Silver Lake Entities Liquidate $26.7M in Dell Technologies Stock

Executive Summary

On October 8, 2026, Silver Lake Group, L.L.C. and affiliated entities (including SL SPV-2, L.P. and Director Egon Durban) filed Form 4 disclosures reporting open market sales of Dell Technologies Inc. ($DELL) Class C Common Stock executed on October 6, 2026. Across 11 separate market tranches, SL SPV-2, L.P. sold an aggregate of 46,322 shares at prices ranging from $571.15 to $581.50, generating total proceeds of $26,655,798.13 (volume-weighted average price of approximately $575.45 per share).

Prior to the sales, SL SPV-2, L.P. converted 68,576 shares of convertible Class B Common Stock into Class C Common Stock on a 1:1 basis.

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Transaction Breakdown

1. Derivative Conversion (Code M):

   • Converted 68,576 Class B shares into 68,576 Class C shares at no cost.
   • Class B shares remaining under SL SPV-2, L.P.: 15,891,435.

2. Open Market Sales (Code S) – October 6, 2026:

   • 4,495 shares @ $571.90 ($2,570,690.50)
   • 4,984 shares @ $572.50 ($2,853,340.00)
   • 5,651 shares @ $573.77 ($3,242,374.27)
   • 7,109 shares @ $574.66 ($4,085,257.94)
   • 7,847 shares @ $575.59 ($4,516,654.73)
   • 5,545 shares @ $576.68 ($3,197,710.60)
   • 2,572 shares @ $577.84 ($1,486,204.48)
   • 4,122 shares @ $578.66 ($2,385,236.52)
   • 2,813 shares @ $579.63 ($1,630,499.19)
   • 674 shares @ $580.21 ($391,061.54)
   • 511 shares @ $580.76 ($296,768.36)
   • Total Sold: 46,322 shares
   • Remaining Direct Holdings for SL SPV-2, L.P.: 22,254 Class C shares

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Ownership Context and Post-Transaction Positioning

Despite this $26.7M liquidation, Silver Lake and its affiliates retain massive economic and voting control in Dell Technologies:

• SL SPV-2, L.P.: Retains 15,891,435 Class B shares and 22,254 Class C shares.
• Other Silver Lake Funds: Hold an additional 25,492,011 Class B shares and hundreds of thousands of Class C shares across multiple partnerships.
• Egon Durban: Retains 1,401,636 Class C shares held directly, in addition to indirect partnership interests.

Market Significance

Ranked High due to the aggregate dollar amount ($26.7M) and the prominence of Silver Lake as Dell's primary long-term private equity partner. The partial conversion and programmatic disposition fit routine institutional rebalancing patterns but warrant tracking given the overall position size.