XML 34 R23.htm IDEA: XBRL DOCUMENT

Net Capital Requirement	9 Months Ended
Net Capital Requirement	Sep. 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 September 30, 2026, the regulatory net capital of Lincoln International LLC was $35.7 million, which exceeded the minimum requirement of $13.6 million by $22.1 million; the aggregate indebtedness to net capital ratio was 5.7:1. At September 30, 2026, the regulatory capital of MarshBerry Capital, LLC was $4.2 million, which exceeded the minimum requirement of $0.04 million by $4.2 million; the aggregate indebtedness to net capital ratio was 0.1:1.