Apollo Realty Income Solutions Inc.

12/17/2025 | Press release | Distributed by Public on 12/17/2025 07:00

Supplemental Prospectus (Form 424B3)

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-286625

APOLLO REALTY INCOME SOLUTIONS, INC.

SUPPLEMENT NO. 6 DATED DECEMBER 17, 2025

TO THE PROSPECTUS DATED JUNE 26, 2025

This prospectus supplement (this "Supplement") is part of and should be read in conjunction with the prospectus of Apollo Realty Income Solutions, Inc., dated June 26, 2025 (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 January 1, 2026;
•
to disclose the calculation of our November 30, 2025 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").

January 1, 2026 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of January 1, 2026 (and repurchases, if applicable, as of December 31, 2025) is as follows:

Transaction Price
(per share)

Class S

$

21.1554

Class D

$

21.2582

Class I

$

21.0549

Class F-I

$

20.9792

Class A-I

$

21.5207

Class A-III

$

21.4656

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 November 30, 2025. 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.

November 30, 2025 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 November 30, 2025 ($ and shares/units in thousands):

Components of NAV

November 30, 2025

Investments in real estate

$

563,198

Investments in real estate debt

1,247,279

Cash and cash equivalents

145,402

Restricted cash

2,064

Other assets

10,600

Mortgage notes at fair value, net of deferred financing costs

(92,993

)

Secured debt arrangements, net

(339,278

)

Other liabilities

(18,737

)

Accrued performance participation allocation

(357

)

Management fee payable

(1,148

)

Net asset value

$

1,516,030

Number of outstanding shares/units

70,610

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of November 30, 2025 ($ 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

$

237

$

105

$

27,955

$

32,279

$

455,014

$

853,203

$

20,987

$

121,634

$

4,616

$

1,516,030

Number of outstanding shares/units

11

5

1,328

1,539

21,142

39,748

971

5,652

214

70,610

NAV per share/unit as of November 30, 2025

$

21.1554

$

21.2582

$

21.0549

$

20.9792

$

21.5207

$

21.4656

$

21.6065

$

21.5207

$

21.6065

$

21.4704

___________

(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 November 30, 2025, 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

7.5%

6.3%

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

+2.11%

+1.96%

(weighted average)

0.25% Increase

(2.05)%

(1.92)%

Exit Capitalization Rate

0.25% Decrease

+2.17%

+3.13%

(weighted average)

0.25% Increase

(2.01)%

(2.85)%

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 October 31, 2025 ($ and shares/units in thousands):

Components of NAV

October 31, 2025

Investments in real estate

$

562,640

Investments in real estate debt

1,228,457

Cash and cash equivalents

71,022

Restricted cash

2,088

Other assets

8,363

Mortgage notes at fair value, net of deferred financing costs

(92,966

)

Secured debt arrangements, net

(270,098

)

Other liabilities

(29,145

)

Accrued performance participation allocation

(328

)

Management fee payable

(1,121

)

Net asset value

$

1,478,912

Number of outstanding shares/units

68,888

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of October 31, 2025 ($ 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

$

236

$

104

$

26,668

$

32,267

$

449,595

$

824,599

$

19,868

$

121,084

$

4,491

$

1,478,912

Number of outstanding shares/units

11

5

1,266

1,537

20,894

38,420

920

5,627

208

68,888

NAV per share/unit as of October 31, 2025

$

21.1635

$

21.2672

$

21.0652

$

20.9871

$

21.5174

$

21.4630

$

21.6026

$

21.5174

$

21.6026

$

21.4682

___________

(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) 10,373,008 shares of our common stock (consisting of approximately 8,075,097 Class A-III shares, 1,995,236 Class A-I shares, 296,336 Class I shares, and 6,339 Class S shares) in our primary offering for total proceeds of approximately $222.0 million and (ii) 239,711 shares of our common stock (consisting of approximately 46,394 Class A-III shares, 179,840 Class A-I shares, 5,760 Class F-I shares, 7,574 Class I shares, 98 Class D shares and 45 Class S shares) pursuant to our distribution reinvestment plan for a total value of approximately $5.1 million. No other classes of shares were issued or sold in the Offering as of the date hereof. As of November 30, 2025, our aggregate NAV was approximately $1.5 billion. We intend to continue selling shares in the Offering on a monthly basis.

Apollo Realty Income Solutions Inc. published this content on December 17, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 17, 2025 at 13:00 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]