Fontris Alts · evidence-backed fund research, not investment advice Data through 2026-07-31 · rendered 2026-08-10 05:32
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Every red-flag and yellow-flag finding from the trailing 365 days across every monitored fund, watchlist and universe, red flags first, then by recency. Showing 3 of 220 — Yellow flag · Private Real Estate.

Severity: All Red flags Yellow flags
Asset class: All alt classes Private Credit Private Equity Private Real Estate Infrastructure Multi-strategy Insurance-linked securities
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Yellow flags (3)
Yellow flag

Apollo Diversified Real Estate Fund watchlist

NAV per share fell 2.1% from $24.92 to $24.39 (2026-06-18).

Why it matters

Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834426011363/fp0099548-1_n23c3a.htm | N-23c-3 informational NAV block

Yellow flag

Apollo Diversified Real Estate Fund watchlist

Net investment income covered only 5% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.

Why it matters

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Yellow flag

Apollo Diversified Real Estate Fund watchlist

NAV per share ($24.74) is 2.3% below its trailing four-observation average ($25.32) as of 2025-12-17.

Why it matters

NAV has been running at least 2% below its own recent trailing average. Unlike a single sharp markdown, a sustained slide means the pressure on valuations is persistent rather than a one-period event.

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834425023021/fp0096738-1_n23c3a.htm | N-23c-3 informational NAV block