# EDGAR Filing Document

**Accession Number:** 0001882850
**File Stem:** 0001193125-26-274107
**Filing Date:** 2026-6
**Character Count:** 11399
**Document Hash:** c1e4d2c6ace6fbba25ff0e84c8beeee1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-274107.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001193125-26-274107

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Realty Income Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001882850
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 872557571
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286625
- **FILM NUMBER:** 261098229

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the transaction price for each class of our common stock sold in our current public offering as of July 1, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to disclose the calculation of our May 31, 2026 net asset value ("NAV") per share/unit for all share/unit classes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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:

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| | |
|:---|:---|
|  | Transaction Price<br> (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 |

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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

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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):

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| | |
|:---|:---|
| **Components of NAV** | **May 31, 2026** |
| Investments in real estate | $986896 |
| Investments in real estate debt | 1224592 |
| Cash and cash equivalents | 63323 |
| Restricted cash | 3790 |
| Other assets | 10766 |
| Mortgage notes at fair value, net of deferred financing costs | (152760) |
| Secured debt arrangements, net | (413992) |
| Other liabilities | (26531) |
| Accrued performance participation allocation | (170) |
| Management fee payable | (1273) |
| Net asset value | $1694641 |
| **Number of outstanding shares/units** | 78549 |

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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):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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**<sup>(1)</sup> | **Third-party Operating Partnership Class A-I Units**<sup>(2)</sup> | **Third-party Operating Partnership Class E Units**<sup>(2)</sup> | **Total** |
| Net asset value | $284 | $107 | $32131 | $27404 | $485009 | $990004 | $28600 | $125485 | $5617 | $1694641 |
| Number of outstanding shares/units | 13 | 5 | 1525 | 1304 | 22426 | 45898 | 1317 | 5802 | 259 | 78549 |
| 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 |

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___________

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Industrial | 7.6% | 6.2% |
| Multifamily | 7.1% | 5.3% |

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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:

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| | | | |
|:---|:---|:---|:---|
| **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)% |

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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):

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| | |
|:---|:---|
| **Components of NAV** | **April 30, 2026** |
| Investments in real estate | $861443 |
| Investments in real estate debt | 1220589 |
| Cash and cash equivalents | 76588 |
| Restricted cash | 3298 |
| Other assets | 9308 |
| Mortgage notes at fair value, net of deferred financing costs | (153210) |
| Secured debt arrangements, net | (329939) |
| Other liabilities | (23651) |
| Accrued performance participation allocation | (138) |
| Management fee payable | (1251) |
| Net asset value | $1663037 |
| **Number of outstanding shares/units** | 77137 |

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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**<sup>(1)</sup> | **Third-party Operating Partnership Class A-I Units**<sup>(2)</sup> | **Third-party Operating Partnership Class E Units**<sup>(2)</sup> | **Total** |
| Net asset value | $284 | $107 | $31772 | $27829 | $478950 | $966472 | $27297 | $124847 | $5479 | $1663037 |
| Number of outstanding shares/units | 13 | 5 | 1508 | 1325 | 22161 | 44838 | 1258 | 5777 | 252 | 77137 |
| 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 |

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<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

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