The non-traded REIT set updated July transaction prices while its property portfolio value climbed sharply month over month.

June 18, 2026

Apollo Realty Income Solutions, the non-listed real estate investment trust managed by an affiliate of Apollo Global Management, disclosed updated net asset value figures and forthcoming transaction prices in a prospectus supplement, reporting that its aggregate NAV reached approximately $1.7 billion as of May 31, 2026.

The supplement, which accompanies the company’s prospectus dated April 21, 2026, served three purposes: to set the transaction prices for each share class effective July 1, 2026; to detail the May 31 NAV per share across all share and unit classes; and to update investors on the ongoing public offering.

Transaction Prices for July

For subscriptions accepted as of July 1, 2026, the company established per-share transaction prices equal to each class’s May 31 NAV:

• Class A-I: $21.6280 (highest priced)
• Class A-III: $21.5695
• Class D: $21.2790
• Class S: $21.1975
• Class I: $21.0682
• Class F-I: $21.0085

Purchase prices for investors equal the transaction price plus any applicable upfront selling commissions and dealer manager fees, while repurchase prices match the transaction price directly.

Net Asset Value Components

The company’s total NAV of approximately $1.69 billion as of May 31 reflected meaningful growth from the prior month. Real estate investments were valued at roughly $986.9 million, up notably from $861.4 million at the end of April. Real estate debt holdings stood at approximately $1.22 billion, while cash and cash equivalents totaled $63.3 million.

On the liability side, the company carried mortgage notes valued at approximately $152.8 million, secured debt arrangements of roughly $414.0 million, and other liabilities of $26.5 million. The company had approximately 78.5 million shares and units outstanding as of the May valuation date, up from 77.1 million a month earlier.

By class, Class A-III shares represented the largest component of NAV at approximately $990.0 million, followed by Class A-I shares at $485.0 million. The per-share NAV figures showed slight appreciation across most classes between April and May.

Valuation Assumptions

The company’s independent valuation advisor applied a discounted cash flow methodology to value the real estate portfolio, excluding certain newly acquired properties held at cost. The key weighted-average assumptions were:

• Industrial properties: 7.6% discount rate, 6.2% exit capitalization rate
• Multifamily properties: 7.1% discount rate, 5.3% exit capitalization rate

The company also provided a sensitivity analysis. A 0.25% decrease in the discount rate would increase industrial values by approximately 2.03% and multifamily values by 1.96%, while equivalent changes to the exit capitalization rate would produce somewhat larger swings, particularly for multifamily assets.

Offering Status

The company continues to offer up to $5.0 billion in common stock on a continuous basis, consisting of up to $4.0 billion in its primary offering and up to $1.0 billion through its distribution reinvestment plan. Under the current registration, the company has issued approximately 19.1 million shares in the primary offering for total proceeds of roughly $410.0 million, predominantly through Class A-III and Class A-I shares. An additional 572,517 shares valued at approximately $12.3 million were issued through the distribution reinvestment plan.

The company indicated it intends to continue selling shares monthly. This update follows the company’s broader strategic and financial picture detailed in Apollo Realty Income Solutions’ 2025 annual report coverage, and reflects the same NAV-based pricing approach used across other Apollo-affiliated vehicles, including the net asset value disclosures discussed in Apollo Infrastructure Company’s unregistered share sale coverage.