Apollo Realty Income Solutions NAV Tops $1.8 Billion as States Require Advisor-Conduct Policy

State securities administrators made a new board policy on investor suitability and indemnification a condition of keeping the REIT’s offering registered in their states.

October 21, 2026

Apollo Realty Income Solutions reported aggregate net asset value of about $1.84 billion as of September 30, 2026, up from about $1.78 billion at the end of August, and per-share NAV rose in every share class. The non-traded REIT's November 1 transaction prices, which equal those September 30 NAVs, range from $21.1306 for Class F-I shares to $21.8169 for Class A-I shares.

Class A-III, the largest class, rose to $21.7546 per share from $21.6516, and Class A-I rose to $21.8169 from $21.7116. Class E shares, which are sold privately to certain Apollo affiliates and employees and to the REIT's directors, carried the highest NAV at $21.9094.

Debt book overtakes property

Investments in real estate debt rose to about $1.24 billion from $1.17 billion during September and overtook the REIT's real estate holdings, which were little changed at about $1.20 billion. Secured debt arrangements climbed to $590.7 million from $540.5 million, and cash and cash equivalents rose to $104.5 million from $82.9 million. Net equity in unconsolidated entities stood at $122.5 million, against an allocable share of $218.5 million in gross real estate held by those entities.

The independent valuation advisor valued the properties, excluding certain newly acquired assets carried at cost. Its weighted-average discount rates were 7.6% for industrial and 7.2% for multifamily, with exit capitalization rates of 6.1% and 5.4%. A 25-basis-point rise in exit cap rates would reduce industrial values by 2.44% and multifamily values by 2.86%, all else equal.

The REIT is offering up to $5.0 billion in shares on a continuous basis, $4.0 billion in its primary offering and $1.0 billion through its distribution reinvestment plan. It has issued about 25.7 million primary shares for roughly $551.5 million, about 20.4 million of them Class A-III, plus 801,343 reinvestment shares worth about $17.2 million. It plans to keep selling shares monthly.

State-mandated board policy

On September 25, the board adopted a Board Policy with Respect to Certain Charter Provisions. During the annual state renewal of the REIT's follow-on offering, securities administrators in certain states identified charter provisions whose wording departs from the recently amended NASAA REIT Guidelines. They required the board to adopt a policy addressing those differences as a condition of registering the offering in their states. The disclosure does not name the states.

The policy has three provisions:

• Conduct standards. It defines the standards owed by anyone selling, recommending or giving investment advice on the shares, including suitability obligations, Regulation Best Interest, ERISA requirements and federal or state fiduciary duties.
• Indemnification limits. The REIT may not indemnify an indemnitee, broker-dealer, associated person, registered investment adviser or investment adviser representative for losses tied to alleged violations of securities laws or those conduct standards unless the party wins on the merits of each count, the claims are dismissed with prejudice on the merits, or a court approves a settlement and finds indemnification proper after being advised of the positions of the SEC and the relevant state regulators.
• Suitability. The sponsor, selling agents, and any broker-dealer or RIA recommending the shares must make every reasonable effort to confirm that a purchase complies with those standards and is suitable and appropriate. The investor must meet income and net worth minimums, be able to reasonably benefit from the investment and bear its economic risk, and understand its fundamental risks, including possible total loss, illiquidity, transfer restrictions and tax consequences.

The suitability review must draw on at least the investor's age, tax status, investment objectives and time horizon, experience, income, net worth, liquidity needs, risk tolerance and other investments, and that information may come through the investor's own adviser. Sellers and recommending advisers must keep records supporting each determination for at least six years.