Silver Lake entities trim Dell (DELL) Class C stake after major share conversions

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Silver Lake–affiliated funds adjusted their Dell Technologies Class B and Class C holdings around March 20–23, 2026. Entities including SL SPV-2, Silver Lake Partners IV and V, and Silver Lake Technology Investors IV and V exercised or converted derivatives into 630,583 shares and sold 150,022 shares of Class C Common Stock in open-market transactions. The sales occurred at weighted-average prices in ranges from about $166.00 to $169.90 per share. Following these moves, the filing shows continued substantial indirect positions in Class B and Class C through the Silver Lake structures, plus 1,252,345 Class C shares held directly by director Egon Durban and additional indirect holdings through family-related entities.

Insights

Silver Lake funds convert and sell Dell shares but retain sizable stakes.

Silver Lake–related entities exercised or converted derivatives into 630,583 Dell Class C shares and sold 150,022 Class C shares in open-market trades at weighted-average prices between roughly $166 and $170. All reported derivative positions were exercised, leaving only common stock exposure.

The transactions are made through multiple partnerships and SPVs, with control layered via general partners and Silver Lake Group, L.L.C. Director Egon Durban holds 1,252,345 Class C shares directly and additional indirect interests, so the group remains a significant shareholder after these sales.

Because the filing does not tie these trades to any specific corporate event or disclose unusual scale relative to overall ownership, they appear as portfolio-management moves by a large sponsor rather than a change in Dell’s operating outlook.

Insider Trade Summary

Net Seller: 150,022 shares ($25,047,217)

Net Sell 35 txns

Insider SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors V, L.P.

Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner

Sold 150,022 shs ($25.05M)

Type	Security	Shares	Price	Value
Exercise	Class B Common Stock	242,147	$0.00	--
Exercise	Class B Common Stock	248,576	$0.00	--
Exercise	Class B Common Stock	134,554	$0.00	--
Exercise	Class B Common Stock	3,657	$0.00	--
Exercise	Class B Common Stock	1,649	$0.00	--
Exercise	Class C Common Stock	242,147	$0.00	--
Exercise	Class C Common Stock	248,576	$0.00	--
Exercise	Class C Common Stock	134,554	$0.00	--
Exercise	Class C Common Stock	3,657	$0.00	--
Exercise	Class C Common Stock	1,649	$0.00	--
Sale	Class C Common Stock	37,837	$166.44	$6.30M
Sale	Class C Common Stock	43,875	$166.44	$7.30M
Sale	Class C Common Stock	22,455	$166.44	$3.74M
Sale	Class C Common Stock	838	$166.44	$139K
Sale	Class C Common Stock	378	$166.44	$63K
Sale	Class C Common Stock	7,520	$167.24	$1.26M
Sale	Class C Common Stock	8,719	$167.24	$1.46M
Sale	Class C Common Stock	4,462	$167.24	$746K
Sale	Class C Common Stock	167	$167.24	$28K
Sale	Class C Common Stock	75	$167.24	$13K
Sale	Class C Common Stock	5,009	$168.57	$844K
Sale	Class C Common Stock	5,809	$168.57	$979K
Sale	Class C Common Stock	2,973	$168.57	$501K
Sale	Class C Common Stock	111	$168.57	$19K
Sale	Class C Common Stock	50	$168.57	$8K
Sale	Class C Common Stock	3,499	$169.63	$594K
Sale	Class C Common Stock	4,057	$169.63	$688K
Sale	Class C Common Stock	2,076	$169.63	$352K
Sale	Class C Common Stock	77	$169.63	$13K
Sale	Class C Common Stock	35	$169.63	$6K
holding	Class C Common Stock	--	--	--
holding	Class C Common Stock	--	--	--
holding	Class C Common Stock	--	--	--
holding	Class C Common Stock	--	--	--
holding	Class C Common Stock	--	--	--

Holdings After Transaction: Class B Common Stock — 18,791,747 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 317,504 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,252,345 shares (Direct)

Footnotes (1)

SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on March 20, 2026 and March 23, 2026. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On March 20, 2026 and March 23, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP"). These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP"). These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP"). These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer. These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest. This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates, including Mr. Durban. Represents shares of Class C Common Stock held by Mr. Durban. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $166.00 to $166.9998 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $167.00 to $167.98 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $168.05 to $169.01 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.15 to $169.90 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

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Form 4 Insider Transactions: What Each Field Means →

03/24/2026 - 07:43 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SLTA V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		37,837	D	$166.44⁽¹⁴⁾	91,384	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		43,875	D	$166.44⁽¹⁴⁾	74,451	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		22,455	D	$166.44⁽¹⁴⁾	45,281	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		838	D	$166.44⁽¹⁴⁾	355	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		378	D	$166.44⁽¹⁴⁾	160	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		7,520	D	$167.24⁽¹⁵⁾	83,865	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		8,719	D	$167.24⁽¹⁵⁾	65,732	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		4,462	D	$167.24⁽¹⁵⁾	40,819	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		167	D	$167.24⁽¹⁵⁾	188	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		75	D	$167.24⁽¹⁵⁾	85	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		5,009	D	$168.57⁽¹⁶⁾	78,856	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		5,809	D	$168.57⁽¹⁶⁾	59,923	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		2,973	D	$168.57⁽¹⁶⁾	37,846	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		111	D	$168.57⁽¹⁶⁾	77	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		50	D	$168.57⁽¹⁶⁾	35	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		3,499	D	$169.63⁽¹⁷⁾	75,357	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		4,057	D	$169.63⁽¹⁷⁾	55,866	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		2,076	D	$169.63⁽¹⁷⁾	35,770	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		77	D	$169.63⁽¹⁷⁾	0	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	03/20/2026		S⁽¹⁾⁽²⁾		35	D	$169.63⁽¹⁷⁾	0	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	03/23/2026		M⁽¹⁾⁽²⁾		242,147	A	⁽¹⁾⁽²⁾	317,504	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	03/23/2026		M⁽¹⁾⁽²⁾		248,576	A	⁽¹⁾⁽²⁾	304,442	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	03/23/2026		M⁽¹⁾⁽²⁾		134,554	A	⁽¹⁾⁽²⁾	170,324	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	03/23/2026		M⁽¹⁾⁽²⁾		3,657	A	⁽¹⁾⁽²⁾	3,657	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	03/23/2026		M⁽¹⁾⁽²⁾		1,649	A	⁽¹⁾⁽²⁾	1,649	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock								794	I	Held through Silver Lake Group⁽⁸⁾⁽⁹⁾
Class C Common Stock								692	I	See footnote⁽¹⁰⁾
Class C Common Stock								56,206	I	See footnote⁽¹¹⁾
Class C Common Stock								1,252,345	D⁽¹²⁾
Class C Common Stock								51,899	I	See footnote⁽¹³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾	03/23/2026		M⁽¹⁾⁽²⁾			242,147	⁽²⁾	⁽²⁾	Class C Common Stock	242,147	$0	18,791,747	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	03/23/2026		M⁽¹⁾⁽²⁾			248,576	⁽²⁾	⁽²⁾	Class C Common Stock	248,576	$0	19,290,670	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	03/23/2026		M⁽¹⁾⁽²⁾			134,554	⁽²⁾	⁽²⁾	Class C Common Stock	134,554	$0	10,442,016	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	03/23/2026		M⁽¹⁾⁽²⁾			3,657	⁽²⁾	⁽²⁾	Class C Common Stock	3,657	$0	283,830	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	03/23/2026		M⁽¹⁾⁽²⁾			1,649	⁽²⁾	⁽²⁾	Class C Common Stock	1,649	$0	127,991	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

1. Name and Address of Reporting Person^*

SLTA V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Associates V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Partners V DE (AIV), L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Investors V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on March 20, 2026 and March 23, 2026.

2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On March 20, 2026 and March 23, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.

3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").

4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").

5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").

6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.

7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.

8. Reflects shares held by Silver Lake Group, L.L.C. ("SLG").

9. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.

10. These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.

11. This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates, including Mr. Durban.

12. Represents shares of Class C Common Stock held by Mr. Durban.

13. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $166.00 to $166.9998 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $167.00 to $167.98 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $168.05 to $169.01 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $169.15 to $169.90 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	03/24/2026
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.	03/24/2026
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), LP	03/24/2026
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.	03/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did the Silver Lake entities do with their Dell (DELL) shares in this Form 4?

Silver Lake–affiliated funds exercised or converted derivatives into 630,583 Dell Class C shares and sold 150,022 Class C shares in open-market transactions. The moves shift exposure from derivatives to common stock while modestly reducing overall Class C holdings.

At what prices were Dell (DELL) shares sold by the Silver Lake entities?

The Dell Class C Common Stock sales used weighted-average prices within several ranges: from $166.00 to $166.9998, $167.00 to $167.98, $168.05 to $169.01, and $169.15 to $169.90 per share. Individual sale prices within each range are not itemized in the summary.

How many Dell (DELL) shares did Silver Lake–related funds exercise or convert in this filing?

Silver Lake–related entities exercised or converted derivative positions into a total of 630,583 shares of Dell Class C Common Stock. These actions reflect a shift from Class B and derivative exposure into Class C shares without an exercise price, according to the reported data.

How many Dell (DELL) shares did the Silver Lake entities sell in open-market trades?

The filing reports open-market sales totaling 150,022 shares of Dell Class C Common Stock by entities including SL SPV-2, Silver Lake Partners IV and V, and Silver Lake Technology Investors IV and V. These disposals were executed across multiple transactions at weighted-average prices near $166–$170 per share.

What Dell (DELL) holdings does director Egon Durban have after these transactions?

The data show Egon Durban holding 1,252,345 Dell Class C shares directly. Footnotes also describe additional indirect beneficial ownership through a trust for family members and entities such as SLTA SPV, SLTA V, and Silver Lake Group, indicating further indirect pecuniary interests.

Do the Silver Lake entities still own a significant stake in Dell (DELL) after these trades?

Yes. Despite selling 150,022 Class C shares, the filing shows large remaining indirect positions, including 18,791,747 Class B shares and multiple Class C blocks held through Silver Lake partnerships. Combined with Egon Durban’s direct and indirect holdings, they remain major Dell shareholders.

Silver Lake entities trim Dell (DELL) Class C stake after major share conversions

Rhea-AI Filing Summary

Positive

Negative

Insights

Equity ownership & governance analyst neutral

Insider Trade Summary

FAQ

What did the Silver Lake entities do with their Dell (DELL) shares in this Form 4?

At what prices were Dell (DELL) shares sold by the Silver Lake entities?

How many Dell (DELL) shares did Silver Lake–related funds exercise or convert in this filing?

How many Dell (DELL) shares did the Silver Lake entities sell in open-market trades?

What Dell (DELL) holdings does director Egon Durban have after these transactions?

Do the Silver Lake entities still own a significant stake in Dell (DELL) after these trades?