# EDGAR Filing Document

**Accession Number:** 0001882850
**File Stem:** 0001193125-25-145903
**Filing Date:** 2025-6
**Character Count:** 49545
**Document Hash:** 3d22e48de5fc287f729068788459e8de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-145903.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001193125-25-145903

**CONFORMED SUBMISSION TYPE**: S-11/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250624

**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:** S-11/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286625
- **FILM NUMBER:** 251070676

**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

**As filed with the Securities and Exchange Commission on June 24, 2025.** 

**Registration No. 333-286625** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**PRE-EFFECTIVE** 

**AMENDMENT NO. 2** 

**TO** 

**Form S-11** 

***FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933***

***OF SECURITIES OF CERTAIN REAL ESTATE COMPANIES***

## APOLLO REALTY INCOME SOLUTIONS, INC.
**(Exact Name of Registrant as Specified in Governing Instruments)** 

**c/o Apollo Global Management, Inc.** 

**9 West 57<sup>th</sup> Street, 42nd Floor** 

**New York, New York 10019** 

**(212) 515-3200** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

**ARIS Management, LLC** 

**9 West 57<sup>th</sup> Street, 42nd Floor** 

**New York, New York 10019** 

**(212) 515-3200** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)** 

---

| | |
|:---|:---|
| ***With copies to:*** | ***With copies to:*** |
| **Andrew S. Epstein, Esq.**<br> **Jason D. Myers, Esq.**<br> **Tae Ho Cho, Esq.**<br> **Clifford Chance US LLP**<br> **Two Manhattan West**<br> **375 Ninth Avenue**<br> **New York, New York 10001**<br> **(212) 878-8000** | **Wallace W. Kunzman. Jr., Esq.**<br> **Vilard Mullaliu, Esq.**<br> **Kunzman & Bollinger, Inc.**<br> **5100 N. Brookline, Suite 600**<br> **Oklahoma City, OK 73112**<br> **(405) 942-3501** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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**EXPLANATORY NOTE** 

Apollo Realty Income Solutions, Inc. is filing this Pre-Effective Amendment No. 2 (this "Amendment") to its Registration Statement on Form S-11 (Registration Statement No. 333-286625) (the "Registration Statement") as an exhibit-only filing to add two exhibits not previously filed with respect to the Registration Statement. Accordingly, this Amendment consists only of the facing page, this explanatory note, Part II of the Registration Statement, the exhibit index, the signature page to the Registration Statement and the two exhibits, filed herewith as Exhibits 5.1 and 8.1. The preliminary prospectus has been omitted.

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**PART II** 

**Information Not Required in the Prospectus** 

**Item 31. Other Expenses of Issuance and Distribution.** 

The following table itemizes the expenses incurred by the registrant in connection with the issuance and registration of the securities being registered hereunder. All amounts shown are estimates except the SEC registration fee and the FINRA filing fee.

---

| | |
|:---|:---|
|  SEC registration fee | $178445 |
|  FINRA filing fee | $175331 |
|  Legal | $3750000 |
|  Printing and mailing | $750000 |
|  Accounting and tax | $2000000 |
|  Blue sky | $900000 |
|  Advertising and sales literature | $2140000 |
|  Due diligence | $850000 |
|  Transfer agent and escrow agent fees and expenses | $1600000 |
|  Promotional items | $850000 |
|  Technology expenses | $800000 |
|  Issuer costs related to training and education meetings and retail conferences | $360000 |
|  **Total** | $**14353776** |

---

**Item 32. Sales to Special Parties.** 

None.

**Item 33. Recent Sales of Unregistered Securities.** 

The offer and sale of 10,000 Class I shares to Apollo ARIS Holdings LLC on February 18, 2022, which were then exchanged for 10,000 Class F-I shares on November 11, 2022, for the aggregate consideration of $200,000, is claimed to be exempt from the registration provisions of the Securities Act of 1933, by virtue of Section 4(a)(2) thereof.

On December 22, 2022, we issued 5,000,000 Class A-I units in a private placement to an affiliate of Apollo for an aggregate purchase price of $100 million. The sale is claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof.

As of June 1, 2025, we sold 67,052 Class E shares to certain of Apollo's affiliates, employees and our directors pursuant to a private placement for an aggregate purchase price of $1.4 million. As of June 1, 2025, we issued 368 Class E shares in lieu of cash for the dividends paid. These issuances are claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) and Regulation D thereof.

During the year ended December 31, 2024, all unitholders of the Operating Partnership elected to reinvest their dividends. In connection with such dividend reinvestment, we issued 264,063 and 5,946 Class A-I units and Class E units, respectively, to the unitholders of the Operating Partnership in lieu of cash for the dividends paid during the year ended December 31, 2024. These issuances are claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof.

The Adviser is entitled to an annual management fee payable monthly in cash, shares of common stock, or Operating Partnership units, in each case at the Adviser's election. The offer and sale of such shares to the

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Adviser is claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof. The table below shows the total issuances of Class E shares and Class E units to the Adviser since January 2023:

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| | | | |
|:---|:---|:---|:---|
| **Date of Unregistered Sale** | **Number of<br>Shares Issued** | **Number of<br>Units Issued** | **Consideration** |
|  January 2023 |  |  | $— |
|  February 2023 |  |  | $— |
|  March 2023 | 3862 | 7801 | $233832 |
|  April 2023 | 4015 | 4162 | $165255 |
|  May 2023 | 5752 | 4174 | $201294 |
|  June 2023 | 7533 | 4179 | $238213 |
|  July 2023 | 8500 | 4193 | $259210 |
|  August 2023 | 11153 | 4207 | $314430 |
|  September 2023 | 12870 | 4222 | $351410 |
|  October 2023 | 13956 | 4236 | $374939 |
|  November 2023 | 14660 | 4251 | $390699 |
|  December 2023 | 17109 | 4262 | $443164 |
|  January 2024 | 18192 | 4279 | $467958 |
|  February 2024 | 18661 | 4293 | $478590 |
|  March 2024 | 19725 | 4312 | $503462 |
|  April 2024 | 20850 | 4331 | $528525 |
|  May 2024 | 23114 | 4348 | $576995 |
|  June 2024 | 24117 | 4368 | $599102 |
|  July 2024 | 25457 | 4387 | $629316 |
|  August 2024 | 27289 | 4406 | $669046 |
|  September 2024 | 29147 | 4426 | $710980 |
|  October 2024 | 30523 | 4446 | $741119 |
|  November 2024 | 32017 | 4466 | $775282 |
|  December 2024 | 32752 | 4482 | $792266 |
|  January 2025 | 34280 | 4506 | $827552 |
|  February 2025 | 35646 | 4526 | $857993 |
|  March 2025 | 36819 | 4546 | $883728 |
|  April 2025 | 38523 | 4566 | $921435 |
|  May 2025 | 39648 | 4586 | $946876 |
|  June 2025 | 41010 | 4606 | $978008 |

---

During the three months ended March 31, 2025, we issued 20,744 Class E units to the Special Limited Partner in satisfaction of the performance participation allocation for the year ended December 31, 2024. During the three months ended March 31, 2025, we issued 144 Class E shares in lieu of cash for the dividends paid for a total value of approximately $3 thousand. At the election of the Special Limited Partner, each Class E unit is exchangeable for cash or a Class E share (on a one-for-one basis) and is claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof.

During the year ended December 31, 2024, we issued 26,977 Class E units to the Special Limited Partner in satisfaction of the performance participation allocation for the year ended December 31, 2023. For the year ended December 31, 2024, the Special Limited Partner realized $0.4 million related to the performance participation allocation, which was issued in Class E units subsequent to year end. At the election of the Special Limited Partner, each Class E unit is exchangeable for cash or a Class E share (on a one-for-one basis) and is claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof.

Issuances of restricted stock awards for 1,237 Class E shares, 1,191 Class E shares and 1,170 Class E shares to each of our independent directors effective April 5, 2023, April 5, 2024 and April 1, 2025, respectively, are

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claimed to be exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof. Each issuance of restricted stock awards to each of our four independent directors for April 5, 2023 amounted to $25,000 to each director. Each issuance of restricted stock awards to each of our four independent directors for April 5, 2024 amounted to $25,000 to each director. Each issuance of restricted stock awards to each of our four independent directors for April 1, 2025 amounted to $25,000 to each director.

**Item 34. Indemnification of Directors, Officers and Others.** 

Our organizational documents generally limit the personal liability of our stockholders, directors and officers for monetary damages and require us to indemnify and advance expenses to our directors, officers and the Adviser and its affiliates subject to the limitations of the NASAA REIT Guidelines and Maryland law. Maryland law permits a corporation to include in its charter a provision limiting the liability of directors and officers to the corporation and its stockholders for money damages, except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment and which is material to the cause of action. The Maryland General Corporation Law (the "MGCL") requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. The MGCL allows directors and officers to be indemnified against judgments, penalties, fines, settlements and reasonable expenses actually incurred in connection with a proceeding unless the following can be established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act or omission of the director or officer was material to the cause of action adjudicated in the proceeding,
and was committed in bad faith or was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to any criminal proceeding, the director or officer had reasonable cause to believe his or her act
or omission was unlawful.

A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the corporation or in its right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. The MGCL permits a corporation to advance reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct was not met.

In addition to the above limitations of the MGCL, our charter provides that our directors, the Adviser and its or our affiliates may be indemnified for losses or liability suffered by them or held harmless for losses or liability suffered by us only if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee determined, in good faith, that the course of conduct which caused the loss or liability was in
our best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee was acting on our behalf or performing services for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of affiliated directors, the Adviser or its or our affiliates, the liability or loss was not the
result of negligence or misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of our independent directors, the liability or loss was not the result of gross negligence or willful
misconduct.

In addition, any indemnification or any agreement to hold harmless is recoverable only out of our net assets and not from our stockholders.

------

Our charter also provides that we may not provide indemnification to a director, the Adviser, any of the Adviser's affiliates, any of our affiliates, or any person acting as a broker-dealer for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a successful adjudication on the merits of each count involving alleged securities law violations
as to the party seeking indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to such
party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a court of competent jurisdiction approves a settlement of the claims against such party and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority
in which our securities were offered or sold as to indemnification for violations of securities laws.

Finally, our charter provides that we may pay or reimburse reasonable legal expenses and other costs incurred by our directors, the Adviser and its or our affiliates in advance of final disposition of a proceeding only if all of the following are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeding relates to acts or omissions with respect to the performance of duties or services on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee provides us with written affirmation of his or her good faith belief that he or she has met the
standard of conduct necessary for indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in
his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indemnitee provides us with a written agreement to repay the amount paid or reimbursed, together with the
applicable legal rate of interest thereon, if it is ultimately determined that he or she did not comply with the requisite standard of conduct and is not entitled to indemnification.

We have entered into indemnification agreements with each of our directors and executive officers. Pursuant to the terms of these indemnification agreements, we must indemnify and advance expenses and costs incurred by our directors and executive officers in connection with any claims, suits or proceedings brought against such directors and executive officers as a result of their service. However, our indemnification obligation is subject to the limitations set forth in the indemnification agreements and in our charter. We also maintain a directors and officers insurance policy.

The general effect to investors of any arrangement under which any of our controlling persons, directors or officers are insured or indemnified against liability is a potential reduction in distributions resulting from our payment of premiums, deductibles and other costs associated with such insurance or, to the extent any such loss is not covered by insurance, our payment of indemnified losses. In addition, indemnification could reduce the legal remedies available to us and our stockholders against the indemnified individuals; however, this provision does not reduce the exposure of our directors and officers to liability under federal or state securities laws, nor does it limit our stockholder's ability to obtain injunctive relief or other equitable remedies for a violation of a director's or an officer's duties to us or our stockholders, although the equitable remedies may not be an effective remedy in some circumstances.

**Item 35. Treatment of Proceeds from Shares Being Registered.** 

Not applicable.

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**Item 36. Financial Statements and Exhibits.** 

1. Financial Statements.

The following financial statements are incorporated into this registration statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The consolidated financial statements and financial statement schedules of the Registrant included in the
Registrant's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 21, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The consolidated financial statements and financial statement schedules of the Registrant included in the
Registrant's Quarterly Report on Form 10-Q for the three months ended March 31, 2025 filed with the SEC on May 7, 2025.

2. Exhibits.

See the Exhibit Index on the page immediately preceding the signatures for a list of exhibits filed as part of this registration statement on Form S-11, which Exhibit Index is incorporated herein by reference.

**Item 37. Undertakings.** 

(i) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To include any prospectus required by Section 10(a)(3) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To reflect in the prospectus any facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed
pursuant to Rule 424(b) as part of the registration statement relating to the offering, other than a registration statement relying on Rule 430B or other than a prospectus filed in reliance on Rule 430A, shall be deemed to be part of and included in
the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to

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a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in
the initial distribution of the securities, in a primary offering of securities pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be
filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or
used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) To send to each stockholder, at least on an annual basis, a detailed statement of any transactions with the
Adviser or its affiliates, and of fees, commissions, compensation and other benefits paid or accrued to the advisor or its affiliates for the fiscal year completed, showing the amount paid or accrued to each recipient and the services performed.

(ii) The registrant undertakes to provide to the stockholders the financial statements required by Form 10-K for the first full fiscal year of operations of the registrant.

(iii) The registrant undertakes to file a sticker supplement pursuant to Rule 424(c) under the Securities Act during
the distribution period describing each significant property not identified in the prospectus at such time as there arises a reasonable probability that such property will be acquired and to consolidate all such stickers into a post-effective
amendment filed at least once every three months, with the information contained in such amendment provided simultaneously to the existing stockholders. Each sticker supplement should disclose all compensation and fees received by the advisor and
its affiliates in connection with any such acquisition. The post-effective amendment shall include or incorporate by reference audited financial statements meeting the requirements of Rule 3-14 of Regulation S-X that have been filed or should have been filed on Form 8-K for all significant properties acquired during the distribution period.

(iv) The registrant undertakes to file, after the end of the distribution period, a current report on Form 8-K containing the financial statements and any additional information required by Rule 3-14 of Regulation S-X, for each significant
property acquired and to provide the information contained in such report to the stockholders at least once each quarter after the distribution period of the offering has ended.

(v) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the foregoing provisions and otherwise, the registrant has been advised that in the opinion of the SEC and certain state securities regulators such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.

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**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Amended and Restated Dealer Manager Agreement (filed as Exhibit 1.1 of the Company's Current Report on Form 8-K on November 29, 2022 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312522294396/d413193dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | [Form of Selected Dealer Agreement (filed as Exhibit 1.2 of the Company's Current Report on Form 8-K on November 29, 2022 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312522294396/d413193dex12.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Third Articles of Amendment and Restatement (filed as Exhibit 3.1 of the Company's Current Report on Form 8-K on December 22, 2022 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312522311363/d432024dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Form of Articles Supplementary (filed as Exhibit 3.2 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [Bylaws (filed as Exhibit 3.2 of the Company's Quarterly Report on Form 10-Q filed on August 10, 2022 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000095017022016469/ck0001882850-ex3_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Second Amended and Restated Share Repurchase Plan (filed as Exhibit 4.1 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Form of Second Amended and Restated Distribution Reinvestment Plan (included in Appendix A) (filed as Exhibit 4.2 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Form of Subscription Agreement (included in Appendix B)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639ds11a.htm#ii847639_appb_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1\* | [Opinion of Clifford Chance US LLP as to Legality of Securities](d847639dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1\* | [Opinion of Clifford Chance US LLP as to Tax Matters](d847639dex81.htm) |
| 10.1 | [Form of Third Amended and Restated Advisory Agreement (filed as Exhibit 10.1 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex101.htm) |
| 10.2 | [Form of Third Amended and Restated Limited Partnership Agreement of ARIS Operating Partnership L.P. (filed as Exhibit 10.2 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex102.htm) |
| 10.3 | [License Agreement (filed as Exhibit 10.4 of the Company's Quarterly Report on Form 10-Q filed on August 10, 2022 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000095017022016469/ck0001882850-ex10_4.htm) |
| 10.4 | [Form of Indemnification Agreement (filed as Exhibit 10.5 of the Company's Pre-Effective Amendment No. 2 to Form S-11 on June 23, 2022 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312522115270/d206981dex105.htm) |
| 10.5 | [Amended and Restated Apollo Realty Income Solutions, Inc. 2022 Equity Incentive Plan (filed as Exhibit 10.4 of the Company's Current Report on Form 8-K on November 29, 2022 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312522294396/d413193dex104.htm) |
| 10.6 | [Form of Restricted Stock Agreement (filed as Exhibit 10.6 of the Company's Annual Report on Form 10-K on March 10, 2023 (file number 333-264456) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000095017023007270/ck0001882850-ex10_6.htm) |
| 21.1 | [Subsidiaries of Registrant (filed as Exhibit 21.1 of the Company's Annual Report on Form 10-K on March 21, 2025 (file number 000-56656) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000095017023007270/ck0001882850-ex21_1.htm) |

---

------

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 23.1 | [Consent of Deloitte & Touche LLP (filed as Exhibit 23.1 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex231.htm) |
| 23.2 | [Consent of Independent Valuation Advisor (filed as Exhibit 23.2 of the Company's Pre-Effective Amendment No. 1 to Form S-11 on June 16, 2024 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dex232.htm) |
| 23.3\* | [Consent of Clifford Chance US LLP (included in Exhibit 5.1)](d847639dex51.htm) |
| 23.4\* | [Consent of Clifford Chance US LLP (included in Exhibit 8.1)](d847639dex81.htm) |
| 24.1 | [Power of Attorney (included in signature page to the Company's Registration Statement on Form S-11 filed on April 18, 2025 (file number 333-286625) and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1882850/000119312525085603/d916359ds11.htm#sig) |
| 107 | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/1882850/000119312525141501/d847639dexfilingfees.htm) |

---

\* Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-11 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on June 24, 2025.

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| | |
|:---|:---|
| **APOLLO REALTY INCOME SOLUTIONS, INC.** | **APOLLO REALTY INCOME SOLUTIONS, INC.** |
| By: | /s/ Anastasia Mironova |
|  | Anastasia Mironova<br> Chief Financial Officer, Treasurer and Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Form S-11 Registration Statement has been signed by the following persons in the following capacities on June 24, 2025.

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| | |
|:---|:---|
| **Signature** | **Title** |
| \* | Chief Executive Officer, President and Director |
| Jess Lipsey | (principal executive officer) |
| /s/ Anastasia Mironova | Chief Financial Officer, Treasurer and Secretary |
| Anastasia Mironova | (principal financial and accounting officer) |
| \* | Director |
| Stuart Rothstein |  |
| \* | Director |
| Lisa Coca |  |
| \* | Director |
| Gary Meltzer |  |
| \* | Director |
| Philip Mintz |  |
| \* | Director |
| Michael Swell |  |
| \* | Director |
| Roberta Sydney |  |

---

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| | |
|:---|:---|
| \*By: | /s/ Anastasia Mironova |
|  | Anastasia Mironova |
|  | Attorney-in-fact |

---

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g847639dsp12.jpg)  | **CLIFFORD CHANCE US LLP**<br>TWO MANHATTAN WEST<br> 375 9TH AVENUE<br> NEW YORK, NY 10001<br>TEL +1 212 878 8000<br> FAX +1 212 878 8375<br>www.cliffordchance.com |

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June 17, 2025

Apollo Realty Income Solutions, Inc.

c/o Apollo Global Management, Inc.

9 West 57<sup>th</sup> Street, 42<sup>nd</sup> Floor,

New York, New York 10019

Ladies and Gentlemen:

We have acted as counsel to Apollo Realty Income Solutions, Inc., a Maryland corporation (the "Company"), in connection with the registration of $5,000,000,000 in shares (the "Shares") of common stock, $0.01 par value per share, of the Company, consisting of Class S common stock, Class D common stock, Class I common stock, Class F-I common stock, Class A-I common stock and Class A-III common stock. The Shares are being sold pursuant to the Company's Registration Statement on Form S-11 (File No. 333-286625) (together with any amendments thereto, the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"). $4,000,000,000 in Shares (the "Primary Offering Shares") are issuable in a primary offering (the "Offering") pursuant to subscription agreements (the "Subscription Agreements") and $1,000,000,000 in Shares (the "Plan Shares") are issuable pursuant to the Company's Distribution Reinvestment Plan (the "Plan"), subject to the right of the Company to reallocate Shares between the Offering and the Plan as described in the Registration Statement.

In rendering the opinion expressed below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, documents, certificates and other instruments as in our judgment are necessary or appropriate, including resolutions adopted by the Board of Directors of the Company relating to the registration, sale and issuance of the Shares (the "Resolutions"). In examining all such documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us purporting to be originals, and the conformity to the respective originals of all documents submitted to us as certified, telecopied, photostatic or reproduced copies or in portable document format. As to certain factual matters relevant to the opinion set forth below, we have relied upon certificates of officers of the Company and public officials.

Based on the foregoing, and such other examination of law and fact as we have deemed necessary, we are of the opinion that: (1) the issuance of the Primary Offering Shares has been duly authorized and, when and if issued and delivered against payment of the consideration therefor in accordance with the Resolutions, the Subscription Agreements and the Registration Statement, the Primary Offering Shares will be legally issued, fully paid and nonassessable and (2) the issuance of the Plan Shares has been duly authorized and, when and if issued and delivered against payment of the consideration therefor in accordance with the Resolutions, the Plan and the Registration Statement, the Plan Shares will be legally issued, fully paid and nonassessable.

The opinion set forth in this letter relates only to applicable provisions of Maryland General Corporation Law, as amended, currently in effect. We express no opinion as to the laws, statutes, ordinances, rules or regulations of another jurisdiction and we assume no responsibility for the applicability, or effect of such laws, statutes, ordinances, rules or regulations of any other jurisdiction.

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**CLIFFORD CHANCE US LLP** 

This letter has been prepared for your use in connection with the Registration Statement and is based upon the law as in effect and the facts known to us on the date hereof. We have not undertaken to advise you of any subsequent changes in the law or of any facts that hereafter may come to our attention.

We hereby consent to the filing of this opinion with the Securities and Exchange Commission (the "Commission") as an Exhibit 5.1 to the Registration Statement and to the reference to us under the caption "Legal Matters" in the prospectus, which is a part of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

Very truly yours,

/s/ Clifford Chance US LLP

## Exhibit 8.1

**Exhibit 8.1** 

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| | |
|:---|:---|
| ![LOGO](g847639page1.jpg) | **CLIFFORD CHANCE US LLP**<br>TWO MANHATTAN WEST<br> 375 9TH AVENUE<br> NEW YORK, NY 10001<br>TEL +1 212 878 8000<br> FAX +1 212 878 8375<br>www.cliffordchance.com |

---

June 24, 2025

Apollo Realty Income Solutions, Inc.

c/o Apollo Global Management, Inc.

9 West 57th Street, 42nd Floor,

New York, NY 10019

Re: REIT Qualification of Apollo Realty Income Solutions, Inc.

Ladies and Gentlemen:

We have acted as counsel to Apollo Realty Income Solutions, Inc., a Maryland corporation (the "<u>Company</u>"), in connection with the filing of the Company's Registration Statement on Form S-11 (File No. 333-286625) (together with any amendments thereto, the "<u>Registration Statement</u>") with the Securities and Exchange Commission (the "<u>SEC</u>"). Except as otherwise indicated, capitalized terms used in this opinion letter have the meanings given to them in the Registration Statement.

In rendering the opinions expressed herein, we have examined and, with your permission, relied on the following items:

1. the Articles of Amendment and Restatement of the Company;

2. the bylaws of the Company;

3. a Certificate of Representations, (the " <u>Certificate of Representations</u> ") dated as of the date
hereof, provided to us by the Company and ARIS Management, LLC, a Delaware limited liability company (the " <u>Adviser</u> ");

4. the Registration Statement; and

5. such other documents, records and instruments as we have deemed necessary in order to enable us to render the
opinion referred to in this letter.

In our examination of the foregoing documents, we have assumed, with your consent, that (i) all documents reviewed by us are original documents, or true and accurate copies of original documents and have not been subsequently amended, (ii) the signatures of each original document are genuine, (iii) all representations and statements set forth in such documents are true and correct, (iv) all obligations imposed by any such documents on the parties thereto have been performed or satisfied in accordance with their terms, and (v) the Company at all times has operated and will continue to operate in accordance with the method of operation described in its organizational documents, the Registration Statement and the Certificate of Representations. As of the date hereof, we are not aware of any facts inconsistent with the statements in the organizational documents, the Registration Statement or the Certificate of Representations.

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| | |
|:---|:---|
| ![LOGO](g847639page1.jpg) | **CLIFFORD CHANCE US LLP** |

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For purposes of rendering the opinions stated below, we have assumed, with your consent, the accuracy of the representations contained in the Certificate of Representations provided to us by the Company and the Adviser, and that each representation contained in such Certificate of Representations to the best of the Company's or the Adviser's knowledge, intent or belief is accurate and complete without regard to such qualification as to the best of such entity's knowledge, intent or belief. These representations generally relate to the organization and method of operation of the Company as a real estate investment trust (a "<u>REIT</u>") under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>").

Based upon, subject to, and limited by the assumptions and qualifications set forth herein, we are of the opinion that:

1. Commencing with its taxable year ended December 31, 2023, the Company has been organized, has been
operated and will be operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and its method of operation as described in the Registration Statement and as set forth in the Certificate of Representations
will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code; and

2. The statements included in the Registration Statement under the caption "Material U.S. Federal Income Tax
Considerations," to the extent they describe applicable U.S. federal income tax law, are correct in all material respects.

The opinions set forth in this letter are based on relevant provisions of the Code, Treasury Regulations promulgated thereunder, interpretations of the foregoing as expressed in court decisions, legislative history, and existing administrative rulings and practices of the Internal Revenue Service ("<u>IRS</u>") (including its practices and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives such a ruling), all as of the date hereof. These provisions and interpretations are subject to change, which may or may not be retroactive in effect, and which may result in modifications of our opinions. Our opinions do not foreclose the possibility of a contrary determination by the IRS or a court of competent jurisdiction, or of a contrary determination by the IRS or the Treasury Department in regulations or rulings issued in the future. In this regard, an opinion of counsel with respect to an issue represents counsel's best professional judgment with respect to the outcome on the merits with respect to such issue, if such issue were to be litigated, but an opinion is not binding on the IRS or the courts and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position asserted by the IRS.

The opinions set forth above represent our conclusions based upon the documents, facts, representations and assumptions referred to above. Any material amendments to such documents, changes in any significant facts or inaccuracy of such representations or assumptions could affect the opinions referred to herein. We assume no responsibility to inform any person of any change or inaccuracy that may come to our attention. Moreover, the Company's qualification as a REIT depends upon the ability of the Company to meet for each taxable year, through actual annual operating results, requirements under the Code regarding gross income, assets, distributions and diversity of stock ownership. We have not undertaken to review the Company's compliance with these requirements on a continuing basis. Accordingly, no assurance can be given that the actual results of the Company's operations for any single taxable year have satisfied or will satisfy the tests necessary to qualify as or be taxed as a REIT under the Code. In addition, the opinion set forth above does not foreclose the possibility that the Company may have to pay an excise or penalty tax, which could be significant in amount, in order to maintain the Company's REIT qualification. Although we have made such inquiries and performed such investigations as we have deemed necessary to fulfill our professional responsibilities as counsel, we have not undertaken an independent investigation of all of the facts referred to in this letter or the Certificate of Representations.

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| | |
|:---|:---|
| ![LOGO](g847639page1.jpg) | **CLIFFORD CHANCE US LLP** |

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The opinions set forth in this letter are: (i) limited to those matters expressly covered and no opinion is expressed in respect of any other matter; (ii) as of the date hereof; and (iii) rendered by us at the request of the Company. We hereby consent to the filing of this opinion with the SEC as an exhibit to the Registration Statement and to the references therein to us. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the SEC promulgated thereunder.

Very truly yours,

/s/ Clifford Chance US LLP