Silver Lake entities adjust Dell (DELL) stake with conversions and $176–$181 share sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Dell Technologies disclosed that investment entities affiliated with Silver Lake converted Class B Common Stock into Class C Common Stock and sold part of their position. On April 15 and April 16, 2026, they exercised derivatives for 630,047 shares and sold 458,666 Class C shares in open-market transactions.
The sales occurred at weighted average prices ranging from $176.30 to $180.8671 per share, through funds such as SL SPV-2, Silver Lake Partners IV and V, and Silver Lake Technology Investors IV and V. The reporting entities and Silver Lake Group L.L.C. continue to hold significant indirect and direct stakes after these transactions.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 458,666 shares ($81,293,378)
Net Sell
34 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
458,666 shs ($81.29M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 241,941 | $0.00 | -- |
| Exercise | Class B Common Stock | 248,365 | $0.00 | -- |
| Exercise | Class B Common Stock | 134,439 | $0.00 | -- |
| Exercise | Class B Common Stock | 3,654 | $0.00 | -- |
| Exercise | Class B Common Stock | 1,648 | $0.00 | -- |
| Exercise | Class C Common Stock | 241,941 | $0.00 | -- |
| Exercise | Class C Common Stock | 248,365 | $0.00 | -- |
| Exercise | Class C Common Stock | 134,439 | $0.00 | -- |
| Exercise | Class C Common Stock | 3,654 | $0.00 | -- |
| Exercise | Class C Common Stock | 1,648 | $0.00 | -- |
| Sale | Class C Common Stock | 126,677 | $176.58 | $22.37M |
| Sale | Class C Common Stock | 144,741 | $176.58 | $25.56M |
| Sale | Class C Common Stock | 74,536 | $176.58 | $13.16M |
| Sale | Class C Common Stock | 2,788 | $176.58 | $492K |
| Sale | Class C Common Stock | 1,258 | $176.58 | $222K |
| Sale | Class C Common Stock | 5,898 | $178.44 | $1.05M |
| Sale | Class C Common Stock | 6,740 | $178.44 | $1.20M |
| Sale | Class C Common Stock | 3,471 | $178.44 | $619K |
| Sale | Class C Common Stock | 130 | $178.44 | $23K |
| Sale | Class C Common Stock | 59 | $178.44 | $11K |
| Sale | Class C Common Stock | 29,181 | $179.43 | $5.24M |
| Sale | Class C Common Stock | 33,342 | $179.43 | $5.98M |
| Sale | Class C Common Stock | 17,170 | $179.43 | $3.08M |
| Sale | Class C Common Stock | 642 | $179.43 | $115K |
| Sale | Class C Common Stock | 290 | $179.43 | $52K |
| Sale | Class C Common Stock | 4,250 | $180.16 | $766K |
| Sale | Class C Common Stock | 4,856 | $180.16 | $875K |
| Sale | Class C Common Stock | 2,501 | $180.16 | $451K |
| Sale | Class C Common Stock | 94 | $180.16 | $17K |
| Sale | Class C Common Stock | 42 | $180.16 | $8K |
| 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 — 18,549,806 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 241,941 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 1,313,489 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 April 15, 2026 and April 16, 2026 and initiated in-kind distributions of shares of Class C Common Stock on April 16, 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 April 15, 2026 and April 16, 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 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. Silver Lake Group, L.L.C. ("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. Reflects shares held by SLG. Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on April 16, 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 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 April 16, 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, pro rata 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, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the April 16, 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 immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on April 16, 2026. The receipt of such shares of Class C Common Stock 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 $176.30 to $177.28 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 $178.00 to $178.9969 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 $179.0004 to $180.00 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 $180.0005 to $180.8671 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.
Key Figures
Shares sold: 458,666 shares
Shares exercised/converted: 630,047 shares
Weighted price range (low): $176.30/share
+5 more
8 metrics
Shares sold
458,666 shares
Class C Common Stock sold in open-market trades
Shares exercised/converted
630,047 shares
Derivative exercises or conversions into Class C Common Stock
Weighted price range (low)
$176.30/share
Lower end of reported weighted average sale price range
Weighted price range (high)
$180.8671/share
Upper end of reported weighted average sale price range
SL SPV-2 Class C holding
80,185 shares
Class C Common Stock held by SL SPV-2 after reported sales
Silver Lake Partners IV Class C holding
63,542 shares
Class C Common Stock held by Silver Lake Partners IV after sales
Direct Class C holding
1,313,489 shares
Class C Common Stock directly held by Mr. Durban after distributions
Net share direction
-458,666 shares
Net buy/sell shares reported as net-sell in summary
Key Terms
Rule 16a-13, weighted average price, pro rata distributions, director by deputization, +2 more
6 terms
Rule 16a-13 regulatory
"The receipt of shares of Class C Common Stock ... was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act."
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions..."
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.
pro rata distributions financial
"In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated..."
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."
indirect pecuniary interest financial
"These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest..."
Class B Common Stock financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock at any time..."
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.
FAQ
What did Silver Lake-affiliated entities report in this Dell (DELL) Form 4?
Silver Lake-affiliated entities reported converting Class B into Class C Common Stock and selling part of their Dell stake. They exercised derivatives for 630,047 shares and sold 458,666 Class C shares in open-market trades around mid-April 2026, while retaining substantial remaining holdings.
Which entities associated with Silver Lake are involved in the Dell (DELL) transactions?
The filing lists 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 V, L.P., and Silver Lake Group, L.L.C. These entities hold Dell shares and executed the reported conversions and sales, with governance links described in the footnotes.