{ "crd_number": 313799, "slug": "ls-bdc-adviser-llc-miami-fl-313799", "primary_business_name": "LS BDC ADVISER, LLC", "legal_name": "LS BDC ADVISER, LLC", "dbas": [], "city": "Miami", "state": "FL", "country": "United States", "cbsa_code": "33100", "metro": { "cbsa_code": "33100", "common_name": "Miami", "msa_name": "Miami-Fort Lauderdale-West Palm Beach, FL", "path": "/advisors/fl/miami" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2021-04-30", "years_registered": 5, "period": "2026-10-01", "filing_date": "2026-06-02", "carried_forward": false, "raum_total": 1040209513.0, "raum_discretionary": 1040209513.0, "raum_non_discretionary": 0.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 35, "advisory_employees": 28, "client_count_bucket": "fewer_than_5_in_some_types", "clients_by_type": { "other": { "raum": 21356563.0, "count": null, "description": "SEPARATELY MANAGED ACCOUNT", "fewer_than_5": true }, "business_development_companies": { "raum": 1018852950.0, "count": 1 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "other", "portfolio_management_investment_companies", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "DC", "FL" ], "websites": [ "https://facebook.com/people/Lafayette-Square-Holding-Company", "https://instagram.com/lafayettesquareusa", "https://lafayettesquare.com", "https://lafayettesquarebdc.com", "https://linkedin.com/company/lafayettesquare" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/313799", "city_as_filed": "MIAMI", "url": "https://advisorcensus.com/firm/ls-bdc-adviser-llc-miami-fl-313799", "display_name": "LS BDC Adviser, LLC", "summary": "LS BDC Adviser, LLC is an SEC-registered investment advisory firm in Miami, FL, registered since 2021, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 2, 2026.", "citation": "AdvisorCensus. LS BDC Adviser, LLC (CRD 313799): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for investment companies (and business development companies)", "Portfolio management for pooled investment vehicles (other than investment companies)", "Other" ], "quick_answers": [ { "q": "How is LS BDC Adviser, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), LS BDC Adviser, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees." }, { "q": "What does LS BDC Adviser, LLC's brochure say about its fees?", "a": "Its Form ADV Part 2A brochure dated June 2, 2026 states: Asset-based fee: 0.5% to 1% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement." }, { "q": "Where is LS BDC Adviser, LLC located?", "a": "LS BDC Adviser, LLC's principal office is in Miami, FL, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is LS BDC Adviser, LLC registered with the SEC or a state?", "a": "LS BDC Adviser, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 313799." }, { "q": "How much does LS BDC Adviser, LLC manage?", "a": "LS BDC Adviser, LLC reports $1,040,209,513 in regulatory assets under management in its Form ADV filing dated June 2, 2026 (100% discretionary)." }, { "q": "How have LS BDC Adviser, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for LS BDC Adviser, LLC: Regulatory assets under management: $32,697,820 in the October 2021 data and $1,040,209,513 in the October 2026 data, up 3081%. Total employees: 23 in October 2021 and 35 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does LS BDC Adviser, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: business development companies (1)." }, { "q": "Which custodians does LS BDC Adviser, LLC use?", "a": "LS BDC Adviser, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon as a custodian holding 10% or more of its separately managed account assets." }, { "q": "Does LS BDC Adviser, LLC report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/313799" }, { "q": "What changed in LS BDC Adviser, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 31 to 28. Regulatory assets under management went from $967,645,707 to $1,137,459,251 (+18%). Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 32697820.0, "total_employees": 23, "filing_date": "2021-08-28" }, { "period": "2022-10-01", "regulatory_assets_under_management": 67047200.0, "total_employees": 52, "filing_date": "2022-08-04" }, { "period": "2023-10-01", "regulatory_assets_under_management": 204320841.0, "total_employees": 42, "filing_date": "2023-04-03" }, { "period": "2024-10-01", "regulatory_assets_under_management": 709429736.0, "total_employees": 54, "filing_date": "2024-09-25" }, { "period": "2025-10-01", "regulatory_assets_under_management": 967645707.0, "total_employees": 41, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 1040209513.0, "total_employees": 35, "filing_date": "2026-06-02" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 31 to 28.", "Regulatory assets under management went from $967,645,707 to $1,137,459,251 (+18%).", "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated June 2, 2026", "tiers": [], "flat_rate": null, "stated_range": "0.5% to 1% a year", "stated_maximum": null, "account_minimum": null, "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "figures": [ { "label": "Asset-based fee", "statements": [ "Asset-based fee: 0.5% to 1% a year (a range, as the brochure states it)" ], "quotes": [ "SMA Management Fees range from 0.50% - 1.00% of fair market value of the portfolio." ] } ], "quotes": [ "SMA Management Fees range from 0.50% - 1.00% of fair market value of the portfolio." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [ { "name": "Bank of New York Mellon", "name_as_filed": "BANK OF NEW YORK MELLON", "affiliated": false } ], "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.", "markdown_url": "https://advisorcensus.com/firm/ls-bdc-adviser-llc-miami-fl-313799.md", "clients": [ { "type": "business_development_companies", "label": "Business development companies", "count": 1, "fewer_than_5": false, "raum": 1018852950.0 }, { "type": "other", "label": "Other", "count": null, "fewer_than_5": true, "raum": 21356563.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/313799", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }