# EDGAR Filing Document

**Accession Number:** 0001449434
**File Stem:** 0001449434-26-000002
**Filing Date:** 2026-2
**Character Count:** 15081
**Document Hash:** ad2487daccc515e1807c9a59e9a3b1c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001449434-26-000002.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001449434-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Management Holdings, L.P.
- **CENTRAL INDEX KEY:** 0001449434

**ORGANIZATION NAME:**
- **EIN:** 208351069
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13438
- **FILM NUMBER:** 26637423

**BUSINESS ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Apollo Management Holdings L.P.<br>**Address:** 9 W. 57th Street<br>New York, NY 10019

**Form 13F File Number:** 028-13438

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Yael K. Levy<br>**Title:** Vice President of the General Partner<br>**Phone:** 212-822-0537

**Signature, Place, and Date of Signing:**

/s/ Yael K. Levy  New York, NY  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 109

**Form 13F Information Table Value Total:** $12219036917

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                           | Form 13F File Number   |
|:---|:---|:---|
|  | Apollo Capital Management L.P. | 28-13441               |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADT INC DEL | COM | 00090Q103 |  | 823142954 | 102000366 | SH |  | DFND | 1 | 0 | 102000366 | 0 |
| AEVA TECHNOLOGIES INC | COM NEW | 00835Q202 |  | 18468828 | 1390725 | SH |  | DFND | 1 | 0 | 1390725 | 0 |
| AGREE RLTY CORP | COM | 008492100 |  | 21528326 | 298880 | SH |  | DFND | 1 | 0 | 298880 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 7081618 | 144700 | SH |  | DFND | 1 | 0 | 144700 | 0 |
| ALPHA TEKNOVA INC | COM | 02080L102 |  | 247137 | 65036 | SH |  | DFND | 1 | 0 | 65036 | 0 |
| AMERICAN HEALTHCARE REIT INC | COM SHS | 398182303 |  | 13238919 | 281320 | SH |  | DFND | 1 | 0 | 281320 | 0 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 17554848 | 546880 | SH |  | DFND | 1 | 0 | 546880 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 2928479 | 227720 | SH |  | DFND | 1 | 0 | 227720 | 0 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 |  | 6442747 | 665573 | SH |  | OTR |  | 0 | 665573 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | ORD SHS CL A | G05384501 |  | 2798015962 | 75418220 | SH |  | DFND | 1 | 0 | 75418220 | 0 |
| ATERIAN INC | COM NEW | 02156U200 |  | 1583 | 2276 | SH |  | DFND | 1 | 0 | 2276 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 3737880 | 249192 | SH |  | DFND | 1 | 0 | 249192 | 0 |
| BRAND ENGAGEMENT NETWORK INC | *W EXP 03/14/202 | 104932116 |  | 796 | 18143 | SH |  | DFND | 1 | 0 | 18143 | 0 |
| BRIXMOR PPTY GROUP INC | COM | 11120U105 |  | 26857146 | 1024300 | SH |  | DFND | 1 | 0 | 1024300 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 |  | 6764225 | 389420 | SH |  | DFND | 1 | 0 | 389420 | 0 |
| BXP INC | COM | 101121101 |  | 10298123 | 152610 | SH |  | DFND | 1 | 0 | 152610 | 0 |
| CALIDI BIOTHERAPEUTICS INC | COM | 320703408 |  | 1219 | 1042 | SH |  | DFND | 1 | 0 | 1040 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 27926195 | 253690 | SH |  | DFND | 1 | 0 | 253690 | 0 |
| CARECLOUD INC | COM | 14167R100 |  | 612744 | 209844 | SH |  | DFND | 1 | 0 | 209844 | 0 |
| CARMAX INC | COM | 143130102 |  | 194995755 | 5046474 | SH |  | DFND | 1 | 0 | 5046474 | 0 |
| CION INVT CORP | COM | 17259U204 |  | 611748 | 63262 | SH |  | OTR |  | 0 | 63262 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 66792194 | 2234600 | SH |  | DFND | 1 | 0 | 2234600 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 36936460 | 11838609 | SH |  | DFND | 1 | 0 | 11838609 | 0 |
| CONCENTRIX CORP | COM | 20602D101 |  | 34498926 | 829700 | SH | Put | DFND | 1 | 0 | 829700 | 0 |
| COUSINS PPTYS INC | COM NEW | 222795502 |  | 14273819 | 553678 | SH |  | DFND | 1 | 0 | 553678 | 0 |
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 |  | 6045491 | 674720 | SH |  | DFND | 1 | 0 | 674720 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 48037455 | 310500 | SH |  | DFND | 1 | 0 | 310500 | 0 |
| DIVERSIFIED HEALTHCARE TR | COM SH BEN INT | 25525P107 |  | 2194460 | 452466 | SH |  | DFND | 1 | 0 | 452466 | 0 |
| DOUGLAS EMMETT INC | COM | 25960P109 |  | 2596278 | 236240 | SH |  | DFND | 1 | 0 | 236240 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 5859025 | 32890 | SH |  | DFND | 1 | 0 | 32890 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 267835822 | 2463991 | SH |  | DFND | 1 | 0 | 2463991 | 0 |
| ECHOSTAR CORP | NOTE  3.875%11/3 | 278768AB2 |  | 1584229016 | 473175801 | PRN |  | DFND | 1 | 0 | 473175799 | 0 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 3416219 | 523960 | SH |  | DFND | 1 | 0 | 523960 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 67475711 | 88070 | SH |  | DFND | 1 | 0 | 88070 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 14143344 | 233350 | SH |  | DFND | 1 | 0 | 233350 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 15217226 | 241390 | SH |  | DFND | 1 | 0 | 241390 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 13759134 | 52580 | SH |  | DFND | 1 | 0 | 52580 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 38248218 | 293720 | SH |  | DFND | 1 | 0 | 293720 | 0 |
| FALCONS BEYOND GLOBAL INC | *W EXP 10/06/202 | 306121112 |  | 25115 | 12433 | SH |  | DFND | 1 | 0 | 12433 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 7453152 | 73940 | SH |  | DFND | 1 | 0 | 73940 | 0 |
| FIGURE TECHNOLOGY SOLUTIO | COM CL A | 349381103 |  | 49785143 | 1548527 | SH |  | DFND | 1 | 0 | 1548527 | 0 |
| FIRST INDL RLTY TR INC | COM | 32054K103 |  | 11582285 | 202240 | SH |  | DFND | 1 | 0 | 202240 | 0 |
| FUBOTV INC | NOTE  3.250% 2/1 | 35953DAB0 |  | 8296660 | 8300000 | SH |  | DFND | 1 | 0 | 8300000 | 0 |
| GLOBAL BUSINESS TRAVEL GROUP | COM CL A | 37890B100 |  | 175070180 | 22884991 | SH |  | OTR |  | 0 | 22884990 | 0 |
| GRUPO AEROMEXICO SAB DE CV | SPONSORED ADS | 40054J109 |  | 604010173 | 27505017 | SH |  | DFND | 1 | 0 | 27505017 | 0 |
| HEALTHCARE RLTY TR | CL A COM | 42226K105 |  | 10540697 | 621870 | SH |  | DFND | 1 | 0 | 621870 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 8652809 | 538110 | SH |  | DFND | 1 | 0 | 538110 | 0 |
| HILTON GRAND VACATIONS INC | COM | 43283X105 |  | 816500669 | 18245825 | SH |  | DFND | 1 | 0 | 18245825 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 14220701 | 802070 | SH |  | DFND | 1 | 0 | 802070 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 27370000 | 700000 | SH |  | DFND | 1 | 0 | 700000 | 0 |
| INVENTRUST PPTYS CORP | COM NEW | 46124J201 |  | 4529962 | 160580 | SH |  | DFND | 1 | 0 | 160580 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 16392209 | 589860 | SH |  | DFND | 1 | 0 | 589860 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 22026460 | 265539 | SH |  | DFND | 1 | 0 | 265539 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 377898522 | 551725 | SH |  | DFND | 1 | 0 | 551725 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 205174360 | 833500 | SH | Put | DFND | 1 | 0 | 833500 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 25290000 | 500000 | SH |  | DFND | 1 | 0 | 500000 | 0 |
| KENNAMETAL INC | COM | 489170100 |  | 38088520 | 1340673 | SH |  | DFND | 1 | 0 | 1340673 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 25123854 | 1239460 | SH |  | DFND | 1 | 0 | 1239460 | 0 |
| KITE RLTY GROUP TR | COM NEW | 49803T300 |  | 18416870 | 768330 | SH |  | DFND | 1 | 0 | 768330 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 3930309 | 31050 | SH |  | DFND | 1 | 0 | 31050 | 0 |
| LINEAGE INC | COM | 53566V106 |  | 1971200 | 56320 | SH |  | DFND | 1 | 0 | 56320 | 0 |
| MACERICH CO | COM | 554382101 |  | 10277236 | 556730 | SH |  | DFND | 1 | 0 | 556730 | 0 |
| MANNKIND CORP | COM NEW | 56400P706 |  | 3765521 | 664113 | SH |  | DFND | 1 | 0 | 664113 | 0 |
| MAXCYTE INC | COM | 57777K106 |  | 477380 | 307987 | SH |  | DFND | 1 | 0 | 307987 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 26236495 | 2293400 | SH |  | DFND | 1 | 0 | 2293400 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 1092177 | 95470 | SH |  | OTR |  | 0 | 95470 | 0 |
| NAMIB MINERALS | *W EXP 06/05/203 | G63638111 |  | 97954 | 1364262 | SH |  | DFND | 1 | 0 | 1364262 | 0 |
| NETSTREIT CORP | COM | 64119V303 |  | 7915421 | 448720 | SH |  | DFND | 1 | 0 | 448720 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 93250000 | 500000 | SH |  | DFND | 1 | 0 | 500000 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 376730000 | 2020000 | SH | Put | DFND | 1 | 0 | 2020000 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 16011617 | 361110 | SH |  | DFND | 1 | 0 | 361110 | 0 |
| OPTIMUM COMMUNICATIONS INC | CL A | 02156K103 |  | 10072671 | 6104649 | SH |  | DFND | 1 | 0 | 6104649 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 292365000 | 1500000 | SH | Put | DFND | 1 | 0 | 1500000 | 0 |
| ORIGIN MATERIALS INC | COM | 68622D106 |  | 227859 | 1076332 | SH |  | DFND | 1 | 0 | 1076332 | 0 |
| PEBBLEBROOK HOTEL TR | 6.3 CUM PFD SR F | 70509V704 |  | 773316 | 40594 | SH |  | DFND | 1 | 0 | 40594 | 0 |
| PEBBLEBROOK HOTEL TR | 6.375 PFD SER E | 70509V605 |  | 2427854 | 127246 | SH |  | DFND | 1 | 0 | 127246 | 0 |
| PHOENIX ED PARTNERS INC | COM | 718968100 |  | 754509966 | 24901319 | SH |  | DFND | 1 | 0 | 24901319 | 0 |
| PIEDMONT REALTY TRUST INC | COM CL A | 720190206 |  | 4032557 | 483520 | SH |  | DFND | 1 | 0 | 483520 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 77564939 | 607590 | SH |  | DFND | 1 | 0 | 607590 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 36405255 | 140290 | SH |  | DFND | 1 | 0 | 140290 | 0 |
| RACKSPACE TECHNOLOGY INC | COM | 750102105 |  | 125837378 | 129609000 | SH |  | DFND | 1 | 0 | 129609000 | 0 |
| RAIN ENHANCEMENT TECHNOLOGIE | *W EXP 12/31/202 | 75080J111 |  | 54364 | 217457 | SH |  | DFND | 1 | 0 | 217457 | 0 |
| RAIN ENHANCEMENT TECHNOLOGIE | CL A | 75080J103 |  | 139985 | 23970 | SH |  | DFND | 1 | 0 | 23970 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 28678801 | 508760 | SH |  | DFND | 1 | 0 | 508760 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 9025245 | 233090 | SH |  | DFND | 1 | 0 | 233090 | 0 |
| RLJ LODGING TR | COM | 74965L101 |  | 1917258 | 257350 | SH |  | DFND | 1 | 0 | 257350 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 3186802 | 33680 | SH |  | DFND | 1 | 0 | 33680 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 5528018 | 291870 | SH |  | DFND | 1 | 0 | 291870 | 0 |
| SABRE CORP | COM | 78573M104 |  | 19585114 | 14400819 | SH |  | DFND | 1 | 0 | 14400819 | 0 |
| SATELLOGIC INC | *W EXP 01/25/202 | 80401C118 |  | 37685 | 147784 | SH |  | DFND | 1 | 0 | 147784 | 0 |
| SIGHT SCIENCES INC | COM | 82657M105 |  | 4052658 | 511054 | SH |  | DFND | 1 | 0 | 511054 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 31283590 | 169000 | SH |  | DFND | 1 | 0 | 169000 | 0 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 3029714 | 66050 | SH |  | DFND | 1 | 0 | 66050 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 413243520 | 606000 | SH | Put | DFND | 1 | 0 | 606000 | 0 |
| SPS COMM INC | COM | 78463M107 |  | 298496 | 3349 | SH |  | DFND | 1 | 0 | 3349 | 0 |
| SSGA ACTIVE TR | SPDR SSGA IG PUB | 78470P622 |  | 19311600 | 760000 | SH |  | DFND | 1 | 0 | 760000 | 0 |
| STUBHUB HLDGS INC | CL A | 86384P109 |  | 13619298 | 1006600 | SH | Put | DFND | 1 | 0 | 1006600 | 0 |
| SUNSTONE HOTEL INVS INC NEW | COM | 867892101 |  | 1966979 | 220020 | SH |  | DFND | 1 | 0 | 220020 | 0 |
| UDR INC | COM | 902653104 |  | 32479773 | 885490 | SH |  | DFND | 1 | 0 | 885490 | 0 |
| UNITI GROUP LLC | COM SHS | 912932100 |  | 67268472 | 9596073 | SH |  | DFND | 1 | 0 | 9596073 | 0 |
| USA TODAY CO INC | COM | 36472T109 |  | 62463093 | 12128756 | SH |  | DFND | 1 | 0 | 12128756 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 792286000 | 2200000 | SH | Put | DFND | 1 | 0 | 2200000 | 0 |
| VENTAS INC | COM | 92276F100 |  | 44369692 | 573400 | SH |  | DFND | 1 | 0 | 573400 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 14745733 | 2162131 | SH |  | DFND | 1 | 0 | 2162131 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 15982564 | 568370 | SH |  | DFND | 1 | 0 | 568370 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 |  | 8884096 | 266950 | SH |  | DFND | 1 | 0 | 266950 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 95526043 | 514660 | SH |  | DFND | 1 | 0 | 514660 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 15030628 | 863333 | SH |  | DFND | 1 | 0 | 863333 | 0 |
| XENIA HOTELS  RESORTS INC | COM | 984017103 |  | 605220 | 47915 | SH |  | DFND | 1 | 0 | 47915 | 0 |

---