Silver Lake–affiliated entities reported a July 10, 2026 ownership change involving Dell Technologies Inc. Class C common stock, tied to in-kind distributions among Silver Lake investment vehicles and affiliates rather than an ordinary open-market trade. The filing identifies SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P. and certain affiliates as having initiated in-kind distributions of Dell Class C common stock, par value $0.01 per share, on July 10. The document notes a reported transaction involving 1,227 shares at a stated price of 665 per share. The shares involved are Dell’s Class C common stock. According to the explanatory notes, the receipt of Dell shares by the reporting persons in connection with these distributions was exempt from reporting under Rule 16a-13 of the Securities Exchange Act. That rule generally covers certain changes in beneficial ownership that occur only by operation of law or through exempt transfers, helping distinguish the transaction from a discretionary purchase or sale in the public market. The ownership structure described in the filing is layered through several Silver Lake entities. Shares are directly held by SL SPV-2, L.P., whose general partner is SLTA SPV-2, L.P., with SLTA SPV-2 (GP), L.L.C. as its general partner. Other Dell shares are directly held by Silver Lake Partners IV, L.P., controlled through Silver Lake Technology Associates IV, L.P. and SLTA IV (GP), L.L.C., and by Silver Lake Partners V DE (AIV), L.P., controlled through Silver Lake Technology Associates V, L.P. and SLTA V (GP), L.L.C. Silver Lake Group, L.L.C. is identified as the managing member of the general partner entities for the SPV, Fund IV and Fund V structures. Egon Durban, a Dell director, is also Co-CEO and Managing Member of Silver Lake Group. Because of that relationship, the Silver Lake reporting persons may be deemed directors of Dell “by deputization,” meaning their transactions can be reportable under insider ownership rules even though the entities themselves are not natural-person directors. The filing also states that Silver Lake Group directly holds Dell Class C shares, including shares received in the July 10 in-kind distributions. The reported action therefore appears to reflect an internal or affiliate-level redistribution of Dell stock within the Silver Lake ownership structure, rather than a cash sale by Silver Lake or an acquisition from the market.