Form 4: Silver Lake Affiliates Adjust Dell Technologies Holdings

Silver Lake affiliates, including entities tied to director Egon Durban, reported in-kind distributions and sales of Dell Technologies Class C Common Stock.

Summary

• SL SPV-2, L.P., Silver Lake Partners IV, L.P., and Silver Lake Partners V DE (AIV), L.P. initiated in-kind distributions of Dell Technologies Class C Common Stock on September 25, 2025.
• These distributions involved 135,692 shares from SPV-2, 100,400 shares from SLP IV, and 63,813 shares from SLP V.
• Silver Lake Group, L.L.C. sold 6,701 shares of Class C Common Stock at a weighted average price of $130.62 per share on September 25, 2025.
• Entities with an indirect pecuniary interest for director Egon Durban sold 5,780 shares of Class C Common Stock at a weighted average price of $130.62 per share on September 25, 2025.
• Following these transactions, director Egon Durban directly holds 1,114,709 shares and indirectly holds 44,864 shares through a family trust.
• The receipt of shares from the in-kind distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

Sentiment

Score: 4

Explanation: The filing reports sales of Dell Technologies Class C Common Stock by significant shareholders and a director, which can be perceived as a slight negative signal, although in-kind distributions are neutral and part of a fund's normal operations.

Negatives

• Silver Lake Group, L.L.C. and entities associated with director Egon Durban collectively sold 12,481 shares of Dell Technologies Class C Common Stock at a weighted average price of $130.62 per share.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Silver Lake Group, L.L.C., which manages the reporting entities and has Egon Durban as Co-CEO and Managing Member, sold 6,701 shares of Class C Common Stock.
• Entities in which Dell director Egon Durban has an indirect pecuniary interest sold 5,780 shares of Class C Common Stock.
• In-kind distributions of Class C Common Stock were made from Silver Lake funds (SPV-2, SLP IV, SLP V) to their limited partners and affiliates, including those related to Egon Durban, who is a director of Dell Technologies Inc.

Stakeholder Impact

• Shareholders: Sales by significant shareholders and a director could be interpreted as a slight negative signal, potentially impacting investor sentiment.

Key Dates

Recommendation

The filing details routine insider transactions, including in-kind distributions and sales of Dell Technologies Class C Common Stock by Silver Lake affiliates and director Egon Durban. While insider sales can sometimes signal a lack of confidence, these transactions appear to be part of a broader portfolio management strategy by a private equity firm. Without further context on the overall holdings or strategic intent, a 'hold' recommendation is appropriate, as the filing does not present new fundamental information warranting a change in investment thesis.

Keywords

Dell Technologies, DELL, Silver Lake, Form 4, Insider Transaction, Stock Sale, Beneficial Ownership, Class C Common Stock, Egon Durban