Apollo closes 2025 short bets on software loans, targets under 10% exposure

Apollo Global Management shorted loans tied to Internet Brands, SonicWall, and Perforce during 2025, citing AI-driven pressure on legacy software models. The positions, held for much of the year and amounting to under 1% of its $700 billion credit book, have been closed, according to a person familiar with the matter. Targeted loans now trade above 80 cents on the dollar.