Silver Lake adjusts Dell (NYSE: DELL) position, still holds 50.2M shares

Rhea-AI Filing Summary

Silver Lake-affiliated funds filed Amendment No. 13 to update their ownership in Dell Technologies’ Class C common stock. The reporting group may be deemed to beneficially own 50,240,830 Class C shares, representing about 7.8% of Dell’s total outstanding common stock as of March 18, 2026.

The filing explains Dell’s multi-class share voting structure and notes that these holdings represent roughly 14.0% of the combined voting power of the common stock, and approximately 13.6% of the issued and outstanding Class C shares on a Rule 13d‑3 basis. Over the prior 60 days, certain Silver Lake entities sold an aggregate 1,349,791 Class C shares and made non-cash distributions totaling 496,202 Class C shares to their equity holders, with the distributed and sold Class C shares received from conversions of an equal number of Class B shares.

Insights

Equity ownership and governance analyst

Silver Lake modestly reduced but still holds a sizable Dell stake.

This amendment shows Silver Lake and affiliates now report beneficial ownership of 50,240,830 Dell Class C shares, about 7.8% of total common stock and 13.6% of Class C on a Rule 13d‑3 basis, giving roughly 14.0% of voting power.

Recent activity includes sales of 1,349,791 Class C shares and non‑cash distributions of 371,482 and 124,720 shares to equity holders, with those Class C shares created by converting Class B shares one‑for‑one. The filing emphasizes Dell’s multi‑class voting structure, under which Class A and B carry 10 votes and Class C carries one vote per share.

Overall, this appears to be a repositioning and distribution of an existing large stake rather than a new strategic move. Subsequent ownership updates in future beneficial ownership reports may further clarify Silver Lake’s long‑term holding pattern in Dell if additional sales or conversions occur.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

Dell Technologies Inc.

(Name of Issuer)

Class C Common Stock, par value $0.01 per share

(Title of Class of Securities)

24703L202

(CUSIP Number)

Justin G. Hamill, Esq
c/o Silver Lake 55 Hudson Yards, 550 West 34th Street, 40th Floor
New York, NY, 10001
212-981-5600

Kenneth B. Wallach, Esq.
Simpson Thacher & Bartlett LLP, 425 Lexington Avenue
New York, NY, 10017
212-455-2000

Hui Lin, Esq.
Simpson Thacher & Bartlett LLP, 425 Lexington Avenue
New York, NY, 10017
212-455-2000

Jessica Asrat, Esq
Simpson Thacher & Bartlett LLP, 425 Lexington Avenue
New York, NY, 10017
212-455-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

SL SPV-2, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,270,822.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,270,822.00

11

Aggregate amount beneficially owned by each reporting person

19,270,822.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

SLTA SPV-2, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,281,435.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,270,822.00

11

Aggregate amount beneficially owned by each reporting person

19,281,435.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

SLTA SPV-2 (GP), L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,281,435.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,270,822.00

11

Aggregate amount beneficially owned by each reporting person

19,281,435.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Partners IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,782,464.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,782,464.00

11

Aggregate amount beneficially owned by each reporting person

19,782,464.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Technology Investors IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 291,066.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 291,066.00

11

Aggregate amount beneficially owned by each reporting person

291,066.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The above beneficial ownership reflects less than 0.1% of the outstanding shares of Class C Common Stock outstanding. See Item 5.

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Technology Associates IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 20,073,530.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,073,530.00

11

Aggregate amount beneficially owned by each reporting person

20,073,530.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

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

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 20,073,530.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,073,530.00

11

Aggregate amount beneficially owned by each reporting person

20,073,530.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

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

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,708,224.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,708,224.00

11

Aggregate amount beneficially owned by each reporting person

10,708,224.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Technology Investors V, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 131,254.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 131,254.00

11

Aggregate amount beneficially owned by each reporting person

131,254.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The above beneficial ownership reflects less than 0.1% of the outstanding shares of Class C Common Stock outstanding. See Item 5.

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Technology Associates V, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,845,828.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,839,478.00

11

Aggregate amount beneficially owned by each reporting person

10,845,828.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

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

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,845,828.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,839,478.00

11

Aggregate amount beneficially owned by each reporting person

10,845,828.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 24703L202

1

Name of reporting person

Silver Lake Group, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 50,240,830.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,184,624.00

11

Aggregate amount beneficially owned by each reporting person

50,240,830.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class C Common Stock, par value $0.01 per share
(b)	Name of Issuer: Dell Technologies Inc.
(c)	Address of Issuer's Principal Executive Offices: One Dell Way, Round Rock, TEXAS , 78682.
Item 1 Comment: This Amendment No. 13 (the Amendment No. 13), being filed by SL SPV-2, L.P. (SPV-2), SLTA SPV-2, L.P. (SLTA GP), SLTA SPV-2 (GP), L.L.C. (SLTA SPV GP), Silver Lake Partners IV, L.P. (SLP IV), Silver Lake Technology Investors IV, L.P. (SLTI IV), Silver Lake Technology Associates IV, L.P. (SLTA IV), SLTA IV (GP), L.L.C. (SLTA IV GP), Silver Lake Partners V DE (AIV), L.P. (SLP V), Silver Lake Technology Investors V, L.P. (SLTI V), Silver Lake Technology Associates V, L.P. (SLTA V), SLTA V (GP), L.L.C. (SLTA V GP), and Silver Lake Group, L.L.C. (SLG, and collectively, the Reporting Persons) amends the Schedule 13D initially filed on February 19, 2019, as amended by Amendment No. 1 filed on July 2, 2019, Amendment No. 2 filed on January 2, 2020, Amendment No. 3 filed on July 1, 2021, Amendment No. 4 filed on July 13, 2023, Amendment No. 5 filed on January 18, 2024, Amendment No. 6 filed on March 6, 2024, Amendment No. 7 filed on March 22, 2024, Amendment No. 8 filed on June 5, 2024, Amendment No. 9 filed on July 10, 2024, Amendment No. 10 filed on January 13, 2025, Amendment No. 11 filed on July 17, 2025 and Amendment No. 12 filed on October 3, 2025 (as amended, the Schedule 13D). The Items below amend the information disclosed under the corresponding Items of the Schedule 13D as described below. Except as specifically provided herein, this Amendment No. 13 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Schedule 13D. Unless otherwise set forth herein, the beneficial ownership information set forth in this Schedule 13D is as of market open on March 19, 2026.
Item 2.	Identity and Background
(a)	Item 2(a) of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in the amended and restated Annex A attached hereto as Exhibit 99.2 is incorporated herein by reference in this amended Item 2.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a) - (c) of the Schedule 13D are hereby amended and restated as follows: The information contained in rows 7, 8, 9, 10, 11 and 13 on each of the cover pages of this Schedule 13D and the information set forth or incorporated in Item 2 is incorporated by reference in its entirety into this Item 5. The Reporting Persons may be deemed to beneficially own an aggregate of 50,240,830 shares of the Issuer's Class C Common Stock, which constitutes approximately 7.8% of the total outstanding common stock of the Issuer, based on 645,748,451 shares of common stock outstanding in the aggregate as of March 18, 2026. Subject to the terms of the Issuer's amended and restated certificate of incorporation, each holder of record of: (1) Class A Common Stock is entitled to 10 votes per share of Class A Common Stock; (2) Class B Common Stock is entitled to 10 votes per share of Class B Common Stock; (3) Class C Common Stock is entitled to one vote per share of Class C Common Stock; and (4) Class D Common Stock is not entitled to any vote on any matter except to the extent required by provisions of Delaware law (in which case such holder is entitled to one vote per share of Class D Common Stock), in the case of each of (1) through (4), which is outstanding in such holder's name on the books of the Issuer and which is entitled to vote. The board of directors of the Issuer has a class consisting of the Group I Directors and a class consisting of the Group IV Directors (each as defined in the Issuer's certificate of incorporation, as amended). The holders of shares of all series of common stock outstanding will vote as one class with respect to the election of all Group I Directors and the holders of Class C Common Stock will vote separately as a series with respect to the election of the Group IV Director. Except as may otherwise be provided in the Issuer's certificate of incorporation, as amended, or as may otherwise be required by Delaware law, with respect to all other matters to be voted on by stockholders of the Issuer, the holders of shares of all series of common stock outstanding will vote as one class. As a result of the above, the 50,240,830 shares of Class C Common Stock beneficially owned in the aggregate by the Reporting Persons is entitled to approximately 14.0% of the combined voting power of the common stock of the Issuer, based on 645,748,451 shares of common stock outstanding in the aggregate, including 276,744,341 shares of Class A Common Stock, 50,183,830 shares of Class B Common Stock (reduced by the Class C conversions disclosed below) and 318,820,280 shares of Class C Common Stock outstanding, calculated as follows: 318,358,135 shares of Class C Common Stock outstanding as of March 9, 2026, as set forth in the Issuer's Annual Report on Form 10-K, filed with the SEC on March 16, 2026, plus the additional 325,204 and 136,941 shares of Class C Common Stock issued upon the conversion by the Reporting Persons of an equal number of shares of Class B Common Stock on March 17, 2026 and March 18, 2026, respectively, in connection with the transactions described in this Schedule 13D and as described further in Exhibit 99.3 attached hereto and assuming conversion of all outstanding shares of Class B Common Stock which may be deemed to be beneficially owned by the Reporting Persons into shares of Class C Common Stock. The Reporting Persons may be deemed to beneficially own an aggregate of 50,240,830 shares of the Issuer's Class C Common Stock, including 56,206 shares of the Issuer's Class C Common Stock held by the Reporting Persons on behalf of certain of their employees and certain managing members of SLG over which the Reporting Persons may be deemed to have voting power but no dispositive power, and an aggregate of 50,183,830 shares of the Issuer's Class B Common Stock held by the Reporting Persons, which are convertible into shares of Class C Common Stock on a one-for-one basis at any time at the holder's election, representing approximately 13.6% of the issued and outstanding shares of the Issuer's Class C Common Stock calculated on the basis of Rule 13d-3 of the Exchange Act. The percentages of beneficial ownership in this Schedule 13D are based on 318,820,280 shares of Class C Common Stock outstanding as of March 18, 2026 calculated as set forth in the above paragraph and assumes the conversion of all outstanding shares of Class B Common Stock which may be deemed to be beneficially owned by the Reporting Persons into shares of Class C Common Stock. Information with respect to the beneficial ownership of Class C Common Stock by the individuals listed in Annex 2 attached hereto as Exhibit 99.2 is incorporated herein by reference in response to this Item 5. The references to and description of the Issuer's amended and restated certificate of incorporation set forth above is not intended to be complete and is qualified in its entirety by reference to the full text of such certificate, which is filed as Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 29, 2022.
(b)	See Item 5(a) above.
(c)	Except as set forth in this Schedule 13D, including Exhibit 99.3 and in Annex A attached hereto as Exhibit 99.2, none of the Reporting Persons, or, to the best knowledge of the Reporting Persons, any other person listed in Annex A, have effected any transaction in Class C Common Stock in the past 60 days. During the past 60 days, (i) on March 2, 2026, March 4, 2026, March 6, 2026, March 17, 2026 and March 18, 2026, certain of the Reporting Persons sold an aggregate of 1,349,791 shares of Class C Common Stock, (ii) on March 5, 2026, certain of the Reporting Persons initiated distributions of an aggregate of 371,482 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 168,047 shares, SLP IV distributing 124,213 shares and SLP V distributing 79,222 shares and (iii) on March 19, 2026, certain of the Reporting Persons initiated distributions of an aggregate of 124,720 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 56,298 shares, SLP IV distributing 41,819 shares and SLP V distributing 26,603 shares. The shares of Class C Common Stock described in clauses (i) and (iii) above were received upon conversion on March 2, 2026, March 4, 2026, March 17, 2026 and March 18, 2026 of an equal number of shares of Class B Common Stock held by such Reporting Persons. The Class B Common Stock is convertible into an equal number of shares of Class C Common Stock, at any time.
Item 7.	Material to be Filed as Exhibits.
	Exhibit No. Description 99.1 Signature Pages 99.2 Annex A Managing Members of Silver Lake Group, L.L.C. 99.3 Annex B Sales of Class C Common Stock by Reporting Persons during the prior 60 days

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SL SPV-2, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

SLTA SPV-2, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

SLTA SPV-2 (GP), L.L.C.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Partners IV, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Technology Investors IV, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Technology Associates IV, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

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

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

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

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Technology Investors V, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Technology Associates V, L.P.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

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

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

Silver Lake Group, L.L.C.

Signature:	/s/ Justin G. Hamill
Name/Title:	Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., See Exhibit 99.1
Date:	03/19/2026

FAQ

How many Dell (DELL) shares does Silver Lake now report owning?

Silver Lake and its affiliated funds may be deemed to beneficially own 50,240,830 shares of Dell Class C common stock. This represents a significant block and is calculated under Rule 13d‑3, including shares issuable from conversions of Class B into Class C stock.

What percentage of Dell’s equity and voting power does Silver Lake hold?

Silver Lake’s 50,240,830 Class C shares represent about 7.8% of Dell’s total outstanding common stock and approximately 13.6% of the issued and outstanding Class C shares. Because of Dell’s multi‑class structure, these holdings equate to roughly 14.0% of the combined voting power.

What recent Dell (DELL) share transactions did Silver Lake report?

Over the past 60 days, certain Silver Lake entities sold an aggregate 1,349,791 Dell Class C shares. They also initiated non‑cash distributions of 371,482 and 124,720 Class C shares to their direct and indirect equity holders, reallocating part of their position to underlying investors.

How were Dell Class B shares involved in Silver Lake’s recent activity?

The Class C shares sold and distributed were obtained by converting an equal number of Dell Class B shares held by Silver Lake entities. Dell’s Class B stock is convertible into Class C on a one‑for‑one basis at any time at the holder’s election, enabling these transactions without new issuance.

What is Dell’s share class voting structure described in this filing?

Dell’s capital structure includes Class A and Class B common stock with 10 votes per share, Class C with one vote per share, and generally non‑voting Class D. All series vote together on most matters, while Class C votes separately to elect one Group IV director, shaping how influence is allocated among holders.

On what share count does Silver Lake base its Dell ownership percentages?

The percentages use 645,748,451 total Dell common shares outstanding as of March 18, 2026, including 276,744,341 Class A, 50,183,830 Class B, and 318,820,280 Class C shares. The Class C figure incorporates shares issued upon Silver Lake’s recent conversions of Class B stock into Class C stock.