Blackstone Inc. — Director's Dealing 2025

Dec 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Medline Inc. (MDLN)
CIK: 0002046386
Period of Report: 2025-12-18

Reporting Person: Mozart Aggregator II LP (N/A)
Reporting Person: BCP Mozart Aggregator L.P. (N/A)
Reporting Person: Blackstone Management Associates VIII L.P. (N/A)
Reporting Person: BCP 8 Holdings Mozart Manager L.L.C. (N/A)
Reporting Person: BMA VIII L.L.C. (N/A)
Reporting Person: Blackstone Holdings II L.P. (N/A)
Reporting Person: Blackstone Holdings I/II GP L.L.C. (N/A)
Reporting Person: Blackstone Inc. (N/A)
Reporting Person: Blackstone Group Management L.L.C. (N/A)
Reporting Person: SCHWARZMAN STEPHEN A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-18	Class A Common Stock	S	13462600	$28.3683	Disposed	143187216	Indirect
2025-12-18	Class B Common Stock	J	6954440	—	Disposed	72372632	Indirect
2025-12-18	Class A Common Stock	J	268536	—	Disposed	142918680	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-18	Common Units of Medline Holdings, LP	$	S	6954440	Disposed		Class A Common Stock (6954440)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	11724	Indirect

Footnotes

F1: This amount represents the $29.00 secondary public offering price per share of Class A common stock ("Class A Common Stock") of Medline Inc. (the "Issuer"), less the underwriting discount of $0.63173 per share sold by the Reporting Persons to the Issuer in connection with the Issuer's initial public offering.

F2: Reflects shares of Class A Common Stock 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.

F3: 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.

F4: 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.

F5: 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 filing 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.

F6: 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.

F7: 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 Unit") held. Upon the sale of Common Units, an equivalent number of shares of Class B Common Stock were automatically cancelled.

F8: On December 18, 2025, Mozart Aggregator II LP initiated in-kind distributions of shares of Class A Common Stock to one of its investors and certain affiliated entities of that investor. Such distributees have agreed to be bound in writing by the restrictions set forth in the Lock Up Agreement entered into by and among the Reporting Persons and the underwriters.

F9: 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 the Issuer's 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.