Credit Facilities

6 Months Ended

Jun. 30, 2026

On October 31, 2025, in connection with the MarshBerry Acquisition, the Company entered into a credit agreement (as amended, the “Credit Agreement”), which was amended pursuant to Amendment No. 1 to the Credit Agreement, dated as of April 13, 2026, among Monarch FinCo, LLC, the borrower, and the required lenders named therein, in order to permit the Special Dividend payment in connection with the consummation of the IPO. The Credit Agreement provides for (i) a Term Loan Credit Facility with an aggregate principal amount of $250.0 million (the “Term Loan Credit Facility”), (ii) a Delayed Draw Term Loan Credit Facility with aggregate commitments of $75.0 million (the “Delayed Draw Term Loan Credit Facility”), and (iii) a Revolving Credit Facility with aggregate commitments of $5.0 million (the “Revolving Credit Facility” and together with the Term Loan Credit Facility and the Delayed Draw Term Loan Credit Facility, the “Credit Facilities”).

On October 31, 2025, the Company drew the full $250.0 million available under the Term Loan Credit Facility and $25.0 million under the Delayed Draw Term Loan Credit Facility. On May 12, 2026, the Company drew an additional $25.0 million under the Delayed Draw Term Loan Credit Facility. On May 22, 2026, the Company repaid $195.8 million of the $250.0 million loan under the Term Loan Credit Facility.

Borrowings under the Credit Facilities bear interest, at the Company’s election, at either (i) a term SOFR, subject to a 0.50% floor, plus an applicable margin of 4.25%, with interest payable based on the selected interest period if such period is less than three months or quarterly if the selected interest period is three months or longer, or (ii) a base rate, subject to a 1.50% floor, plus an applicable margin of 3.25%, with interest payable quarterly. At June 30, 2026, interest under the Credit Facilities was 7.9%.

As of June 30, 2026, the outstanding credit facility is comprised of the following:


					Outstanding as of June 30, 2026
($ in thousands)	Initial Principal		Maturity Date		Principal		Unamortized Debt Costs		Carrying Value
Term Loan Credit Facility	$	250,000	10/31/2032	(1)	$	53,610	$	(817)	$	52,793
Delayed Draw Term Loan Credit Facility	$	50,000	10/31/2032	(1)	49,749		(613)		49,136

Total					$	103,359	$	(1,430)	$	101,929

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(1)The Term Loan Credit Facility and Delayed Draw Term Loan Credit Facility require scheduled quarterly principal payments equal to 0.25% of the principal amount of such loans, with the remaining outstanding principal balance due on October 31, 2032.

The Credit Agreement contains customary affirmative and negative covenants that, among other things, restrict additional indebtedness, liens, asset sales, investments, dividends and certain affiliate transactions, subject to customary exceptions. The Credit Agreement also contains customary events of default. The Company was in compliance with all covenants under the Credit Agreement as of June 30, 2026. Subject to certain exceptions, the Credit Agreement is secured by substantially all of the assets of Lincoln International CentCo, LLC and its domestic subsidiaries.

Principal payments relating to the Credit Facilities outstanding at June 30, 2026 for each of the five years in the period ending December 31, 2030 and thereafter are set forth in the table below.


($ in thousands)	Total
Remainder of 2026	$	250
2027	500
2028	500
2029	500
2030	500
Thereafter	$	101,110

In connection with our IPO, we caused LILP to use a portion of the net proceeds to redeem common units held by certain LILP Partners and to repay $195.8 million of borrowings outstanding under the Term Loan Credit Facility. Other than an increase in the amount applied to redeem common units held by certain LILP Partners from $187.5 million to $254.5 million, which resulted from the exercise in full of the underwriters’ option to purchase additional shares of Class A common stock, no material change has occurred regarding the use of proceeds from our IPO as described in the section entitled “—Use of Proceeds” included in the Prospectus. As of June 30, 2026, the fair value of the Company’s Credit Facilities, based on Level 2 inputs, was $103.4 million.

The Company pays a commitment fee on the unused portion of the Revolving Credit Facility at a rate of 0.50% per annum until the Company’s First Lien Net Leverage Ratio is first calculated. Thereafter, the commitment fee will be 0.50% or 0.25% per annum based on the Company’s First Lien Net Leverage Ratio, payable quarterly in arrears. In addition, the Company pays an unused commitment fee on unfunded Delayed Draw Term Loan Credit Facility commitments at a rate of 0.50% per annum through the first anniversary of the Closing Date and 1.00% per annum thereafter through the end of the commitment period, payable quarterly in arrears. As of June 30, 2026, the Company had $5.0 million of unused Revolving Credit Facility commitments and $25.0 million of unfunded Delayed Draw Term Loan Credit Facility commitments.

The Company also maintains a line of credit agreement (“Line of Credit Agreement”) with Morgan Stanley Private Bank, National Association (“Morgan Stanley”) with a borrowing capacity of $50.0 million. Borrowings are subject to collateral requirements and are due on demand at the discretion of the lender. The Company pledged $4.3 million and $4.2 million in cash and cash equivalents as collateral as of June 30, 2026 and December 31, 2025, respectively. Any amount outstanding under the credit agreement bears interest at a variable rate of interest equal to the SOFR in effect from time to time plus the Margin as defined in the Line of Credit Agreement. No borrowings were outstanding as of June 30, 2026 and December 31, 2025.

The Company has security deposit requirements on office leases in the amount of $4.7 million, for which it maintains letters of credit with various banks. Morgan Stanley has placed restrictions on the Company’s cash resources in the amount of $2.5 million, the amount of security deposits on certain U.S. leases as of June 30, 2026.