# EDGAR Filing Document

**Accession Number:** 0001597634
**File Stem:** 0001049169-26-000390
**Filing Date:** 2026-2
**Character Count:** 99498
**Document Hash:** 4a71e54cf6c0f8717a21649f77f7d380
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000390.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001049169-26-000390

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26693464

**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

## Nport-Ex

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Schedule of Investments |
|  | December 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value**<br>**(Note 2)** |
|  **REAL ESTATE INVESTMENT TRUSTS (96.64%)<sup>(a)</sup>** |  |  |
|  **Private Investment Funds** (**69.46%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affinius U.S. Government Building Fund | N/A | $35625401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Real Estate Enhanced Income Fund, L.P. | N/A | 119628751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article Student Living Income and Growth L.P. | 85518 | 96516214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGO Diversified US Property Fund, L.P. | 4586 | 11263974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Senior Mezzanine Real Estate Finance Fund | 108234 | 37867102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE U.S. Core Partners, L.P. | 22977580 | 34237564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE U.S. Credit Partners, L.P. | 118171 | 114820541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBRE U.S. Logistics Partners, L.P. | 206464003 | 268693525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarion Gables Multifamily Trust, L.P. | 48154 | 70315107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarion Lion Industrial Trust, L.P. | 19315 | 72221728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarion Lion Properties Fund, L.P. | 69985 | 105204150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cortland Growth and Income Fund, L.P. | 210200 | 236518992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CrossHarbor Strategic Debt Fund, L.P. | N/A | 19053363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dream U.S. Industrial Fund, L.P. | 74796 | 125494108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heitman America Real Estate Trust, L.P. | 11138 | 13895692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heitman Core Real Estate Debt Income Trust | 37982 | 19363450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM U.S. Real Estate Mezzanine Debt Fund, L.P. | 367013 | 36614018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manulife U.S. Real Estate Fund, L.P. | 39675 | 52796888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Prime Property Fund | 7381 | 140350450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oaktree Real Estate Income Fund, L.P. | N/A | 116195871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRISA, L.P. | 8851 | 18745252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Targeted U.S. Logistics Fund, L.P. | 50976 | 143578399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sagard U.S. Property Fund | N/A | 25771111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sentinel Real Estate Fund, L.P. | 274 | 28366879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockbridge Smart Markets Fund, L.P. | 18241 | 31343701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA Realty Core Property Fund, L.P. | 5696 | 7244210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA Realty Logistics Fund, L.P. | 136838 | 143212219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Point Private CRE Credit Fund L.P. | 112026 | 111393026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Trumbull Property Fund | 1036 | 9144140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Life Science and Healthcare Real Estate Fund | 153730 | 169348959 |
|  TOTAL PRIVATE INVESTMENT FUNDS<br> (Cost $2,179,455,502) |  | 2414824785 |
|  **Publicly Traded Securities** (**27.18%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 298880 | 21528326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 144700 | 7081618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 281320 | 13238919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 546880 | 17554848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 227720 | 2928479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 1024300 | 26857146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc., Class A | 389420 | 6764225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 152610 | 10298123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 253690 | 27926195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 553678 | 14273819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 674720 | 6045491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 310500 | 48037455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 452466 | 2194460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 236240 | 2596278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 32890 | 5859025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 523960 | 3416219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 88070 | 67475711 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Schedule of Investments |
|  | December 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value**<br>**(Note 2)** |
|  **Publicly Traded Securities** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 233350 | $14143343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 241390 | 15217226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 52580 | 13759134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 293720 | 38248218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 73940 | 7453152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 202240 | 11582285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 621870 | 10540697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 538110 | 8652809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 802070 | 14220701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 160580 | 4529962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 589860 | 16392209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 265539 | 22026460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 1239460 | 25123854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 768330 | 18416870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 31050 | 3930309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 56320 | 1971200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. | 556730 | 10277236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 448720 | 7915421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 361110 | 16011617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc., Class A | 483520 | 4032557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 607590 | 77564939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 140290 | 36405255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 508760 | 28678801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 233090 | 9025245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 257350 | 1917258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 33680 | 3186802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 291870 | 5528018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 169000 | 31283590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 66050 | 3029714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 220020 | 1966979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 885490 | 32479773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 573400 | 44369692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 568370 | 15982564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 266950 | 8884096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 514660 | 95526043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 47915 | 677518 |
|  TOTAL PUBLICLY TRADED SECURITIES<br> (Cost $725,964,573) |  | 945027884 |
|  **TOTAL REAL ESTATE INVESTMENT TRUSTS**<br> **(Cost $2,905,420,075)** |  | **3359852669** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Coupon**<br>**Rate** | **Shares** | **Value**<br>**(Note 2)** |
|  **PREFERRED STOCKS (2.21%)<sup>(b)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., Series A | 4.25% | 91500 | 1566480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Series G | 5.88% | 43000 | 992870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Series H | 6.25% | 199306 | 4845129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust, Series A | 6.63% | 46000 | 905740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc., Series J | 5.25% | 58000 | 1201180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc., Series K | 5.85% | 195000 | 4654650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc., Series L | 5.20% | 70000 | 1432900 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Schedule of Investments |
|  | December 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Coupon**<br>**Rate** | **Shares** | **Value**<br>**(Note 2)** |
|  **PREFERRED STOCKS (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc., Series I | 7.15% | 91000 | $2020200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc., Series J | 7.13% | 39000 | 865410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, Series G | 5.75% | 118055 | 2318600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust, Series C | 5.00% | 121000 | 2432100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc., Series A | 7.25% | 43027 | 1004250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc., Series D | 7.50% | 85500 | 2133225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc., Series E | 7.38% | 20440 | 489538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc., Series C | 4.75% | 28000 | 434280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp., Series L | 5.13% | 49000 | 989800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp., Series M | 5.25% | 132500 | 2736125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust, Series A | 6.00% | 195000 | 4104750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series E | 6.38% | 127246 | 2427854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series F | 6.30% | 40594 | 773316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series G | 6.38% | 118400 | 2214080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series H | 5.70% | 58000 | 1025440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series F | 5.15% | 43000 | 887950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series G | 5.05% | 21776 | 439004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series H | 5.60% | 133000 | 3040380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series I | 4.88% | 17553 | 338949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series J | 4.70% | 25000 | 466500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series L | 4.63% | 102000 | 1887000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp., Series A | 6.25% | 110500 | 2603380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp., Series B | 5.88% | 21500 | 485255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc., Series B | 5.88% | 134000 | 3079320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc., Series C | 5.63% | 90000 | 1927800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc., Series D | 6.13% | 97814 | 2035509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc., Series E | 6.00% | 52500 | 1198050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp., Series I | 6.50% | 139561 | 2930781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc., Series E | 6.25% | 94000 | 1701400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc., Series F | 5.88% | 31780 | 575218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc., Series H | 6.13% | 154000 | 3072300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc., Series I | 5.70% | 76000 | 1466040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series L | 5.40% | 160000 | 2827200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series M | 5.25% | 118000 | 2000100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series N | 5.25% | 91500 | 1546350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series O | 4.45% | 62500 | 890625 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $84,547,220)** |  |  | **76967028** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value**<br>**(Note 2)** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.86%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AREIT 2025-CRE11<sup>(c)(d)</sup> | 1M CME TERM<br>SOFR + 2.75% | 6.75% | 07/25/43 | $2500000 | 2501242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust 2025-5C37<sup>(c)(e)</sup> |  | 4.50% | 09/15/58 | 1689250 | 1503853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMO 2025-5C12 Mortgage Trust<sup>(c)(e)</sup> |  | 4.50% | 10/15/58 | 2802800 | 2427455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSPRT 2025-FL12 Issuer LLC<sup>(c)(d)</sup> | 1M CME TERM<br>SOFR + 2.70% | 6.43% | 01/17/43 | 1500000 | 1499878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM 2015-PC1 Mortgage Trust<sup>(f)</sup> |  | 4.41% | 07/10/50 | 3500052 | 3398288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust 2015-GS1<sup>(f)</sup> |  | 4.24% | 11/10/48 | 2784291 | 2628093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LoanCore 2025-CRE9 Issuer LLC<sup>(c)(d)</sup> | 1M CME TERM<br>SOFR + 2.65% | 6.38% | 08/18/42 | 2000000 | 1998478 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Schedule of Investments |
|  | December 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value**<br>**(Note 2)** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFM Re-Remic Trust 2024-FRR2(c)(f) |  | 1.87% | 01/30/31 | $15292000 | $11819235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STWD 2025-FL4 LLC(c)(d) | 1M CME TERM<br>SOFR + 2.65% | 6.38% | 11/19/42 | 2000000 | 2000197 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $29,858,543)** |  |  |  |  | **29776719** |
| **Description** |  |  |  | **Shares** | **Value**<br>**(Note 2)** |
|  **CLOSED-END FUND (0.05%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluerock Private Real Estate Fund |  |  |  | 124596 | 1868940 |
|  **TOTAL CLOSED-END FUND**<br> **(Cost $1,843,460)** |  |  |  |  | **1868940** |
|  |  |  | **7-Day**<br>**Yield** | **Shares** | **Value**<br>**(Note 2)** |
|  **SHORT TERM INVESTMENT (2.46%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSILF Treasury Portfolio (Institutional Class) |  |  | 3.63% | 85560924 | 85560924 |
|  **TOTAL SHORT TERM INVESTMENT**<br> **(Cost $85,560,924)** |  |  |  |  | **85560924** |
|  **TOTAL INVESTMENTS (102.22%)**<br> **(Cost $3,107,230,222)** |  |  |  |  | 3554026280 |
|  **Liabilities in Excess of Other Assets (-2.22%)** |  |  |  |  | (77419596) |
|  **NET ASSETS (100.00%)** |  |  |  |  | $**3476606684** |

---

**Reference Rates:** 

1M CME TERM SOFR - 1 Month CME TERM SOFR as of December 31, 2025 was 3.69%

*<sup>(a)</sup>* *A portion of these securities are held as collateral for the outstanding Lines of Credit.* 

*<sup>(b)</sup>* *These securities have no contractual maturity date.* 

*<sup>(c)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act and Regulation S of the Securities Act. These securities may be sold in the ordinary course of business in transactions exempt from registration normally to qualified institutional buyers. As of December 31, 2025, the aggregate market value of such securities was $23,750,338, representing 0.68% of net assets.* 

*<sup>(d)</sup>* *Floating rate security; the reference rate is described above. The rate in effect as of December 31, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

*<sup>(e)</sup>* *Fixed rate security.* 

*<sup>(f)</sup>* *Variable rate security; rate shown is effective rate at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.* 

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Schedule of Investments |
|  | December 31, 2025 |

---

***Common Abbreviations:***

*Co. - Company* 

*Corp. - Corporation* 

*Inc. - Incorporated* 

*LLC - Limited Liability Company* 

*L.P. - Limited Partnership* 

*REIT - Real Estate Investment Trust* 

*CME - Chicago Mercantile Exchange* 

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

**1. ORGANIZATION** 

Apollo Diversified Real Estate Fund (the "Fund") is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, closed-end management investment company. The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at Net Asset Value ("NAV"). The Fund was organized as a statutory trust on November 5, 2013, under the laws of the State of Delaware. The Fund commenced operations on June 30, 2014 and is authorized to issue an unlimited number of shares with no par value. The Fund's investment adviser is Apollo Real Estate Fund Adviser, LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries ("Apollo"). The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities.

The Fund currently offers Class A, Class C, Class I, Class M and Class L shares. Class A shares commenced operations on June 30, 2014, Class C and Class I shares commenced operations on August 10, 2015, Class M shares commenced operations on November 17, 2016, and Class L shares commenced operations on April 25, 2017. The sales load payable by each investor depends on the amount invested, and the class of shares invested into, by such investor in the Fund. Class A and Class L shares are offered subject to a maximum sales charge of 5.75% and 4.25%, respectively, of their offering price. Class C, Class I and Class M shares are offered at net asset value. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific service and distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** – The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is considered an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 – Financial Services – Investment Companies. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

**Determination of the Fund's Net Asset Value** – The net asset value per share for the Fund is determined following the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. Each of the Fund's share classes will be offered at net asset value plus the applicable sales load, if any. The Fund's net asset value per share is calculated, on a class specific basis, by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses and other liabilities of the Fund, by the total number of shares outstanding.

**Valuation of the Fund's Portfolio** – The Fund's Board of Trustees (the "Board" or "Trustees") has adopted procedures pursuant to which the Fund will value its investments (the "Valuation Policy and Procedures"). In accordance with the Valuation Policy and Procedures, the Fund's portfolio investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available or are deemed to be unreliable are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments. The Adviser carries out its designated responsibilities as Valuation Designee through various teams pursuant to the Valuation Policy and Procedures which govern the Valuation Designee's selection and application of methodologies and independent pricing services for determining and calculating the fair value of portfolio investments. The Valuation Designee will fair value portfolio investments utilizing inputs from various external and internal sources including, but not limited to, independent pricing services, dealer quotation reporting systems, independent third-party valuation firms and proprietary models and information. When determining the fair value of an investment, one or more fair value methodologies may be used. Fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

**Valuation of Public Securities** – The Fund's portfolio investments for which market quotations are readily available are valued at market value. Market value is generally determined on the basis of official exchange (e.g., NYSE or NASDAQ) closing prices or the last reported sales prices. Portfolio investments listed on more than one exchange will generally be valued at the last quoted sale price on the exchange on which the security is principally traded. Portfolio investments traded on a foreign exchange are valued as of the close of the NYSE at the closing price of such investments

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

in their principal trading market but may be fair valued if subsequent events occurring before the computation of net asset value have materially affected the value of the securities. Trading may take place in foreign investments held by the Fund at times when the Fund is not open for business. To the extent certain of the Fund's portfolio investments are traded in the over-the-counter market, such investments are valued on the basis of quotations obtained from independent pricing services. If such quotations are not readily available or become unreliable, the Valuation Designee may recommend valuation through other means.

**Valuation of Private Investment Funds** – The Fund's allocation to Private Investment Funds generally includes open-end private investment funds that elect to be treated as REITs for tax purposes. The Private Investment Funds generally include private funds investing in real estate assets ("Private Equity Funds") and private funds investing in debt instruments secured or otherwise supported by real estate assets ("Private Debt Funds"). The sponsors or agents of the Private Investment Funds measure their investment assets at fair value and report a NAV per share no less frequently than quarterly ("Sponsor NAV"). The Private Investment Funds have generally adopted valuation practices consistent with the valuation standards and techniques established by professional industry associations that advise the institutional real estate investment community. Such valuation standards seek general application of U.S. GAAP fair value standards, uniform appraisal standards and the engagement of independent valuation advisory firms.

The valuations of the Private Investment Funds have a considerable impact on the Fund's NAV as a significant portion of the Fund's assets are invested in Private Investment Funds. Market and dealer quotations are generally not readily available for the Private Investment Funds in which the Fund invests, and as such, the Fund utilizes Sponsor NAVs or other valuation methodologies when determining the fair value of the Private Investment Funds. The Fund may also use a third-party valuation specialist to assist in determining fair value of the Private Investment Funds held in the Fund's portfolio.

ASC Topic 820 - Fair Value Measurement and Disclosures ("ASC 820") allows the Fund, as a practical expedient, to estimate the fair value of the Private Investment Funds by using the NAV per share of each respective investment as of the Fund's measurement date. Under ASC 820, investments utilizing the practical expedient are not to be categorized in the fair value hierarchy described below and included in the Fund's financial statements but rather, the number of investments measured using the NAV practical expedient is disclosed to permit reconciliation of the fair value of investments in the hierarchy to the corresponding line items in the Fund's balance sheet.

***Private Equity Funds.*** The Private Equity Funds produce Sponsor NAVs no less frequently than quarterly. Such Sponsor NAVs are reviewed by the Adviser upon receipt and subsequently applied to the Fund's NAV following consultation with the Private Equity Fund sponsor, if necessary. In between receipt of Sponsor NAVs, where applicable, the value of each Private Equity Fund is adjusted daily by the change in a proprietary index (the "Index") that the Fund's Board has deemed representative of the private equity real estate market. This process is applied daily to each respective Private Equity Fund until the receipt of the next Sponsor NAV. Certain of the Private Equity Funds may provide the Adviser with a daily valuation and in such instances the Index is not applied. The Index seeks to reflect market conditions of the broader private equity real estate market in an effort to ensure any such changes in market conditions are reflected in the NAV of the Fund. The Index is comprised of private real estate investment funds ("Index Constituents") that produce a daily NAV and generally hold institutional quality assets. The Index is monitored by the Adviser on a regular basis, and the Adviser will consult with the Valuation Committee if monitoring suggests a modification to the Index Constituents or other change(s) to the Index to better reflect market conditions. Further, in the event that a Sponsor NAV is not provided by a Private Equity Fund following the conclusion of such Private Equity Fund's valuation period, the Adviser shall inform the Valuation Committee and a meeting may be called to determine fair value.

***Private Debt Funds.*** The Private Debt Funds produce Sponsor NAVs no less frequently than quarterly. Such Sponsor NAVs are reviewed by the Adviser upon receipt and subsequently applied to the Fund's NAV following consultation with the Private Debt Fund sponsor, if necessary. The Fund will, in certain cases, accrue income on a daily basis for each Private Debt Fund based on the prior period's distribution rate and/or guidance provided by each respective Private Debt Fund sponsor. In the event that a Sponsor NAV is not provided by a Private Debt Fund following the conclusion of such Private Debt Fund's valuation period, or if the Adviser becomes aware of an event warranting an update to a Private Debt Fund valuation, the Adviser shall inform the Valuation Committee and a meeting may be called to determine fair value.

**Fair Value Measurements** – In accordance with ASC 820, a three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value, as follows:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

---

| | |
|:---|:---|
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The valuation techniques used by the Fund to measure fair value during the period ended December 31, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs. For the period ended December 31, 2025, the Fund did not use unobservable inputs (Level 3) when determining fair value. The following is a summary of the fair valuations according to the inputs used in valuing the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -**<br>**Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant**<br>**Unobservable<br>Inputs** | **Total** |
|  Real Estate Investment Trusts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Investment Funds (Measured at net asset value)(a) | $— | $— | $— | $2414824785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicly Traded Securities | 916349083 |  |  | 945027884 |
|  Preferred Stocks | 76967028 |  |  | 76967028 |
|  Commercial Mortgage-Backed Securities |  | 29776719 |  | 29776719 |
|  Closed-End Fund | 1868940 |  |  | 1868940 |
|  Short Term Investment | 85560924 |  |  | 85560924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1080745975 | $29776719 | $— | $3554026280 |

---

*<sup>(a)</sup>* *In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.* 

The carrying and fair value of the Fund's debt obligation as of December 31, 2025, for which the Fund has determined would be categorized as Level 2 in the fair value hierarchy was $135,000,000.

**Investment Transactions** – Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received.

**Investment Income** – Interest income is accrued and recorded on a daily basis including income earned from money market funds. Dividend income is recorded on the ex-dividend date.

**Distributions to Shareholders** – Distributions from net investment income, if any, will be declared and paid quarterly. Distributions of net realized capital gains, if any, will be declared and paid annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Distributions to shareholders are recorded on the ex-dividend date.

**Unfunded Commitments** – Typically, when the Fund invests in a Private Investment Fund, the Fund makes a commitment to invest a specified amount of capital in the applicable Private Investment Fund. The capital commitment may be drawn by the general partner of the Private Investment Fund either all at once or through a series of capital calls at the discretion of the general partner. Thus, an Unfunded Commitment represents the portion of the Fund's overall capital commitment to a particular Private Investment Fund that has not yet been called by the general partner of the Private Investment Fund. Unfunded Commitments may subject the Fund to certain risks. For example, the Fund may be required to: liquidate other portfolio investments, potentially at inopportune times, in order to obtain the cash needed to satisfy its obligations with respect to a capital call; borrow under a line of credit which may result in additional expenses to the Fund; or, to the extent a buyer can be identified and subject to the provisions of the limited partnership agreement of the relevant Private Investment Fund, seek to sell/assign the interest subject to the capital call to a third

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

party thereby eliminating the obligation. In addition, should the Fund be unable to satisfy its commitment obligation on a timely basis and defaults on a called capital commitment, the underlying Private Investment Fund, pursuant to its limited partnership agreement, typically has a number of potential remedies, including, by way of illustration, a reallocation of the Fund's defaulted commitment amount to other limited partners, a reallocation of a portion of the Fund's existing interest to the other limited partners as a penalty for the default, or the general partner of underlying Private Investment Fund could sue the Fund for breach of contract. As of December 31, 2025, the Fund had total Unfunded Commitments in the amount of $175,000,000.

**Indemnification** – The Fund indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on industry experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**Federal Income Taxes** – The Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" (more than a fifty percent chance) to be sustained assuming examination by tax authorities. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund's tax returns for open tax years or expected to be taken in the Fund's 2025 returns.

**Segment Reporting** – The Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund operates under one operating segment and reporting unit. In connection with the adoption of ASU 2023-07, the Fund's President or designee acts as the Fund's CODM and is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements. The Fund's adoption of this guidance did not have a material impact on the Fund's financial position, results of operations or cash flows.

**Income Taxes** – In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Fund does not expect the adoption of ASU 2023-09 to have a material impact on its year-end financial statements.

**Income Statement - Reporting Comprehensive Income** – In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund does not expect the adoption of ASU 2024-03 to have a material impact on its year-end financial statements.

**3. GENERAL COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Fund's investment activities involve commitments to, executions, settlement and financing of, various transactions resulting in receivables from, and payables to, brokers, dealers and other counterparties. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and may be engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.

------

---

| | |
|:---|:---|
| Apollo Diversified Real Estate Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

As of December 31, 2025, the Fund had Unfunded Commitments outstanding, as detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value** | **Fund Name** | **Redemption<br>Frequency** | **Redemption Notice<br>(Days)** | **Unfunded Commitments<br>as of December 31, 2025** |
| $35625401 | Affinius U.S. Government Building Fund | Quarterly | 60 | $0 |
| 119628751 | Ares Real Estate Enhanced Income Fund, L.P. | Quarterly | 90 | 0 |
| 96516214 | Article Student Living Income and Growth L.P. | Quarterly | N/A\* | 0 |
| 11263974 | BGO Diversified US Property Fund, L.P. | Quarterly | 45 | 0 |
| 37867102 | Brookfield Senior Mezzanine Real Estate Finance Fund | Quarterly | N/A\* | 0 |
| 34237564 | CBRE U.S. Core Partners, L.P. | Quarterly | 60 | 0 |
| 114820541 | CBRE U.S. Credit Partners, L.P. | Quarterly | N/A\* | 0 |
| 268693525 | CBRE U.S. Logistics Partners, L.P. | Quarterly | 90 | 0 |
| 70315107 | Clarion Gables Multifamily Trust, L.P. | Quarterly | 90 | 0 |
| 72221728 | Clarion Lion Industrial Trust, L.P. | Quarterly | 90 | 0 |
| 105204150 | Clarion Lion Properties Fund, L.P. | Quarterly | 90 | 0 |
| 236518992 | Cortland Growth and Income Fund, L.P. | Quarterly | 90 | 0 |
| 19053363 | CrossHarbor Strategic Debt Fund, L.P. | Quarterly | 90 | 0 |
| 125494108 | Dream U.S. Industrial Fund, L.P. | Quarterly | 90 | 0 |
| 13895692 | Heitman America Real Estate Trust, L.P. | Quarterly | 90 | 0 |
| 19363450 | Heitman Core Real Estate Debt Income Trust | Quarterly | N/A\* | 0 |
| 36614018 | JPM U.S. Real Estate Mezzanine Debt Fund, L.P. | Quarterly | 60 | 0 |
| 52796888 | Manulife U.S. Real Estate Fund, L.P. | Quarterly | 60 | 0 |
| 140350450 | Morgan Stanley Prime Property Fund | Quarterly | 90 | 0 |
| 116195871 | Oaktree Real Estate Income Fund, L.P. | Quarterly | 90 | 0 |
| 18745252 | PRISA, L.P. | Quarterly | 90 | 0 |
| 143578399 | Prologis Targeted U.S. Logistics Fund, L.P. | Quarterly | 90 | 0 |
|  | Realty Income U.S. Core Plus Fund, L.P. | Quarterly | 90 | 125000000 |
| 25771111 | Sagard U.S. Property Fund | Quarterly | 90 | 0 |
| 28366879 | Sentinel Real Estate Fund, L.P. | Quarterly | N/A\*\* | 0 |
| 31343701 | Stockbridge Smart Markets Fund, L.P. | Quarterly | 45 | 0 |
| 7244210 | TA Realty Core Property Fund, L.P. | Quarterly | 45 | 0 |
| 143212219 | TA Realty Logistics Fund, L.P. | Quarterly | 45 | 0 |
| 111393026 | Third Point Private CRE Credit Fund L.P. | Quarterly | 90 | 0 |
| 9144140 | UBS Trumbull Property Fund | Quarterly | 60 | 0 |
| 169348959 | Ventas Life Science and Healthcare Real Estate Fund | Quarterly | 90 | 50000000 |
| $2414824785 |  |  |  | $175000000 |

---

*\** *The Private Investment Fund has notified limited partners of its intent to liquidate, though the timing remains unknown.* 

*\*\** *Written notice required for redemption, no minimum timeline required.*

## 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:** 2025-12-31

**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:** $3635536002.04

**Total Liabilities:** $141444246.58

**Net Assets:** $3494091755.46

**Cash Not Reported:** $16162245.44

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.28%               | 0.56%                | -0.57%               |
| Class ID N/A | -0.35%               | 0.49%                | -0.64%               |
| Class ID N/A | -0.34%               | 0.47%                | -0.62%               |
| Class ID N/A | -0.33%               | 0.50%                | -0.57%               |
| Class ID N/A | -0.29%               | 0.49%                | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11561596.79             | $-25057629.38                              |
| Month 2  | $-1547812.94             | $17876481.16                               |
| Month 3  | $129683.09               | $-27451793.73                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Sabra Health Care Reit Inc                  | Sabra Health Care REIT, Inc.                         | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        | 277842    | NS      | $5262327.48   | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 118400    | NS      | $2214080.00   | 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      | $1546350.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                       | Camden Property Trust                                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        | 253690    | NS      | $27926195.20  | 0.80%             |  |  |  | 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      | $99298482.67  | 2.84%             |  |  |  | No            | N/A                | On Loan: No      |
| Areit Cre Trust                             | AREIT 2025-CRE11                                     | CUSIP: 04002DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2500000   | PA      | $2501242.25   | 0.07%             | 2043-07-25      | Floating      | 6.75%                 | Yes           | 2                  | On Loan: No      |
| N/A                                         | PRISA, L.P.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 8936      | NS      | $18811381.98  | 0.54%             |  |  |  | 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      | $19738217.01  | 0.56%             |  |  |  | No            | N/A                | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492209<br>LEI: 98450090H010B37OEB68 | Long             | EP               | CORP              | US        | 91500     | NS      | $1566480.00   | 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      | $41867958.63  | 1.20%             |  |  |  | No            | N/A                | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W685<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 43000     | NS      | $887950.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                          | Equity Residential                                   | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        | 241390    | NS      | $15217225.60  | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Lifestyle Properties Inc             | Equity LifeStyle Properties, Inc.                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        | 233350    | NS      | $14143343.50  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                         | VICI Properties, Inc.                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        | 568370    | NS      | $15982564.40  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Realty Invs Trst                    | Federal Realty Investment Trust                      | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        | 121000    | NS      | $2432100.00   | 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        | 23035714  | NS      | $34237797.52  | 0.98%             |  |  |  | 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      | $52525482.05  | 1.50%             |  |  |  | No            | N/A                | On Loan: No      |
| Starwood Commercial Mortgage Trust          | STWD 2025-FL4 LLC                                    | CUSIP: 863922AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2000000   | PA      | $2000197.50   | 0.06%             | 2042-11-19      | Floating      | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts, Inc.                          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        | 802070    | NS      | $14220701.10  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 58000     | NS      | $1025440.00   | 0.03%             |  |  |  | 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        | 5696      | NS      | $7311477.25   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corp.                                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        | 55660     | NS      | $2553124.20   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc                      | Cousins Properties, Inc.                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        | 553678    | NS      | $14273818.84  | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 90000     | NS      | $1927800.00   | 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      | $36048143.26  | 1.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Rfm Re-remic Trust                          | RFM Reremic Trust 2024-FRR2                          | CUSIP: 74983PAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 15292000  | PA      | $11819234.97  | 0.34%             | 2031-01-30      | Variable      | 1.87%                 | Yes           | 2                  | On Loan: No      |
| Comm Mortgage Trust                         | COMM 2015-PC1 Mortgage Trust                         | CUSIP: 12593GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3500052   | PA      | $3398288.22   | 0.10%             | 2050-07-10      | Variable      | 4.39%                 | No            | 2                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W644<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 133000    | NS      | $3040380.00   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare Reit Inc                | American Healthcare REIT, Inc.                       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        | 281320    | NS      | $13238919.20  | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Lamar Advertising Co                        | Lamar Advertising Co.                                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        | 31050     | NS      | $3930309.00   | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| Empire State Realty Trust Inc               | Empire State Realty Trust, Inc.                      | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        | 523960    | NS      | $3416219.20   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc                        | Invitation Homes, Inc.                               | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        | 569220    | NS      | $15818623.80  | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors Inc              | Omega Healthcare Investors, Inc.                     | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        | 361110    | NS      | $16011617.40  | 0.46%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                         | Morgan Stanley Prime Property Fund                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 7385      | NS      | $142294215.50 | 4.07%             |  |  |  | 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        | 210491    | NS      | $240361910.76 | 6.88%             |  |  |  | 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      | $1868940.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Bmo Mortgage Trust                          | BMO 2025-5C12 Mortgage Trust                         | CUSIP: 09663VAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2802800   | PA      | $2427455.19   | 0.07%             | 2058-10-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Diversified Healthcare Trust                | Diversified Healthcare Trust                         | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 451806    | NS      | $2191259.10   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc                                  | Ventas, Inc.                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        | 573400    | NS      | $44369692.00  | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        | 140290    | NS      | $36405255.00  | 1.04%             |  |  |  | No            | 1                  | On Loan: —       |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 266950    | NS      | $8884096.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Epr Properties                              | EPR Properties                                       | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        | 118055    | NS      | $2318600.20   | 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      | $31283590.00  | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                         | Clarion Gables Multifamily Trust, L.P.               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 48164     | NS      | $70575547.83  | 2.02%             |  |  |  | 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        | 185700    | NS      | $10635039.00  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Netstreit Corp                              | NETSTREIT Corp.                                      | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        | 448720    | NS      | $7915420.80   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Bxp Inc                                     | BXP, Inc.                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        | 159460    | NS      | $10760360.80  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 91000     | NS      | $2020200.00   | 0.06%             |  |  |  | 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      | $1503853.04   | 0.04%             | 2058-09-15      | 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      | $4654650.00   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Digitalbridge Group Inc                     | DigitalBridge Group, Inc.                            | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        | 39000     | NS      | $865410.00    | 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      | $1701400.00   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 43027     | NS      | $1004250.18   | 0.03%             |  |  |  | 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      | $115684682.04 | 3.31%             |  |  |  | No            | N/A                | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 102000    | NS      | $1887000.00   | 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      | $1432900.00   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp.                                | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        | 21500     | NS      | $485255.00    | 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        | 138840    | NS      | $6794829.60   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Summit Hotel Properties                     | Summit Hotel Properties, Inc.                        | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        | 31780     | NS      | $575218.00    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378607<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 20440     | NS      | $489538.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust, Inc.                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        | 310500    | NS      | $48037455.00  | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 62500     | NS      | $890625.00    | 0.03%             |  |  |  | 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      | $1998477.80   | 0.06%             | 2042-08-18      | Floating      | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Prologis Inc                                | Prologis, Inc.                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        | 607590    | NS      | $77564939.40  | 2.22%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 43000     | NS      | $992870.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc                  | Americold Realty Trust, Inc.                         | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        | 227720    | NS      | $2928479.20   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Sl Green Realty Corp                        | SL Green Realty Corp.                                | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        | 139561    | NS      | $2930781.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Mountain Inc                           | Iron Mountain, Inc.                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        | 265539    | NS      | $22026460.05  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Net Lease Inc                        | Global Net Lease, Inc.                               | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        | 85500     | NS      | $2133225.00   | 0.06%             |  |  |  | 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      | $142637972.18 | 4.08%             |  |  |  | No            | N/A                | On Loan: No      |
| Healthcare Realty Trust Inc                 | Healthcare Realty Trust, Inc.                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        | 621870    | NS      | $10540696.50  | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Macerich Co/the                             | Macerich Co.                                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        | 556730    | NS      | $10277235.80  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        | 199306    | NS      | $4845128.86   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 118000    | NS      | $2000100.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R711<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 132500    | NS      | $2736125.00   | 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      | $18416870.10  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryman Hospitality Properties Inc            | Ryman Hospitality Properties, Inc.                   | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        | 33680     | NS      | $3186801.60   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corp                          | Realty Income Corp.                                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        | 508760    | NS      | $28678801.20  | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Inventrust Properties Corp                  | InvenTrust Properties Corp.                          | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        | 160580    | NS      | $4529961.80   | 0.13%             |  |  |  | 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        | 367531    | NS      | $36688343.43  | 1.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        | 49000     | NS      | $989800.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W628<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 17553     | NS      | $338948.43    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastgroup Properties Inc                    | EastGroup Properties, Inc.                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        | 32890     | NS      | $5859024.60   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Clarion Lion Properties Fund, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 69998     | NS      | $104920892.68 | 3.00%             |  |  |  | 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        | 4587      | NS      | $11352393.10  | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 97814     | NS      | $2035509.34   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                               | Welltower, Inc.                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        | 514660    | NS      | $95526042.60  | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors Inc                | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        | 220020    | NS      | $1966978.80   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W669<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 21776     | NS      | $439004.16    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                     | Extra Space Storage, Inc.                            | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        | 293720    | NS      | $38248218.40  | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett, Inc.                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 236240    | NS      | $2596277.60   | 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      | $28460223.75  | 0.81%             |  |  |  | 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      | $9130969.42   | 0.26%             |  |  |  | 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      | $116673386.76 | 3.34%             |  |  |  | No            | N/A                | On Loan: No      |
| Vornado Realty Trust                        | Vornado Realty Trust                                 | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 160000    | NS      | $2827200.00   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realt                    | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        | 134000    | NS      | $3079320.00   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | TA Realty Logistics Fund, L.P.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 136838    | NS      | $143685262.52 | 4.11%             |  |  |  | No            | N/A                | On Loan: No      |
| National Storage Affilia                    | National Storage Affiliates Trust                    | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        | 195000    | NS      | $4104750.00   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc                  | Brixmor Property Group, Inc.                         | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        | 1006020   | NS      | $26377844.40  | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Sagard U.S. Property Fund                            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $26158663.27  | 0.75%             |  |  |  | No            | N/A                | On Loan: No      |
| Sunstone Hotel Investors                    | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        | 154000    | NS      | $3072300.00   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Chatham Lodging                             | Chatham Lodging Trust                                | CUSIP: 16208T201<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 46000     | NS      | $905740.00    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                           | Agree Realty Corp.                                   | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        | 294910    | NS      | $21242367.30  | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Lineage Inc                                 | Lineage, Inc.                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        | 56320     | NS      | $1971200.00   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                   | Healthpeak Properties, Inc.                          | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        | 538110    | NS      | $8652808.80   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                                | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        | 546880    | NS      | $17554848.00  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 127246    | NS      | $2427853.68   | 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        | 483520    | NS      | $4032556.80   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                    | Broadstone Net Lease, Inc.                           | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        | 389420    | NS      | $6764225.40   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Udr Inc                                     | UDR, Inc.                                            | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        | 885490    | NS      | $32479773.20  | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc                    | Essex Property Trust, Inc.                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        | 52580     | NS      | $13759134.40  | 0.39%             |  |  |  | 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      | $13839292.90  | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| Regency Centers Corp                        | Regency Centers Corp.                                | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        | 110500    | NS      | $2603380.00   | 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      | $119320692.65 | 3.41%             |  |  |  | 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      | $1201180.00   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                 | Equinix, Inc.                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        | 88070     | NS      | $67475711.20  | 1.93%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                         | CrossHarbor Strategic Debt Fund, L.P.                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        |  | NS      | $19038848.22  | 0.54%             |  |  |  | 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        | 74988     | NS      | $124343015.25 | 3.56%             |  |  |  | No            | N/A                | On Loan: No      |
| Rexford Industrial Realty Inc               | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        | 233090    | NS      | $9025244.80   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Rlj Lodging Trust                           | RLJ Lodging Trust                                    | CUSIP: 74965L101<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | EC               | CORP              | US        | 257350    | NS      | $1917257.50   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                            | Saul Centers, Inc.                                   | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        | 52500     | NS      | $1198050.00   | 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      | $1499877.75   | 0.04%             | 2043-01-17      | Floating      | 6.43%                 | Yes           | 2                  | On Loan: No      |
| Federal Realty Investment Trust             | Federal Realty Investment Trust                      | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        | 73940     | NS      | $7453152.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondrock Hospitality Co                  | DiamondRock Hospitality Co.                          | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        | 674720    | NS      | $6045491.20   | 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      | $171166911.90 | 4.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Msilf Treasury Portfolio                    | MSILF Treasury Portfolio                             | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        | 69398678  | NS      | $69398678.21  | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors                    | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        | 76000     | NS      | $1466040.00   | 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      | $31272316.26  | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| Hudson Pacific Propertie                    | Hudson Pacific Properties, Inc.                      | CUSIP: 444097307<br>LEI: 529900EURZA5HRSXQ389 | Long             | EP               | CORP              | US        | 28000     | NS      | $434280.00    | 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        | 206261036 | NS      | $282412404.24 | 8.08%             |  |  |  | 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        | 2784291   | PA      | $2628092.74   | 0.08%             | 2048-11-10      | Variable      | 4.24%                 | No            | 2                  | On Loan: No      |
| Public Storage                              | Public Storage                                       | CUSIP: 74460W594<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        | 25000     | NS      | $466500.00    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Pebblebrook Hotel Trust                     | Pebblebrook Hotel Trust                              | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        | 40594     | NS      | $773315.70    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Nnn Reit Inc                                | National Retail Properties, Inc.                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        | 9576      | NS      | $379496.88    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | Clarion Lion Industrial Trust, L.P.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | CORP              | US        | 19315     | NS      | $71983704.21  | 2.06%             |  |  |  | No            | N/A                | On Loan: No      |
| Kimco Realty Corp                           | Kimco Realty Corp.                                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        | 1239460   | NS      | $25123854.20  | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Xenia Hotels & Resorts Inc                  | Xenia Hotels & Resorts, Inc.                         | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        | 47915     | NS      | $677518.10    | 0.02%             |  |  |  | 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      | $108762926.95 | 3.11%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** Kenneth Seifert

**Name of Signer:** Kenneth Seifert

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