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Silver Lake entities trim Dell (NYSE: DELL) stake with Class B-to-C conversions

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. reported insider activity by Silver Lake–affiliated entities that are 10% owners and directors by deputization. On March 20, 2026, these entities converted 616,993 shares of Class B Common Stock into the same number of Class C Common Stock shares and conducted open-market sales of 299,979 Class C shares.

The reported Class C sales occurred at weighted-average prices between $163.00 and $165.9992 per share, in multiple transactions. Following these trades, the filing shows continued large positions, including 1,252,345 Class C shares held directly as of March 20, 2026, along with substantial remaining Class B holdings, indicating a partial reduction rather than a full exit.

Positive

  • None.

Negative

  • None.
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 299,979 shs ($49.36M)
Type Security Shares Price Value
Exercise Class B Common Stock 236,928 $0.00 --
Exercise Class B Common Stock 243,218 $0.00 --
Exercise Class B Common Stock 131,654 $0.00 --
Exercise Class B Common Stock 3,579 $0.00 --
Exercise Class B Common Stock 1,614 $0.00 --
Exercise Class C Common Stock 236,928 $0.00 --
Exercise Class C Common Stock 243,218 $0.00 --
Exercise Class C Common Stock 131,654 $0.00 --
Exercise Class C Common Stock 3,579 $0.00 --
Exercise Class C Common Stock 1,614 $0.00 --
Sale Class C Common Stock 39,455 $163.51 $6.45M
Sale Class C Common Stock 45,751 $163.51 $7.48M
Sale Class C Common Stock 23,415 $163.51 $3.83M
Sale Class C Common Stock 874 $163.51 $143K
Sale Class C Common Stock 394 $163.51 $64K
Sale Class C Common Stock 27,576 $164.60 $4.54M
Sale Class C Common Stock 31,976 $164.60 $5.26M
Sale Class C Common Stock 16,365 $164.60 $2.69M
Sale Class C Common Stock 611 $164.60 $101K
Sale Class C Common Stock 275 $164.60 $45K
Sale Class C Common Stock 40,675 $165.49 $6.73M
Sale Class C Common Stock 47,166 $165.49 $7.81M
Sale Class C Common Stock 24,139 $165.49 $3.99M
Sale Class C Common Stock 901 $165.49 $149K
Sale Class C Common Stock 406 $165.49 $67K
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 — 19,033,894 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 236,928 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,252,345 shares (Direct)
Footnotes (1)
  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 $163.00 to $163.9990 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 $164.00 to $164.9999 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 $165.00 to $165.9992 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.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirectorX10% 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
XForm 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)
CodeVAmount(A) or (D)Price
Class C Common Stock03/20/2026M(1)(2)236,928A(1)(2)236,928IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/20/2026M(1)(2)243,218A(1)(2)243,218IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/20/2026M(1)(2)131,654A(1)(2)131,654IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/20/2026M(1)(2)3,579A(1)(2)3,579IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/20/2026M(1)(2)1,614A(1)(2)1,614IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/20/2026S39,455D$163.51(14)197,473IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/20/2026S45,751D$163.51(14)197,467IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/20/2026S23,415D$163.51(14)108,239IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/20/2026S874D$163.51(14)2,705IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/20/2026S394D$163.51(14)1,220IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/20/2026S27,576D$164.6(15)169,897IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/20/2026S31,976D$164.6(15)165,491IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/20/2026S16,365D$164.6(15)91,875IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/20/2026S611D$164.6(15)2,094IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/20/2026S275D$164.6(15)944IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/20/2026S40,675D$165.49(16)129,222IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/20/2026S47,166D$165.49(16)118,326IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/20/2026S24,139D$165.49(16)67,736IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/20/2026S901D$165.49(16)1,193IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/20/2026S406D$165.49(16)538IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock794IHeld through Silver Lake Group(8)(9)
Class C Common Stock692ISee footnote(10)
Class C Common Stock56,206ISee footnote(11)
Class C Common Stock1,252,345D(12)
Class C Common Stock51,899ISee 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)03/20/2026M(1)(2)236,928 (2) (2)Class C Common Stock236,928$019,033,894IHeld through SL SPV-2, L.P.(3)(9)
Class B Common Stock(2)03/20/2026M(1)(2)243,218 (2) (2)Class C Common Stock243,218$019,539,246IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock(2)03/20/2026M(1)(2)131,654 (2) (2)Class C Common Stock131,654$010,576,570IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock(2)03/20/2026M(1)(2)3,579 (2) (2)Class C Common Stock3,579$0287,487IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock(2)03/20/2026M(1)(2)1,614 (2) (2)Class C Common Stock1,614$0129,640IHeld 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
XDirectorX10% 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
XDirectorX10% 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
XDirectorX10% 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
XDirectorX10% 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 $163.00 to $163.9990 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 $164.00 to $164.9999 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.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.00 to $165.9992 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), LP03/24/2026
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 PersonDate
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Silver Lake entities report in Dell (DELL) stock?

Silver Lake–affiliated entities reported converting 616,993 shares of Class B Common Stock into Class C and selling 299,979 Class C shares on March 20, 2026, through open-market transactions at weighted-average prices between $163.00 and $165.9992 per share.

What types of Dell (DELL) securities were involved in the Silver Lake Form 4?

The filing involves Dell Class B and Class C Common Stock. Class B shares were converted into an equal number of Class C shares, and the entities then sold Class C Common Stock in multiple open-market transactions on March 20, 2026, at specified price ranges.

How many Dell (DELL) shares did Silver Lake entities sell according to this Form 4?

The Silver Lake–affiliated reporting entities sold a combined 299,979 shares of Dell Class C Common Stock. These sales took place in multiple open-market transactions on March 20, 2026, at weighted-average prices detailed between $163.00 and $165.9992 per share.

How many Dell (DELL) shares were converted from Class B to Class C in this filing?

The reporting entities exercised or converted 616,993 shares of Dell Class B Common Stock into an equal number of Class C Common Stock shares. These conversions were made in connection with the Class C share sales disclosed for March 20, 2026, by the same affiliated entities.

Do Silver Lake entities still hold Dell (DELL) shares after these transactions?

Yes. The filing shows continued significant holdings, including 1,252,345 Class C Common Stock shares held directly as of March 20, 2026, plus substantial remaining Class B Common Stock positions, indicating these trades reduced but did not eliminate the overall Dell stake.

Who are the reporting persons in the Dell (DELL) Silver Lake Form 4?

Reporting persons include SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., Silver Lake Partners V DE (AIV), L.P., and Silver Lake Technology Investors V, L.P. They are affiliated with Silver Lake and may be deemed directors of Dell by deputization, according to the footnotes.