Silver Lake (NYSE: DELL) trims Dell stake and converts Class B shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SL SPV-2, L.P. and affiliated Silver Lake entities reported mixed transactions in Dell Technologies Inc. Class C Common Stock. On June 3, 2026, they sold a total of 78,236 Class C shares in open-market trades at prices between $420.0000 and $430.9900 per share through SL SPV-2, L.P. They also exercised the right to convert 89,510 shares of Class B Common Stock into an equal number of Class C shares at a conversion price of $0.0000. Following these moves, a Silver Lake affiliate continued to hold 28,494,046 Class B shares convertible into the same number of Class C shares indirectly. Director Egon Durban is associated with Silver Lake and may have an indirect pecuniary interest, but the transactions are reported at the entity level.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 78,236 shares ($33,092,256)
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
78,236 shs ($33.09M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 89,510 | $0.00 | -- |
| Exercise | Class C Common Stock | 89,510 | $0.00 | -- |
| Sale | Class C Common Stock | 29,462 | $420.22 | $12.38M |
| Sale | Class C Common Stock | 22,355 | $421.20 | $9.42M |
| Sale | Class C Common Stock | 176 | $422.04 | $74K |
| Sale | Class C Common Stock | 7,860 | $425.37 | $3.34M |
| Sale | Class C Common Stock | 2,913 | $426.43 | $1.24M |
| Sale | Class C Common Stock | 4,364 | $427.58 | $1.87M |
| Sale | Class C Common Stock | 2,833 | $428.40 | $1.21M |
| Sale | Class C Common Stock | 3,598 | $429.61 | $1.55M |
| Sale | Class C Common Stock | 4,675 | $430.07 | $2.01M |
| Other | Class C Common Stock | 11,274 | $0.00 | -- |
| 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 — 17,762,868 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 89,510 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 1,313,489 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 3, 2026 and initiated in-kind distributions of shares of Class C Common Stock on June 3, 2026. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. 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 3, 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 and distributions 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. Shares held include shares of Class C Common Stock received in connection with the distributions described herein on June 3, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on June 3, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. In connection with the distributions described in footnote (1) above, distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Mr. Durban. This amount reflects 24,563, 14,785 and 90,357 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of such individuals, including shares distributed in the June 3, 2026 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock held by Mr. Durban including shares received in connection with the distributions of shares of Class C Common Stock on June 3, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on June 3, 2026. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on June 3, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $420.0000 to $420.9918 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 $421.0000 to $421.9800 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 $422.0200 to $422.0500 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 $425.0000 to $425.9500 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 $426.0000 to $426.8900 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 $427.0000 to $427.9700 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 $428.0000 to $428.9058 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 $429.0000 to $429.9993 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 $430.0000 to $430.9900 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. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 0 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 94,207 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 related transactions are reported on separate Form 4 filings. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 18,234,475 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,870,299 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 268,289 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 120,983 shares of Class B Common Stock, which securities are reported on separate Form 4 filings.
Key Figures
Shares sold: 78,236 shares
Sale price range: $420.0000–$430.9900 per share
Shares converted: 89,510 shares
+4 more
7 metrics
Shares sold
78,236 shares
Class C open-market sales on June 3, 2026
Sale price range
$420.0000–$430.9900 per share
Weighted-average price ranges from multiple trades
Shares converted
89,510 shares
Class B to Class C conversion at $0.0000
Remaining Class B convertible
28,494,046 shares
Indirectly held, each convertible into one Class C share
Post-transaction Class B holding
17,762,868 shares
Class B shares held by SL SPV-2, L.P. after conversion
Largest single sale block
29,462 shares
Class C sale at $420.2200 per share
Restructuring shares
11,274 shares
Other acquisition or disposition (code J)
Key Terms
Class C Common Stock, Class B Common Stock, Rule 16a-13, in-kind distributions, +2 more
6 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.
Rule 16a-13 regulatory
"The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act"
in-kind distributions financial
"sold certain shares of Class C Common Stock ... and initiated in-kind distributions of shares"
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 exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
FAQ
What was the Class B to Class C conversion reported for Dell (DELL)?
Certain Silver Lake entities converted 89,510 Dell Class B shares into 89,510 Class C shares at a conversion price of $0.0000. Each Class B share is convertible into one Class C share, and the filing notes these conversions occurred alongside the reported sales and distributions.
What role does Egon Durban have in the Dell (DELL) insider transactions?
Egon Durban is a Dell director and a Co-CEO and Managing Member of Silver Lake Group, L.L.C. The filing explains that certain Dell shares are held by Silver Lake entities in which he may have an indirect pecuniary interest, while the trades themselves are reported at the entity level.