Silver Lake entities adjust Dell (NYSE: DELL) holdings with share sales and conversions
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Dell Technologies Inc. reported insider activity involving entities affiliated with Silver Lake. On June 12, 2026, SL SPV-2, L.P. and related Silver Lake funds sold an aggregate of 34,257 shares of Class C Common Stock in a series of open-market transactions at weighted average prices generally around $400 per share, as disclosed in detailed price ranges.
On the same date, certain reporting persons converted 50,725 shares of Class B Common Stock into an equal number of Class C shares in connection with these sales. After the transactions, SL SPV-2, L.P. held 126,066 shares of Class C Common Stock and 17,031,140 shares of Class B Common Stock, while a related Silver Lake entity indirectly held 27,320,254 shares of Class B Common Stock that are convertible into the same number of Class C shares. The filing reflects a partial reduction, not an exit, of Silver Lake–associated holdings.
Positive
- None.
Negative
- None.
Insights
Silver Lake entities executed a modest net sale alongside a share class conversion.
The filing shows Silver Lake–affiliated vehicles sold 34,257 shares of Dell Class C Common Stock at prices around $400 per share, while converting 50,725 Class B shares into Class C in connection with these sales. Open-market sales (code S) are the primary signal here.
However, the same Silver Lake structures continue to hold substantial positions, including 17,031,140 shares of Class B Common Stock at SL SPV-2, L.P. and a separate 27,320,254-share Class B position indirectly, all convertible into Class C. This suggests ongoing, material exposure despite the net-sell activity reported for June 12, 2026.
Because the filing does not quantify Dell’s total shares outstanding, the relative scale of these transactions versus the company’s market float cannot be determined from this data alone. The information mainly clarifies that Silver Lake is trimming, not eliminating, its multi-class stake in Dell through routine market transactions and associated conversions.
Insider Trade Summary
Net Seller: 34,257 shares ($13,809,641)
Net Sell
19 txns
Insider
SL SPV-2, L.P., SLTA SPV-2, L.P., SLTA SPV-2 (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role
null | null | null | null | null
Sold
34,257 shs ($13.81M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 50,725 | $0.00 | -- |
| Exercise | Class C Common Stock | 50,725 | $0.00 | -- |
| Sale | Class C Common Stock | 4,937 | $399.50 | $1.97M |
| Sale | Class C Common Stock | 4,493 | $400.52 | $1.80M |
| Sale | Class C Common Stock | 5,621 | $401.41 | $2.26M |
| Sale | Class C Common Stock | 3,910 | $402.53 | $1.57M |
| Sale | Class C Common Stock | 1,750 | $403.35 | $706K |
| Sale | Class C Common Stock | 1,093 | $404.58 | $442K |
| Sale | Class C Common Stock | 4,309 | $405.57 | $1.75M |
| Sale | Class C Common Stock | 5,812 | $406.35 | $2.36M |
| Sale | Class C Common Stock | 2,090 | $407.38 | $851K |
| Sale | Class C Common Stock | 242 | $408.08 | $99K |
| holding | Class B Common Stock | -- | -- | -- |
| 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 | -- | -- | -- |
| holding | Class C Common Stock | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock — 17,031,140 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 126,066 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 1,317,963 shares (Direct, null)
Footnotes (1)
- Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 June 12, 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 June 12, 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 SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (GP), L.L.C. 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. Reflects shares of Class C Common Stock held by SLG. 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 24,563, 24,932, 114,663 and 56 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of certain employees and managing members of SLG or its affiliates. Represents shares of Class C Common Stock held directly 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 $398.9913 to $399.9800 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 $400.0000 to $400.9946 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 $401.0000 to $401.9900 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 $402.0000 to $402.9999 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 $403.0000 to $403.9900 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 $404.0047 to $404.9892 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 $405.0000 to $405.9941 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 $406.0000 to $406.9985 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 $407.0000 to $407.9900 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 $408.0000 to $408.2463 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. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 69,916 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 50,381 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 17,483,318 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,463,699 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 257,237 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 116,000 shares of Class B Common Stock, which securities are reported on separate Form 4 filings.
Key Figures
Class C shares sold: 34,257 shares
Sale price range: $398.9913–$408.2463 per share
Class B converted: 50,725 shares
+3 more
6 metrics
Class C shares sold
34,257 shares
Aggregate open-market sales on June 12, 2026
Sale price range
$398.9913–$408.2463 per share
Weighted-average price ranges disclosed in multiple footnotes
Class B converted
50,725 shares
Class B converted into equal Class C shares on June 12, 2026
SL SPV-2 Class C holdings
126,066 shares
Class C Common Stock held indirectly after transactions
SL SPV-2 Class B holdings
17,031,140 shares
Class B Common Stock held indirectly after transactions
Convertible Class B position
27,320,254 shares
Class B shares indirectly held, convertible 1:1 into Class C
Key Terms
Class C Common Stock, Class B Common Stock, weighted average price, derivative security, +1 more
5 terms
Class C Common Stock financial
"sold certain shares of Class C Common Stock, par value $0.01 per share"
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
indirect pecuniary interest financial
"shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest."
FAQ
What is the significance of Dell (DELL) Class B stock in this Form 4 filing?
Each Dell Class B share is convertible into one Class C share at any time at the holder’s election or automatically upon certain transfers. On June 12, 2026, reporting persons converted 50,725 Class B shares into an equal number of Class C shares tied to the reported sales.
Are these Dell (DELL) insider transactions attributed to Egon Durban personally?
The transactions primarily involve entities such as SL SPV-2, L.P. and other Silver Lake funds. Footnotes explain that some Class C shares are held by Silver Lake Group entities and that certain shares are held by entities in which Egon Durban may have an indirect pecuniary interest, rather than direct personal ownership.
Do Silver Lake entities still have a large position in Dell (DELL) after these sales?
Yes. Despite selling 34,257 Class C shares, Silver Lake-affiliated entities continue to hold large positions, including 17,031,140 Class B shares at SL SPV-2, L.P. and another 27,320,254 convertible Class B shares indirectly, indicating an ongoing, sizable stake in Dell.