Silver Lake funds trim Dell (DELL) stake with Class B-to-C conversions and sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Dell Technologies Inc. reported insider activity involving Silver Lake–affiliated investment entities. On March 20, 2026, these entities sold a combined 150,022 shares of Class C common stock in multiple open-market transactions at weighted average prices ranging from $166.00 to $169.90 per share, according to detailed price-range footnotes.
In related moves on March 20 and March 23, certain reporting persons converted an aggregate of 630,583 shares of Class B common stock into the same number of Class C shares at a $0.00 conversion price in connection with these sales. Following the transactions, Silver Lake–related funds, including SPV-2 and Silver Lake Partners IV and V vehicles, continue to hold multi-million share positions in Dell’s Class B stock and additional Class C shares, indicating these trades represent only a portion of their overall stake.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 150,022 shares ($25,047,217)
Net Sell
35 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
150,022 shs ($25.05M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 242,147 | $0.00 | -- |
| Exercise | Class B Common Stock | 248,576 | $0.00 | -- |
| Exercise | Class B Common Stock | 134,554 | $0.00 | -- |
| Exercise | Class B Common Stock | 3,657 | $0.00 | -- |
| Exercise | Class B Common Stock | 1,649 | $0.00 | -- |
| Exercise | Class C Common Stock | 242,147 | $0.00 | -- |
| Exercise | Class C Common Stock | 248,576 | $0.00 | -- |
| Exercise | Class C Common Stock | 134,554 | $0.00 | -- |
| Exercise | Class C Common Stock | 3,657 | $0.00 | -- |
| Exercise | Class C Common Stock | 1,649 | $0.00 | -- |
| Sale | Class C Common Stock | 37,837 | $166.44 | $6.30M |
| Sale | Class C Common Stock | 43,875 | $166.44 | $7.30M |
| Sale | Class C Common Stock | 22,455 | $166.44 | $3.74M |
| Sale | Class C Common Stock | 838 | $166.44 | $139K |
| Sale | Class C Common Stock | 378 | $166.44 | $63K |
| Sale | Class C Common Stock | 7,520 | $167.24 | $1.26M |
| Sale | Class C Common Stock | 8,719 | $167.24 | $1.46M |
| Sale | Class C Common Stock | 4,462 | $167.24 | $746K |
| Sale | Class C Common Stock | 167 | $167.24 | $28K |
| Sale | Class C Common Stock | 75 | $167.24 | $13K |
| Sale | Class C Common Stock | 5,009 | $168.57 | $844K |
| Sale | Class C Common Stock | 5,809 | $168.57 | $979K |
| Sale | Class C Common Stock | 2,973 | $168.57 | $501K |
| Sale | Class C Common Stock | 111 | $168.57 | $19K |
| Sale | Class C Common Stock | 50 | $168.57 | $8K |
| Sale | Class C Common Stock | 3,499 | $169.63 | $594K |
| Sale | Class C Common Stock | 4,057 | $169.63 | $688K |
| Sale | Class C Common Stock | 2,076 | $169.63 | $352K |
| Sale | Class C Common Stock | 77 | $169.63 | $13K |
| Sale | Class C Common Stock | 35 | $169.63 | $6K |
| 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 — 18,791,747 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 317,504 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 1,252,345 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 March 20, 2026 and March 23, 2026. 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 20, 2026 and March 23, 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 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. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). 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. These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest. This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates, including Mr. Durban. Represents shares of Class C Common Stock held by Mr. Durban. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $166.00 to $166.9998 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 $167.00 to $167.98 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 $168.05 to $169.01 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 $169.15 to $169.90 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.
FAQ
Who executed the Dell (DELL) insider sales disclosed in this Form 4?
The transactions were executed by Silver Lake–affiliated entities, including SPV-2, Silver Lake Partners IV, Silver Lake Partners V DE (AIV), and Silver Lake Technology Investors IV and V. These entities are investment vehicles managed through Silver Lake’s general partner and management structure.
Dell Technologies