Clearwater vs Lincoln International

10-Q Financial Filing Analysis for Lincoln International (2026-08-10)

Lincoln International, Inc. reported its second-quarter 2026 financial results, marking its first periodic filing following its initial public offering (IPO) on May 21, 2026. For the three months ended June 30, 2026, total revenues reached $225.69 million, an increase of 50.8% year-over-year from $149.66 million, driven by recovering private market M&A volume and the consolidation of the MarshBerry acquisition completed in October 2025. The company recorded an operating loss of $15.88 million and a net loss of $22.95 million (net income attributable to Lincoln International, Inc. was $0.46 million), pressured by post-IPO corporate reorganization adjustments, higher compensation, and a non-recurring $28.68 million expense for Liquidity Event share awards. Operating cash flow for the first half of 2026 strengthened to $103.30 million, and the company utilized net IPO proceeds to deleverage its balance sheet by repaying $195.8 million of term debt.

• Q2 2026 total revenues rose 50.8% year-over-year to $225.69 million, while six-month revenues grew 36.1% to $383.49 million.
• Operating income shifted to a loss of $15.88 million in Q2 2026 from an operating profit of $32.14 million in Q2 2025, primarily due to public company compensation structure changes and a $28.68 million non-cash charge for Liquidity Event Shares.
• Gross IPO proceeds of $484.1 million (net proceeds of $440.5 million to the company) enabled a $195.8 million repayment of the Term Loan Credit Facility, reducing long-term debt carrying value to $101.93 million as of June 30, 2026.

Lincoln Named “Debt Advisor of the Year” at Mergermarket’s 2026 European PE Awards

Mergermarket recognized Lincoln International as “Debt Advisor of the Year” for its European private equity financing and capital advisory work, reflecting the team’s breadth of lender access and execution for clients.

8-K Financial Filing Analysis for Lincoln International (2026-08-14)

On August 12, 2026, Lincoln International, Inc. issued 1,433,927 shares of Class A common stock to certain current and former partners (or their estates) of Lincoln International, LP ('LILP') in satisfaction of a post-IPO liquidity commitment. As previously disclosed in the company's May 19, 2026 IPO prospectus, the firm was obligated within 90 days of closing to execute this 'Liquidity Event Issuance' under the terms of LILP's amended partnership agreements. The transaction satisfies historical repurchase obligations for partners who departed due to retirement, disability, death, or specific termination events, and was executed as an unregistered private placement under Section 4(a)(2) of the Securities Act.

• Issued 1,433,927 unregistered shares of Class A common stock on August 12, 2026, pursuant to Section 4(a)(2) of the Securities Act.
• Fulfills a mandatory post-IPO obligation to issue shares within 90 days of the May 19, 2026 initial public offering closing.
• Shares were distributed to 'Liquidity Event Partners' whose partnership units in Lincoln International, LP were historically repurchased due to retirement, death, disability, or specific pre-IPO termination events.