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

What Happened

• SL SPV-2, L.P. (a Silver Lake affiliate and reported 10% owner) sold multiple tranches of Dell Technologies (DELL) Class C common stock on September 17, 2026. The filing shows approximately 114,890 shares disposed across many open‑market sales for aggregate proceeds of about $27.10 million. The filing also reports the exercise/conversion of 68,637 derivative shares (resulting in acquisition of underlying shares that were transacted in connection with the sales).

Key Details

• Transaction date: September 17, 2026 (Form 4 filed Sept 21, 2026 — timely within the 2 business‑day window).
• Sale sizes & prices (selected tranches): e.g., 7,460 @ $585.47; 6,370 @ $586.43; 68,637 (derivative conversion/exercise) @ reported $0 for the derivative line; other tranches ranged roughly from ~$577.32 to ~$591.64 per share (weighted‑average prices reported for several tranches).
• Approximate total sold: ~114,890 shares for approx. $27.1 million in proceeds.
• Shares owned after transaction: SL SPV-2’s post‑transaction holdings are not explicitly listed in this filing. Related Silver Lake entities’ post‑trade holdings are reported elsewhere (see footnotes: e.g., Silver Lake Partners IV directly holds 101,327 Class C shares; Silver Lake Partners V DE directly holds 59,331 Class C shares; larger Class B holdings for related entities are also noted in footnote disclosures).
• Notable footnotes: joint filing by multiple Silver Lake entities; conversion of Class B to Class C shares in connection with the sales; multiple weighted‑average prices and price ranges disclosed; reporting constraints led to related transactions being reported on separate Form 4s.
• Filing timeliness: Marked timely (transaction 9/17, filing 9/21).

Context

• This is an institutional sale by a 10% owner (Silver Lake affiliate), not a routine executive purchase. The filing shows a conversion/exercise of derivative securities into common shares that were involved in the transactions — effectively an exercise/conversion plus sale rather than a pure purchase. Such institutional sales can reflect portfolio rebalancing or liquidity needs; they are factual disclosures and do not by themselves indicate the issuer’s prospects.