Employees' Retirement System of the State of Hawaii 4

What Happened
Employees' Retirement System of the State of Hawaii (a reported 10% owner) acquired 270,635.99 shares of Lafayette Square USA, Inc. on March 30, 2026. The shares were purchased at $14.78 per share in an open market or private purchase (transaction code P), for a total transaction value of $4,000,000. This was a purchase — typically viewed as a bullish signal compared with insider sales, though institutional motives are not disclosed.

Key Details

• Transaction date: 2026-03-30; filing date (Form 4): 2026-03-31.
• Price per share: $14.78; shares acquired: 270,635.99; total value: $4,000,000.
• Transaction type/code: P = Purchase (open market or private purchase).
• Shares owned after transaction: Not specified in the filing.
• No footnotes (e.g., 10b5-1 plan, tax withholding) were disclosed in the reported transaction.
• Filing appears timely (filed the day after the transaction).

Context
This trade was made by a 10% institutional owner (not an individual executive). Institutional purchases can signal confidence but do not reveal the buyer’s specific rationale. The filing contains straightforward purchase details and does not indicate any derivative exercises, gifts, or sales tied to the transaction.