Private equity group holds 11.7% of AdaptHealth (AHCO) common stock

Rhea-AI Filing Summary

AdaptHealth Corp. received an updated ownership filing from One Equity Partners–affiliated entities and Richard Cashin. This Amendment No. 4 to a Schedule 13D reports that the group of “Reporting Persons” may be deemed to beneficially own 15,864,871 shares of AdaptHealth common stock.

The filing states this position represents approximately 11.7% of the company’s common stock, based on 135,914,816 shares outstanding as of February 20, 2026, as reported in AdaptHealth’s Form 10-K. The shares are directly held by OEP AHCO Investment Holdings, LLC, which is owned by several Parallel Funds managed through OEP VII General Partner, L.P. and OEP VII GP, L.L.C.

The six-member investment committee of OEP VII GP, whose majority must include Richard Cashin, exercises voting and investment discretion over the reported securities, though the filing clarifies that no Reporting Person admits beneficial ownership for any other legal purpose. The group also notes that, within the prior 60 days, they acquired AdaptHealth shares in market transactions listed in an attached exhibit.

Insights

Equity ownership and governance analyst

OEP-affiliated funds disclose an 11.7% AdaptHealth stake, signaling a sizable but routine ownership update.

The filing shows OEP AHCO Investment Holdings, LLC and related funds collectively may be deemed to beneficially own 15,864,871 AdaptHealth common shares, or about 11.7% of the class, based on 135,914,816 shares outstanding as of February 20, 2026.

Control over voting and investment decisions sits with an OEP VII GP investment committee whose majority must include Richard Cashin. This structure concentrates influence yet remains typical for private equity sponsors. The amendment also records recent market purchases over the prior 60 days, but does not quantify them in this excerpt.

Overall, the disclosure mainly refreshes ownership, entity structure, and joint filing arrangements dated March 12, 2026. It confirms a meaningful minority position that could support board-level influence, while avoiding any admission of broader beneficial ownership beyond securities law requirements.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

AdaptHealth Corp.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

Gregory Belinfanti
c/o One Equity Partners, 510 Madison Avenue, 19th Floor
New York, NY, 10022
(212) 277-1500

Jeremy S. Liss
c/o Kirkland & Ellis LLP, 98 S.E. 7th Street, Suite 700
Miami, FL, 33131
(305) 432-5600

Ross M. Leff
c/o Kirkland & Ellis LLP, 601 Lexington Avenue
New York, NY, 10022
(212) 446-4800

Jeremy S. Liss
c/o Kirkland & Ellis LLP, 333 West Wolf Point Plaza
Chicago, IL, 60654
(312) 862-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/10/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OEP AHCO Investment Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock, par value $0.0001 per share ("Common Stock") outstanding as of February 20, 2026, as reported in the Issuer's Annual Report on Form 10-K ("Form 10-K") filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

One Equity Partners VII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

One Equity Partners VII-A, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

One Equity Partners VII-B, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OEP VII Project A Co-Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OEP VII Project A-I Co-Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OEP VII General Partner, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

OEP VII GP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Richard Cashin

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 15,864,871.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,864,871.00

11

Aggregate amount beneficially owned by each reporting person

15,864,871.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The reported percentage is calculated based on 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: AdaptHealth Corp.
(c)	Address of Issuer's Principal Executive Offices: 555 EAST NORTH LANE, SUITE 5075, CONSHOHOCKEN, PENNSYLVANIA , 19428.
Item 1 Comment: This Amendment No. 4 (this "Amendment") to Schedule 13D, which amends the Schedule 13D filed with the SEC on July 10, 2020 (the "Schedule 13D"), as amended by Amendment No. 1 (the "First Amendment") to Schedule 13D filed with the SEC on August 10, 2020, Amendment No. 2 (the "Second Amendment") to Schedule 13D filed with the SEC on August 24, 2020, and Amendment No. 3 (the "Third Amendment") to Schedule 13D filed with the SEC on August 31, 2020, is being filed by the Reporting Persons (as defined below) with respect to shares of Common Stock of the Issuer. Capitalized terms used herein but not defined have the meanings ascribed to them in the Schedule 13D, as amended by the First Amendment, Second Amendment, and Third Amendment.
Item 2.	Identity and Background
(a)	Item 2(a) of the Schedule 13D is hereby amended and restated as follows: This Amendment is filed jointly on behalf of the entities and persons described in this Item 2(a), all of whom are together referred to herein as the "Reporting Persons." (i) OEP AHCO Investment Holdings, LLC, a Delaware limited liability company ("Investor") (ii) One Equity Partners VII, L.P., a Cayman Islands exempted limited partnership ("OEP VII LP") (iii) One Equity Partners VII-A, L.P., a Cayman Islands exempted limited partnership ("OEP VII-A LP") (iv) One Equity Partners VII-B, L.P., a Delaware limited partnership ("OEP VII-B LP") (v) OEP VII Project A Co-Investment Partners, L.P., a Delaware limited partnership ("OEP VII Project A LP") (vi) OEP VII Project A-I Co-Investment Partners, L.P. , a Delaware limited partnership ("OEP VII Project A-I LP" and, together with OEP VII LP, OEP VII-A LP, OEP VII-B LP and OEP VII Project A LP, the "Parallel Funds") (vii) OEP VII General Partner, L.P., a Cayman Islands exempted limited partnership ("OEP VII GP") (viii) OEP VII GP, L.L.C., a Cayman Islands limited liability company ("OEP VII GP LLC") (ix) Richard Cashin
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby supplemented as follows: The information set forth in rows (11) and (13) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5. Ownership percentages set forth in this Schedule 13D assume 135,914,816 shares of Common Stock outstanding as of February 20, 2026, as reported in the Issuer's Form 10-K filed with the SEC on February 24, 2026. As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of 15,864,871 shares of Common Stock, which represents approximately 11.7% of the total outstanding Common Stock. The reported securities are directly held by Investor. Investor is owned by the Parallel Funds. The general partner of each of the Parallel Funds is OEP VII GP, and the general partner of OEP VII GP is OEP VII GP LLC. The six member investment committee of OEP VII GP acts by majority vote, which majority must include Richard Cashin. Accordingly, Richard Cashin may be deemed to have voting and investment discretion, and beneficial ownership, of the reported securities. Neither the filing of this statement nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that such person is the beneficial owner of any shares of Common Stock referred to herein for purposes of the Act, or for any other purpose.
(b)	Item 5(b) of the Schedule 13D is hereby supplemented as follows: The information set forth in rows (7) through (10) of the cover pages of this Schedule 13D is incorporated by reference into this Item 5.
(c)	Item 5(c) of the Schedule 13D is hereby supplemented as follows: Within the prior 60 days, the Reporting Persons acquired shares of Common Stock in the market transactions set forth in Exhibit 7 attached hereto.
(d)	Not applicable.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 of Item 7 of the Schedule 13D is hereby amended and restated and Item 7 is hereby supplemented as follows: Exhibit 1 Joint Filing Agreement, dated March 12, 2026. Exhibit 6 Signature Page, dated March 12, 2026. Exhibit 7 Transactions by the Reporting Persons.

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.

OEP AHCO Investment Holdings, LLC

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory
Date:	03/12/2026

One Equity Partners VII, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

One Equity Partners VII-A, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

One Equity Partners VII-B, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

OEP VII Project A Co-Investment Partners, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

OEP VII Project A-I Co-Investment Partners, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

OEP VII General Partner, L.P.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory, See Exhibit 6
Date:	03/12/2026

OEP VII GP, L.L.C.

Signature:	/s/ Gregory Belinfanti
Name/Title:	Gregory Belinfanti / Authorized Signatory
Date:	03/12/2026

Richard Cashin

Signature:	/s/ Richard Cashin
Name/Title:	Richard Cashin
Date:	03/12/2026

FAQ

What ownership stake in AdaptHealth (AHCO) do the OEP entities report?

The OEP-affiliated Reporting Persons report beneficial ownership of 15,864,871 AdaptHealth common shares, representing about 11.7% of the outstanding common stock. This percentage is based on 135,914,816 shares outstanding as of February 20, 2026, from AdaptHealth’s Form 10-K.

Who are the Reporting Persons in the AdaptHealth (AHCO) Schedule 13D/A Amendment No. 4?

The amendment is filed jointly by OEP AHCO Investment Holdings, LLC, several related One Equity Partners VII funds, their general partners OEP VII GP and OEP VII GP, L.L.C., and individual Reporting Person Richard Cashin. Together, they are referred to as the “Reporting Persons.”

How is control over the AdaptHealth (AHCO) shares exercised by the OEP group?

The reported AdaptHealth shares are directly held by OEP AHCO Investment Holdings, LLC, owned by Parallel Funds. Voting and investment discretion is exercised by the six-member investment committee of OEP VII GP, which acts by majority vote that must include Richard Cashin.

What share count did the AdaptHealth (AHCO) ownership percentages rely on?

The ownership percentages use a baseline of 135,914,816 AdaptHealth common shares outstanding as of February 20, 2026. This figure comes from AdaptHealth’s Form 10-K filed with the SEC on February 24, 2026, and underpins the reported 11.7% stake.

Did the OEP Reporting Persons recently trade AdaptHealth (AHCO) shares?

Yes. The amendment states that, within the 60 days before the filing date, the Reporting Persons acquired AdaptHealth common shares in market transactions. Specific trade details are listed in Exhibit 7 referenced in the filing’s Item 5(c).

Does the AdaptHealth (AHCO) filing admit full beneficial ownership by each Reporting Person?

No. The document explicitly states that neither the filing nor its contents should be deemed an admission by any Reporting Person of beneficial ownership of any AdaptHealth common shares for purposes of the securities laws or for any other purpose.