring contracts that are not renewed, we assume, for purposes of the turnover rate calculation, all terminations are voluntary . [ 23 ] Medical Care Benefits are plans that provide services or payments for services rendered in the hospital or by a qualified medical care provider . Participation is calculated from the unrounded percentage of workers who participate in the plan . 1 , 346 employees from portfolio companies who did not provide medical care benefits data to the Portfolio Company were not included in this calculation . National private sector medical care and retirement benefits participation data are sourced from the BLS March 2025 National Compensation Survey . [ 24 ] Retirement Benefit plans includes defined benefit pension plans and defined contribution retirement plans . Participation is calculated from the unrounded percentage of workers who participate in the plan . 1 , 345 employees from portfolio companies who did not provide medical care benefits data to the Portfolio Company were not included in this calculation . National private sector medical care and retirement benefits participation data are sourced from the BLS March 2025 National Compensation Survey .

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Contact Us 32 Lafayette Square BDC Website https://www.lafayettesquarebdc.com Informatio n info@lafayettesquare.com