Apollo Diversified Real Estate Fund
Sponsored by Apollo. Interval Fund structure focused on private real estate.
Interval FundPrivate Real Estate
- 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
as of 2026-03-31 - NAV / share
- $23.99
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-06-04 · period 2026-03-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of period $ 23.99”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2026-03-31 - Net flows, last qtr
- -4.1% qtr ended 2026-03-31
- Distribution coverage (NII)
- 5% period ended 2026-03-31
- Leverage in use
- 2% debt / equity 0.01x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
NAV per share ($23.99) is 3.2% below its trailing four-observation average ($24.78) as of 2026-03-31.
NAV per share ($23.99) is 3.2% below its trailing four-observation average ($24.78) as of 2026-03-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)
Why it matters and what changed
Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.
24.44 -> 23.99 (down 1.8% vs prior period); trailing 4-period average 24.78; same period prior year 24.83; breach persisted 7 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: https://www.sec.gov/Archives/edgar/data/1597634/000139834426010317/fp0098622-1_ncsrs.htm | financial-highlights end-of-period NAV (fallback)
NAV per share ($24.44) is 2.3% below its trailing four-observation average ($25.03) as of 2025-09-30.
NAV per share ($24.44) is 2.3% below its trailing four-observation average ($25.03) as of 2025-09-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)
Why it matters and what changed
Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.
24.83 -> 24.44 (down 1.6% vs prior period); trailing 4-period average 25.03; same period prior year 25.88; breach persisted 6 consecutive periods (escalated per the two-stage ladder); comparison interval: ~6 months (2025-03-31 -> 2025-09-30; 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/1597634/000139834425022019/fp0096462-1_ncsr.htm | financial-highlights end-of-period NAV (fallback)
Historical findings (13)
NAV per share fell 6.3% from $27.17 to $25.45 (2023-09-30).
NAV per share fell 6.1% from $28.93 to $27.17 (2023-03-31).
NAV per share fell 5.9% from $30.76 to $28.93 (2022-09-30).
NAV per share fell 7.3% from $27.36 to $25.36 (2020-03-31).
NAV per share fell 4.1% from $25.88 to $24.83 (2025-03-31).
NAV per share ($24.83) is 1.8% below its trailing four-observation average ($25.28) as of 2025-03-31.
NAV per share ($25.88) is -0.1% below its trailing four-observation average ($25.87) as of 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).
NAV per share ($24.96) is 6.3% below its trailing four-observation average ($26.63) as of 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).
NAV per share ($25.45) is 9.4% below its trailing four-observation average ($28.08) as of 2023-09-30.
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)
NAV per share ($24.93) is 4.9% below its trailing four-observation average ($26.21) as of 2020-09-30.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
The disclosed history shows no rationed period.
Pending
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
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%
| 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% | Pending | 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 *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 *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.
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 |
| 2026-06-04 | N-CSRS | 0001398344-26-010317 |
| 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 |
| 2025-05-28 | NPORT-P | 0001752724-25-126302 |
| 2025-03-28 | N-23C3A | 0001193125-25-067197 |