# EDGAR Filing Document

**Accession Number:** 0001597634
**File Stem:** 0001049169-26-001415
**Filing Date:** 2026-5
**Character Count:** 45287
**Document Hash:** 64a6f444151e07113b9a9b0f2b049150
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-001415.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001049169-26-001415

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260930

**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:** 261031491

**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:** 2026-09-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $3374391586.74

**Total Liabilities:** $6041304.93

**Net Assets:** $3368350281.81

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.66%                | 2.23%                | -1.22%               |
| Class ID N/A | 0.58%                | 2.19%                | -1.28%               |
| Class ID N/A | 0.69%                | 2.25%                | -1.19%               |
| Class ID N/A | 0.59%                | 2.27%                | -1.24%               |
| Class ID N/A | 0.61%                | 2.20%                | -1.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10522261.10             | $9150685.98                                |
| Month 2  | $163549550.60            | $-90765409.52                              |
| Month 3  | $-4485529.80             | $-43710755.23                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Acore Issuer, Llc                           | Acore 2026-FL1 Issuer LLC                            | CUSIP: 00485EAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        | 2000000   | PA      | $1992106.00   | 0.06%             | 2030-11-20      | Floating      | 6.42%                 | Yes           | 2                  | On Loan: No      |
| Acrec Llc                                   | ACREC 2026-FL4 LLC                                   | CUSIP: 004970AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        | 15000000  | PA      | $14963106.00  | 0.44%             | 2030-02-18      | Floating      | 5.13%                 | Yes           | 2                  | On Loan: No      |
| Acres Plc                                   | ACRES Commercial Realty 2026-FL4 Issuer LLC          | CUSIP: 00501XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 4000000   | PA      | $3990172.00   | 0.12%             | 2044-08-18      | Floating      | 6.51%                 | Yes           | 2                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 199306    | NS      | $4713586.90   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 43000     | NS      | $959760.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Areit Cre Trust                             | AREIT 2025-CRE11                                     | CUSIP: 04002DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 20000000  | PA      | $20017028.00  | 0.59%             | 2043-07-25      | Floating      | 5.23%                 | Yes           | 2                  | On Loan: No      |
| Areit Cre Trust                             | AREIT 2025-CRE11                                     | CUSIP: 04002DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2500000   | PA      | $2502258.75   | 0.07%             | 2043-07-25      | Floating      | 6.43%                 | Yes           | 2                  | 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      | $1485927.48   | 0.04%             | 2058-09-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Bspdf Issuer Ltd                            | BSPDF 2026-FL3 Issuer LLC                            | CUSIP: 05594VAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1000000   | PA      | $991262.80    | 0.03%             | 2031-09-18      | Floating      | 6.40%                 | Yes           | 2                  | On Loan: No      |
| Bsprt Issuer, Ltd.                          | BSPRT 2025-FL12 Issuer LLC                           | CUSIP: 05619BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 26250000  | PA      | $26212068.75  | 0.78%             | 2029-05-17      | Floating      | 5.06%                 | Yes           | 2                  | On Loan: No      |
| Bsprt Issuer, Ltd.                          | BSPRT 2025-FL12 Issuer LLC                           | CUSIP: 05619BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 1500000   | PA      | $1503772.20   | 0.04%             | 2043-01-17      | Floating      | 6.37%                 | Yes           | 2                  | On Loan: No      |
| Bmo Mortgage Trust                          | BMO 2025-5C12 Mortgage Trust                         | CUSIP: 09663VAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2802800   | PA      | $2438764.63   | 0.07%             | 2058-10-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Brightspire Capital, Inc                    | Brsp 2026-Fl3, Ltd.                                  | CUSIP: 116686AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 5000000   | PA      | $4980207.00   | 0.15%             | 2043-08-19      | Floating      | 6.53%                 | Yes           | 2                  | On Loan: No      |
| Comm Mortgage Trust                         | COMM 2015-PC1 Mortgage Trust                         | CUSIP: 12593GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3456983   | PA      | $3355252.05   | 0.10%             | 2050-07-10      | Variable      | 4.34%                 | No            | 2                  | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868830<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        | 64984     | NS      | $1430297.84   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 39000     | NS      | $642720.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 91000     | NS      | $1478750.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Epr Properties                              | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        | 78009     | NS      | $1578122.07   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Fs Rialto Issuer Ltd                        | FS Rialto 2026-FL11 Issuer LLC                       | CUSIP: 30343TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        | 8000000   | PA      | $7970529.60   | 0.24%             | 2044-01-19      | Floating      | 6.30%                 | Yes           | 2                  | On Loan: No      |
| Federal Realty Invs Trst                    | Federal Realty Investment Trust                      | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        | 51487     | NS      | $993184.23    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Gs Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GS1                | CUSIP: 36252AAH9<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-MBS          | CORP              | US        | 2770292   | PA      | $2614242.26   | 0.08%             | 2048-11-10      | Variable      | 4.24%                 | No            | 2                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 43027     | NS      | $934116.17    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 85500     | NS      | $1916910.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378607<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 20440     | NS      | $449680.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudson Pacific Propertie                    | Hudson Pacific Properties, Inc.                      | CUSIP: 444097307<br>LEI: 529900EURZA5HRSXQ389 | Long             | EP               | CORP              | US        | 28000     | NS      | $360920.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R711<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 30512     | NS      | $610240.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 23303     | NS      | $451379.11    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Loancore 2018-cre1 Issuer, Ltd.             | LoanCore 2025-CRE9 Issuer LLC                        | CUSIP: 538912AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2000000   | PA      | $1996197.40   | 0.06%             | 2042-08-18      | Floating      | 6.33%                 | Yes           | 2                  | On Loan: No      |
| Loancore 2018-cre1 Issuer, Ltd.             | LoanCore 2025 2025-CRE8 Issuer LLC                   | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1700000   | PA      | $1697135.33   | 0.05%             | 2029-11-01      | Floating      | 5.06%                 | Yes           | 2                  | On Loan: No      |
| Mf1 Multifamily Housing Mortgage Loan Trust | MF1 2025-FL19 LLC                                    | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 25000000  | PA      | $25027845.00  | 0.74%             | 2030-04-18      | Floating      | 5.17%                 | Yes           | 2                  | On Loan: No      |
| Mf1 Multifamily Housing Mortgage Loan Trust | MF1 2026-FL21 LLC                                    | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 29250000  | PA      | $29155864.73  | 0.87%             | 2041-02-18      | Floating      | 5.03%                 | Yes           | 2                  | On Loan: No      |
| Pfp Iii                                     | PFP 2025-12, Ltd.                                    | CUSIP: 69382JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        | 16000000  | PA      | $15981387.20  | 0.47%             | 2030-06-18      | Floating      | 5.17%                 | Yes           | 2                  | On Loan: No      |
| Pfp Iii                                     | PFP 2026-13, Ltd.                                    | CUSIP: 716966AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        | 28750000  | PA      | $28764222.63  | 0.85%             | 2043-08-18      | Floating      | 5.18%                 | Yes           | 2                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 71931     | NS      | $1260231.12   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Rfm Re-remic Trust                          | RFM Re-Remic Trust 2024-FRR2                         | CUSIP: 74983PAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 15292000  | PA      | $11889611.05  | 0.35%             | 2031-01-30      | Variable      | 1.87%                 | Yes           | 2                  | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp.                                | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        | 110500    | NS      | $2469675.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 27632     | NS      | $597265.68    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 10998     | NS      | $225459.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corp.                                | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        | 78135     | NS      | $1586140.50   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 71198     | NS      | $1466678.80   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 52500     | NS      | $1185975.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492209<br>LEI: 98450090H010B37OEB68 | Long             | EP               | CORP              | US        | 4231      | NS      | $71080.80     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Starwood Commercial Mortgage Trust          | STWD 2025-FL4 LLC                                    | CUSIP: 863922AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2000000   | PA      | $1990439.00   | 0.06%             | 2042-11-19      | Floating      | 6.33%                 | Yes           | 2                  | On Loan: No      |
| Summit Hotel Properties                     | Summit Hotel Properties, Inc.                        | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        | 43262     | NS      | $750595.70    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Summit Hotel Properties                     | Summit Hotel Properties, Inc.                        | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        | 30759     | NS      | $531823.11    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 41022     | NS      | $584973.72    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 91500     | NS      | $1486875.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 93729     | NS      | $1517472.51   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 109929    | NS      | $1780849.80   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        | 315810    | NS      | $23805757.80  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare Reit Inc                | American Healthcare REIT, Inc.                       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 281320    | NS      | $13267051.20  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 610070    | NS      | $17033154.40  | 0.51%             |  |  |  | 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      | $111128750.48 | 3.30%             |  |  |  | No            | N/A                | On Loan: No      |
| Bluerock Private Real Estate Fund           | Bluerock Private Real Estate Fund                    | CUSIP: 09631P102<br>LEI: 549300DVMSW84SP6UG83 | Long             | EC               | RF                | US        | 124596    | NS      | $2069539.56   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc                  | Brixmor Property Group, Inc.                         | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        | 1024300   | NS      | $29499840.00  | 0.88%             |  |  |  | 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      | $37867375.10  | 1.12%             |  |  |  | No            | N/A                | On Loan: No      |
| Bxp Inc                                     | BXP, Inc.                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        | 140410    | NS      | $7287279.00   | 0.22%             |  |  |  | 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      | $96694993.80  | 2.87%             |  |  |  | No            | N/A                | 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      | $114820541.48 | 3.41%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | CBRE U.S. Logistics Partners, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 206464003 | NS      | $271340153.80 | 8.06%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | CBRE U.S. Core Partners, L.P.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 22977580  | NS      | $34192569.39  | 1.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Churchill Downs Inc                         | Churchill Downs, Inc.                                | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        | 337182    | NS      | $30289059.06  | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Clarion Lion Properties Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 64753     | NS      | $97625830.36  | 2.90%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Clarion Gables Multifamily Trust, L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 45759     | NS      | $67161985.21  | 1.99%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Clarion Lion Industrial Trust, L.P.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 16792     | NS      | $62795684.08  | 1.86%             |  |  |  | No            | N/A                | On Loan: No      |
| Americold Realty Trust Inc                  | Americold Realty Trust, Inc.                         | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        | 227720    | NS      | $2609671.20   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Cortland Growth and Income Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 201057    | NS      | $227527762.52 | 6.75%             |  |  |  | No            | N/A                | On Loan: No      |
| Camden Property Trust                       | Camden Property Trust                                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        | 245410    | NS      | $23966740.60  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc                      | Cousins Properties, Inc.                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 503863    | NS      | $11372187.91  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Dream U.S. Industrial Fund, L.P.                     | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 71304     | NS      | $120435730.91 | 3.58%             |  |  |  | No            | N/A                | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc.                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 264680    | NS      | $16521325.60  | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Epr Properties                              | EPR Properties                                       | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        | 86610     | NS      | $4327035.60   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                          | Equity Residential                                   | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        | 222720    | NS      | $13173888.00  | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                    | Essex Property Trust, Inc.                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 48060     | NS      | $11630520.00  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                     | Extra Space Storage, Inc.                            | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        | 286510    | NS      | $37570056.30  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| First Industrial Realty Trust Inc           | First Industrial Realty Trust, Inc.                  | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 208950    | NS      | $12087757.50  | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Gaming And Leisure Properties Inc           | Gaming and Leisure Properties, Inc.                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        | 63350     | NS      | $2810839.50   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Sagard U.S. Property Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $25793695.39  | 0.77%             |  |  |  | No            | N/A                | On Loan: No      |
| Hyatt Hotels Corp                           | Hyatt Hotels Corp., Class A                          | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        | 30000     | NS      | $4313700.00   | 0.13%             |  |  |  | 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      | $13934639.69  | 0.41%             |  |  |  | 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      | $18907372.01  | 0.56%             |  |  |  | No            | N/A                | On Loan: No      |
| Hilton Worldwide Holdings Inc               | Hilton Worldwide Holdings, Inc.                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        | 16100     | NS      | $4895688.00   | 0.15%             |  |  |  | No            | 1                  | 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      | $53232048.20  | 1.58%             |  |  |  | No            | N/A                | On Loan: No      |
| Healthcare Realty Trust Inc                 | Healthcare Realty Trust, Inc.                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        | 677181    | NS      | $11505305.19  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts, Inc.                          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        | 802070    | NS      | $15367661.20  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc                        | Invitation Homes, Inc.                               | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        | 958710    | NS      | $23823943.50  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc                           | Iron Mountain, Inc.                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        | 265539    | NS      | $27122153.46  | 0.81%             |  |  |  | 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        | 216655    | NS      | $21614018.07  | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        | 1242255   | NS      | $27913469.85  | 0.83%             |  |  |  | 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      | $18862501.50  | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Lineage Inc                                 | Lineage, Inc.                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 61426     | NS      | $2012315.76   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Macerich Co/the                             | Macerich Co.                                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        | 609640    | NS      | $11522196.00  | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott International Inc/md               | Marriott International, Inc.                         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        | 14300     | NS      | $4677101.00   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | BGO Diversified US Property Fund, L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 4494      | NS      | $11155986.15  | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| Msilf Treasury Portfolio                    | MSILF Treasury Portfolio                             | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        | 101922063 | NS      | $101922062.89 | 3.03%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Morgan Stanley Prime Property Fund                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 7381      | NS      | $140462732.96 | 4.17%             |  |  |  | No            | N/A                | On Loan: No      |
| Realty Income Corp                          | Realty Income Corp.                                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        | 508760    | NS      | $31125936.80  | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Oaktree Real Estate Income Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $116749313.33 | 3.47%             |  |  |  | No            | N/A                | On Loan: No      |
| Omega Healthcare Investors Inc              | Omega Healthcare Investors, Inc.                     | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        | 357078    | NS      | $15647157.96  | 0.46%             |  |  |  | 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        | 43875     | NS      | $124228631.61 | 3.69%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | PRISA, L.P.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 8206      | NS      | $17561797.84  | 0.52%             |  |  |  | No            | N/A                | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        | 143980    | NS      | $39001302.40  | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income U.S. Core Plus Fund, L.P.     | Realty Income U.S. Core Plus Fund, L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 61789     | NS      | $72946994.11  | 2.17%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Stockbridge Smart Markets Fund, L.P.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 9512      | NS      | $16376708.89  | 0.49%             |  |  |  | No            | N/A                | On Loan: No      |
| Simon Property Group Inc                    | Simon Property Group, Inc.                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        | 169000    | NS      | $31523570.00  | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Sentinel Real Estate Fund, L.P.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 129       | NS      | $13356195.83  | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | TA Realty Logistics Fund, L.P.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 130787    | NS      | $137324061.31 | 4.08%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | TA Realty Core Property Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 2752      | NS      | $3509176.36   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | Third Point Private CRE Credit Fund L.P.             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 112545    | NS      | $112015505.00 | 3.33%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                         | UBS Trumbull Property Fund                           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 1036      | NS      | $9178613.12   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| Udr Inc                                     | UDR, Inc.                                            | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        | 754130    | NS      | $25474511.40  | 0.76%             |  |  |  | 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      | $35595747.86  | 1.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Vici Properties Inc                         | VICI Properties, Inc.                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 1424715   | NS      | $38923213.80  | 1.16%             |  |  |  | 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      | $169320299.82 | 5.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Ventas Inc                                  | Ventas, Inc.                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 581300    | NS      | $47538714.00  | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Wyndham Hotels & Resorts Inc                | Wyndham Hotels & Resorts, Inc.                       | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        | 58850     | NS      | $4780385.50   | 0.14%             |  |  |  | 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      | $16178288.84  | 0.48%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Kenneth Seifert

**Name of Signer:** Kenneth Seifert

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