Disclosure

The specific investments identified and described are for illustrative purposes only and are not (and not intended to be) representative of the investments purchased, sold, or recommended for any Lafayette Square vehicle or the investment process used with respect to every Lafayette Square investment. Rather, the three case studies included in this presentation reflect the only investments made by Lafayette Square credit vehicles where (i) a Lafayette Square affiliate was lead agent and (ii) managerial assistance has been adopted by the borrower. Of the other [10] investments completed by Lafayette Square credit vehicles as of [September 30, 2023], [4] borrowers have adopted Worker Solutions, and 3 borrowers are currently discussing the adoption of managerial assistance.

“Some borrowers may choose to delay adoption or choose to not adopt managerial assistance due to competing company priorities such as mergers or acquisitions underway.”

In addition, it is likely that pricing among investments (which as of September 30, 2023 ranges from SOFR + 625-925) will differ, perhaps materially.

This material discusses Lafayette Square's current efforts to provide significant managerial assistance to its borrowers and encourage meaningful borrower adoption as part of our investment processes across various investment strategies. Any such borrower engagement described herein will be implemented with respect to a portfolio investment solely to the extent Lafayette Square determines such initiative is consistent with its broader investment goals. Accordingly, the characteristics described in the case studies herein are not representative of current processes or outcomes for every strategy, and may not be fully realized for all products or client accounts.

Willingness for borrowers to adopt managerial assistance is only one of many considerations that Lafayette Square takes into account when making investment decisions. Such borrower engagement is not a uniformly-defined characteristic, and information used to evaluate such engagement may not be readily available, complete, or accurate, and may vary across solution providers and borrowers. Because of the subjective nature of the impact of significant managerial assistance, there can be no guarantee that such factors considered will reflect the beliefs or values of any particular client.

As a result of the above and other factors, it should not be assumed that any investment identified has or will be profitable. There can also be no guarantee that similar investment opportunities will be available in the future or that Lafayette Square credit vehicles will be able to exploit similar investment opportunities should they arise.