Silver Lake Files Amendment No. 15 on Dell Technologies Class C Common Stock

Executive Summary

On September 11, 2026, Silver Lake Group, L.L.C. and affiliated entities filed Amendment No. 15 to Schedule 13D regarding their beneficial ownership in Dell Technologies Inc. (NYSE: DELL).

Key Disclosures & Holdings

• Current Beneficial Ownership: 42,809,317 shares of Class C Common Stock, representing 11.9% of the class (calculated under Rule 13d-3 assuming conversion of Class B Common Stock) and 6.7% of total outstanding common stock.
• Voting Power: Approximately 12.1% of total combined voting power across all classes of Dell Technologies common stock.
• Breakdown of Current Holdings:
  • 116,285 shares of Class C Common Stock held directly by Reporting Persons.
  • 214,632 shares of Class C Common Stock held on behalf of certain employees/managing members (voting power only).
  • 42,478,400 shares of Class B Common Stock (convertible 1-for-1 into Class C).

Recent Transactions (Within 60 Days Ending Sept 9, 2026)

• Class B Conversions: Converted 1,156,821 shares of Class B Common Stock to Class C Common Stock across four dates:
  • Sept 3, 2026: 585,193 shares
  • Sept 4, 2026: 192,905 shares
  • Sept 8, 2026: 192,921 shares
  • Sept 9, 2026: 185,802 shares
• Open Market / Sales: Sold an aggregate of 810,000 shares of Class C Common Stock.
• In-Kind Distributions: On September 8, 2026, distributed an aggregate of 233,098 shares of Class C Common Stock to direct and indirect equity holders (SL SPV-2: 97,315 shares; SLP IV: 85,520 shares; SLP V: 50,263 shares).

Market & Strategic Impact

Silver Lake continues its orderly monetization and distribution program of its long-term investment in Dell Technologies while maintaining a substantial 11.9% beneficial stake and significant voting influence.