Apollo Management Holdings, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Apollo Management Holdings, L.P. reported 34 stock positions worth $4.2 billion . Its top holding was Adt (ADT) at 54.0% of the portfolio, followed by Hilton Grand Vacations (HGV, 23.4% ) and Rackspace Technology (RXT, 5.2% ). Compared with Q4 2024, it opened 9 new positions, sold out of 7, added to 3 and reduced 4. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from Sun Country Airlines (SNCY).
Location New York, NY
CIK 0001449434
Portfolio Value $4.2B (Q1 2025) Holdings 34 stocks · $4.2B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ADT Adt Inc. 278,650,366 $2.3B Reduce -22.4% HGV Hilton Grand Vacations Inc. 26,295,825 $983.7M No change RXT Rackspace Technology Inc. 129,609,000 $219.0M No change GBTG Global Business Travel Group 25,706,886 $137.6M No change ARKB ARK 21SHARES Bitcoin ETF 1,120,000 $92.1M No change WBD Warner Bros Discovery Inc. 6,060,627 $65.0M New ACI Albertsons Cos Inc. Class A 2,930,000 $64.4M Add +414.9% XIFR XPLR Infrastructure LP 4,612,586 $43.8M New SABR Sabre Corp. 14,400,819 $40.5M No change TDAY USA Today Co. Inc. filed as GANNETT CO INC 11,653,303 $33.7M Reduce -2.3% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 6,178,079 $32.8M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 12,192,050 $32.4M No change MFIC Midcap Financial Investment 2,388,852 $30.7M Reduce -3.2% TKO Tko Group Holdings Inc. 167,397 $25.6M New UNIT Uniti Group LLC Com SHS 4,940,428 $24.9M Reduce -5.7% NVDA Nvidia Corp. 200,000 $21.7M New CYH Community Health Systems Inc. 7,628,576 $20.6M Add +14.0% NBR Nabors Industries Ltd. 421,836 $17.6M Add +26.2% GOOGL Alphabet Inc. Class A 100,000 $15.5M New ETHA iShares Ethereum Trust ETF 665,000 $9.2M No change FUBOTV INC (FUBO 3.25 02/15/26) 8,300,000 $8.0M New ARI Apollo Commercial Real Estat 665,573 $6.4M No change MNKD Mannkind Corp. 664,113 $3.3M No change MAC COPPER LTD 249,688 $2.4M No change SGHT Sight Sciences Inc. 671,520 $1.6M No change MXCT Maxcyte Inc. 307,987 $841K No change ORIGIN MATERIALS INC 1,076,332 $714K No change CION Cion Investment Corp. 63,262 $655K No change TKNO Alpha Teknova Inc. 65,036 $338K No change CCLD Carecloud Inc. 209,844 $292K No change SPSC SPS Commerce Inc. 837 $111K New RAIN Rain Enhancement Techno Class A 23,970 $47K New CLDI Calidi Biotherapeutics Inc. 12,500 $7K No change ATER Aterian Inc. 2,276 $5K No change
Options reported separately and not counted above: SMH puts ($606.9M), FXI calls ($114.7M), TKO calls ($64.2M), NVDA puts ($21.7M), GOOGL puts ($15.5M), RACE puts ($7.7M), UHS puts ($5.6M).
Other holdings (9): bonds, preferreds, convertibles and warrants · $202.8M (not counted above) Security Class Shares / Principal Value Change ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 160,712,382 $180.0M Add +16.3% THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal 23,704,000 $19.7M New WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 12,500,000 $2.9M New HCVIW Hennessy Capital Inv A -CW27 *W EXP 99/99/999 823,332 $124K No change NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 149,999 $60K No change RAINW Rain Enhancement-CW 29 *W EXP 12/31/202 217,457 $19K New PITWF Heramba Electric PLC-28 *W EXP 07/26/202 1,237,499 $12K No change FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 12,433 $12K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 18,143 $336 No change
Total filed on the 13F, all lines: $4.4B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ SNCY Sun Country Airlines Holding Sold out 0.00% −1.97 AROC Archrock Inc. Sold out 0.00% −1.83 IWM iShares Russell 2000 ETF Sold out 0.00% −0.96 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.63 TDAY USA Today Co. Inc. Reduce -2.3% 0.80% −0.49 WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) Sold out 0.00% −0.10 PSBD Palmer Square Capital BDC Inc. Sold out 0.00% −0.03 UNIT Uniti Group LLC Com SHS Reduce -5.7% 0.59% −0.02 PR Permian Resources Corp. Class A Sold out 0.00% 0.00 MFIC Midcap Financial Investment Reduce -3.2% 0.73% +0.02 ADT Adt Inc. Reduce -22.4% 53.96% +0.99
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ WBD Warner Bros Discovery Inc. New 1.55% +1.55 ACI Albertsons Cos Inc. Class A Add +414.9% 1.53% +1.29 XIFR XPLR Infrastructure LP New 1.04% +1.04 VISN Vistance Networks Inc. New 0.78% +0.78 TKO Tko Group Holdings Inc. New 0.61% +0.61 NVDA Nvidia Corp. New 0.52% +0.52 GOOGL Alphabet Inc. Class A New 0.37% +0.37 FUBOTV INC (FUBO 3.25 02/15/26) New 0.19% +0.19 CYH Community Health Systems Inc. Add +14.0% 0.49% +0.06 NBR Nabors Industries Ltd. Add +26.2% 0.42% +0.01 SPSC SPS Commerce Inc. New 0.00% +0.00 RAIN Rain Enhancement Techno Class A New 0.00% +0.00
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 7,200,000 $1.6Bbefore exit SMH Vaneck Semiconductor ETF put Add +334.9% 2,870,000 $606.9M QQQ Invesco QQQ Trust Series 1 put Sold out 546,000 $279.1Mbefore exit FXI iShares China Large-Cap ETF call New 3,200,000 $114.7M TSM Taiwan Semiconductor-SP ADR put Sold out 403,500 $79.7Mbefore exit TKO Tko Group Holdings Inc. call New 420,000 $64.2M LNC Lincoln National Corp. put Sold out 1,770,000 $56.1Mbefore exit URA Global X Uranium ETF call Sold out 1,880,000 $50.3Mbefore exit BBY Best Buy Co. Inc. put Sold out 480,000 $41.2Mbefore exit AGO Assured Guaranty Ltd. put Sold out 329,700 $29.7Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 50,000 $29.3Mbefore exit NVDA Nvidia Corp. put Reduce -49.9% 200,000 $21.7M GOOGL Alphabet Inc. Class A put New 100,000 $15.5M ACI Albertsons Cos Inc. Class A call Sold out 500,000 $9.8Mbefore exit RACE Ferrari NV put New 18,000 $7.7M UHS Universal Health Services-B put New 30,000 $5.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +16.3% 160,712,382 $180.0M THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Sold out 43,501,000 $33.1Mbefore exit THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal New 23,704,000 $19.7M WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal New 12,500,000 $2.9M PLMWF Plum Acquisition Corp. III-CW *W EXP 03/31/202 Sold out 743,813 $134Kbefore exit SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 Sold out 147,784 $54Kbefore exit RAINW Rain Enhancement-CW 29 *W EXP 12/31/202 New 217,457 $19K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 77 $6.1B RXT, PXED, HGV, AERO, VOO Q1 2026 75 $5.2B PXED, HGV, ADT, AERO, VOO Q4 2025 93 $8.5B AHL, ADT, HGV, PXED, AERO Q3 2025 37 $5.6B AHL, ADT, HGV, ECHO, RXT Q2 2025 Amended 37 $6.1B AHL, ADT, HGV, RXT, GBTG Q1 2025 34 $4.2B ADT, HGV, RXT, GBTG, ARKB Q4 2024 32 $4.7B ADT, HGV, RXT, GBTG, ARKB Q3 2024 30 $5.4B ADT, HGV, RXT, GBTG, AROC Q2 2024 35 $5.5B ADT, HGV, RXT, GBTG, SNCY Q1 2024 41 $7.1B ADT, SNX, HGV, RXT, SNCY