Silver Lake Affiliate Files Form 144 to Sell $25.5M of Dell Technologies ($DELL)

Executive Summary

On September 16, 2026, SL SPV-2, L.P., an investment entity affiliated with private equity firm Silver Lake, filed a Form 144 with the SEC detailing the proposed sale of 46,994 shares of Dell Technologies Inc. ($DELL) Class C Common Stock with an estimated aggregate market value of $25.54 million (~$543.51 per share).

Transaction & Position Overview

• Issuer: Dell Technologies Inc. (CIK: 0001571996)
• Filer: SL SPV-2, L.P. (CIK: 0001767114)
• Relationship: Significant Stockholder & Director Affiliate (an executive of a Silver Lake affiliate serves on Dell's Board of Directors)
• Shares Proposed for Sale: 46,994 shares (~0.015% of 315,433,188 Class C shares outstanding)
• Aggregate Value: $25,541,708.94
• Nature of Acquisition: Acquired on 09/16/2026 via conversion of Class B Common Stock (originally acquired in 2019)
• Executing Broker: Merrill Lynch, Pierce, Fenner & Smith Inc.

Historical Context & Pattern

This filing forms part of a consistent, coordinated disposition program by Silver Lake and its affiliated vehicles (including Silver Lake Partners IV, Silver Lake Partners V, and individual managing partners such as Egon Durban). Over the past three months, Silver Lake entities have systematically converted Class B shares to Class C shares and executed market sales across multiple trading windows.