Blackstone Management Associates Viii LP

10% owner BX Mozart ML-2 Holdco LP sold 33,317,824 shares for $1,217,349,994.41 on 2026-05-28, reducing stake by 94.4%

BX Mozart ML-2 Holdco LP, a 10% owner of Medline, executed 4 separate sales on 2026-05-28 totaling 33,317,824 shares (33.32M shares) for $1,217,349,994.41 ($1.2B) at $36.54 per share, slashing its position from 35,308,291 shares to 1,990,467 shares post-transaction (a 94.4% reduction). This near-complete exit occurs as the stock trades 29.7% below its 52-week high of $50.88 and has declined 20.1% over 30 days and 19.5% over 90 days. The insider's cross-ticker track record shows 100.00% well-timed selling (4 prior sells with negative average 90-day returns), and at this ticker specifically, all 4 prior sells on 2026-03-10 were well-timed with -9.8% 90-day returns. The magnitude and near-complete nature of this liquidation, combined with consistent prior timing success and current downward momentum, suggests the insider is exiting a major position amid price deterioration.

10% Owner Legence Parent ML LLC sells 15.39M shares ($831.3M) at $54.00; holds 19.30M post-sale.

Legence Parent ML LLC executed 2 separate sales totaling 15,394,112 shares for $831,282,048.00 at $54.00 on 2026-04-09, reducing its holdings by 44.4% from 34.69M to 19.30M shares. The transaction is significant in scale but the timing warrants scrutiny: the stock has appreciated 16.3% over 30 days and 34.3% over 90 days since the sale, and currently trades at $59.75—well above the $54.00 execution price. At the same ticker, prior sales on 2026-01-08 and 2025-12-16 were also followed by gains (90d returns of +28.3% and +15.7% respectively), indicating a pattern where this insider's sales have not preceded declines. The company reported revenue of $708.0M but remains unprofitable with net income of $-576.0K in the latest quarter, creating a technical context of vulnerability despite strong 21.5% annual revenue growth. The FLAG indicates this conversion of derivative securities should not be framed as a full position exit, but the magnitude of the reduction and continued underperformance in timing suggest investor attention is warranted.

10% owner BX Mozart ML-2 Holdco L.P. sells 27,852,986 shares for $1,128,268,756.88 at $40.51, exiting 92.0% of holding

BX Mozart ML-2 Holdco L.P., a 10% shareholder of Medline Inc., executed 4 separate sales on 2026-03-10 totaling 27,852,986 shares (27.85M shares) for $1,128,268,756.88 ($1.1B), reducing its stake from 30,281,667 shares (30.28M shares) to 2,428,681 shares (2.43M shares)—a -92.0% reduction in holdings. The sales at $40.51 per share occur in a context where the current price stands at $41.07, representing a decline of -9.3% over the past 30 days and -17.8% from the 52-week high of $49.99, while the company shows +11.5% annual revenue growth. This near-total liquidation of a major stakeholder position signals a substantial structural change in ownership and suggests a strategic exit despite the company's positive revenue trajectory.

Legence Parent ML LLC sells 1,260,326 shares for $56,714,670 at $45.00; retains 25,162,794 shares

Legence Parent ML LLC, a 10% owner, executed 2 separate sales totaling 1,260,326 shares for $56,714,670.00 on 2026-01-08, at a blended average price of $45.00 per share. The 10% owner retains 25,162,794 shares post-transaction, representing a -4.8% reduction in holdings. The current stock price of $43.53 is now -10.2% from the 52-week high of $48.48, and the transactions occurred within the 52-week range at $45.00. The company reported revenue of $708,006,000.00 in the latest quarter but posted a net loss of $-576,000.00. This filing involves a derivative-conversion transaction; the insider's full position includes unreported derivative securities in Form 4 Table II, so the remaining holdings do not represent the complete stake.

Mozart Aggregator II LP (10% holder) sells 13,462,600 shares of MDLN for $381.9M at $28.37, retaining 142.92M shares

Mozart Aggregator II LP, a 10% shareholder, executed a sale of 13,462,600 shares at $28.37 per share, generating $381,911,075.58 in proceeds while maintaining a substantial 142,918,680-share position post-transaction. The sale reduced the holder's stake by 8.6% relative to pre-transaction holdings, but the insider retained more than 90% of its prior position, signaling continued material exposure to Medline. The current market price of $42.18 (as of 2025-12-22) stands at a premium to the transaction price of $28.37, indicating the stock has appreciated in the four trading days since listing. The partial reduction in a large, concentrated position warrants observation of whether additional tranches are planned or whether this represents a single liquidity event by a significant existing shareholder.

Legence Parent ML LLC sells 8,402,178 shares for $378,098,010 at $45.00; holds 25,642,999 shares post-sale

Legence Parent ML LLC, a 10% owner, executed two separate sales totaling 8,402,178 (8.40M shares) for $378,098,010.00 at $45.00 per share on 2025-12-16. This represents a -24.7% reduction of the filer's pre-transaction stake from 34,045,177 to 25,642,999 shares. The transaction occurred at a price that is -13.5% below the 52-week high of $48.48, though the stock has appreciated +4.1% over the past 30 days and +38.2% over the past 90 days. The company reported quarterly revenue of $708,006,000.00 but a net loss of $-576,000.00, indicating operational profitability challenges. This is a conversion of derivative securities; the insider's full position remains partly held in non-Table I derivative securities, so the reported 25,642,999 shares does not represent the complete stake.