LDB C LLC discloses 3M Apollo (APO) shares and variable forward

Rhea-AI Filing Summary

LDB C LLC filed an initial ownership report for its position in Apollo Global Management, Inc.. The filing shows direct beneficial ownership of 3,000,000 shares of common stock.

The filing also discloses a variable share forward transaction with an unaffiliated bank relating to up to 3,000,000 shares. LDB C LLC pledged these shares as collateral, while retaining voting and ordinary dividend rights during the pledge term, and will receive a prepayment based on a percentage of the initial share price. The ultimate number of shares or cash to be delivered will depend on future stock prices versus a floor and cap price across up to ten settlement components.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

LDB C LLC

(Last) (First) (Middle)

C/O ELYSIUM MANAGEMENT LLC

445 PARK AVENUE, SUITE 1401

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/27/2026

3. Issuer Name and Ticker or Trading Symbol
Apollo Global Management, Inc. [ APO ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,000,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Forward Sale Contract (obligation to sell)(1)(2)(3)	(1)(2)(3)(4)	(1)(2)(3)(4)	Common Stock	(1)(2)(3)(4)	(1)(2)(3)(4)	D

Explanation of Responses:

1. On December 3, 2025, 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 December 3, 2025 (the "Agreement") relating to up to 3,000,000 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 3,000,000 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.

2. The Reporting Person pledged 3,000,000 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.

3. Under the Transaction, on the relevant settlement date for each of the up to 10 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)

4. (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.

Remarks:

The Reporting Person may be deemed to be a member of a "group" for the purposes of the Securities Exchange Act of 1934 by virtue of being a party to the Apollo Global Management, Inc. Stockholders Agreement. The Reporting Person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by the Reporting Person. This report shall not be deemed an admission that the Reporting Person is a member of a group or the beneficial owner of any securities not directly owned by the Reporting Person. The Reporting Person disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein.

	/s/ Heather Gray, Manager	02/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does LDB C LLC report owning in Apollo Global Management (APO)?

LDB C LLC reports direct beneficial ownership of 3,000,000 shares of Apollo Global Management common stock. These shares are also pledged in connection with a variable share forward transaction, but LDB C LLC retains voting and ordinary dividend rights during the pledge term.

What is the variable share forward transaction disclosed for APO?

The filing describes a variable share forward with a bank covering up to 3,000,000 shares of Apollo common stock. LDB C LLC must later deliver shares or cash, with the final amount based on future stock prices versus floor and cap levels.

How many Apollo (APO) shares are pledged under the forward by LDB C LLC?

LDB C LLC has pledged 3,000,000 shares of Apollo common stock as collateral for its variable share forward obligations. It keeps voting and ordinary dividend rights on these pledged shares, subject to certain dividend-related payments to the bank under the agreement.

Does LDB C LLC receive any upfront payment in this Apollo (APO) forward deal?

Yes. Under the agreement, LDB C LLC will receive a prepayment from the bank. That prepayment equals the aggregate number of shares underlying the transaction multiplied by a percentage of the initial share price, determined after a hedging period.

How is the number of Apollo (APO) shares delivered under the forward determined?

The number of shares, or equivalent cash, delivered for each of up to 10 components depends on a future volume-weighted average price. Different formulas apply if the price is below a floor, between floor and cap, or above the cap price.

Who is the reporting person on this Apollo (APO) Form 3 filing?

The reporting person is LDB C LLC. The filing notes it as the holder of the Apollo common stock and the party to the variable share forward agreement with an unaffiliated financial institution acting as the bank counterparty.