Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of the Change in the Carrying Value of all Noncontrolling Interests

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.