Silver Lake Group, L.L.C. 4
4 · Dell Technologies Inc. · Filed Jul 13, 2026
Research Summary
AI-generated summary of this filing
Dell (DELL) 10% Owner SL SPV-2 Sells Shares
What Happened
- SL SPV-2, L.P., a reported 10% owner affiliated with Silver Lake, converted/exercised 88,164 shares (Class B → Class C) and then sold a total of 59,492 Class C shares in multiple open‑market transactions on July 9, 2026. The sales generated about $26.98M (approx. $27.0M) in proceeds.
- The individual sale tranches were executed at prices in the mid-$400s per share (see Key Details below). This was a series of sales by an institutional investor/affiliate rather than a routine executive purchase; sales are generally not a bullish signal.
Key Details
- Transaction date: July 9, 2026; Form filed July 13, 2026 (timely under the 2 business‑day rule).
- Shares converted/exercised (derivative, code M): 88,164 shares.
- Shares sold (open market, code S): 59,492 shares across multiple trades, total proceeds ≈ $26,981,927.
- Reported price range across the trades (weighted averages and per‑trade ranges in footnotes): roughly $447.59 to $460.47 per share.
- Shares owned after the transactions: not specifically stated for SL SPV‑2 in this filing; related Silver Lake affiliates’ holdings are reported on separate Form 4s (see footnotes).
- Notable footnotes: multiple Silver Lake entities sold shares on July 9, 2026 (F1); conversion of Class B to Class C in connection with the sales (F2); weighted‑average pricing and price ranges provided for each tranche (F10–F22); disclosure of Silver Lake organizational relationships and that Egon Durban (a Dell director) is Co‑CEO/Managing Member of Silver Lake Group (F3–F4).
Context
- Derivative activity: the filing shows conversion/exercise of Class B stock into Class C stock (derivative code M) to enable the open‑market sales. Some Form 4 lines reflect conversion entries with $0 proceeds; the actual sale proceeds are captured in the open‑market sale entries.
- Institutional sale: this was an institutional/affiliate liquidation by a 10% owner (Silver Lake‑related), not an insider purchase. Such sales can be part of portfolio rebalancing, liquidity needs, or other institutional decisions; the filing is factual and does not indicate motive.
- Multiple filings: because several Silver Lake affiliates traded, additional Form 4s were filed separately and may report other related transactions or post‑trade holdings.
Insider Transaction Report
Form 4
SL SPV-2, L.P.
Director10% Owner
Transactions
- Exercise/Conversion
Class C Common Stock
[F1][F2][F3][F4]2026-07-09+88,164→ 148,715 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F10][F3][F4]2026-07-09$448.17/sh−546$244,701→ 148,169 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F11][F3][F4]2026-07-09$449.22/sh−2,141$961,780→ 146,028 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F12][F3][F4]2026-07-09$450.17/sh−4,794$2,158,115→ 141,234 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F13][F3][F4]2026-07-09$451.08/sh−8,337$3,760,654→ 132,896 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F14][F3][F4]2026-07-09$452.07/sh−10,537$4,763,462→ 122,359 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F15][F3][F4]2026-07-09$453.06/sh−7,199$3,261,579→ 115,160 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F16][F3][F4]2026-07-09$454.10/sh−5,795$2,631,510→ 109,365 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F17][F3][F4]2026-07-09$455.06/sh−6,266$2,851,406→ 103,099 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F18][F3][F4]2026-07-09$456.06/sh−5,342$2,436,273→ 97,757 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F19][F3][F4]2026-07-09$457.08/sh−2,349$1,073,681→ 95,408 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F20][F3][F4]2026-07-09$457.97/sh−2,205$1,009,824→ 93,203 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F21][F3][F4]2026-07-09$459.11/sh−2,635$1,209,755→ 90,568 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F22][F3][F4]2026-07-09$460.02/sh−1,346$619,187→ 89,222 total(indirect: Held through SL SPV-2, L.P.) - Exercise/Conversion
Class B Common Stock
[F2][F1][F3][F4]2026-07-09−88,164→ 16,756,126 total(indirect: Held through SL SPV-2, L.P.)→ Class C Common Stock (88,164 underlying)
Holdings
- 150,338(indirect: See footnotes)
Class C Common Stock
[F5][F6][F7] - 1,374,245
Class C Common Stock
[F8] - 49,237(indirect: See footnote)
Class C Common Stock
[F9] - 111,951(indirect: See footnote)
Class C Common Stock
[F23] - 26,879,095(indirect: See footnote)
Class B Common Stock
[F2][F24]→ Class C Common Stock (26,879,095 underlying)
Footnotes (24)
- [F1]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 July 9, 2026.
- [F10]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $447.5921 to $448.5400 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.
- [F11]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $448.6027 to $449.5350 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.
- [F12]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $449.6000 to $450.5975 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.
- [F13]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $450.6000 to $451.5971 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.
- [F14]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $451.6061 to $452.5981 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 $452.6000 to $453.5905 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 $453.6000 to $454.5900 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.
- [F17]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $454.6000 to $455.5994 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.
- [F18]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $455.6010 to $456.5944 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.
- [F19]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $456.6000 to $457.5933 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 July 9, 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.
- [F20]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $457.6065 to $458.5425 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.
- [F21]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $458.6278 to $459.6053 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.
- [F22]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $459.6595 to $460.4699 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.
- [F23]Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 67,990 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 43,961 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
- [F24]Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 17,201,003 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,310,882 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 253,083 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 114,127 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
- [F3]These securities are directly held by SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C.
- [F4]Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (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.
- [F5]RESERVED
- [F6]RESERVED
- [F7]This amount reflects 29,494, 11,109, 28,109, 81,500 and 126 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of certain employees and managing members of SLG or its affiliates.
- [F8]Represents shares of Class C Common Stock held directly by Mr. Durban.
- [F9]Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.