Document:

EX-4.1

 Exhibit 4.1 

APOLLO REALTY INCOME SOLUTIONS, INC. 

Amended and Restated Share Repurchase Plan 

Effective as of November 22, 2022 

Definitions 
 Adviser – shall mean ARIS
Management, LLC. 
 Class A-I shares – shall mean the shares of the Company’s
common stock classified as Class A-I. 

Class A-II shares – shall mean the shares of the Company’s common stock classified
as Class A-II. 
 Class A-III shares –
shall mean the shares of the Company’s common stock classified as Class A-III. 

Class D shares – shall mean the shares of the Company’s common stock classified as Class D. 

Class E shares – shall mean the shares of the Company’s common stock classified as Class E. 

Class F-D shares – shall mean the shares of the Company’s common stock classified
as Class F-D. 
 Class F-I shares –
shall mean the shares of the Company’s common stock classified as Class F-I. 
 Class F-S shares – shall mean the shares of the Company’s common stock classified as Class F-S. 

Class I shares – shall mean the shares of the Company’s common stock classified as Class I. 

Class S shares – shall mean the shares of the Company’s common stock classified as Class S. 

Company – shall mean Apollo Realty Income Solutions, Inc., a Maryland corporation. 

Dealer Manager – shall mean Apollo Global Securities, LLC. 

NAV – shall mean the net asset value of the Company attributable to its Stockholders or the net asset value of a class of its shares, as the
context requires, determined in accordance with the Company’s valuation policies and procedures. 
 Operating Partnership – shall mean ARIS
Operating Partnership L.P. 
 Operating Partnership units – shall mean limited partnership interests in the Operating Partnership. 

Plan – shall mean this share repurchase plan of the Company. 

Special Limited Partner – shall mean ARIS Special Limited Partner, LLC. 

Stockholders – shall mean the holders of Class S shares, Class D shares, Class I shares,
Class F-S shares, Class F-D shares, Class F-I shares, Class A-I
shares, Class A-II shares, Class A-III shares or Class E shares. 

Transaction Price – shall mean the repurchase price per share for each class of common stock, which shall be equal to the then-current offering
price before applicable selling commissions and dealer manager fees. 

 Share Repurchase Plan 

Stockholders may request that the Company repurchase shares of its common stock through their financial advisor or directly with the Company’s transfer
agent. The procedures relating to the repurchase of shares of the Company’s common stock are as follows: 
  

	 	•	 	 Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may
impact the time necessary to process such repurchase request, impose more restrictive deadlines than described under this Plan, impact the timing of a Stockholder receiving repurchase proceeds and require different paperwork or process than
described in this Plan. Stockholders should contact their broker-dealer first if they want to request the repurchase of their shares. 

  

	 	•	 	 Under this Plan, to the extent the Company chooses to repurchase shares in any particular month the Company will
only repurchase shares as of the opening of the last calendar day of that month (a “Repurchase Date”). To have shares repurchased, a Stockholder’s repurchase request and required documentation must be received in good order by 4:00
p.m. (Eastern time) on the second to last business day of the applicable month. Settlements of share repurchases will be made within three business days of the Repurchase Date. The Company will begin this Plan in the first month of the first full
calendar quarter following the conclusion of its escrow period. Repurchase requests received and processed by the Company’s transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date
(which will generally be equal to the Company’s prior month’s NAV per share). 

  

	 	•	 	 A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the
Stockholder’s financial intermediary, on our toll-free, automated telephone line, 888-926-2688. The line is open on each business day between the hours of 9:00 a.m.
and 6:00 p.m. (Eastern time). Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the last business day of the applicable month. 

  

	 	•	 	 If a repurchase request is received after 4:00 p.m. (Eastern time) on the second to last business day of the
applicable month, the repurchase request will be executed, if at all, on the next month’s Repurchase Date at the Transaction Price applicable to that month, unless such request is withdrawn prior to the repurchase. Repurchase requests received
and processed by the Company’s transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity
(including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. 

 

	 	•	 	 Repurchase requests may be made by mail or by contacting a financial intermediary, both subject to certain
conditions described in this Plan. If making a repurchase request by contacting the Stockholder’s financial intermediary, the Stockholder’s financial intermediary may require the Stockholder to provide certain documentation or information.
If making a repurchase request by mail to the transfer agent, the Stockholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan. Written requests should be sent to the transfer agent at the following
address: 

 Apollo Realty Income Solutions, Inc. 

PO Box 219049 
 Kansas City, MO
64121-9049 
 Overnight Address: 

Apollo Realty Income Solutions, Inc. 

430 W 7th St. Suite 219049 

Kansas City, MO 64105-1407 
 Toll
Free Number: 888-926-2688 
 Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required. 

	 	•	 	 For processed repurchases, Stockholders may request that repurchase proceeds are to be paid by mailed check
provided that the check is mailed to an address on file with the transfer agent for at least 30 days. Stockholders should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

  

	 	•	 	 Stockholders may also receive repurchase proceeds via wire transfer, provided that wiring instructions for their
brokerage account or designated U.S. bank account are provided. For all repurchases paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another financial institution provided that
the Stockholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating a bank or brokerage account on file. Funds will be wired
only to U.S. financial institutions (ACH network members). 

  

	 	•	 	 A medallion signature guarantee will be required in certain circumstances described below. A medallion signature
guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The
three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that
are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria
for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Stockholder wishes to
have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Stockholder’s address of record for the past 30 days; or
(3) the Company’s transfer agent cannot confirm a Stockholder’s identity or suspects fraudulent activity. 

  

	 	•	 	 If a Stockholder has made multiple purchases of shares of the Company’s common stock, any repurchase request
will be processed on a first in/first out basis unless otherwise requested in the repurchase request. 

 Minimum Account Repurchases

 In the event that any Stockholder fails to maintain the minimum balance of $500 of shares of the Company’s common stock, the Company may
repurchase all of the shares held by that Stockholder at the repurchase price in effect on the date the Company determines that such Stockholder has failed to meet the minimum balance. Minimum account repurchases will apply even in the event that
the failure to meet the minimum balance is caused solely by a decline in the Company’s NAV. 
 Sources of Funds for Repurchases 

The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings,
return of capital or offering proceeds (including from sales of the Company’s common stock or Operating Partnership units to the Special Limited Partner), and the Company has no limits on the amounts it may pay from such sources, as long as the
Company is able to pay its indebtedness as it becomes due in the usual course of business and its total assets are not less than its total liabilities. 

Repurchase Limitations 
 The Company may repurchase
fewer shares than have been requested in any particular month to be repurchased under this Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class S shares, Class D shares,
Class I shares, Class F-S shares, Class F-D shares, Class F-I shares,
Class A-I shares, Class A-II shares, Class A-III shares and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company) will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the
immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). 

 In the event that the Company determines to repurchase some but not all of the shares submitted for
repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce and any
minimum account repurchases made by the Company. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of this Plan, as applicable. If the Transaction Price for the
applicable month is not made available by the tenth business day prior to the Repurchase Date (or is changed after such date), then no repurchase requests will be accepted for such month and Stockholders who wish to have their shares repurchased the
following month must resubmit their repurchase requests. The transaction price for each month will be available on the Company’s website at https://gwms.apollo.com/realtyincomesolutions and in prospectus supplements filed with the
Securities and Exchange Commission (“SEC”). 
 Should repurchase requests, in the Company’s judgment, place an undue burden on the
Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid
investments rather than repurchasing the Company’s shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all.
Further, the Company’s board of directors may make exceptions to, modify or suspend this Plan if, in its reasonable judgment, it deems such action to be in the best interest of the Company and its Stockholders. Material modifications, including
any amendment to the 2% monthly or 5% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Stockholders in a prospectus supplement (or post-effective amendment if required by the Securities Act) or
special or periodic report filed by us. Material modifications will also be disclosed on the Company’s website. In addition, the Company may determine to suspend this Plan due to regulatory changes, due to changes in law or if the Company
becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company’s board of directors must affirmatively authorize the recommencement of this
Plan before Stockholder requests will be considered again. Upon suspension of this Plan, this Plan requires the Company’s board of directors to consider at least quarterly whether the continued suspension of the Plan is in the best interest of
the Company and its Stockholders. However, the Company’s board of directors is not required to authorize the recommencement of the Plan within any specified period of time. The Company’s board of directors cannot terminate this Plan absent
a liquidity event which results in Stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. 

As described in the Company’s prospectus or private placement memorandum, as applicable, shares held by the Adviser acquired as payment
of the Adviser’s management fee will not be subject to this Plan, including with respect to any repurchase limits or the calculation of NAV. Stockholders who are exchanging a class of the Company’s shares for shares of another class with
an equivalent aggregate NAV will not be subject to, and will not be treated as repurchases for the calculation of, the 2% monthly or 5% quarterly limitations on repurchases. 

Items of Note 
  

	 	•	 	 Stockholders will not receive interest on amounts represented by uncashed repurchase checks;

  

	 	•	 	 Under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be
suspended, restricted or canceled and the proceeds may be withheld; 

  

	 	•	 	 IRS regulations require the Company to determine and disclose on Form
1099-B the adjusted cost basis for shares of the Company’s stock sold or repurchased. Although there are several available methods for determining the adjusted cost basis, unless a Stockholder elects
otherwise, which such Stockholder may do by checking the appropriate box on the repurchase authorization form or calling the Company’s customer service number at (888) 926-2688, the Company will utilize
the first-in-first-out method; and 

	 	•	 	 All shares of the Company’s common stock requested to be repurchased must be beneficially owned by the
Stockholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Stockholder of record of the shares or his or her estate, heir or beneficiary, and such
shares of common stock must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are
not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien. 

Mail and Telephone Instructions 
 The Company and its
transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Stockholder transactions if they reasonably believe that such instructions were genuine. The Company’s
transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Stockholder to provide certain specific identifying information on file and sending written confirmation to Stockholders of record
no later than five days following execution of the instruction. Failure by the Stockholder or its agent to notify the Company’s transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the
instructions were not properly acted upon or any other discrepancy will relieve the Company, the Company’s transfer agent and the financial advisor of any liability with respect to the discrepancy. 

  

			
	 

	  	 REPURCHASE AUTHORIZATION

FOR Apollo Realty Income Solutions, Inc.

 Use this form to request repurchase of your shares in Apollo Realty Income Solutions, Inc. Please complete all sections below.

 1 REPURCHASE FROM THE FOLLOWING ACCOUNT 
  

	
	Name(s) on the Account

			
	Account Number	  	Social Security Number/TIN

			
	Financial Advisor Name	  	 Financial Advisor
Phone
 Number

  

			
	 2 REPURCHASE AMOUNT (Check one)
	  	 3 REPURCHASE TYPE (Check one)

		
	 ☐ All Shares
	  	 ☐ Normal

		
	 ☐ Number of Shares _________________
	  	 ☐ Death

		
	 ☐ Dollar Amount $ __________________
	  	 ☐ Disability

		
		  	 ☐ Divorce

 Additional documentation is required if repurchasing due to Death, Disability or Divorce. Contact Investor
Relations for detailed instructions at 888-926-2688. 
 4 PAYMENT
INSTRUCTIONS (Select only one)  
 Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check
will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the
Custodian or Broker/Dealer of record, as applicable. All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature. 

 

	
	 ☐ Cash/Check Mailed to Address of Record

	
	 ☐ Cash/Check Mailed to Third Party/Custodian (Signature Guarantee
required)

	
	 ☐ I authorize Apollo Realty Income Solutions, Inc. or its agent to deposit my
distribution into my checking or savings account.

  

			
	
Name / Entity Name / Financial Institution_______________
	  	
Mailing Address_________________________

							
	
City______________
	  	
State______________
	  	 Zip
Code______________
	  	
Account Number______________

 ☐ Cash/Direct Deposit Attach a pre-printed voided check. (Non-Custodian Investors Only) 
 I authorize Apollo Realty Income Solutions, Inc. or its agent to deposit my
distribution into my checking or savings account. In the event that Apollo Realty Income Solutions, Inc. deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous
deposit. 
  

							
	
Financial Institution Name_________
	  	 Mailing
Address___________
	  	
City________________
	  	
State_________

			
	
Your Bank’s ABA Routing Number_______________
	  	
Your Bank Account Number_________________

 PLEASE ATTACH A PRE-PRINTED
VOIDED CHECK 

 5 COST BASIS SELECTION (Select only one) 

U.S. federal income tax information reporting rules generally apply to certain transactions in our shares. Where they apply, the “cost basis”
calculated for the shares involved will be reported to the Internal Revenue Service (“IRS”) and to you. Generally, these rules apply to our shares, including those purchased through our distribution reinvestment plan. You should consult
your own tax advisor regarding the consequences of these new rules and your cost basis reporting options. 
 Indicate below the cost basis method you would
like us to apply. 
 IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO method. 

☐ FIFO (First – In / First Out) 
 ☐ LIFO (Last
– In / First Out) Consult your tax advisor to determine whether this method is available to you. 
 ☐ Specific Lots 

If you have selected “Specific Lots,” please identify the lots below: 
  

			
	
Date of Purchase:_________________
	  	
Amount of Purchase:_________________

			
	 Date of
Purchase:_________________
	  	 Amount of
Purchase:_________________

			
	 Date of
Purchase:_________________
	  	 Amount of
Purchase:_________________

 6 AUTHORIZATION AND SIGNATURE 

IMPORTANT: Signature Guarantee may be required if any of the following applies: 

 

	 	•	 	 Amount to be repurchased is $500,000 or more. 

 

	 	•	 	 The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.

  

	 	•	 	 The repurchase is to be sent to an address other than the address on record. 

 

	 	•	 	 If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A
one-and-the-same signature guarantee must state “<Previous Name> is one-and-the-same as <New Name>” and you must sign your old and new name. 

 

	 	•	 	 The repurchase proceeds are deposited directly according to banking instructions provided on this form. (Non
Custodial Investors Only) 

  

					
	
Investor Name (Please Print) _________________
	  	
Signature____________________
	  	
Date_____________

					
	 Co-Investor Name (Please Print) _______________
	  	 Signature____________________
	  	
Date_____________

					
	
Signature Guarantee

(Affix Medallion or Signature Guarantee Stamp Below)
	 	     

	  	 Custodian and/or
Broker/Dealer Authorization
 (if applicable)

Signature of Authorized Person

	*	 Please refer to the prospectus you received in connection with your initial investment in Apollo Realty Income
Solutions, Inc., as amended by any amendments or supplements to that prospectus for a description of the current terms of our share repurchase plan. A copy of the prospectus, as amended and supplemented to date, is located at
https://gwms.apollo.com/realtyincomesolutions and at www.sec.gov. The repurchase price will be available in our prospectus supplements and at https://gwms.apollo.com/realtyincomesolutions and www.sec.gov. There are
various limitations on your ability to request that we repurchase your shares. Please see a copy of the applicable prospectus, as amended and supplemented to date, for the current repurchase price. In addition, the aggregate NAV of total repurchases
of Class S, Class D, Class I, Class F-S, Class F-D, Class F-I,
Class A-I, Class A-II, Class A-III and Class E shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company) will be limited to no more than 2% of the Company’s aggregate NAV per month (measured using the aggregate NAV as of the end of the
immediately preceding month) and no more than 5% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). Our board of directors may determine to
make exceptions to, amend or suspend our share repurchase plan without Stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at www.sec.gov, which will also be
made available at https://gwms.apollo.com/realtyincomesolutions. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of
repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer
agent, directly or through the Stockholder’s financial intermediary, on our toll-free, automated telephone line, 888-926-2688. Repurchase requests must be cancelled
before 4:00 p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to
accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole
discretion, and such determination shall be final and binding. 

  

	*	 Share repurchases under our share repurchase plan will be effectuated as of the opening of the last calendar
day of each month and we expect to declare monthly distributions with a record date as of the close of business of the last calendar day of each month commencing with the first full calendar quarter after the escrow period concludes. You will not be
entitled to receive a distribution if your shares are repurchased prior to the applicable time of the record date. 

 Mail to:
Apollo Realty Income Solutions, Inc. ⬛ PO Box 219049 ⬛ Kansas City, MO 64121-9049 
 Overnight Delivery: Apollo Realty Income
Solutions, Inc. ⬛ 430 W. 7th St. ⬛ Kansas City, MO 64105-1407 
 Investor
Relations: 888-926-2688EX-4.2

 Exhibit 4.2 

AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN 

This Amended and Restated Distribution Reinvestment Plan (the “Plan”) is adopted by Apollo Realty Income Solutions, Inc. (the “Company”)
pursuant to its Articles of Amendment and Restatement (as amended, restated or otherwise modified from time to time, the “Charter”). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the
Charter. 
 1. Distribution Reinvestment. As agent for the stockholders (the “Stockholders”) of the Company who
(i) purchase Class S Common Stock, $0.01 par value per share, Class D Common Stock, $0.01 par value per share, Class I Common Stock, $0.01 par value per share, Class F-S Common Stock,
$0.01 par value per share, Class F-D Common Stock, $0.01 par value per share, Class F-I Common Stock, $0.01 par value per share,
Class A-I Common Stock, $0.01 par value per share of the Company, Class A-II Common Stock, $0.01 par value per share of the Company or Class A-III Common Stock, $0.01 par value per share of the Company (collectively the “Public Shares”) pursuant to the Company’s continuous public offering (the “Public Offering”), (ii)
purchase Class E Common Stock, $0.01 par value per share (“Class E Shares” and, together with the Public Shares, the “Shares”) pursuant to an applicable exemption from registration under the Securities Act of 1933, as
amended (the “Securities Act”) (the “Class E Private Offering”) or (iii) purchase Shares pursuant to any future offering of the Company (a “Future Offering”), and who do not opt out of participating in the Plan
(or, in the case of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of participating
broker-dealers that do not permit automatic enrollment in the Plan, who opt to participate in the Plan) (the “Participants”), the Company will apply all dividends and other distributions declared and paid in respect of the Shares held by
each Participant and attributable to the class of Shares purchased by such Participant (the “Distributions”), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional
Shares of the same class for such Participant. 
 2. Effective Date. The effective date of this Plan shall be the date that
the minimum offering requirements are met in connection with the Public Offering and the escrowed subscription proceeds are released to the Company. 

3. Procedure for Participation. Any Stockholder who has (i) purchased Shares pursuant to the Public Offering (unless such
Stockholders is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont or Washington or is a client of a
participating broker-dealer that does not permit automatic enrollment in the Plan) who has received a prospectus, as contained in the Company’s registration statement filed with the Securities and Exchange Commission (the “SEC”) or
(ii) purchased Shares pursuant the Class E Private Offering, will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement. Any Stockholder who is a resident
of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont or Washington or is a client of a participating broker-dealer that does
not permit automatic enrollment in the Plan who has received a prospectus, as contained in the Company’s registration statement filed with the SEC, will become a Participant if they elect to become a Participant by noting such election on their
subscription agreement. If any Stockholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the
Company, the Company’s transfer agent, the dealer manager for the Public Offering or any soliciting dealer participating in the distribution of Shares for the Public Offering. Participation in the Plan will begin with the next Distribution
payable after acceptance of a Participant’s subscription, enrollment or authorization. Shares will be purchased under the Plan on the date that Distributions are paid by the Company. 

 4. Suitability. Each Participant is requested to promptly notify the Company
in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth, investment concentration, status as an “accredited investor” as defined in Regulation D of
the Securities Act (solely with respect to purchasers in the Class E Private Offering), or other investment suitability standards imposed by such Participant’s state of residence and set forth in the Company’s most recent prospectus
or the private placement memorandum with respect to the Class E Private Offering, as applicable. For the avoidance of doubt, this request in no way shifts to the Participant the responsibility of the Company’s sponsor, or any other person
selling Shares on behalf of the Company to the Participant to make every reasonable effort to determine that the purchase of Shares by stockholders who purchased Shares in the Public Offering is a suitable and appropriate investment based on
information provided by such Participant. 
 5. Purchase of Shares. 

A. Participants will acquire Shares from the Company (including Shares purchased by the Company for the Plan in a secondary market (if
available) or on a stock exchange (if listed)) under the Plan (the “Plan Shares”) at a price equal to the NAV per Share applicable to the class of Shares purchased by the Participant on the date that the distribution is payable (calculated
as of the most recent month end). No upfront selling commissions will be payable with respect to shares purchased pursuant to the Plan, but such shares will be subject to ongoing stockholder servicing fees. Participants in the Plan may purchase
fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares and such Participant’s participation in the Plan will be terminated to the extent that a
reinvestment of such Participant’s distributions in Shares would cause the percentage ownership or other limitations contained in the Charter to be violated. 

B. Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (i) the Plan
Shares which will be registered with the SEC in connection with the Public Offering, (ii) Class E Shares issued by the Company pursuant to an applicable exemption from registration under the Securities Act, or (iii) Shares to be
registered with the SEC in a Future Offering for use in the Plan (a “Future Registration”). 
 6. Taxes. THE
REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE
COMPANY WITH THE SEC. 
 7. Share Certificates. The ownership of the Shares purchased through the Plan will be in book-entry
form unless and until the Company issues certificates for its outstanding Shares. 
 8. Reports. On a quarterly basis, the
Company shall provide each Participant a statement of account describing, as to such Participant: (i) the Distributions reinvested during the quarter; (ii) the number and class of Shares purchased pursuant to the Plan during the quarter;
(iii) the per share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the Participant under the Plan. On an annual basis, tax information with respect to income earned on Shares under the Plan for
the calendar year will be provided to each applicable participant. 
 9. Termination by Participant. A Participant may
terminate participation in the Plan at any time, without penalty, by delivering ten days’ prior written notice to the Company. This notice must be received by the Company prior to the last day of a quarter in order for a Participant’s
termination to be effective for such quarter (i.e., a timely termination notice will be effective as of the last day of a quarter in which it is timely received and will not affect participation in the Plan for any prior quarter). Any transfer

 
of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares. If a Participant requests
that the Company repurchase all or any portion of the Participant’s Shares, the Participant’s participation in the Plan with respect to the Participant’s Shares for which repurchase was requested but that were not repurchased will be
terminated. If a Participant terminates Plan participation, the Company may, at its option, ensure that the terminating Participant’s account will reflect the whole number of shares in such Participant’s account and provide a check for the
cash value of any fractional share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Stockholder in cash. 

10. Amendment, Suspension or Termination by the Company. The Board of Directors may by majority vote amend any aspect of the
Plan; provided that the Plan cannot be amended to eliminate a Participant’s right to terminate participation in the Plan and that notice of any material amendment must be provided to Participants at least ten days prior to the effective date of
that amendment. The Board of Directors may by majority vote suspend or terminate the Plan for any reason upon ten days’ written notice to the Participants. 

11. Liability of the Company. The Company shall not be liable for any act done in good faith, or for any good faith omission to
act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant’s account upon such Participant’s death prior to timely receipt of notice in writing of such death or (ii) with
respect to the time and the prices at which Shares are purchased or sold for a Participant’s account. To the extent that indemnification may apply to liabilities arising under the Securities Act, or the securities laws of a particular state,
the Company has been advised that, in the opinion of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

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