Apollo Diversified Real Estate Fund

Data through 2026-06-18 · latest filing N-23C3A filed 2026-06-29

Sponsored by Apollo. Interval Fund structure focused on private real estate.

Interval FundPrivate Real Estate

Sponsor: Apollo
CIK: 0001597634
Liquidity: Quarterly repurchase offers at NAV
Inception: 2014

Net assets: $3.34B

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-06-04 · period 2026-03-31

Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Total Assets 3,428,191,961 | Total Liabilities 86,019,946 | NET ASSETS $ 3,342,172,015”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
NAV / share: $24.39

source

Repurchase offer notice (Form N-23c-3) · filed 2026-06-29 · period 2026-06-18

N-23c-3 informational NAV block

“NAV on June 18, 2026 of the Class A shares (GIREX) was $23.70 per share, of the Class C shares (GCREX) was $21.77 per share, of the Class I shares (GRIFX) was $24.39 per share, of the Class L shares (GLREX) was $23.20 per share and of the Class M shares (GMREX) was $22.55 per share. The NAV at which the Fund will repurchase shares will not be calculated until the Repurchase Pricing Date (defined below). The Fund’s NAV fluctuates. Therefore, the NAV on the Repurchase Pricing Date may be higher or”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1597634/000139834426011363/fp0099548-1_n23c3a.htm | N-23c-3 informational NAV block
Net flows, last qtr: -4.1%
Distribution coverage (NII): 5%
Leverage in use: 2%
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Red flag

Redemptions prorated for the period ending 2026-02-03: only 27.0% of requests fulfilled. (2026-02-03)

Redemptions prorated for the period ending 2026-02-03: only 27.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Why it matters and what changed

Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | redemption proration (2026-02-03)

Red flag

Redemption requests ran at least twice the tender offer's capacity; only 27% of tendered shares were repurchased (offer expired 2026-02-03).

Redemption requests ran at least twice the tender offer's capacity; only 27% of tendered shares were repurchased (offer expired 2026-02-03). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Why it matters and what changed

Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.

current level 27.00 (no prior-period value stored)

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | redemption disclosure (redemption_fill_rate)

Red flag

Redemptions prorated for the period ending 2025-11-04: only 30.0% of requests fulfilled. (2025-11-04)

Redemptions prorated for the period ending 2025-11-04: only 30.0% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | redemption proration (2025-11-04)

Red flag

Redemption requests ran at least twice the tender offer's capacity; only 30% of tendered shares were repurchased (offer expired 2025-11-04).

Redemption requests ran at least twice the tender offer's capacity; only 30% of tendered shares were repurchased (offer expired 2025-11-04). (Rule B5: Severe redemption oversubscription: a single offer at or beyond 2x capacity; Urgent.)

Why it matters and what changed

Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.

current level 30.00 (no prior-period value stored)

Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | redemption disclosure (redemption_fill_rate)

Yellow flag

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

NAV per share fell 2.1% from $24.92 to $24.39 (2026-06-18). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Why it matters and what changed

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

24.92 -> 24.39 (down 2.1% vs prior period); trailing 4-period average 24.78; same period prior year 25.19; comparison interval: ~3 months (2026-03-19 -> 2026-06-18; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

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

Yellow flag

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

Net investment income covered only 5% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

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.

14.13 -> 4.97 (down 64.8% vs prior period); trailing 4-period average 9.55; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-09-30 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

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

Yellow flag

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

NAV per share ($24.74) is 2.3% below its trailing four-observation average ($25.32) as of 2025-12-17. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Why it matters and what changed

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.

25.07 -> 24.74 (down 1.3% vs prior period); trailing 4-period average 25.32; same period prior year 25.57; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-18 -> 2025-12-17; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

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

Historical findings (19)

NAV per share fell 7.7% from $27.51 to $25.40 (2020-03-20).
NAV per share fell 7.7% from $27.51 to $25.40 (2020-03-20). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

NAV per share fell 3.3% from $26.45 to $25.57 (2024-12-19).
NAV per share fell 3.3% from $26.45 to $25.57 (2024-12-19). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

The fund leaned harder on leverage: 12% -> 12% of its allowed leverage in use in one period (period ended 2024-09-30).
The fund leaned harder on leverage: 12% -> 12% of its allowed leverage in use in one period (period ended 2024-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

NAV per share ($25.04) is 4.2% below its trailing four-observation average ($26.13) as of 2024-06-20.
NAV per share ($25.04) is 4.2% below its trailing four-observation average ($26.13) as of 2024-06-20. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

The fund leaned harder on leverage: 6% -> 12% of its allowed leverage in use in one period (period ended 2024-03-31).
The fund leaned harder on leverage: 6% -> 12% of its allowed leverage in use in one period (period ended 2024-03-31). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

NAV per share fell 3.7% from $26.25 to $25.29 (2024-03-21).
NAV per share fell 3.7% from $26.25 to $25.29 (2024-03-21). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($25.29) is 5.0% below its trailing four-observation average ($26.63) as of 2024-03-21.
NAV per share ($25.29) is 5.0% below its trailing four-observation average ($26.63) as of 2024-03-21. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($26.25) is 3.6% below its trailing four-observation average ($27.23) as of 2023-12-21.
NAV per share ($26.25) is 3.6% below its trailing four-observation average ($27.23) as of 2023-12-21. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 2.9% from $26.89 to $26.10 (2023-09-21).
NAV per share fell 2.9% from $26.89 to $26.10 (2023-09-21). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($26.10) is 7.2% below its trailing four-observation average ($28.12) as of 2023-09-21.
NAV per share ($26.10) is 7.2% below its trailing four-observation average ($28.12) as of 2023-09-21. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($26.89) is 7.3% below its trailing four-observation average ($29.00) as of 2023-06-22.
NAV per share ($26.89) is 7.3% below its trailing four-observation average ($29.00) as of 2023-06-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 4.7% from $28.63 to $27.29 (2023-03-23).
NAV per share fell 4.7% from $28.63 to $27.29 (2023-03-23). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share ($27.29) is 8.3% below its trailing four-observation average ($29.76) as of 2023-03-23.
NAV per share ($27.29) is 8.3% below its trailing four-observation average ($29.76) as of 2023-03-23. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 3.5% from $29.67 to $28.63 (2022-12-21).
NAV per share fell 3.5% from $29.67 to $28.63 (2022-12-21). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

NAV per share fell 2.4% from $30.40 to $29.67 (2022-09-22).
NAV per share fell 2.4% from $30.40 to $29.67 (2022-09-22). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Proposal 3 put to shareholder vote: Approval Of New Investment Sub-Advisory Agreement Between Griffin Capital Advisor, Llc And Aon Investments Usa Inc. (2022-01-24)
Proposal 3 put to shareholder vote: Approval Of New Investment Sub-Advisory Agreement Between Griffin Capital Advisor, Llc And Aon Investments Usa Inc. I.

NAV per share ($25.10) is 5.1% below its trailing four-observation average ($26.44) as of 2020-09-22.
NAV per share ($25.10) is 5.1% below its trailing four-observation average ($26.44) as of 2020-09-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($25.28) is 6.8% below its trailing four-observation average ($27.11) as of 2020-06-22.
NAV per share ($25.28) is 6.8% below its trailing four-observation average ($27.11) as of 2020-06-22. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share fell 2.4% from $27.14 to $26.50 (2018-03-23).
NAV per share fell 2.4% from $27.14 to $26.50 (2018-03-23). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

Window	Class	Basis	Return	Source
2025-10-01 to 2026-03-31 semiannual · annualization not stated	Class I	basis not stated in the filed row	+0.90%	SEC source 0001398344-26-010317 N-CSRS filed 2026-06-04
2024-10-01 to 2025-09-30 fiscal year · annualization not stated	Class I	basis not stated in the filed row	-0.26%	SEC source 0001398344-25-022019 N-CSR filed 2025-12-05
2024-10-01 to 2025-03-31 semiannual · annualization not stated	Class I	basis not stated in the filed row	-1.37%	SEC source 0001193125-25-135843 N-CSRS filed 2025-06-05
2023-10-01 to 2024-09-30 fiscal year · annualization not stated	Class I	basis not stated in the filed row	+7.47%	SEC source 0001398344-24-022919 N-CSR filed 2024-12-06
2023-10-01 to 2024-03-31 semiannual · annualization not stated	Class I	basis not stated in the filed row	+0.81%	SEC source 0001398344-24-011294 N-CSRS filed 2024-06-05

Derived

Window	Class	Basis	Return	Method & constituents
2025-04-01 to 2026-03-31 trailing 12m	Class I	basis not stated in the filed row	+2.04%	derived from filed sub-periods Calculation & filed sources compound (1 + 1.125418229748/100) × (1 + 0.900000000000/100) - 1 = 2.035546993815%; decomposition: (1 + -0.260000000000/100) / (1 + -1.370000000000/100) - 1 filed return · 2024-10-01 to 2025-09-30 · 0001398344-25-022019 filed return · 2024-10-01 to 2025-03-31 · 0001193125-25-135843 filed return · 2025-10-01 to 2026-03-31 · 0001398344-26-010317

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/quarter. Rationed in 2 of 2 disclosed periods; last gated Q1 2026.

Period	Requested	Filled	Cap used	Status
2026-02-03	Pending	27%	100%	rationed
2025-11-04	Pending	30%	100%	rationed

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($3,342,172,015) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class I	Pending	Pending	Pending	Pending	Pending

Management fee: 1.50% of avg daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001398344-26-010317.

Filed fee conditions

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an investment advisory fee, computed daily and payable monthly at an annual rate of 1.50% of the average daily net assets of the Fund. CenterSquare and Aon act as sub-advisers to portions of the portfolio under their own tiered sub-advisory fee schedules, paid by the Adviser out of this fee -- not an additional fund-level charge.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.50%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001193125-26-251731	Pending	Pending	1.95%interest included * Filed label: Ratios to Average Net Assets (including interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees (d); period 2025-09-30. before/excluding fee relief (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001398344-25-022019 1.71%interest excluded * Filed label: Ratios to Average Net Assets (excluding interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees (d); period 2025-09-30. before/excluding fee relief (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001398344-25-022019	1.90%interest included * Filed label: Ratios to Average Net Assets (including interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees (d) 1.95 % 2.25 % 1.78 % 1.71 % 1.72 % Ratio of expenses to average net assets including fee waivers and reimbursements/recoupment of previously waived fees (d); period 2025-09-30. After waiver: not separately stated; interest: included; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-25-022019 1.66%interest excluded * Filed label: Ratios to Average Net Assets (excluding interest expense) Ratio of expenses to average net assets excluding fee waivers and reimbursements/recoupment of previously waived fees (d) 1.71 % 1.68 % 1.62 % 1.60 % 1.65 % Ratio of expenses to average net assets including fee waivers and reimbursements/recoupment of previously waived fees (d); period 2025-09-30. After waiver: not separately stated; interest: excluded; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001398344-25-022019

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)

Term	Description	Value	Effective
advisory_fee_schedule	Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an investment advisory fee, computed daily and payable monthly at an annual rate of 1.50% of the average daily net assets of the Fund. CenterSquare and Aon act as sub-advisers to portions of the portfolio under their own tiered sub-advisory fee schedules, paid by the Adviser out of this fee -- not an additional fund-level charge.	1.5 pct_annual_of_avg_daily_net_assets	Pending

Recent filings

Filed	Form	Accession
2026-06-29	N-23C3A	0001398344-26-011363
2026-06-23	424B3	0001193125-26-279785
2026-06-04	N-CSRS	0001398344-26-010317
2026-06-01	486BPOS	0001193125-26-251731
2026-05-28	NPORT-P	0001049169-26-001415
2026-03-30	N-23C3A	0001398344-26-005859
2026-02-27	NPORT-P	0001049169-26-000390
2025-12-29	N-23C3A	0001398344-25-023021
2025-12-05	N-CSR	0001398344-25-022019
2025-11-24	NPORT-P	0001049169-25-000632
2025-09-30	N-23C3A	0001398344-25-018691
2025-08-26	NPORT-P	0001752724-25-206171
2025-07-25	DEF 14A	0001193125-25-165433
2025-06-27	N-23C3A	0001193125-25-151285
2025-06-05	N-CSRS	0001193125-25-135843