Silver Lake funds trim Dell (NYSE: DELL) stake while keeping large Class B position
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Silver Lake–affiliated entities reported a mix of sales and conversions in Dell Technologies Inc. Class C Common Stock. On June 5, 2026, Silver Lake Partners V DE (AIV), L.P. and related funds sold 36,736 shares of Dell Class C stock in a series of open-market transactions at weighted average prices generally between about $395 and $413 per share.
On the same date, certain reporting persons converted 51,527 shares of Class B Common Stock into an equal number of Class C shares and now indirectly hold Class B shares convertible into 35,829,954 Class C shares. Following the transactions, Silver Lake Partners V DE (AIV), L.P. holds 80,122 Class C shares indirectly. Footnotes explain that additional Class C shares were distributed in kind to various Silver Lake entities, employees and to Egon Durban and related family entities, with those receipts exempt from reporting under Rule 16a-13 and some positions reported on separate Forms 4.
Positive
- None.
Negative
- None.
Insights
Silver Lake trimmed Dell Class C holdings while maintaining a very large convertible Class B position.
The filing shows Silver Lake–affiliated funds executed open-market sales of 36,736 Dell Class C shares and converted 51,527 Class B shares into Class C on June 5, 2026. These are active portfolio moves rather than routine grants or tax events.
Even after these trades, the group still indirectly holds Class B stock convertible into 35,829,954 Class C shares, indicating a substantial remaining economic interest. The activity includes in-kind distributions of Class C shares to various Silver Lake entities and individuals, treated as exempt under Rule 16a-13, so the net impact depends on how recipients manage their new holdings.
Because the filing covers both sales and conversions, it reflects some liquidity taking alongside continued exposure through a large convertible stake. Subsequent company filings and additional Forms 4 referenced in the footnotes may provide further detail on how these positions evolve.
Insider Trade Summary
Net Seller: 36,736 shares ($14,804,787)
Net Sell
25 txns
Insider
Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Associates V, L.P., SLTA V (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role
null | null | null | null | null
Sold
36,736 shs ($14.80M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 51,527 | $0.00 | -- |
| Exercise | Class C Common Stock | 51,527 | $0.00 | -- |
| Sale | Class C Common Stock | 1,627 | $395.39 | $643K |
| Sale | Class C Common Stock | 2,739 | $396.52 | $1.09M |
| Sale | Class C Common Stock | 1,374 | $397.52 | $546K |
| Sale | Class C Common Stock | 333 | $398.37 | $133K |
| Sale | Class C Common Stock | 2,841 | $400.36 | $1.14M |
| Sale | Class C Common Stock | 3,729 | $401.60 | $1.50M |
| Sale | Class C Common Stock | 5,523 | $402.49 | $2.22M |
| Sale | Class C Common Stock | 5,068 | $403.50 | $2.04M |
| Sale | Class C Common Stock | 4,523 | $404.44 | $1.83M |
| Sale | Class C Common Stock | 1,893 | $405.40 | $767K |
| Sale | Class C Common Stock | 1,318 | $406.56 | $536K |
| Sale | Class C Common Stock | 1,797 | $407.39 | $732K |
| Sale | Class C Common Stock | 1,302 | $408.59 | $532K |
| Sale | Class C Common Stock | 717 | $409.57 | $294K |
| Sale | Class C Common Stock | 441 | $410.50 | $181K |
| Sale | Class C Common Stock | 928 | $411.62 | $382K |
| Sale | Class C Common Stock | 583 | $412.35 | $240K |
| holding | Class B Common Stock | -- | -- | -- |
| 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 — 9,719,298 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.);
Class C Common Stock — 80,122 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.);
Class C Common Stock — 1,313,489 shares (Direct, null)
Footnotes (1)
- Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 June 5, 2026 and initiated in-kind distributions of shares of Class C Common Stock on June 5, 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 June 5, 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 Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. 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 of Class C Common Stock held by SLG. Shares held include shares of Class C Common Stock received in connection with the distributions described herein on June 5, 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 Class C 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 June 5, 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, 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, 20,747, 109,978 and 56 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of such individuals, including shares distributed in the June 5, 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 including shares received in connection with the distributions of shares of Class C Common Stock on June 5, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on June 5, 2026. 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 June 5, 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 $395.0000 to $395.9700 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 $396.0000 to $396.9950 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 $397.0100 to $398.0000 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 $398.0800 to $398.7100 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 $400.0000 to $400.9800 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 $401.0000 to $401.9952 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 $402.0000 to $402.9900 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 $403.0000 to $403.9995 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 $404.0000 to $404.9900 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 $405.0000 to $405.9900 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 $406.0025 to $407.0000 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 $407.0044 to $407.9800 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 $408.0400 to $409.0213 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 $409.0411 to $410.0397 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 $410.0532 to $411.0436 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 $411.0674 to $412.0523 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 $412.0632 to $412.7978 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 17,491,123 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 17,955,515 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 264,184 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 119,132 shares of Class B Common Stock, which securities are reported on separate Form 4 filings.
Key Figures
Shares sold: 36,736 shares
Shares converted: 51,527 shares
Price range of sales: $395.00–$412.80 per share
+2 more
5 metrics
Shares sold
36,736 shares
Dell Class C stock sold in open-market trades on June 5, 2026
Shares converted
51,527 shares
Class B shares converted into Class C on June 5, 2026
Price range of sales
$395.00–$412.80 per share
Weighted-average sale price ranges from multiple footnotes
Convertible Class B position
35,829,954 shares
Class B shares convertible into same number of Class C shares, indirect
Class C held via Silver Lake Partners V DE (AIV), L.P.
80,122 shares
Indirect Class C holdings after transactions
Key Terms
Rule 16a-13, in-kind distributions, Class B Common Stock, weighted average price, +1 more
5 terms
Rule 16a-13 regulatory
"The receipt of shares of Class C Common Stock ... was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act."
in-kind distributions financial
"sold certain shares ... and initiated in-kind distributions of shares of Class C Common Stock on June 5, 2026."
Class B Common Stock financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock at any time."
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.
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions..."
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.
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
What Dell (DELL) stake does Silver Lake retain after these transactions?
After the reported transactions, Silver Lake entities indirectly hold Class B stock convertible into 35,829,954 Dell Class C shares. Silver Lake Partners V DE (AIV), L.P. also holds 80,122 Class C shares indirectly, while additional Class C shares are held and distributed through other related entities referenced in the footnotes.