Apollo Global Management (APO) insider Leon Black pledges 2M shares in variable forward
Rhea-AI Filing Summary
BLACK LEON D reported acquisition or exercise transactions in this Form 4 filing.
Apollo Global Management, Inc. insider Leon D. Black entered into a variable share forward transaction with an unaffiliated bank covering up to 2,000,000 shares of common stock. He pledged 2,000,000 shares as collateral and will receive a prepayment based on a percentage of the initial share price under a Rule 144–compliant arrangement. He retains voting and ordinary dividend rights on the pledged shares during the pledge period, subject to certain dividend-related payments. Settlement will occur in up to eight components, with the number of shares (or equivalent cash) ultimately delivered determined by a formula tied to the stock’s volume weighted average price versus a Floor Price and Cap Price. Following this transaction, reported positions include 26,466,101 shares held directly, 4,526,000 shares held indirectly through his spouse, and 6,969,127 shares held indirectly through a wholly owned LLC.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
BLACK LEON D
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Forward Sale Contract (obligation to sell) F2, F3, F4, F5 | 1 | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock F1 | -- | -- | -- |
Holdings After Transaction:
Forward Sale Contract (obligation to sell) — 1 shares (Direct);
Common Stock — 26,466,101 shares (Direct);
Common Stock — 4,526,000 shares (Indirect, Shares held by spouse.);
Common Stock — 6,969,127 shares (Indirect, By LLC.)
Footnotes (5)
- F1. Reflects shares held indirectly by Mr. Black in a wholly-owned limited liability company of which he is the sole member and sole manager.
- F2. On August 7, 2026, 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 July 18, 2025 (the "Agreement") relating to up to 2,000,000 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 2,000,000 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.
- F3. The Reporting Person pledged 2,000,000 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.
- F4. Under the Transaction, on the relevant settlement date for each of the up to 8 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)
- F5. (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.
Key Figures
Shares underlying variable forward: 2,000,000 shares of Common Stock
Pledged Shares: 2,000,000 shares of Common Stock
Direct holdings after transaction: 26,466,101 shares
+3 more
6 metrics
Shares underlying variable forward
2,000,000 shares of Common Stock
Maximum number of Apollo Global Management shares referenced in the variable share forward transaction
Pledged Shares
2,000,000 shares of Common Stock
Shares pledged by Leon D. Black to secure obligations under the variable share forward
Direct holdings after transaction
26,466,101 shares
Common Stock held directly following the reported transactions
Indirect holdings via spouse
4,526,000 shares
Common Stock reported as held indirectly through spouse
Indirect holdings via LLC
6,969,127 shares
Common Stock held indirectly through a wholly owned LLC where he is sole member and manager
Forward components
up to 8 components
Settlement of the Transaction occurs over multiple components with separate valuation and settlement dates
Key Terms
variable share forward transaction, Master Confirmation, volume weighted average price, Floor Price, +1 more
5 terms
Master Confirmation financial
"pursuant to a Master Confirmation entered into between the Reporting Person and the Bank"
volume weighted average price financial
"per-share volume weighted average price of Common Stock on the related valuation date"
The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.
Floor Price financial
"Settlement Price is less than or equal to a floor price that will be determined"
The floor price is the minimum price at which a security, asset, or offering will be sold or accepted, acting like a seller’s “bottom line” or a reserve in an auction. For investors it matters because it sets a visible downside limit and can influence trading, valuation, and expectations of risk—like knowing there’s a safety net that a sale won’t go below a set level.
Cap Price financial
"Settlement Price is between the Floor Price and a cap price that will be determined"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What derivative transaction did Leon D. Black report for Apollo Global Management (APO)?
Leon D. Black entered into a variable share forward transaction with an unaffiliated bank covering up to 2,000,000 shares of Apollo Global Management common stock, documented under a Master Confirmation dated July 18, 2025.