[144] Dell Technologies Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 Overview

Silver Lake–affiliated funds have filed a Form 144 indicating their intention to sell 2,034 shares of Dell Technologies Inc. (symbol DELL) Class C Common Stock through Merrill Lynch on or about 24 June 2025. The shares will be sold on the NYSE for an aggregate market value of $242,798.58. With 339,719,010 Class C shares outstanding, this tranche equals roughly 0.0006 % of the float.

Recent Insider Disposals

The filing details significant prior sales: from 9–12 June 2025, multiple Silver Lake vehicles disposed of approximately 1.3 million Class C shares for gross proceeds near $148 million. The largest single-day sale was 217,853 shares on 12 June 2025. While Rule 144 restricts aggregation limits, these transactions illustrate the PE sponsor’s continued exit strategy.

Share Provenance

The securities were obtained via pro-rata in-kind distributions following conversion of Class B shares originally acquired in 2019 or earlier. The filer asserts no knowledge of undisclosed adverse information, as required by Rule 144 representations.

Investor Takeaway

• The new sale is immaterial in isolation and should not meaningfully impact Dell’s capital structure or dilution metrics.
• Cumulative June disposals by a key long-term holder may create a modest supply overhang and could influence sentiment toward Dell’s share price.

Positive

• Proposed sale represents just 0.0006 % of shares outstanding, implying negligible dilution or market-impact risk.
• Filing asserts the seller holds no undisclosed adverse information, aligning with Rule 144 transparency requirements.

Negative

• Silver Lake affiliates have sold ~1.3 million shares (~0.4 % of float) for about $148 million in June, signalling continued insider liquidation.
• Ongoing stake reduction by a long-time strategic investor could create perception of a supply overhang and weigh on sentiment.

Insights

Securities Analyst

TL;DR: Continued Silver Lake selling extends insider-exit trend, raising supply-overhang risk and moderately negative sentiment.

Silver Lake’s Form 144 adds only 2,034 shares, but the real signal lies in the ~1.3 million shares already placed earlier in June for roughly $148 million. Persistent divestment by Dell’s largest outside sponsor suggests portfolio rotation rather than operational distress, yet markets often read sustained insider selling as a bearish tone. The filing reaffirms no undisclosed negative information, reducing worry of a looming fundamental shock. Still, overhang risk remains until Silver Lake’s stake stabilises. Relative scale—0.4 % of the float sold in June—keeps liquidity ample, but short-term pressure cannot be ruled out.

Portfolio Manager

TL;DR: Tiny new sale; past sales modest versus float—track trend but portfolio impact limited for most holders.

The announced 2,034-share sale is immaterial, and even the cumulative 1.3 million shares equals about 0.4 % of outstanding Class C stock. Dell trades tens of millions of shares daily, so market absorption should be smooth. The filing simply signals Silver Lake’s orderly liquidity harvesting. Unless the PE firm accelerates disposals materially, fundamental valuation drivers—PC/server demand, margin trajectory—remain unchanged. I view the news as neutral but worth monitoring for escalation.

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	2034	242798.58	339719010	06/24/2025	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	01/10/2025	Acquired in a series of pro rata in-kind distributions from affiliates, which shares were acquired upon conversion of Class B Common Stock of the Issuer, which Class B Common Stock was acquired in 2019 or earlier.	Silver Lake Participation Ptnrshp, L.P., who received shares from Silver Lake Tech. Assoc. IV, L.P.			983	01/10/2025	See "Nature of Acquisition"
Class C Common Stock	06/13/2025	Acquired in a series of pro rata in-kind distributions from affiliates, which shares were acquired upon conversion of Class B Common Stock of the Issuer, which Class B Common Stock was acquired in 2019 or earlier.	Silver Lake Participation Ptnrshp, L.P., who received shares from Silver Lake Tech. Assoc. IV, L.P.			1051	06/13/2025	See "Nature of Acquisition"

* 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

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

How many Dell (DELL) shares are being sold under this Form 144?

2,034 Class C shares are scheduled for sale on 24 June 2025.

What is the total market value of the proposed Dell share sale?

The aggregate market value disclosed is $242,798.58.

Who is selling the Dell shares in the Form 144 filing?

Multiple Silver Lake–affiliated funds are the beneficial owners of the shares to be sold.

How many Dell shares has Silver Lake already sold in the past three months?

Approximately 1.3 million shares were sold between 9–12 June 2025.

What percentage of Dell’s outstanding shares does the new 2,034-share sale represent?

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

On which exchange will the Dell shares be sold?

The shares are slated for sale on the NYSE.