Apollo Realty Income Solutions Leans Into Real Estate Credit as NAV Nears $1.8 Billion

The nontraded REIT’s loan book has pulled almost even with its property portfolio, and nearly all of its capital sits in anchor share classes rather than the retail classes most advisors would recognize.

September 18, 2026

Apollo Realty Income Solutions Inc. has set its October 1 transaction price for each of its six publicly offered share classes equal to its August 31 net asset value, with prices ranging from $21.0485 for Class F-I to $21.7116 for Class A-I. Aggregate NAV reached about $1.78 billion at the end of August, up from about $1.75 billion a month earlier, on 82.2 million shares and operating partnership units outstanding versus 80.9 million at the end of July.

Per-share values moved higher in every class. Class A-III, by far the largest, finished August at $21.6516 against $21.5873 in July. Class A-I rose to $21.7116 from $21.6467, Class I to $21.0990 from $21.0571, Class D to $21.3142 from $21.2707, Class F-I to $21.0485 from $21.0026, and Class S to $21.2338 from $21.2206. NAV per unit across the entire capital base was $21.6558, compared with $21.5917 a month earlier.

A loan book the size of the property book

The component breakdown is where the vehicle’s character shows. Investments in real estate stood at $1.193 billion at August 31, essentially flat against $1.191 billion in July. Investments in real estate debt climbed to $1.173 billion from $1.144 billion, and cash rose to $82.9 million from $62.0 million. On the liability side, mortgage notes at fair value increased to $232.1 million from $207.7 million while secured debt arrangements held at roughly $540.5 million. The month’s growth came from the loan portfolio and from new capital, not from property acquisitions or appreciation.

For advisors, the near-parity between property equity and property debt is the defining feature here. Most nontraded NAV REITs carry a real estate credit sleeve as a yield and liquidity complement to a property book. In this case the two are about the same size, which changes what moves NAV month to month: loan marks, spread income, and repayment behavior matter as much as cap rates and rents.

Multifamily carries the cap-rate sensitivity

On the property side, the independent valuation advisor applied weighted-average discount rates of 7.6% for industrial and 7.1% for multifamily, with exit capitalization rates of 6.1% and 5.3%. The REIT’s own sensitivity table shows multifamily as the more rate-sensitive of the two:

• A 25 basis point decrease in the exit cap rate would lift multifamily values by 3.12% and industrial values by 2.46%.
• A 25 basis point increase would cut multifamily by 2.84% and industrial by 2.44%.
• A 25 basis point move in the discount rate shifts both property types by roughly 2% in either direction.

The REIT does not yet publish retail assumptions and says it will begin doing so once it holds more than one independently valued retail property.

Anchor classes hold the capital

The class-level table tells a second story about who owns this REIT. Class A-III shares carried $1.058 billion of NAV and Class A-I shares $495.7 million. The classes typically sold through advisor channels are small by comparison: Class I at $33.7 million, Class F-I at $26.5 million, Class S at $286,000 and Class D at $109,000. Class E shares, offered privately to Apollo affiliates, employees and directors, held $32.7 million, and third-party operating partnership units accounted for another $126.5 million in Class A-I units and $6.0 million in Class E units.

The offering is registered for up to $5.0 billion, split between $4.0 billion in the primary offering and $1.0 billion under the distribution reinvestment plan. Through the date of the supplement, the REIT has sold about 24.2 million primary shares for roughly $520.4 million, of which about 19.3 million were Class A-III and 4.4 million Class A-I, alongside 585,690 Class I shares and 7,502 Class S shares. Another 743,651 shares have been issued through the reinvestment plan for about $16.0 million. No other classes have been sold, and the REIT intends to keep offering shares monthly.

For allocators comparing NAV REITs, the takeaways are a credit-heavy balance sheet that is still adding loans, a multifamily book with meaningful cap-rate sensitivity, and a shareholder base that remains concentrated in institutional and intermediary anchor classes rather than retail capital.