Silver Lake entities (NYSE: DELL) sell 35,437 Dell shares and convert Class B stock
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Silver Lake-affiliated funds reported mixed transactions in Dell Technologies Inc. Class C Common Stock. On June 3, 2026, entities including Silver Lake Partners V DE (AIV), L.P. executed open-market sales totaling 35,437 shares of Class C stock at weighted-average prices generally between $420 and $431 per share. On the same date, certain reporting persons also converted Class B Common Stock into 49,738 shares of Class C Common Stock at a stated conversion price of $0.00 per share in connection with these sales and in-kind distributions. Following these transactions, Silver Lake Partners V DE (AIV), L.P. continued to hold Dell Class C shares indirectly and retained substantial Class B holdings that remain convertible into Class C, as reflected in the remaining 36,386,615 underlying Class C shares tied to Class B stock reported in the filing.
Positive
- None.
Negative
- None.
Insights
Silver Lake funds combined Dell share sales with a concurrent Class B-to-C conversion.
Silver Lake-affiliated entities around Silver Lake Partners V DE (AIV), L.P. sold 35,437 Dell Class C shares in open-market transactions at prices around $420–$431 on June 3, 2026. These are explicit sale transactions coded “S.”
They also converted 49,738 Class B shares into the same number of Class C shares at a stated conversion price of $0.00, aligning with Dell’s dual-class structure. Afterward, a large position in Class B stock remains, representing 36,386,615 Class C shares on an as-converted basis.
Overall, the filing shows a net reduction of 35,437 Class C shares but continued significant exposure via Class B holdings. The activity appears as a combination of liquidity events and internal restructuring tied to in-kind distributions, based on the detailed footnotes.
Insider Trade Summary
Net Seller: 35,437 shares ($14,989,134)
Net Sell
17 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
35,437 shs ($14.99M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Class B Common Stock | 49,738 | $0.00 | -- |
| Exercise | Class C Common Stock | 49,738 | $0.00 | -- |
| Sale | Class C Common Stock | 13,345 | $420.22 | $5.61M |
| Sale | Class C Common Stock | 10,126 | $421.20 | $4.27M |
| Sale | Class C Common Stock | 80 | $422.04 | $34K |
| Sale | Class C Common Stock | 3,560 | $425.37 | $1.51M |
| Sale | Class C Common Stock | 1,319 | $426.43 | $562K |
| Sale | Class C Common Stock | 1,977 | $427.58 | $845K |
| Sale | Class C Common Stock | 1,283 | $428.40 | $550K |
| Sale | Class C Common Stock | 1,630 | $429.61 | $700K |
| Sale | Class C Common Stock | 2,117 | $430.07 | $910K |
| 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 — 9,870,299 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.);
Class C Common Stock — 129,644 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 3, 2026 and initiated in-kind distributions of shares of Class C Common Stock on June 3, 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 3, 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 3, 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 3, 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, 14,785 and 90,357 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of such individuals, including shares distributed in the June 3, 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 3, 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 3, 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 3, 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 $420.0000 to $420.9918 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 $421.0000 to $421.9800 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 $422.0200 to $422.0500 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 $425.0000 to $425.9500 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 $426.0000 to $426.8900 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 $427.0000 to $427.9700 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 $428.0000 to $428.9058 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 $429.0000 to $429.9993 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 $430.0000 to $430.9900 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. SL SPV-2, L.P. directly holds 17,762,868 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 18,234,475 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 268,289 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 120,983 shares of Class B Common Stock, which securities are reported on separate Form 4 filings.
Key Figures
Class C shares sold: 35,437 shares
Class C shares from conversion: 49,738 shares
Sale price range example: $420.0000–$420.9918/share
+4 more
7 metrics
Class C shares sold
35,437 shares
Open-market sales on June 3, 2026
Class C shares from conversion
49,738 shares
Class B converted into Class C on June 3, 2026
Sale price range example
$420.0000–$420.9918/share
One weighted-average price range disclosed in footnotes
Remaining Class B as-converted
36,386,615 shares
Underlying Class C shares from Class B position
Net buy/sell shares
-35,437 shares
Net direction across buy/sell activity
Exercise transactions
1 exercise, 49,738 shares
Derivative exercise or conversion count and size
Sale transactions
9 sale entries
Number of open-market sale lines reported
Key Terms
Class C Common Stock, Class B Common Stock, derivative exercise/conversion, weighted average price, +2 more
6 terms
Class C Common Stock financial
"sold certain shares of Class C Common Stock, par value $0.01 per share"
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.
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share"
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.
derivative exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
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.
Rule 16a-13 of the Exchange Act regulatory
"exempt from reporting pursuant to Rule 16a-13 of the Exchange Act."
indirect pecuniary interest financial
"shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest"
FAQ
What did the Silver Lake entities report in this Dell (DELL) Form 4 filing?
They reported open-market sales of Dell Class C shares and related conversions of Class B into Class C on June 3, 2026. The filing details both sale volumes and remaining as-converted Class B holdings.
What conversion activity involving Dell (DELL) Class B stock was disclosed?
Certain reporting persons converted 49,738 shares of Dell Class B Common Stock into 49,738 Class C shares. The conversion price was stated as $0.00 per share and was executed in connection with the same-day sales and in-kind distributions referenced in the footnotes.
What Dell (DELL) holdings remain after these Silver Lake transactions?
After the reported transactions, a derivative position linked to Class B Common Stock still represents 36,386,615 underlying Class C shares. The filing indicates these Class B shares are convertible into Class C on a one-for-one basis and have no expiration date.