Apollo Realty Income Solutions Inc.

09/17/2026 | Press release | Distributed by Public on 09/17/2026 14:00

Supplemental Prospectus (Form 424B3)

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-286625

APOLLO REALTY INCOME SOLUTIONS, INC.

SUPPLEMENT NO. 7 DATED SEPTEMBER 17, 2026

TO THE PROSPECTUS DATED APRIL 21, 2026

This prospectus supplement (this "Supplement") is part of and should be read in conjunction with the prospectus of Apollo Realty Income Solutions, Inc., dated April 21, 2026 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meaning as in the Prospectus. References herein to "we", "us", or "our" refer to Apollo Realty Income Solutions, Inc. and its consolidated subsidiaries unless the context specifically requires otherwise.

The purposes of this Supplement are as follows:

•
to disclose the transaction price for each class of our common stock sold in our current public offering as of October 1, 2026;
•
to disclose the calculation of our August 31, 2026 net asset value ("NAV") per share/unit for all share/unit classes; and
•
to provide an update on the status of our current public offering (the "Offering").

October 1, 2026 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of October 1, 2026 (and repurchases, if applicable, as of September 30, 2026) is as follows:

Transaction Price
(per share)

Class S

$

21.2338

Class D

$

21.3142

Class I

$

21.0990

Class F-I

$

21.0485

Class A-I

$

21.7116

Class A-III

$

21.6516

The transaction price for each of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares and Class A-III shares is equal to such class's NAV per share as of August 31, 2026. A detailed presentation of the NAV per share/unit is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price, if applicable, for each share class equals the transaction price of such class.

August 31, 2026 NAV Per Share

NAV per share is calculated in accordance with the valuation guidelines approved by our board of directors. Our NAV per share is posted on our website at https://gwms.apollo.com/realtyincomesolutions and is made available on our toll-free, automated telephone line at 888-926-2688. Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for important information about how our NAV is determined. The Adviser is ultimately responsible for determining our NAV.

Our total NAV presented in the following tables includes the NAV of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, Class A-III shares, Class E shares and units of ARIS Operating Partnership L.P. (the "Operating Partnership") held by parties other

than the Company. The following table provides a breakdown of the major components of our total NAV as of August 31, 2026 ($ and shares/units in thousands):

Components of NAV

August 31, 2026

Investments in real estate

$

1,193,179

Investments in real estate debt

1,172,701

Investments in unconsolidated entities (1)

120,277

Cash and cash equivalents

82,894

Restricted cash

4,082

Other assets

12,089

Mortgage notes at fair value, net of deferred financing costs

(232,065

)

Secured debt arrangements, net

(540,529

)

Other liabilities

(30,925

)

Accrued performance participation allocation

(280

)

Management fee payable

(1,333

)

Net asset value

$

1,780,090

Number of outstanding shares/units

82,199

(1) Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of August 31, 2026, our allocable share of the gross real estate asset value held by such entities was $218.2 million.

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of August 31, 2026 ($ and shares/units in thousands, except per share/unit data):

NAV Per Share/Unit

Class S Shares

Class D Shares

Class I Shares

Class F-I Shares

Class A-I Shares

Class A-III Shares

Class E Shares(1)

Third-party Operating Partnership Class A-I Units(2)

Third-party Operating Partnership Class E Units(2)

Total

Net asset value

$

286

$

109

$

33,735

$

26,499

$

495,694

$

1,058,473

$

32,728

$

126,519

$

6,047

$

1,780,090

Number of outstanding shares/units

13

5

1,599

1,259

22,831

48,887

1,501

5,827

277

82,199

NAV per share/unit as of August 31, 2026

$

21.2338

$

21.3142

$

21.0990

$

21.0485

$

21.7116

$

21.6516

$

21.8042

$

21.7116

$

21.8042

$

21.6558

___________

(1)
Class E shares of our common stock are offered to certain of Apollo's affiliates and employees and our directors in one or more private placements.
(2)
Includes the units of the Operating Partnership held by parties other than the Company.

Consistent with our disclosure in the Prospectus regarding our NAV calculation, our investments in real estate and real estate debt are initially valued at cost. Once we establish new values for our real estate investments, we provide information on key assumptions used in the discounted cash flow methodology and a sensitivity analysis related thereto. The valuations of our real properties as of August 31, 2026, excluding certain newly acquired properties that are held at cost which we believe reflects the fair value of such properties, were provided by the independent valuation advisor in accordance with our valuation procedures. Certain key assumptions that were used by the independent valuation advisor in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property types where we have multiple real estate investments. Once we own more than one retail property, provided that each has been subject to an independent valuation by the independent valuation advisor, we will include the key assumptions for such property type.

Property Type

Discount Rate

Exit Capitalization Rate

Industrial

7.6%

6.1%

Multifamily

7.1%

5.3%

A change in these assumptions or factors would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

Input

Hypothetical Change

Industrial Investment Values

Multifamily Investment Values

Discount rate

0.25% Decrease

+1.93%

+1.96%

(weighted average)

0.25% Increase

(2.06)%

(1.91)%

Exit Capitalization Rate

0.25% Decrease

+2.46%

+3.12%

(weighted average)

0.25% Increase

(2.44)%

(2.84)%

Our total NAV presented in the following tables includes the NAV of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, Class A-III shares, Class E shares and units of the Operating Partnership held by parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of July 31, 2026 ($ and shares/units in thousands):

Components of NAV

July 31, 2026

Investments in real estate

$

1,191,283

Investments in real estate debt

1,144,076

Investments in unconsolidated entities (1)

117,061

Cash and cash equivalents

61,958

Restricted cash

4,768

Other assets

8,600

Mortgage notes at fair value, net of deferred financing costs

(207,708

)

Secured debt arrangements, net

(540,385

)

Other liabilities

(30,767

)

Accrued performance participation allocation

(231

)

Management fee payable

(1,310

)

Net asset value

$

1,747,345

Number of outstanding shares/units

80,927

(1) Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of July 31, 2026, our allocable share of the gross real estate asset value held by such entities was $211.8 million.

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of July 31, 2026 ($ and shares/units in thousands, except per share/unit data):

NAV Per Share/Unit

Class S Shares

Class D Shares

Class I Shares

Class F-I Shares

Class A-I Shares

Class A-III Shares

Class E Shares(1)

Third-party Operating Partnership Class A-I Units(2)

Third-party Operating Partnership Class E Units(2)

Total

Net asset value

$

285

$

108

$

32,538

$

27,410

$

488,953

$

1,034,747

$

31,271

$

126,141

$

5,892

$

1,747,345

Number of outstanding shares/units

13

5

1,545

1,305

22,589

47,933

1,439

5,827

271

80,927

NAV per share/unit as of July 31, 2026

$

21.2206

$

21.2707

$

21.0571

$

21.0026

$

21.6467

$

21.5873

$

21.7384

$

21.6467

$

21.7384

$

21.5917

___________

(1)
Class E shares of our common stock are offered to certain of Apollo's affiliates and employees and our directors in one or more private placements.
(2)
Includes the units of the Operating Partnership held by parties other than the Company.

Status of Our Current Public Offering

We are currently offering on a continuous basis up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in our primary offering and up to $1.0 billion in shares pursuant to our distribution reinvestment plan. As of the date hereof, we have issued in the Offering approximately (i) 24,234,854 shares of our common stock (consisting of approximately 19,265,723 Class A-III shares, 4,375,939 Class A-I shares, 585,690 Class I shares, and 7,502 Class S shares) in our primary offering for total proceeds of approximately $520.4 million and (ii) 743,651 shares of our common stock (consisting of approximately 169,017 Class A-III shares, 534,166 Class A-I shares, 15,608 Class F-I shares, 24,363 Class I shares, 279 Class D shares and 218 Class S shares) pursuant to our distribution reinvestment plan for a total value of

approximately $16.0 million. No other classes of shares were issued or sold in the Offering as of the date hereof. As of August 31, 2026, our aggregate NAV was approximately $1.8 billion. We intend to continue selling shares in the Offering on a monthly basis.

Apollo Realty Income Solutions Inc. published this content on September 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 17, 2026 at 20:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]