Silver Lake Group, L.L.C. 4

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.