Carlyle Group (MDLN) logs major internal transfer of Medline shares and units
Rhea-AI Filing Summary
Carlyle-affiliated entities reported large internal transfers of Medline Inc. (MDLN) equity interests. On January 16, 2026, they recorded a Form 4 transaction coded "J", which indicates a non-market, non-open market event. The filing shows 111,994,953 shares of Class A Common Stock, 55,557,381 shares of Class B Common Stock, and 55,557,381 Common Units of Medline Holdings, L.P. involved in transfers to affiliated entities for no consideration under a lock-up agreement.
After these transfers, Carlyle-related entities are shown as beneficially owning 144,375,681 shares of Class A Common Stock and 70,927,355 shares each of Class B Common Stock and Common Units. Class B shares carry one vote per share but no economic value and are paired one-for-one with Common Units, which may be exchanged into Class A shares under an exchange agreement dated December 16, 2025, with no stated expiry.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Units of Medline Holdings, LP | 55,557,381 | $0.00 | -- |
| Other | Class A Common Stock | 111,994,953 | $0.00 | -- |
| Other | Class B Common Stock | 55,557,381 | $0.00 | -- |
Footnotes (1)
- Reflects the following transfers to affiliated entities for no consideration: (i) 17,636,833 shares of Class A Common Stock held by Carlyle Mozart Coinvestment Holdings, L.P., (ii) 2,440,275 shares of Class A Common Stock held by CP VII Circle AIF Holdings, S.C.Sp., (iii) 6,615,133 shares of Class A Common Stock held by CP VIII Circle AIF Holdings, S.C.Sp., (iv) 26,655,381 shares of Class A Common Stock held by CP VIII Circle Holdings, L.P., (v) 58,369,466 shares of Class A Common Stock held by CP VII Circle Holdings, L.P., (vi) 268,411 shares of Class A Common Stock held by CP VII Circle Holdings - A, L.P. and (vii) 9,454 shares of Class A Common Stock and 55,557,381 Common Units and corresponding shares of Class B Common Stock held by CP Circle Holdings, L.P. Pursuant to the terms of a lock-up agreement, the affiliated entities are bound to certain restrictions on the shares transferred, as set forth therein. Includes securities acquired by affiliated entities in transactions exempt from reporting pursuant to Rule 16a-13. The Carlyle Group Inc., a publicly traded company listed on Nasdaq, is the sole shareholder of Carlyle Holdings I GP Inc., which is the sole member of Carlyle Holdings I GP Sub L.L.C., which is the general partner of Carlyle Holdings I L.P., which, with respect to the securities managed by TC Group VII S1, L.P. and CPEP GP, LLC, is the managing member of CG Subsidiary Holdings L.L.C., which is the managing member of TC Group, L.L.C., which is the general partner of TC Group Sub L.P., which is the managing member of TC Group VII S1, L.L.C., which is the general partner of TC Group VII S1, L.P., which is the general partner of each of Carlyle Mozart Coinvestment Holdings, L.P. and CP Circle Holdings, L.P. CG Subsidiary Holdings L.L.C. is also the sole shareholder of TC Group VIII Lux GP, S.a r.l., which is the managing member of CPEP GP, LLC, which is the general partner of CPEP Circle Holdings L.P. The Carlyle Group Inc. is also the sole member of Carlyle Holdings II GP L.L.C., which is the managing member of Carlyle Holdings II L.L.C., which, with respect to the securities managed by TC Group VII, L.P., is the managing member of CG Subsidiary Holdings L.L.C., which is the general partner of TC Group Cayman Investment Holdings, L.P., which is the general partner of TC Group Cayman Investment Holdings Sub L.P., which is the sole member of TC Group VII, L.L.C., which is the general partner of TC Group VII, L.P., which is the managing member of CP Circle ML Holdco GP, LLC, which is the general partner of each of CP Circle ML-7 Holdco, L.P., CP Circle ML-6 Holdco, L.P., CP Circle ML-5 Holdco, L.P., CP Circle ML-4 Holdco, L.P., CP Circle ML-3 Holdco, L.P. and CP Circle ML-2 Holdco, L.P. TC Group VII, L.P. is also the managing member of CP Circle ML-1 Holdco GP, LLC, which is the general partner of CP Circle ML-1 Holdco, L.P. Following the transactions reported in this Form 4, includes (i) 31,539,608 shares of Class A Common Stock held by Carlyle Mozart Coinvestment Holdings, L.P., (ii) 838,505 shares of Class A Common Stock held by CPEP Circle Holdings L.P., (iii) 17,636,833 shares of Class A Common Stock held by CP Circle ML-7 Holdco, L.P., (iv) 2,440,275 shares of Class A Common Stock held by CP Circle ML-6 Holdco, L.P., (v) 6,615,133 shares of Class A Common Stock held by CP Circle ML-5 Holdco, L.P., (vi) 26,655,381 shares of Class A Common Stock held by CP Circle ML-4 Holdco, L.P., (vii) 58,369,466 shares of Class A Common Stock held by CP Circle ML-3 Holdco, L.P., (viii) 268,411 shares of Class A Common Stock held by CP Circle ML-2 Holdco, L.P., (continued in footnote 6) (continued from footnote 5) (ix) 2,615 shares of Class A Common Stock and 15,369,974 Common Units and shares of Class B Common Stock held by CP Circle Holdings, L.P. and (x) 9,454 shares of Class A Common Stock and 55,557,381 Common Units and shares of Class B Common Stock held by CP Circle ML-1 Holdco, L.P. Shares of Class B Common Stock have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Common Unit held. Upon an exchange of Common Units for shares of Class A Common Stock, an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled. Pursuant to the terms of an exchange agreement, dated as of December 16, 2025, holders have the right to exchange their Common Units for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire.
FAQ
What insider transaction did Carlyle report for Medline Inc. (MDLN)?
The filing reports a transaction coded "J" on January 16, 2026 involving internal transfers among Carlyle-affiliated entities of Medline equity interests, rather than an open market buy or sell.
What Medline Class B and partnership interests are disclosed in this Form 4?
The filing shows 55,557,381 shares of Class B Common Stock and 55,557,381 Common Units of Medline Holdings, L.P. in the reported transfers, with 70,927,355 of each beneficially owned afterward.
Were the Medline equity transfers by Carlyle made for cash consideration?
No. A footnote states the reported movements reflect transfers to affiliated entities for no consideration, subject to restrictions under a lock-up agreement.
What is the role of Medline Class B Common Stock in this structure?
Class B shares have no economic value and provide one vote per share. One Class B share is issued for each Common Unit, and the Class B shares are automatically cancelled when the related Common Units are exchanged for Class A shares.