Carlyle Group Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Carlyle Group Inc. reported 20 stock positions worth $13.6 billion. Its top holding was Medline Class A (MDLN) at 66.7% of the portfolio, followed by Standardaero (SARO, 32.3%) and Phathom Pharmaceuticals (PHAT, 0.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 1, added to 1 and reduced 3. The biggest buy was a new position in Medline Class A (MDLN) and the biggest sale Spruce Biosciences (SPRB, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- WASHINGTON, DC
- CIK
- 0001527166
- Portfolio Value
- $13.6B (Q4 2025)
- SEC Filing
- 0000898432-26-000105 ↗ filed Feb 13, 2026
Holdings Value
Holdings 20 stocks · $13.6B
| MDLN Medline Inc. Class A | 66.65% | 215,303,036 | $9.0B | New |
| SARO Standardaero Inc. | 32.27% | 152,673,891 | $4.4B | No change |
| PHAT Phathom Pharmaceuticals Inc. | 0.43% | 3,496,808 | $58.0M | No change |
| PONY Pony AI Inc. | 0.25% | 2,362,447 | $34.3M | No change |
| INVH Invitation Homes Inc. | 0.14% | 664,100 | $18.5M | Add +39.1% |
| GETY Getty Images Holdings Inc. | 0.06% | 6,234,252 | $8.4M | No change |
| CUBE Cubesmart | 0.06% | 220,500 | $7.9M | No change |
| QTTB Q32 Bio Inc. | 0.03% | 1,102,741 | $3.6M | No change |
| SPRB Spruce Biosciences Inc. | 0.02% | 38,620 | $3.3M | Reduce -98.7% |
| FWRD Forward Air Corp. | 0.02% | 107,214 | $3.1M | No change |
| JSPR Jasper Therapeutics Inc. | 0.01% | 1,066,189 | $1.9M | No change |
| ACET Adicet Bio Inc. | 0.01% | 184,295 | $1.5M | New |
| DNUT Krispy Kreme Inc. | 0.01% | 340,748 | $1.4M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.01% | 269,895 | $772K | No change |
| NABL N-Able Inc. | 0.01% | 93,732 | $701K | No change |
| SPWR Sunpower Inc. | 0.01% | 433,158 | $680K | Reduce -65.6% |
| NCNA Nucana PLC-ADR | 0.00% | 133,333 | $480K | No change |
| HOOD Robinhood Markets Inc. Class A | 0.00% | 3,376 | $382K | New |
| SYRE Spyre Therapeutics Inc. | 0.00% | 9,620 | $315K | New |
| XCUR Exicure Inc. | 0.00% | 56,328 | $305K | Reduce -80.0% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $10.0B | MDLN, SARO, PHAT, INVH, PONY |
| Q1 2026 | 20 | $10.6B | MDLN, SARO, PHAT, PONY, INVH |
| Q4 2025 | 20 | $13.6B | MDLN, SARO, PHAT, PONY, INVH |
| Q3 2025 | 17 | $4.3B | SARO, PONY, PHAT, SPRB, INVH |
| Q2 2025 | 20 | $5.0B | SARO, SLNO, PHAT, PONY, INVH |
| Q1 2025 | 23 | $3.8B | SARO, SLNO, WRD, PHAT, PONY |
| Q4 2024 | 27 | $4.1B | SARO, SLNO, WRD, PONY, PHAT |
| Q3 2024 | 26 | $954.2M | QDEL, SLNO, GTM, PHAT, QTTB |
| Q2 2024 | 31 | $1.1B | QDEL, GTM, SLNO, GDS, PHAT |
| Q1 2024 | 32 | $1.6B | QDEL, GTM, SLNO, VTRU, VRNA |