Apollo Realty Income Solutions, Inc.

What the company does

• Non-listed Maryland corporation that elected to be taxed as a REIT for U.S. federal income tax purposes beginning with the year ended December 31, 2023.
• Primarily invests in a diversified portfolio of income-oriented commercial real estate assets located in the United States.
• Asset-focused strategy targeting substantially stabilized commercial real estate assets with attractive long-term fundamentals.
• May, to a lesser extent, invest in real estate debt or real estate-related securities.
• All assets are intended to be owned through the ARIS Operating Partnership, L.P. (ARIS OP).

Corporate structure and management

• ARIS is the general partner of ARIS OP. ARIS Special Limited Partner, LLC (an affiliate of Apollo Global Management, Inc.) holds a special limited partner interest in the operating partnership.
• ARIS Management, LLC (the Adviser) provides external management and is an indirect subsidiary of Apollo.
• The board has ultimate oversight and policy-making authority, including governance, financial controls, compliance and disclosure.
• The Adviser sources, evaluates and monitors investments and makes acquisition, management, financing and disposition decisions, subject to board oversight.
• Officers are employees of the Adviser or its affiliates.

Offerings and capitalization

• Initial Public Offering (IPO) commenced June 29, 2022 for up to $5.0 billion in common stock.
• Follow-On Offering commenced June 26, 2025 (up to $5.0 billion: $4.0 billion primary and up to $1.0 billion under a distribution reinvestment plan).
• Private offering of Class E common stock to Apollo affiliates, employees and directors is ongoing.
• As of March 10, 2026, cumulative net proceeds from the sale of various classes of common stock (Class S, Class D, Class I, Class F-I, Class A-I, Class A-III and Class E) totaled approximately $1.5 billion.
• Proceeds from offerings are contributed to ARIS OP in exchange for corresponding units (e.g., Class S units, Class D units, Class I units, Class F-I units, Class A-I units, Class A-III units, Class E units).

Income and dividend objectives

• Provide current income through regular, stable cash distributions (targeting an attractive dividend yield).
• Preserve and grow invested capital.
• Realize appreciation in NAV through proactive investment and asset management.
• Offer long-term, lower-volatility real estate exposure for stockholders.

Investment strategy and portfolio

• Focus on stabilized net lease real estate and core-plus real estate in the United States.
• Potential asset types include hotel, industrial, data centers, multifamily, retail, office, healthcare, student housing, life sciences, senior living, manufactured housing and storage.
• May invest in real estate debt or real estate-related securities to provide liquidity for share repurchases, cash management and other purposes.
• Draws on the Apollo platform for scale, relationships and speed in identifying opportunities.
• Apollo’s integrated model uses shared knowledge across investment lines to identify opportunities and structure durable capital.
• NAV-based pricing: subscriptions and repurchases are tied to monthly NAV per share, with adjustments for upfront commissions, fees and other factors.

Borrowing, leverage and liquidity

• Uses leverage to fund investments, with a target leverage ratio after ramp-up of approximately 65% of gross real estate assets (includes property- and entity-level debt and cash; excludes debt on the securities portfolio).
• May use lines of credit or repurchase facilities to provide liquidity for share repurchases and other corporate purposes.
• Indebtedness cap: under the charter, the company may not incur debt exceeding 300% of net assets without independent directors’ approval (with certain exceptions disclosed to stockholders).
• Ramp-up period allows higher leverage to accelerate portfolio growth; leverage levels are reviewed at least quarterly by the board.

Liquidity and trading

• Shares are not listed on a public exchange.
• Illiquid by design; repurchases under a monthly plan are available but may be limited, discretionary and subject to caps.
• Offering prices for new shares generally reflect the prior month’s NAV plus upfront selling commissions and dealer manager fees; repurchase prices generally reflect the prior month’s NAV.
• Distributions may be funded from sources other than cash flow from operations (for example, asset sales, borrowings, offering proceeds, or return of capital), which can dilute future cash flows and affect NAV.

Employees

• ARIS has no employees. All officers are employees of the Adviser or its affiliates.
• The Adviser provides personnel and infrastructure support from Apollo’s platform.

Key financial and operating metrics

• Apollo (the Sponsor) assets under management as of December 31, 2025: approximately $938.4 billion.
• Cumulative net proceeds raised by March 10, 2026: approximately $1.5 billion from the sale of various classes of common stock.

Public market status

• Shares are not listed on a public exchange; liquidity is expected to be provided primarily through a share repurchase program and potential liquidity events.

Related parties and affiliations

• The Adviser and the Dealer Manager are affiliates of Apollo.
• The Special Limited Partner is an affiliate of Apollo.
• The company uses the Apollo name under a license agreement with an Apollo affiliate (Apollo IP Holdings, LLC).

Governance and risk posture

• Governance is provided by a board of independent directors and adherence to a Code of Business Conduct, ethics guidelines and insider trading policies.
• Investment guidelines are broad and delegate substantial discretion to the Adviser, subject to board oversight and potential conflicts with Apollo and Other Apollo Accounts.
• The company identifies potential conflicts of interest related to joint ventures, co-investments, shared investment opportunities and allocations among ARIS and other Apollo accounts.
• The company seeks to remain outside registration as an investment company under the Investment Company Act and must comply with REIT requirements to maintain its tax status.

Summary

Apollo Realty Income Solutions, Inc. is a non-listed REIT that invests in a diversified U.S. commercial real estate portfolio, primarily stabilized income-producing assets. It raises capital through ongoing public and private offerings, owns assets through an operating partnership, uses leverage to expand the portfolio, and provides liquidity primarily through a share repurchase program and potential liquidity events. Key reported figures include approximately $1.5 billion in cumulative net proceeds raised by March 10, 2026 and Apollo’s AUM of about $938.4 billion as of December 31, 2025.