Silver Lake Entities Liquidate $19.55M in Dell Technologies ($DELL) Stock

Executive Summary

On September 15, 2026, Silver Lake Group, L.L.C., together with associated entities and Managing Member/Director Egon Durban, filed a Form 4 disclosing transactions executed on September 11, 2026, involving Dell Technologies Inc. ($DELL).

Transaction Breakdown

1. Derivative Conversion:

   • Silver Lake Partners V DE (AIV), L.P. converted 59,479 shares of Class B Common Stock into 59,479 shares of Class C Common Stock on a 1:1 basis at $0 exercise price.

2. Open Market Sales:

   • A total of 34,991 shares of Class C Common Stock were sold across 20 separate tranches at weighted-average prices ranging from $547.73 to $567.45 per share.
   • Total Gross Sale Proceeds: Approximately $19,554,812.39 (~$19.55M).
   • Aggregate Weighted Average Sale Price: ~$558.85 per share.

3. In-Kind Distributions:

   • 24,488 shares were distributed pro-rata in-kind (Code J) to partners and managing members, which are exempt under Rule 16a-13.

Post-Transaction Beneficial Ownership

• Silver Lake Partners V DE (AIV), L.P.:
  • Class C Common Stock: 18,045 shares
  • Class B Common Stock: 9,004,560 shares
• Total Retained Class B Common Stock across Silver Lake affiliated vehicles: 33,195,093 shares.

Context and Significance

• Significance Level: Medium
• These transactions represent routine liquidity/distribution activity by private equity sponsor Silver Lake. While the transaction generated ~$19.55M in proceeds, the disposed shares represent a very small fraction of Silver Lake's overall multi-million-share stake in Dell Technologies.