Apollo Global Management, Inc. (APO) insider adjusts holdings via trust transfers

Rhea-AI Filing Summary

Apollo Global Management, Inc. reported an insider update to common stock ownership by a director and officer. On 12/11/2025, the reporting person disposed of 33,263 shares of common stock in a transaction coded “G” at a price of $0, leaving 76,313 shares held directly.

The filing explains that reported amounts were adjusted after a pro-rata, in-kind transfer of 356,149 shares from JB Athene Investments II, LLC to its members for no consideration, including 12,175 shares to the reporting person, 81,571 shares to Belardi 2019 GST Non-Exempt Descendants Trust, 47,401 shares to the Belardi 2022 GRAT II, 138,617 shares to the Belardi 2024 GRAT, and 76,385 shares to the Belardi 2025 GRAT, with these transfers described as exempt under Rule 16a-13.

An additional 47,401 shares were transferred from the Belardi 2022 GRAT II to the reporting person under the same exemption. The filing also states the reported amount includes 86,755 restricted stock units, representing contingent rights to receive Apollo Global Management, Inc. shares under an equity plan. Remarks note the reporting person serves as Executive Chairman of Athene Holding Ltd.

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^*

Belardi James Richard

(Last) (First) (Middle)

C/O APOLLO GLOBAL MANAGEMENT, INC.

9 WEST 57TH STREET, 42ND FLOOR

(Street)

NEW YORK NY 10019

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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	12/11/2025		G		33,263	D	$0	76,313(1)(2)	D
Common Stock								236,052(1)	I	By Belardi 2019 GST Non-Exempt Descendants Trust
Common Stock								1,000	I	By son
Common Stock								1,000	I	By daughter
Common Stock								86,755(3)	I	By James and Leslie Belardi Family Trust
Common Stock								1,870,597	I	JB Athene Investments, LLC
Common Stock								1,167,261(1)(2)	I	JB Athene Investments II, LLC
Common Stock								637,500	I	JB Athene Investments III, LLC
Common Stock								1,478,185	I	JB Athene Investments IV, LLC
Common Stock								304.8255	I	By mother
Common Stock								138,617(1)	I	By Belardi 2024 GRAT
Common Stock								76,385(1)	I	By Belardi 2025 GRAT

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. Reported amounts have been adjusted to reflect the transfer of 356,149 shares of Apollo Global Management, Inc., previously reported as owned by JB Athene Investments II, LLC, pro-rata, in-kind, for no consideration, to its members, including 12,175 shares to the Reporting Person, 81,571 shares to Belardi 2019 GST Non-Exempt Descendants Trust, 47,401 shares to the Belardi 2022 GRAT II, 138,617 shares to the Belardi 2024 GRAT, and 76,385 shares to the Belardi 2025 GRAT, each of which transfer was exempt from Section 16 pursuant to Rule 16a-13 under the Exchange Act.

2. Reported amounts have been adjusted to reflect the transfer of 47,401 shares of Apollo Global Management, Inc., from the Belardi 2022 GRAT II to the Reporting Person, which transfer was exempt from Section 16 pursuant to Rule 16a-13 under the Exchange Act.

3. Reported amount includes 86,755 restricted stock units ("RSUs"). RSUs represent the contingent right to receive shares of Apollo Global Management, Inc. pursuant to an equity plan administered by Apollo Global Management, Inc.

Remarks:

Executive Chairman of Athene Holding Ltd.

	/s/ Jessica L. Lomm, as Attorney-in-Fact	12/15/2025
	** 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 insider stock transaction did Apollo Global Management (APO) disclose?

The report shows a 12/11/2025 transaction where the reporting person disposed of 33,263 shares of Apollo Global Management, Inc. common stock in a code G transaction at $0 per share.

How many Apollo Global Management (APO) shares does the reporting person now hold directly?

Following the reported transaction, the reporting person directly owns 76,313 shares of Apollo Global Management, Inc. common stock.

What adjustments were made involving JB Athene Investments II, LLC in the APO filing?

Reported amounts were adjusted to reflect a pro-rata, in-kind transfer of 356,149 shares from JB Athene Investments II, LLC to its members for no consideration, with specific portions allocated to the reporting person and several Belardi family trusts.

What transfer occurred from the Belardi 2022 GRAT II in the Apollo Global Management (APO) filing?

The filing notes a transfer of 47,401 shares of Apollo Global Management, Inc. common stock from the Belardi 2022 GRAT II to the reporting person, described as exempt from Section 16 under Rule 16a-13.

What restricted stock units are mentioned for Apollo Global Management (APO)?

The report states that the reported amount includes 86,755 restricted stock units (RSUs), which represent contingent rights to receive shares of Apollo Global Management, Inc. under an equity plan.

What is the reporting persons other role noted in the Apollo Global Management (APO) filing?

The remarks identify the reporting person as Executive Chairman of Athene Holding Ltd.