STOCK TITAN

Carlyle Group (NASDAQ: MDLN) discloses 20.6% shared stake in Medline

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13G/A

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.

Positive

  • None.

Negative

  • None.

Insights

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.

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
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.
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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





SCHEDULE 13G




Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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Comment for Type of Reporting Person: Limited Liability Company


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SCHEDULE 13G



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).

FAQ

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.