Carlyle Group reports 20.6% stake in Medline

The Carlyle Group Inc. and affiliated reporting persons filed an amendment to a Schedule 13G disclosing beneficial ownership of Medline Inc. Class A common stock.

Rhea-AI Filing Summary

The Carlyle Group Inc. and affiliated reporting persons filed an amendment to a Schedule 13G disclosing beneficial ownership of Medline Inc. Class A common stock. The filing reports shared dispositive power of 187,083,713 shares (20.6%) held by certain Carlyle entities and additional shared positions of 145,591,597 shares (16.3%). The ownership disclosure cites 845,611,435 shares outstanding as of April 13, 2026 per the issuer's proxy statement and itemizes entity holdings such as 97,307,792, 50,719,101 and 48,283,805 shares among other affiliated funds and holdco vehicles. The amendment clarifies the fund/GP structure through which these positions are held and shared among reporting entities.

Insights

Institutional Ownership Analyst

Large, concentrated holdings by Carlyle funds are disclosed, showing substantial shared dispositive power.

The amendment documents that multiple Carlyle-managed entities together exercise shared dispositive power over 187,083,713 shares (a 20.6% stake) and another group over 145,591,597 shares (16.3%), with the issuer's outstanding shares listed as 845,611,435 as of April 13, 2026. The filing emphasizes ownership through layered GP/LP and holdco structures rather than direct individual holdings.

Implications depend on holder decisions; the disclosure is primarily informational and establishes the public ownership footprint. Subsequent filings or proxy materials may clarify voting coordination, but timing and any planned transactions are not provided in the excerpt.

Key Figures

Shares outstanding: 845,611,435 shares Shared dispositive power (largest listed): 187,083,713 shares Shared dispositive power (second group): 145,591,597 shares +3 more

6 metrics

Shares outstanding 845,611,435 shares as of April 13, 2026

Shared dispositive power (largest listed) 187,083,713 shares reported shared dispositive power; <percent>20.6%</percent> of class

Shared dispositive power (second group) 145,591,597 shares <percent>16.3%</percent> of class

CP Circle ML Holdco position example 97,307,792 shares <percent>11.5%</percent> of class

CP Circle ML-3 Holdco position 50,719,101 shares <percent>6.0%</percent> of class

CP Circle ML-1 Holdco position 48,283,805 shares <percent>5.4%</percent> of class

Key Terms

beneficial ownership, shared dispositive power, common units, general partner (GP), +1 more

5 terms

beneficial ownership regulatory

"The ownership information presented below represents beneficial ownership of Class A Common Stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"Shared Dispositive Power 187,083,713.00"

common units financial

"assumes the conversion of the common unit of Medline Holdings, LP into shares"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

general partner (GP) legal

"which is the general partner of TC Group Sub L.P."

Schedule 13G/A regulatory

"filed an amendment to a Schedule 13G disclosing beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Carlyle report in Medline (MDLN)?

Carlyle-affiliated reporting persons report shared dispositive power over 187,083,713 shares, equal to 20.6% of the Class A stock. The figures are disclosed as of April 13, 2026 in the filing and the issuer's proxy statement.

How many Medline Class A shares were outstanding used in the calculation?

The filing uses an outstanding share base of 845,611,435 shares of Class A Common Stock as of April 13, 2026. That outstanding count is cited from the issuer's definitive proxy statement filed April 23, 2026.

Which Carlyle entities hold significant Medline positions?

The amendment lists multiple affiliated holders, including holdings of 145,591,597, 97,307,792, 50,719,101 and 48,283,805 shares among various GP/LP and holdco vehicles. Entities are disclosed by name in the filing.

Does the filing state who controls voting of these shares?

The filing shows shared voting power and shared dispositive power for the listed entities (e.g., shared dispositive power of 187,083,713 shares). Specific sole voting or sole dispositive power entries are zero for the reported rows.

Is the ownership figure adjusted for conversion of common units?

Yes. The ownership information "assumes the conversion of the common unit of Medline Holdings, LP into shares of Class A Common Stock on a one-to-one basis," and the disclosed totals incorporate those conversions per the filing.

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

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Accepted by SEC EDGAR 05/15/2026 - 04:30 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Medline Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

58507V107

(CUSIP Number)

03/31/2026

(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): 58507V107

1

Names of Reporting Persons

Carlyle Group Inc.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 187,083,713.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 187,083,713.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

187,083,713.00

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)

20.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CG Subsidiary Holdings L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 187,083,713.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 187,083,713.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

187,083,713.00

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)

20.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Holdings I GP Inc.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 41,492,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 41,492,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

41,492,116.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Holdings I GP Sub L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 41,492,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 41,492,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

41,492,116.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Holdings I L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 41,492,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 41,492,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

41,492,116.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group, L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,763,512.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,763,512.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,763,512.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group Sub L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,763,512.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,763,512.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,763,512.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group VII S1, L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,763,512.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,763,512.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,763,512.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group VII S1, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,763,512.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,763,512.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,763,512.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Mozart Coinvestment Holdings, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,011,611.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,011,611.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,011,611.00

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)

1.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Mozart Coinvestment UNLV Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,394,165.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,394,165.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,394,165.00

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)

1.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle UNLV Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 13,357,736.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,357,736.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,357,736.00

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)

1.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CPEP GP, LLC

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 728,604.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 728,604.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

728,604.00

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)

0.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CPEP Circle Holdings, L.P.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 728,604.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 728,604.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

728,604.00

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)

0.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Holdings II GP L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

Carlyle Holdings II L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group Cayman Investment Holdings, L.P.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group Cayman Investment Holdings Sub L.P.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group VII, L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

TC Group VII, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 145,591,597.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 145,591,597.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

145,591,597.00

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)

16.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-1 Holdco GP, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 48,283,805.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 48,283,805.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

48,283,805.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-1 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 48,283,805.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 48,283,805.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

48,283,805.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML Holdco GP, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 97,307,792.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 97,307,792.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

97,307,792.00

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)

11.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-2 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 233,231.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 233,231.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

233,231.00

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)

0.03 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-3 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 50,719,101.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 50,719,101.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

50,719,101.00

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)

6.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-4 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 23,161,715.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,161,715.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,161,715.00

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)

2.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-5 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,748,101.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,748,101.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,748,101.00

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)

0.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-6 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,120,434.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,120,434.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,120,434.00

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)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 58507V107

1

Names of Reporting Persons

CP Circle ML-7 Holdco, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,325,210.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,325,210.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,325,210.00

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)

1.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Medline Inc.
(b)	Address of issuer's principal executive offices: 3 Lakes Drive, Northfield, IL 60093
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: Carlyle Group Inc. CG Subsidiary Holdings L.L.C. Carlyle Holdings I GP Inc. Carlyle Holdings I GP Sub L.L.C. Carlyle Holdings I L.P. TC Group, L.L.C. TC Group Sub L.P. TC Group VII S1, L.L.C. TC Group VII S1, L.P. Carlyle Mozart Coinvestment Holdings, L.P. Carlyle Mozart Coinvestment UNLV Holdco, L.P. CP Circle UNLV Holdco, L.P. CPEP GP, LLC CPEP Circle Holdings, L.P. Carlyle Holdings II GP L.L.C. Carlyle Holdings II L.L.C. TC Group Cayman Investment Holdings, L.P. TC Group Cayman Investment Holdings Sub L.P. TC Group VII, L.L.C. TC Group VII, L.P. CP Circle ML-1 Holdco GP, LLC CP Circle ML-1 Holdco, L.P. CP Circle ML Holdco GP, LLC CP Circle ML-2 Holdco, L.P. CP Circle ML-3 Holdco, L.P. CP Circle ML-4 Holdco, L.P. CP Circle ML-5 Holdco, L.P. CP Circle ML-6 Holdco, L.P. CP Circle ML-7 Holdco, L.P.
(b)	Address or principal business office or, if none, residence: The principal business office address for each of TC Group Cayman Investment Holdings, L.P., TC Group Cayman Investment Holdings Sub L.P., CPEP GP, LLC and CPEP Circle Holdings, L.P. is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008. The principal business office address for each of the remaining Reporting Persons is c/o The Carlyle Group Inc., 1001 Pennsylvania Avenue NW, Suite 220 South, Washington, DC 20004-2505.
(c)	Citizenship: Each of TC Group Cayman Investment Holdings, L.P., TC Group Cayman Investment Holdings Sub L.P., CPEP GP, LLC and CPEP Circle Holdings, L.P. is organized under the laws of the Cayman Islands. Each of the remaining Reporting Persons is organized under the laws of the State of Delaware.
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 58507V107
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: The ownership information presented below represents beneficial ownership of Class A Common Stock of the Issuer as of the date of this filing, based upon 845,611,435 shares of Class A Common Stock outstanding as April 13, 2026, as disclosed in the Issuer's definitive proxy statement filed on April 23, 2026. The ownership information also assumes the conversion of the common unit of Medline Holdings, LP ("Common Units") into shares of Class A Common Stock of the Issuer on a one-to-one basis, as applicable. The amounts reported herein include: (i) 14,011,611 shares of Class A Common Stock held by Carlyle Mozart Coinvestment Holdings, L.P., (ii) 13,394,165 shares of Class A Common Stock held by Carlyle Mozart Coinvestment UNLV Holdco, L.P., (iii) 2,615 shares of Class A Common Stock and 13,355,121 shares of Class A Common Stock underlying Common Units held by CP Circle UNLV Holdco, L.P., (iv) 728,604 shares of Class A Common Stock held by CPEP Circle Holdings, L.P., (v) 15,325,210 shares of Class A Common Stock held by CP Circle ML-7 Holdco, L.P., (vi) 2,120,434 shares of Class A Common Stock held by CP Circle ML-6 Holdco, L.P., (vii) 5,748,101 shares of Class A Common Stock held by CP Circle ML-5 Holdco, L.P., (viii) 23,161,715 shares of Class A Common Stock held by CP Circle ML-4 Holdco, L.P., (ix) 50,719,101 shares of Class A Common Stock held by CP Circle ML-3 Holdco, L.P., (x) 233,231 shares of Class A Common Stock held by CP Circle ML-2 Holdco, L.P. and (xi) 9,454 shares of Class A Common Stock and 48,274,351 shares of Class A Common Stock underlying Common Units held by CP Circle ML-1 Holdco, L.P. 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., Carlyle Mozart Coinvestment UNLV Holdco, L.P. and CP Circle UNLV Holdco, L.P. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by each of Carlyle Mozart Coinvestment Holdings, L.P., Carlyle Mozart Coinvestment UNLV Holdco, L.P. and CP Circle UNLV Holdco, L.P. CG Subsidiary Holdings L.L.C. is also the managing member of CPEP GP, LLC, which is the general partner of CPEP Circle Holdings, L.P. Accordingly, each of the foregoing entities, including The Carlyle Group Inc., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C. and Carlyle Holdings I L.P., may be deemed to share beneficial ownership of the securities held of record by 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. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by 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. Accordingly, each of the foregoing entities, including The Carlyle Group Inc., Carlyle Holdings II GP L.L.C., Carlyle Holdings II L.L.C., CG Subsidiary Holdings L.L.C., TC Group Cayman Investment Holdings, L.P., TC Group Cayman Investment Holdings Sub L.P. and TC Group VII, L.L.C., may be deemed to share beneficial ownership of the securities held of record by CP Circle ML-1 Holdco, L.P.
(b)	Percent of class: See Item 11 of each of the cover pages hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each of the cover pages hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each of the cover pages hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each of the cover pages hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each of the cover pages hereto.
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.
	Not Applicable
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:
	Not Applicable

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.

Carlyle Group Inc.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Corporate Secretary
Date:	05/15/2026

CG Subsidiary Holdings L.L.C.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

Carlyle Holdings I GP Inc.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

Carlyle Holdings I GP Sub L.L.C.

Signature:	By: Carlyle Holdings I GP Inc., its sole member, /s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

Carlyle Holdings I L.P.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group, L.L.C.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group Sub L.P.

Signature:	By: TC Group, L.L.C., its general partner, /s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group VII S1, L.L.C.

Signature:	/s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

TC Group VII S1, L.P.

Signature:	By: TC Group VII S1, L.L.C., its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

Carlyle Mozart Coinvestment Holdings, L.P.

Signature:	By: TC Group VII S1, L.P., its general partner, By: TC Group VII S1, L.L.C., its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

Carlyle Mozart Coinvestment UNLV Holdco, L.P.

Signature:	By: TC Group VII S1, L.P., its general partner, By: TC Group VII S1, L.L.C., its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle UNLV Holdco, L.P.

Signature:	By: TC Group VII S1, L.P., its general partner, By: TC Group VII S1, L.L.C., its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CPEP GP, LLC

Signature:	/s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CPEP Circle Holdings, L.P.

Signature:	By: CPEP GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

Carlyle Holdings II GP L.L.C.

Signature:	By: The Carlyle Group Inc., its sole member, /s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Corporate Secretary
Date:	05/15/2026

Carlyle Holdings II L.L.C.

Signature:	/s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group Cayman Investment Holdings, L.P.

Signature:	By: CG Subsidiary Holdings L.L.C., its general partner, /s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group Cayman Investment Holdings Sub L.P.

Signature:	By: TC Group Cayman Investment Holdings, L.P., its general partner, By: CG Subsidiary Holdings L.L.C., its general partner, /s/ Anne K. Frederick
Name/Title:	Anne K. Frederick, Managing Director
Date:	05/15/2026

TC Group VII, L.L.C.

Signature:	/s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

TC Group VII, L.P.

Signature:	By: TC Group VII, L.L.C., its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-1 Holdco GP, LLC

Signature:	/s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-1 Holdco, L.P.

Signature:	By: CP Circle ML-1 Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML Holdco GP, LLC

Signature:	/s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-2 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-3 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-4 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-5 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-6 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

CP Circle ML-7 Holdco, L.P.

Signature:	By: CP Circle ML Holdco GP, LLC, its general partner, /s/ Jeremy Anderson
Name/Title:	Jeremy Anderson, Vice President
Date:	05/15/2026

Exhibit Information

Exhibit 99: Joint Filing Agreement (previously filed).