Silver Lake Group, L.L.C. 4
4 · Dell Technologies Inc. · Filed Mar 24, 2026
Research Summary
AI-generated summary of this filing
Dell (DELL) 10% Owner SLTA IV Sells $49M of Shares
What Happened
SLTA IV (GP), L.L.C., a Silver Lake affiliate and reported 10% owner, executed conversions/exercises that resulted in 616,993 shares of Dell Class C common stock being recorded as acquired (derivative conversion/exercise) on March 20, 2026. On the same date the entity sold 299,979 shares in open-market transactions, generating total proceeds of approximately $49.36 million. The filing lists the exercise/conversion transactions with $0 cash proceeds (derivative conversion) and separate open-market sales at weighted-average prices of about $163.51, $164.60 and $165.49.
Key Details
- Transaction date: March 20, 2026 (Form 4 filed March 24, 2026 — timely under Section 16 filing rules).
- Derivative activity (code M): 616,993 shares recorded as acquired via exercise/conversion.
- Open-market sales (code S): 299,979 shares sold for total proceeds ≈ $49,357,591.
- Reported sale price ranges (per footnotes): roughly $163.00–$165.9992 per share; the filing reports weighted-average prices of ~$163.51, $164.60 and $165.49 for different batches.
- Shares owned after the transactions: not specified in the provided excerpt.
- Notable footnotes: conversions involved Class B → Class C shares (F2); several Silver Lake entities sold shares (F1); some holdings may reflect indirect pecuniary interests of Egon Durban, a Dell director and Silver Lake Co-CEO/Managing Member (F9, F10). The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
Context
- The filing combines derivative conversion/exercise entries (M) and open-market sales (S). The presence of immediate sales after conversion is consistent with exercises/conversions followed by market sales rather than a long-term purchase — this is an institutional liquidity event rather than a clear bullish signal.
- This report concerns a large institutional/affiliate holder (Silver Lake entities), not an individual executive making a personal investment decision.
- The filing notes weighted-average prices and offers to provide breakdowns by exact prices on request (F14–F16).
Insider Transaction Report
Form 4
SLTA IV (GP), L.L.C.
Director10% Owner
Transactions
- Exercise/Conversion
Class C Common Stock
[F1][F2][F3][F9]2026-03-20+236,928→ 236,928 total(indirect: Held through SL SPV-2, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F4][F9]2026-03-20+243,218→ 243,218 total(indirect: Held through Silver Lake Partners IV, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F5][F9]2026-03-20+131,654→ 131,654 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F6][F9]2026-03-20+3,579→ 3,579 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F7][F9]2026-03-20+1,614→ 1,614 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F14][F3][F9]2026-03-20$163.51/sh−39,455$6,451,287→ 197,473 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F14][F4][F9]2026-03-20$163.51/sh−45,751$7,480,746→ 197,467 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F14][F5][F9]2026-03-20$163.51/sh−23,415$3,828,587→ 108,239 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F14][F6][F9]2026-03-20$163.51/sh−874$142,908→ 2,705 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F14][F7][F9]2026-03-20$163.51/sh−394$64,423→ 1,220 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F15][F3][F9]2026-03-20$164.60/sh−27,576$4,539,010→ 169,897 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F15][F4][F9]2026-03-20$164.60/sh−31,976$5,263,250→ 165,491 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F15][F5][F9]2026-03-20$164.60/sh−16,365$2,693,679→ 91,875 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F15][F6][F9]2026-03-20$164.60/sh−611$100,571→ 2,094 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F15][F7][F9]2026-03-20$164.60/sh−275$45,265→ 944 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F16][F3][F9]2026-03-20$165.49/sh−40,675$6,731,306→ 129,222 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F16][F4][F9]2026-03-20$165.49/sh−47,166$7,805,501→ 118,326 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F16][F5][F9]2026-03-20$165.49/sh−24,139$3,994,763→ 67,736 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F16][F6][F9]2026-03-20$165.49/sh−901$149,106→ 1,193 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F16][F7][F9]2026-03-20$165.49/sh−406$67,189→ 538 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Exercise/Conversion
Class B Common Stock
[F2][F1][F3][F9]2026-03-20−236,928→ 19,033,894 total(indirect: Held through SL SPV-2, L.P.)→ Class C Common Stock (236,928 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F4][F9]2026-03-20−243,218→ 19,539,246 total(indirect: Held through Silver Lake Partners IV, L.P.)→ Class C Common Stock (243,218 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F5][F9]2026-03-20−131,654→ 10,576,570 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.)→ Class C Common Stock (131,654 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F6][F9]2026-03-20−3,579→ 287,487 total(indirect: Held through Silver Lake Technology Investors IV, L.P.)→ Class C Common Stock (3,579 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F7][F9]2026-03-20−1,614→ 129,640 total(indirect: Held through Silver Lake Technology Investors V, L.P.)→ Class C Common Stock (1,614 underlying)
Holdings
- 794(indirect: Held through Silver Lake Group)
Class C Common Stock
[F8][F9] - 692(indirect: See footnote)
Class C Common Stock
[F10] - 56,206(indirect: See footnote)
Class C Common Stock
[F11] - 1,252,345
Class C Common Stock
[F12] - 51,899(indirect: See footnote)
Class C Common Stock
[F13]
Footnotes (16)
- [F1]SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") 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 March 20, 2026 and March 23, 2026.
- [F10]These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
- [F11]This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates, including Mr. Durban.
- [F12]Represents shares of Class C Common Stock held by Mr. Durban.
- [F13]Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
- [F14]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $163.00 to $163.9990 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.
- [F15]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $164.00 to $164.9999 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.
- [F16]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.00 to $165.9992 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.
- [F2]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 March 20, 2026 and March 23, 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 described in footnote (1) above.
- [F3]These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").
- [F4]These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").
- [F5]These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").
- [F6]These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.
- [F7]These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.
- [F8]Reflects shares held by Silver Lake Group, L.L.C. ("SLG").
- [F9]SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. 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.