Apollo Diversified Real Estate Fund Repurchase Schedule: Thirteen Straight Quarters Oversubscribed, and the Fill Rate Has Fallen From 67% to 27%

What people are actually asking

The search that brings people to this topic is some version of "apollo diversified real estate fund repurchase schedule." The literal answer — four times a year — is on the fund's own website and is not worth an article.

The question underneath it is different, and it is the one nobody answers: if I ask to get out, do I get out?

For the last three quarters, the answer has been: about a quarter of the way out. And it has been getting worse for three years.

The record, and it is longer than three quarters

The fund's own annual and semi-annual reports show that every offer from May 2023 onwards was oversubscribed and pro-rated (the November 2022 and February 2023 requests were "honored in their full amounts"), with the fill rate sliding from about 67% (May 2023) and 62% (August 2023) through 48-49% (November 2023) and 50% (February 2024) to about 34% (August 2025); the rest of the fund's record is in our full review of the fund. The three offers below extend that series to May 2026 — and they show the slide continuing to roughly 27%, then flattening there for two quarters.

That is the right frame. This is not a sudden three-quarter problem; it is a thirteen-quarter condition that has been getting worse, with only brief upticks, and may now be stabilising at a fill rate around a quarter of what shareholders ask for.

In each case the fund offered 5% of outstanding shares and repurchased the full 5%. The proration is not the fund falling short of its offer. It is the offer being smaller than the queue.

Work the arithmetic backwards and the scale of that queue becomes clear. If 5% of shares satisfies roughly 27% of what was tendered, then shareholders were asking to sell on the order of 17-19% of the entire fund in a single quarter. Three quarters in a row.

That is the number worth carrying away, and it is not in any marketing document.

And new money is not refilling the queue. In April–June 2026 the fund sold about $15.9 million of new shares against $172.4 million repurchased at the May deadline (plus $74.3 million of distributions reinvested in June), and net assets fell to $3,255,869,471 at June 30, 2026 from $3,342,172,015 at March 31 (Form N-PORT for June 30, 2026, accession 0001049169-26-002060, filed August 27, 2026).

Why this is not the same as Fundrise or RealtyMogul

It matters to be precise here, because the language around redemptions has become sloppy and the distinction is real.

Fundrise's Equity REIT suspended its redemption plan during the third quarter of 2025 ahead of a merger; its successor, Fundrise eREIT, left about two-thirds of the shares submitted for redemption since the merger unfilled at June 30, 2026. RealtyMogul's two REITs suspended their share repurchase programmes and DRIPs on April 21, 2026. Those are discretionary programmes that the sponsor switched off. We track them in the redemption suspension tracker.

Apollo Diversified has switched nothing off. An interval fund's repurchase offer is a fundamental policy under Rule 23c-3 of the Investment Company Act — it cannot be quietly withdrawn, and suspending one requires a vote of a majority of the Board including a majority of independent trustees, in narrowly specified circumstances. The fund has made its offer, at the full size, on schedule, every quarter.

So the honest framing is not "Apollo is gating." It is: the structure delivers exactly what it says on the tin, and what it says on the tin is a great deal less liquidity than the phrase "quarterly liquidity" suggests to most people who buy it.

There is a genuine irony in the same sponsor's other vehicle. Apollo's non-traded REIT, ARIS, reported "no unfulfilled repurchase requests" at June 30, 2026 — we cover its structure in detail in the ARIS breakdown and set it against its peers in the big-brand NAV REIT comparison. Same sponsor, same asset class, two structures, and diametrically different exit experiences over the same six months. The structure you buy matters more than the brand on the door.

How long a full exit actually takes

This is the practical part, and it is worse than most people assume, for a reason that is easy to miss.

Unfilled requests do not roll over. The Repurchase Offer says it directly: "If a portion of your shares were not repurchased due to proration, you will have to wait until the next quarterly repurchase offer to submit a new repurchase request if you still wish to tender your shares for repurchase." Your leftover shares go back in the pot and you start again, at whatever the NAV is by then.

So at a 27% fill rate, selling a position of 1,000 shares looks roughly like this, assuming the fill rate holds and you re-tender your full remaining balance every quarter:

Roughly 15 months to sell about 79% of a position, with the last fifth still outstanding, and every quarter's price set on that quarter's NAV rather than the one you decided to sell at. That is an illustration on a held fill rate, not a forecast — the rate could improve if redemption pressure eases, or worsen if it does not.

One protection is worth knowing about, because it is genuinely useful and rarely mentioned: each shareholder has the right to require the fund to purchase at least 5% of that shareholder's own shares in each quarterly repurchase, and the fund may accept in full all shares tendered by holders of fewer than 100 shares who tender all of them. Small positions may get out in full; large ones queue.

The dates

Every Repurchase Request Deadline since November 2023 has fallen on the first Tuesday of November, February, May or August, and the notice for the next one keeps the pattern. The most recent, and the open one:

• November 4, 2025 (offer opened September 25, 2025)
• February 3, 2026 (opened December 24, 2025)
• May 5, 2026 (opened March 26, 2026)
• August 4, 2026 (opened June 25, 2026) — this window has closed; its result is not yet filed
• November 3, 2026, 4:00 p.m. Eastern (opened September 24, 2026) — open now

The open offer is for up to 5% of outstanding shares at the NAV on November 3, with proceeds paid within seven calendar days and no repurchase fee (Class C shares held under 365 days carry a 1.00% contingent deferred sales charge). The notice, dated September 24 and filed on EDGAR on September 29, 2026, gives the NAV on September 17, 2026: Class A (GIREX) $23.35, Class C $21.42, Class I (GRIFX) $24.05, Class L $22.84, Class M $22.19. The June notice gave $23.70 for Class A and $24.39 for Class I on June 18 — about 1.5% and 1.4% lower three months later. The notice does not break that change down, and the fund paid its semi-annual distribution in June, so part of the difference may be the distribution rather than a fall in the portfolio's value. Check the fund's filings on EDGAR for each new notice.

Two mechanical points from the offer document that catch people out:

1. The deadline is strict. "The Repurchase Request Deadline will be strictly observed." Requests can be withdrawn or modified up to 4:00 p.m. Eastern on the deadline, and not after.
2. You are pricing at an unknown NAV. The Repurchase Pricing Date is the same day as the deadline, and the fund states outright that NAV may be higher or lower than when you submitted.

And one that matters if you hold this in a retirement account: the fund warns that where shareholders are prorated, it may result in the shareholder not receiving the full amount of a required minimum distribution. If you are relying on this fund to fund an RMD, a 27% fill is a planning problem, not just an inconvenience.

What the fund is and how it has performed

For completeness, since anyone weighing an exit will want the other side.

Apollo Diversified is a fund of funds in substance: at March 31, 2026 roughly 70% of net assets sat in private investment funds — CBRE U.S. Logistics Partners, Cortland Growth and Income Fund, Ventas Life Science and Healthcare Real Estate Fund, Morgan Stanley Prime Property Fund, Realty Income U.S. Core Plus Fund and others — with most of the balance in publicly traded REIT securities (19.2%), plus commercial mortgage-backed securities (6.3%), short-term investments (2.6%) and small common and preferred stock positions. That structure is exactly why the liquidity is constrained: the fund cannot get out of its own underlying private holdings quickly, so it cannot promise to get you out quickly either.

On a load-waived Class A basis from inception on June 30, 2014 through May 31, 2026, the fund reports a cumulative return of 82.39% and an annualised return of 5.17%, with standard deviation 4.45%, Sharpe ratio 0.70, alpha 1.08% and beta 0.17. Those are the fund's own figures from its shareholder update, and "load-waived" is doing real work in them — an investor who paid a front-end load on Class A did not earn that number. It is the same commission-drag issue Morgan Stanley discloses explicitly and most sponsors do not, which we set out in the NAV REIT comparison.

Also worth noting, because it changes what you own: effective on or about June 2, 2026 the fund updated its investment strategy, including changes to its 80% investment policy, to include Apollo-originated investments. A strategy change at a fund people are queuing to leave is a fact that belongs on the record.

So is the change of hands that followed it. A prospectus supplement dated September 29, 2026 says portfolio manager Spencer J. Propper has resigned from Apollo and stops managing the fund effective September 30, 2026, staying at Apollo as a partner through March 31, 2027 for the transition. From that date Stuart Rothstein and Jonathan Stachel are the portfolio managers; Stachel, a principal who worked on the fund when it was the Griffin Institutional Access Real Estate Fund, is named Associate Portfolio Manager. Propper and Jess Lipsey leave the adviser's investment committee and Bert Crouch, head of Apollo's real estate equity business (which includes Bridge Investment Group, acquired in 2025), and Stachel join it; Joseph Durkin becomes Chief Accounting Officer (424B3, accession 0001193125-26-406114). The supplement gives no reason beyond the resignation.

And one change that matters to anyone counting on the income while they wait in the queue: a prospectus supplement dated June 23, 2026 amended the distribution policy "to change the frequency of distributions from quarterly to semi-annual, with distributions generally expected to be paid in June and December of each year" (accession 0001193125-26-279785).

The short version

Apollo Diversified Real Estate Fund is doing exactly what it promised, four times a year, at full size — and for three quarters running that has meant handing back roughly 27 to 30 cents of every dollar shareholders asked to withdraw.

Nothing here is a scandal. It is the interval-fund structure working as designed, disclosed clearly in filings that almost nobody reads, and it is the single most important thing to understand before you buy one: the exit is a queue, and you rejoin the back of it every quarter.