[Form 4] Medline Inc. Insider Trading Activity
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Medline Inc. and Blackstone-affiliated entities reported internal equity moves involving Medline Holdings, LP units and Medline Class A and Class B stock. On May 21, 2026, entities converted a total of 11,348,698 Common Units of Medline Holdings, LP into an equal number of Medline Class A common shares at a stated price of $0.0000 per unit.
The same number of Medline Class B common shares, which have one vote per share but no economic value, were automatically cancelled in connection with these exchanges. After the transactions, indirect Class A holdings for the reporting group remain large, including 109,250,239 Class A shares reported as held indirectly by one Blackstone-related entity.
Positive
- None.
Negative
- None.
Insider Trade Summary
11,348,698 shares exercised/converted
Mixed
9 txns
Insider
BCP 8 Holdings Mozart Manager L.L.C., BMA VIII L.L.C., Blackstone Holdings II L.P., Blackstone Holdings I/II GP L.L.C., Blackstone Inc., Blackstone Group Management L.L.C., SCHWARZMAN STEPHEN A
Role
null | null | null | null | null | null | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Common Units of Medline Holdings, LP | 9,858,774 | $0.00 | -- |
| Conversion | Common Units of Medline Holdings, LP | 1,489,924 | $0.00 | -- |
| Conversion | Class A Common Stock | 9,858,774 | $0.00 | -- |
| Conversion | Class A Common Stock | 1,489,924 | $0.00 | -- |
| Other | Class B Common Stock | 9,858,774 | $0.00 | -- |
| Other | Class B Common Stock | 1,489,924 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Units of Medline Holdings, LP — 44,770,628 shares (Indirect, See Footnotes);
Class A Common Stock — 9,868,959 shares (Indirect, See Footnotes);
Class B Common Stock — 44,770,628 shares (Indirect, See Footnotes)
Footnotes (1)
- 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.
Key Figures
Class A shares from first conversion: 1,489,924 shares
Class A shares from second conversion: 9,858,774 shares
Total units/shares converted: 11,348,698 units/shares
+5 more
8 metrics
Class A shares from first conversion
1,489,924 shares
Class A Common Stock received via derivative conversion on May 21, 2026
Class A shares from second conversion
9,858,774 shares
Class A Common Stock received via derivative conversion on May 21, 2026
Total units/shares converted
11,348,698 units/shares
ExerciseShares and restructuringShares reported in transactionSummary
Conversion price per unit
$0.0000 per unit
Conversion of Common Units of Medline Holdings, LP into Class A stock
Indirect Class A holding (large block)
109,250,239 shares
Total Class A shares following transaction for one indirect holder
Common Units remaining (first block)
6,766,039 units
Common Units of Medline Holdings, LP remaining after conversion
Common Units remaining (second block)
44,770,628 units
Common Units of Medline Holdings, LP remaining after conversion
Exchange rights duration
Do not expire
Exchange rights for Common Units into Class A Common Stock
Key Terms
Common Units, Class B Common Stock, conversion of derivative security, Rule 16a-1(a)(4), +1 more
5 terms
Common Units financial
"holders have the right to exchange their common units of Medline Holdings, LP ("Common Units")"
Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.
Class B Common Stock financial
"Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
conversion of derivative security financial
"transaction_code_description": "Conversion of derivative security""
Rule 16a-1(a)(4) regulatory
"pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934"
pecuniary interest financial
"disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest"
FAQ
What happened to Medline (MDLN) Class B common stock in these transactions?
An equivalent 11,348,698 Class B common shares were automatically cancelled when the Common Units converted into Class A stock. Footnotes explain Class B shares carry one vote per share but have no economic value, and one Class B share is issued for each Common Unit held.
Are the reported Medline (MDLN) holdings direct or indirect for Blackstone entities?
All reported positions are listed as indirect, with ownership through limited partnerships and LLCs such as BX Mozart and Mozart Aggregator entities. Footnotes detail complex control chains and note each reporting person disclaims beneficial ownership beyond its pecuniary interest in the securities.
How large are the indirect Medline (MDLN) Class A holdings after these transactions?
Post-transaction entries show substantial indirect positions, including 109,250,239 Medline Class A shares for one entity and 12,507,704 and 2,428,681 shares for others. These figures reflect holdings attributed to various Mozart and Blackstone-related partnerships and LLCs described in the ownership footnotes.