SCHEDULE: Leon Black Discloses Recent Apollo Global Management Share Sales and Ownership Update

Leon Black and his spouse, Debra Black, sold a total of 1,170,000 Apollo Global Management shares in open market transactions between December 2nd and December 4th, 2024, while Leon Black still maintains beneficial ownership of 40,604,773 shares.

Summary

• Leon Black and his spouse, Debra Black, sold a combined total of 1,170,000 shares of Apollo Global Management stock between December 2nd and December 4th, 2024.
• The sales were executed in open market transactions with average prices ranging from $173.02 to $174.16 per share.
• Leon Black's beneficial ownership of Apollo Global Management stock is 40,604,773 shares, representing approximately 7.2% of the company's outstanding common stock.
• Of these shares, 35,104,773 are held directly by Mr. Black, and 5,500,000 are held by his spouse, over which he shares voting and dispositive power.
• A total of 23,050,000 shares beneficially owned by Mr. Black are held in margin accounts subject to a standard margin loan arrangement.
• Mr. Black does not currently intend to sell any of the shares held in margin accounts.
• The filing also references a Stockholders Agreement, where the parties, including Mr. Black, may be deemed to be acting as a group, collectively owning 148,541,679 shares, or approximately 26.3% of the common stock, however Mr. Black disclaims beneficial ownership of any securities owned by other parties to the agreement.

Sentiment

Score: 5

Explanation: The document is neutral, detailing share sales and ownership updates. While the sales could be seen as slightly negative, the overall tone is factual and does not indicate a strong positive or negative sentiment.

Positives

• Leon Black maintains a significant ownership stake in Apollo Global Management, with 40,604,773 shares.
• Mr. Black has stated he does not currently intend to sell any of the shares held in margin accounts.

Negatives

• Leon Black and his spouse sold a substantial number of shares, totaling 1,170,000, which could be perceived negatively by the market.
• A significant portion of Mr. Black's holdings, 23,050,000 shares, are held in margin accounts, which could pose a risk if margin calls are triggered.

Risks

• The sale of a large number of shares by a major shareholder like Leon Black could potentially put downward pressure on the stock price.
• The use of margin accounts for a significant portion of Mr. Black's holdings introduces the risk of forced sales if the stock price declines and margin calls are triggered.
• The Stockholders Agreement could lead to coordinated actions by the group, which may not always align with the interests of other shareholders.

Future Outlook

Mr. Black does not have any current intention to sell any of the shares held in margin accounts.

Management Comments

• Mr. Black has stated that he does not have any current intention to sell any of the shares held in margin accounts.

Industry Context

This filing is a routine update of a major shareholder's position in a publicly traded company, which is common in the financial industry. The sales by Mr. Black could be seen as a normal portfolio adjustment or could be interpreted as a lack of confidence in the company's future performance.

Comparison to Industry Standards

• Large shareholders regularly adjust their positions in publicly traded companies, so the sales by Mr. Black are not unusual in the context of the financial industry.
• The use of margin accounts is also a common practice among sophisticated investors, although it does introduce additional risk.
• The level of ownership by Mr. Black, at 7.2%, is significant but not uncommon for a major shareholder in a large company like Apollo Global Management.
• Other major shareholders in similar companies, such as Blackstone or KKR, also regularly file similar disclosures regarding their ownership and transactions.

Stakeholder Impact

• The share sales by Leon Black could potentially impact the share price, affecting shareholders.
• The use of margin accounts could introduce additional risk for shareholders if margin calls are triggered.

Key Dates

Keywords

Apollo Global Management, Leon Black, share sales, beneficial ownership, margin accounts, stockholders agreement, open market transactions