BX Mozart ML-1 Holdco L.P. 4

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.