SL SPV-2, L.P.

SL SPV-2, L.P. has filed 460 Form 4 trades, all in a single company, and the pattern is overwhelmingly one-directional: sells. The fund has reported $835.5 million in total open-market sale value across its history, with no purchase transactions and no acquisitions recorded. The recent activity confirms that bias. Over the two trading days of September 16 and September 17, 2026, SL SPV-2 filed 24 sale transactions in Dell Technologies (DELL), with values ranging from $128,429 to $4.6 million per trade. The combined value of those two days alone exceeds $48.8 million. The September 17 cluster shows 15 separate sales, the largest at $4.37 million and the smallest at $128,429. The day also includes a single option exercise (code M) with a value of zero, which is mechanical and does not add to the cash total. September 16 followed a similar shape: nine sales, starting at $653,539 and reaching $4.6 million. The size distribution is consistent, with most trades landing between $1 million and $4.5 million. No purchases, gifts, or issuer buybacks appear in the recent window. Across the full filing history, the absence of any code P transactions means SL SPV-2 has never used the open market to buy shares in DELL. The $835.5 million in sales is matched by zero acquisition value. The fund is reducing exposure in a concentrated position, and the recent pace, roughly 24 sells in two days, shows no sign of slowing. The last recorded transaction is a $4.6 million sale on September 17, 2026.