BX Mozart ML-1 Holdco L.P. 4

What Happened

• BX Mozart ML-1 Holdco L.P., identified as a 10% owner of Medline Inc. (MDLN), completed conversions on May 21, 2026 that resulted in the exchange of common-unit derivative securities into Class A common stock. The filings show two conversion amounts: 9,858,774 shares and 1,489,924 shares, totaling 11,348,698 shares.
• The transactions are reported with N/A or $0 prices (no cash consideration). Parallel disposal entries reflect the surrender/cancellation of the prior units and corresponding Class B common stock (which per the filing had no economic value and were automatically cancelled).

Key Details

• Transaction date: 2026-05-21.
• Shares converted: 9,858,774 + 1,489,924 = 11,348,698 Class A shares (reported as conversion of derivative securities).
• Reported price/value: N/A or $0 (conversion/exchange, not a cash purchase or sale).
• Footnotes of note:
  • F1: Holders have perpetual one-for-one exchange rights to convert Medline Holdings LP common units into Medline Inc. Class A shares (subject to standard adjustments).
  • F10: Class B common stock had no economic value and equivalent Class B shares were automatically cancelled on conversion.
  • F2–F9/F4: The filing details the ownership chain (BX Mozart affiliates, Blackstone-related entities) and that multiple affiliates filed related reports.
  • F5–F6: Reporting persons disclaim beneficial ownership of securities held by other affiliates except for pecuniary interests; information supplied by affiliates may vary.
• Filing timeliness: Report filed 2026-05-26 for a 2026-05-21 transaction (filed 5 days after the transaction); this appears later than the typical 2-business-day Form 4 reporting window.

Context

• This was a conversion/exchange of unit/derivative rights into common stock (not a market purchase or sale). No cash changed hands; the conversion simply reclassified ownership from Medline Holdings LP common units (and related Class B shares) into Medline Inc. Class A common stock.
• As a 10% institutional holder (through a chain of private-equity/Blackstone-affiliated entities), this is institutional reclassification of holdings, not an executive buying or selling for personal portfolio reasons.
• Multiple related entities filed separate Form 4s per the remarks, so check related filings for the full picture of holdings across affiliates.