SCHEDULE: Apollo Affiliates Maintain Significant ADT Stake

Apollo Management Holdings GP and its affiliates have filed an amended Schedule 13G, disclosing a continued beneficial ownership of 13.3% in ADT Inc. common stock.

Summary

• Apollo Management Holdings GP, LLC and its affiliated entities, collectively referred to as the Reporting Persons, have filed an Amendment No. 10 to Schedule 13G regarding their beneficial ownership in ADT Inc.
• The filing indicates that Apollo Management Holdings GP, LLC, Prime Security Services GP, LLC, AP VIII Prime Security Services Management, LLC, Apollo Management, L.P., Apollo Management GP, LLC, and Apollo Management Holdings, L.P. each beneficially own 102,000,366 shares of ADT Inc. Common Stock.
• This aggregate ownership represents 13.3% of ADT Inc.'s outstanding Common Stock.
• Prime Security Services TopCo (ML), L.P., Prime Security Services TopCo (ML), LLC, Prime Security Services TopCo Parent GP, LLC, and AP VIII Prime Security Services Holdings, L.P. each beneficially own 95,314,250 shares, representing 12.5% of the class.
• Prime Security Services TopCo (ML II), L.P. and Prime Security Services TopCo (ML II), LLC each beneficially own 6,686,116 shares, representing 0.9% of the class.
• All Reporting Persons hold shared voting and shared dispositive power over their respective reported shares, with no sole voting or dispositive power.
• The percentage amounts are based on 765,018,211 shares of Common Stock outstanding as of October 28, 2025, as reported in ADT Inc.'s Form 10-Q filed on November 4, 2025.
• Messrs. Marc Rowan, Scott Kleinman, and James Zelter, managers and executive officers of Management Holdings GP, disclaim beneficial ownership of all shares included in this report.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. It's a routine amendment to a Schedule 13G, indicating a continued, significant institutional stake in ADT Inc. by Apollo affiliates. This stability of ownership can be viewed positively, but there's no new information suggesting a change in the company's prospects.

Positives

• The continued significant ownership by Apollo affiliates suggests a long-term strategic interest in ADT Inc.'s performance and stability.
• A large institutional holder like Apollo can provide a degree of stability and oversight, potentially benefiting other shareholders.

Negatives

• The filing does not indicate any increase in ownership, which might be interpreted by some as a lack of increased conviction, though it is an amendment to an existing position.

Risks

• Concentrated ownership by a single entity or group, even if passive, could influence corporate decisions in ways that may not always align with the interests of all minority shareholders.
• Future divestment by such a large shareholder could put downward pressure on the stock price.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding ADT Inc.'s future performance or strategic direction.

Industry Context

This filing reflects the ongoing significant investment by Apollo Global Management, a major private equity firm, in ADT Inc., a prominent player in the security services industry. Such substantial institutional ownership is common for established companies and can signal confidence in the company's long-term prospects, or it can represent a legacy investment from a prior private equity ownership phase. The security services industry is characterized by ongoing technological advancements and consolidation, making strategic backing important.

Comparison to Industry Standards

• The 13.3% beneficial ownership by Apollo affiliates is a substantial stake, indicating a significant influence, though not a controlling interest, in ADT Inc. This level of institutional ownership is typical for companies that have undergone private equity sponsorship or have attracted large institutional investors.
• Compared to other publicly traded security service providers, a 13.3% stake by a single investment group is notable and suggests a continued strategic relationship or a significant financial investment that has not yet been fully exited.
• For example, similar ownership structures can be observed in companies like Alarm.com or Resideo Technologies, where large institutional investors or private equity firms often hold significant, though not majority, stakes post-IPO or after a spin-off.

Related Party Transactions

• The filing details the complex ownership structure within the Apollo Management group, indicating various entities (L.P.s and LLCs) that are related parties and collectively hold beneficial ownership in ADT Inc.

Stakeholder Impact

• Shareholders: The continued significant stake by Apollo affiliates may provide a sense of stability and institutional backing, potentially influencing investor confidence.
• Management: The presence of a large, sophisticated investor group like Apollo could imply a degree of oversight and strategic input, which may influence management decisions.
• Creditors: A stable and significant ownership base can be viewed favorably by creditors, as it suggests long-term commitment and potentially greater financial stability.

Key Dates

Recommendation

This Schedule 13G filing is an amendment disclosing a continued significant beneficial ownership by Apollo affiliates in ADT Inc. It does not present new information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The consistent ownership stake suggests stability but provides no fresh catalysts for a 'buy' or 'sell' decision. Therefore, a 'hold' recommendation is appropriate, pending further operational or financial updates from ADT Inc.

Keywords

ADT Inc., Apollo Management, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Security Services, Stakeholder, SEC Filing