LDB 2025 LLC (NYSE: APO) discloses 3M shares and 2M-share forward
Rhea-AI Filing Summary
LDB 2025 LLC filed an initial ownership report for Apollo Global Management, Inc. It reports direct ownership of 3,000,000 shares of Common Stock and a derivative position via a variable share forward transaction covering up to 2,000,000 underlying shares. As part of this forward, LDB 2025 LLC pledged 2,000,000 shares of Common Stock as collateral, retaining voting and ordinary dividend rights during the pledge term, subject to certain dividend-related payments. Settlement mechanics reference a floor price, cap price and volume-weighted average price formulas, and may be satisfied in shares or, at the reporting person’s election under specified conditions, cash.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
LDB 2025 LLC
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Forward Sale Contract (obligation to sell) F1, F2, F3, F4 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Forward Sale Contract (obligation to sell) — 0 shares (Direct);
Common Stock — 3,000,000 shares (Direct)
Footnotes (4)
- F1. On August 7, 2026, the Reporting Person entered into a variable share forward transaction (the "Transaction") in accordance with Rule 144 under the Securities Act of 1933 with an unaffiliated financial institution (the "Bank") pursuant to a Master Confirmation entered into between the Reporting Person and the Bank, dated June 18, 2026 (the "Agreement") relating to up to 2,000,000 shares of common stock of the Issuer, par value $0.00001 per share ("Common Stock") and obligating the Reporting Person to deliver to the Bank up to 2,000,000 shares of Common Stock (or, at the Reporting Person's election, subject to satisfaction of certain conditions under the terms of the Transaction, an equivalent amount of cash) to settle the Transaction.
- F2. The Reporting Person pledged 2,000,000 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Transaction, and retained voting and ordinary dividend rights in the Pledged Shares during the term of the pledge (and thereafter if the Reporting Person settles the Transaction in cash), subject to certain payments the Reporting Person may need to make to the Bank with respect to dividends under the terms of the Agreement. Under the terms of the Agreement, the Reporting Person will receive a prepayment from the Bank equal to the product of (i) the aggregate number of shares underlying the Transaction and (ii) a percentage of the initial share price, which will be determined following a hedging period.
- F3. Under the Transaction, on the relevant settlement date for each of the up to 8 components, the number of shares of Common Stock to be delivered to the Bank (or on which to base the amount of cash to be delivered to the Bank ) is to be determined as follows: (a) if the per-share volume weighted average price of Common Stock on the related valuation date (the "Settlement Price") is less than or equal to a floor price that will be determined following a hedging period (the "Floor Price"), the Reporting Person will deliver to the Bank the ratable portion of the Pledged Shares to be delivered with respect to each settlement date (such number of shares, the "Number of Shares"); (b) if the Settlement Price is between the Floor Price and a cap price that will be determined... (Continued in Footnote 4)
- F4. (Continued from Footnote 3) ... following a hedging period (the "Cap Price"), the Reporting Person will deliver to the Bank a number of shares of Common Stock equal to the Number of Shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Cap Price, the Reporting Person will deliver to the Bank the number of shares of Common Stock equal to the product of (i) the Number of Shares and (ii) a fraction (a) the numerator of which is the sum of (x) the Floor Price and (y) the Settlement Price minus the Cap Price, and (b) the denominator of which is the Settlement Price.
Key Figures
Common Stock held: 3,000,000 shares
Underlying shares in forward: up to 2,000,000 shares
Pledged Shares: 2,000,000 shares
+1 more
4 metrics
Common Stock held
3,000,000 shares
Directly owned Common Stock reported by LDB 2025 LLC
Underlying shares in forward
up to 2,000,000 shares
Shares of Common Stock referenced in the variable share forward transaction
Pledged Shares
2,000,000 shares
Common Stock pledged as collateral to secure obligations under the forward
Forward components
up to 8 components
Separate settlement components used to determine share or cash delivery
Key Terms
variable share forward transaction, Master Confirmation, Floor Price, Cap Price, +1 more
5 terms
Master Confirmation financial
"pursuant to a Master Confirmation entered into between the Reporting Person"
Floor Price financial
"Settlement Price") is less than or equal to a floor price that will be determined"
The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.
Cap Price financial
"between the Floor Price and a cap price that will be determined... (Continued"
volume weighted average price financial
"per-share volume weighted average price of Common Stock on the related valuation"
The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.
FAQ
What ownership in Apollo Global Management (APO) does LDB 2025 LLC report on this Form 3?
LDB 2025 LLC reports direct ownership of 3,000,000 shares of Common Stock. In addition, it is party to a variable share forward transaction relating to up to 2,000,000 underlying shares of Apollo Global Management, Inc.
Does LDB 2025 LLC disclaim any group or additional beneficial ownership in APO?
The reporting person states it may be deemed part of a “group” under a stockholders agreement but disclaims beneficial ownership of securities deemed owned by the group that it does not directly own, except to the extent of its pecuniary interest.
AI-generated analysis. How Rhea-AI works. Not financial advice.
