Silver Lake Entities Liquidate $26.7M of Dell Technologies (DELL)

Transaction Analysis: Silver Lake / SL SPV-2, L.P. Sells Dell Technologies Inc. (DELL)

Executive Summary

On September 18, 2026, Silver Lake Group affiliate SL SPV-2, L.P. (along with affiliated reporting entities and director Egon Durban) filed a Form 4 disclosing the sale of 46,994 shares of Dell Technologies Inc. (DELL) Class C Common Stock on September 16, 2026. The sales were executed in multiple open-market tranches at prices ranging between $560.88 and $573.79, generating aggregate gross proceeds of approximately $26.69 million at a volume-weighted average price of $567.88.

Transaction Mechanics

1. Derivative Conversion: Prior to the sales, SL SPV-2, L.P. converted 69,723 shares of Class B Common Stock into Class C Common Stock on a 1-for-1 basis at no cost.
2. Open-Market Executions: Out of the converted shares, 46,994 shares were sold in 12 distinct price-band blocks under transaction code 'S'.
3. Post-Transaction Holdings: Following these transactions, SL SPV-2, L.P. held 92,330 direct/indirect shares of Class C Common Stock and 16,028,648 shares of convertible Class B Common Stock. Other affiliated Silver Lake entities retain additional substantial holdings, including over 25.7 million Class B shares across related funds.

Insider Context & Trading Significance

• Significance Rating: High due to the aggregate dollar amount ($26.7M) and the 10% owner / board representation status.
• While $26.7M is an absolute large figure, it represents a minor fraction (<0.3%) of Silver Lake's overall multi-billion-dollar economic exposure to Dell Technologies, indicating routine portfolio monetization or rebalancing rather than a wholesale exit.