DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

Lafayette Square USA, Inc.

BDCnon-tradedCIK 1849089file 814-01427MIAMI, FLmanaged by LS BDC ADVISER, LLC

Fair value

$984M

as of Jun 30, 2026

Principal held

$881M

debt pieces, the filer's figure

Cost

$996M

99c on cost

Unfunded

$143M

commitments not yet drawn

Positions

153

62 borrowers

First lien

87%

88% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

4 sponsors financed

Portfolio through time

Fair value by quarter end$984M as of Jun 30, 2026

Dec 31, 2021$0 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$984M	62	99c	1	671 bp
Mar 31, 2026	$822M	58	99c	1	672 bp
Dec 31, 2025	$849M	60	100c	1	664 bp
Sep 30, 2025	$747M	50	100c	1	667 bp
Jun 30, 2025	$732M	48	100c	1	661 bp
Mar 31, 2025	$669M	45	100c	1	654 bp
Dec 31, 2024	$1.2B	46	100c	2	677 bp
Sep 30, 2024	$461M	31	100c	1	684 bp
Jun 30, 2024	$422M	28	101c	1	685 bp
Mar 31, 2024	$331M	24	101c	1	705 bp
Dec 31, 2023	$301M	24	101c	1	702 bp
Sep 30, 2023	$170M	14	100c	1	715 bp
Jun 30, 2023	$151M	11	100c	0	785 bp
Mar 31, 2023	$131M	9	100c	0	788 bp
Dec 31, 2022	$225M	7	100c	2	802 bp
Dec 31, 2021	$0	2	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2026
Sand Lake Outsourcing Intermediate, LLC first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
Florida Solid Solutions LLC first appears in a BDC schedule (1 lender)
New lender joined a facilityJun 30, 2026
Lafayette Square USA, Inc. joins Mission Critical Group, LLC term loan (first lien) held by 4 other BDCs
New borrower on a BDC scheduleJun 30, 2026
Samaha & Associates LLC first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
MediVisuals Solutions Inc first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
HVEP CARRY HOLDCO LLC first appears in a BDC schedule (1 lender)
Marked down (one lender)Jun 30, 2026
Lafayette Square USA, Inc.: fair value markdown in Direct Digital Holdings, LLC (132 to 116 cents on cost)
Maturity extended (observed)Jun 30, 2026
Lafayette Square USA, Inc.: maturity extended in Aetius Holdings, LLC (2026-06-30 to 2026-09-30)
New borrower on a BDC scheduleMar 31, 2026
Ally Medical Holdings, LLC first appears in a BDC schedule (1 lender)
Lender left a facilityMar 31, 2026
Lafayette Square USA, Inc. no longer holds Ironhorse Purchaser, LLC term loan after 2026-03-31; 2 BDC(s) still hold it
New borrower on a BDC scheduleMar 31, 2026
Akoma Capital Advisory LLC first appears in a BDC schedule (1 lender)
Lender left a facilityMar 31, 2026
Lafayette Square USA, Inc. no longer holds Trilon Group, LLC term loan after 2026-03-31; 4 BDC(s) still hold it
Marked down (one lender)Mar 31, 2026
Lafayette Square USA, Inc.: fair value markdown in Direct Digital Holdings, LLC (132 to 124 cents on cost)
Spread increasedMar 31, 2026
Lafayette Square USA, Inc.: spread increased in Johnsoncomm LLC (6.90% to 9.00%)
Spread increasedMar 31, 2026
Lafayette Square USA, Inc.: spread increased in C Speed LLC (6.00% to 7.40%)
Maturity extended (observed)Mar 31, 2026
Lafayette Square USA, Inc.: maturity extended in Aetius Holdings, LLC (2026-03-31 to 2026-06-30)
Lender left a facilityDec 31, 2025
Lafayette Square USA, Inc. no longer holds TCFIII OWL Buyer LLC term loan after 2025-12-31; 1 BDC(s) still hold it
New borrower on a BDC scheduleDec 31, 2025
National Carbon Technologies - California, LLC first appears in a BDC schedule (1 lender)
Spread increasedDec 31, 2025
Lafayette Square USA, Inc.: spread increased in Soapy Joe's Midco OC Holdings LLC (4.00% to 5.85%)
New borrower on a BDC scheduleDec 31, 2025
SHaD Momentum LLC first appears in a BDC schedule (1 lender)

Every position change, including routine ones

Largest facilities held, with co-lenders

160 Driving Academy first lien term loan
1 BDC hold it · matures May 30, 2029 · Upper90
$70.1M 86c
Best Friends Pet Care Holdings Inc first lien term loan
1 BDC hold it · matures Jun 21, 2028
$47.8M 100c
Ickler Electric Corporation first lien term loan
1 BDC hold it · matures Apr 17, 2030
$43.6M 100c
Dance Nation Holdings LLC first lien term loan
1 BDC hold it · matures Aug 24, 2028
$41.7M 98c
Tyler Distribution Centers LLC first lien term loan
1 BDC hold it · matures Mar 12, 2030
$40.0M 100c
Flatworld Intermediate Corp first lien term loan
3 BDCs hold it · matures Mar 25, 2030
$39.5M 100c
Rotolo Consultants, Inc first lien term loan
2 BDCs hold it · matures Jan 31, 2031
$37.6M 100c
truCurrent LLC first lien term loan
1 BDC hold it · matures Feb 12, 2029
$36.4M 100c
Core Capital Partners II-S LP first lien term loan
1 BDC hold it · matures Oct 11, 2027
$34.2M 101c
Xpect Solutions, LLC first lien term loan
1 BDC hold it · matures Oct 7, 2029 · Newspring Capital
$30.4M 98c
MSPB MSO, LLC first lien term loan
1 BDC hold it · matures Nov 10, 2028
$27.4M 100c
CentralBDC Enterprises, LLC first lien term loan
2 BDCs hold it · matures Jun 11, 2029
$24.6M 98c

Schedule of investments at Jun 30, 2026

153 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$53.5M	$44.4M 86c	S+675 bp	May 30, 2029
Ickler Electric Corporation	term loan first lien	$43.6M	$43.4M 100c	S+650 bp	Apr 17, 2030
Tyler Distribution Centers LLC	term loan first lien	$40.0M	$40.0M 100c	S+465 bp	Mar 12, 2030
Flatworld Intermediate Corporation	term loan first lien	$39.5M	$39.3M 100c	S+545 bp	Mar 25, 2030
Dance Nation Holdings LLC	term loan first lien	$36.7M	$35.9M 98c	S+695 bp	Aug 24, 2028
Core Capital Partners II-S LP	term loan first lien	$28.0M	$28.0M 100c	S+750 bp	Oct 11, 2027
Rotolo Consultants, Inc.	term loan first lien	$27.8M	$27.8M 99c	S+550 bp	Jan 31, 2031
Best Friends Pet Care Holdings Inc.	term loan first lien	$27.5M	$27.5M 100c	S+695 bp	Jun 21, 2028
truCurrent LLC	term loan first lien	$23.9M	$23.9M 100c	S+720 bp	Feb 12, 2029
Liberty Lenwich Holdings LLC	term loan first lien	$22.3M	$22.3M 99c	S+500 bp	Feb 28, 2030
Xpect Solutions, LLC	term loan first lien	$22.1M	$21.6M 98c	S+590 bp	Oct 7, 2029
Best Friends Pet Care Holdings Inc.	term loan first lien	$20.2M	$20.2M 101c	S+695 bp	Jun 21, 2028
CentralBDC Enterprises, LLC	term loan first lien	$20.6M	$20.1M 98c	S+525 bp	Jun 11, 2029
Synergi, LLC	term loan first lien	$19.9M	$19.9M 100c	S+745 bp	Dec 17, 2027
Med Learning Group, LLC	term loan first lien	$19.2M	$19.2M 100c	S+575 bp	Dec 30, 2027
Sand Lake Outsourcing Intermediate, LLC	term loan first lien	$19.2M	$19.2M 100c	S+650 bp	Jan 28, 2031
Salt Dental Collective LLC	term loan first lien	$17.5M	$17.5M 100c	S+675 bp	Feb 15, 2028
Johnsoncomm LLC	term loan first lien	$16.0M	$15.3M 97c	S+900 bp	Jan 31, 2030
Soapy Joe's Midco OC Holdings LLC	term loan first lien	$15.3M	$15.3M 100c	S+585 bp	Apr 22, 2030
Arrowhead Capital Group LLC	preferred equity equity	n/a	$15.0M 100c	10.00%
OWP International LLC	term loan first lien	$14.9M	$14.8M 100c	S+575 bp	Nov 20, 2030
C Speed LLC	term loan first lien	$15.0M	$14.7M 99c	S+740 bp	Oct 1, 2029
Ally Medical Holdings, LLC	term loan first lien	$14.4M	$14.4M 101c	S+700 bp	Jan 15, 2030
Direct Digital Holdings, LLC	preferred equity equity	n/a	$14.3M 77c	10.00%
National CarbonTechnologies - California, LLC	term loan first lien	$14.0M	$13.7M 98c	S+1225 bp	May 31, 2029
truCurrent LLC	term loan first lien	$12.5M	$12.5M 101c	S+720 bp	Feb 12, 2029
Electro Technical Industries, LLC	term loan first lien	$12.4M	$12.4M 101c	S+550 bp	Mar 31, 2030
Mission Critical Group LLC	term loan first lien	$12.3M	$12.2M 100c	S+525 bp	Oct 1, 2030
NW1LS CO-INVEST LP	equity equity	n/a	$12.1M 117c
Lafayette Square Life Company LLC	equity equity	n/a	$11.8M 100c
Straine Dental Management, LLC	term loan first lien	$11.7M	$11.7M 100c	S+742 bp	Nov 25, 2030
MSPB MSO, LLC	term loan first lien	$11.6M	$11.5M 99c	S+650 bp	Nov 10, 2028
Samaha & Associates LLC	term loan first lien	$11.5M	$11.4M 100c	S+625 bp	May 14, 2031
ZRG Partners LLC	term loan first lien	$11.2M	$11.2M 100c	S+600 bp	Jun 14, 2029
MediVisuals Solutions Inc	term loan first lien	$11.0M	$10.8M 100c	S+675 bp	May 27, 2031
DRS Imaging Services LLC	term loan first lien	$10.5M	$10.4M 99c	S+600 bp	Mar 28, 2030
LC Hospitality, LLC	term loan first lien	$10.6M	$10.2M 97c	S+545 bp	Jul 25, 2031
Lafayette Square SBLC, LLC	equity equity	n/a	$9.9M 100c
TEC Services LLC	term loan first lien	$9.8M	$9.8M 100c	S+550 bp	Dec 31, 2029
Genuine Food Lab LLC	term loan first lien	$10.0M	$9.8M 99c	S+815 bp	Jun 6, 2030
MSPB MSO, LLC	term loan first lien	$9.8M	$9.8M 100c	S+650 bp	Nov 10, 2028
Direct Digital Holdings, LLC	term loan first lien	$9.6M	$9.6M 128c	S+1000 bp	Dec 3, 2026
ZRG Partners LLC	term loan first lien	$9.4M	$9.4M 100c	S+600 bp	Jun 14, 2029
Florida Solid Solutions LLC	term loan first lien	$9.2M	$9.2M 101c	S+625 bp	Apr 2, 2031
C Speed LLC	term loan first lien	$9.0M	$8.8M 98c	S+740 bp	Oct 1, 2029
HVEP CARRY HOLDCO LLC	term loan first lien	$8.8M	$8.7M 100c	S+650 bp	Jun 3, 2029
SMG Operating Company, LLC	term loan first lien	$8.5M	$8.4M 100c	S+500 bp	Dec 5, 2030
Direct Digital Holdings, LLC	preferred equity equity	n/a	$8.1M 113c	10.00%
Xpect Solutions, LLC	term loan first lien	$8.3M	$8.1M 98c	S+590 bp	Oct 7, 2029
Puris LLC	term loan first lien	$8.1M	$8.1M 99c	S+575 bp	Jun 28, 2029
Prime IV Hydration & Wellness Inc. \| First lien senior secur	term loan first lien	$8.0M	$7.9M 101c	S+650 bp	Nov 25, 2030
Neighborhood Grocery Catalyst Fund LLC	equity equity	n/a	$7.7M 98c
Core Capital Partners II-S LP	term loan first lien	$6.2M	$6.2M 101c	S+750 bp	Oct 11, 2027
MSPB MSO, LLC	term loan first lien	$6.0M	$6.0M 100c	S+650 bp	Nov 10, 2028
Florida Solid Solutions LLC	term loan first lien	$5.7M	$5.7M 100c	S+625 bp	Apr 2, 2031
Med Learning Group, LLC	term loan first lien	$5.3M	$5.3M 100c	S+575 bp	Dec 30, 2027
Rotolo Consultants, Inc.	term loan first lien	$5.3M	$5.3M 100c	S+550 bp	Jan 31, 2031
IVM GK9 Holdings LLC	equity equity	n/a	$5.0M 102c
Lafayette Square Technologies, LLC	equity equity	n/a	$4.9M 100c
Dance Nation Holdings LLC	term loan first lien	$5.0M	$4.9M 98c	S+695 bp	Aug 24, 2028
Rotolo Consultants, Inc.	term loan first lien	$4.5M	$4.5M 101c	S+550 bp	Jan 31, 2031
Truly Redlands LLC	equity equity	n/a	$4.5M 100c
LSA Affordable Housing LP	equity equity	n/a	$4.3M 99c
DRS Imaging Services LLC	term loan first lien	$4.2M	$4.2M 100c	S+600 bp	Mar 28, 2030
Direct Digital Holdings, LLC	term loan first lien	$4.0M	$4.0M 100c	S+1000 bp	Sep 30, 2026
CentralBDC Enterprises, LLC	term loan first lien	$3.9M	$3.8M 98c	S+525 bp	Jun 11, 2029
Patti's Good Life LLC	preferred equity equity	n/a	$3.4M 100c	12.00%
Liberty Top Holdings, LLC	equity equity	n/a	$3.0M 100c
GELDO Inc.	preferred equity equity	n/a	$3.0M 100c
Standard Real Estate Investments LP	term loan first lien	$3.1M	$3.0M 97c	S+870 bp	Oct 6, 2026
SHaD Momentum LLC	equity equity	n/a	$2.6M 100c
3360 Frankford LLC	equity equity	n/a	$2.5M 100c
Worker Solutions LLC	equity equity	n/a	$2.4M 100c
Sparrow Rock, Inc.	preferred equity equity	n/a	$2.0M 100c
Standard Real Estate Investments LP	term loan first lien	$2.0M	$2.0M 97c	S+870 bp	Oct 6, 2026
ZWR Holdings, Inc.	subordinated debt unsecured or subordinated	$2.0M	$2.0M 100c	14.00% PIK 10.00%	Feb 12, 2027
ZRG Partners LLC	term loan first lien	$1.9M	$1.9M 101c	S+500 bp	Jun 14, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$2.2M	$1.8M 86c	S+675 bp	May 30, 2029
Dance Nation Topco LLC	preferred equity equity	n/a	$1.7M 88c
Puris LLC	term loan first lien	$1.7M	$1.7M 98c	S+575 bp	Jun 28, 2029
Ickler Electric Corporation	subordinated debt unsecured or subordinated	$1.6M	$1.6M 100c	S+1400 bp	Oct 17, 2030
Studio Lafayette, LLC	equity equity	n/a	$1.5M 100c
Oakwell Holding LLC	notes lien unstated	$1.5M	$1.5M 100c	S+1000 bp	Dec 31, 2028
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.6M	$1.4M 86c	S+675 bp	May 30, 2029
Lafayette Square Mortgage Solutions, LLC	equity equity	n/a	$1.1M 100c
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.3M	$1.1M 87c	S+675 bp	May 30, 2029
OWP International LLC	term loan first lien	$1.0M	$993,000 102c	S+575 bp	Nov 20, 2030
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.2M	$986,000 86c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.1M	$906,000 86c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.1M	$902,000 86c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$1.1M	$897,000 86c	S+675 bp	May 30, 2029
Aetius Holdings, LLC	term loan first lien	$884,000	$884,000 100c	S+700 bp	Sep 30, 2026
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$950,000	$788,000 87c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$945,000	$784,000 87c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$894,000	$742,000 87c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$813,000	$675,000 86c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$799,000	$663,000 87c	S+675 bp	May 30, 2029
160 Driving Academy (a/k/a Rock Gate Capital, LLC)	term loan first lien	$797,000	$662,000 87c	S+675 bp	May 30, 2029
Direct Digital Holdings, LLC	term loan first lien	$646,000	$646,000 100c	S+1000 bp	Dec 3, 2026
Capital City LLC	term loan first lien	$619,000	$616,000 100c	S+800 bp	Sep 20, 2029

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: Lafayette Square Empire BDC, Inc.; Lafayette Square Empire BDC, LLCreported
Latest schedule: 0001628280-26-051793reported