Silver Lake funds trim Dell (NYSE: DELL) stake after major share conversions
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Dell Technologies Inc.’s Form 4 shows Silver Lake–affiliated funds converting 630,047 shares of Class B Common Stock into an equal number of Class C shares and selling 458,666 Class C shares on April 15, 2026 at weighted average prices between $176.30 and $180.8671 per share. The entities continue to hold large indirect stakes in Dell, and Egon Durban is reported with 1,313,489 Class C shares held directly after these distributions.
Positive
- None.
Negative
- None.
Insights
Silver Lake funds converted Dell shares and made sizable but partial open‑market sales.
Silver Lake–affiliated entities exercised conversion rights on 630,047 shares of Dell Class B Common Stock into the same number of Class C shares, then sold 458,666 Class C shares in open‑market transactions at weighted average prices between $176.30 and $180.8671 per share.
The filing indicates continued substantial indirect ownership, including post‑transaction positions such as 19,042,305 Class B shares for Silver Lake Partners IV, L.P., and a direct holding of 1,313,489 Class C shares for Egon Durban. Overall, this appears as partial liquidity and portfolio adjustments rather than a full exit, with no remaining derivative positions reported in this filing.
Insider Trade Summary
Net Seller: 458,666 shares ($81,293,378)
Net Sell
34 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
458,666 shs ($81.29M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 241,941 | $0.00 | -- |
| Exercise | Class B Common Stock | 248,365 | $0.00 | -- |
| Exercise | Class B Common Stock | 134,439 | $0.00 | -- |
| Exercise | Class B Common Stock | 3,654 | $0.00 | -- |
| Exercise | Class B Common Stock | 1,648 | $0.00 | -- |
| Exercise | Class C Common Stock | 241,941 | $0.00 | -- |
| Exercise | Class C Common Stock | 248,365 | $0.00 | -- |
| Exercise | Class C Common Stock | 134,439 | $0.00 | -- |
| Exercise | Class C Common Stock | 3,654 | $0.00 | -- |
| Exercise | Class C Common Stock | 1,648 | $0.00 | -- |
| Sale | Class C Common Stock | 126,677 | $176.58 | $22.37M |
| Sale | Class C Common Stock | 144,741 | $176.58 | $25.56M |
| Sale | Class C Common Stock | 74,536 | $176.58 | $13.16M |
| Sale | Class C Common Stock | 2,788 | $176.58 | $492K |
| Sale | Class C Common Stock | 1,258 | $176.58 | $222K |
| Sale | Class C Common Stock | 5,898 | $178.44 | $1.05M |
| Sale | Class C Common Stock | 6,740 | $178.44 | $1.20M |
| Sale | Class C Common Stock | 3,471 | $178.44 | $619K |
| Sale | Class C Common Stock | 130 | $178.44 | $23K |
| Sale | Class C Common Stock | 59 | $178.44 | $11K |
| Sale | Class C Common Stock | 29,181 | $179.43 | $5.24M |
| Sale | Class C Common Stock | 33,342 | $179.43 | $5.98M |
| Sale | Class C Common Stock | 17,170 | $179.43 | $3.08M |
| Sale | Class C Common Stock | 642 | $179.43 | $115K |
| Sale | Class C Common Stock | 290 | $179.43 | $52K |
| Sale | Class C Common Stock | 4,250 | $180.16 | $766K |
| Sale | Class C Common Stock | 4,856 | $180.16 | $875K |
| Sale | Class C Common Stock | 2,501 | $180.16 | $451K |
| Sale | Class C Common Stock | 94 | $180.16 | $17K |
| Sale | Class C Common Stock | 42 | $180.16 | $8K |
| 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 — 18,549,806 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 241,941 shares (Indirect, Held through SL SPV-2, L.P.);
Class C Common Stock — 1,313,489 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 April 15, 2026 and April 16, 2026 and initiated in-kind distributions of shares of Class C Common Stock on April 16, 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 April 15, 2026 and April 16, 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. 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. Reflects shares held by SLG. Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on April 16, 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 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 April 16, 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 Mr. Durban. This amount reflects 24,563, 14,785 and 90,357 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the April 16, 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 April 16, 2026. The receipt of such shares of Class C Common Stock 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 $176.30 to $177.28 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 $178.00 to $178.9969 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 $179.0004 to $180.00 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 $180.0005 to $180.8671 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.
Key Figures
Shares sold: 458,666 shares
Shares converted: 630,047 shares
Sale price range (low band): $176.30–$177.28/share
+3 more
6 metrics
Shares sold
458,666 shares
Net Class C Common Stock sales on April 15, 2026
Shares converted
630,047 shares
Class B to Class C conversions linked to sales and distributions
Sale price range (low band)
$176.30–$177.28/share
Weighted average price range for one group of Class C sales
Sale price range (high band)
$180.0005–$180.8671/share
Weighted average price range for another group of Class C sales
SLP IV Class B holding
19,042,305 shares
Class B Common Stock held by Silver Lake Partners IV, L.P. after conversion
Egon Durban direct holding
1,313,489 shares
Class C Common Stock held directly after April 16, 2026 distributions
Key Terms
Rule 16a-13, weighted average price, pro rata distributions, indirect pecuniary interest, +2 more
6 terms
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."
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.
pro rata distributions financial
"In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members..."
indirect pecuniary interest financial
"These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest..."
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share of the Issuer..."
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.
Class C Common Stock financial
"shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc."
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
FAQ
Do the Silver Lake entities still hold a significant Dell stake after the reported sales?
Yes. Despite selling 458,666 Class C shares, the entities retain large positions. For example, Silver Lake Partners IV, L.P. is shown with 19,042,305 Class B shares, and other affiliated funds hold additional Class B and Class C shares indirectly, indicating a continuing substantial ownership interest.