Vanguard Capital Management (CHDN) discloses 5.01% beneficial stake in Churchill Downs

Rhea-AI Filing Summary

Vanguard Capital Management reports beneficial ownership of common stock of Churchill Downs Inc. as of June 30, 2026. Vanguard and certain affiliated entities collectively beneficially own 3,495,021 shares, representing 5.01% of the outstanding common stock.

Vanguard has sole voting power over 506,080 shares and sole dispositive power over 3,495,021 shares, with no shared voting or dispositive power reported. The position includes securities held by various Vanguard funds and managed accounts for which Vanguard or its affiliates exercise voting and/or dispositive authority, but no other individual person has an interest in more than 5% of the class through these holdings.

Key Figures

Beneficially owned shares: 3,495,021 shares Percent of class: 5.01% Sole voting power: 506,080 shares +4 more

7 metrics

Beneficially owned shares 3,495,021 shares Common stock of Churchill Downs Inc beneficially owned by Vanguard entities

Percent of class 5.01% Portion of Churchill Downs Inc common stock class held by Vanguard

Sole voting power 506,080 shares Shares of Churchill Downs Inc over which Vanguard has sole voting authority

Shared voting power 0 shares Shares of Churchill Downs Inc with shared voting authority reported by Vanguard

Sole dispositive power 3,495,021 shares Shares of Churchill Downs Inc over which Vanguard has sole power to dispose

Shared dispositive power 0 shares Shares of Churchill Downs Inc with shared dispositive power reported

As-of date 06/30/2026 Date as of which the ownership information is reported

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Schedule 13G, +1 more

5 terms

beneficially owned regulatory

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 506,080.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 3,495,021.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"Vanguard Capital Management files this Schedule 13G reporting ownership"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

percent of class financial

"Item 4. | Ownership (a) | Amount beneficially owned: 3495021 (b) | Percent of class: 5.01 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 09:56 AM Accepted by SEC EDGAR 07/31/2026 - 09:56 AM Learn about SEC filing dates

FAQ

What percentage of Churchill Downs Inc (CHDN) shares does Vanguard Capital Management report owning?

Vanguard Capital Management reports beneficial ownership of 5.01% of Churchill Downs Inc common stock. This corresponds to 3,495,021 shares held across Vanguard entities and managed accounts as of June 30, 2026.

How many Churchill Downs Inc (CHDN) shares does Vanguard Capital Management beneficially own?

Vanguard Capital Management reports beneficial ownership of 3,495,021 shares of Churchill Downs Inc common stock. These shares are held across Vanguard funds and client accounts where Vanguard or affiliates exercise dispositive authority.

What voting power does Vanguard Capital Management have over Churchill Downs Inc (CHDN) shares?

Vanguard Capital Management has sole voting power over 506,080 shares of Churchill Downs Inc and no shared voting power. It reports sole dispositive power over 3,495,021 shares, with no shared dispositive power.

Which Vanguard entities are included in the reported CHDN ownership on this Schedule 13G?

The reported ownership includes securities beneficially owned by Vanguard Capital Management LLC and affiliates or divisions such as Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd.

Does any single client or person other than Vanguard hold more than 5% of Churchill Downs Inc (CHDN) through these Vanguard-managed shares?

No. Vanguard Capital Management states that while clients and investment companies have rights to dividends and sale proceeds, no one other person's interest in the reported securities exceeds 5% of the class.

What type of security in Churchill Downs Inc (CHDN) is covered by Vanguard’s Schedule 13G filing?

The filing covers Common Stock of Churchill Downs Inc, identified by CUSIP 171484108. Vanguard’s 5.01% beneficial ownership relates specifically to this class of common equity securities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Churchill Downs Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

171484108

(CUSIP Number)

06/30/2026

(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 Number(s): 171484108

1

Names of Reporting Persons

Vanguard Capital Management

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 506,080.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,495,021.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,495,021.00

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)

5.01 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

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: Vanguard Capital Management
(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 Number(s): 171484108
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: 3495021
(b)	Percent of class: 5.01 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 506080
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3495021
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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. Vanguard Capital Management, 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.

Vanguard Capital Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026