Apollo Management Holdings, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Apollo Management Holdings, L.P. reported 93 stock positions worth $8.5 billion. Its top holding was Aspen Insurance Class A (AHL) at 32.9% of the portfolio, followed by Adt (ADT, 9.7%) and Hilton Grand Vacations (HGV, 9.6%). Compared with Q3 2025, it opened 63 new positions, sold out of 7, added to 5 and reduced 7. The biggest buy was a new position in Phoenix Education Partners I (PXED) and the biggest sale Echostar Class A (ECHO, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001449434
- Portfolio Value
- $8.5B (Q4 2025)
- SEC Filing
- 0001449434-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 93 stocks · $8.5B
| AHL Aspen Insurance Holdings Class A | 32.90% | 75,418,220 | $2.8B | No change |
| ADT Adt Inc. | 9.68% | 102,000,366 | $823.1M | No change |
| HGV Hilton Grand Vacations Inc. | 9.60% | 18,245,825 | $816.5M | No change |
| PXED Phoenix Education Partners I | 8.87% | 24,901,319 | $754.5M | New |
| AERO Grupo Aeromexico Sab DE CV | 7.10% | 27,505,017 | $604.0M | New |
| IVV iShares Core S&P 500 ETF | 4.44% | 551,725 | $377.9M | New |
| ECHO Echostar Corp. Class A | 3.15% | 2,463,991 | $267.8M | Reduce -37.7% |
| KMX Carmax Inc. | 2.29% | 5,046,474 | $195.0M | New |
| GBTG Global Business Travel Group | 2.06% | 22,884,991 | $175.1M | Reduce -11.0% |
| RXT Rackspace Technology Inc. | 1.48% | 129,609,000 | $125.8M | No change |
| WELL Welltower Inc. | 1.12% | 514,660 | $95.5M | New |
| NVDA Nvidia Corp. | 1.10% | 500,000 | $93.3M | New |
| PLD Prologis Inc. | 0.91% | 607,590 | $77.6M | New |
| EQIX Equinix Inc. | 0.79% | 88,070 | $67.5M | New |
| UNIT Uniti Group Inc. | 0.79% | 9,596,073 | $67.3M | Reduce -11.6% |
| CMCSA Comcast Corp. Class A | 0.79% | 2,234,600 | $66.8M | New |
| TDAY USA Today Co. Inc. | 0.73% | 12,128,756 | $62.5M | Add +1.9% |
| FIGR Figure Technology Solut Class A | 0.59% | 1,548,527 | $49.8M | No change |
| DLR Digital Realty Trust Inc. | 0.56% | 310,500 | $48.0M | New |
| VTR Ventas Inc. | 0.52% | 573,400 | $44.4M | New |
| EXR Extra Space Storage Inc. | 0.45% | 293,720 | $38.2M | New |
| KMT Kennametal Inc. | 0.45% | 1,340,673 | $38.1M | Add +2.3% |
| CYH Community Health Systems Inc. | 0.43% | 11,838,609 | $36.9M | Reduce -10.1% |
| PSA Public Storage | 0.43% | 140,290 | $36.4M | New |
| UDR Udr Inc. | 0.38% | 885,490 | $32.5M | New |
| SPG Simon Property Group Inc. | 0.37% | 169,000 | $31.3M | New |
| O Realty Income Corp. | 0.34% | 508,760 | $28.7M | New |
| CPT Camden Property Trust | 0.33% | 253,690 | $27.9M | New |
| PPLI People Inc. filed as IAC INC | 0.32% | 700,000 | $27.4M | New |
| MFIC Midcap Financial Investment | 0.32% | 2,388,870 | $27.3M | Add +0.0% |
| BRX Brixmor Property Group Inc. | 0.32% | 1,024,300 | $26.9M | New |
| JAAA Janus Henderson Aaa Clo ETF | 0.30% | 500,000 | $25.3M | New |
| KIM Kimco Realty Corp. | 0.30% | 1,239,460 | $25.1M | New |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.26% | 265,539 | $22.0M | New |
| ADC Agree Realty Corp. | 0.25% | 298,880 | $21.5M | New |
| SABR Sabre Corp. | 0.23% | 14,400,819 | $19.6M | No change |
| PRIV SS Ig Publ Priv Cred ETF-Usd | 0.23% | 760,000 | $19.3M | Reduce -29.6% |
| AEVA Aeva Technologies Inc. | 0.22% | 1,390,725 | $18.5M | Add +595.4% |
| KRG Kite Realty Group Trust | 0.22% | 768,330 | $18.4M | New |
| AMH American Homes 4 Rent- A | 0.21% | 546,880 | $17.6M | New |
| INVH Invitation Homes Inc. | 0.19% | 589,860 | $16.4M | New |
| OHI Omega Healthcare Investors | 0.19% | 361,110 | $16.0M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.19% | 568,370 | $16.0M | New |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.18% | 241,390 | $15.2M | New |
| WOLF Wolfspeed Inc. | 0.18% | 863,333 | $15.0M | Add +104.8% |
| VG Venture Global Inc. Class A | 0.17% | 2,162,131 | $14.7M | New |
| CUZ Cousins Properties Inc. | 0.17% | 553,678 | $14.3M | New |
| HST Host Hotels & Resorts Inc. | 0.17% | 802,070 | $14.2M | New |
| ELS Equity Lifestyle Properties | 0.17% | 233,350 | $14.1M | New |
| ESS Essex Property Trust Inc. | 0.16% | 52,580 | $13.8M | New |
| AHR American Healthcare REIT Inc. | 0.16% | 281,320 | $13.2M | New |
| FR First Industrial Realty TR | 0.14% | 202,240 | $11.6M | New |
| HR Healthcare Realty Trust Inc. | 0.12% | 621,870 | $10.5M | New |
| BXP BXP Inc. | 0.12% | 152,610 | $10.3M | New |
| MAC The Macerich Co. | 0.12% | 556,730 | $10.3M | New |
| OPTU Optimum Communications Inc. Class A | 0.12% | 6,104,649 | $10.1M | Reduce -44.3% |
| REXR Rexford Industrial Realty Inc. | 0.11% | 233,090 | $9.0M | New |
| VNO Vornado Realty Trust | 0.10% | 266,950 | $8.9M | New |
| DOC Healthpeak Properties Inc. | 0.10% | 538,110 | $8.7M | New |
| FUBOTV INC (FUBO 3.25 02/15/26) | 0.10% | 8,300,000 | $8.3M | No change |
| NTST Netstreit Corp. | 0.09% | 448,720 | $7.9M | New |
| FRT Federal Realty Invs Trust | 0.09% | 73,940 | $7.5M | New |
| ARE Alexandria Real Estate Equit | 0.08% | 144,700 | $7.1M | New |
| BNL Broadstone Net Lease Inc. | 0.08% | 389,420 | $6.8M | New |
| ARI Apollo Commercial Real Estat | 0.08% | 665,573 | $6.4M | No change |
| DRH Diamondrock Hospitality Co. | 0.07% | 674,720 | $6.0M | New |
| EGP Eastgroup Properties Inc. | 0.07% | 32,890 | $5.9M | New |
| SBRA Sabra Health Care REIT Inc. | 0.07% | 291,870 | $5.5M | New |
| IVT Inventrust Properties Corp. | 0.05% | 160,580 | $4.5M | New |
| SGHT Sight Sciences Inc. | 0.05% | 511,054 | $4.1M | Reduce -23.9% |
| PDM Piedmont Realty Trust Inc. | 0.05% | 483,520 | $4.0M | New |
| LAMR Lamar Advertising Co. Class A | 0.05% | 31,050 | $3.9M | New |
| MNKD Mannkind Corp. | 0.04% | 664,113 | $3.8M | No change |
| BPRE Bluerock Private Real Estate | 0.04% | 249,192 | $3.7M | New |
| ESRT Empire State Realty Trust-A | 0.04% | 523,960 | $3.4M | New |
| RHP Ryman Hospitality Properties | 0.04% | 33,680 | $3.2M | New |
| SLG SL Green Realty Corp. | 0.04% | 66,050 | $3.0M | New |
| COLD Americold Realty Trust Inc. | 0.03% | 227,720 | $2.9M | New |
| DEI Douglas Emmett Inc. | 0.03% | 236,240 | $2.6M | New |
| DHC Diversified Healthcare Trust | 0.03% | 452,466 | $2.2M | New |
| LINE Lineage Inc. | 0.02% | 56,320 | $2.0M | New |
| SHO Sunstone Hotel Investors Inc. | 0.02% | 220,020 | $2.0M | New |
| RLJ RLJ Lodging Trust | 0.02% | 257,350 | $1.9M | New |
| CCLD Carecloud Inc. | 0.01% | 209,844 | $613K | No change |
| CION Cion Investment Corp. | 0.01% | 63,262 | $612K | No change |
| XHR Xenia Hotels & Resorts Inc. | 0.01% | 47,915 | $605K | New |
| MXCT Maxcyte Inc. | 0.01% | 307,987 | $477K | No change |
| SPSC SPS Commerce Inc. | 0.00% | 3,349 | $298K | No change |
| TKNO Alpha Teknova Inc. | 0.00% | 65,036 | $247K | No change |
| ORIGIN MATERIALS INC | 0.00% | 1,076,332 | $228K | No change |
| RAIN Rain Enhancement Techno Class A | 0.00% | 23,970 | $140K | No change |
| ATER Aterian Inc. | 0.00% | 2,276 | $2K | No change |
| CLDI Calidi Biotherapeutics Inc. | 0.00% | 1,042 | $1K | No change |
Options reported separately and not counted above: SMH puts ($792.3M), SPY puts ($413.2M), NVDA puts ($376.7M), ORCL puts ($292.4M), IWM puts ($205.2M), CNXC puts ($34.5M), STUB puts ($13.6M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 473,175,801 | $1.6B | Add +10.1% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 127,246 | $2.4M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 40,594 | $773K | New |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 1,364,262 | $98K | No change |
| RAINW Rain Enhancement-CW 29 | *W EXP 12/31/202 | 217,457 | $54K | No change |
| SATLW Satellogic Inc.-A -23 | *W EXP 01/25/202 | 147,784 | $38K | No change |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 12,433 | $25K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 18,143 | $796 | No change |
Total filed on the 13F, all lines: $10.1B.
Portfolio Sells Q3 2025 → Q4 2025
| ECHO Echostar Corp. Class A | Reduce -37.7% | 3.15% | −2.21 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −0.90 |
| ARKB ARK 21SHARES Bitcoin ETF | Sold out | 0.00% | −0.86 |
| GBTG Global Business Travel Group | Reduce -11.0% | 2.06% | −0.66 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.59 |
| VISN Vistance Networks Inc. | Sold out | 0.00% | −0.57 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.46 |
| UNIT Uniti Group Inc. | Reduce -11.6% | 0.79% | −0.39 |
| OPTU Optimum Communications Inc. Class A | Reduce -44.3% | 0.12% | −0.35 |
| CYH Community Health Systems Inc. | Reduce -10.1% | 0.43% | −0.32 |
| PRIV SS Ig Publ Priv Cred ETF-Usd | Reduce -29.6% | 0.23% | −0.26 |
| NBR Nabors Industries Ltd. | Sold out | 0.00% | −0.14 |
| SNCY Sun Country Airlines Holding | Sold out | 0.00% | −0.12 |
| SGHT Sight Sciences Inc. | Reduce -23.9% | 0.05% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| PXED Phoenix Education Partners I | New | 8.87% | +8.87 |
| AERO Grupo Aeromexico Sab DE CV | New | 7.10% | +7.10 |
| IVV iShares Core S&P 500 ETF | New | 4.44% | +4.44 |
| KMX Carmax Inc. | New | 2.29% | +2.29 |
| WELL Welltower Inc. | New | 1.12% | +1.12 |
| NVDA Nvidia Corp. | New | 1.10% | +1.10 |
| PLD Prologis Inc. | New | 0.91% | +0.91 |
| EQIX Equinix Inc. | New | 0.79% | +0.79 |
| CMCSA Comcast Corp. Class A | New | 0.79% | +0.79 |
| DLR Digital Realty Trust Inc. | New | 0.56% | +0.56 |
| VTR Ventas Inc. | New | 0.52% | +0.52 |
| EXR Extra Space Storage Inc. | New | 0.45% | +0.45 |
| PSA Public Storage | New | 0.43% | +0.43 |
| UDR Udr Inc. | New | 0.38% | +0.38 |
| SPG Simon Property Group Inc. | New | 0.37% | +0.37 |
| O Realty Income Corp. | New | 0.34% | +0.34 |
| CPT Camden Property Trust | New | 0.33% | +0.33 |
| PPLI People Inc. | New | 0.32% | +0.32 |
| BRX Brixmor Property Group Inc. | New | 0.32% | +0.32 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.30% | +0.30 |
| KIM Kimco Realty Corp. | New | 0.30% | +0.30 |
| IRM Iron Mountain Inc. | New | 0.26% | +0.26 |
| ADC Agree Realty Corp. | New | 0.25% | +0.25 |
| KRG Kite Realty Group Trust | New | 0.22% | +0.22 |
| AMH American Homes 4 Rent- A | New | 0.21% | +0.21 |
| INVH Invitation Homes Inc. | New | 0.19% | +0.19 |
| OHI Omega Healthcare Investors | New | 0.19% | +0.19 |
| VICI Vici Properties Inc. | New | 0.19% | +0.19 |
| VMRK Vivmark Residential | New | 0.18% | +0.18 |
| VG Venture Global Inc. Class A | New | 0.17% | +0.17 |
| CUZ Cousins Properties Inc. | New | 0.17% | +0.17 |
| HST Host Hotels & Resorts Inc. | New | 0.17% | +0.17 |
| ELS Equity Lifestyle Properties | New | 0.17% | +0.17 |
| AEVA Aeva Technologies Inc. | Add +595.4% | 0.22% | +0.17 |
| ESS Essex Property Trust Inc. | New | 0.16% | +0.16 |
| AHR American Healthcare REIT Inc. | New | 0.16% | +0.16 |
| FR First Industrial Realty TR | New | 0.14% | +0.14 |
| HR Healthcare Realty Trust Inc. | New | 0.12% | +0.12 |
| BXP BXP Inc. | New | 0.12% | +0.12 |
| MAC The Macerich Co. | New | 0.12% | +0.12 |
| REXR Rexford Industrial Realty Inc. | New | 0.11% | +0.11 |
| VNO Vornado Realty Trust | New | 0.10% | +0.10 |
| DOC Healthpeak Properties Inc. | New | 0.10% | +0.10 |
| NTST Netstreit Corp. | New | 0.09% | +0.09 |
| FRT Federal Realty Invs Trust | New | 0.09% | +0.09 |
| ARE Alexandria Real Estate Equit | New | 0.08% | +0.08 |
| BNL Broadstone Net Lease Inc. | New | 0.08% | +0.08 |
| DRH Diamondrock Hospitality Co. | New | 0.07% | +0.07 |
| EGP Eastgroup Properties Inc. | New | 0.07% | +0.07 |
| SBRA Sabra Health Care REIT Inc. | New | 0.07% | +0.07 |
Options Activity Q3 2025 → Q4 2025
| SMH Vaneck Semiconductor ETF | put | New | 2,200,000 | $792.3M |
| JPM JPMorgan Chase & Co. | put | Sold out | 1,500,000 | $473.1Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 606,000 | $413.2M |
| NVDA Nvidia Corp. | put | New | 2,020,000 | $376.7M |
| ORCL Oracle Corp. | put | Add +290.6% | 1,500,000 | $292.4M |
| IWM iShares Russell 2000 ETF | put | Reduce -87.0% | 833,500 | $205.2M |
| BAH Booz Allen Hamilton Holdings | put | Sold out | 1,713,600 | $171.3Mbefore exit |
| CRWV Coreweave Inc. Class A | put | Sold out | 400,000 | $54.7Mbefore exit |
| CNXC Concentrix Corp. | put | Add +221.2% | 829,700 | $34.5M |
| ECHO Echostar Corp. Class A | call | Sold out | 414,800 | $31.7Mbefore exit |
| STUB Stubhub Holdings Inc. Class A | put | Reduce -30.0% | 1,006,600 | $13.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +10.1% | 473,175,801 | $1.6B |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | New | 127,246 | $2.4M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | Sold out | 1,500,000 | $1.9Mbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 40,594 | $773K |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Sold out | 149,999 | $42Kbefore 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 2025Amended | 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 |