Former Goldman Executive's Apollo Options Expire: What Investors Should Know

Rhea-AI Filing Summary

Apollo Global Management director Gary D. Cohn reported the expiration of derivative securities on June 20, 2025. The filing discloses the expiration of a short put option with a strike price of $120 for 10,000 underlying common shares.

Key details of the transaction:

• The option was acquired before Cohn became a Section 16 insider (prior to April 25, 2025)
• The expiration is exempt from Section 16(b) of the Securities Exchange Act
• The securities were held through a family LLC where Cohn serves as investment manager
• Cohn disclaims beneficial ownership of the securities

The filing also notes that a corresponding long call option expired on the same date but was not reported due to exemption under Rule 16a-4(d). No active investment decision was made by Cohn regarding these expirations.

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^*

COHN GARY D

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

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

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
Short put option (obligation to buy)(1)	$120	06/20/2025		E	V		100	(2)	06/20/2025	Common Stock	10,000	$0	0	I	See footnote(3)

Explanation of Responses:

1. This short put option was acquired before the Reporting Person became a Section 16 insider of the Issuer and therefore was reported on the Reporting Person's Form 3 filed on April 25, 2025, together with a long call option that also expired on June 20, 2025 (collectively, the "Options"). The expiration of each Option is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The expiration of the long call option is also exempt from Section 16(a) of the Exchange Act, pursuant to Rule 16a-4(d) thereunder, and therefore is not reported herein.

2. The Options expired in accordance with their terms, and no investment decision was made by the Reporting Person in connection therewith.

3. Held through a family limited liability company for which the Reporting Person serves as investment manager and for which the Reporting Person's descendants are the ultimate beneficiaries. The Reporting Person disclaims beneficial ownership of such securities, and this report shall not be deemed to be an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act, or for any other purpose.

Remarks:

	/s/ Jessica L. Lomm, as Attorney-in-Fact	06/24/2025
	** 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 trading activity occurred at Apollo Global Management (APO) on June 20, 2025?

Director Gary D. Cohn's short put option (obligation to buy) with a strike price of $120 expired on June 20, 2025. The option was for 10,000 shares of APO common stock. The expiration occurred automatically according to the option's terms, with no investment decision made by Cohn.

Who is Gary D. Cohn at Apollo Global Management (APO)?

Gary D. Cohn serves as a Director at Apollo Global Management (APO). He holds his securities through a family limited liability company where he serves as investment manager and his descendants are the ultimate beneficiaries.

When did Gary Cohn become an APO insider?

According to the filing, Gary Cohn became a Section 16 insider at Apollo Global Management after April 25, 2025, as the filing notes that the reported options were acquired before he became an insider and were initially reported on his Form 3 filed on April 25, 2025.

What was the value of the APO options transaction reported in the Form 4?

The short put option expired at $0 value. The option had a strike price of $120 for 10,000 shares of common stock. The expiration was automatic and exempt from Section 16(b) of the Securities Exchange Act of 1934.

How are Gary Cohn's APO securities held?

Gary Cohn's APO securities are held indirectly through a family limited liability company where he serves as investment manager. The filing notes that his descendants are the ultimate beneficiaries, and Cohn disclaims beneficial ownership of these securities for Section 16 purposes.