# LS BDC Adviser, LLC

> 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.

- CRD: 313799
- Filed as: LS BDC ADVISER, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Miami, FL
- Filing period: October 2026
- Form ADV filing dated: June 2, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/313799
- AdvisorCensus page: https://advisorcensus.com/firm/ls-bdc-adviser-llc-miami-fl-313799

## Quick answers

**How is LS BDC Adviser, LLC compensated?**
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.

**What does LS BDC Adviser, LLC's brochure say about its fees?**
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.

**Where is LS BDC Adviser, LLC located?**
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).

**Is LS BDC Adviser, LLC registered with the SEC or a state?**
LS BDC Adviser, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 313799.

**How much does LS BDC Adviser, LLC manage?**
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).

**How have LS BDC Adviser, LLC's assets and staff changed since 2021?**
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.

**What types of clients does LS BDC Adviser, LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (1).

**Which custodians does LS BDC Adviser, LLC use?**
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.

**Does LS BDC Adviser, LLC report any disciplinary disclosures?**
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

**What changed in LS BDC Adviser, LLC's recent Form ADV filings?**
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).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated June 2, 2026)

- Asset-based fee: 0.5% to 1% a year (a range, as the brochure states it)

> SMA Management Fees range from 0.50% - 1.00% of fair market value of the portfolio.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York Mellon

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.

### Regulatory assets under management (Item 5.F)
- Total: $1,040,209,513
- Discretionary: $1,040,209,513
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $1,018,852,950 |
| Other | Fewer than 5 | $21,356,563 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2021 (5 years)
- Employees: 35 total, 28 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: DC, FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- Washington, DC

### Websites listed on Form ADV (Item 1.I)
- lafayettesquare.com
- lafayettesquarebdc.com
- Facebook @Lafayette-Square-Holding-Company
- Instagram @lafayettesquareusa
- LinkedIn @lafayettesquare

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $32,697,820 | 23 | August 28, 2021 |
| October 2022 | $67,047,200 | 52 | August 4, 2022 |
| October 2023 | $204,320,841 | 42 | April 3, 2023 |
| October 2024 | $709,429,736 | 54 | September 25, 2024 |
| October 2025 | $967,645,707 | 41 | March 31, 2025 |
| October 2026 | $1,040,209,513 | 35 | June 2, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LS BDC Adviser, LLC (CRD 313799): Form ADV filing data as of October 2026.