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Net Capital Requirement
6 Months Ended
Jun. 30, 2026
Broker-Dealer [Abstract]  
Net Capital Requirement Net Capital Requirement
The Company’s wholly-owned subsidiaries, Lincoln International LLC and MarshBerry Capital, LLC, are U.S. registered broker-dealers and are subject to the net capital requirements of SEC Uniform Net Capital Rule (SEC Rule 15c3-1), under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which requires, among other things, the maintenance of minimum net capital. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in the Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $5,000 whichever is greater. In addition, the ratio of aggregate indebtedness to net capital may not exceed 15:1.
At June 30, 2026, Lincoln International LLC’s regulatory net capital was $20.1 million, which exceeded the minimum requirement of $8.9 million by $11.2 million. The aggregate indebtedness to net capital ratio was 6.67:1 as of June 30, 2026. At June 30, 2026, MarshBerry Capital, LLC’s regulatory net capital was $1.1 million, which exceeded the minimum requirement of $5,000 by $1.1 million. The aggregate indebtedness to net capital ratio was 0.52:1 as of June 30, 2026.