[Form 4] Dell Technologies Inc. Insider Trading Activity

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Reporting persons affiliated with Silver Lake disclosed conversions and substantial sales of Dell Technologies Class C common stock on September 17-18, 2025. Multiple Silver Lake entities converted Class B shares into an equal number of Class C shares and sold blocks of Class C stock in multiple transactions at weighted-average prices disclosed in footnotes. Reported disposals include sales at weighted-average prices of $131.96, $133.08 and $133.55 per share. The filing shows both acquisitions (via conversion) and dispositions across affiliated funds, with several holdings remaining indirectly owned through Silver Lake partnerships and trusts.

Positive

Conversions of Class B into Class C stock resulted in additional Class C shares acquired (reported as acquisitions via conversion).
Remaining indirect holdings are documented across Silver Lake partnerships and trusts, maintaining ongoing ownership ties.

Negative

Substantial dispositions of Class C common stock occurred on September 17-18, 2025, reducing indirect holdings across Silver Lake entities.
Material insider-linked sales were executed at weighted-average prices of $131.96, $133.08 and $133.55 per share, indicating significant liquidity events by affiliated parties.

Insights

TL;DR: Significant affiliated sales and conversions by Silver Lake changed indirect holdings; transaction prices centered around $132–$134 per share.

The filing details coordinated activity across multiple Silver Lake entities: conversions of Class B into Class C shares and concurrent sales executed on September 17-18, 2025. Weighted-average sale prices are reported at $131.96, $133.08 and $133.55 per share, reflecting multiple trade tranches. The transactions were executed through funds and SPVs, leaving the remaining shares held indirectly through Silver Lake-managed partnerships and certain trusts.

TL;DR: Insider-related entities, including a director-linked managing member, executed sizable sales; disclosure emphasizes indirect ownership structures.

The Form 4 identifies Egon Durban as a director of the issuer and Co-CEO/Managing Member of Silver Lake Group, which manages the reporting entities. The filing explains the governance chain (GPs and managing members) and disclaims direct beneficial ownership except for pecuniary interests. Multiple affiliated entities sold Class C shares and converted Class B shares into Class C contemporaneously, with remaining holdings retained indirectly through partnerships and trusts.

09/19/2025 - 08:10 PM

SEC Form 4

FORM 4

UNITED 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 V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	09/18/2025		M⁽¹⁾⁽²⁾		295,673	A	⁽¹⁾⁽²⁾	388,348	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	09/18/2025		M⁽¹⁾⁽²⁾		303,522	A	⁽¹⁾⁽²⁾	372,156	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	09/18/2025		M⁽¹⁾⁽²⁾		164,296	A	⁽¹⁾⁽²⁾	207,741	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	09/18/2025		M⁽¹⁾⁽²⁾		4,465	A	⁽¹⁾⁽²⁾	4,465	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	09/18/2025		M⁽¹⁾⁽²⁾		2,014	A	⁽¹⁾⁽²⁾	2,014	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		145,075	D	$131.96⁽¹⁴⁾	243,273	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		167,918	D	$131.96⁽¹⁴⁾	204,238	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		86,343	D	$131.96⁽¹⁴⁾	121,398	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		3,192	D	$131.96⁽¹⁴⁾	1,273	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		1,440	D	$131.96⁽¹⁴⁾	574	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		41,317	D	$133.08⁽¹⁵⁾	201,957	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		47,823	D	$133.08⁽¹⁵⁾	156,415	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		24,590	D	$133.08⁽¹⁵⁾	96,808	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		909	D	$133.08⁽¹⁵⁾	363	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		410	D	$133.08⁽¹⁵⁾	164	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		16,514	D	$133.55⁽¹⁶⁾	185,443	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		19,114	D	$133.55⁽¹⁶⁾	137,301	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		9,828	D	$133.55⁽¹⁶⁾	86,980	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		363	D	$133.55⁽¹⁶⁾	0	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	09/18/2025		S		164	D	$133.55⁽¹⁶⁾	0	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock								1,400	I	Held through Silver Lake Group, L.L.C.⁽⁸⁾⁽⁹⁾
Class C Common Stock								92,022	I	See footnote⁽¹⁰⁾
Class C Common Stock								1,037,466	D⁽¹¹⁾
Class C Common Stock								42,515	I	See footnote⁽¹²⁾
Class C Common Stock								1,202	I	See 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾	09/18/2025		M⁽¹⁾⁽²⁾			295,673	⁽²⁾	⁽²⁾	Class C Common Stock	295,673	$0	21,638,448	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	09/18/2025		M⁽¹⁾⁽²⁾			303,522	⁽²⁾	⁽²⁾	Class C Common Stock	303,522	$0	22,212,951	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	09/18/2025		M⁽¹⁾⁽²⁾			164,296	⁽²⁾	⁽²⁾	Class C Common Stock	164,296	$0	12,023,842	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	09/18/2025		M⁽¹⁾⁽²⁾			4,465	⁽²⁾	⁽²⁾	Class C Common Stock	4,465	$0	326,827	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	09/18/2025		M⁽¹⁾⁽²⁾			2,014	⁽²⁾	⁽²⁾	Class C Common Stock	2,014	$0	147,379	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

1. Name and Address of Reporting Person^*

SLTA V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Associates V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Partners V DE (AIV), L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Investors V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% 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 September 17, 2025 and September 18, 2025.

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 September 17, 2025 and September 18, 2025, 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.

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").

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. This amount reflects 33,586, 18,855, 21 and 39,560 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals.

11. Represents shares of Class C Common Stock held by Mr. Durban.

12. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.

13. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $131.52 to $132.5198 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 $132.5229 to $133.521 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 $133.5235 to $133.62 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 a separate Form 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed a separate Form 4 reporting additional transactions.

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	09/19/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.	09/19/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), LP	09/19/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.	09/19/2025
	** Signature of Reporting Person	Date
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.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions does the Form 4 for DELL report?

The filing reports conversions of Class B into Class C shares and multiple sales of Class C common stock by Silver Lake-affiliated entities on September 17-18, 2025.

How many shares were sold and at what prices according to the filing?

The filing lists multiple disposals across entities and reports weighted-average sale prices of $131.96, $133.08 and $133.55 per share for the transactions executed on those dates.

Who is the reporting person or affiliated manager in this filing?

Reporting persons are Silver Lake entities (e.g., SLTA V (GP), Silver Lake Partners V DE (AIV), SL SPV-2, L.P.) managed by Silver Lake Group, L.L.C.; Egon Durban is identified as a director of the issuer and Co-CEO/Managing Member of Silver Lake Group.

Did the filing show remaining ownership after the transactions?

Yes. The filing shows remaining indirect holdings held through various Silver Lake partnerships, SPVs and trusts after the reported conversions and sales.

When were the transactions dated?

The transactions occurred on September 17 and September 18, 2025, with the Form 4 filed reflecting those dates.

[Form 4] Dell Technologies Inc. Insider Trading Activity

Insights

FAQ

What transactions does the Form 4 for DELL report?

How many shares were sold and at what prices according to the filing?

Who is the reporting person or affiliated manager in this filing?

Did the filing show remaining ownership after the transactions?

When were the transactions dated?

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[Form 4] Dell Technologies Inc. Insider Trading Activity

Insights

Financial Analyst neutral

Corporate Governance Expert negative

FAQ

What transactions does the Form 4 for DELL report?

How many shares were sold and at what prices according to the filing?

Who is the reporting person or affiliated manager in this filing?

Did the filing show remaining ownership after the transactions?

When were the transactions dated?

NYSE:DELL

DELL Rankings

DELL Latest News

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