Silver Lake Group, L.L.C. 4
4 · Dell Technologies Inc. · Filed Mar 19, 2026
Research Summary
AI-generated summary of this filing
Dell (DELL) 10% Owner SLTA IV GP Exercises Derivatives, Sells Shares
What Happened
SLTA IV (GP), L.L.C., reported as a 10% owner of Dell Technologies (DELL), exercised/converted a total of 136,941 derivative/Class B interests into Class C common shares on March 18, 2026 and sold 74,258 of those shares in open-market transactions the same day. The open‑market sales generated aggregate proceeds of roughly $11.31 million. Sales were executed at weighted-average prices reported around $150.32, $152.34 and $152.90 (individual trades ranged about $150.00 to $153.49 per footnotes).
Key Details
- Transaction date: March 18, 2026; Form 4 filed March 19, 2026 (timely).
- Derivative activity: Exercised/converted 52,586; 53,983; 29,220; 794; and 358 derivative shares (total 136,941). Some derivative disposals are reported at $0, reflecting surrender/conversion. (Transaction code M = exercise/conversion.)
- Open-market sales: 74,258 shares sold in multiple trades for total proceeds ≈ $11,307,748. Reported weighted-average prices grouped at $150.32, $152.34 and $152.90; overall sale prices ranged roughly $150.00–$153.49 (see footnotes F14–F16).
- Shares owned after transaction: Not specified for SLTA IV (GP) in this Form 4.
- Notable footnotes: Many share receipts/distributions among Silver Lake entities and certain pro rata employee/manager distributions were exempt from reporting under Rule 16a‑13 (see F1, F2, F11–F13). The filing also notes joint filing by related Silver Lake reporting persons and disclaims beneficial ownership beyond pecuniary interest.
- Filing timeliness: Reported promptly (transaction 3/18, filed 3/19); no late filing flag.
Context
This filing reflects activity by a large institutional/affiliate holder (Silver Lake-related entity), not a routine individual purchase signal by an executive. The derivative entries represent conversion/exercise of convertible/Class B interests (convertible into Class C common shares); many of the converted shares were sold in the market the same day. Some distributions of shares among Silver Lake affiliates and to employees were made in‑kind and were exempt from reporting under Rule 16a‑13, per the footnotes.
Insider Transaction Report
Form 4
SLTA IV (GP), L.L.C.
Director10% Owner
Transactions
- Exercise/Conversion
Class C Common Stock
[F1][F2][F3][F9]2026-03-18+52,586→ 92,204 total(indirect: Held through SL SPV-2, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F4][F9]2026-03-18+53,983→ 83,411 total(indirect: Held through Silver Lake Partners IV, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F5][F9]2026-03-18+29,220→ 47,946 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F6][F9]2026-03-18+794→ 794 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Exercise/Conversion
Class C Common Stock
[F1][F2][F7][F9]2026-03-18+358→ 358 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F14][F3][F9]2026-03-18$150.32/sh−4,310$647,879→ 87,894 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F14][F4][F9]2026-03-18$150.32/sh−4,993$750,548→ 78,418 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F14][F5][F9]2026-03-18$150.32/sh−2,562$385,120→ 45,384 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F14][F6][F9]2026-03-18$150.32/sh−95$14,280→ 699 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F14][F7][F9]2026-03-18$150.32/sh−43$6,464→ 315 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F15][F3][F9]2026-03-18$152.34/sh−9,832$1,497,807→ 78,062 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F15][F4][F9]2026-03-18$152.34/sh−11,389$1,735,000→ 67,030 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F15][F5][F9]2026-03-18$152.34/sh−5,844$890,275→ 39,540 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F15][F6][F9]2026-03-18$152.34/sh−217$33,058→ 481 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F15][F7][F9]2026-03-18$152.34/sh−98$14,929→ 217 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Sale
Class C Common Stock
[F16][F3][F9]2026-03-18$152.90/sh−12,523$1,914,767→ 65,539 total(indirect: Held through SL SPV-2, L.P.) - Sale
Class C Common Stock
[F16][F4][F9]2026-03-18$152.90/sh−14,506$2,217,967→ 52,523 total(indirect: Held through Silver Lake Partners IV, L.P.) - Sale
Class C Common Stock
[F16][F5][F9]2026-03-18$152.90/sh−7,444$1,138,188→ 32,096 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.) - Sale
Class C Common Stock
[F16][F6][F9]2026-03-18$152.90/sh−277$42,353→ 204 total(indirect: Held through Silver Lake Technology Investors IV, L.P.) - Sale
Class C Common Stock
[F16][F7][F9]2026-03-18$152.90/sh−125$19,113→ 92 total(indirect: Held through Silver Lake Technology Investors V, L.P.) - Exercise/Conversion
Class B Common Stock
[F2][F1][F3][F9]2026-03-18−52,586→ 19,270,822 total(indirect: Held through SL SPV-2, L.P.)→ Class C Common Stock (52,586 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F4][F9]2026-03-18−53,983→ 19,782,464 total(indirect: Held through Silver Lake Partners IV, L.P.)→ Class C Common Stock (53,983 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F5][F9]2026-03-18−29,220→ 10,708,224 total(indirect: Held through Silver Lake Partners V DE (AIV), L.P.)→ Class C Common Stock (29,220 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F6][F9]2026-03-18−794→ 291,066 total(indirect: Held through Silver Lake Technology Investors IV, L.P.)→ Class C Common Stock (794 underlying) - Exercise/Conversion
Class B Common Stock
[F2][F1][F7][F9]2026-03-18−358→ 131,254 total(indirect: Held through Silver Lake Technology Investors V, L.P.)→ Class C Common Stock (358 underlying)
Holdings
- 794(indirect: Held through Silver Lake Group)
Class C Common Stock
[F8][F9] - 692(indirect: See footnote)
Class C Common Stock
[F10] - 56,206(indirect: See footnote)
Class C Common Stock
[F11] - 1,252,345
Class C Common Stock
[F12] - 51,899(indirect: See footnote)
Class C Common Stock
[F13]
Footnotes (16)
- [F1]SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on March 17, 2026 and March 18, 2026 and initiated in-kind distributions of shares of Class C Common Stock on March 19, 2026. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F10]These shares of Common Stock were held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on March 19, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F11]In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 10,613, 6,350 and 39,243 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the March 19, 2026 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F12]Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on March 19, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F13]Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on March 19, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F14]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.00 to $150.67 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F15]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $151.5100 to $152.5085 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F16]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $152.51 to $153.49 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F2]Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On March 17, 2026 and March 18, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above.
- [F3]These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").
- [F4]These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").
- [F5]These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").
- [F6]These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.
- [F7]These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.
- [F8]Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on March 19, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
- [F9]SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.