LINCOLN NATIONAL CORP 4

What Happened

• Lincoln National Life Insurance Company (a reported 10% owner) purchased Class I shares of Lincoln Partners Group Royalty Fund (LNPIX) in two subscription purchases. On 2025-12-19 it acquired 2,300,098.44 shares at $10.87 each ($24,999,770). On 2026-02-25 it acquired 2,254,485.529 shares at $11.09 each ($24,999,990). Total purchased = 4,554,583.969 shares for $49,999,760 (about $50.0M). These were purchases (a buy, not a sale).

Key Details

• Transaction dates and prices:
  • 2025-12-19: 2,300,098.44 shares @ $10.87 = $24,999,770 (purchase)
  • 2026-02-25: 2,254,485.529 shares @ $11.09 = $24,999,990 (purchase)
• Total: 4,554,583.969 shares for $49,999,760 (~$50.0M).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: LNL’s $25,000,000 subscription was accepted Nov 30, 2025; purchase price and share count fixed Dec 19, 2025.
  • F2: A second $25,000,000 subscription was accepted Feb 1, 2026; purchase price and share count fixed Feb 25, 2026.
  • F3: The shares are directly owned by Lincoln National Life (LNL), a wholly owned subsidiary of Lincoln National Corporation (LNC); LNC is an indirect beneficial owner.
• Filing timeliness: The Form 4 was filed on 2026-02-27. The Dec 19, 2025 purchase was reported after the typical 2-business-day window (appears late); the Feb 25, 2026 purchase was reported promptly.

Context

• These transactions were subscription purchases (private purchase of Class I shares) rather than typical open-market trades. As a 10% owner and institutional buyer, Lincoln National Life is acting in an institutional capacity; this is not an executive individual’s trade. Purchases can be viewed as capital deployment by the institutional holder, but do not by themselves indicate management sentiment.