Form 4: Socrates Trust Transfers 3M Apollo Global Shares

Socrates Trust, a trust for Leon D. Black's family, transferred 3 million shares of Apollo Global Management common stock to a subsidiary, LDB C LLC, on December 1, 2025.

Summary

• Socrates Trust, a trust established for the benefit of the family of Leon D. Black, reported a transaction involving Apollo Global Management, Inc. (APO) common stock.
• On December 1, 2025, Socrates Trust contributed 3,000,000 shares of Apollo Global Management Common Stock to LDB C LLC, a subsidiary.
• Following this transaction, Socrates Trust directly beneficially owns 29,629,251 shares of Apollo Global Management Common Stock.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 5

Explanation: The filing is a neutral, factual report of an internal share transfer by a significant shareholder, not indicating a change in company performance or strategic direction.

Positives

• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-arranged and transparent transfer of shares.

Negatives

• A significant block of 3,000,000 shares was transferred out of the direct beneficial ownership of Socrates Trust, although to a related subsidiary.

Future Outlook

No future outlook or guidance is provided in this Form 4 filing, as it primarily reports a past or pre-planned transaction.

Management Comments

• The Reporting Person is a trust established for the benefit of the family of Leon D. Black.
• The Reporting Person may be deemed to be a member of a 'group' for the purposes of the Securities Exchange Act of 1934 by virtue of being a party to the Apollo Global Management, Inc. Stockholders Agreement.
• The Reporting Person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by the Reporting Person, and disclaims beneficial ownership of the securities except to the extent of its pecuniary interest therein.

Industry Context

This filing details an internal restructuring of holdings by a significant insider within the asset management industry, rather than reflecting broader industry trends or competitive dynamics.

Related Party Transactions

• Socrates Trust, a trust for Leon D. Black's family, contributed 3,000,000 shares of Apollo Global Management common stock to LDB C LLC, a subsidiary, indicating an internal transfer within related entities.

Stakeholder Impact

• Shareholders: The transaction represents an internal restructuring of holdings by a major shareholder, Socrates Trust, rather than an open market sale, which may reduce immediate market selling pressure from the reporting person directly.
• Regulatory Bodies: The filing ensures transparency regarding significant insider share movements, especially with the disclosure of a Rule 10b5-1(c) plan.

Key Dates

Keywords

Apollo Global Management, APO, Socrates Trust, Leon D. Black, SEC Form 4, Insider Transaction, Beneficial Ownership, Share Transfer, 10b5-1 Plan