Medline Inc. large holders reported conversions of partnership units into Class A common stock. Under a December 16, 2025 exchange agreement, holders of Common Units of Medline Holdings, LP may exchange units one-for-one for Medline Class A common stock, with customary anti-dilution adjustments.
On March 4 and 5, 2026, affiliated investment entities managed by Blackstone converted sizeable blocks of Common Units into Class A shares at a stated price of $0.00 per share, including 7,166,716 Common Units on March 4 and 1,075,007 on March 5. Matching numbers of Class B common shares, which have voting rights but no economic value, were automatically cancelled upon each conversion.
The report shows these securities are held indirectly through multiple Mozart and Blackstone-sponsored holding partnerships and limited liability companies, with one line item indicating 125,729,322 shares of Class A common stock held indirectly as of March 4, 2026.
Medline Inc. reporting entities led by BX Mozart ML-1 Holdco L.P. and Mozart Aggregator UNLV Holdco L.P. reported indirect acquisitions of Class A common stock through conversions of Common Units of Medline Holdings, LP on March 4 and March 5, 2026. The transactions used exchange rights that allow Common Units to be swapped for Class A shares on a one-for-one basis, at a stated price of $0.0000 per share. Related entries show Class B common stock, which has one vote per share but no economic value, being automatically cancelled in the same amounts as the converted Common Units. The filing also notes complex ownership chains among Blackstone-related entities and states that each reporting person, other than to the extent it directly holds securities, disclaims beneficial ownership of securities held by the others.
Medline Inc. Chief Commercial Officer Douglas P. Golwas reported equity awards and related ownership interests tied to the company’s pre-IPO reclassification and ongoing incentive programs. He acquired 25,788 shares of Class A common stock through a restricted stock unit grant at a price of $0.00 per share, with 25% vesting on June 15, 2026 and the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.
On December 16, 2025, entities associated with him also acquired 465,864 Common Units of Medline Holdings, LP and a matching 465,864 shares of Class B common stock at $0.00 per share, in connection with the partnership’s reclassification prior to Medline’s initial public offering. Additional awards included several tranches of Incentive Units of Medline Holdings, LP totaling 948,597, 463,211, 212,755, 157,800 and 149,005 units, which function as profit interests similar to stock appreciation rights and are convertible into Common Units on specified terms. These Common Units and Incentive Units are held indirectly through Medline Management Aggregator LLC and a trust for which Golwas serves as trustee, with various vesting schedules extending into 2026 and beyond.
Medline Inc. executive William J. Abrams reported equity awards and partnership interests, with all transactions reflecting acquisitions rather than open-market trades. On March 5, 2026, he received a grant of 17,854 shares of Class A common stock in the form of restricted stock units, vesting 25% on June 15, 2026 and the remaining 75% in three equal annual installments beginning on March 1, 2027.
Earlier, on December 16, 2025, he acquired various Common Units and Incentive Units of Medline Holdings, LP, some held indirectly through Medline Management Aggregator LLC and a trust where he serves as trustee. Those interests were issued in connection with a reclassification prior to Medline’s initial public offering and were previously reported on his Form 3. Class B common stock carries voting rights but no economic value and is paired one-for-one with Common Units, and related Class B shares are cancelled when Common Units are exchanged into Class A common stock.
Medline Inc. director and CEO James M. Boyle reported only equity acquisitions, with no sales. He received 31,739 shares of Class A common stock as a restricted stock unit grant, with 25% vesting on June 15, 2026 and the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.
Boyle is also credited with acquiring large blocks of Common Units and Incentive Units of Medline Holdings, LP on December 16, 2025, many held indirectly through a family trust and Medline Management Aggregator LLC. Footnotes describe Incentive Units as profit interests convertible into Common Units, which are exchangeable one-for-one into Class A common stock under an exchange agreement, with various tranches already partially vested and others vesting in scheduled annual installments through dates including April 1, 2026, October 1, 2026, October 21, 2026, March 28, 2026 and March 29, 2026.
Medline Inc. Chief Operating Officer Stephen L. Miller reported equity awards in the form of restricted stock units and partnership incentive units. He acquired 25,788 restricted stock units of Class A common stock at a price of $0.00 per unit. According to the terms, 25% of these units vest on June 15, 2026, with the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.
He also acquired multiple blocks of Incentive Units of Medline Holdings, LP, which are described as profit interests with economic characteristics similar to stock appreciation rights. These vested Incentive Units can be converted into common units of Medline Holdings, LP based on the public trading price of Medline Class A common stock and a per unit participation threshold, and those common units are exchangeable on a one‑for‑one basis for shares of Class A common stock under an exchange agreement dated December 16, 2025. The Incentive Units have no expiration date, are held indirectly through Medline Management Aggregator LLC and a trust for which Miller serves as trustee, and vest over several annual installments beginning in 2026.
Medline Inc. Chief Human Resources Officer Christopher P. Shryock reported equity compensation awards rather than open‑market trades. He received 11,903 shares of Class A common stock as a restricted stock unit grant, with 25% vesting on June 15, 2026 and the remaining 75% vesting in three equal annual installments beginning March 1, 2027.
He also acquired 496,049 and 40,638 Incentive Units of Medline Holdings, LP, held indirectly through Medline Management Aggregator LLC. These Incentive Units are profit interests with economics similar to stock appreciation rights, convertible into common units of Medline Holdings, LP and then exchangeable one‑for‑one into Class A common stock, subject to vesting schedules described in the footnotes.
Medline Inc. Chief Financial Officer Michael B. Drazin reported a series of equity awards and ownership changes. On March 5, 2026, he received a grant of 25,788 restricted stock units of Class A common stock at no cash cost, with 25% vesting on June 15, 2026 and the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.
Earlier, on December 16, 2025, interests in Medline Holdings, LP were reclassified in connection with Medline’s initial public offering. In that reclassification and related awards, entities associated with Drazin acquired 486,028 Common Units of Medline Holdings, LP and corresponding 486,028 shares of Class B common stock, as well as multiple blocks of Incentive Units of Medline Holdings, LP held indirectly through Medline Management Aggregator LLC. Common Units are exchangeable one-for-one into Class A common stock under an exchange agreement, while Class B shares carry voting rights but no economic value and are cancelled when Common Units are exchanged.
Medline Inc. Chief Product Officer Amanda H. Laabs reported equity awards rather than open‑market trades. On March 5, 2026, she acquired 25,788 shares of Class A common stock at $0.00 per share as a grant of restricted stock units. According to the disclosure, 25% of these RSUs vest on June 15, 2026, with the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.
The filing also details prior awards from December 16, 2025, including 251,070 Common Units of Medline Holdings, LP and several tranches of Incentive Units, all acquired at $0.00 per unit. These units are held indirectly through Medline Management Aggregator LLC and can be exchanged into Common Units, which in turn are exchangeable on a one‑for‑one basis for Class A common stock under an exchange agreement. Class B common stock, issued one share for each Common Unit, carries voting rights but no economic value and is cancelled upon exchange into Class A shares.
Medline Inc. Chief Legal Officer Alexander M. Liberman reported multiple equity awards that increase his direct and indirect ownership interests. On March 5, 2026, he received 11,903 shares of Class A common stock for no cash consideration, described as restricted stock units that vest over time.
Earlier awards dated December 16, 2025 include Class B common stock, Common Units of Medline Holdings, LP and Incentive Units of Medline Holdings, LP, many held indirectly through a trust where his spouse is trustee and through Medline Management Aggregator LLC. These Common Units are exchangeable one-for-one into Class A common stock under an exchange agreement, while Incentive Units are profit interests that can convert into Common Units when vested and in the money.