LINCOLN NATIONAL CORP 4
4 · Lincoln Partners Group Royalty Fund · Filed Feb 27, 2026
Research Summary
AI-generated summary of this filing
Lincoln Partners (LNPIX) 10% Owner Lincoln National Life Buys Shares
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.
Insider Transaction Report
Form 4
Transactions
- Purchase
Class I shares of beneficial interest
[F1][F3]2025-12-19$10.87/sh+2,300,098.44$24,999,770→ 7,529,836.693 total - Purchase
Class I shares of beneficial interest
[F2][F3]2026-02-25$11.09/sh+2,254,485.529$24,999,990→ 9,784,322.222 total
Holdings
- 1,000
Class A shares of beneficial interest
[F3] - 1,000
Class D shares of beneficial interest
[F3] - 1,000
Class IS shares of beneficial interest
[F3]
Footnotes (3)
- [F1]On November 30, 2025, The Lincoln National Life Insurance Company's ("LNL") subscription to purchase $25,000,000 in aggregate amount of Class I shares of beneficial interests of the Issuer was accepted. On December 19, 2025, the Issuer determined the purchase price per share and fixed the number of Class I shares of beneficial interests acquired in respect of such subscription.
- [F2]On February 1, 2026, LNL's subscription to purchase $25,000,000 in aggregate amount of Class I shares of beneficial interests of the Issuer was accepted. On February 25, 2026, the Issuer determined the purchase price per share and fixed the number of Class I shares of beneficial interests acquired in respect of such subscription.
- [F3]These shares are directly owned by LNL, which is a wholly owned subsidiary of its parent holding company, Lincoln National Corporation, an Indiana corporation ("LNC"). LNC is an indirect beneficial owner of the reported securities.