Dell Technologies SEC Filings

Silver Lake–affiliated funds filed Amendment No. 12 to Schedule 13D regarding Dell Technologies, updating their ownership and recent transactions in Class C Common Stock.

The reporting persons may be deemed to beneficially own 54,300,981 shares of Class C, which is approximately 8.1% of total common stock outstanding, and represents about 14.8% of combined voting power based on the issuer’s multi-class structure. They also hold an aggregate of 54,094,108 shares of Class B, convertible into Class C on a one-for-one basis. The total common stock outstanding was 670,200,183 as of October 2, 2025, including 339,343,734 Class C shares.

Over the past 60 days, certain reporting persons sold 3,391,060 Class C shares and initiated distributions totaling 217,018, 525,198, 299,905 and 186,789 Class C shares to equity holders. The shares sold and distributed were received upon conversions of Class B into Class C on specified dates, including 696,789 Class B shares converted on October 1, 2025.

SLTA V (GP), L.L.C. and affiliated Silver Lake entities reported multiple disposals of Class C Common Stock of Dell Technologies Inc. (DELL) on October 1–2, 2025. The filings show share sales at weighted average prices in ranges around $146.03–$148.77 per share and the initiation of pro rata in‑kind distributions of Class C shares on October 2, 2025. Certain Reporting Persons converted Class B shares into Class C shares on October 1, 2025 in connection with those sales and distributions. The filing identifies Egon Durban as a director of the issuer and Co‑CEO and Managing Member of Silver Lake Group; it discloses shares held or received by various Silver Lake entities and certain individuals, and states that many receipts were exempt from reporting under Rule 16a‑13.

Dell Technologies (DELL): insider transactions reported. Affiliates of director and 10% owner Silver Lake reported open‑market sales of Class C common stock on October 1, 2025, including 90,330 shares at $147.09 and 78,378 shares at $147.09, plus small sales at $148.76. On October 2, 2025, they initiated pro rata in‑kind distributions and recorded additional small sales at $146.07. Certain Class B shares were converted into Class C in connection with these transactions.

Post‑distribution, Egon Durban reported 1,132,134 Class C shares held directly and 45,396 held indirectly via a trust, as disclosed.

This Form 4 reports transactions by Silver Lake-related entities and affiliates involving Class C Common Stock of Dell Technologies Inc. The filing shows sales executed on 10/01/2025 and related in-kind distributions initiated on 10/02/2025. Multiple Silver Lake vehicles converted Class B shares into an equal number of Class C shares on 10/01/2025. The filing itemizes sales of specific lots at weighted average prices in two ranges: $144.9592–$145.9590 (reported as $145.54) and $145.9594–$146.9582 (reported as $146.34), with disclosed lot sizes including 40,541, 46,723, 23,968, and others. The report also discloses indirect beneficial ownership positions held through funds and SPVs, including large underlying Class C holdings reflected in the derivative table (e.g., 20,772,387, 21,323,896, 11,542,598). The filing clarifies certain distributions to employees and to director Egon Durban were exempt from reporting under Rule 16a-13.

Dell Technologies (DELL): Silver Lake–affiliated reporting persons filed a joint Form 4 detailing conversions and sales. On October 1, 2025, certain holders converted Dell Class B into Class C on a one‑for‑one basis, including 274,674 shares through Silver Lake Partners IV, L.P. and 267,571 shares through SL SPV‑2, L.P.

The same day, they sold Dell Class C shares at weighted average prices of $145.54 and $146.34. Transactions included 74,667 shares via Silver Lake Partners IV, L.P. and 64,788 shares via SL SPV‑2, L.P., with additional blocks such as 46,723 and 38,303 shares reported by affiliated funds.

Footnotes state that in‑kind distributions of Class C were initiated on October 2, 2025. Following these distributions, Egon Durban held 1,132,134 shares directly and 45,396 shares indirectly through a family trust, and 206,873 shares were held by certain Silver Lake entities on behalf of individuals including him.

Dell Technologies (DELL) reported a Form 144 for a proposed sale of 27,200 shares of Class C common stock. The filing lists an aggregate market value of $4,008,464, an approximate sale date of 10/03/2025, execution through Morgan Stanley Smith Barney LLC, and trading on the NYSE.

The shares were acquired as a gift on 11/07/2024 from Egon Durban, with the donor’s acquisition date noted as 03/22/2024. Shares outstanding are reported as 338,646,945; this is a baseline figure, not the amount being offered.

The notice also discloses prior 3‑month sales by related entities, including examples: Silver Lake Partners IV, L.P. sold 248,389 shares on 07/10/2025 for gross proceeds of $31,612,468.03, and the Durban Family Foundation sold 60,000 shares on 07/17/2025 for $7,417,644.00.

William D. Green, a director of Dell Technologies Inc. (DELL), reported multiple transactions on 10/01/2025 and 10/02/2025 on Form 4. The filing shows acquisitions of options and exercises at two strike prices: $13.60 and $13.98, and two open-market dispositions reported as sales at $145 and $150.50. Following the reported activity, the largest reported beneficial holding in one class is 112,619 shares of Class C common stock. The filing states the trades were effected under a Rule 10b5-1 trading plan adopted on January 13, 2025, and that the reported options are fully vested.

Lynn Vojvodich Radakovich, a director of Dell Technologies Inc. (DELL), received a grant of 1,587 deferred stock units (DSUs) recorded as an acquisition on 09/30/2025. The DSUs were granted at $0 purchase price and are scheduled to vest in full on the first anniversary of the company’s annual meeting held on June 26, 2025, subject to her continued service on the vesting date.

Following the reported transaction, the filing shows the reporting person beneficially owned 25,267 shares/units. The Form 4 was filed as an individual report by the director and signed via attorney-in-fact on 10/02/2025.

Steven M. Mollenkopf, a director of Dell Technologies Inc. (DELL), reported a grant of 2,398 deferred stock units (DSUs) on 09/30/2025. The DSUs were granted with a $0 per-share price and increase his beneficial ownership to 9,942 shares following the transaction. The DSUs vest in full on the first anniversary of the company's annual meeting held on June 26, 2025, contingent on his continued service at that vesting date. The filing was signed by an attorney-in-fact on 10/02/2025.

The report is a non-derivative, routine director compensation award that documents timing, quantity, and vesting conditions without additional financial results or unusual terms.