What are the Common Units related to Lincoln International (LCLN) in this Form 3?

The Common Units are interests in Lincoln International, LP that Lawson Lawrence James III can redeem for Class A Common Stock on a 1-to-1 basis. Upon redemption, an equal number of Class C shares is forfeited, and the Common Units have no expiration date.

Lincoln International insider reports major initial holdings

Lincoln International, Inc. director and ten percent owner Lawson Lawrence James III filed an initial ownership report showing significant equity holdings.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

Lincoln International, Inc. director and ten percent owner Lawson Lawrence James III filed an initial ownership report showing significant equity holdings. He directly holds 21,117,200 shares of Class C Common Stock and 332,800 shares of Class A Common Stock.

He also holds Common Units of Lincoln International, LP that are redeemable on a 1-to-1 basis for up to 21,117,200 shares of Class A Common Stock. When Common Units are redeemed, a corresponding number of Class C shares are forfeited, and the Common Units have no expiration date. This filing records ownership positions and does not report any recent trades.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Lawson Lawrence James III

Role Director, 10% Owner

Type	Security	Shares	Price	Value
holding	Common Units	--	--	--
holding	Class A Common Stock	--	--	--
holding	Class C Common Stock	--	--	--

Holdings After Transaction: Common Units — 21,117,200 contracts (Direct); Class A Common Stock — 332,800 shares (Direct); Class C Common Stock — 21,117,200 shares (Direct)

Footnotes (1)

F1. The common units of Lincoln International, LP ("Common Units") may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class C Common Stock will be forfeited in connection with the redemption. The Common Units have no expiration date.

Key Figures

Class C Common Stock held: 21,117,200 shares Class A Common Stock held: 332,800 shares Common Units underlying Class A: 21,117,200 units/shares +1 more

4 metrics

Class C Common Stock held 21,117,200 shares Direct holdings reported on Form 3

Class A Common Stock held 332,800 shares Direct holdings reported on Form 3

Common Units underlying Class A 21,117,200 units/shares Redeemable 1-to-1 into Class A Common Stock

Common Units exercise price $0.0000 per unit Exercise price disclosed for Common Units

Key Terms

Class C Common Stock, Class A Common Stock, Common Units, 1-to-1 basis, +1 more

5 terms

Class C Common Stock financial

"He directly holds 21,117,200 shares of Class C Common Stock"

A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.

Class A Common Stock financial

"He directly holds 21,117,200 shares of Class C and 332,800 Class A"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Common Units financial

"He also holds Common Units of Lincoln International, LP"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

1-to-1 basis financial

"may be redeemed ... for shares of Class A Common Stock on a 1-to-1 basis"

ten percent owner financial

"director and ten percent owner Lawson Lawrence James III filed"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 3 filing by Lawson Lawrence James III mean for LCLN?

The Form 3 shows Lawson Lawrence James III’s initial ownership in Lincoln International, Inc. It reports substantial holdings of Class A and Class C Common Stock and related Common Units, giving investors clarity on a key insider’s equity position at the company.

How many Lincoln International (LCLN) Class C shares does Lawson Lawrence James III hold?

Lawson Lawrence James III holds 21,117,200 shares of Class C Common Stock in Lincoln International, Inc. This large position supports his status as a ten percent owner and highlights his significant economic interest and voting influence in the company.

What Class A Common Stock holdings are reported for Lawson Lawrence James III in LCLN?

The filing reports that Lawson Lawrence James III directly owns 332,800 shares of Class A Common Stock of Lincoln International, Inc. These Class A shares represent part of his overall stake, alongside his Class C shares and exchangeable Common Units.

Does the LCLN Form 3 show any insider buying or selling activity?

No, the Form 3 does not show any insider buying or selling. It is an initial ownership report listing Lawson Lawrence James III’s existing holdings in Class A and Class C Common Stock and related Common Units, without recording new transactions.

How do the Common Units affect potential Class A shares for LCLN?

The Common Units allow Lawson Lawrence James III to redeem units for Class A Common Stock on a 1-to-1 basis, up to 21,117,200 shares. Each redemption causes the forfeiture of the same number of Class C shares, effectively shifting his stake from non-public to publicly traded shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/20/2026 - 09:50 PM EDT

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Lawson Lawrence James III

(Last)

(First)

(Middle)

110 NORTH WACKER DRIVE, 51ST FLOOR

(Street)

CHICAGO

ILLINOIS

60606

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
05/20/2026

3. Issuer Name and Ticker or Trading Symbol
Lincoln International, Inc. [ LCLN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	332,800	D
Class C Common Stock	21,117,200	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Units	⁽¹⁾	⁽¹⁾	Class A Common Stock	21,117,200	⁽¹⁾	D

Explanation of Responses:

1. The common units of Lincoln International, LP ("Common Units") may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class C Common Stock will be forfeited in connection with the redemption. The Common Units have no expiration date.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Julie Nelson, Attorney-in-Fact	05/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR