[SCHEDULE 13D/A] Dell Technologies Inc. SEC Filing

Rhea-AI Filing Summary

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.

Insights

Equity ownership analyst

Ownership updated to 54.3M Class C (8.1%); recent sales disclosed.

Silver Lake reports beneficial ownership of 8.1% of Dell’s total common via 54,300,981 Class C shares, with about 14.8% combined voting power under the issuer’s multi-class voting structure. They also report 54,094,108 Class B shares convertible one-for-one into Class C.

Activity in the last 60 days includes 3,391,060 Class C shares sold and several distributions (aggregates of 217,018, 525,198, 299,905, 186,789) to equity holders. These Class C shares came from conversions of Class B on specified dates, including October 1, 2025 for 696,789 shares.

These disclosures outline current ownership and recent transactions; actual market impact depends on future holder actions and broader liquidity conditions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

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)

10/01/2025

(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).

SCHEDULE 13D

CUSIP No. 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 20,772,387.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,772,387.00

11

Aggregate amount beneficially owned by each reporting person

20,772,387.00

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 No. 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 20,827,534.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,772,387.00

11

Aggregate amount beneficially owned by each reporting person

20,827,534.00

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 No. 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 20,827,534.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 20,772,387.00

11

Aggregate amount beneficially owned by each reporting person

20,827,534.00

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)

OO

SCHEDULE 13D

CUSIP No. 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 21,323,896.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,323,896.00

11

Aggregate amount beneficially owned by each reporting person

21,323,896.00

12

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

13

Percent of class represented by amount in Row (11)

5.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 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 313,746.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 313,746.00

11

Aggregate amount beneficially owned by each reporting person

313,746.00

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 No. 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 21,637,704.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,637,642.00

11

Aggregate amount beneficially owned by each reporting person

21,637,704.00

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 No. 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 21,637,704.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 21,637,642.00

11

Aggregate amount beneficially owned by each reporting person

21,637,704.00

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 No. 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 11,542,598.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,542,598.00

11

Aggregate amount beneficially owned by each reporting person

11,542,598.00

12

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

13

Percent of class represented by amount in Row (11)

3.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 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 141,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 141,481.00

11

Aggregate amount beneficially owned by each reporting person

141,481.00

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 No. 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 11,715,904.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,684,079.00

11

Aggregate amount beneficially owned by each reporting person

11,715,904.00

12

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

13

Percent of class represented by amount in Row (11)

3.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 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 11,715,904.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,684,079.00

11

Aggregate amount beneficially owned by each reporting person

11,715,904.00

12

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

13

Percent of class represented by amount in Row (11)

3.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 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 54,300,981.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 54,094,108.00

11

Aggregate amount beneficially owned by each reporting person

54,300,981.00

12

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

13

Percent of class represented by amount in Row (11)

13.8 %

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. 12 (the Amendment No. 12), 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 and Amendment No. 11 filed on July 17, 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. 11 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.
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)	Interest in Securities of the Issuer 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 2is incorporated by reference in its entirety into this Item 5. The Reporting Persons may be deemed to beneficially own an aggregate of 54,300,981 shares of the Issuer's Class C Common Stock, which constitutes approximately 8.1% of the total outstanding common stock of the Issuer, based on 670,200,183 shares of common stock outstanding in the aggregate as of October 2, 2025. 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 54,300,981 shares of Class C Common Stock beneficially owned in the aggregate by the Reporting Persons is entitled to approximately 14.8% of the combined voting power of the common stock of the Issuer, based on 670,200,183 shares of common stock outstanding in the aggregate, including 276,762,341 shares of Class A Common Stock, 54,094,108 shares of Class B Common Stock (reduced by the Class C conversions disclosed below) and 339,343,734 shares of Class C Common Stock outstanding, calculated as follows: 338,646,945 shares of Class C Common Stock outstanding as of September 23, 2025, as set forth in the Issuer's Periodic Report on Form 8-K, filed with the SEC on September 26, 2025, plus the additional 696,789 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 October 1, 2025, 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 54,300,981 shares of the Issuer's Class C Common Stock, including 206,873 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 54,094,108 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 13.8% 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 339,343,734 shares of Class C Common Stock outstanding as of October 2, 2025 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 September 15, 2025, September 17, 2025, September 18, 2025, September 19, 2025, September 22, 2025, September 25, 2025, October 1, 2025 and October 2, 2025, certain of the Reporting Persons sold an aggregate of 3,391,060 shares of Class C Common Stock, (ii) on September 17, 2025, certain of the Reporting Persons initiated distributions of an aggregate of 217,018 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 98,251 shares, SLP IV distributing 72,809 shares and SLP V distributing 45,958 shares, (iii) on September 22, 2025, certain of the Reporting Persons initiated distributions of an aggregate of 525,198 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 237,701 shares, SLP IV distributing 175,986 shares and SLP V distributing 111,511 shares, (iv) on September 25, 2025, certain of the Reporting Persons initiated distributions of an aggregate of 299,905 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 135,692 shares, SLP IV distributing 100,400 shares and SLP V distributing 63,813 shares and (v) on October 2, 2025, certain of the Reporting Persons initiated distributions of an aggregate of 186,789 shares of Class C Common Stock to certain of their respective direct and indirect equity holders, with SL SPV-2, L.P. distributing 83,827 shares, SLP IV distributing 62,911shares and SLP V distributing 40,051 shares. The shares of Class C Common Stock described in clauses (i) through (v) above were received upon conversion on September 15, 2025, September 17, 2025, September 18, 2025, September 19, 2025, September 22, 2025 and October 1, 2025 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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

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:	10/03/2025

FAQ

What stake in DELL did Silver Lake report in this Schedule 13D/A?

They may be deemed to beneficially own 54,300,981 Class C shares, approximately 8.1% of total common stock outstanding.

What voting power does Silver Lake’s DELL stake represent?

Their Class C holdings are entitled to about 14.8% of the combined voting power under Dell’s multi-class structure.

How many DELL Class C shares did the reporting persons sell recently?

During the past 60 days, they sold an aggregate of 3,391,060 Class C shares on the specified dates.

Did Silver Lake convert any Class B shares to Class C?

Yes. Conversions occurred on several dates, including 696,789 Class B shares converted to Class C on October 1, 2025.

What is Dell’s total common stock outstanding as of October 2, 2025?

Total common outstanding was 670,200,183, including 339,343,734 Class C shares.

Which Silver Lake entities are reporting persons in this filing?

Entities include SL SPV-2, L.P., SLP IV, SLP V, SLG, and related affiliates listed in the amendment and exhibits.