Blackstone Inc. (BX) insiders detail large Medline (MDLN) holdings

Rhea-AI Filing Summary

Blackstone-affiliated reporting persons have filed an initial ownership statement for Medline Inc. (MDLN), showing large indirect stakes and board roles. The filing lists indirect beneficial ownership of 156,649,816 shares of Class A common stock and 11,724 additional Class A shares through Blackstone-managed entities, plus 79,327,072 shares of Class B common stock. The Class B shares carry one vote per share but no economic value and are paired one-for-one with Common Units of Medline Holdings, LP. Under an exchange agreement dated December 16, 2025, these Common Units are exchangeable into an equal number of Medline Class A shares on a one-for-one basis, with exchange rights that do not expire. The reporting persons note that, other than the directly holding partnerships, they disclaim beneficial ownership beyond their pecuniary interests.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Mozart Aggregator II LP

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/17/2025

3. Issuer Name and Ticker or Trading Symbol
Medline Inc. [ MDLN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	156,649,816	I	See Footnotes(1)(3)(6)(7)
Class A Common Stock	11,724	I	See Footnotes(2)(3)(6)(7)
Class B Common Stock	79,327,072(4)	I	See Footnotes(1)(3)(6)(7)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Units of Medline Holdings, LP	(5)	(5)	Class A Common Stock	79,327,072	(5)	I	See Footnotes(2)(3)(6)(7)

1. Name and Address of Reporting Person^*

Mozart Aggregator II LP

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BCP Mozart Aggregator L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Management Associates VIII L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BCP 8 Holdings Mozart Manager L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BMA VIII L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Holdings II L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Holdings I/II GP L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Inc.

(Last) (First) (Middle)

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Group Management L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SCHWARZMAN STEPHEN A

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. 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.

2. Reflects securities of the Issuer held directly by BCP Mozart Aggregator L.P. (together with Mozart Aggregator II LP, the "Blackstone Holders"). 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.

3. 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.

4. 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 of Medline Holdings, LP ("Common Units") held. Upon an exchange of Common Units for shares of the Issuer's Class A common stock ("Class A Common Stock"), an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled.

5. Pursuant to the terms of an exchange agreement, dated as of December 16, 2025, holders have the right to exchange their Common Units for shares of 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.

6. Each such Reporting Person may be deemed to beneficially own the securities of the Issuer directly held by the Blackstone Holders directly or indirectly controlled by it or him, but each (other than Mozart Aggregator II LP and BCP Mozart Aggregator L.P. to the extent of their respective direct holdings) disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, and this report shall not be deemed an admission that any of the Reporting Persons (other than Mozart Aggregator II LP and BCP Mozart Aggregator L.P. to the extent each directly holds securities of the Issuer) is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

7. 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.

	MOZART AGGREGATOR II LP, By: BLACKSTONE MANAGEMENT ASSOCIATES VIII L.P., its GP, By: BMA VIII L.L.C., its GP, By: /s/ Christopher Striano Name: Christopher Striano Title: Senior Managing Director and COO of Global Finance	12/17/2025
	BCP MOZART AGGREGATOR L.P., By: BCP 8 Holdings Mozart Manager L.L.C., its GP, By: BMA VIII L.L.C., its managing member, By: /s/ Christopher Striano Name: Christopher Striano Title: Senior Managing Director and COO of Global Finance	12/17/2025
	BCP 8 HOLDINGS MOZART MANAGER L.L.C., By: BMA VIII L.L.C., its managing member, By: /s/ Christopher Striano Name: Christopher Striano Title: Senior Managing Director and Chief Operating Officer of Global Finance	12/17/2025
	BLACKSTONE MANAGEMENT ASSOCIATES VIII L.P., By: BMA VIII L.L.C., its general partner, By: /s/ Christopher Striano Name: Christopher Striano Title: Senior Managing Director and Chief Operating Officer of Global Finance	12/17/2025
	BMA VIII L.L.C., By: /s/ Christopher Striano Name: Christopher Striano Title: Senior Managing Director and Chief Operating Officer of Global Finance	12/17/2025
	BLACKSTONE HOLDINGS II L.P., By: Blackstone Holdings I/II GP L.L.C., its general partner, By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	12/17/2025
	BLACKSTONE HOLDINGS I/II GP L.L.C., By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	12/17/2025
	BLACKSTONE INC., By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	12/17/2025
	BLACKSTONE GROUP MANAGEMENT L.L.C., By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	12/17/2025
	/s/ Stephen A. Schwarzman	12/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What does Blackstone (BX) disclose in this Medline (MDLN) Form 3 filing?

The filing reports initial beneficial ownership of Medline Inc. by Blackstone-affiliated reporting persons. It shows large indirect holdings of Class A and Class B common stock through entities such as Mozart Aggregator II LP and BCP Mozart Aggregator L.P., and identifies the reporting persons as directors and 10% owners of Medline.

How many Medline Inc. Class A shares are indirectly beneficially owned by the Blackstone reporting persons?

The statement reports 156,649,816 shares of Class A common stock indirectly held through Mozart Aggregator II LP and 11,724 shares of Class A common stock indirectly held through BCP Mozart Aggregator L.P., all through Blackstone-managed structures.

What is the role of Medline Class B common stock and how many shares are reported?

The filing lists 79,327,072 shares of Medline Class B common stock as indirectly beneficially owned. These Class B shares have no economic value and provide one vote per share. One share of Class B is issued for each Common Unit of Medline Holdings, LP, and when a Common Unit is exchanged for a Class A share, the corresponding Class B share is automatically cancelled.

What derivative securities linked to Medline does the Form 3 disclose for the Blackstone group?

The filing shows Common Units of Medline Holdings, LP as derivative securities, underlying 79,327,072 shares of Medline Class A common stock. Under an exchange agreement dated December 16, 2025, holders may exchange these Common Units for Class A shares on a one-for-one basis, and the exchange rights do not expire.

Do the Blackstone reporting persons claim full beneficial ownership of all Medline securities listed?

The disclosure states that each reporting person (other than Mozart Aggregator II LP and BCP Mozart Aggregator L.P. to the extent of their direct holdings) disclaims beneficial ownership of the securities, except to the extent of their pecuniary interest. It also notes that information for each reporting person is given solely by that person.

How are the Blackstone entities structured in relation to the Medline holdings?

The explanation describes a chain of entities: Blackstone Management Associates VIII L.P. is the general partner of Mozart Aggregator II LP, and BMA VIII L.L.C. is the general partner or managing member of several upstream entities. Blackstone Holdings II L.P. and Blackstone Holdings I/II GP L.L.C. sit above these, with Blackstone Inc. as the sole member of Blackstone Holdings I/II GP L.L.C., and Blackstone Group Management L.L.C. as the sole holder of Blackstone Inc.'s Series II preferred stock.