Silver Lake funds in Dell (NYSE: DELL) sell Class C shares and convert Class B stock
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Silver Lake funds and director Egon Durban reported multiple Dell Technologies share transactions dated June 8, 2026. Silver Lake Partners IV, L.P. converted 147,473 shares of Class B Common Stock into an equal number of Class C shares and then sold 138,885 Class C shares in a series of open-market trades at prices between about $386 and $406.11 per share. Following these sales, Silver Lake Partners IV, L.P. indirectly held 146,391 shares of Class C Common Stock and 17,808,042 shares of Class B Common Stock. Durban was deemed to receive 12,009 Class C shares in a distribution and donated all of them the same day as a bona fide gift. Additional entries reflect indirect holdings and in-kind distributions among related Silver Lake entities.
Positive
- None.
Negative
- None.
Insights
Silver Lake converted Dell Class B into Class C and sold a portion while retaining a large position.
Silver Lake Partners IV, L.P. converted 147,473 shares of Dell Class B Common Stock into the same number of Class C shares, then sold 138,885 Class C shares through multiple open-market transactions at prices ranging from about $386 to $406.11 per share.
After these trades, the fund still indirectly held 146,391 Class C shares and 17,808,042 Class B shares, while a related charitable action saw Egon Durban donate 12,009 directly held Class C shares. The filing also shows remaining convertible Class B interests representing 27,367,103 underlying Class C shares, so the reported activity reflects partial repositioning rather than a full exit.
Insider Trade Summary
Net Seller: 138,885 shares ($55,293,632)
Net Sell
30 txns
Insider
Silver Lake Partners IV, L.P., Silver Lake Technology Associates IV, L.P., SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role
null | null | null | null | null
Sold
138,885 shs ($55.29M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 147,473 | $0.00 | -- |
| Exercise | Class C Common Stock | 147,473 | $0.00 | -- |
| Sale | Class C Common Stock | 1,082 | $386.57 | $418K |
| Sale | Class C Common Stock | 2,217 | $387.47 | $859K |
| Sale | Class C Common Stock | 2,884 | $388.37 | $1.12M |
| Sale | Class C Common Stock | 1,825 | $389.71 | $711K |
| Sale | Class C Common Stock | 2,247 | $390.58 | $878K |
| Sale | Class C Common Stock | 2,351 | $391.56 | $921K |
| Sale | Class C Common Stock | 3,352 | $392.47 | $1.32M |
| Sale | Class C Common Stock | 7,992 | $393.78 | $3.15M |
| Sale | Class C Common Stock | 7,078 | $394.72 | $2.79M |
| Sale | Class C Common Stock | 9,386 | $395.72 | $3.71M |
| Sale | Class C Common Stock | 10,063 | $396.67 | $3.99M |
| Sale | Class C Common Stock | 16,987 | $397.79 | $6.76M |
| Sale | Class C Common Stock | 7,716 | $398.64 | $3.08M |
| Sale | Class C Common Stock | 16,725 | $399.73 | $6.69M |
| Sale | Class C Common Stock | 13,849 | $400.56 | $5.55M |
| Sale | Class C Common Stock | 7,262 | $401.67 | $2.92M |
| Sale | Class C Common Stock | 12,310 | $402.61 | $4.96M |
| Sale | Class C Common Stock | 5,128 | $403.78 | $2.07M |
| Sale | Class C Common Stock | 5,598 | $404.69 | $2.27M |
| Sale | Class C Common Stock | 2,833 | $405.71 | $1.15M |
| Other | Class C Common Stock | 8,585 | $0.00 | -- |
| Gift | Class C Common Stock | 12,009 | $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 | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock — 17,808,042 shares (Indirect, Held through Silver Lake Partners IV, L.P.);
Class C Common Stock — 147,473 shares (Indirect, Held through Silver Lake Partners IV, 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 8, 2026 and initiated in-kind distributions of shares of Class C Common Stock on June 8, 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 8, 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 Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (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 8, 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 8, 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, 20,747, 109,978 and 56 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of such individuals, including shares distributed in the June 8, 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 directly by Mr. Durban. The 12,009 shares represent shares of Class C Common Stock deemed received by Mr. Durban in connection with the distribution of shares of Class C Common Stock described herein on June 8, 2026, all of which were donated on such day to a charitable foundation. The deemed 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 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 8, 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 $386.0028 to $386.9980 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 $387.0200 to $388.0056 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 $388.0204 to $389.0100 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 $389.1068 to $390.0933 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 $390.1188 to $391.0456 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 $391.1591 to $392.0524 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 $392.1700 to $393.1546 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 $393.1800 to $394.1500 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 $394.1923 to $395.1714 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 $395.1917 to $396.1843 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 $396.1900 to $397.1894 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 $397.1900 to $398.1802 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 $398.1900 to $399.1800 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 $399.1900 to $400.1872 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 $400.1900 to $401.1618 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 $401.1900 to $402.1750 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 $402.1900 to $403.1700 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 $403.2300 to $404.2200 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 $404.2300 to $405.2200 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 $405.3000 to $406.1100 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 0 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 66,287 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), SL SPV-2, L.P. directly holds 17,347,464 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,639,471 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 262,014 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 118,154 shares of Class B Common Stock, which securities are reported on separate Form 4 filings.
Key Figures
Class C shares sold: 138,885 shares
Conversion from Class B to Class C: 147,473 shares
Price range for sales: $386.00–$406.11 per share
+5 more
8 metrics
Class C shares sold
138,885 shares
Open-market sales by Silver Lake Partners IV, L.P. on June 8, 2026
Conversion from Class B to Class C
147,473 shares
Class B converted into Class C on June 8, 2026
Price range for sales
$386.00–$406.11 per share
Weighted-average price ranges from multiple sale footnotes
Class C held after sales
146,391 shares
Indirectly held by Silver Lake Partners IV, L.P. after transactions
Class B held after transactions
17,808,042 shares
Indirect Class B position of Silver Lake Partners IV, L.P.
Underlying Class C from Class B
27,367,103 shares
Convertible Class B position in derivative summary
Charitable gift by Durban
12,009 shares
Class C shares donated on June 8, 2026
Direct holdings after gift
1,313,489 shares
Dell Class C shares held directly by Egon Durban
Key Terms
bona fide gift, Rule 16a-13, weighted average price, Class B Common Stock, +1 more
5 terms
bona fide gift financial
"The 12,009 shares represent shares of Class C Common Stock deemed received ... all of which were donated on such day to a charitable foundation."
A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.
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."
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.
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share of the Issuer ... is convertible into one share of Class C Common Stock..."
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.
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.
FAQ
What did Silver Lake report in this Dell (DELL) Form 4 filing?
Silver Lake-related funds reported converting Dell Class B Common Stock into Class C and selling 138,885 Class C shares in multiple open-market trades, while retaining sizeable Class B and Class C holdings after the transactions on June 8, 2026.
What Dell (DELL) holdings did Silver Lake retain after these transactions?
After the June 8, 2026 transactions, Silver Lake Partners IV, L.P. indirectly held 146,391 shares of Dell Class C Common Stock and 17,808,042 shares of Class B Common Stock, with additional Class B interests convertible into 27,367,103 underlying Class C shares.