Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2026

The following table represents the change in the carrying value of all noncontrolling interests through June 30, 2026

(in thousands):


	U.S. Core Plus Fund	Apollo	Realty Income, L.P. units (1)	Other Noncontrolling Interests	Total
Carrying value as of December 31, 2025	$477,081	$—	$165,663	$42,529	$685,273
Contributions	960,186	1,000,000	—	4,711	1,964,897
Distributions	(23,180)	—	(4,505)	(2,305)	(29,990)
Allocation of net income	15,146	17,376	3,237	(32)	35,727
Reallocation of equity	(32,593)	(238,500)	—	—	(271,093)
Purchase of noncontrolling interests	—	—	—	(294)	(294)
Carrying value as of June 30, 2026	$1,396,640	$778,876	$164,395	$44,609	$2,384,520

(1) 2,681,808 units were outstanding as of both June 30, 2026 and December 31, 2025.