APO Insider Report: Debra Black Sells 915K Shares to Family Trust

Rhea-AI Filing Summary

Leon D. Black filed a Form 4 reporting transactions in Apollo Global Management, Inc. (APO) common stock. On September 4, 2025, Mrs. Debra Black sold 915,000 shares to Mallory Trust at $134.03 per share. After the reported transaction the reporting person is shown as beneficially owning 4,526,000 shares indirectly, listed as held by spouse. The filing also shows a separate disposal line of 33,555,048 shares in the non-derivative table. The report includes a remark that the reporting person may be deemed part of a stockholders agreement group and disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• None.

Negative

• Insider sale: 915,000 shares sold at $134.03 to Mallory Trust, a sizable transaction reported on the Form 4
• Large disposal line: Non-derivative table lists 33,555,048 shares as disposed, which is materially large in absolute terms

Insights

Financial Analyst

TL;DR: Insider reported a large family-trust transfer and significant remaining indirect holdings; watch reported volumes versus outstanding shares.

The Form 4 documents a 915,000-share sale by Mrs. Debra Black to Mallory Trust at $134.03 per share and shows the reporting person with 4,526,000 indirectly held shares following the transaction. The filing also lists a separate disposal quantity of 33,555,048 shares in the non-derivative section. These are sizeable share counts that could be material depending on APO's market float and total outstanding shares; the filing does not provide context such as percentage ownership or reasons for the transfers, so further disclosure would be needed to assess valuation or signaling effects.

Corporate Governance Expert

TL;DR: The filing records related-party transfer to a family trust and repeats standard group/disclaimer language.

The report notes a transfer to Mallory Trust for the benefit of Mrs. Black's family, and includes the common caution that the reporting person may be deemed part of a stockholders agreement group while disclaiming beneficial ownership beyond pecuniary interest. This filing appears procedural—documenting ownership changes and acknowledging group agreement exposure—but lacks explanatory detail about control changes or voting/consent arrangements, so governance implications cannot be fully assessed from this Form 4 alone.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

BLACK LEON D

(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)
09/04/2025

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	09/04/2025		S		915,000(1)	D	$134.03	4,526,000	I	Shares held by spouse.
Common Stock								33,555,048	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 September 4, 2025, Mrs. Debra Black sold 915,000 shares to Mallory Trust, a trust for the benefit of the family of Mrs. Black.

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 his pecuniary interest therein.

	/s/ Leon D. Black	09/08/2025
	** 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 did Leon D. Black report on the Form 4 for APO?

The Form 4 reports that Mrs. Debra Black sold 915,000 shares of APO to Mallory Trust on 09/04/2025 at $134.03 per share; the reporting person is shown as holding 4,526,000 shares indirectly.

Who was the buyer in the reported transaction on APO Form 4?

The buyer was Mallory Trust, described as a trust for the benefit of Mrs. Debra Black's family.

How many APO shares did the filing show as beneficially owned after the transaction?

The filing shows 4,526,000 shares beneficially owned following the reported transaction, held indirectly and noted as shares held by spouse.

At what price were the 915,000 APO shares sold?

The sale price reported was $134.03 per share.

Does the filing state any group or disclaimer language?

Yes. The filing states the reporting person may be deemed part of a stockholders agreement group and disclaims beneficial ownership except to the extent of pecuniary interest.