Dell (DELL) 10% Owner SL SPV-2, L.P. Sells Shares

What Happened

• SL SPV-2, L.P. (a reported 10% owner) converted/exercised 69,723 Class B shares into Class C shares and sold a total of 46,994 Class C shares in multiple open-market transactions on September 16, 2026.
• The open-market sales generated aggregate proceeds of $26,686,941. Sales were executed in multiple blocks at weighted-average prices by block (individual trade prices ranged roughly from $560.88 to $573.79 per share). The Form 4 shows both "M" (exercise/conversion) and "S" (sale) transaction codes.

Key Details

• Transaction date: September 16, 2026; Form 4 filed September 18, 2026 (no late filing indicated in this record).
• Shares sold (open market): 46,994 shares; aggregate proceeds ≈ $26,686,941.
• Conversion/exercise: 69,723 shares converted/exercised (reported as derivative "M" transactions in the filing).
• Price range and blocks: per-footnotes, sales in multiple tranches with weighted-average price ranges from about $560.8800 to $573.7900 depending on the block.
• Shares owned after transaction: not specified for SL SPV-2, L.P. in this filing. Related Silver Lake entities’ post-transaction holdings are reported on separate Forms 4 (see footnotes F23–F24).
• Filing notes: joint filing by Silver Lake-related reporting persons; footnotes clarify conversions of Class B to Class C and that multiple affiliates filed additional Forms 4 due to EDGAR limits.

Context

• This is institutional/10% owner activity, not an individual executive buy/sell; such transactions often reflect portfolio or ownership-structure management rather than an individual trading signal.
• The filing shows a conversion (derivative exercise/transfer) of Class B into Class C shares and simultaneous market sales — effectively a conversion plus sale, not a purchase. Transaction codes: M = exercise/conversion, S = sale.
• Footnotes provide detailed per-block price ranges and state the Reporting Persons will provide exact per-price allocations on request; separate Forms 4 report other Silver Lake affiliates’ holdings and transactions.