Silver Lake funds adjust Dell Technologies (DELL) stake after share conversions
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Dell Technologies Inc. insider filing shows significant trades by Silver Lake–related entities. Funds converted 325,204 shares of Class B Common Stock into the same number of Class C shares on March 17, 2026, then executed open‑market sales totaling a net 237,431 Class C shares.
The sales, made through vehicles including SL SPV‑2, L.P., Silver Lake Partners IV, L.P. and Silver Lake Partners V DE (AIV), L.P., were executed at weighted average prices between 153.01 and 155.01 per share. After these transactions, the Silver Lake funds remain large holders, including 19,323,408 Class B shares held through SL SPV‑2, L.P. as of March 17, 2026.
Positive
- None.
Negative
- None.
Insights
Silver Lake funds converted Dell Class B into Class C and sold a modest portion of their stake.
Entities associated with Silver Lake exercised their right to convert 325,204 shares of Dell Class B Common Stock into an equal number of Class C shares. This is a routine technical step, reflecting the one‑for‑one, no‑expiration convertibility described in the filing.
On the same date, these entities reported open‑market sales totaling 237,431 Class C shares at weighted average prices between 153.01 and 155.01. Post‑transaction figures show continued holdings in the tens of millions of Class B shares, suggesting portfolio rebalancing rather than an exit.
Insider Trade Summary
Net Seller: 237,431 shares ($36,659,820)
Net Sell
30 txns
Insider
SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors V, L.P.
Role
Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner
Sold
237,431 shs ($36.66M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 124,880 | $0.00 | -- |
| Exercise | Class B Common Stock | 128,195 | $0.00 | -- |
| Exercise | Class B Common Stock | 69,392 | $0.00 | -- |
| Exercise | Class B Common Stock | 1,886 | $0.00 | -- |
| Exercise | Class B Common Stock | 851 | $0.00 | -- |
| Exercise | Class C Common Stock | 124,880 | $0.00 | -- |
| Exercise | Class C Common Stock | 128,195 | $0.00 | -- |
| Exercise | Class C Common Stock | 69,392 | $0.00 | -- |
| Exercise | Class C Common Stock | 1,886 | $0.00 | -- |
| Exercise | Class C Common Stock | 851 | $0.00 | -- |
| Sale | Class C Common Stock | 9,535 | $153.14 | $1.46M |
| Sale | Class C Common Stock | 11,045 | $153.14 | $1.69M |
| Sale | Class C Common Stock | 5,666 | $153.14 | $868K |
| Sale | Class C Common Stock | 211 | $153.14 | $32K |
| Sale | Class C Common Stock | 95 | $153.14 | $15K |
| Sale | Class C Common Stock | 61,578 | $154.46 | $9.51M |
| Sale | Class C Common Stock | 71,331 | $154.46 | $11.02M |
| Sale | Class C Common Stock | 36,592 | $154.46 | $5.65M |
| Sale | Class C Common Stock | 1,362 | $154.46 | $210K |
| Sale | Class C Common Stock | 615 | $154.46 | $95K |
| Sale | Class C Common Stock | 14,149 | $155.00 | $2.19M |
| Sale | Class C Common Stock | 16,390 | $155.00 | $2.54M |
| Sale | Class C Common Stock | 8,408 | $155.00 | $1.30M |
| Sale | Class C Common Stock | 313 | $155.00 | $49K |
| Sale | Class C Common Stock | 141 | $155.00 | $22K |
| 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 — 19,323,408 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 124,880 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 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. 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. 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"). 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. 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 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. 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. 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. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $153.0100 to $154.0030 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 $154.0100 to $154.9999 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 $155.00 to $155.01 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.
FAQ
At what prices did Silver Lake entities sell Dell (DELL) Class C Common Stock?
The filing lists weighted average sale prices between 153.01 and 155.01 per Class C share. Footnotes explain sales occurred in multiple trades within narrower ranges, and the reporting persons will provide detailed price breakdowns to Dell, shareholders, or SEC staff upon request.
Do Silver Lake funds still hold a significant stake in Dell (DELL) after these transactions?
Yes. Despite selling 237,431 Class C shares, Silver Lake vehicles remain large holders. One entity, SL SPV‑2, L.P., is shown holding 19,323,408 Class B Dell shares as of March 17, 2026, indicating only a partial reduction in their overall economic exposure.