Apollo Principal Holdings B GP, LLC 4

What Happened
Apollo Principal Holdings B GP, LLC — reported as a 10% owner — purchased 580,046.404 shares of Apollo Origination II (UL) Capital Trust on 2026-03-20 at $25.86 per share, a total transaction value of $15,000,000. The filing classifies the transaction as a purchase (code P) and lists the acquisition as an "open market or private purchase."

Key Details

• Transaction date: 2026-03-20; Filing date: 2026-03-24 (timely filing).
• Price per share: $25.86; Shares acquired: 580,046.404; Total value: $15,000,000.
• Transaction type: Purchase (P) — open market or private purchase per the filing.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: Securities are held directly by Apollo Direct Lending Fund II (Unlevered AIV), L.P.; a chain of advisor/GP entities (Apollo Direct Lending Advisors II, L.P., Apollo Origination Advisors II GP, LLC, APH Holdings (DC), L.P.) leads to Apollo Principal Holdings B GP, LLC. The filing includes a standard disclaimer that these entities and named managers (Marc Rowan, Scott Kleinman, James Zelter) disclaim beneficial ownership except to the extent of any pecuniary interest.

Context

• This is a purchase by an institutional 10% owner (not an individual officer/director). Such institutional purchases are recorded differently from executive insider trades and reflect the fund/manager's position through affiliated entities.
• The filing does not indicate options, awards, gifts, or immediate resale; it reports a straightforward acquisition of shares.