Silver Lake funds trim Dell (NYSE: DELL) stake with 222,434-share sale

Rhea-AI Filing Summary

Silver Lake-affiliated investment funds reported selling 222,434 shares of Dell Technologies Inc. Class C Common Stock on March 2, 2026. The Form 4 shows a series of open-market sales by entities including SPV-2, Silver Lake Partners IV, Silver Lake Partners V and related Silver Lake Technology Investors funds.

The shares were sold at weighted average prices around $151 per share, with detailed price ranges disclosed in the footnotes. After these trades, various Silver Lake entities continue to hold Class C shares, while certain Silver Lake Technology Investors vehicles reported their positions reduced to zero.

SEC Form 4

FORM 4

UNITED 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

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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 CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Class C Common Stock	03/02/2026		S(1)(2)		64,182	D	$150.97(12)	98,859	I	Held through SL SPV-2, L.P.(3)(8)
Class C Common Stock	03/02/2026		S(1)(2)		74,476	D	$150.97(12)	79,564	I	Held through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock	03/02/2026		S(1)(2)		38,162	D	$150.97(12)	48,559	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock	03/02/2026		S(1)(2)		1,419	D	$150.97(12)	346	I	Held through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock	03/02/2026		S(1)(2)		640	D	$150.97(12)	156	I	Held through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock	03/02/2026		S(1)(2)		15,627	D	$151.78(13)	83,232	I	Held through SL SPV-2, L.P.(3)(8)
Class C Common Stock	03/02/2026		S(1)(2)		18,134	D	$151.78(13)	61,430	I	Held through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock	03/02/2026		S(1)(2)		9,292	D	$151.78(13)	39,267	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock	03/02/2026		S(1)(2)		346	D	$151.78(13)	0	I	Held through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock	03/02/2026		S(1)(2)		156	D	$151.78(13)	0	I	Held through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock								80,228	I	See footnote(9)
Class C Common Stock								1,172,428	D(10)
Class C Common Stock								49,228	I	See footnote(11)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% 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 CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% 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 CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% 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 CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% 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 2, 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 2, 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.

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. 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.

9. This amount reflects 13,741, 7,869 and 58,618 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates, including Egon Durban.

10. Represents shares of Class C Common Stock held by Mr. Durban.

11. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.5455 to $151.5445 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.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $151.5455 to $152.1100 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.	03/04/2026
	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.	03/04/2026
	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), LP	03/04/2026
	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.	03/04/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did DELL report for Silver Lake on March 2, 2026?

Dell Technologies reported that Silver Lake-affiliated funds sold 222,434 shares of Class C Common Stock on March 2, 2026. The trades were executed in multiple open-market transactions at weighted average prices around $151 per share, as detailed in the filing footnotes.

Which Silver Lake entities were involved in the March 2026 DELL stock sales?

The transactions involved SPV-2, Silver Lake Partners IV, Silver Lake Partners V DE (AIV) and Silver Lake Technology Investors IV and V. These entities are affiliated investment vehicles that collectively reported the open-market sales of Dell Class C Common Stock.

How many Dell Technologies Class C shares did Silver Lake funds sell?

Silver Lake-affiliated funds sold a combined 222,434 shares of Dell Technologies Class C Common Stock. This total reflects ten separate open-market sale transactions disclosed in the Form 4, all dated March 2, 2026, across the various participating Silver Lake entities.

At what prices did Silver Lake funds sell DELL Class C Common Stock?

The Form 4 lists weighted average sale prices of $150.97 and $151.78 per share. Footnotes explain these averages reflect multiple trades in ranges from $150.5455–$151.5445 and $151.5455–$152.1100 per share, respectively, across the reported sale transactions.

Did Silver Lake entities retain any DELL shares after these reported sales?

Yes. After the reported transactions, certain Silver Lake entities still held Dell Class C shares, such as SPV-2, Silver Lake Partners IV and Silver Lake Partners V. However, the Silver Lake Technology Investors IV and V entities reported their Class C positions reduced to zero shares following the sales.

What type of security did Silver Lake funds trade in this Dell Form 4 filing?

All reported transactions involve Class C Common Stock of Dell Technologies Inc. Footnotes also note that Class B Common Stock is convertible one-for-one into Class C shares, and some conversions of Class B into Class C occurred in connection with these sales and distributions.