[Form 4] Apollo Global Management, Inc. Insider Trading Activity

Rhea-AI Filing Summary

James C. Zelter, President and a director of Apollo Global Management, reported a tax-related disposition and continuing substantial beneficial ownership of Apollo (APO) common stock. On 08/07/2025 a total of 2,656 shares were either sold or withheld to satisfy tax withholding obligations at a reported price of $145.87.

Following that transaction the reporting person beneficially owned 5,049,287 shares. The reported holdings explicitly include 4,876,126 vested and unvested restricted stock units granted under the Apollo 2019 Omnibus Equity Incentive Plan, and indirect interests of 999,940 shares via Zelter APO Series LLC, 161,232 via The James C. Zelter 2023 GRAT No. 1, and 621,165 via The James C. Zelter 2024 GRAT No.1.

Positive

• Beneficial ownership of 5,049,287 shares reported following the transaction
• 4,876,126 RSUs (vested and unvested) are included in the reported holdings under the 2019 Omnibus Equity Incentive Plan
• Indirect holdings disclosed: 999,940 shares via Zelter APO Series LLC, 161,232 via The James C. Zelter 2023 GRAT No. 1, and 621,165 via The James C. Zelter 2024 GRAT No.1

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine tax-related disposition; reporting person retains large stake (5.05M shares including 4.88M RSUs), neutral short-term market impact.

The Form 4 shows a small disposition of 2,656 shares executed or withheld at $145.87 for tax obligations, while total beneficial ownership remains 5,049,287 shares. The disclosure clarifies that 4,876,126 of those are vested and unvested RSUs under the 2019 Plan, which convert to shares per the award schedule. Given the size of the remaining position relative to the disposal, the transaction is administrative in nature and unlikely to materially affect APO's equity valuation.

Corporate Governance Expert

TL;DR: Insider retains significant direct and indirect holdings through LLC and GRAT vehicles; the reported disposition addressed tax obligations.

The filing identifies the reporting person as President and a director and shows indirect holdings via Zelter APO Series LLC and two named GRATs, with the filer exercising voting and investment control over these vehicles as stated. The disclosed sale/withholding of 2,656 shares was used to meet tax withholding or tax obligations tied to RSU deliveries. From a governance perspective, concentrated insider ownership and control over these entities is explicitly documented, with no other governance changes reported.

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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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^*

Zelter James C

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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	08/07/2025		F		2,656(1)	D	$145.87	5,049,287(2)	D
Common Stock								999,940	I	Zelter APO Series LLC(3)
Common Stock								161,232	I	The James C. Zelter 2023 GRAT No. 1(4)
Common Stock								621,165	I	The James C. Zelter 2024 GRAT No.1(5)

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. Consists of shares (a) sold to provide funds to satisfy tax obligations of the reporting person or (b) withheld by the Issuer to satisfy the tax withholding obligations of the reporting person, in each case arising in connection with the delivery of shares that were granted under the Apollo Global Management, Inc. 2019 Omnibus Equity Incentive Plan (the "Plan").

2. Reported amount includes 4,876,126 vested and unvested restricted stock units ("RSUs") granted under the Plan. Each RSU represents the contingent right to receive, in accordance with the issuance schedule set forth in the applicable RSU award agreement, one share of common stock of the Issuer for each vested RSU. The RSUs vest in installments in accordance with the terms of the applicable RSU award agreement, provided the reporting person remains in service through the applicable vesting date.

3. By Zelter APO Series LLC, a vehicle over which the reporting person exercises voting and investment control.

4. By The James C. Zelter 2023 GRAT No. 1, a vehicle over which the reporting person exercises voting and investment control.

5. By The James C. Zelter 2024 GRAT No.1, a vehicle over which the reporting person exercises voting and investment control.

Remarks:

	/s/ Jessica L. Lomm, as Attorney-in-Fact	08/11/2025
	** 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 transaction did James C. Zelter report on the Form 4 for APO?

The Form 4 reports a tax-related disposition on 08/07/2025 where 2,656 shares were sold or withheld to satisfy tax obligations at a price of $145.87.

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

The reporting person beneficially owned 5,049,287 shares following the reported transaction.

How many RSUs are included in the reported beneficial ownership?

The filing states 4,876,126 vested and unvested restricted stock units granted under the Apollo 2019 Omnibus Equity Incentive Plan are included.

Are any holdings held indirectly, and through which vehicles?

Yes. The filing discloses indirect holdings of 999,940 shares via Zelter APO Series LLC, 161,232 via The James C. Zelter 2023 GRAT No. 1, and 621,165 via The James C. Zelter 2024 GRAT No.1.

Was the disposition for trading or for tax withholding?

The filing explains the shares disposed or withheld consisted of shares sold or withheld to satisfy tax withholding obligations arising from delivery of RSUs under the Plan.