HFCP X (Parallel-A), L.P. 4

What Happened

• Hellman & Friedman Capital Partners X (Parallel), L.P. — reported as a 10% holder — reported conversions of Medline common units into Class A common stock on March 4 and March 5, 2026. The filings show conversions/acquisitions of 13,198,914 shares on 3/4/2026 and 1,979,837 shares on 3/5/2026, for a total of 15,178,751 shares. No per-share price or cash consideration is reported (price = N/A). The transactions also note automatic cancellation of an equivalent number of Class B common shares upon these exchanges.

Key Details

• Transaction dates: March 4, 2026 (13,198,914 shares) and March 5, 2026 (1,979,837 shares).
• Transaction types/codes: C = conversion of derivative security; J = other acquisition/disposition; derivative disposition entries reflect cancellation of Class B shares.
• Price/Value: Not reported (N/A).
• Shares owned after transaction: Not specified in the provided text; the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
• Notable footnotes:
  • Holders have a perpetual right to exchange Medline Holdings LP common units 1-for-1 for Class A shares (F1).
  • Mend Investment Holdings I, L.P. executed the actual exchanges on Mar 4 and Mar 5, and equivalent Class B shares were automatically cancelled (F2, F6).
  • Complex ownership structure: Hellman & Friedman entities and related GPs manage voting/investment discretion; members disclaim beneficial ownership beyond pecuniary interests (F3–F5).
• Filing timeliness: Form 4 filed 2026-03-06 for transactions on 3/4 and 3/5; this appears to be filed within the standard Section 16 reporting window (not marked late).

Context

• This was a structural conversion/exchange of partnership/common unit interests into publicly traded Class A shares — not an open-market buy or sale. For retail investors, conversions like this typically reflect holders exercising contractual exchange rights (here, 1:1 unit-to-share) and the automatic cancellation of legacy Class B shares, rather than a signal of an insider buying or dumping stock. Because the reporting persons are an institutional 10% holder with layered GP relationships, the filing includes disclaimers of beneficial ownership except for any pecuniary interest.