Private Equity Giant Silver Lake Offloads Millions in Dell Shares Amid Tech Rally

Rhea-AI Filing Summary

Silver Lake Technology Investors V, L.P. has filed a Form 144 notice for the proposed sale of 2,224 shares of Dell Technologies Class C Common Stock, with an aggregate market value of $267,903.04. The shares were acquired on June 26, 2025, through conversion of Class B Common Stock originally obtained in 2019.

The filing reveals significant recent selling activity by Silver Lake entities over the past 3 months, with multiple transactions between June 9-24, 2025, totaling over $128 million in gross proceeds. The seller maintains a significant stockholding position in Dell, with total outstanding Class C shares at 339,719,010.

Key points:

• Sale execution planned through Merrill Lynch on NYSE
• Seller has board representation through an executive affiliate
• Transaction represents continued divestment by Silver Lake entities
• Seller affirms no knowledge of undisclosed material adverse information

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	0001735863
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Dell Technologies Inc.
SEC File Number	001-37867
Address of Issuer	One Dell Way Round Rock TEXAS 78682
Phone	800-289-3355
Name of Person for Whose Account the Securities are To Be Sold	Silver Lake Technology Investors V, L.P.
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	See remarks

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	2224	267903.04	339719010	06/26/2025	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	06/26/2025	Acquired upon Conversion of Class B Common Stock of the Issuer, which Class B Common Stock was acquired in 2019.	Issuer			2224	06/26/2025	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

144: Remarks and Signature

Remarks	The Seller and certain of its affiliates are, together, significant stockholders of the Issuer and an executive of an affiliate of the Seller currently serves as a member of the board of directors of the Issuer.
Date of Notice	06/26/2025
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	Silver Lake Technology Investors V, L.P. By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many DELL Class C Common Stock shares is Silver Lake Technology Investors V, L.P. planning to sell?

According to the Form 144 filing, Silver Lake Technology Investors V, L.P. plans to sell 2,224 shares of DELL Class C Common Stock with an aggregate market value of $267,903.04. The approximate date of sale is indicated as June 26, 2025.

What is Silver Lake's recent trading history of DELL stock in June 2025?

Silver Lake entities made multiple sales of DELL stock in June 2025. Notable transactions include: June 9 (1,599 shares for $183,859), June 10 (1,100 shares for $125,392), June 11 (31 shares for $3,537), and June 12 (1,866 shares for $210,540). The most recent sale was on June 24, 2025, when various Silver Lake management entities sold a combined total of approximately 10,681 shares.

How did Silver Lake Technology Investors V, L.P. acquire the DELL shares they plan to sell?

The shares were acquired on June 26, 2025, through conversion of Class B Common Stock of Dell Technologies Inc., which was originally acquired in 2019. The transaction involved converting Class B Common Stock into 2,224 shares of Class C Common Stock.

What is Silver Lake's relationship with DELL Technologies Inc.?

According to the filing's remarks, Silver Lake and its affiliates are significant stockholders of Dell Technologies Inc., and an executive of a Silver Lake affiliate currently serves as a member of Dell's board of directors.

How many total DELL shares are outstanding according to the Form 144?

According to the Form 144 filing, Dell Technologies Inc. has 339,719,010 shares outstanding at the time of the filing.