Silver Lake Affiliate Files Form 144 Notice to Sell $26.1M in Dell Technologies

Form 144 Analysis: Dell Technologies Inc. ($DELL)

1. Transaction Overview

On September 17, 2026, SL SPV-2, L.P., an affiliate of private equity firm Silver Lake, filed a Form 144 notice disclosing an intention to sell 46,253 shares of Dell Technologies Inc. Class C Common Stock through Merrill Lynch, Pierce, Fenner & Smith Inc. The estimated aggregate market value of the proposed transaction is $26,053,852.37, implying an estimated share price of approximately $563.29.

2. Origin of Shares

The securities to be sold were acquired on September 17, 2026, via the conversion of Class B Common Stock issued by Dell Technologies in 2019, carrying no cash consideration at conversion.

3. Broader Context & Historical Selling Activity

Silver Lake and its related funds/partners (including Silver Lake Partners IV, Silver Lake Partners V, SL SPV-2, and managing director Egon Durban) have engaged in systematic dispositions of Class C Common Stock over the preceding three months:

• SL SPV-2, L.P. previously sold large tranches across July and September 2026, including 63,204 shares ($25.9M) on July 6, 63,095 shares ($26.9M) on July 8, 59,493 shares ($27.0M) on July 9, 151,531 shares ($77.7M) on September 3, 49,947 shares ($26.0M) on September 4, 49,949 shares ($26.3M) on September 8, 48,096 shares ($26.0M) on September 9, 72,149 shares ($40.3M) on September 11, 24,791 shares ($13.2M) on September 14, 46,990 shares ($26.0M) on September 15, and 46,994 shares ($26.7M) on September 16.
• Concurrent sales have taken place across other Silver Lake entities and board director Egon Durban.

4. Market & Trading Significance

This filing represents a continuation of programmatic secondary market monetization by a core private equity sponsor following Dell's long-term value realization post-merger. While the dollar amount is significant ($26.1M), it represents a routine volume relative to Dell's total outstanding Class C shares (315.4M shares outstanding reported on the filing) and follows an established distribution pattern.