[144] Dell Technologies Inc. SEC Filing

Rhea-AI Filing Summary

Dell Technologies Inc. (NYSE: DELL) – Form 144 filing

Silver Lake–affiliated entities have filed a Form 144 to sell 2,130 Class C common shares through Merrill Lynch on 10 July 2025. The shares—valued at $269,721.90—represent approximately 0.0006 % of Dell’s 339,719,010 outstanding Class C shares and were obtained the same day via conversion of previously-held Class B stock (originally acquired in 2019).

The filing also discloses past 3-month sales by various Silver Lake funds totaling roughly 1.94 million Class C shares across multiple dates in June 2025, with individual transactions ranging from a few dozen shares to more than 257 k shares. Gross proceeds for each sale are listed, indicating aggregate cash realizations comfortably in the hundreds of millions of dollars.

Form 144 filings signal an intent to sell restricted or control securities; actual sales may differ from the notice. Nonetheless, continued reductions by a long-time private-equity sponsor can create supply overhang concerns for public investors, although Dell’s large float limits the immediate mechanical impact of the 2,130-share notice.

Positive

• None.

Negative

• Continued insider/sponsor selling – Silver Lake entities disclosed sales totaling ~1.94 million shares in the past three months, indicating an ongoing reduction of their stake.
• Potential supply overhang – Even though the new 2,130-share notice is small, repeated sales may weigh on investor sentiment and constrain near-term price appreciation.

Insights

Securities Analyst

TL;DR Minor new sale (2.1 k shares) but ongoing Silver Lake divestitures (~1.9 M shares) reinforce overhang narrative; mechanical impact limited.

Silver Lake’s Form 144 adds only $0.27 m in potential supply versus Dell’s $50 bn+ market cap, so price effect should be negligible. However, the filing highlights that the sponsor has already monetised nearly 2 million shares in June 2025, extracting >$300 m of liquidity. Persistent selling from a large, sophisticated holder often weighs on sentiment, especially when Dell’s free float is already well-supplied. No operational data is provided, so the disclosure is neutral-to-slightly negative purely from a capital-markets perspective.

Portfolio Manager

TL;DR Low-volume notice immaterial alone; trend of sponsor exits could pressure multiples, watch pace of future filings.

While the 2,130-share intent is trivial, Silver Lake’s cumulative disposals suggest an orderly exit strategy. If the cadence persists, Dell may confront a valuation ceiling until the overhang clears. From a portfolio stance, I view today’s filing as not impactful for positioning but note that repeated sponsor sales often coincide with plateauing total-shareholder-return profiles.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class C Common Stock	Merrill Lynch, Pierce, Fenner & Smith Inc. 555 California Street, 18th Floor San Francisco CA 94104	2130	269721.90	339719010	07/10/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class C Common Stock	07/10/2025	Acquired upon Conversion of Class B Common Stock of the Issuer, which Class B Common Stock was acquired in 2019.	Issuer			2130	07/10/2025	Conversion of Class B Common Stock

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/09/2025	186653	21462064.67
Silver Lake Partners V DE (AIV), L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/09/2025	96508	11096853.18
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/09/2025	165014	18973930.98
Silver Lake Technology Investors IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/09/2025	3546	407732.43
Silver Lake Technology Investors V, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/09/2025	1599	183859.04
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/10/2025	128461	14643699.22
Silver Lake Partners V DE (AIV), L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/10/2025	66441	7573831.9
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/10/2025	112329	12804758.56
Silver Lake Technology Investors IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/10/2025	2440	278143.76
Silver Lake Technology Investors V, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/10/2025	1100	125392.68
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/11/2025	3612	412207.56
Silver Lake Partners V DE (AIV), L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/11/2025	1863	212608.71
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/11/2025	3148	359255.09
Silver Lake Technology Investors IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/11/2025	68	7760.28
Silver Lake Technology Investors V, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/11/2025	31	3537.77
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/12/2025	217853	24580353.99
Silver Lake Partners V DE (AIV), L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/12/2025	112729	12719213.07
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/12/2025	190601	21505510.83
Silver Lake Technology Investors IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/12/2025	4138	466890.54
Silver Lake Technology Investors V, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/12/2025	1866	210540.78
Silver Lake Group, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/24/2025	5803	698295.88
Silver Lake Management Company III, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/24/2025	918	110466.24
Silver Lake Management Company IV, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/24/2025	2034	244758.54
Silver Lake Management Company V, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/24/2025	1804	217081.81
Silver Lake Technology Management, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/24/2025	122	14680.70
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/26/2025	257022	32435175.81
Silver Lake Partners V DE (AIV), L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/26/2025	133653	16866488.29
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/26/2025	227169	28667843.43
Silver Lake Technology Investors IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/26/2025	4932	622399.20
Silver Lake Technology Investors V, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park CA 94025	Class C Common Stock	06/26/2025	2224	280660.14

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is Dell Technologies’ latest Form 144 about?

Silver Lake intends to sell 2,130 Class C shares of DELL on July 10 2025 with an estimated value of $269,721.90.

How many Dell shares has Silver Lake sold recently?

The filing lists past 3-month sales totaling about 1.94 million Class C shares by various Silver Lake entities.

What percentage of Dell’s outstanding shares does the new sale represent?

Roughly 0.0006 % of the 339,719,010 Class C shares outstanding.

Does a Form 144 guarantee the shares will be sold?

No. Form 144 indicates an intention to sell; the actual transaction may change or be canceled.

Why is continued sponsor selling relevant to DELL investors?

Ongoing disposals by a large holder can create a supply overhang, potentially limiting near-term share-price upside.