Vanguard disaggregates holdings in CHDN (NYSE: CHDN) after Jan 12, 2026 realignment

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 9 to its Schedule 13G reporting for Churchill Downs Inc., stating it beneficially owns 0 shares (0%) of common stock. The filing explains a January 12, 2026 internal realignment that disaggregated certain subsidiaries' holdings under SEC Release No. 34-39538, and notes those subsidiaries now report separately.

Insights

Institutional Ownership Specialist

Vanguard disaggregation reduced reported ownership to zero after an internal realignment.

The filing states 0 shares (0%) beneficially owned and attributes the change to an internal reorganization effective January 12, 2026 under SEC Release No. 34-39538. This is an administrative reporting shift rather than an economic sale.

Cash-flow treatment and any subsidiary-level holdings are not detailed; subsequent filings from the named subsidiaries may show where the holdings are reported.

Securities Compliance Counsel

Amendment cites reliance on SEC Release No. 34-39538 to report subsidiaries separately.

The statement explains that certain Vanguard subsidiaries or divisions will report beneficial ownership separately and that Vanguard "no longer has, or is deemed to have" beneficial ownership of those securities. The qualifier is verbatim from the filing.

Regulatory impact is procedural: this changes disclosure lines without asserting any legal finding or transaction; monitor future 13G/A entries from the identified subsidiaries for specific holdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Churchill Downs Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Downs Inc
(b)	Address of issuer's principal executive offices: 600 North Hurstbourne Parkway, Suite 400, Louisville, KY, 40222
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/26/2026

FAQ

What did Vanguard report in the Schedule 13G/A for CHDN?

Vanguard reported 0 shares (0%) of Churchill Downs Inc. common stock. The filing states an internal realignment led certain subsidiaries to report holdings separately under SEC Release No. 34-39538, resulting in Vanguard's disaggregated reporting.

When did Vanguard's internal realignment that changed reporting occur?

The filing states the internal realignment occurred on January 12, 2026. The amendment cites SEC Release No. 34-39538 as the basis for disaggregating subsidiary or division reporting following that date.

Does this amendment indicate Vanguard sold Churchill Downs shares?

No; the amendment frames the change as a reporting disaggregation, not a sale. It states Vanguard "no longer has, or is deemed to have, beneficial ownership" of securities held by certain subsidiaries that will now report separately.

Who signed the Schedule 13G/A amendment for Vanguard?

The filing is signed by Ashley Grim, Head of Global Fund Administration, with a signature date of 03/26/2026. The document lists Vanguard's principal business address in Malvern, Pennsylvania.

Will this change affect where subsidiary holdings are reported?

Yes; the filing states certain subsidiaries or business divisions will report beneficial ownership separately. The amendment does not list subsidiary-level share counts; those will appear in subsequent separate filings by the subsidiaries if relevant.