Apollo Management Holdings, L.P. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 18, 2025), Apollo Management Holdings, L.P. reported 37 stock positions worth $6.1 billion . Its top holding was Aspen Insurance Class A (AHL) at 39.2% of the portfolio, followed by Adt (ADT, 25.7% ) and Hilton Grand Vacations (HGV, 18.0% ). Compared with Q1 2025, it opened 9 new positions, sold out of 6, added to 6 and reduced 2. The biggest buy was a new position in Aspen Insurance Class A (AHL) and the biggest sale Adt (ADT, shares −34% ).
Location New York, NY
CIK 0001449434
Portfolio Value $6.1B (Q2 2025) Holdings 37 stocks · $6.1B 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 Q1 2025 AHL Aspen Insurance Holdings Class A 75,418,220 $2.4B New ADT Adt Inc. 183,650,366 $1.6B Reduce -34.1% HGV Hilton Grand Vacations Inc. 26,295,825 $1.1B No change RXT Rackspace Technology Inc. 129,609,000 $165.9M No change GBTG Global Business Travel Group 25,706,886 $162.0M No change WBD Warner Bros Discovery Inc. 8,160,627 $93.5M Add +34.6% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 10,477,672 $86.8M Add +69.6% JAAA Janus Henderson Aaa Clo ETF 1,432,523 $72.7M New ACI Albertsons Cos Inc. Class A 2,930,000 $63.0M No change ARKB ARK 21SHARES Bitcoin ETF 1,275,000 $45.6M Reduce -62.0% SABR Sabre Corp. 14,400,819 $45.5M No change TDAY USA Today Co. Inc. filed as GANNETT CO INC 11,653,303 $41.7M No change XIFR XPLR Infrastructure LP 4,982,072 $40.9M Add +8.0% TKO Tko Group Holdings Inc. 189,397 $34.5M Add +13.1% FANG Diamondback Energy Inc. 232,438 $31.9M New MFIC Midcap Financial Investment 2,388,857 $30.1M Add +0.0% OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 12,192,050 $26.1M No change CYH Community Health Systems Inc. 7,628,576 $25.9M No change NBR Nabors Industries Ltd. 650,623 $18.2M Add +54.2% PRIV SS Ig Publ Priv Cred ETF-Usd 481,880 $12.1M New KMT Kennametal Inc. 383,010 $8.8M New FUBOTV INC (FUBO 3.25 02/15/26) 8,300,000 $8.1M No change SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 580,537 $6.8M New ARI Apollo Commercial Real Estat 665,573 $6.4M No change ALGT Allegiant Travel Co. 111,444 $6.1M New SGHT Sight Sciences Inc. 671,520 $2.8M No change MNKD Mannkind Corp. 664,113 $2.5M No change MXCT Maxcyte Inc. 307,987 $671K No change CION Cion Investment Corp. 63,262 $605K No change ORIGIN MATERIALS INC 1,076,332 $520K No change CCLD Carecloud Inc. 209,844 $495K No change TKNO Alpha Teknova Inc. 65,036 $319K No change SPSC SPS Commerce Inc. 837 $114K No change RAIN Rain Enhancement Techno Class A 23,970 $72K No change ECHO Echostar Corp. Class A 1,791 $50K New REAL The Realreal Inc. filed as THE REALREAL INC 2,894 $14K New ATER Aterian Inc. 2,276 $4K No change
Options reported separately and not counted above: QQQ calls ($361.3M), HCA puts ($283.1M), SMH puts ($278.9M), BAH puts ($163.7M), CRWV puts ($65.2M), ECHO calls ($14.3M), VISN calls ($5.8M).
Other holdings (9): bonds, preferreds, convertibles and warrants · $315.0M (not counted above) Security Class Shares / Principal Value Change ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 250,019,711 $293.6M Add +55.6% THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal 22,454,000 $17.9M Reduce -5.3% WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 12,500,000 $3.1M No change NAMMW Namib Minerals *W EXP 06/05/203 823,332 $161K New NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 149,999 $72K No change SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 147,784 $64K New RAINW Rain Enhancement-CW 29 *W EXP 12/31/202 217,457 $22K No change FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 12,433 $10K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 18,143 $546 No change
Total filed on the 13F, all lines: $6.4B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ ADT Adt Inc. Reduce -34.1% 25.66% −28.30 ARKB ARK 21SHARES Bitcoin ETF Reduce -62.0% 0.75% −1.44 UNIT Uniti Group LLC Com SHS Sold out 0.00% −0.59 NVDA Nvidia Corp. Sold out 0.00% −0.52 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.37 ETHA iShares Ethereum Trust ETF Sold out 0.00% −0.22 MAC COPPER LTD Sold out 0.00% −0.06 CLDI Calidi Biotherapeutics Inc. Sold out 0.00% −0.00
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ AHL Aspen Insurance Holdings Class A New 39.15% +39.15 JAAA Janus Henderson Aaa Clo ETF New 1.20% +1.20 VISN Vistance Networks Inc. Add +69.6% 1.43% +0.65 FANG Diamondback Energy Inc. New 0.53% +0.53 PRIV SS Ig Publ Priv Cred ETF-Usd New 0.20% +0.20 KMT Kennametal Inc. New 0.15% +0.15 SNCY Sun Country Airlines Holding New 0.11% +0.11 ALGT Allegiant Travel Co. New 0.10% +0.10 ECHO Echostar Corp. Class A New 0.00% +0.00 REAL The Realreal Inc. New 0.00% +0.00 WBD Warner Bros Discovery Inc. Add +34.6% 1.54% −0.00 TKO Tko Group Holdings Inc. Add +13.1% 0.57% −0.04 NBR Nabors Industries Ltd. Add +54.2% 0.30% −0.12 MFIC Midcap Financial Investment Add +0.0% 0.50% −0.23 XIFR XPLR Infrastructure LP Add +8.0% 0.67% −0.37
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 call New 655,000 $361.3M HCA HCA Healthcare Inc. put New 738,900 $283.1M SMH Vaneck Semiconductor ETF put Reduce -65.2% 1,000,000 $278.9M BAH Booz Allen Hamilton Holdings put New 1,572,200 $163.7M FXI iShares China Large-Cap ETF call Sold out 3,200,000 $114.7Mbefore exit CRWV Coreweave Inc. Class A put New 400,000 $65.2M TKO Tko Group Holdings Inc. call Sold out 420,000 $64.2Mbefore exit NVDA Nvidia Corp. put Sold out 200,000 $21.7Mbefore exit GOOGL Alphabet Inc. Class A put Sold out 100,000 $15.5Mbefore exit ECHO Echostar Corp. Class A call New 515,400 $14.3M RACE Ferrari NV put Sold out 18,000 $7.7Mbefore exit VISN Vistance Networks Inc. call New 700,000 $5.8M UHS Universal Health Services-B put Sold out 30,000 $5.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +55.6% 250,019,711 $293.6M THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal Reduce -5.3% 22,454,000 $17.9M NAMMW Namib Minerals *W EXP 06/05/203 New 823,332 $161K HCVIW Hennessy Capital Inv A -CW27 *W EXP 99/99/999 Sold out 823,332 $124Kbefore exit SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 New 147,784 $64K PITWF Heramba Electric PLC-28 *W EXP 07/26/202 Sold out 1,237,499 $12Kbefore exit
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