0001882850Q1--12-31falsehttp://apolloreit.com/20260331#RentalRevenuehttp://apolloreit.com/20260331#RentalRevenueApril 30, 2030April 30, 2030http://apolloreit.com/20260331#ChiefExecutiveOfficerChiefOperatingOfficerAndInterimChiefFinancialOfficerMember0001882850ck0001882850:CommonClassAIMember2026-03-310001882850ck0001882850:SouthwestMember2025-12-310001882850us-gaap:ParentMember2025-12-310001882850ck0001882850:AdviserMember2025-12-310001882850us-gaap:ParentMember2026-01-012026-03-310001882850ck0001882850:CommonClassDMember2024-12-310001882850ck0001882850:AboveMarketLeaseIntangiblesMember2025-01-012025-12-310001882850us-gaap:BuildingMembersrt:MaximumMember2026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2025-12-310001882850ck0001882850:CommonClassDMember2025-12-310001882850ck0001882850:ClassAIiiSharesMember2024-12-310001882850srt:AffiliatedEntityMemberck0001882850:AccruedPerformanceParticipationAllocationMember2026-03-310001882850ck0001882850:SoutheastMember2026-01-012026-03-310001882850ck0001882850:CommonClassSMember2024-12-3100018828502026-01-012026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2026-03-310001882850us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001882850srt:MultifamilyMember2025-01-012025-12-310001882850ck0001882850:MidwestMember2026-03-310001882850us-gaap:ParentMember2026-03-310001882850us-gaap:NoncontrollingInterestMember2024-12-3100018828502025-07-012025-09-300001882850us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001882850ck0001882850:AdviserMemberck0001882850:ClassAIiiSharesMember2026-01-012026-03-310001882850ck0001882850:DataCenterMember2025-12-310001882850ck0001882850:MezzanineLoansMember2026-03-310001882850ck0001882850:NorthEastMember2025-01-012025-12-310001882850ck0001882850:SoutheastMember2025-12-310001882850us-gaap:RetainedEarningsMember2025-01-012025-03-310001882850ck0001882850:DataCenterMember2026-01-012026-03-310001882850ck0001882850:RentalPropertyMemberus-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2025-01-012025-03-310001882850srt:MultifamilyMember2025-12-310001882850srt:HotelMember2026-01-012026-03-310001882850ck0001882850:CommonClassFIMember2026-05-080001882850ck0001882850:WestMember2026-01-012026-03-310001882850ck0001882850:AdviserMember2025-03-310001882850ck0001882850:MidwestMember2025-01-012025-12-310001882850us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001882850us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001882850ck0001882850:EightSixEightOneWJeffersonStreetMember2025-01-012025-12-310001882850ck0001882850:ProductionStudioMember2026-01-012026-03-310001882850ck0001882850:MezzanineLoansMember2026-01-012026-03-310001882850ck0001882850:RealEstateIntangiblesNetMember2026-03-310001882850us-gaap:BuildingAndBuildingImprovementsMember2026-01-012026-03-310001882850ck0001882850:CommonClassIMember2026-03-310001882850ck0001882850:CommonClassDMembersrt:MaximumMember2026-03-310001882850ck0001882850:GeneralAndAdministrativeMembersrt:AffiliatedEntityMember2025-12-310001882850ck0001882850:ClassAIOperatingPartnershipUnitsMember2026-01-012026-03-310001882850ck0001882850:FurnitureFixturesAndEquipmentMember2026-03-310001882850ck0001882850:CommonClassEMember2025-01-012025-03-310001882850ck0001882850:OneOneOneEamesStreetMember2025-01-012025-12-310001882850ck0001882850:CommonClassFIMember2025-01-012025-03-310001882850ck0001882850:CommonClassIAndFISharesMemberck0001882850:ApolloGlobalSecuritiesLLCMember2026-01-012026-03-310001882850us-gaap:LeasesAcquiredInPlaceMember2025-12-310001882850us-gaap:LeaseholdsAndLeaseholdImprovementsMember2026-01-012026-03-310001882850us-gaap:CommonStockMember2025-01-012025-03-310001882850us-gaap:RetainedEarningsMember2025-12-310001882850ck0001882850:CommonClassSMember2025-12-310001882850us-gaap:FixedRateResidentialMortgageMember2026-03-310001882850us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2025-01-012025-12-310001882850us-gaap:RestrictedStockMember2025-12-310001882850us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMemberck0001882850:InvestmentsInRealEstateDebtMember2026-03-310001882850us-gaap:AdditionalPaidInCapitalMember2025-12-310001882850srt:IndustrialPropertyMember2025-01-012025-12-310001882850ck0001882850:ManagementFeePayableMembersrt:AffiliatedEntityMember2026-03-310001882850ck0001882850:AdviserMemberck0001882850:UnregisteredClassESharesMember2026-01-012026-03-310001882850ck0001882850:AdviserMembersrt:ScenarioForecastMemberck0001882850:ClassAIiiSharesMember2023-04-012027-01-020001882850ck0001882850:CommonClassEMember2026-05-080001882850ck0001882850:InterestReceivableMember2025-12-310001882850ck0001882850:AdviserMemberck0001882850:CommonClassFIAndAISharesMember2026-01-012026-03-310001882850ck0001882850:ClassAIiiSharesMember2025-03-310001882850us-gaap:AboveMarketLeasesMember2025-12-310001882850srt:MultifamilyMember2026-03-310001882850us-gaap:CommercialRealEstateMember2026-01-012026-03-310001882850ck0001882850:DeferredFinancingCostsNetMember2025-12-310001882850ck0001882850:InPlaceLeaseIntangiblesMember2025-01-012025-12-310001882850ck0001882850:JPMorganRepurchaseAgreementMember2026-01-012026-03-310001882850ck0001882850:NorthEastMember2026-01-012026-03-310001882850ck0001882850:CommonClassDMember2025-01-012025-03-310001882850ck0001882850:SouthwestMember2026-03-310001882850ck0001882850:CommonClassSMember2025-01-012025-03-310001882850us-gaap:IPOMembersrt:MaximumMember2026-03-310001882850ck0001882850:AdviserMember2026-03-310001882850us-gaap:ParentMember2025-03-310001882850ck0001882850:CommonClassFIMember2025-12-310001882850ck0001882850:LifeScienceMember2026-01-012026-03-310001882850ck0001882850:CommonClassDMemberck0001882850:ApolloGlobalSecuritiesLLCMember2026-01-012026-03-310001882850us-gaap:NoncontrollingInterestMember2025-03-310001882850ck0001882850:CommonClassEMember2024-12-310001882850ck0001882850:MixedUseMember2026-03-310001882850ck0001882850:BofARepurchaseFacilityMember2025-12-310001882850ck0001882850:UnregisteredClassEUnitsMember2026-01-012026-03-310001882850ck0001882850:SelfStorageMember2026-03-310001882850ck0001882850:RedeemableNonControllingInterestMember2025-01-012025-03-310001882850ck0001882850:CommonClassSMember2026-01-012026-03-310001882850ck0001882850:ClassAIOperatingPartnershipUnitsMember2025-01-012025-03-310001882850ck0001882850:CommonClassAIMember2025-01-012025-03-310001882850ck0001882850:MortgageLoansMember2026-03-310001882850ck0001882850:SouthwestMember2026-01-012026-03-310001882850us-gaap:FixedRateResidentialMortgageMember2026-01-012026-03-310001882850us-gaap:CorporateNonSegmentMember2026-03-310001882850ck0001882850:CommonClassFIMember2024-12-310001882850us-gaap:RetainedEarningsMember2025-03-310001882850srt:HotelMember2026-03-310001882850ck0001882850:CommonClassSMemberck0001882850:ApolloGlobalSecuritiesLLCMember2026-01-012026-03-310001882850ck0001882850:LifeScienceMember2025-12-310001882850ck0001882850:NorthEastMember2025-12-310001882850ck0001882850:BofARepurchaseFacilityMember2025-01-012025-12-310001882850ck0001882850:CommonClassSMember2026-05-080001882850ck0001882850:RealEstateRelatedSecuritiesMember2026-01-012026-03-310001882850ck0001882850:ParcWestboroughMember2025-01-012025-12-310001882850us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001882850:InvestmentsInRealEstateDebtMember2025-12-310001882850ck0001882850:NorthEastMember2026-03-310001882850us-gaap:CommonStockMember2026-01-012026-03-310001882850ck0001882850:InvestmentAcquisitionDepositMember2025-12-310001882850ck0001882850:RentalPropertyMember2025-01-012025-03-310001882850ck0001882850:StraightLineRentReceivableMember2025-12-310001882850ck0001882850:OneZeroZeroJohnRoadMember2025-01-012025-12-310001882850ck0001882850:RealEstateIntangiblesNetMember2025-12-310001882850ck0001882850:TwoEightSixFiveCharterStreetMember2025-01-012025-12-310001882850us-gaap:CommonStockMember2025-12-310001882850srt:IndustrialPropertyMember2026-01-012026-03-310001882850ck0001882850:CommonClassSMember2025-03-310001882850ck0001882850:OneFourFiveZeroSLoopRoadMember2025-01-012025-12-310001882850ck0001882850:CommonClassDMember2026-03-310001882850ck0001882850:CommonClassAIMember2026-05-080001882850ck0001882850:BarclaysRepurchaseFacilityMember2026-01-012026-03-310001882850us-gaap:AboveMarketLeasesMember2026-03-310001882850ck0001882850:LoanProceedsHeldByServicerMember2025-12-310001882850us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001882850us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001882850ck0001882850:DistributionReinvestmentPlanMembersrt:MaximumMember2026-03-310001882850ck0001882850:SouthwestMember2025-01-012025-12-310001882850ck0001882850:JPMRepurchaseFacilityMember2025-01-012025-12-310001882850us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100018828502024-12-310001882850us-gaap:NoncontrollingInterestMember2026-03-310001882850ck0001882850:CommonClassFIMember2026-03-310001882850ck0001882850:WestMember2025-12-310001882850us-gaap:RetainedEarningsMember2024-12-310001882850us-gaap:RetainedEarningsMember2026-01-012026-03-310001882850us-gaap:CommonStockMember2026-03-310001882850ck0001882850:ClassAIiiSharesMember2025-01-012025-03-3100018828502025-01-012025-03-310001882850ck0001882850:SoutheastMember2025-01-012025-12-310001882850ck0001882850:TwoTwoFiveMidlandCourtMember2026-01-012026-03-310001882850us-gaap:ParentMember2025-01-012025-03-310001882850ck0001882850:CommonClassAIiiMember2026-03-310001882850us-gaap:AdditionalPaidInCapitalMember2026-03-310001882850ck0001882850:MidAtlanticMember2025-12-310001882850ck0001882850:CommonClassSMember2026-03-310001882850ck0001882850:BarclaysRepurchaseFacilityMember2025-12-310001882850us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001882850us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2026-01-012026-03-310001882850us-gaap:FurnitureAndFixturesMember2025-01-012025-12-310001882850ck0001882850:CommonClassAIMember2025-03-310001882850ck0001882850:CommonClassSAndClassDMember2026-01-012026-03-310001882850ck0001882850:RealEstateRelatedSecuritiesMember2025-12-310001882850us-gaap:CommonStockMember2025-03-310001882850ck0001882850:MidAtlanticMember2026-01-012026-03-310001882850ck0001882850:CommonClassSDAndISharesMember2026-01-012026-03-310001882850ck0001882850:JPMRepurchaseFacilityMember2026-03-3100018828502025-01-012025-12-310001882850ck0001882850:CommonClassAIiiMember2026-01-012026-03-310001882850ck0001882850:MidAtlanticMember2025-01-012025-12-310001882850ck0001882850:CommonClassSAndFSSharesMemberck0001882850:ApolloGlobalSecuritiesLLCMember2026-01-012026-03-310001882850ck0001882850:DistributionReinvestmentPlanMembersrt:MaximumMember2025-06-270001882850us-gaap:BuildingAndBuildingImprovementsMember2025-01-012025-12-310001882850srt:AffiliatedEntityMember2025-12-310001882850ck0001882850:AdviserMember2025-01-012025-03-310001882850us-gaap:CommercialRealEstateMember2025-01-012025-12-310001882850ck0001882850:TwoFourZeroZeroSCouncilRoadMember2025-01-012025-12-310001882850ck0001882850:WestMember2025-01-012025-12-310001882850srt:MaximumMemberck0001882850:CommonClassSMember2026-03-310001882850ck0001882850:CommonClassFIMemberck0001882850:ApolloARISHoldingsLLCMember2026-01-012026-03-310001882850ck0001882850:UnregisteredClassESharesMember2026-01-012026-03-310001882850us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001882850:InvestmentsInRealEstateDebtMember2026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateDebtSegmentMember2026-01-012026-03-310001882850ck0001882850:CommonClassFIMember2025-03-310001882850ck0001882850:CommonClassFSFDAndFISharesMember2026-01-012026-03-310001882850ck0001882850:ManagementFeePayableMembersrt:AffiliatedEntityMember2025-12-310001882850srt:MinimumMemberus-gaap:BuildingMember2026-03-310001882850ck0001882850:InterestReceivableMember2026-03-310001882850us-gaap:FairValueInputsLevel3Memberck0001882850:InvestmentsInRealEstatesDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001882850ck0001882850:MidwestMember2025-12-310001882850us-gaap:AdditionalPaidInCapitalMember2024-12-310001882850ck0001882850:OtherMember2025-12-310001882850ck0001882850:JPMRepurchaseFacilityMember2026-01-012026-03-310001882850us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001882850ck0001882850:ProductionStudioMember2025-01-012025-12-310001882850ck0001882850:MixedUseMember2026-01-012026-03-310001882850us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2025-12-310001882850us-gaap:RestrictedStockMember2026-03-310001882850ck0001882850:CommonClassAIiiMember2026-05-080001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2025-01-012025-03-310001882850ck0001882850:CommonClassIMember2025-01-012025-03-310001882850us-gaap:CorporateNonSegmentMember2026-01-012026-03-310001882850us-gaap:CorporateNonSegmentMember2025-12-310001882850ck0001882850:OtherMember2026-03-310001882850ck0001882850:CommonClassEMember2025-03-310001882850ck0001882850:InPlaceLeaseIntangiblesMember2026-01-012026-03-310001882850ck0001882850:BridgePropertyManagementLCMember2026-01-012026-03-310001882850ck0001882850:ClassAIOperatingPartnershipUnitsMember2022-12-222022-12-220001882850ck0001882850:MixedUseMember2025-01-012025-12-310001882850ck0001882850:JPMRepurchaseFacilityMember2025-12-310001882850us-gaap:RetainedEarningsMember2026-03-310001882850ck0001882850:AdviserMember2026-01-012026-03-310001882850ck0001882850:WestMember2026-03-310001882850ck0001882850:ClassAIOperatingPartnershipUnitsMember2022-12-220001882850ck0001882850:AccruedStockholderServicingFeeMembersrt:AffiliatedEntityMember2026-03-310001882850ck0001882850:ClassAIiiSharesMember2026-01-012026-03-310001882850us-gaap:PreferredStockMemberus-gaap:NoncontrollingInterestMember2026-01-012026-03-310001882850ck0001882850:CommonClassFIMemberck0001882850:ApolloARISHoldingsLLCMember2025-01-012025-03-310001882850ck0001882850:SelfStorageMember2025-12-310001882850us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2026-03-310001882850ck0001882850:MezzanineLoansMember2025-12-310001882850ck0001882850:AdviserMemberck0001882850:UnregisteredClassEUnitsMember2026-01-012026-03-310001882850ck0001882850:CommonClassAIiiMember2025-12-310001882850ck0001882850:SelfStorageMember2026-01-012026-03-310001882850ck0001882850:RedeemableNonControllingInterestMember2026-03-310001882850us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateDebtSegmentMember2026-03-310001882850ck0001882850:RentalPropertyMember2026-01-012026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateDebtSegmentMember2025-01-012025-03-310001882850us-gaap:FixedRateResidentialMortgageMember2025-12-310001882850srt:MultifamilyMember2026-01-012026-03-310001882850ck0001882850:CommonClassIMember2024-12-310001882850ck0001882850:AccruedStockholderServicingFeeMembersrt:AffiliatedEntityMember2025-12-310001882850ck0001882850:RedeemableNonControllingInterestMember2024-12-310001882850us-gaap:CommercialRealEstateMember2026-03-310001882850ck0001882850:LyraClientSolutionsHoldingsLLCMember2025-01-012025-03-310001882850ck0001882850:ProductionStudioMember2026-03-310001882850ck0001882850:CommonClassEMember2026-03-310001882850us-gaap:FixedRateResidentialMortgageMember2025-01-012025-12-310001882850us-gaap:PreferredStockMember2026-01-012026-03-310001882850ck0001882850:BarclaysRepurchaseFacilityMember2026-01-012026-03-310001882850ck0001882850:RentalPropertyMemberus-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2026-01-012026-03-310001882850us-gaap:NoncontrollingInterestMember2025-12-3100018828502025-12-310001882850us-gaap:ParentMember2024-12-310001882850srt:AffiliatedEntityMember2026-03-310001882850us-gaap:CommonStockMember2024-12-310001882850ck0001882850:LyraClientSolutionsHoldingsLLCMember2026-01-012026-03-310001882850us-gaap:FairValueInputsLevel3Memberck0001882850:InvestmentsInRealEstatesDebtMemberus-gaap:FairValueMeasurementsRecurringMember2026-01-012026-03-310001882850ck0001882850:BarclaysRepurchaseFacilityMember2025-01-012025-12-310001882850ck0001882850:CommonClassDMember2025-03-310001882850ck0001882850:CommonClassAIMember2026-01-012026-03-310001882850ck0001882850:ThreeSevenZeroSevenWNCTenHwyMember2025-01-012025-12-310001882850ck0001882850:ApolloGlobalSecuritiesLLCMemberck0001882850:CommonClassDAndFDSharesMember2026-01-012026-03-310001882850ck0001882850:AdviserMember2024-12-310001882850us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001882850:InvestmentsInRealEstateDebtMember2025-12-310001882850us-gaap:CommercialRealEstateMember2025-12-310001882850us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001882850us-gaap:RestrictedStockMemberck0001882850:TwoThousandAndTwentyTwoEquityIncentivePlanMember2026-01-012026-03-310001882850ck0001882850:LifeScienceMember2025-01-012025-12-3100018828502022-06-292025-06-260001882850us-gaap:LandBuildingsAndImprovementsMembersrt:MinimumMember2026-03-310001882850ck0001882850:SoutheastMember2026-03-310001882850us-gaap:AdditionalPaidInCapitalMember2025-03-310001882850us-gaap:LandBuildingsAndImprovementsMembersrt:MaximumMember2026-03-310001882850srt:HotelMember2025-01-012025-12-310001882850ck0001882850:SelfStorageMember2025-01-012025-12-310001882850srt:HotelMember2025-12-310001882850ck0001882850:CommonClassEMember2026-01-012026-03-310001882850ck0001882850:RealEstateRelatedSecuritiesMember2025-01-012025-12-310001882850ck0001882850:BridgePropertyManagementLCMember2025-01-012025-03-310001882850us-gaap:LeasesAcquiredInPlaceMember2026-03-310001882850ck0001882850:CommonClassAIMember2024-12-310001882850ck0001882850:CommonClassIMember2025-12-310001882850us-gaap:RestrictedStockMember2026-01-012026-03-310001882850ck0001882850:CommonClassDMember2026-05-080001882850us-gaap:FairValueInputsLevel3Memberck0001882850:InvestmentsInRealEstatesDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001882850ck0001882850:RedeemableNonControllingInterestMember2025-03-310001882850us-gaap:IPOMembersrt:MaximumMember2025-06-270001882850srt:IndustrialPropertyMember2025-12-310001882850ck0001882850:DataCenterMember2025-01-012025-12-310001882850us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001882850:InvestmentsInRealEstateDebtMember2026-03-310001882850ck0001882850:BarclaysRepurchaseFacilityMember2026-03-310001882850ck0001882850:RedeemableNonControllingInterestMember2026-01-012026-03-310001882850ck0001882850:ApolloGlobalSecuritiesLLCMember2026-01-012026-03-310001882850ck0001882850:DataCenterMember2026-03-310001882850ck0001882850:StraightLineRentReceivableMember2026-03-310001882850ck0001882850:AdviserMemberck0001882850:CommonClassSDAndISharesMember2026-01-012026-03-310001882850ck0001882850:MidwestMember2026-01-012026-03-310001882850ck0001882850:ProductionStudioMember2025-12-310001882850ck0001882850:MixedUseMember2025-12-310001882850us-gaap:LandAndLandImprovementsMember2025-01-012025-12-310001882850ck0001882850:TheBrookeAtRockyPointMember2025-01-012025-12-310001882850ck0001882850:TenantImprovementsMember2025-01-012025-12-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateSegmentMember2026-01-012026-03-310001882850ck0001882850:DeferredFinancingCostsNetMember2026-03-310001882850us-gaap:OperatingSegmentsMemberck0001882850:RealEstateDebtSegmentMember2025-12-310001882850ck0001882850:CommonClassIMember2026-01-012026-03-310001882850srt:MaximumMember2026-03-310001882850ck0001882850:CommonClassIMember2025-03-310001882850ck0001882850:OrganizationAndOfferingMembersrt:AffiliatedEntityMember2025-12-3100018828502026-03-310001882850ck0001882850:TwoThousandAndTwentyTwoEquityIncentivePlanMembersrt:MaximumMember2026-03-310001882850ck0001882850:OrganizationAndOfferingMembersrt:AffiliatedEntityMember2026-03-310001882850us-gaap:LandAndLandImprovementsMember2026-01-012026-03-310001882850ck0001882850:CommonClassEMember2025-12-310001882850ck0001882850:GeneralAndAdministrativeMembersrt:AffiliatedEntityMember2026-03-310001882850ck0001882850:CommonClassDMember2026-01-012026-03-310001882850ck0001882850:AboveMarketLeaseIntangiblesMember2026-01-012026-03-310001882850ck0001882850:CommonClassIMember2026-05-080001882850srt:MaximumMember2026-01-012026-03-3100018828502025-03-3100018828502024-07-012024-09-300001882850ck0001882850:RealEstateRelatedSecuritiesMember2026-03-310001882850ck0001882850:LifeScienceMember2026-03-310001882850us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001882850:InvestmentsInRealEstateDebtMember2025-12-310001882850ck0001882850:RedeemableNonControllingInterestMember2025-12-310001882850ck0001882850:TenantImprovementsMember2026-01-012026-03-310001882850ck0001882850:CommonClassAIMember2025-12-310001882850srt:AffiliatedEntityMemberck0001882850:AccruedPerformanceParticipationAllocationMember2025-12-310001882850ck0001882850:CommonClassFIMember2026-01-012026-03-310001882850ck0001882850:MezzanineLoansMember2025-01-012025-12-310001882850ck0001882850:MidAtlanticMember2026-03-31ck0001882850:Propertyxbrli:pureck0001882850:Securitiesck0001882850:Shareholdersck0001882850:Positionsxbrli:sharesck0001882850:Investmentiso4217:USDxbrli:sharesiso4217:USDck0001882850:Segments

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 000-56656

Apollo Realty Income Solutions, Inc.

(Exact name of Registrant as specified in its Charter)


Maryland	87-2557571
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street, 42nd Floor, New York, NY	10019
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (212) 515-3200

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 8, 2026, the Registrant had 72,717,061 outstanding shares of common stock, consisting of 46,158,925 Class A-III shares, 22,433,807 Class A-I shares, 1,324,853 Class F-I shares, 1,523,210 Class I shares, 5,028 Class D shares, 13,387 Class S shares and 1,257,851 Class E shares.

Table of Contents

TABLE OF CONTENTS


		Page
PART I	Financial Information	1
Item 1.	Financial Statements	1
	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1
	Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2026 and 2025	2
	Condensed Consolidated Statement of Changes in Equity for the Three Months Ended March 31, 2026 and 2025	3
	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2026 and 2025	4
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	41

PART II	Other Information	41
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosure	43
Item 5.	Other Information	43
Item 6.	Exhibits	43
	Signatures	44

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Apollo Realty Income Solutions, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands - except share data)


	March 31, 2026			December 31, 2025
Assets
Investments in real estate, net	$	758,336		$	684,412
Investments in real estate debt, at fair value		1,189,658			1,206,847
Cash and cash equivalents		84,463			58,492
Restricted cash		3,076			2,903
Other assets		82,665			128,497
Total assets(1)	$	2,118,198		$	2,081,151
Liabilities and Equity
Secured debt arrangements, net	$	329,860		$	348,110
Mortgage notes, net		154,285			154,162
Other liabilities		56,524			77,295
Due to affiliates		12,758			13,759
Total liabilities(1)		553,427			593,326
Commitments and contingencies (See Note 16)		—			—
Redeemable non-controlling interest		5,334			4,745
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at March 31, 2026 and December 31, 2025, and none issued and outstanding		—			—
Common stock, $0.01 par value per share (See Note 14 - Equity)		697			659
Additional paid-in capital		1,444,914			1,363,537
Retained earnings (accumulated deficit)		(1,583	)		4,696
Total stockholders' equity		1,444,028			1,368,892
Non-controlling interest attributable to the Operating Partnership		115,159			114,063
Non-controlling interest attributable to preferred stockholders		250			125
Total equity		1,559,437			1,483,080
Total liabilities and equity	$	2,118,198		$	2,081,151

(1)

Represents the consolidated assets and liabilities of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). The Operating Partnership is a consolidated variable interest entity ("VIE"), of which Apollo Realty Income Solutions, Inc. (the "Company") is the sole general partner and owns approximately 92% and 92% as of March 31, 2026 and December 31, 2025, respectively. See "Note 2 - Summary of Significant Accounting Policies" for additional information.

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

Apollo Realty Income Solutions, Inc.

Condensed Consolidated Statement of Operations (Unaudited)

(in thousands - except share and per share data)


	Three Months Ended March 31,
	2026			2025
Revenues
Rental revenue	$	16,450		$	6,261
Total revenues		16,450			6,261
Expenses
Rental property operating	$	4,282		$	1,405
General and administrative		1,753			1,720
Management fee		3,625			2,663
Performance participation allocation		93			87
Depreciation and amortization		7,467			2,504
Total expenses	$	17,220		$	8,379
Other income
Income from investments in real estate debt		22,122			19,848
Other income		584			1,342
Interest expense		(7,270	)		(3,541	)
Total other income		15,436			17,649
Net income	$	14,666		$	15,531
Net income attributable to non-controlling interests in the Operating Partnership	$	1,161		$	1,582
Net income attributable to preferred stockholders		—			—
Net income attributable to the Company's stockholders	$	13,505		$	13,949

Net income per share of common stock, basic	$	0.20		$	0.28
Net income per share of common stock, diluted	$	0.20		$	0.28

Weighted-average shares of common stock outstanding, basic		68,756,650			48,940,646
Weighted-average shares of common stock outstanding, diluted		68,760,753			48,944,824

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

Apollo Realty Income Solutions, Inc.

Condensed Consolidated Statement of Changes in Equity (Unaudited)

(in thousands)


	Common Stock
	Shares			Amount			Additional Paid-In Capital			Retained Earnings (Accumulated Deficit)			Total Stockholders' Equity			Non-Controlling Interest			Total Equity			Redeemable non-controlling interest

Balance at December 31, 2025		65,926		$	659		$	1,363,537		$	4,696		$	1,368,892		$	114,188		$	1,483,080		$	4,745
Common stock issued		4,425			44			95,047			—			95,091			—			95,091			504
Preferred equity issued														—			125			125			—
Amortization of restricted stock grants		—			—			25			—			25			—			25			—
Offering costs		—			—			(228	)		—			(228	)		—			(228	)		—
Distribution reinvestments		182			2			3,911			—			3,913			1,614			5,527			78
Net income		—			—			—			13,505			13,505			1,101			14,606			60
Repurchase of common stock		(807	)		(8	)		(17,350	)		—			(17,358	)		—			(17,358	)		—
Distributions to non-controlling interests in the Operating Partnership		—			—			—			—			—			(1,619	)		(1,619	)		(81	)
Distributions declared on common stock		—			—			—			(19,784	)		(19,784	)		—			(19,784	)		—
Allocation to redeemable non-controlling interest		—			—			(28	)		—			(28	)		—			(28	)		28
Balance at March 31, 2026		69,726		$	697		$	1,444,914		$	(1,583	)	$	1,444,028		$	115,409		$	1,559,437		$	5,334


	Common Stock
	Shares			Amount			Additional Paid-In Capital			Retained Earnings (Accumulated Deficit)			Total Stockholders' Equity			Non-Controlling Interest			Total Equity			Redeemable non-controlling interest
Balance at December 31, 2024		45,212		$	453		$	924,645		$	8,955		$	934,053		$	108,290		$	1,042,343		$	2,817
Common stock issued		6,029			60			127,859			—			127,919			—			127,919			733
Amortization of restricted stock grants		—			—			25			—			25			—			25			—
Offering costs		—			—			(549	)		—			(549	)		—			(549	)		—
Distribution reinvestments		113			1			2,402			—			2,403			1,530			3,933			51
Net income		—			—			—			13,949			13,949			1,528			15,477			54
Repurchase of common stock		(310	)		(3	)		(6,591	)		—			(6,594	)		—			(6,594	)		—
Distributions to non-controlling interests in the Operating Partnership		—			—			—			—			—			(1,537	)		(1,537	)		(55	)
Distributions declared on common stock		—			—			—			(14,095	)		(14,095	)		—			(14,095	)		—
Allocation to redeemable non-controlling interest		—			—			(8	)		—			(8	)		—			(8	)		8
Balance at March 31, 2025		51,044		$	511		$	1,047,783		$	8,809		$	1,057,103		$	109,811		$	1,166,914		$	3,608

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

Apollo Realty Income Solutions, Inc.

Condensed Consolidated Statement of Cash Flows (Unaudited)

(in thousands)


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
Cash flows from operating activities
Net income	$	14,666		$	15,531
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee		3,625			2,663
Performance participation allocation		93			87
Depreciation and amortization		7,467			2,504
Straight line rent amortization		(1,232	)		(516	)
Above- and below- market lease amortization, net		(506	)		(153	)
Amortization of discount/premium and payment-in-kind interest		(413	)		(28	)
Amortization of deferred financing costs		532			261
Amortization of restricted stock awards		25			25
Unrealized gain on fair value of investments in real estate debt		(8	)		(138	)
Realized gain on repayments of real-estate related securities		(25	)		(44	)
Changes in assets and liabilities:
Other assets		558			(609	)
Due to affiliates		(766	)		(766	)
Other liabilities		1,548			724
Cash settlement of performance participation allocation		(194	)		—
Net cash provided by operating activities		25,370			19,541
Cash flows from investing activities:
Acquisitions of real estate		(79,777	)		(75,212	)
Capital improvements to real estate		(57	)		(30	)
Payment of investment acquisition deposit		—			(2,000	)
Returned investment acquisition deposit		500			—
Origination and acquisition of commercial mortgage and mezzanine loans		—			(29,187	)
Purchase of real estate-related securities		(25,000	)		(14,962	)
Add-on fundings of commercial mortgage loans		(69,881	)		(76,181	)
Repayments of commercial mortgage and mezzanine loans		159,761			3,095
Repayments from real estate-related securities		2,516			6,591
Net cash used in investing activities		(11,938	)		(187,886	)
Cash flows from financing activities:
Borrowings from secured debt arrangements		78,958			31,002
Repayments of secured debt arrangements		(128,898	)		(2,579	)
Payment of deferred financing costs		(66	)		(35	)
Proceeds from issuance of common stock		91,836			125,640
Proceeds from issuance of preferred equity by subsidiary REITs		125			—
Distributions paid		(15,500	)		(11,129	)
Repurchase of common stock		(13,613	)		(8,076	)
Offering costs paid		(130	)		(615	)
Net cash provided by financing activities		12,712			134,208
Net change in cash, cash equivalents and restricted cash		26,144			(34,137	)
Cash, cash equivalents and restricted cash, beginning of period		61,395			82,405
Cash, cash equivalents and restricted cash, end of period	$	87,539		$	48,268

Table of Contents


Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	$	84,463		$	47,334
Restricted cash		3,076			934
Total cash, cash equivalents and restricted cash	$	87,539		$	48,268
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,370		$	3,049
Non-cash investing and financing activities:
Change in loan proceeds held by servicer for repayment of commercial mortgage loan	$	(49,761	)	$	—
Change in loan proceeds held by servicer for repayment of secured debt arrangements	$	(31,350	)	$	—
Accrued offering costs	$	322		$	168
Accrued stockholder servicing fees due to affiliate	$	25		$	16
Distribution reinvestments	$	5,605		$	3,984
Distributions accrued and not paid	$	7,278		$	5,433
Accrued repurchases of common stock	$	10,708		$	716
Issuance of Class E shares for payment of management fee	$	3,255		$	2,279
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee	$	309		$	290
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation	$	194		$	443
Allocation to redeemable non-controlling interests	$	28		$	8

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

Apollo Realty Income Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Organization and Business Purpose

Apollo Realty Income Solutions, Inc. (the "Company") was formed on September 8, 2021 as a Maryland corporation. The Company is the sole general partner of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). ARIS Special Limited Partner, LLC (the "Special Limited Partner"), a subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), owns a special limited partner interest in the Operating Partnership. The Company was organized to invest primarily in a portfolio of diversified income-oriented commercial real estate in the United States. Substantially all of the Company's business is conducted through the Operating Partnership. The Company commenced its operations on December 22, 2022 and the Company and the Operating Partnership are both externally managed by ARIS Management, LLC (the "Adviser"), an indirect subsidiary of Apollo.

The Company had registered with the Securities and Exchange Commission (the "SEC") an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the "Initial Public Offering") and accepted gross offering proceeds of approximately $1.2 billion during the period from June 29, 2022 to June 26, 2025. The Company has subsequently registered with the SEC a follow-on public offering, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the "Follow-On Offering" and together with the Initial Public Offering, the "Offerings"). In the Follow-On Offering, the Company intends to sell any combination of six classes of shares of its common stock, Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, and Class A-III shares with a dollar value up to the maximum offering amount of the Follow-On Offering. The share classes have different upfront selling commissions, ongoing stockholder servicing fees, management fees, and performance participation allocations. The purchase price per share for each class of common stock will vary and will generally equal the Company's prior month's net asset value ("NAV") per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. The Company also may issue Class E shares to certain of Apollo's affiliates and employees and the Company's directors in one or more private placements; however, Class E shares are not being offered to the public pursuant to the Follow-On Offering.

The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ended December 31, 2023. To maintain its tax qualification as a REIT, the Company is required to distribute at least 90% of its taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.

As of March 31, 2026, the Company owned 15 properties, had 23 investments in commercial real estate debt, and held 36 positions in real estate-related securities. The Company currently operates in two reportable segments: Real Estate and Real Estate Debt. See "Note 17 - Segment Reporting" for additional information.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation.

These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows have been included. The Company's results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year or any other future period.

Principles of Consolidation

The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans.

Table of Contents

The accompanying condensed consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage.

Non-controlling interests in the Operating Partnership represent limited partnership units of the Operating Partnership ("Operating Partnership units") that are held by third parties, including the Adviser, and Operating Partnership units issued to the Adviser under an advisory agreement by and among the Company, the Operating Partnership and the Adviser (as amended, restated or otherwise modified from time to time, the "Advisory Agreement"). Operating Partnership units may be redeemed for cash, or at the Company's option, for shares of common stock of the Company on a one-for-one basis, unless those units are held by the Adviser or Special Limited Partner, in which case such Operating Partnership units shall be redeemed for shares of common stock of the Company or cash, at the holder's election. Since the number of shares of common stock outstanding is equal to the number of Operating Partnership units owned by the Company, the redemption value of each common unit of the Operating Partnership is equal to the market value of each share of common stock and distributions paid to each unitholder is equivalent to dividends paid to common stockholders, per respective share class.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. As of March 31, 2026 and December 31, 2025, the Company held $84.5 million and $58.5 million of cash and cash equivalents, respectively.

Restricted Cash

Restricted cash represents cash held in a deposit account controlled by a third party, tenant security deposits and reserves held in escrow related to real estate taxes and repairs and maintenance in connection with mortgages on certain of the Company's properties. As of March 31, 2026 and December 31, 2025, the Company held $3.1 million and $2.9 million in restricted cash, respectively.

Fair Value Measurements

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

As of March 31, 2026, the Company's investments in real estate debt consisted of commercial mortgage and mezzanine loans secured by real estate assets and real estate-related securities. The Company has elected the fair value option ("FVO") for investments in commercial mortgage and mezzanine loans secured by real estate assets as the Company believes fair value provides a more accurate depiction of the value of these assets. Real-estate related securities meet the criteria to be classified as trading securities under ASC 320, "Investments". The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available.

The Company's investments in commercial mortgage and mezzanine loans are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. The inputs used in determining the fair value of the Company's investments in commercial mortgage and mezzanine loans are considered Level 3.

Table of Contents

The fair value of real estate-related securities may be determined by using third-party pricing service providers or broker-dealer quotes, reported trades or valuation estimates from their internal pricing models to determine the reported price. The inputs used in determining the fair value of the Company's investments in real estate-related securities are considered Level 2.

The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Investments in real estate debt	$	—	$	143,821	$	1,045,837	$	1,189,658	$	—	$	121,521	$	1,085,326	$	1,206,847
Total	$	—	$	143,821	$	1,045,837	$	1,189,658	$	—	$	121,521	$	1,085,326	$	1,206,847

The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):


	Investments in Real Estate Debt
Balance as of December 31, 2025		1,085,326
Originations, acquisitions, and add on fundings		69,881
Repayments		(110,000	)
Amortization of discount/premium and payment-in-kind interest		413
Included in net income:
Unrealized gain from investments in real estate debt		217
Balance as of March 31, 2026		1,045,837

The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

            
           March 31, 2026

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Rate Range

           Weighted Average

           Impact to Valuation from an Increase in Input

           Assets:

Investments in real estate debt

1,045,837

Discounted cash flow

Discount rate

5.96% - 11.00%

7.4%

Decrease

            
           December 31, 2025

            
           Fair Value

           Valuation Technique

           Unobservable Inputs

           Rate Range

           Weighted Average

           Impact to Valuation from an Increase in Input

           Assets:

Investments in real estate debt

1,085,326

Discounted cash flow

Discount rate

5.98% - 11.00%

7.6%

Decrease

Valuation of liabilities not measured at fair value

As of March 31, 2026 and December 31, 2025, the fair value of the Company's secured debt arrangements and mortgage notes was $487.3 million and $505.9 million, respectively, which approximated carrying value. The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt arrangements and mortgages and discounting them back to the present value using an appropriate discount rate. Additionally, the Company considers current market rate and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3.

Investment Property and Lease Intangibles

Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties will be included in the Company's results of operations from their respective dates of acquisition. The Company will utilize a report from an independent appraiser to record the purchase of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, tenant relationships, asset retirement obligations and mortgage loans payable.

Table of Contents

The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants' credit quality and expectations of lease renewals.

The estimated fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company's condensed consolidated statements of operations.

Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options, if applicable. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of out-of-market lease value will be charged to rental revenue.

The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:


Description		Depreciable Life
Buildings		30 - 40 years
Building and land improvements		6 - 15 years
Furniture, fixtures & equipment		10 years
Tenant improvements		Tenant improvements are amortized on a straight-line basis over the lives of the related leases
Lease intangibles and leasehold improvements		Lease term

Significant improvements to properties are capitalized, whereas, repairs and maintenance expenses at the Company's properties are expensed as incurred and included in real estate operating expense on the Company's condensed consolidated statements of operations. When an asset is sold, the cost and related accumulated depreciation are removed from the accounts with the resulting gain or loss reflected in the Company's results of operations for the period.

Real estate assets will be evaluated for impairment on a quarterly basis. The Company will consider the following factors when performing its impairment analysis: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) its ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon its estimate of a capitalization rate and discount rate. As of March 31, 2026, the Company had not recorded any impairments on its investments in real estate.

Investments in Real Estate Debt

The Company's investments in real estate debt consist of commercial mortgage and mezzanine loans secured by real estate and real estate-related securities. The Company has elected the FVO for its commercial mortgage and mezzanine loans secured by real estate. During the three months ended March 31, 2026, real-estate related securities met the criteria to be classified as trading securities under ASC 320, "Investments". Trading securities are recognized on a trade date basis and are carried at fair value. The unrealized gain or loss associated with holding real estate debt investments at fair value are recorded as a component of income from investments in real estate debt on the Company's condensed consolidated statement of operations. For the three months ended March 31, 2026 and 2025, the Company recorded de minimis and $0.1 million unrealized gains on its investments in real estate debt, respectively.

Deferred Financing Costs

Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying condensed consolidated statement of operations as a component of interest expense. For the Company's debt facilities that have outstanding borrowings, the capitalized financing costs, net of amortization, are reflected as a direct deduction of such facilities. For debt facilities that do not have outstanding borrowings or for revolving facilities, the capitalized financing costs, net of amortization, are recorded as a component of other assets on the Company's condensed consolidated balance sheet.

Table of Contents

Revenue Recognition

The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenant leases at the Company's properties under operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step ups or abatements. Revenues from the Company's multifamily properties are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component under Accounting Standards Codification ("ASC") 842, "Leases".

The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. However, any future cash receipt on leases that are deemed uncollectible will be recorded as income on a cash basis. As of March 31, 2026, no rental revenue from the Company's leases was deemed uncollectible.

Interest income from the Company's investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on an accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as components of income from investments in real estate debt on the Company's condensed consolidated statements of operations.

Commercial mortgage and mezzanine loans that are significantly past due may be placed on non-accrual status if the Company determines it is probable that it will not collect all payments which are contractually due. When a loan is placed on non-accrual status, interest is only recorded as interest income when it is received. A loan may be placed back on accrual status if the Company determines it is probable that it will collect all payments which are contractually due. As of March 31, 2026, none of the Company's loans were on non-accrual status.

Income Taxes

The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 2023. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes its taxable income to stockholders. REITs are also subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain federal, state and local taxes on its income and property, including taxes on any undistributed income. For the three months ended March 31, 2026, no material deferred tax assets or liabilities have been recognized, and detailed tabular disclosure are not presented due to the insignificance of reported tax expense.

The Company has formed wholly owned subsidiaries, one or more of which function as taxable REIT subsidiaries (each, a "TRS"). With respect to each TRS, the Company has filed a TRS election, together with such subsidiary, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company's tenants and generally may engage in any real estate or non-real estate-related business. The TRS is subject to income taxation at the federal, state and local levels, as applicable, at regular corporate tax rates. The tax returns filed by the Company and its TRS for tax years 2022, 2023 and 2024 remain subject to examination by taxing authorities.

Earnings per Share of Common Stock

Basic earnings per share of common stock is computed by dividing net income or loss for the period by the weighted average number of shares of common stock outstanding during the period.

The restricted stock grants of Class E shares held by the Company's directors are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share ("EPS") has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks' participation rights in undistributed earnings.

Organization and Offering Expenses

Organizational expenses are expensed as incurred on the Company's consolidated statement of operations, and offering costs are charged to equity as incurred on Company's consolidated statement of changes in stockholders' equity.

The Adviser and its affiliates advanced $8.0 million of organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 22, 2023, and the Company began reimbursing the Adviser for all such advanced expenses ratably over the 60 month period beginning December 22, 2024. Any amount due to the Adviser but not paid is recorded as a component of due to affiliates on the Company's consolidated balance sheet.

Stockholder Servicing Fee

Apollo Global Securities, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Follow-On Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price

Table of Contents

of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate NAV of the Company's outstanding Class S shares and Class D shares.

The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of March 31, 2026:


	Class S Shares	Class D Shares	Class I Shares		Class F-I Shares		Class A-I Shares		Class A-III Shares
Selling commissions and dealer manager fees (% of transaction price)	up to 3.5%	up to 1.5%		—		—		—		—
Stockholder servicing fee (% of NAV)	0.85%	0.25%		—		—		—		—

For Class S shares sold in the primary offering, investors pay upfront selling commissions of up to 3% and dealer manager fees of up to 0.5% of the transaction price; however, such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. For Class D shares sold in the primary offering, investors pay upfront selling commissions of up to 1.5% of the transaction price.

The Dealer Manager, as the dealer manager for the Follow-On Offering, is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares. For Class D shares, a charge of 0.25% per annum of the aggregate NAV will be charged for stockholder servicing fees.

The Dealer Manager has entered into agreements with selected dealers that agree to distribute the Company's shares in the Follow-On Offering, which will provide, among other things, for the reallowance of the full amount of the selling commissions and stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class S share or Class D share held in a stockholder's account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed, in the aggregate, 8.75% of the gross proceeds from the sale of such share. There is not a stockholder servicing fee, upfront selling commission or dealer manager fee with respect to Class I shares, Class F-I shares, Class A-I shares, and Class A-III shares. The Company accrues the cost of the stockholder servicing fee as an offering cost at the time each Class S share and Class D share is sold during the primary offering. As of March 31, 2026, the Company had accrued $23 thousand of stockholder servicing fees related to Class S and Class D shares sold. Such fees are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet.

Share Based Payments

The Company accounts for share-based compensation to its independent directors, to the Adviser and to employees of the Adviser and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date and amortized into expense over the vesting period on a straight-line basis.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03 "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 requires disaggregation of certain expense captions in financial statement disclosures for each interim and annual reporting period. This guidance is effective for annual periods starting after December 15, 2026, and interim periods after December 15, 2027, with early adoption permitted. It is to be adopted on a prospective basis with the option to apply retrospectively. The Company has not early adopted ASU 2024-03 and is currently evaluating its impact. The Company does not expect it to materially affect its consolidated financial statements.

Note 3 - Investments in Real Estate

As of March 31, 2026 and December 31, 2025, the Company's investments in real estate, net, consisted of the following ($ in thousands):


	March 31, 2026			December 31, 2025
Building and building improvements	$	658,730		$	590,628
Land and land improvements		108,270			98,465
Furniture, fixtures and equipment		5,348			5,348
Tenant improvements		7,713			6,736
Total		780,061			701,177
Accumulated depreciation		(21,725	)		(16,765	)
Investment in real estate, net	$	758,336		$	684,412

Acquisitions

During the three months ended March 31, 2026, the Company acquired one industrial property for $79.7 million and funded $0.1 million of post-closing acquisition costs related to acquisitions made during the year ended December 31, 2025.

Table of Contents

During the year ended December 31, 2025, the Company acquired $471.2 million of investments in real estate, which were comprised of seven industrial properties and two multifamily properties.

The following table provides further details of the properties acquired during the three months ended March 31, 2026 and the year ended December 31, 2025 ($ in thousands):


	Location	Property Type	Acquisition Date	Total Purchase Price (1)
2026 Acquisitions:
225 Midland Court	McDonough, Georgia	Industrial	February 2026	$	79,743
Total 2026 acquisitions				$	79,743

2025 Acquisitions:
2865 Charter Street	Columbus, Ohio	Industrial	March 2025	$	75,230
Parc Westborough	Westborough, Massachusetts	Multifamily	May 2025		96,687
3707 W NC 10 Hwy	Newton, North Carolina	Industrial	August 2025		55,261
8681 W Jefferson Street	Tolleson, Arizona	Industrial	September 2025		33,998
2400 S Council Road	Oklahoma City, Oklahoma	Industrial	December 2025		60,135
111 Eames Street	Wilmington, Massachusetts	Industrial	December 2025		17,114
100 John Road	Canton, Massachusetts	Industrial	December 2025		15,651
1450 S Loop Road	Alameda, California	Industrial	December 2025		21,542
The Brooke at Rocky Point	Tampa, Florida	Multifamily	December 2025		95,534
Total 2025 acquisitions				$	471,152

(1) Purchase price is inclusive of closing costs.

The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2026, and for the properties acquired during the year ended December 31, 2025 ($ in thousands):


	March 31, 2026			December 31, 2025
Building and building improvements	$	68,066		$	370,943
Land and land improvements		9,751			68,968
In-place lease intangibles		5,879			36,546
Furniture, fixtures and equipment		-			4,177
Tenant improvements		976			4,224
Above-market lease intangibles		465			1,077
Below-market lease intangibles		(5,394	)		(14,783	)
Total purchase price	$	79,743		$	471,152

Intangible assets are recorded in other assets on the accompanying condensed consolidated balance sheet. The intangibles of the properties are amortized over the remaining lease terms that they were derived from. As a result, the Company's intangibles have a weighted average amortization period of approximately 12 years. As of March 31, 2026 and December 31, 2025, the Company did not recognize any impairment on its real estate investments.

Table of Contents

Note 4 - Investments in Real Estate Debt

The following table details the Company's investments in real estate debt as of March 31, 2026 ($ in thousands):


	March 31, 2026
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon (1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial mortgage loan	22		7.2	%	August 2029 (4)	$	983,451	$	983,270	$	983,337
Mezzanine loan	1		11.0	%	July 2029		62,500		62,500		62,500
Real estate-related securities (3)	36		5.2	%	June 2040		143,999		143,888		143,821
Total investments in real estate debt:	59		7.2	%	August 2030	$	1,189,950	$	1,189,658	$	1,189,658

The following table details the Company's investments in real estate debt as of December 31, 2025 ($ in thousands):


	December 31, 2025
Type of Investment in Real Estate Debt	Number of Positions	Weighted Average Coupon (1)			Weighted Average Maturity Date (2)	Face Amount		Cost Basis		Fair Value
Commercial mortgage loan	23		7.2	%	July 2029 (4)	$	973,173	$	972,976	$	972,826
Mezzanine loan	2		10.6	%	April 2028		112,500		112,500		112,500
Real estate-related securities (3)	32		5.3	%	September 2039		121,512		121,379		121,521
Total investments in real estate debt:	57		7.3	%	June 2030	$	1,207,185	$	1,206,855	$	1,206,847

(1)

Based on applicable benchmark rates as of March 31, 2026 and December 31, 2025, respectively.

(2)

Weighted average maturity date is based on fully extended maturity.

(3)

The Company's real estate-related securities consist of floating-rate commercial mortgage backed securities ("CMBS").

(4)

One of the Company's commercial mortgage loans, with a cost basis and fair value of $22.9 million, is past its contractual maturity. Through the date of this quarterly report, the Company received all the monthly interest income payments on the loan which are consistent with the interest rate provided for in the original loan agreement. During the year ended December 31, 2025, the borrower filed for Chapter 11 bankruptcy, The Company evaluated the loan for collectability as of the date of this quarterly report and determined that the loan is fully recoverable.

The table below details the type of properties securing the loans in the Company's portfolio at the dates indicated ($ in thousands):


	March 31, 2026					December 31, 2025
Property Type	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Data Center	$	372,238		35.4	%	$	322,066		29.7	%
Multifamily		280,405		26.8	%		329,206		30.3	%
Self-Storage		95,834		9.2	%		95,181		8.7	%
Mixed Use		93,766		9.0	%		93,370		8.6	%
Hotel		92,618		8.9	%		90,116		8.3	%
Production Studio		86,313		8.3	%		80,912		7.5	%
Life Sciences		24,663		2.4	%		24,475		2.3	%
Industrial		-		0.0	%		50,000		4.6	%
Total	$	1,045,837		100.0	%	$	1,085,326		100.0	%

The table below details the geographic distribution of the properties securing the loans in the Company's portfolio at the dates indicated ($ in thousands):


	March 31, 2026					December 31, 2025
Geographic Location	Fair Value		% of Portfolio			Fair Value		% of Portfolio
Northeast	$	282,471		27.0	%	$	280,622		25.8	%
West		274,736		26.2	%		325,656		30.0	%
Southwest		220,158		21.1	%		220,030		20.3	%
Mid-Atlantic		165,555		15.8	%		140,153		12.9	%
Midwest		67,473		6.5	%		82,485		7.6	%
Southeast		35,444		3.4	%		36,380		3.4	%
Total	$	1,045,837		100.0	%	$	1,085,326		100.0	%

Table of Contents

The total income from investments in real estate debt disclosed on the Company's condensed consolidated statement of operations relates to interest income, upfront fees, amortization of premiums/discounts, and realized and unrealized gain/(loss) on these investments in real estate debt. For the three months ended March 31, 2026 and 2025, the Company recorded de minimis and $0.1 million of unrealized gains on its investments in real estate debt, respectively. For the three months ended March 31, 2026 and 2025, realized gains on investments in real estate debt were de minimis.

Note 5 - Other Assets

The following table details the components of the Company's other assets at the dates indicated ($ in thousands):


	March 31, 2026		December 31, 2025
Real estate intangibles, net	$	67,324	$	63,564
Straight-line rent receivable		8,068		6,836
Interest receivable		5,673		5,838
Deferred financing costs, net		42		47
Other		1,558		1,631
Loan proceeds held by servicer (1)		—		50,081
Investment acquisition deposit		—		500
Total	$	82,665	$	128,497

(1)

Includes loan principal, interest, and other fees held by the Company's third-party servicers as of December 31, 2025 and remitted during the January remittance cycle.

Note 6 - Intangibles

The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of the dates indicated ($ in thousands):


	March 31, 2026			December 31, 2025
Intangible assets:
In-place lease intangibles	$	78,741		$	72,857
Above-market lease intangibles		2,879			2,415
Total intangible assets		81,620			75,272
Accumulated amortization:
In-place lease amortization		(13,876	)		(11,369	)
Above-market lease amortization		(420	)		(339	)
Total real estate intangible assets, net	$	67,324		$	63,564
Intangible liabilities
Below-market lease intangibles	$	(31,036	)	$	(25,638	)
Total intangible liabilities		(31,036	)		(25,638	)
Accumulated amortization:
Below-market lease amortization		2,804			2,217
Total real estate intangible liabilities, net	$	(28,232	)	$	(23,421	)

The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of March 31, 2026, is as follows ($ in thousands):


	In-Place Lease Intangibles		Above-Market Intangibles		Below-Market Intangibles
2026 (remaining)		6,142		248		(1,914	)
2027		7,385		360		(2,554	)
2028		7,367		360		(2,545	)
2029		7,319		360		(2,523	)
2030		7,056		360		(2,432	)
2031		6,577		360		(2,281	)
Thereafter		23,019		411		(13,983	)
	$	64,865	$	2,459	$	(28,232	)

Table of Contents

Note 7 - Leases

Lessor

The Company's rental revenue consists of rent earned from the operating leases at the Company's industrial, retail and multifamily properties. The leases at the Company's industrial and retail properties generally includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company's operating leases primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs.

The following table summarizes the fixed and variable components of the Company's operating leases ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Fixed lease payments	$	13,937	$	5,171
Variable lease payments		2,007	$	937
Lease revenue	$	15,944	$	6,108
Above- and below-market lease amortization		506		153
Rental revenue

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Apollo Realty Income Solutions, Inc. 10-Q