CP Circle ML-6 Holdco, L.P. 4

What Happened
CP Circle ML Holdco GP, LLC (reported as a 10% owner) converted a total of 9,297,883 Common Units into Class A common stock of Medline (MDLN) across March 4–5, 2026. The filing shows conversions of 8,085,116 shares on March 4 and 1,212,767 shares on March 5. These were conversion/derivative transactions reported with no cash paid or received (price shown as N/A or $0.00). This was an exchange of Common Units for Class A shares under an exchange agreement — an administrative restructuring of holdings rather than an open-market buy or sale.

Key Details

• Transaction dates: March 4, 2026 (8,085,116 shares) and March 5, 2026 (1,212,767 shares).
• Reported prices: N/A or $0.00 for the derivative conversions (no cash consideration).
• Total converted: 9,297,883 shares of Class A Common Stock.
• Shares owned after transactions: the filing and footnotes show affiliated Carlyle/CP Circle entities now hold tens of millions of Class A shares across multiple funds (see footnotes for breakdown).
• Notable footnotes: the conversions were made under a Dec 16, 2025 exchange agreement allowing one-for-one exchanges of Common Units for Class A shares (F2). Conversion also triggered cancellation of equivalent Class B shares (which have no economic value) (F7, F8).
• Timeliness: Filing dated Mar 6, 2026 covering Mar 4–5 transactions — appears timely.

Context

• This was a conversion of pre-existing Common Units into publicly traded Class A shares (an administrative exchange), not a cash purchase or open-market sale. Such exchanges typically reflect a change in security form rather than a directional bet on the stock.
• The filer is an institutional 10% owner (part of Carlyle-related entities), not an individual officer; control/ownership is held across multiple affiliated funds and GP entities.
• See the filing footnotes for the full post-transaction breakdown of holdings by affiliated entities and for the related corporate ownership structure.