BX Mozart ML-1 Holdco L.P. 4
4 · Medline Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
Medline (MDLN) 10% Owner Converts Units Into 9.49M Class A Shares
What Happened
- BX Mozart ML-1 Holdco L.P., a reported 10% holder of Medline Inc. (MDLN), converted a total of 9,487,267 common units into Class A common stock through non‑cash exchanges on March 4–5, 2026. There was no cash paid or received in the conversion (acquisition prices shown as N/A and certain cancelled/converted Class B shares reported at $0.00). This was a structural conversion of units into shares rather than an open‑market purchase or sale.
Key Details
- Transaction dates and amounts:
- 2026-03-04: Converted 7,166,716 + 1,083,082 = 8,249,798 units into Class A shares.
- 2026-03-05: Converted 1,075,007 + 162,462 = 1,237,469 units into Class A shares.
- Total converted: 9,487,267 shares.
- Prices/values: acquisition entries list price as N/A (non‑cash exchange); related disposals of Class B/derivative shares reported at $0.00 (per filing).
- Shares owned after transaction: not disclosed in the provided excerpt of the Form 4.
- Notable footnotes: F1 — holders have the right to exchange Medline Holdings, LP common units for Class A stock one‑for‑one (no expiration). F10 — Class B shares carry one vote and no economic value and were automatically cancelled upon conversion. Other footnotes describe the reporting persons’ ownership chain (affiliates of Blackstone).
- Timeliness: Report filed 2026-03-06 for transactions dated Mar 4–5, 2026; filing does not appear marked late.
Context
- This filing documents a routine structural conversion (common units → Class A shares) under pre‑existing exchange rights, not a market sale or purchase. For retail investors, note this is an institutional reclassification by a 10% owner (Blackstone‑affiliated entity) rather than insider trading by an executive, and it involved no cash proceeds.
Insider Transaction Report
Form 4
Medline Inc.MDLN
BX Mozart ML-1 Holdco L.P.
10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2][F4][F5][F6]2026-03-04+7,166,716→ 7,176,901 total(indirect: See Footnotes) - Conversion
Class A Common Stock
[F1][F3][F4][F5][F6]2026-03-04+1,083,082→ 1,084,621 total(indirect: See Footnotes) - Other
Class B Common Stock
[F10][F2][F4][F5][F6]2026-03-04−7,166,716→ 55,704,409 total(indirect: See Footnotes) - Other
Class B Common Stock
[F10][F3][F4][F5][F6]2026-03-04−1,083,082→ 8,418,425 total(indirect: See Footnotes) - Conversion
Class A Common Stock
[F1][F2][F4][F5][F6]2026-03-05+1,075,007→ 8,251,908 total(indirect: See Footnotes) - Conversion
Class A Common Stock
[F1][F3][F4][F5][F6]2026-03-05+162,462→ 1,247,083 total(indirect: See Footnotes) - Other
Class B Common Stock
[F10][F2][F4][F5][F6]2026-03-05−1,075,007→ 54,629,402 total(indirect: See Footnotes) - Other
Class B Common Stock
[F10][F3][F4][F5][F6]2026-03-05−162,462→ 8,255,963 total(indirect: See Footnotes) - Conversion
Common Units of Medline Holdings, LP
[F1][F2][F4][F5][F6]2026-03-04−7,166,716→ 55,704,409 total(indirect: See Footnotes)→ Class A Common Stock (7,166,716 underlying) - Conversion
Common Units of Medline Holdings, LP
[F1][F3][F4][F5][F6]2026-03-04−1,083,082→ 8,418,425 total(indirect: See Footnotes)→ Class A Common Stock (1,083,082 underlying) - Conversion
Common Units of Medline Holdings, LP
[F1][F2][F4][F5][F6]2026-03-05−1,075,007→ 54,629,402 total(indirect: See Footnotes)→ Class A Common Stock (1,075,007 underlying) - Conversion
Common Units of Medline Holdings, LP
[F1][F3][F4][F5][F6]2026-03-05−162,462→ 8,255,963 total(indirect: See Footnotes)→ Class A Common Stock (162,462 underlying)
Holdings
- 125,729,322(indirect: See Footnotes)
Class A Common Stock
[F4][F5][F6][F7] - 14,394,340(indirect: See Footnotes)
Class A Common Stock
[F4][F5][F6][F8] - 2,795,018(indirect: See Footnotes)
Class A Common Stock
[F4][F5][F6][F9]
Footnotes (10)
- [F1]Pursuant to the terms of an exchange agreement, dated as of December 16, 2025, holders have the right to exchange their common units of Medline Holdings, LP ("Common Units") for shares of Medline Inc.'s (the "Issuer") Class A common stock ("Class A Common Stock") on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire.
- [F10]Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Common Unit held. Upon the conversion of Common Units, an equivalent number of shares of Class B Common Stock were automatically cancelled.
- [F2]Reflects securities of the Issuer held directly by BX Mozart ML-1 Holdco L.P. BX Mozart ML-1 Holdco GP L.L.C. is the general partner of BX Mozart ML-1 Holdco L.P. BCP Mozart Aggregator L.P. is the managing member of BX Mozart ML-1 Holdco GP L.L.C. BCP 8 Holdings Mozart Manager L.L.C. is the general partner of BCP Mozart Aggregator L.P. BMA VIII L.L.C. is the managing member of BCP 8 Holdings Mozart Manager L.L.C.
- [F3]Reflects securities of the Issuer held directly by Mozart Aggregator UNLV Holdco L.P. BCP 8 Holdings Mozart Manager L.L.C. is the general partner of Mozart Aggregator UNLV Holdco L.P. BMA VIII L.L.C. is the managing member of BCP 8 Holdings Mozart Manager L.L.C.
- [F4]Blackstone Holdings II L.P. is the managing member of BMA VIII L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings II L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
- [F5]Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
- [F6]Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person.
- [F7]Reflects securities of the Issuer held directly by BX Mozart ML-2 Holdco L.P. BX Mozart ML-2 Holdco GP L.L.C. is the general partner of BX Mozart ML-2 Holdco L.P. Mozart Aggregator II L.P. is the managing member of BX Mozart ML-2 Holdco GP L.L.C. Blackstone Management Associates VIII L.P. is the general partner of Mozart Aggregator II LP. BMA VIII L.L.C. is the general partner of Blackstone Management Associates VIII L.P.
- [F8]Reflects securities of the Issuer held directly by Mozart Aggregator II UNLV Holdco L.P. Mozart Aggregator II LP is the sole limited partner of Mozart Aggregator II UNLV Holdco L.P. Blackstone Management Associates VIII L.P. is the general partner of Mozart Aggregator II LP and of Mozart Aggregator II UNLV Holdco L.P. BMA VIII L.L.C. is the general partner of Blackstone Management Associates VIII L.P.
- [F9]Reflects securities of the Issuer held directly by Mozart Aggregator II LP. Blackstone Management Associates VIII L.P. is the general partner of Mozart Aggregator II LP. BMA VIII L.L.C. is the general partner of Blackstone Management Associates VIII L.P.