Apollo Realty Income Solutions Inc.

06/17/2026 | Press release | Distributed by Public on 06/17/2026 14:02

Supplemental Prospectus (Form 424B3)

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-286625

APOLLO REALTY INCOME SOLUTIONS, INC.

SUPPLEMENT NO. 2 DATED JUNE 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 July 1, 2026;
•
to disclose the calculation of our May 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").

July 1, 2026 Transaction Price

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

Transaction Price
(per share)

Class S

$

21.1975

Class D

$

21.2790

Class I

$

21.0682

Class F-I

$

21.0085

Class A-I

$

21.6280

Class A-III

$

21.5695

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 May 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.

May 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 May 31, 2026 ($ and shares/units in thousands):

Components of NAV

May 31, 2026

Investments in real estate

$

986,896

Investments in real estate debt

1,224,592

Cash and cash equivalents

63,323

Restricted cash

3,790

Other assets

10,766

Mortgage notes at fair value, net of deferred financing costs

(152,760

)

Secured debt arrangements, net

(413,992

)

Other liabilities

(26,531

)

Accrued performance participation allocation

(170

)

Management fee payable

(1,273

)

Net asset value

$

1,694,641

Number of outstanding shares/units

78,549

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of May 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

$

284

$

107

$

32,131

$

27,404

$

485,009

$

990,004

$

28,600

$

125,485

$

5,617

$

1,694,641

Number of outstanding shares/units

13

5

1,525

1,304

22,426

45,898

1,317

5,802

259

78,549

NAV per share/unit as of May 31, 2026

$

21.1975

$

21.2790

$

21.0682

$

21.0085

$

21.6280

$

21.5695

$

21.7184

$

21.6280

$

21.7184

$

21.5744

___________

(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 May 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%

6.2%

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

+2.03%

+1.96%

(weighted average)

0.25% Increase

(1.98)%

(1.91)%

Exit Capitalization Rate

0.25% Decrease

+2.41%

+3.12%

(weighted average)

0.25% Increase

(2.22)%

(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 April 30, 2026 ($ and shares/units in thousands):

Components of NAV

April 30, 2026

Investments in real estate

$

861,443

Investments in real estate debt

1,220,589

Cash and cash equivalents

76,588

Restricted cash

3,298

Other assets

9,308

Mortgage notes at fair value, net of deferred financing costs

(153,210

)

Secured debt arrangements, net

(329,939

)

Other liabilities

(23,651

)

Accrued performance participation allocation

(138

)

Management fee payable

(1,251

)

Net asset value

$

1,663,037

Number of outstanding shares/units

77,137

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of April 30, 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

$

284

$

107

$

31,772

$

27,829

$

478,950

$

966,472

$

27,297

$

124,847

$

5,479

$

1,663,037

Number of outstanding shares/units

13

5

1,508

1,325

22,161

44,838

1,258

5,777

252

77,137

NAV per share/unit as of April 30, 2026

$

21.1849

$

21.2771

$

21.0680

$

21.0052

$

21.6121

$

21.5549

$

21.7013

$

21.6121

$

21.7013

$

21.5594

___________

(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) 19,118,120 shares of our common stock (consisting of approximately 15,063,517 Class A-III shares, 3,606,679 Class A-I shares, 440,422 Class I shares, and 7,502 Class S shares) in our primary offering for total proceeds of approximately $410.0 million and (ii) 572,517 shares of our common stock (consisting of approximately 127,774 Class A-III shares, 413,517 Class A-I shares, 12,352 Class F-I shares, 18,500 Class I shares, 218 Class D shares and 156 Class S shares) pursuant to our distribution reinvestment plan for a total value of approximately $12.3 million. No other classes of shares were issued or sold in the Offering as of the date hereof. As of May 31, 2026, our aggregate NAV was approximately $1.7 billion. We intend to continue selling shares in the Offering on a monthly basis.

Apollo Realty Income Solutions Inc. published this content on June 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 17, 2026 at 20:02 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]