[144] Dell Technologies Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filing for Dell Technologies Inc. (NYSE: DELL) discloses that a Silver Lake affiliate plans to sell 5,803 Class C common shares through Merrill Lynch on or about 24 June 2025. The shares have an estimated market value of $692,704 and represent roughly 0.0017 % of Dell’s 339.7 million shares outstanding, indicating an immaterial immediate impact to public float.

The filing also details extensive insider sales executed over the preceding week (9-12 June 2025) by multiple Silver Lake funds:

• Total shares sold: ≈ 1.30 million
• Aggregate gross proceeds: ≈ $148 million
• Largest single-day block: 217,853 shares on 12 June 2025 for ≈ $24.6 million

Silver Lake was Dell’s original private-equity sponsor; the ongoing divestitures reduce its ownership stake further and may create a modest supply overhang. However, the upcoming 5,803-share disposition is negligible relative to average daily volume and should not materially dilute existing shareholders.

No information in the notice suggests undisclosed adverse developments; the signatory affirms awareness of no non-public negative information. The transaction is being routed through the NYSE.

Positive

• Concentration risk declines as Silver Lake continues to reduce its position, incrementally broadening Dell’s shareholder base.

Negative

• Continued insider selling (≈1.3 million shares for $148 million in prior week) may create a perception of overhang and weaken short-term sentiment.

Insights

Equity Research Analyst

TL;DR – Small new sale, but continued Silver Lake disposals signal modest overhang.

The scheduled 5,803-share sale is insignificant (<0.002 % of shares outstanding) and should not move Dell’s price. What matters is the pattern: Silver Lake liquidated ≈1.3 million shares for ≈$148 million in the prior week, showing a steady exit trajectory. While Dell’s float absorbs that easily (average daily volume ≈5–6 million), persistent insider selling can weigh on sentiment and cap near-term upside. There are no operational metrics here, so outlook remains tied to Dell’s earnings fundamentals. Overall effect: slightly negative for perception, immaterial for valuation.

Corporate Governance Specialist

TL;DR – Filing highlights governance transition as legacy PE sponsor trims stake.

Silver Lake’s cumulative 1.3 million-share disposal across multiple partnerships underscores its systematic exit from Dell, reducing potential conflicts and gradually broadening Dell’s public ownership. The forthcoming 5,803-share tranche is routine and voluntary, filed under Rule 144 with appropriate representations of no material non-public information. Governance impact is neutral-to-positive: lower concentrated control, but investors should monitor further block trades that could affect float dynamics or trigger stock-specific overhang headlines.

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	5803	692704.11	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.	SLTA V (GP), L.L.C.			2800	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.	SLTA V (GP), L.L.C.			3003	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 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?

The filing covers 5,803 Class C common shares with an estimated value of $692,704.

Who is selling the shares and through which broker?

A Silver Lake affiliate plans to sell via Merrill Lynch, Pierce, Fenner & Smith Inc.

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

The 5,803 shares equal roughly 0.0017 % of Dell’s 339.7 million shares outstanding.

How many Dell shares has Silver Lake sold recently?

Over 9-12 June 2025, Silver Lake entities sold approximately 1.3 million shares for about $148 million in gross proceeds.

Does the filing indicate any undisclosed negative information about Dell?

No. The signatory affirms they are not aware of any material adverse non-public information regarding Dell.