SCHEDULE: Silver Lake Group Adjusts Dell Stake

Silver Lake Group and its affiliates have amended their Schedule 13D filing, reporting changes in beneficial ownership of Dell Technologies Inc. Class C Common Stock.

Summary

• This filing is an amendment (Amendment No. 15) to a Schedule 13D, originally filed on February 19, 2019, by various entities affiliated with Silver Lake Group.
• The amendment updates the beneficial ownership information for Dell Technologies Inc. Class C Common Stock as of September 9, 2026.
• The Reporting Persons, collectively, may be deemed to beneficially own an aggregate of 42,809,317 shares of Class C Common Stock, representing approximately 6.7% of the total outstanding common stock.
• This ownership translates to approximately 11.9% of the combined voting power of Dell Technologies Inc. common stock, considering the different voting rights of Class A, B, and C shares.
• The filing details recent conversions of Class B Common Stock to Class C Common Stock by the Reporting Persons and subsequent sales and distributions of Class C shares.
• The total number of outstanding shares of Class C Common Stock as of September 9, 2026, is stated as 316,590,009.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting ongoing strategic adjustments and share management by a significant stakeholder rather than a fundamental shift in the company's performance.

Positives

• The Reporting Persons maintain a significant stake in Dell Technologies, indicating continued confidence in the company's long-term prospects.
• The conversion of Class B to Class C stock and subsequent distributions suggest active management of the investment portfolio.
• The filing provides detailed transparency regarding share ownership and voting power, which is beneficial for investors seeking clarity.

Negatives

• The filing indicates recent sales of Class C Common Stock by the Reporting Persons, which could be interpreted as a reduction in their direct holdings.
• The complexity of the share structure and conversions might create confusion for less sophisticated investors.

Risks

• Potential for further sales or distributions of Class C Common Stock by the Reporting Persons could impact market supply and share price.
• The voting power held by the Reporting Persons, while disclosed, represents a significant influence on corporate governance decisions.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from Dell Technologies Inc. It primarily details the current beneficial ownership and recent transactions by the Reporting Persons.

Management Comments

• The Reporting Persons may be deemed to beneficially own an aggregate of 42,809,317 shares of the Issuer's Class C Common Stock, which constitutes approximately 6.7% of the total outstanding common stock of the Issuer, based on 635,812,750 shares of common stock outstanding in the aggregate as of September 9, 2026.
• As a result of the above, the 42,809,317 shares of Class C Common Stock beneficially owned in the aggregate by the Reporting Persons is entitled to approximately 12.1% of the combined voting power of the common stock of the Issuer, based on 635,812,750 shares of common stock outstanding in the aggregate.

Industry Context

StockSavvy.ai notes that this filing reflects the ongoing active management of large investment stakes by private equity firms like Silver Lake Group within the technology sector. Such filings are common as these firms adjust their holdings in publicly traded companies.

Stakeholder Impact

• Shareholders: Potential for increased supply of Class C shares in the market due to sales and distributions, which could influence share price.
• Creditors: No direct impact indicated.
• Employees: Indirect impact through potential share price fluctuations.
• Suppliers/Customers: No direct impact indicated.

Next Steps

• Continued monitoring of Silver Lake Group's beneficial ownership and any future amendments to the Schedule 13D.
• Observation of any further transactions involving Dell Technologies Inc. Class C Common Stock by the Reporting Persons.

Key Dates

Keywords

Dell Technologies, Schedule 13D, Silver Lake Group, Class C Common Stock, Beneficial Ownership, Voting Power, Stock Conversion, Investment Management