# EDGAR Filing Document

**Accession Number:** 0001597634
**File Stem:** 0001049169-25-000632
**Filing Date:** 2025-11
**Character Count:** 51424
**Document Hash:** ba6fa16c8820ac76e9db3878231770db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000632.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001049169-25-000632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Diversified Real Estate Fund
- **CENTRAL INDEX KEY:** 0001597634

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22933
- **FILM NUMBER:** 251511759

**BUSINESS ADDRESS:**
- **STREET 1:** APOLLO REAL ESTATE FUND ADVISER, LLC
- **STREET 2:** 9 W 57TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** APOLLO REAL ESTATE FUND ADVISER, LLC
- **STREET 2:** 9 W 57TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Institutional Access Real Estate Fund
- **DATE OF NAME CHANGE:** 20140121

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** APOLLO DIVERSIFIED REAL ESTATE FUND

- **b. Investment Company Act file number:** 811-22933

- **c. CIK number of Registrant:** 0001597634

- **d. LEI of Registrant:** 549300M19PM53MCLJ804

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 9 W 57th St

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 8889262688

**Item A.2. Information about the Series.**

- **a. Name of Series:** Apollo Diversified Real Estate Fund

- **c. LEI of Series:** 549300M19PM53MCLJ804

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3750563357.41

**Total Liabilities:** $53746135.54

**Net Assets:** $3696817221.87

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.48%               | 1.16%                | 0.40%                |
| Class ID N/A | -0.53%               | 1.06%                | 0.31%                |
| Class ID N/A | -0.51%               | 1.11%                | 0.34%                |
| Class ID N/A | -0.50%               | 1.08%                | 0.40%                |
| Class ID N/A | -0.45%               | 1.10%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-492455.77              | $-21194287.02                              |
| Month 2  | $2829294.83              | $36779451.69                               |
| Month 3  | $6537224.26              | $47910.61                                  |

### Schedule of Portfolio Investments

| Name                                        | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   | Balance   | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 118400    | NS      | $2356160.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 91500     | NS      | $1625040.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                       | Camden Property Trust                                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        | 253690    | NS      | $27089018.20  | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Article Student Living Income and Growth L.P.        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 85518     | NS      | $100968270.25 | 2.73%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | PRISA, L.P.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 10629     | NS      | $22102248.94  | 0.60%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Heitman Core Real Estate Debt Income Trust           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 37982     | NS      | $24489968.02  | 0.66%             |  |  |  | No            | N/A                | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492209<br>LEI: 98450090H010B37OEB68 | Long             | EP               | CORP              | US        | 90000     | NS      | $1633500.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Brookfield Senior Mezzanine Real Estate Finance Fund | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 108234    | NS      | $48487697.22  | 1.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W685<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 43000     | NS      | $981260.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                          | Equity Residential                                   | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        | 267500    | NS      | $17315275.00  | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust       | Wells Fargo Commercial Mortgage Trust 2015-C29       | CUSIP: 94989KBA0<br>LEI: 549300NYO16WLNMVJJ46 | Long             | ABS-MBS          | CORP              | US        | 1720907   | PA      | $1716701.83   | 0.05%             | 2025-06-15      | Variable      | 4.19%                 | No            | 2                  | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust       | Wells Fargo Commercial Mortgage Trust 2015-C31       | CUSIP: 94989WAY3<br>LEI: 5493001SKB2HKIF64L70 | Long             | ABS-MBS          | CORP              | US        | 4000000   | PA      | $3994160.40   | 0.11%             | 2025-10-15      | Variable      | 4.48%                 | No            | 2                  | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc.                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 176180    | NS      | $10694126.00  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                         | VICI Properties, Inc.                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 568370    | NS      | $18534545.70  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudson Pacific Properties Inc               | Hudson Pacific Properties, Inc.                      | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 415786    | NS      | $1147569.36   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Realty Invs Trst                    | Federal Realty Investment Trust                      | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        | 121000    | NS      | $2589400.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | CBRE U.S. Core Partners, L.P.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 49820446  | NS      | $74358908.10  | 2.01%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Manulife U.S. Real Estate Fund, L.P.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 39676     | NS      | $51506906.22  | 1.39%             |  |  |  | No            | N/A                | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts, Inc.                          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        | 998510    | NS      | $16994640.20  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 58000     | NS      | $1045740.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Elme Communities                            | Elme Communities                                     | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        | 106420    | NS      | $1794241.20   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | TA Realty Core Property Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 23222     | NS      | $29730919.58  | 0.80%             |  |  |  | No            | N/A                | On Loan: No      |
| Cousins Properties Inc                      | Cousins Properties, Inc.                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 545278    | NS      | $15780345.32  | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 90000     | NS      | $2050200.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Affinius U.S. Government Building Fund               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $35897759.05  | 0.97%             |  |  |  | No            | N/A                | On Loan: No      |
| Comm Mortgage Trust                         | COMM 2015-PC1 Mortgage Trust                         | CUSIP: 12593GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3857899   | PA      | $3741243.30   | 0.10%             | 2025-06-10      | Variable      | 4.52%                 | No            | 2                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W644<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 133000    | NS      | $3254510.00   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare Reit Inc                | American Healthcare REIT, Inc.                       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 302790    | NS      | $12720207.90  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Lamar Advertising Co                        | Lamar Advertising Co.                                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        | 42000     | NS      | $5141640.00   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Empire State Realty Trust Inc               | Empire State Realty Trust, Inc.                      | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        | 513960    | NS      | $3936933.60   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc                        | Invitation Homes, Inc.                               | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        | 589780    | NS      | $17298247.40  | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors Inc              | Omega Healthcare Investors, Inc.                     | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        | 361110    | NS      | $15246064.20  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Morgan Stanley Prime Property Fund                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 7741      | NS      | $148575113.68 | 4.02%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Cortland Growth and Income Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 220420    | NS      | $253832001.49 | 6.87%             |  |  |  | No            | N/A                | On Loan: No      |
| Bmo Mortgage Trust                          | BMO 2025-5C12 Mortgage Trust                         | CUSIP: 09663VAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2802800   | PA      | $2394854.98   | 0.06%             | 2030-10-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Diversified Healthcare Trust                | Diversified Healthcare Trust                         | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 191113    | NS      | $842808.33    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc                                  | Ventas, Inc.                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 591600    | NS      | $41406084.00  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        | 114680    | NS      | $33125318.00  | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 309750    | NS      | $12554167.50  | 0.34%             |  |  |  | No            | 1                  | On Loan: —       |
| Epr Properties                              | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        | 118055    | NS      | $2554710.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                    | Simon Property Group, Inc.                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        | 169000    | NS      | $31716230.00  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Clarion Gables Multifamily Trust, L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 50695     | NS      | $73625373.17  | 1.99%             |  |  |  | No            | N/A                | On Loan: No      |
| First Industrial Realty Trust Inc           | First Industrial Realty Trust, Inc.                  | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 193890    | NS      | $9979518.30   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Netstreit Corp                              | NETSTREIT Corp.                                      | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        | 474200    | NS      | $8564052.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Bxp Inc                                     | BXP, Inc.                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        | 166350    | NS      | $12366459.00  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 91000     | NS      | $2029300.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc | BBCMS Mortgage Trust 2025-5C37                       | CUSIP: 05494NAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1689250   | PA      | $1501043.73   | 0.04%             | 2030-09-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868830<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        | 195000    | NS      | $4615650.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 39000     | NS      | $858780.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Summit Hotel Properties                     | Summit Hotel Properties, Inc.                        | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        | 94000     | NS      | $1824540.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 36000     | NS      | $844200.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | CBRE U.S. Credit Partners, L.P.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 118171    | NS      | $117170876.85 | 3.17%             |  |  |  | No            | N/A                | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 102000    | NS      | $2002260.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        | 70000     | NS      | $1529500.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp.                                | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        | 21500     | NS      | $513635.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equities Inc         | Alexandria Real Estate Equities, Inc.                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        | 68120     | NS      | $5677120.80   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Summit Hotel Properties                     | Summit Hotel Properties, Inc.                        | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        | 31780     | NS      | $611447.20    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378607<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 15702     | NS      | $372922.50    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        | 304330    | NS      | $52612570.40  | 1.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 62500     | NS      | $934375.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc                                | Prologis, Inc.                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        | 607590    | NS      | $69581206.80  | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 43000     | NS      | $1027700.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc                  | Americold Realty Trust, Inc.                         | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        | 336970    | NS      | $4124512.80   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Principal Real Estate Liquid Debt Fund, L.P.         | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 1090996   | NS      | $24874889.39  | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corp.                                | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        | 124493    | NS      | $2736356.14   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc                           | Iron Mountain, Inc.                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        | 264539    | NS      | $26967105.66  | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 75000     | NS      | $1873500.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Prologis Targeted U.S. Logistics Fund, L.P.          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 50976     | NS      | $142435555.08 | 3.85%             |  |  |  | No            | N/A                | On Loan: No      |
| Healthcare Realty Trust Inc                 | Healthcare Realty Trust, Inc.                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        | 470770    | NS      | $8487983.10   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Macerich Co/the                             | Macerich Co.                                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        | 325240    | NS      | $5919368.00   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 199306    | NS      | $4803274.60   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 118000    | NS      | $2140520.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R711<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 132500    | NS      | $2930900.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Kite Realty Group Trust                     | Kite Realty Group Trust                              | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 768330    | NS      | $17133759.00  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corp                          | Realty Income Corp.                                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        | 494530    | NS      | $30062478.70  | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Inventrust Properties Corp                  | InvenTrust Properties Corp.                          | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        | 25359     | NS      | $725774.58    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | JPM U.S. Real Estate Mezzanine Debt Fund, L.P.       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 368051    | NS      | $37316071.54  | 1.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 49000     | NS      | $1048110.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W628<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 17553     | NS      | $366857.70    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastgroup Properties Inc                    | EastGroup Properties, Inc.                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        | 16980     | NS      | $2874034.80   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Clarion Lion Properties Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 76079     | NS      | $113740174.44 | 3.08%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | BGO Diversified US Property Fund, L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 4667      | NS      | $11488574.24  | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 97814     | NS      | $2189077.32   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                               | Welltower, Inc.                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        | 509070    | NS      | $90685729.80  | 2.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors Inc                | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        | 209600    | NS      | $1963952.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W669<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 21776     | NS      | $479072.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                     | Extra Space Storage, Inc.                            | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        | 287990    | NS      | $40589310.60  | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett, Inc.                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 156470    | NS      | $2436237.90   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Sentinel Real Estate Fund, L.P.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 274       | NS      | $28448602.77  | 0.77%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | UBS Trumbull Property Fund                           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 1039      | NS      | $9129893.23   | 0.25%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Oaktree Real Estate Income Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $116285701.63 | 3.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 155000    | NS      | $2760550.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 134000    | NS      | $3122200.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Lxp Industrial Trust                        | LXP Industrial Trust                                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        | 134030    | NS      | $1200908.80   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | TA Realty Logistics Fund, L.P.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 138462    | NS      | $144750895.20 | 3.92%             |  |  |  | No            | N/A                | On Loan: No      |
| National Storage Affilia                    | National Storage Affiliates Trust                    | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        | 191000    | NS      | $4442660.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc                  | Brixmor Property Group, Inc.                         | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        | 885840    | NS      | $24520051.20  | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Sagard U.S. Property Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $26144036.23  | 0.71%             |  |  |  | No            | N/A                | On Loan: No      |
| Sunstone Hotel Investors                    | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        | 154000    | NS      | $3280200.00   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Chatham Lodging                             | Chatham Lodging Trust                                | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 46000     | NS      | $968760.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        | 281820    | NS      | $20020492.80  | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Lineage Inc                                 | Lineage, Inc.                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 69060     | NS      | $2668478.40   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                   | Healthpeak Properties, Inc.                          | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        | 1382740   | NS      | $26479471.00  | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 499240    | NS      | $16599730.00  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 127246    | NS      | $2571641.66   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Piedmont Realty Trust Inc                   | Piedmont Realty Trust, Inc.                          | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 195735    | NS      | $1761615.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                    | Broadstone Net Lease, Inc.                           | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        | 522000    | NS      | $9328140.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Hospitality Reit Inc                  | Apple Hospitality REIT, Inc.                         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        | 150690    | NS      | $1809786.90   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Udr Inc                                     | UDR, Inc.                                            | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        | 857470    | NS      | $31949332.20  | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                    | Essex Property Trust, Inc.                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 45120     | NS      | $12076819.20  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Heitman America Real Estate Trust, L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 11138     | NS      | $13856779.69  | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp.                                | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        | 110500    | NS      | $2688465.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Ares Real Estate Enhanced Income Fund, L.P.          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $119890622.93 | 3.24%             |  |  |  | No            | N/A                | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        | 58000     | NS      | $1299200.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                 | Equinix, Inc.                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        | 89690     | NS      | $70248795.60  | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | CrossHarbor Strategic Debt Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $26496129.61  | 0.72%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Dream U.S. Industrial Fund, L.P.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 79812     | NS      | $132911311.30 | 3.60%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Voya Commercial Mortgage Lending Fund, L.P.          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $6187303.00   | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| Rexford Industrial Realty Inc               | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        | 244650    | NS      | $10057561.50  | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 52500     | NS      | $1229025.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Bsprt Issuer, Ltd.                          | BSPRT 2025-FL12 Issuer LLC                           | CUSIP: 05619BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 1500000   | PA      | $1497596.10   | 0.04%             | 2030-05-17      | Floating      | 6.80%                 | Yes           | 2                  | On Loan: No      |
| Federal Realty Investment Trust             | Federal Realty Investment Trust                      | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        | 129550    | NS      | $13124710.50  | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondrock Hospitality Co                  | DiamondRock Hospitality Co.                          | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        | 799240    | NS      | $6361950.40   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Ventas Life Science and Healthcare Real Estate Fund  | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 153730    | NS      | $170399608.24 | 4.61%             |  |  |  | No            | N/A                | On Loan: No      |
| Msilf Treasury Portfolio                    | MSILF Treasury Portfolio                             | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        | 16774732  | NS      | $16774731.55  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondrock Hospitality                     | DiamondRock Hospitality Co.                          | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        | 79832     | NS      | $2002186.56   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors                    | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        | 76000     | NS      | $1604360.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Stockbridge Smart Markets Fund, L.P.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 18241     | NS      | $31017506.96  | 0.84%             |  |  |  | No            | N/A                | On Loan: No      |
| Hudson Pacific Propertie                    | Hudson Pacific Properties, Inc.                      | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 28000     | NS      | $399280.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | CBRE U.S. Logistics Partners, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 206058125 | NS      | $281598415.17 | 7.62%             |  |  |  | No            | N/A                | On Loan: No      |
| Gs Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GS1                | CUSIP: 36252AAH9<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-MBS          | CORP              | US        | 3080000   | PA      | $3010474.24   | 0.08%             | 2025-11-10      | Variable      | 4.24%                 | No            | 2                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W594<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 25000     | NS      | $498500.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 40594     | NS      | $819998.80    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nnn Reit Inc                                | National Retail Properties, Inc.                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        | 186130    | NS      | $7923554.10   | 0.21%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                         | Clarion Lion Industrial Trust, L.P.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 24068     | NS      | $89389453.36  | 2.42%             |  |  |  | No            | N/A                | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        | 1153580   | NS      | $25205723.00  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Third Point Private CRE Credit Fund L.P.             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 110969    | NS      | $107522663.03 | 2.91%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** APOLLO DIVERSIFIED REAL ESTATE FUND

**Signature:** Kenneth Seifert

**Name of Signer:** Kenneth Seifert

**Title:** Treasurer (Principal Financial Officer)