SCHEDULE: Apollo Entities Maintain Significant ADT Stake

Apollo-affiliated entities have filed an amended Schedule 13G, reaffirming their substantial beneficial ownership in ADT Inc., totaling 23.7% of common stock.

Summary

• Multiple Apollo-affiliated entities, including Apollo Management Holdings GP, LLC, Prime Security Services TopCo (ML), L.P., and others, have filed an Amendment No. 9 to their Schedule 13G.
• The filing reports beneficial ownership of ADT Inc. common stock as of June 30, 2025.
• Apollo Management Holdings GP, LLC, along with several other Apollo-related entities, collectively report shared voting and dispositive power over 183,650,366 shares of ADT Inc. common stock.
• This aggregate amount represents 23.7% of ADT Inc.'s common stock outstanding.
• Prime Security Services TopCo (ML), L.P. and Prime Security Services TopCo (ML), LLC each report shared voting and dispositive power over 171,612,099 shares, representing 22.1% of the class.
• Prime Security Services TopCo (ML II), L.P. and Prime Security Services TopCo (ML II), LLC each report shared voting and dispositive power over 12,038,267 shares, representing 1.6% of the class.
• The percentage ownership is calculated based on 776,526,793 shares of Common Stock outstanding as of July 17, 2025, as reported in ADT Inc.'s quarterly report on Form 10-Q filed on July 24, 2025.
• All reporting persons disclaim beneficial ownership of the reported shares, stating the filing is not an admission of beneficial ownership.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership, providing no direct positive or negative sentiment regarding the company's performance or outlook.

Positives

• The continued significant stake by Apollo-affiliated entities indicates a long-term commitment or strategic interest in ADT Inc. from a major institutional investor.

Negatives

• The filing itself does not contain negative financial or operational information; it is a disclosure of ownership.

Risks

• Concentrated ownership by a single group of affiliated entities, such as Apollo, could influence corporate decisions and potentially limit the influence of other shareholders.
• Changes in the investment strategy or divestment by these large shareholders could lead to significant market movements for ADT Inc. stock.

Future Outlook

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

Industry Context

This filing highlights the continued significant influence of private equity firms, specifically Apollo Global Management, in publicly traded companies like ADT Inc. Large institutional holdings are common in the security services and smart home industry, reflecting the capital-intensive nature and potential for long-term recurring revenue streams. Such filings provide transparency into major ownership structures, which can be a factor in corporate governance and strategic direction.

Related Party Transactions

• The filing details a complex web of Apollo-affiliated entities (e.g., Apollo Management, Prime Security Services TopCo, AP VIII Prime Security Services Holdings) that collectively hold a significant stake in ADT Inc. While not a transaction, this structure represents a significant related party relationship in terms of ownership and potential influence.

Stakeholder Impact

• Shareholders: Provides transparency regarding the largest institutional holders and their collective voting power, which can influence corporate governance and strategic decisions.
• Management: Awareness of significant ownership by Apollo-affiliated entities may influence management's strategic planning and operational decisions.

Key Dates

Keywords

ADT Inc., Apollo Management, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Security Services, Home Automation