UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 23)*

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

APOLLO GLOBAL MANAGEMENT, INC.

(Name of Issuer)

Common stock, par value $0.00001 per share

(CUSIP Number)

03769M 106

(Title of Class of Securities)

Joshua Harris
404 Washington Avenue, PH 810

Miami Beach, FL 33139

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

November 5, 2024

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Act”), or otherwise subject to the liabilities of Section 18 of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

SCHEDULE 13D

on November 6, 2024. The Common Stock for which MJH Partners II LLC and MJH Partners III LLC are reported to have sole voting power and sole dispositive power in this Schedule 13D are included in the number of Common Stock reported in this Schedule 13D for which Mr. Harris has sole voting power and sole dispositive power.

SCHEDULE 13D

(1) The percentage ownership is based on 565,816,456 shares of common stock, par value $0.00001 per share, of the Issuer issued and outstanding as of November 4, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Commission on November 6, 2024.

SCHEDULE 13D

(1) The percentage ownership is based on 565,816,456 shares of common stock, par value $0.00001 per share, of the Issuer issued and outstanding as of November 4, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Commission on November 6, 2024.

SCHEDULE 13D

This Amendment No. 23 amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the “Commission”) by Joshua Harris and MJH Partners II LLC on January 11, 2022, relating to the shares of the common stock, par value $0.00001 per share (“Common Stock”), of Apollo Global Management, Inc., a Delaware corporation (the “Issuer”) (as so amended, the “Schedule 13D”). This Amendment No. 23 is being filed to reflect (i) the transfer by MJH Partners II LLC of 500,000 shares of Common Stock to MJH Partners III LLC, an estate planning vehicle for which Joshua Harris exercises voting and investment control and (ii) the entry into delayed draw variable share forward sale transactions by MJH Partners III LLC which relate to up to 500,000 shares of Common Stock.

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is amended by adding the following sentence immediately after the last paragraph of such item:

No funds or consideration was paid for the transfer by MJH Partners II LLC of 500,000 shares of Common Stock to MJH Partners III LLC.

Item 4. Purpose of Transaction.

Item 4 of the Schedule 13D is amended by adding the following paragraphs immediately prior to the penultimate paragraph of such item:

On November 5, 2024, MJH Partners II LLC contributed and transferred 250,000 shares of Common Stock to MJH Partners III LLC, and on November 6, 2024, MJH Partners II LLC contributed and transferred an additional 250,000 shares of Common Stock to MJH Partners III LLC.

On November 5, 2024, MJH Partners III LLC (the “Counterparty”) entered into a Delayed Draw Variable Share Forward Sale Transaction (the “First UBS Forward Contract”) with UBS, AG, London Branch (“UBS”) pursuant to a Master Confirmation entered into between the Counterparty and UBS, dated February 20, 2024 (the “Master Confirmation”). On November 6, 2024, the Counterparty entered into a Delayed Draw Variable Share Forward Sale Transaction (the “Second UBS Forward Contract” and, together with the First UBS Forward Contract, the “Forward Contracts”) with UBS pursuant to the Master Confirmation. The Forward Contracts obligate the Counterparty to deliver to UBS on specified dates in March of 2030 (in the case of the First UBS Forward Contract) and in March and April of 2030 (in the case of the Second UBS Forward Contract) (each, a “Settlement Date”), at the Counterparty’s option, up to an aggregate number of shares of the Issuer’s Common Stock equal to the number of shares of Common Stock pledged by the Counterparty or, subject to certain conditions, an equivalent amount of cash.

The Forward Contracts obligate the Counterparty to deliver to UBS up to an aggregate number of shares of the Issuer’s Common Stock equal to the number of shares of Common Stock pledged by the Counterparty or, subject to certain conditions and at the Counterparty’s option, an equivalent amount of

SCHEDULE 13D

cash. The Counterparty pledged (i) an aggregate of 250,000 shares of the Issuer’s Common Stock (the “First UBS Pledged Shares”) to secure its obligations under the First UBS Forward Contract and (ii) an aggregate of 250,000 shares of the Issuer’s Common Stock (the “Second UBS Pledged Shares” and, together with the First UBS Pledged Shares, the “Pledged Shares”) to secure its obligations under the Second UBS Forward Contract. The Counterparty retains ownership and voting and ordinary dividend rights in the Pledged Shares during the term of the pledges (and thereafter if the Counterparty settles the Forward Contracts in cash), subject to certain payments the Counterparty may need to make to UBS with respect to dividends under the terms of the Forward Contracts.

Under the terms of the Forward Contracts, the Counterparty may, at its election, subject to certain terms and conditions, receive a prepayment from UBS with respect to some or all portions of the transactions covered by the Forward Contracts, equal to the present value as of the relevant funding date of the payment of the Floor Price (as defined below) at maturity of the transactions.

For each of the up to seven (7) components of each Forward Contract for which a prepayment has been paid to the Counterparty by UBS, the number of shares of the Issuer’s Common Stock to be delivered to UBS on each Settlement Date (or on which to base the amount of cash to be delivered to UBS on such Settlement Date) is to be determined as follows: (a) if the per-share volume weighted average price of the Issuer’s Common Stock on the related valuation date (the “Settlement Price”) is less than or equal to a floor price that will be determined following a hedging period (the “Floor Price”), the Counterparty will deliver to UBS the ratable portion of the applicable Pledged Shares to be delivered with respect to each Settlement Date (such number of shares, the “Number of Shares”); (b) if the Settlement Price is between the Floor Price and a cap price that will be determined following a hedging period (the “Cap Price”), the Counterparty will deliver to UBS a number of shares of the Issuer’s Common Stock equal to the Number of Shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Cap Price, the Counterparty will deliver to UBS a number of shares of the Issuer’s Common Stock equal to the product of (i) the Number of Shares and (ii) a fraction (a) the numerator of which is the sum of (x) the Floor Price and (y) the Settlement Price minus the Cap Price, and (b) the denominator of which is the Settlement Price.

For each of the up to seven (7) components of each Forward Contract for which a prepayment has not been paid to the Counterparty by UBS, the number of shares of the Issuer’s Common Stock to be delivered to UBS on each Settlement Date (or on which to base the amount of cash to be delivered to UBS on such Settlement Date) is to be determined as follows: (a) if the Settlement Price is greater than the Cap Price, UBS will pay to the Counterparty the Cap Price multiplied by the Number of Shares, and the Counterparty will deliver to UBS a number of shares equal to the Number of Shares; (b) if the Settlement Price is less than the Floor Price, the Counterparty will deliver to UBS a number of shares equal to the Number of Shares, and UBS will pay to the Counterparty the Floor Price multiplied by the Number of Shares; or (c) if the Settlement Price is between the Floor Price and the Cap Price, no payment or delivery of shares will be made by either party.

SCHEDULE 13D

Item 7. Material to be Filed as Exhibits.

Exhibit 3: Form of Delayed Draw Variable Share Forward Sale Contract*

* Previously filed on February 22, 2024.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: November 7, 2024