STOCK TITAN

Silver Lake funds trim Dell (DELL) Class C stake after major share conversions

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. had multiple Silver Lake investment entities report transactions in its stock. On March 18, 2026, these entities exercised conversion rights to turn 136,941 shares of Class B Common Stock into an equal number of Class C Common Stock, all at a stated exercise price of $0.00 per share.

The same Silver Lake entities then sold 74,258 shares of Class C Common Stock in open-market transactions, with Form 4 prices showing weighted average sale prices of $150.32, $152.34 and $152.90 per share, each based on multiple trades within price ranges described in the footnotes. The filing also reflects ongoing indirect and direct holdings, including 1,252,345 Class C shares held directly by Egon Durban after pro rata in-kind distributions that were exempt from reporting as transactions under Rule 16a-13.

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SEC Form 4
FORM 4UNITED 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
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
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 IV (GP), L.L.C.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)
2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class C Common Stock03/18/2026M(1)(2)52,586A(1)(2)92,204IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/18/2026M(1)(2)53,983A(1)(2)83,411IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/18/2026M(1)(2)29,220A(1)(2)47,946IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/18/2026M(1)(2)794A(1)(2)794IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/18/2026M(1)(2)358A(1)(2)358IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/18/2026S4,310D$150.32(14)87,894IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/18/2026S4,993D$150.32(14)78,418IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/18/2026S2,562D$150.32(14)45,384IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/18/2026S95D$150.32(14)699IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/18/2026S43D$150.32(14)315IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/18/2026S9,832D$152.34(15)78,062IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/18/2026S11,389D$152.34(15)67,030IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/18/2026S5,844D$152.34(15)39,540IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/18/2026S217D$152.34(15)481IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/18/2026S98D$152.34(15)217IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock03/18/2026S12,523D$152.9(16)65,539IHeld through SL SPV-2, L.P.(3)(9)
Class C Common Stock03/18/2026S14,506D$152.9(16)52,523IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock03/18/2026S7,444D$152.9(16)32,096IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock03/18/2026S277D$152.9(16)204IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock03/18/2026S125D$152.9(16)92IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock794IHeld through Silver Lake Group(8)(9)
Class C Common Stock692ISee footnote(10)
Class C Common Stock56,206ISee footnote(11)
Class C Common Stock1,252,345D(12)
Class C Common Stock51,899ISee footnote(13)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)03/18/2026M(1)(2)52,586 (2) (2)Class C Common Stock52,586$019,270,822IHeld through SL SPV-2, L.P.(3)(9)
Class B Common Stock(2)03/18/2026M(1)(2)53,983 (2) (2)Class C Common Stock53,983$019,782,464IHeld through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock(2)03/18/2026M(1)(2)29,220 (2) (2)Class C Common Stock29,220$010,708,224IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock(2)03/18/2026M(1)(2)794 (2) (2)Class C Common Stock794$0291,066IHeld through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock(2)03/18/2026M(1)(2)358 (2) (2)Class C Common Stock358$0131,254IHeld through Silver Lake Technology Investors V, L.P.(7)(9)
1. Name and Address of Reporting Person*
SLTA IV (GP), L.L.C.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates IV, L.P.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Partners IV, L.P.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Investors IV, L.P.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SLTA SPV-2 (GP), L.L.C.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SLTA SPV-2, L.P.

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SL SPV-2, L.P.

(Last)(First)(Middle)
C/O SILVER LAKE,
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon

(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CALIFORNIA 94025

(City)(State)(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer
XDirector10% 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 17, 2026 and March 18, 2026 and initiated in-kind distributions of shares of Class C Common Stock on March 19, 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.
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 17, 2026 and March 18, 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. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on March 19, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
9. 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.
10. These shares of Common Stock were 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 March 19, 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.
11. 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 Egon Durban. This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the March 19, 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.
12. 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 March 19, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
13. 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 March 19, 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.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.00 to $150.67 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.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $151.5100 to $152.5085 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.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $152.51 to $153.49 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.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., GP of Silver Lake Technology Associates IV, L.P., GP of Silver Lake Technology Investors IV, L.P.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P.03/19/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P.03/19/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban03/19/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did Silver Lake-related entities report in Dell (DELL) stock?

Silver Lake-related entities reported exercising derivatives to convert 136,941 Dell Class B shares into Class C shares and selling 74,258 Class C shares in open-market trades on March 18, 2026, while retaining sizable direct and indirect Class C holdings.

How many Dell (DELL) shares did Silver Lake entities sell and at what prices?

They sold 74,258 shares of Dell Class C Common Stock. Reported Form 4 prices are weighted averages of $150.32, $152.34 and $152.90 per share, each based on multiple trades within narrow price ranges detailed in the filing’s footnotes.

What conversions between Dell (DELL) share classes were disclosed?

Silver Lake entities converted 136,941 shares of Dell Class B Common Stock into 136,941 shares of Class C Common Stock. Each Class B share is convertible into one Class C share at any time and has no expiration date, according to the disclosure language.

Did Egon Durban personally receive Dell (DELL) shares in these transactions?

Yes. Footnotes state Egon Durban received Dell Class C shares via pro rata in-kind distributions and now directly holds 1,252,345 Class C shares. Additional shares are beneficially owned indirectly through entities and family-related trusts referenced in the Form 4 footnotes.

Were any Dell (DELL) share distributions by Silver Lake reportable transactions?

The filing explains several in-kind pro rata distributions of Dell Class C shares to Silver Lake affiliates and individuals, including Egon Durban, were exempt from reporting as transactions under Exchange Act Rule 16a-13. Only the conversions and open-market sales are reported as transactions.

How are the Dell (DELL) Class C shares held across Silver Lake entities?

Class C holdings are spread across multiple entities, including SPV-2, Silver Lake Partners IV and V, Silver Lake Technology Investors IV and V, and Silver Lake Group. Footnotes describe general partners and managing entities that control these investment vehicles and their Dell positions.
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