According to the latest Form 4, Dell Technologies Inc. (DELL) director and 10% owner SL SPV-2, L.P. and its affiliates executed a series of transactions involving Class C Common Stock on June 11, 2026. SL SPV-2, L.P. first converted 80,065 shares of Class B Common Stock into an equal number of Class C shares via an “M” transaction at zero exercise price, in connection with planned sales. On the same day, it then sold an aggregate of approximately 50,507 Class C shares in multiple “S” transactions at weighted average prices ranging from about $370 to $391 per share. Following these trades, the reporting person continues to indirectly hold about 129,434 Class C shares through SL SPV-2, L.P., in addition to significant Class B and C holdings across other Silver Lake entities. This appears to be a partial liquidity event by a financial sponsor and is unlikely to change Dell’s fundamentals, but may be interpreted as modestly bearish supply in the short term.