Lincoln National unit buys Class I fund shares

Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation, reported open-market purchases of Class I shares of beneficial interest in Lincoln Partners Group Royalty Fund.

Rhea-AI Filing Summary

Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation, reported open-market purchases of Class I shares of beneficial interest in Lincoln Partners Group Royalty Fund. It acquired 2,300,098.440 Class I shares at $10.869 per share on December 19, 2025 and 2,254,485.529 Class I shares at $11.089 per share on February 25, 2026, following accepted subscriptions of $25,000,000 each.

After the latest transaction, Lincoln National Life Insurance Company directly held 9,784,322.222 Class I shares, and also reported direct holdings of 1,000 Class A, 1,000 Class D, and 1,000 Class IS shares of beneficial interest. Lincoln National Corporation is disclosed as an indirect beneficial owner of these securities.

Insider Trade Summary

Net Buyer: 4,554,583.969 shares

Net Buy 5 txns

Insider LINCOLN NATIONAL LIFE INSURANCE CO /IN/, LINCOLN NATIONAL CORP

Role 10% Owner | 10% Owner

Bought 4,554,583.969 shs ($50.00M)

Type	Security	Shares	Price	Value
Purchase	Class I shares of beneficial interest	2,254,485.529	$11.089	$25.00M
Purchase	Class I shares of beneficial interest	2,300,098.44	$10.869	$25.00M
holding	Class A shares of beneficial interest	--	--	--
holding	Class D shares of beneficial interest	--	--	--
holding	Class IS shares of beneficial interest	--	--	--

Holdings After Transaction: Class I shares of beneficial interest — 9,784,322.222 shares (Direct); Class A shares of beneficial interest — 1,000 shares (Direct); Class D shares of beneficial interest — 1,000 shares (Direct); Class IS shares of beneficial interest — 1,000 shares (Direct)

Footnotes (3)

1. 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.
2. 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.
3. 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.

FAQ

What insider transactions did Lincoln National (LNC) report in this Form 4?

Lincoln National Life Insurance Company reported buying Class I shares of Lincoln Partners Group Royalty Fund. It acquired over 4.55 million Class I shares in two transactions, increasing its direct holdings to 9,784,322.222 Class I shares of beneficial interest.

How many Class I shares did Lincoln National Life purchase and at what prices?

Lincoln National Life Insurance Company bought 2,300,098.440 Class I shares at $10.869 per share and 2,254,485.529 Class I shares at $11.089 per share. Both purchases involved Class I shares of beneficial interest in Lincoln Partners Group Royalty Fund.

What is Lincoln National Corporation’s relationship to the reported shares?

The shares are directly owned by The Lincoln National Life Insurance Company, a wholly owned subsidiary of Lincoln National Corporation. Lincoln National Corporation is identified as an indirect beneficial owner of the reported securities through its ownership of Lincoln National Life.

What were the aggregate subscription amounts tied to these Class I share purchases?

Each set of Class I shares relates to a $25,000,000 subscription. One subscription was accepted on November 30, 2025, and the other on February 1, 2026, with the purchase prices and final share counts set later by the issuer.

When were the subscription prices and share amounts determined for LNC’s Class I purchases?

For the first $25,000,000 Class I subscription, the issuer set the price and fixed the shares on December 19, 2025. For the second, also $25,000,000, the issuer determined the price and share count on February 25, 2026.

What other share classes did Lincoln National Life report holding?

Beyond Class I, Lincoln National Life Insurance Company reported direct holdings of 1,000 Class A shares, 1,000 Class D shares, and 1,000 Class IS shares of beneficial interest in Lincoln Partners Group Royalty Fund as of the reported date.

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Accepted by SEC EDGAR 02/27/2026 - 09:59 AM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LINCOLN NATIONAL LIFE INSURANCE CO /IN/

(Last) (First) (Middle)

1300 SOUTH CLINTON ST.

(Street)

FORT WAYNE IN 46802

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lincoln Partners Group Royalty Fund [ LNPIX ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class I shares of beneficial interest	12/19/2025		P		2,300,098.44(1)	A	$10.869	7,529,836.693(3)	D
Class I shares of beneficial interest	02/25/2026		P		2,254,485.529(2)	A	$11.089	9,784,322.222(3)	D
Class A shares of beneficial interest								1,000(3)	D
Class D shares of beneficial interest								1,000(3)	D
Class IS shares of beneficial interest								1,000(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

LINCOLN NATIONAL LIFE INSURANCE CO /IN/

(Last) (First) (Middle)

1300 SOUTH CLINTON ST.

(Street)

FORT WAYNE IN 46802

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

LINCOLN NATIONAL CORP

(Last) (First) (Middle)

150 N. RADNOR CHESTER ROAD

(Street)

RADNOR PA 19087

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. 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.

2. 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.

3. 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.

	Name of Reporting Person: The Lincoln National Life Insurance Company, /s/ Gordon Huellmantel, Gordon Huellmantel, Senior Vice President	02/27/2026
	Name of Reporting Person: Lincoln National Coroporation, /s/ Gordon Huellmantel, Gordon Huellmantel, Senior Vice President	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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