Leon Black's LDB 2025 LLC Joins Apollo Stockholders Agreement, Pledges 2M Shares in Forward
APO sits 42% above its 52-week low of $99.56.
Summary
Leon Black's family vehicle LDB 2025 LLC joined Apollo's Stockholders Agreement and pledged 2M shares in a variable forward with Wells Fargo, formalizing his governance role and a liquidity arrangement.
Key Events · Ownership and Investor Activity · APO
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Stockholders Agreement Accession
LDB 2025 LLC became a party to the Stockholders Agreement on August 13, 2026, joining Leon D. Black, Marc J. Rowan, and Joshua J. Harris as Principals with board nomination, voting, and registration rights.
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3M Share Contribution
The entity received 3,000,000 shares (0.51% of class) from members of LDB 2014 LLC on July 29, 2026, establishing its beneficial ownership stake.
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Variable Forward Pledge
On August 7, 2026, LDB 2025 LLC pledged 2,000,000 shares as collateral under a variable share forward transaction with Wells Fargo Bank, N.A., retaining voting and dividend rights during the pledge.
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Group Ownership Context
Parties to the Stockholders Agreement as a group may be deemed to beneficially own 146,753,672 shares (approximately 24.9% of class), though LDB 2025 LLC disclaims beneficial ownership of others' shares.
Analysis · APO · Finance
LDB 2025 LLC, an investment vehicle for Leon D. Black's family trusts, became a party to Apollo's Stockholders Agreement on August 13, 2026, aligning it with the other Principals (Marc Rowan, Joshua Harris) for board nomination and voting rights. The entity also holds 3,000,000 shares (0.51% of class) received as a contribution on July 29, 2026, and has pledged 2,000,000 of those shares as collateral under a variable forward transaction with Wells Fargo entered August 7, 2026. This formalizes Black's continued influence and liquidity strategy, though the forward does not immediately change his economic exposure.
At the time of this filing, APO was trading at $141.25 on NYSE in the Finance sector, with a market capitalization of approximately $83.1B. The 52-week trading range was $99.56 to $153.29. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.