Organization	6 Months Ended
Organization	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Lafayette Square USA, Inc. (the “Company,” which term refers to either Lafayette Square USA, Inc. or Lafayette Square USA, Inc. together with its consolidated subsidiaries, as the context may require) is an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. On May 16, 2022, Lafayette Square Empire BDC, Inc. filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change its corporate name from “Lafayette Square Empire BDC, Inc.” to “Lafayette Square USA, Inc.,” effective May 16, 2022. In addition, for U.S. federal income tax purposes, the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax years ending December 31, 2021 and December 31, 2022. The Company has elected to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code. However, there is no guarantee that the Company will qualify to make such an election for any future taxable year. The Company is externally managed by its Adviser pursuant to the Investment Advisory Agreement. The Adviser is a subsidiary of Lafayette Square Holding Company, LLC (together with its controlled subsidiaries, including the Adviser and LS Administration, LLC, “Lafayette Square”). The Company invests in businesses that are primarily domiciled, headquartered and/or have a significant operating presence in each of the ten regions below (each, a “Target Region”), with a goal to invest at least 5% of its assets in each Target Region over time. However, the Company anticipates that it could take time to invest substantially all of the capital it expects to raise in a geographically diverse manner due to general market conditions, the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies, and the potential for allocations to other affiliated investment vehicles which focus their investments on a specific region. As a result, at any point in time, the Company may have a disproportionate amount of investments in certain Target Regions, and there can be no assurance that the Company will achieve geographic diversification across all ten Target Regions. • Cascade Region: Alaska, Idaho, Oregon and Washington • Empire Region: New York, New Jersey, Connecticut and Pennsylvania • Far West Region: California, Hawaii and Nevada • Four Corners Region: Arizona, Colorado, New Mexico and Utah • Great Lakes Region: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin • Gulf Coast Region: Arkansas, Louisiana, Oklahoma and Texas • Mid-Atlantic Region: Delaware, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and West Virginia and the District of Columbia • Northeast Region: Maine, Massachusetts, New Hampshire, Rhode Island and Vermont • Plains Region: Iowa, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming • Southeast Region: Alabama, Georgia, Florida, Mississippi and the territory of Puerto Rico The Company’s investment objective is to generate favorable risk-adjusted returns, including current income and capital appreciation, from directly originated investments in middle market companies. The Company invests primarily in first and second lien loans and, to a lesser extent, in subordinated and mezzanine loans and equity and equity-like securities, including common stock, preferred stock and warrants. The Company defines middle market companies as those with annual revenues between $10 million and $1 billion, and annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of between $10 million and $100 million, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans, corporate bonds or other instruments through secondary market transactions. The Company previously formed wholly-owned subsidiaries, LS BDC Holdings, LLC, LS BDC Holdings (DN), LLC, LS BDC Holdings (160), LLC and LS SBIC Holdings (160), LLC, each of which were Delaware limited liability companies, to hold certain equity or equity-like investments in portfolio companies to which the Company has also made loans. In addition, LS BDC Holdings (NGCF), LLC, a wholly-owned subsidiary of the Company, was formed to co-own and co- manage NGCF Manager LLC (the "NGCF Manager") with the affiliate of a third-party investor. The NGCF Manager manages Neighborhood Grocery Catalyst Fund LLC (“NGCF”), a private real estate investment vehicle, whose investment strategy focuses on necessity-based, ecommerce-resistant, and well-located neighborhood shopping centers anchored by omni-channel grocers serving the essential needs of diverse communities. In December of 2024, in an effort to simplify its internal structure, the Company consolidated its equity investments in LS BDC Holdings, LLC. On December 18, 2024, LS BDC Holdings (NGCF), LLC transferred its interest in NGCF Manager to LS BDC Holdings, LLC and on December 30, 2024, dissolved. On December 31, 2024, LS BDC Holdings (160), LLC and LS BDC Holdings (DN), LLC merged into LS BDC Holdings, LLC. Additionally, the Company formed two wholly-owned subsidiaries, LS SBIC LP and LS SSBIC LP, each licensed by the U.S. Small Business Administration (the “SBA”), to invest in eligible “small businesses” as defined by the SBA. LS SBIC LP received its SBIC license on February 1, 2023 (made effective as of January 27, 2023) and LS SSBIC LP received its SSBIC license on September 12, 2024. SBA regulations currently permit SBIC LP to borrow up to $175.0 million in SBA- guaranteed debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations), and SSBIC license to borrow an additional $175.0 million of SBA-guaranteed debentures with at least $87.5 million in regulatory capital, subject to the SBA’s approval. As a result, the Company has access to up to $350.0 million in SBA-guaranteed debentures amongst its family of SBIC funds under common control. The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of each subsidiary’s formation. All significant intercompany transactions and balances have been eliminated in such consolidation.