[144] Dell Technologies Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 notice for proposed sales of Class C common stock of the issuer. The filing reports a proposed sale of 4,465 shares of Class C Common Stock through Merrill Lynch in San Francisco with an aggregate market value of $581,968.10 and an approximate sale date of 09/18/2025. The shares were acquired on 09/18/2025 upon conversion of Class B common stock originally acquired in 2016 and were converted as the method of payment.

The filing also lists numerous prior sales by related Silver Lake entities during the past three months, including multiple large dispositions (examples: 257,022, 248,389, 249,260, 234,803, and 227,169 shares) with corresponding gross proceeds reported in the millions for several transactions.

Positive

• Filing is compliant with Rule 144 and discloses the planned sale method, broker, and acquisition details
• Acquisition origin is clearly stated (conversion of Class B to Class C stock), providing transparency on ownership history

Negative

• Multiple large prior dispositions by Silver Lake entities (several trades in the hundreds of thousands of shares) indicating substantial selling pressure from affiliated holders
• Concentrated insider-related selling could increase supply and exert downward pressure on the share price in the short term

Insights

Securities Analyst

TL;DR: Routine Form 144 filing disclosing a modest planned sale and many recent large dispositions by related Silver Lake entities.

The filing itself is procedural, notifying the market of a proposed sale of 4,465 Class C shares valued at $581,968.10 to be executed via Merrill Lynch on 09/18/2025. Material context comes from the detailed prior-sales table showing extensive dispositions by multiple Silver Lake-related entities over the prior three months, including several trades in the hundreds of thousands of shares generating multi-million-dollar proceeds. For investors, the clustered and repeated large sales by affiliated parties may affect supply dynamics in the short term; the single proposed sale in this notice is small by comparison.

Corporate Governance Expert

TL;DR: Disclosure appears compliant, but repeated large insider-related sales raise governance and liquidity questions.

The filer certifies no undisclosed material adverse information and provides acquisition details (conversion of Class B to Class C). The extensive history of sales from related entities suggests coordinated liquidity events by significant holders. While the form meets Rule 144 notice requirements, stakeholders may want clarity on whether these are routine portfolio rebalancing actions or part of a staged exit, as repeated large disposals by controlling investors can influence share price and minority holder interests.

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	4465	581968.10	336904619	09/18/2025	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	09/18/2025	Acquired upon Conversion of Class B Common Stock of the Issuer, which Class B Common Stock was acquired in 2016.	Issuer			4465	09/18/2025	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 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
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/10/2025	248389	31612468.03
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	07/10/2025	127897	16277451.19
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/10/2025	216862	27600026.74
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	07/10/2025	4722	600968.94
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	07/10/2025	2130	271085.10
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/15/2025	71640	9027475.11
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	07/15/2025	36912	4651342.28
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/15/2025	62574	7885053.43
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	07/15/2025	1362	171627.88
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	07/15/2025	614	77371.16
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/16/2025	1616	202469.57
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	07/16/2025	832	104241.76
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/16/2025	1407	176283.84
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	07/16/2025	31	3884.01
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	07/16/2025	14	1754.07
Silver Lake Group, L.L.C. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/17/2025	3262	402846.32
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	07/17/2025	509	62859.83
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	07/17/2025	1170	144491.17
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	07/17/2025	1076	132882.48
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	07/17/2025	69	8521.27
Durban Family Foundation c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	07/17/2025	60000	7417644.00
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	09/15/2025	249260	31654726.16
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	09/15/2025	128377	16303212.63
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	09/15/2025	215487	27365730.46
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	09/15/2025	4739	601828.40
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	09/15/2025	2137	271387.91
Silver Lake Partners IV, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	09/17/2025	234803	30622590.25
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	09/17/2025	120805	15755173.55
SL SPV-2, L.P. c/o Silver Lake 2775 Sand Hill Road Suite 100 Menlo Park, CA 94025	Class C Common Stock	09/17/2025	202914	26463683.50
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	09/17/2025	4465	582317.37
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	09/17/2025	2013	262531.88

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 does the Form 144 filed for DELL disclose?

The Form 144 notifies a proposed sale of 4,465 Class C shares valued at $581,968.10 through Merrill Lynch with an approximate sale date of 09/18/2025.

Who acquired the shares being sold according to the filing?

The shares were acquired on 09/18/2025 upon conversion of Class B common stock that was originally acquired in 2016.

Are there recent related-party sales disclosed in the filing?

Yes; the filing lists numerous prior sales by Silver Lake-related entities over the past three months, including several dispositions exceeding 200,000 shares with multi-million-dollar proceeds.

Which broker is named for the proposed sale?

The broker listed is Merrill Lynch, Pierce, Fenner & Smith Inc. at their San Francisco office.

Does the filer assert any undisclosed material information?

By signing, the filer represents they do not know of any material adverse information about the issuer that is not publicly disclosed.