SCHEDULE: Lincoln National Corp. Amends SEC Filing on Lincoln Bain Capital

Lincoln National Corporation and its subsidiaries have filed an amendment to their Schedule 13D, detailing recent acquisitions of beneficial interests in Lincoln Bain Capital Total Credit Fund.

Summary

• This filing is an amendment to a previous Schedule 13D, updating information regarding beneficial ownership of shares in Lincoln Bain Capital Total Credit Fund.
• Lincoln National Corporation (LNC), The Lincoln National Life Insurance Company (LNL), and Lincoln Financial Investments Corporation (LFI) are the reporting persons.
• On May 7, 2026, LFI, acting as investment adviser to certain series of the Lincoln Variable Insurance Products Trust, acquired Class I shares through the Issuer's dividend reinvestment plan at $10.18 per share.
• On May 7, 2026, LNL also acquired Class A, Class D, Class I, and Class IS shares through the Issuer's dividend reinvestment plan at prices ranging from $9.79 to $10.18 per share.
• On May 14, 2026, LFI, on behalf of certain Trust series, acquired additional Class I shares from the Issuer's working capital at $10.21 per share.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily provides an update on share acquisitions and beneficial ownership without disclosing new strategic initiatives or financial performance.

Positives

• The filing details significant acquisitions of shares in Lincoln Bain Capital Total Credit Fund by Lincoln National Corporation's subsidiaries, indicating continued investment and potential strategic alignment.
• The acquisitions on May 7, 2026, were made through dividend reinvestment plans, suggesting a passive and systematic approach to increasing holdings.
• The May 14, 2026, acquisition of Class I shares at $10.21 per share from the Issuer's working capital indicates direct engagement with the fund's capital structure.

Negatives

• The filing does not contain any negative financial results or operational setbacks.
• No specific negative impacts on the company's financial health are mentioned in this amendment.

Risks

• The filing does not explicitly mention any new or evolving risks.
• Potential risks associated with holding significant beneficial interests in a credit fund, such as market volatility or credit defaults, are not detailed in this amendment.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. It primarily serves to update beneficial ownership information following recent share acquisitions.

Industry Context

StockSavvy.ai notes that this Schedule 13D amendment reflects ongoing investment activities by Lincoln National Corporation's entities in the Lincoln Bain Capital Total Credit Fund. Such filings are standard for significant beneficial ownership changes and provide transparency to the market regarding institutional investment strategies.

Stakeholder Impact

• Shareholders of Lincoln National Corporation: The increased investment by LNL and LFI in Lincoln Bain Capital Total Credit Fund may signal confidence in the fund's strategy or a desire to consolidate holdings, which could be viewed positively if the fund performs well.
• Investors in Lincoln Bain Capital Total Credit Fund: The continued investment by established entities like Lincoln National's subsidiaries reinforces the fund's stability and potential for growth.
• Regulators: The filing ensures compliance with SEC disclosure requirements regarding beneficial ownership.

Next Steps

• Continue to monitor future filings for any changes in beneficial ownership or strategic actions by Lincoln National Corporation regarding Lincoln Bain Capital Total Credit Fund.

Key Dates

Keywords

Schedule 13D, Lincoln National Corporation, Lincoln Bain Capital Total Credit Fund, Beneficial Ownership, SEC Filing, Investment Company, Dividend Reinvestment, Class I Shares, Class A Shares, Class D Shares, Class IS Shares, Lincoln National Life Insurance Company, Lincoln Financial Investments Corporation