Silver Lake funds trim Dell (NYSE: DELL) stake with 382K-share sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Silver Lake-affiliated funds adjusted their Dell Technologies Class B and Class C holdings through conversions, sales and in-kind distributions. On April 16, 2026, several Silver Lake funds converted a total of 516,449 shares of Class B Common Stock into the same number of Class C shares at a $0.00 conversion price, then sold 382,000 Class C shares in open-market transactions, mainly at $176.50 per share and in one block around $193.58 per share. The funds also initiated pro rata, in-kind distributions of 312,832 Class C shares to affiliates, employees and managing members, including Egon Durban, whose direct Class C holdings increased to 1,313,489 shares immediately after the distributions.
Positive
- None.
Negative
- None.
Insights
Silver Lake funds convert Dell Class B to Class C and sell 382K shares while making in-kind distributions.
Several Silver Lake investment vehicles converted 516,449 shares of Dell Class B Common Stock into an equal number of Class C shares at a stated conversion price of $0.00 per share. These conversions are structural, reflecting Dell’s dual-class share design rather than fresh cash purchases.
On the same date, the funds sold 382,000 Class C shares in open-market transactions at reported prices of $176.50 and a weighted average around $193.58 per share. The filing also records pro rata, in-kind distributions of 312,832 Class C shares to affiliates, employees and managing members, including Egon Durban, which reallocate ownership across Silver Lake-related entities without changing Dell’s total shares outstanding.
Following these moves, Durban’s direct Class C position is shown at 1,313,489 shares as of April 16, 2026, while various Silver Lake funds continue to report large indirect holdings in both Class B and Class C stock. The transactions collectively represent a net sale by these holders but still leave substantial exposure to Dell across the Silver Lake complex.
Insider Trade Summary
Net Seller: 382,000 shares ($67,542,560)
Net Sell
23 txns
Insider
SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Silver Lake Technology Associates IV, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., SLTA SPV-2 (GP), L.L.C., SLTA SPV-2, L.P., SL SPV-2, L.P., Durban Egon
Role
Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold
382,000 shs ($67.54M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 198,319 | $0.00 | -- |
| Exercise | Class B Common Stock | 203,583 | $0.00 | -- |
| Exercise | Class B Common Stock | 110,200 | $0.00 | -- |
| Exercise | Class B Common Stock | 2,996 | $0.00 | -- |
| Exercise | Class B Common Stock | 1,351 | $0.00 | -- |
| Exercise | Class C Common Stock | 198,319 | $0.00 | -- |
| Exercise | Class C Common Stock | 203,583 | $0.00 | -- |
| Exercise | Class C Common Stock | 110,200 | $0.00 | -- |
| Exercise | Class C Common Stock | 2,996 | $0.00 | -- |
| Exercise | Class C Common Stock | 1,351 | $0.00 | -- |
| Sale | Class C Common Stock | 135,097 | $176.50 | $23.84M |
| Sale | Class C Common Stock | 155,479 | $176.50 | $27.44M |
| Sale | Class C Common Stock | 80,077 | $176.50 | $14.13M |
| Sale | Class C Common Stock | 2,996 | $176.50 | $529K |
| Sale | Class C Common Stock | 1,351 | $176.50 | $238K |
| Sale | Class C Common Stock | 7,000 | $193.58 | $1.36M |
| Other | Class C Common Stock | 139,157 | $0.00 | -- |
| Other | Class C Common Stock | 106,790 | $0.00 | -- |
| Other | Class C Common Stock | 66,885 | $0.00 | -- |
| 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 — 18,351,487 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 274,254 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 $193.46 to $193.75 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. 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 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.
Key Figures
Class B to Class C conversions: 516,449 shares
Open-market Class C sales: 382,000 shares
Sale price (main block): $176.50 per share
+5 more
8 metrics
Class B to Class C conversions
516,449 shares
Class B Common Stock converted into Class C on April 15–16, 2026
Open-market Class C sales
382,000 shares
Class C Common Stock sold by Silver Lake-related entities on April 16, 2026
Sale price (main block)
$176.50 per share
Price reported for several Class C sale transactions
Weighted-average sale price range
$193.46–$193.75 per share
Footnote range for one set of Class C share sales
In-kind distributions
312,832 shares
Pro rata distributions of Class C stock to affiliates and personnel
Durban direct Class C holdings
1,313,489 shares
Class C Common Stock directly held after April 16, 2026 distributions
SL SPV-2 post-transaction Class C
274,254 shares
Class C shares held through SL SPV-2, L.P. after conversions and sales
SL SPV-2 Class B holdings
18,351,487 shares
Class B Common Stock held through SL SPV-2, L.P. after conversions
Key Terms
Rule 16a-13, pro rata distributions, weighted average price, derivative security, +1 more
5 terms
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."
pro rata distributions financial
"In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members..."
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.46 to $193.75 per share..."
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
"These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest..."
FAQ
What in-kind distributions of Dell (DELL) stock did Silver Lake make?
Silver Lake-related entities initiated in-kind, pro rata distributions totaling 312,832 Dell Class C shares. These distributions went to affiliates, employees, and managing members of Silver Lake Group or its affiliates, including Egon Durban, and were reported as exempt under Rule 16a-13 of the Exchange Act.
What is Egon Durban’s Dell (DELL) direct Class C stake after these transactions?
After the April 16, 2026 distributions, Egon Durban directly held 1,313,489 shares of Dell Class C Common Stock. He also may be deemed to have indirect pecuniary interests in additional shares held through Silver Lake-related entities and a family trust, as described in the footnotes.