Apollo Management Holdings, L.P. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Apollo Management Holdings, L.P. reported 37 stock positions worth $5.6 billion . Its top holding was Aspen Insurance Class A (AHL) at 49.1% of the portfolio, followed by Adt (ADT, 15.8% ) and Hilton Grand Vacations (HGV, 13.5% ). Compared with Q2 2025, it opened 5 new positions, sold out of 5, added to 7 and reduced 8. The biggest buy was Echostar Class A (ECHO, shares +220712% ) and the biggest sale Adt (ADT, shares −44% ).
Location New York, NY
CIK 0001449434
Portfolio Value $5.6B (Q3 2025) Holdings 37 stocks · $5.6B 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 Q2 2025 AHL Aspen Insurance Holdings Class A 75,418,220 $2.8B No change ADT Adt Inc. 102,000,366 $888.4M Reduce -44.5% HGV Hilton Grand Vacations Inc. 18,245,825 $762.9M Reduce -30.6% ECHO Echostar Corp. Class A 3,954,746 $302.0M Add +220712.2% RXT Rackspace Technology Inc. 129,609,000 $182.7M No change GBTG Global Business Travel Group 25,706,886 $153.2M No change UNIT Uniti Group Inc. 10,853,096 $66.4M New XIFR XPLR Infrastructure LP 4,980,000 $50.6M Reduce -0.0% TDAY USA Today Co. Inc. filed as GANNETT CO INC 11,900,000 $49.1M Add +2.1% ARKB ARK 21SHARES Bitcoin ETF 1,275,000 $48.5M No change CYH Community Health Systems Inc. 13,171,818 $42.3M Add +72.7% FIGR Figure Technology Solut Class A 1,548,527 $38.0M New FANG Diamondback Energy Inc. 232,438 $33.3M No change VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 2,064,687 $32.0M Reduce -80.3% MFIC Midcap Financial Investment 2,388,863 $28.6M Add +0.0% PRIV SS Ig Publ Priv Cred ETF-Usd 1,080,000 $27.6M Add +124.1% KMT Kennametal Inc. 1,311,128 $27.4M Add +242.3% OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 10,950,922 $26.4M Reduce -10.2% SABR Sabre Corp. 14,400,819 $26.4M No change ACI Albertsons Cos Inc. Class A 1,465,000 $25.7M Reduce -50.0% WOLF Wolfspeed Inc. 421,459 $12.1M New FUBOTV INC (FUBO 3.25 02/15/26) 8,300,000 $8.2M No change NBR Nabors Industries Ltd. 191,060 $7.8M Reduce -70.6% ARI Apollo Commercial Real Estat 665,573 $6.7M No change SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 568,828 $6.7M Reduce -2.0% MNKD Mannkind Corp. 664,113 $3.6M No change AEVA Aeva Technologies Inc. 200,000 $2.9M New SGHT Sight Sciences Inc. 671,520 $2.3M No change CCLD Carecloud Inc. 209,844 $674K No change CION Cion Investment Corp. 63,262 $600K No change ORIGIN MATERIALS INC 1,076,332 $558K No change MXCT Maxcyte Inc. 307,987 $487K No change TKNO Alpha Teknova Inc. 65,036 $403K No change SPSC SPS Commerce Inc. 3,349 $349K Add +300.1% RAIN Rain Enhancement Techno Class A 23,970 $133K No change ATER Aterian Inc. 2,276 $2K No change CLDI Calidi Biotherapeutics Inc. 1,042 $2K New
Options reported separately and not counted above: IWM puts ($1.6B), JPM puts ($473.1M), BAH puts ($171.3M), ORCL puts ($108.0M), CRWV puts ($54.7M), ECHO calls ($31.7M), STUB puts ($24.2M), CNXC puts ($11.9M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $1.1B (not counted above) Security Class Shares / Principal Value Change ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 429,887,137 $1.1B Add +71.9% AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal 1,500,000 $1.9M New NAMMW Namib Minerals *W EXP 06/05/203 1,364,262 $191K Add +65.7% SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 147,784 $52K No change NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 149,999 $42K No change RAINW Rain Enhancement-CW 29 *W EXP 12/31/202 217,457 $36K No change FBYDW Falcon's Beyond Global-27 *W EXP 10/06/202 12,433 $21K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 18,143 $278 No change
Total filed on the 13F, all lines: $6.7B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ ADT Adt Inc. Reduce -44.5% 15.77% −9.89 HGV Hilton Grand Vacations Inc. Reduce -30.6% 13.54% −4.47 WBD Warner Bros Discovery Inc. Sold out 0.00% −1.54 JAAA Janus Henderson Aaa Clo ETF Sold out 0.00% −1.20 VISN Vistance Networks Inc. Reduce -80.3% 0.57% −0.86 ACI Albertsons Cos Inc. Class A Reduce -50.0% 0.46% −0.58 TKO Tko Group Holdings Inc. Sold out 0.00% −0.57 NBR Nabors Industries Ltd. Reduce -70.6% 0.14% −0.16 ALGT Allegiant Travel Co. Sold out 0.00% −0.10 REAL The Realreal Inc. Sold out 0.00% −0.00 SNCY Sun Country Airlines Holding Reduce -2.0% 0.12% +0.01 OPTU Optimum Communications Inc. Class A Reduce -10.2% 0.47% +0.04 XIFR XPLR Infrastructure LP Reduce -0.0% 0.90% +0.23
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ ECHO Echostar Corp. Class A Add +220712.2% 5.36% +5.36 UNIT Uniti Group Inc. New 1.18% +1.18 FIGR Figure Technology Solut Class A New 0.67% +0.67 KMT Kennametal Inc. Add +242.3% 0.49% +0.34 CYH Community Health Systems Inc. Add +72.7% 0.75% +0.32 PRIV SS Ig Publ Priv Cred ETF-Usd Add +124.1% 0.49% +0.29 WOLF Wolfspeed Inc. New 0.21% +0.21 TDAY USA Today Co. Inc. Add +2.1% 0.87% +0.18 AEVA Aeva Technologies Inc. New 0.05% +0.05 MFIC Midcap Financial Investment Add +0.0% 0.51% +0.01 SPSC SPS Commerce Inc. Add +300.1% 0.01% +0.00 CLDI Calidi Biotherapeutics Inc. New 0.00% 0.00
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 6,406,500 $1.6B JPM JPMorgan Chase & Co. put New 1,500,000 $473.1M QQQ Invesco QQQ Trust Series 1 call Sold out 655,000 $361.3Mbefore exit HCA HCA Healthcare Inc. put Sold out 738,900 $283.1Mbefore exit SMH Vaneck Semiconductor ETF put Sold out 1,000,000 $278.9Mbefore exit BAH Booz Allen Hamilton Holdings put Add +9.0% 1,713,600 $171.3M ORCL Oracle Corp. put New 384,000 $108.0M ECHO Echostar Corp. Class A call Reduce -19.5% 414,800 $31.7M STUB Stubhub Holdings Inc. Class A put New 1,437,200 $24.2M CNXC Concentrix Corp. put New 258,300 $11.9M VISN Vistance Networks Inc. call Sold out 700,000 $5.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +71.9% 429,887,137 $1.1B THE REALREAL INC (REAL 4 02/15/31) DEBT 4.000% 2/1 · principal Sold out 22,454,000 $17.9Mbefore exit WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Sold out 12,500,000 $3.1Mbefore exit AEROVIRONMENT INC (AVAV 0 07/15/30) NOTE 7/1 · principal New 1,500,000 $1.9M NAMMW Namib Minerals *W EXP 06/05/203 Add +65.7% 1,364,262 $191K
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