SCHEDULE 13D/A: Leon Black Updates Apollo Global Management Stake, Terminates Key Voting Agreement

Leon D. Black has updated his beneficial ownership in Apollo Global Management, Inc., reporting a 6.9% stake and the termination of a key voting agreement.

Summary

• Leon D. Black beneficially owns 39,497,048 shares of Apollo Global Management, Inc. common stock, representing approximately 6.9% of the outstanding shares.
• This includes 33,997,048 shares held directly by Mr. Black with sole voting and dispositive power, and 5,500,000 shares held by his spouse, over which he shares voting and dispositive power.
• The Voting Agreement dated August 6, 2021, between Leon D. Black and BRH Holdings GP, Ltd., was terminated on April 14, 2025.
• A total of 22,550,000 shares beneficially owned by Mr. Black are held in one or more margin accounts.
• Mr. Black sold 607,725 shares to LB GST 2018 Trust at a price of $111.395 per share on April 4, 2025.
• The percentage ownership is based on 570,480,465 shares of common stock outstanding as of February 19, 2025, as reported in Apollo's Annual Report on Form 10-K filed on February 24, 2025.
• Parties to the Stockholders Agreement, as a group, beneficially own an aggregate of 148,041,679 shares, representing approximately 26.0% of the Common Stock.

Sentiment

Score: 5

Explanation: Neutral. The filing is a routine update to beneficial ownership and the termination of a voting agreement. While the presence of shares in margin accounts introduces a potential risk, the stated intention not to sell mitigates immediate concern. The related party sale is a factual transaction without clear positive or negative implications for the company's operations.

Positives

• Leon D. Black remains a significant beneficial owner of Apollo Global Management, Inc., holding 6.9% of the common stock, indicating continued vested interest.
• Mr. Black explicitly states he has no current intention to sell shares held in margin accounts, which could alleviate concerns about potential forced sales.

Negatives

• A significant portion of Mr. Black's beneficial ownership (22,550,000 shares) is held in margin accounts, which can expose the holder to margin calls and potential forced liquidation if the stock price declines significantly.
• Mr. Black sold 607,725 shares on April 4, 2025, which, despite being a related-party transaction, represents a reduction in his direct holdings.

Risks

• Shares held in margin accounts (22,550,000 shares) are subject to standard margin loan arrangements, which could lead to forced sales if margin calls are not met, potentially impacting the stock price and market sentiment.

Future Outlook

Leon D. Black has stated that he does not have any current intention to sell any of the 22,550,000 shares held in margin accounts.

Management Comments

• "The Reporting Person does not have any current intention to sell any of such shares [held in margin accounts]."

Industry Context

This filing pertains to a significant individual shareholder's stake in Apollo Global Management, Inc., a leading global alternative asset manager. Changes in ownership and voting agreements for such prominent figures can be closely watched in the asset management industry, as they may signal shifts in influence or strategic direction, though this filing primarily updates ownership details and the termination of a specific voting agreement.

Corporate Governance

Related Party Transactions

• On April 4, 2025, Leon D. Black sold 607,725 shares of common stock to LB GST 2018 Trust at a price of $111.395 per share.

Stakeholder Impact

• Shareholders: The termination of the Voting Agreement could alter perceptions of control and influence within Apollo Global Management. The disclosure of shares in margin accounts, while common, introduces a potential risk of future share sales if margin calls occur, which could impact share price. The related-party sale is a direct transaction between Mr. Black and a trust, not directly impacting other shareholders' holdings.
• Management: The termination of the voting agreement may affect the dynamics of board decisions or strategic direction, depending on the specifics of the agreement and Mr. Black's ongoing influence.

Next Steps

• No specific future actions or milestones are explicitly mentioned beyond the ongoing reporting requirements for beneficial ownership.

Key Dates

Keywords

Apollo Global Management, Leon D. Black, Schedule 13D, Beneficial Ownership, Voting Agreement, Margin Accounts, SEC Filing, Asset Management, Private Equity