Apollo Global (NYSE: APO) insider trust moves 3M shares to LDB C LLC, holds 29.6M

Rhea-AI Filing Summary

Apollo Global Management, Inc. insider filing reports an internal share transfer involving a large holder. On December 1, 2025, a trust established for the benefit of the family of Leon D. Black, as the reporting person, contributed 3,000,000 shares of Apollo Global Management common stock to LDB C LLC, described as a subsidiary.

The transaction is coded as type "J," indicating an "other" form of disposition rather than an open-market sale. Following this contribution, the reporting person beneficially owns 29,629,251 shares of Apollo common stock on a direct basis. The reporting person notes it may be deemed part of a stockholder "group" under a stockholders agreement but expressly disclaims beneficial ownership of any securities not directly owned, except to the extent of its pecuniary interest.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Socrates Trust

(Last) (First) (Middle)

C/O ELYSIUM MANAGEMENT LLC

445 PARK AVENUE, SUITE 1401

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/01/2025		J		3,000,000	D	(1)	29,629,251	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 1, 2025, the Reporting Person contributed 3,000,000 shares to LDB C LLC, a subsidiary.

Remarks:

The Reporting Person is trust established for the benefit of the family of Leon D. Black. 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/ Barry J. Cohen, Attorney-in-fact	12/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did APO report in this Form 4 filing?

The filing reports that on December 1, 2025, the reporting person contributed 3,000,000 shares of Apollo Global Management, Inc. common stock to LDB C LLC, which is described as a subsidiary.

How many Apollo Global Management (APO) shares does the reporting person own after the transaction?

After the reported transaction, the reporting person beneficially owns 29,629,251 shares of Apollo Global Management, Inc. common stock, held in direct form.

Was the APO insider transaction an open-market sale or purchase?

No. The transaction is coded as "J", which denotes an "other" type of transaction. The explanation states that the 3,000,000 shares were contributed to LDB C LLC, a subsidiary, indicating an internal transfer rather than an open-market trade.

Who is the reporting person in this Apollo Global Management (APO) Form 4?

The reporting person is described as a trust established for the benefit of the family of Leon D. Black. The trust is treated as a large holder of Apollo Global Management, Inc. securities.

What does the Form 4 say about possible group status for the APO reporting person?

The filing states that the reporting person may be deemed a member of a "group" under the Securities Exchange Act of 1934 because it is a party to the Apollo Global Management, Inc. Stockholders Agreement, but it disclaims beneficial ownership of any securities owned by others in the group.

Does the reporting person claim full beneficial ownership of all APO shares held by the group?

No. The reporting person expressly disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by it and states that it only acknowledges beneficial ownership to the extent of its pecuniary interest.