Document:

EX-10.1

 Exhibit 10.1 

APOLLO REALTY INCOME SOLUTIONS, INC., 

ARIS OPERATING PARTNERSHIP, L.P. 

and 
 ARIS MANAGEMENT, LLC 

 
  

ADVISORY AGREEMENT 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page No.	 
	Section 1.	  	 Definitions
	  	 	1	 
			
	Section 2.	  	 Appointment
	  	 	5	 
			
	Section 3.	  	 Duties of the Adviser
	  	 	5	 
			
	Section 4.	  	 Authority of Adviser
	  	 	8	 
			
	Section 5.	  	 Bank Accounts
	  	 	10	 
			
	Section 6.	  	 Records; Access
	  	 	10	 
			
	Section 7.	  	 Limitations on Activities
	  	 	10	 
			
	Section 8.	  	 Other Activities of the Adviser
	  	 	10	 
			
	Section 9.	  	 Relationship with Directors and Officers
	  	 	12	 
			
	Section 10.	  	 Management Fee
	  	 	13	 
			
	Section 11.	  	 Expenses
	  	 	14	 
			
	Section 12.	  	 Other Services
	  	 	17	 
			
	Section 13.	  	 Reimbursement to the Adviser
	  	 	17	 
			
	Section 14.	  	 No Joint Venture
	  	 	17	 
			
	Section 15.	  	 Term of Agreement
	  	 	17	 
			
	Section 16.	  	 Termination by the Parties
	  	 	18	 
			
	Section 17.	  	 Assignment to an Affiliate
	  	 	18	 
			
	Section 18.	  	 Payments to and Duties of Adviser Upon Termination
	  	 	18	 
			
	Section 19.	  	 Indemnification by the Company and the Operating Partnership
	  	 	18	 
			
	Section 20.	  	 Indemnification by Adviser
	  	 	19	 
			
	Section 21.	  	 Non-Solicitation
	  	 	19	 
			
	Section 22.	  	 Miscellaneous
	  	 	19	 
			
	Section 23.	  	 Initial Investment
	  	 	21	 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of the [    ] day of [    ],
2022 and effective as of the date the Registration Statement (as defined below) is declared effective by the Securities and Exchange Commission (the “Effective Date”), is by and among Apollo Realty Income Solutions, Inc., a Maryland
corporation (together with its subsidiaries, the “Company”), ARIS Operating Partnership L.P., a Delaware limited partnership (together with its subsidiaries, the “Operating Partnership”) and ARIS Management, LLC, a
Delaware limited liability company (the “Adviser”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 

W I T N E S S E T H 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through
860 of the Code; 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and
make all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to
avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Adviser and to have the Adviser undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Adviser is willing to undertake to render such
services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of
the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: 

Section 1.    Definitions. As used in this Agreement, the following terms have the definitions hereinafter
indicated: 
 “Acquisition Expenses” shall have the meaning set forth in the Charter. 

“Adviser” shall mean ARIS Management, LLC, a Delaware limited liability company. 

“Adviser Expenses” shall have the meaning set forth in Section 11(b). 

“Affiliate” shall have the meaning set forth in the Charter. 

“Agreement” shall have the meaning set forth in the preamble of this Agreement. 

“Apollo” means, collectively, Apollo Global Management, Inc., a Delaware corporation, and any subsidiary thereof. 

“Average Invested Assets” shall have the meaning set forth in the Charter. 

  
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 “Board” shall mean the board of directors of the Company, as of any
particular time. 
 “Business Day” shall have the meaning set forth in the Charter. 

“Bylaws” shall mean the bylaws of the Company, as amended from time to time. 

“Cause” shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or
willful or grossly negligent breach of fiduciary duty by the Adviser in connection with performing its duties hereunder. 

“CEA” shall mean the U.S. Commodities Exchange Act, as amended. 

“Change of Control” shall mean any event (including, without limitation, issue, transfer or other disposition of shares
of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company or the Operating Partnership representing greater than 50% or more of the
combined voting power of Company’s or the Operating Partnership’s then outstanding securities, respectively; provided that a Change of Control shall not be deemed to occur as a result of any widely distributed public offering
of the Shares. 
 “Charter” shall mean the Articles of Incorporation of the Company filed with the Maryland State
Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time. 

“Class D Common Shares” shall have the meaning set forth in the Charter. 

“Class E Common Shares” shall have the meaning set forth in the Charter. 

“Class F-D Common Shares” shall have the meaning set forth in the
Charter. 
 “Class F-I Common Shares” shall have the meaning set
forth in the Charter. 
 “Class F-S Common Shares” shall have the meaning set forth
in the Charter. 
 “Class I Common Shares” shall have the meaning set forth in the Charter. 

“Class S Common Shares” shall have the meaning set forth in the Charter. 

“Class D NAV Per Share” shall have the meaning set forth in the Charter. 

“Class E NAV Per Share” shall have the meaning set forth in the Charter. 

“Class F-D NAV Per Share” shall have the meaning set forth in the
Charter. 
 “Class F-I NAV Per Share” shall have the meaning set
forth in the Charter. 
 “Class F-S NAV Per Share” shall have the meaning set forth
in the Charter. 

  
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 “Class I NAV Per Share” shall have the meaning set forth
in the Charter. 
 “Class S NAV Per Share” shall have the meaning set forth in the Charter. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commencement Date” shall mean the date on which the Company breaks escrow for its initial Offering. 

“Company” shall have the meaning set forth in the preamble of this Agreement. 

“Company Management Fee” shall have the meaning set forth in Section 10(a). 

“Director” shall mean a member of the Board. 

“Distributions” shall have the meaning set forth in the Charter. 

“Effective Date” shall have the meaning set forth in the preamble of this Agreement. 

“Excess Amount” shall have the meaning set forth in Section 13. 

“Exchange Act” shall have the meaning set forth in the Charter. 

“Expense Year” shall have the meaning set forth in Section 13. 

“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from time to
time. 
 “Gross Proceeds” shall mean the aggregate purchase price of all Shares sold for the account of the Company through
an Offering, without deduction for Selling Commissions. The purchase price of any Class S Common Share, Class D Common Share, Class F-S Common Share or
Class F-D Common Share shall be deemed to be the full, non-discounted offering price at the time of purchase of each such Class S Common Share, Class D
Common Share, Class F-S Common Share or Class F-D Common Share. 

“Independent Appraiser” shall have the meaning set forth in the Charter. 

“Independent Director” shall have the meaning set forth in the Charter. 

“Initial Investment” shall have the meaning set forth in Section 23. 

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Investment Guidelines” shall mean the investment guidelines adopted by the Board, as amended from time to time,
pursuant to which the Adviser has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board. 

  
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 “Investments” shall mean any investments by the Company or the
Operating Partnership, directly or indirectly, in Real Property, Real Estate-Related Assets or other assets. 
 “Joint
Ventures” shall have the meaning set forth in the Charter. 
 “Management Fee” shall have the meaning
set forth in Section 10(a). 
 “Mortgages” shall have the meaning set forth in the Charter. 

“NASAA REIT Guidelines” shall have the meaning set forth in the Charter. 

“NAV” shall mean the Company’s net asset value, calculated pursuant to the Valuation Guidelines. 

“Net Income” shall have the meaning set forth in the Charter. 

“Offering” shall have the meaning set forth in the Charter. 

“OP Management Fee” shall have the meaning set forth in Section 10(a). 

“Operating Partnership” shall have the meaning set forth in the preamble of this Agreement. 

“Operating Partnership Agreement” shall mean the Limited Partnership Agreement of the Operating Partnership, as amended from
time to time. 
 “Organization and Offering Expenses” shall have the meaning set forth in the Charter. 

“Other Apollo Accounts” shall mean investment funds, REITs, vehicles, accounts, products and/or other similar arrangements
sponsored, advised and/or managed by Apollo, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Apollo side-by-side or additional general partner investments with
respect thereto). 
 “Person” shall mean an individual, corporation, business trust, estate, trust, partnership, joint
venture, limited liability company or other legal entity. 
 “Prospectus” shall have the meaning set forth in the
Charter. 
 “Real Estate-Related Assets” shall mean any investments by the Company or the Operating Partnership in
Mortgages and Real Estate-Related Securities. 
 “Real Estate-Related Securities” shall have the meaning set forth in the
Charter. 
 “Real Property” shall have the meaning set forth in the Charter. 

  
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 “Registration Statement” shall mean the registration statement on Form S-11, as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of the Shares for the Company’s initial Offering. 

“REIT” shall have the meaning set forth in the Charter. 

“Securities Act” shall have the meaning set forth in the Charter. 

“Selling Commissions” shall have the meaning set forth in the Charter. 

“Services” shall have the meaning set forth in Section 8(c). 

“Shares” shall have the meaning set forth in the Charter. 

“Stockholder Servicing Fee” shall have the meaning set forth in the Charter. 

“Stockholders” shall have the meaning set forth in the Charter. 

“Termination Date” shall mean the date of termination of this Agreement or expiration of this Agreement in the event this
Agreement is not renewed for an additional term. 
 “Total Operating Expenses” shall have the meaning set forth in the
Charter. 
 “2%/25% Guidelines” shall have the meaning set forth in the Charter. 

“Valuation Guidelines” shall mean the valuation guidelines adopted by the Board, as amended from time to time. 

Section 2.    Appointment. Each of the Company and the Operating Partnership hereby appoints the
Adviser to serve as its investment adviser on the terms and conditions set forth in this Agreement, and the Adviser hereby accepts such appointment. By accepting such appointment, the Adviser acknowledges that it has a contractual and fiduciary
responsibility to the Company and the Stockholders. Except as otherwise provided in this Agreement, the Adviser hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided that the Company
reimburses the Adviser for costs and expenses in accordance with Section 11 hereof. 

Section 3.    Duties of the Adviser. Subject to the oversight of the Board and the terms and conditions of
this Agreement (including the Investment Guidelines) and consistent with the provisions of the Company’s most recent Prospectus for the Shares, the Charter and Bylaws and the Operating Partnership Agreement, the Adviser will have plenary
authority with respect to the management of the business and affairs of the Company and the Operating Partnership and will be responsible for implementing the investment strategy of the Company and the Operating Partnership. The Adviser will perform
(or cause to be performed through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments and rendering investment advice to the Company and the Operating Partnership as may be
appropriate or otherwise mutually agreed from time to time, which may include, without limitation: 

  
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 (a)    serving as an advisor to the Company and the Operating
Partnership with respect to the establishment and periodic review of the Investment Guidelines for the Company’s and the Operating Partnership’s investments, financing activities and operations; 

(b)    sourcing, evaluating and monitoring the Company’s and Operating Partnership’s investment opportunities
and executing the acquisition, management, financing and disposition of the Company’s and Operating Partnership’s assets, in accordance with the Company’s Investment Guidelines, policies and objectives and limitations, subject to
oversight by the Board; 
 (c)    with respect to prospective acquisitions, purchases, sales, exchanges or other
dispositions of Investments, conducting negotiations on the Company’s and Operating Partnership’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors and representatives, and
determining the structure and terms of such transactions; 
 (d)    providing the Company with portfolio management and
other related services; 
 (e)    serving as the Company’s advisor with respect to decisions regarding any of the
Company’s financings, hedging activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company’s investment
objectives, (2) advising the Company with respect to obtaining appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the Charter, Bylaws and the Operating
Partnership Agreement, may include financing by the Adviser or its Affiliates) and (3) negotiating and entering into, on the Company’s and Operating Partnership’s behalf, financing arrangements (including one or more credit
facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions, and other agreements and instruments required or appropriate in connection with the
Company’s and Operating Partnership’s activities; 
 (f)    engaging and supervising, on the Company’s
and Operating Partnership’s behalf and at the Company’s and Operating Partnership’s expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents,
escrow agents and other service providers (which may include Affiliates of the Adviser) that provide various services with respect to the Company and Operating Partnership, including, without limitation,
on-site managers, building and maintenance personnel, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other
financial, legal or accounting services, due diligence services, underwriting review services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company’s and Operating
Partnership’s activities or investments (or potential Investments); 
 (g)    coordinating and managing operations
of any Joint Venture or co-investment interests held by the Company or Operating Partnership and conducting matters with the Joint Venture or co-investment partners;

  
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 (h)    communicating on the Company’s and Operating
Partnership’s behalf with the holders of any of the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective
relations with such holders; 
 (i)    advising the Company in connection with policy decisions to be made by the Board;

 (j)    providing the daily management of the Company and the Operating Partnership, including performing and
supervising the various administrative functions reasonably necessary for the management of the Company and the Operating Partnership; 

(k)    engaging one or more subadvisors with respect to the management of the Company and Operating Partnership,
including, where appropriate, Affiliates of the Adviser; 
 (l)    evaluating and recommending to the Board hedging
strategies and engaging in hedging activities on the Company’s and Operating Partnership’s behalf, consistent with the Company’s qualification as a REIT and with the Investment Guidelines; 

(m)    investing and reinvesting any moneys and securities of the Company and the Operating Partnership (including
investing in short-term investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company’s stockholders and partners) and advising the Company as to the
Company’s and Operating Partnership’s capital structure and capital raising; 
 (n)    determining valuations
for the Company’s Real Properties and Real Estate-Related Assets and calculating, as of the last Business Day of each month, the Class S NAV Per Share, Class D NAV Per Share, Class I NAV Per Share,
Class F-S NAV Per Share, Class F-D NAV Per Share, Class F-I NAV Per Share and Class E NAV Per Share in
accordance with the Valuation Guidelines, and in connection therewith, obtaining appraisals performed by an Independent Appraiser and other independent third party appraisal firms concerning the value of the Real Properties and obtaining market
quotations or conducting fair valuation determinations concerning the value of Real Estate-Related Assets; 

(o)    providing input in connection with the appraisals performed by the Independent Appraisers, including periodic asset
and portfolio-level information with respect to the Company’s Real Properties and Real Estate-Related Assets; 

(p)    monitoring the Company’s Real Properties and Real Estate Related Assets for events that may be expected to
have a material impact on the most recent estimated values; 
 (q)    monitoring each Independent Appraiser’s
valuation process to ensure that it complies with the Company’s valuation guidelines; 
 (r)    delivering to, or
maintaining on behalf of, the Company copies of appraisals obtained in connection with the investments in any Real Property; 

  
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 (s)    in the event that the Company is a commodity pool under the CEA,
acting as the Company’s commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for
exemptive or “no action” relief) to the extent required or desirable under the CEA (and the Company hereby appoints the Adviser to act in such capacity and the Adviser accepts such appointment and agrees to be responsible for such
services); 
 (t)    placing, or arranging for the placement of, orders of Real Estate-Related Assets pursuant to the
Adviser’s investment determinations for the Company and the Operating Partnership either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); 

(u)    making from time to time, or at any time reasonably requested by the Board, reports to the Board of its performance
of services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Adviser or any of its Affiliates; 

(v)    advising the Company regarding the Company’s ability to elect REIT status, and thereafter maintenance of the
Company’s status as a REIT, and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and the regulations promulgated thereunder; 

(w)    taking all necessary actions to enable the Company and the Operating Partnership to make required tax filings and
reports, including soliciting Stockholders for required information to the extent provided by the REIT provisions of the Code; 

(x)    taking all necessary actions to enable the Company and the Operating Partnership to maintain their exemptions or
exclusions from the status of an investment company required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions or exclusions and using commercially reasonable efforts to cause
them to maintain such exemptions or exclusions from such status; 
 (y)    assisting the Company in maintaining the
registration of the Shares under federal and state securities laws with respect to any Offering and complying with all federal, state and local regulatory requirements applicable to the Company with respect to any Offering and the Company’s
business activities (including the Sarbanes-Oxley Act of 2002, as amended), including, with respect to any Offering, preparing or causing to be prepared all supplements to the Prospectus, post-effective amendments to the registration statement for
any Offering and financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Securities Act and the Exchange Act; 

(z)    performing such other services from time to time in connection with the management of the Company’s investment
activities as the Board shall reasonably request and/or the Adviser shall deem necessary or advisable under the particular circumstances. 

Section 4.    Authority of Adviser. 

  
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 (a)    Pursuant to the terms of this Agreement (including the
restrictions included in this Section 4 and in Section 7), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its
approval of this Agreement and authorization of the execution hereof by the officers of the Company) hereby delegates to the Adviser the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements,
certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the Adviser, may be necessary or advisable in connection with the Adviser’s duties described in Section 3,
including the making of any Investment that fits within the Company’s investment objectives, strategy and guidelines, policies and limitations and within the discretionary limits and authority as granted to the Adviser from time to time by the
Board or pursuant to this Agreement. 
 (b)    Notwithstanding the foregoing, any Investment that does not fit within
the Investment Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment that fits
within the Investment Guidelines may be made by the Adviser on the Company’s or the Operating Partnership’s behalf without the prior approval of the Board or any duly authorized committee of the Board. 

(c)    The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise
interested in the transaction as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties will be required
for each transaction with the Company to which the Adviser or its Affiliates is a party. 
 (d)    The Board will review
the Investment Guidelines with sufficient frequency and, upon commencement of the initial Offering, at least annually and may, at any time upon the giving of notice to the Adviser, amend the Investment Guidelines; provided, however,
that such modification or revocation shall be effective upon receipt by the Adviser or such later date as is specified by the Board and included in the notice provided to the Adviser and such modification or revocation shall not be applicable
to investment transactions to which the Adviser has committed the Company or the Operating Partnership prior to the date of receipt by the Adviser of such notification, or if later, the effective date of such modification or revocation specified by
the Board. 
 (e)    The Adviser may procure, for and on behalf, and at the sole cost and expense, of the Company, such
services as the Adviser deems necessary or advisable in connection with the management and operations of the Company, which services may be provided by Affiliates of the Adviser; provided that any such services may only be provided by
Affiliates to the extent such services are approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and
conditions not less favorable to the Company than those available from non-Affiliated third parties. In performing its duties under Section 3, the Adviser shall be entitled to rely
reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Adviser at the Company’s sole cost and expense. 

  
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 Section 5.    Bank Accounts. The Adviser may establish and
maintain one or more bank accounts in the name of the Company and the Operating Partnership thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or
the Operating Partnership, consistent with the Adviser’s authority under this Agreement, provided that no funds shall be commingled with the funds of the Adviser; and the Adviser shall from time to time render, upon request by the Board,
its audit committee or the auditors of the Company, appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable. 

Section 6.    Records; Access. The Adviser shall maintain appropriate records of its activities hereunder and
make such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Adviser shall at all reasonable times have access to the books
and records of the Company and the Operating Partnership. 
 Section 7.    Limitations on Activities. The
Adviser shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the
Code or the Company’s and the Operating Partnership’s status as entities exempted or excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Company and the Operating Partnership or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter, Bylaws or Operating
Partnership Agreement. If the Adviser is ordered to take any action by the Board, the Adviser shall seek to notify the Board if it is the Adviser’s reasonable judgment that such action would adversely and materially affect such status or
violate any such law, rule or regulation or the Charter, Bylaws or Operating Agreement. Notwithstanding the foregoing, neither the Adviser nor any of its Affiliates shall be liable to the Company, the Operating Partnership, the Board, or the
Stockholders for any act or omission by the Adviser or any of its Affiliates, except as provided in Section 20 of this Agreement. 

Section 8.    Other Activities of the Adviser. 

(a)    Nothing in this Agreement shall (i) prevent the Adviser or any of its Affiliates, officers, directors,
managers, partners or employees from engaging in other businesses or from rendering services of any kind to any other Person, whether or not the investment objectives or policies of any such other Person are similar to those of the Company,
including, without limitation, the sponsoring, closing and/or managing of any Other Apollo Accounts, (ii) in any way bind or restrict the Adviser or any of its Affiliates, officers, directors, managers, partners or employees from buying,
selling or trading any securities or commodities for their own accounts or for the account of others for whom the Adviser or any of its Affiliates, officers, directors, managers, partners or employees may be acting, or (iii) prevent the Adviser
or any of its Affiliates, officers, directors, managers, partners or employees from receiving fees or other compensation or profits from such activities described in this Section 8(a) which shall be for the sole benefit of
the Adviser (and/or its Affiliates, officers, directors, managers, partners or employees). While information and recommendations supplied to the Company shall, in the Adviser’s reasonable and good faith judgment, be appropriate under the
circumstances and in light of the investment 

  
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objectives and policies of the Company, such information and recommendations may be different in certain material respects from the information and recommendations supplied by the Adviser or any
Affiliate of the Adviser to others (including, for greater certainty, the Other Apollo Accounts and their investors, as described more fully in Section 8(b)). 

(b)    Each of the Adviser, the Company and the Operating Partnership acknowledges and agrees that, notwithstanding
anything to the contrary contained herein, (i) Affiliates of the Adviser sponsor, advise and/or manage Other Apollo Accounts and may in the future sponsor, advise and/or manage additional Other Apollo Accounts and (ii) with respect to
Other Apollo Accounts with investment objectives or guidelines that overlap with the Company’s, the Adviser and its Affiliates will allocate investment opportunities among the Company and such Other Apollo Accounts in accordance with
Apollo’s prevailing policies and procedures on a basis that the Adviser and its Affiliates determine to be reasonable in their sole discretion, and there may be circumstances where investments that are consistent with the Company’s
Investment Guidelines may be shared with or allocated to one or more Other Apollo Accounts (in lieu of the Company) in accordance with Apollo’s prevailing policies and procedures. 

(c)    In connection with the services of the Adviser hereunder, the Company, the Operating Partnership and the Board
acknowledge and/or agree that (i) as part of Apollo’s regular businesses, personnel of the Adviser and its Affiliates may from time-to-time work on other
projects and matters (including with respect to one or more Other Apollo Accounts), and that conflicts may arise with respect to the allocation of personnel between the Company and one or more Other Apollo Accounts and/or the Adviser and such other
Affiliates, (ii) unless prohibited by the Charter, Other Apollo Accounts may invest, from time to time, in investments in which the Company also invests (including at a different level of an issuer’s capital structure (e.g., an
investment by an Other Apollo Account in a debt or mezzanine interest with respect to the same portfolio entity in which the Company owns an equity interest or vice versa) or in a different tranche of equity or debt with respect to an issuer in
which the Company has an interest) and while Apollo will seek to resolve any such conflicts in a fair and reasonable manner in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other Apollo Accounts
generally, such transactions are not required to be presented to the Board or any committee thereof for approval (unless otherwise required by the Charter or Investment Guidelines), and there can be no assurance that any conflicts will be resolved
in the Company’s favor, (iii) the Company will from time to time pay fees to the Adviser and its Affiliates, including portfolio entities of Other Apollo Accounts, for providing various services described in the Prospectus (collectively,
“Services”), which fees will be in addition to the compensation paid to the Adviser pursuant to Section 10 hereof, (iv) the Adviser and its Affiliates will from time to time receive fees from portfolio
entities or other issuers for providing Services, including with respect to Other Apollo Accounts and related portfolio entities, and while such fees will give rise to conflicts of interest the Company will not receive the benefit of any such fees
and (v) the terms and conditions of the governing agreements of such Other Apollo Accounts (including with respect to the economic, reporting, and other rights afforded to investors in such Other Apollo Accounts) are materially different from
the terms and conditions applicable to the Company and the Stockholders, and none of the Company, the Operating Partnership or the Stockholders (in such capacity) shall have the right to receive the benefit of any such different terms applicable to
investors in such Other Apollo Accounts as a result of an investment in the Company or otherwise. The Adviser shall keep the Board reasonably informed on a periodic basis in connection with the foregoing. 

  
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 (d)    The Adviser is not permitted to consummate on the Company’s
behalf any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from Apollo, any Other Apollo Account or any of their Affiliates unless such transaction is approved by a majority of the
Directors, including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any such acquisition by the Company, the Company’s purchase price will be
limited to the cost of the property to the Affiliate, including acquisition-related expenses, or if substantial justification exists, the current appraised value of the property as determined by an Independent Appraiser. In addition, the Company may
enter into Joint Ventures with Other Apollo Accounts, or with Apollo, the Adviser, one or more Directors, or any of their respective Affiliates, only if a majority of the Directors (including a majority of the Independent Directors) not otherwise
interested in the transaction approve the transaction as being fair and reasonable to the Company and on substantially the same, or no less favorable, terms and conditions as those received by other Affiliate joint venture partners. The Adviser will
seek to resolve any conflicts of interest in a fair and reasonable manner in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other Apollo Accounts generally, but only those transactions set forth in
this Section 8(d) will be expressly required to be presented for approval to the Independent Directors or any committee thereof (unless otherwise required by the Charter or the Investment Guidelines). 

(e)    It is acknowledged and understood that none of the Company, the Operating Partnership or the Board has the
authority to determine the salary, bonus or any other compensation paid by the Adviser to any director, manager, officer, member, partner, employee, or stockholder of the Adviser or its Affiliates, including any person who is also a director or
officer of the Company. 
 Section 9.    Relationship with Directors and Officers. Subject to
Section 7 of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, officers, directors, managers, partners and employees of the Adviser or an Affiliate of the Adviser or
any corporate parent of an Affiliate, may serve as a Director or officer of the Company, except that no director, manager, officer or employee of the Adviser or its Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a
majority of the Independent Directors, and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. For so long as this Agreement is in effect, the Adviser
shall have the right to designate for nomination, subject to the approval of such nomination by the Board, three Directors who are Affiliated with the Adviser to the slate of Directors to be voted on by the stockholders at the Company’s annual
meeting of stockholders; provided, however, that, in the event the number of Directors is decreased to a number less than seven, such number of director designees shall be reduced as necessary by a number that will result in a majority of the
Directors being Independent Directors. Furthermore, the Board shall consult with the Adviser in connection with (i) its selection of each Independent Director for nomination to the slate of Directors to be voted on at the annual meeting of
stockholders, and (ii) filling any vacancies created by the removal, resignation, retirement or death of any Director. 

  
 - 12 - 

 Section 10.    Management Fee. 

(a)    The Company will pay the Adviser a management fee (the “Company Management Fee”) equal to (i)
1.25% of NAV attributable to Class S Common Shares, Class D Common Shares and Class I Common Shares then outstanding, and (ii) 1.00% of NAV attributable to Class F-S Shares, Class F-D Shares and Class F-I Shares then outstanding, in each case, per annum payable monthly, before giving effect to any accruals for the Management Fee, the
Stockholder Servicing Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any Distributions. The Operating Partnership will pay the Adviser a management fee (the “OP Management Fee” and, together
with the Company Management Fee, the “Management Fee”) equal to (iii) 1.25% of the net asset value of the Operating Partnership attributable to Class S units, Class D units and Class I units then outstanding held by
unitholders other than the Company, and (iv) 1.00% of the net asset value of the Operating Partnership attributable to Class F-S units, Class F-D units and Class F-I units then outstanding held by unitholders other than the Company, in each case, per annum payable monthly. Notwithstanding the foregoing, no Management Fee shall be paid on Class E Common Shares
or Class E units of the Operating Partnership. The Adviser shall receive the Management Fees as compensation for services rendered hereunder. 

(b)    The Company Management Fee may be paid, at the Adviser’s election, in cash or cash equivalent aggregate NAV
amounts of Class E Common Shares or Class E units of the Operating Partnership. The OP Management Fee may be paid, at the Adviser’s election, in cash or cash equivalent aggregate NAV amounts of Class E units of the Operating
Partnership. If the Adviser elects to receive any portion of its Management Fee in Class E Common Shares or Class E units of the Operating Partnership, the Adviser may elect to have the Company or the Operating Partnership repurchase
such Class E Common Shares or Class E units of the Operating Partnership from the Adviser at a later date. Class E Common Shares and Class E units of the Operating Partnership obtained by the Adviser will not be subject to the
repurchase limits of the Company’s share repurchase plan. The Operating Partnership will repurchase any such Operating Partnership units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable
law or the Charter, in which case such Operating Partnership units will be repurchased for the Company’s Class E Common Shares with an equivalent aggregate NAV. 

(c)    In the event this Agreement is terminated or its term expires without renewal, the Adviser will be entitled to
receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect. 

(d)    In the event the Company or the Operating Partnership commences a liquidation of its Investments during any
calendar year, the Company and the Operating Partnership will pay the Adviser the Management Fee from the proceeds of the liquidation. 

  
 - 13 - 

 Section 11.    Expenses. 

(a)    As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Stockholder Servicing Fees and
Organization and Offering Expenses paid by the Company will not exceed 15.0% of Gross Proceeds from the sale of Shares in an Offering. 

(b)    Subject to Sections 4(e) and 11(c), the Adviser shall be responsible for the expenses related to any
and all personnel of the Adviser who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company and any Directors who are also directors, officers or employees
of the Adviser or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel (“Adviser
Expenses”). 
 (c)    In addition to the compensation paid to the Adviser pursuant to
Section 10 hereof, the Company or the Operating Partnership shall pay all of its costs and expenses directly or reimburse the Adviser or its Affiliates for costs and expenses of the Adviser and its Affiliates incurred on
behalf of the Company, other than Adviser Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or the Operating Partnership are not Adviser Expenses and shall be
paid by the Company or the Operating Partnership and shall not be paid by the Adviser or Affiliates of the Adviser: 

(i)    Organization and Offering Expenses; provided that within 60 days after the end of the month in which
an Offering terminates, the Adviser shall reimburse the Company to the extent that the Organization and Offering Expenses, Selling Commissions, and Stockholder Servicing Fees borne by the Company exceed 15.0% of the Gross Proceeds raised in the
completed Offering; 
 (ii)    Acquisition Expenses, subject to limitations set forth in the Charter; 

(iii)    fees, costs and expenses in connection with the issuance and transaction costs incident to the trading,
settling, disposition and financing of the Investments of the Company and the Operating Partnership (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement
charges, forfeited deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments; 

(iv)    the actual cost of goods and services used by the Company and the Operating Partnership and obtained from Persons
not Affiliated with the Adviser, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of Investments; 

(v)    all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance,
administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other non-investment
advisory services rendered to the Company or the Operating Partnership by the Adviser or its Affiliates in compliance with Section 4(e) including, without limitation, salaries, bonus and other wages, payroll taxes and the

  
 - 14 - 

 
cost of employee benefit plans and insurance with respect to all personnel of the Adviser other than those who provide investment advisory services to the Company or serve as officers of the
Company, as described above; 
 (vi)    expenses of managing and operating the Company’s and the Operating
Partnership’s Real Properties and Real Estate-Related Assets, whether payable to an Affiliate of the Adviser or a non-Affiliated Person; 

(vii)    the compensation and expenses of the Directors (excluding those directors who are officers, directors, managers,
partners or employees of the Adviser) and the cost of liability insurance to indemnify the Company’s Directors and officers, which may include the Company’s allocable share of the cost of insurance to indemnify the Company’s Directors
and officers under a universal policy covering directors and officers of the Adviser and its Affiliates; 

(viii)    interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to,
costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other
similar costs) or any of the Company’s securities offerings; 
 (ix)    expenses connected with communications to
holders of the Company’s securities or securities of the subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other
requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar,
expenses in connection with the listing and/or trading of the Company’s securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s
annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports or related statements; 

(x)    the Company’s allocable share of costs associated with technology-related expenses, including without
limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or Affiliates of the Adviser, technology service providers and related software/hardware utilized in connection
with the Company’s investment and operational activities; 
 (xi)    the Company’s allocable share of
expenses incurred by officers, directors, managers, partners employees, personnel and agents of the Adviser for travel on the Company’s behalf and other
out-of-pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an Investment; 

(xii)    expenses relating to compliance-related matters and regulatory filings relating to the Company’s activities
(including, without limitation, expenses relating to the preparation and filing of Form PF, Form ADV, reports to be filed with the U.S. Commodity Futures Trading Commission, reports, disclosures, and/or other regulatory filings of the Adviser and
its 

  
 - 15 - 

 
Affiliates relating to the Company’s activities (including the Company’s pro rata share of the costs of the Adviser and its Affiliates of regulatory expenses that relate to the Company
and Other Apollo Accounts)); 
 (xiii)    the costs of any litigation involving the Company or the Operating
Partnership or their assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the
Company; 
 (xiv)    all taxes and license fees; 

(xv)    all insurance costs incurred in connection with the operation of the Company’s business, which may include
the Company’s allocable share of the cost of insurance under a universal policy covering the Adviser and its Affiliates, except for the costs attributable to any separate insurance that the Adviser elects to carry for itself and its personnel;

 (xvi)    expenses of managing, improving, developing, operating and selling Investments, whether payable to an
Affiliate of the Adviser or a non-Affiliated Person; 
 (xvii)    expenses
connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company’s securities, including, without limitation, in connection
with any distribution reinvestment plan; 
 (xviii)    any judgment or settlement of pending or threatened proceedings
(whether civil, criminal or otherwise) against the Company or the Operating Partnership, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by
any court or governmental agency; 
 (xix)    expenses incurred in connection with the formation, organization and
continuation of any corporation, partnership, Joint Venture or other entity through which the Company’s investments are made or in which any such entity invests; and 

(xx)    expenses incurred related to industry association memberships or attending industry conferences on behalf of the
Company. 
 (d)    The Adviser may, at its option, elect not to seek reimbursement for certain expenses during a given
period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 

(e)    Any reimbursement payments owed by the Company to the Adviser shall be reimbursed no less than monthly to the
Adviser. 
 (f)    Any reimbursement payments owed by the Company to the Adviser may be offset by the Adviser against
amounts due to the Company from the Adviser. Cost and expense reimbursement to the Adviser shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company. 

  
 - 16 - 

 (g)    Notwithstanding the foregoing, the Adviser shall pay for all
Organization and Offering Expenses (other than Selling Commissions and Stockholder Servicing Fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses (other than Selling Commissions and
Stockholder Servicing Fees) paid by the Adviser pursuant to this Section 11(g) shall be reimbursed by the Company to the Adviser in 60 equal monthly installments commencing with the first anniversary of the Commencement
Date. 
 Section 12.    Other Services. Should the Board request that the Adviser or any director, officer,
manager or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by
the Adviser and the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

Section 13.    Reimbursement to the Adviser. Commencing upon the earlier to occur of four fiscal quarters
after (i) the Corporation’s acquisition of its first asset or (ii) six months after the Commencement Date, the Company shall not reimburse the Adviser at the end of any fiscal quarter for Total Operating Expenses that in the four
consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the “2%/25% Guidelines”) for such four
fiscal quarters unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess
Amount as being so justified, the Adviser shall reimburse the Company the amount by which the Total Operating Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such Excess Amount was justified, then, within 60 days
after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Adviser, at the direction of the Independent Directors, shall cause such fact to be disclosed to the
Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange
Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected
in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 

Section 14.    No Joint Venture. The Company and the Operating Partnership, on the one hand, and the Adviser
on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 

Section 15.    Term of Agreement. This Agreement shall continue in force for a period of one year from the
Effective Date, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the performance of the Adviser annually before
renewing the Agreement, and each such renewal shall be for a term of no more than one year. 

  
 - 17 - 

 Section 16.    Termination by the Parties. This Agreement
may be terminated (i) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Adviser; or (ii) upon 60 days’ written notice without Cause or penalty by a majority vote of the Independent
Directors; or (iii) upon 60 days’ written notice by the Adviser. The provisions of Sections 18 through 22 survive termination of this Agreement. 

Section 17.    Assignment to an Affiliate. This Agreement may be assigned by the Adviser to an Affiliate of
the Adviser with the approval of a majority of the Directors (including a majority of the Independent Directors). The Adviser may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of
the Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the approval of the Adviser, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other organization
which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company
and the Operating Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the Company or the Operating Partnership,
and shall likewise be binding on any successor to the Adviser. 
 Section 18.    Payments to and Duties of
Adviser Upon Termination. 
 (a)    After the Termination Date, the Adviser shall not be entitled to compensation for
further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Adviser prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable. 

(b)    The Adviser shall promptly upon termination: 

(i)    pay over to the Company and the Operating Partnership all money collected and held for the account of the Company
and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii)    deliver to the Board a full accounting, including a statement showing all payments collected by it and a
statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii)    deliver to the Board all assets, including all Investments, and documents of the Company and the Operating
Partnership then in the custody of the Adviser; and 
 (iv)    cooperate with, and take all reasonable actions
requested by, the Company and Board in making an orderly transition of the advisory function. 

Section 19.    Indemnification by the Company and the Operating Partnership. The Company and the
Operating Partnership shall indemnify and hold harmless the Adviser and its 

  
 - 18 - 

 
Affiliates, including their respective officers, directors, managers, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder,
and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible without such indemnification
being inconsistent with the laws of the State of Maryland, the Charter or the provisions of Section II.G of the NASAA REIT Guidelines. 

Section 20.    Indemnification by Adviser. The Adviser shall indemnify and hold harmless the Company and the
Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not
fully reimbursed by insurance and (ii) are incurred by reason of the Adviser’s bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement; provided, however, that
the Adviser shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Adviser. 

Section 21.    Non-Solicitation. In the event of a termination without
Cause of this Agreement by the Company pursuant to Section 16(iii) hereof, for two years after the Termination Date, the Company shall not, without the consent of the Adviser, employ or otherwise retain any employee of the
Adviser or any of its Affiliates or any person who has been employed by the Adviser or any of its Affiliates at any time within the two year period immediately preceding the date on which such person commences employment with or is otherwise
retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Adviser may be entitled to equitable relief for any violation of this Section 21 by the Company, including, without
limitation, injunctive relief. 
 Section 22.    Miscellaneous. 

(a)    Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in
writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight
carrier, by registered or certified mail, by electronic mail or posted on a password protected website maintained by the Adviser and for which the Company has received access instructions by electronic mail, when posted, using the contact
information set forth herein: 
 The Company: 

Apollo Realty Income Solutions, Inc. 

c/o Apollo Global Management, Inc. 

9 West 57th Street, 42nd Floor 

New York, New York 10019 

Attention: Jessica Lomm, Secretary 

Email: jlomm@apollo.com 
 with
required copies (which shall not constitute notice) to: 

  
 - 19 - 

 Clifford Chance US LLP 

31 West 52nd Street 

New York, New York 10019 

Attention: Andrew S. Epstein; Jason D. Myers 

Email: andrew.epstein@cliffordchance.com; 

jason.myers@cliffordchance.com 

The Adviser: 
 ARIS Management,
LLC 
 9 West 57th Street, 42nd
Floor 
 New York, New York 10019 

Attention: Jessica Lomm 
 Email:
jlomm@apollo.com 
 with required copies (which shall not constitute notice) to: 

Clifford Chance US LLP 
 31 West
52nd Street 
 New York, New York 10019 

Attention: Andrew S. Epstein; Jason D. Myers 

Email: andrew.epstein@cliffordchance.com; 

jason.myers@cliffordchance.com 

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this
Section 22(a). 
 (b)    Modification. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

(c)    Severability. The provisions of this Agreement are independent of and severable from each other, and no
provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

(d)    Governing Law; Exclusive Jurisdiction; Jury Trial. The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of
Manhattan, New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof,
that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by
such courts. Each of the parties hereby consents to and grants any such court jurisdiction over the person of such party and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 - 20 - 

 (e)    Entire Agreement. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

(f)    Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (g)    Gender;
Number. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

(h)    Headings. The titles and headings of Sections and Subsections contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

(i)    Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

Section 23.    Initial Investment. The Adviser or one of its Affiliates has contributed $200,000 (the
“Initial Investment”) in exchange for the initial issuance of Shares of the Company. The Adviser or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Adviser acts in an advisory capacity
to the Company. The restrictions included above shall not apply to any Shares acquired by the Adviser or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Adviser nor its Affiliates shall vote any Shares they
now own, or hereafter acquire, or consent that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of ARIS Management, LLC as the Adviser; (ii) the removal of any member of the Board; or (iii) any
transaction by and between the Company and the Adviser, a member of the Board or any of their Affiliates. 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the date
and year first above written. 
  

					
	Apollo Realty Income Solutions, Inc.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ARIS Operating Partnership L.P.
		
	By:	 	Apollo Realty Income Solutions, Inc., as general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ARIS Management, LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page to
Advisory Agreement]EX-10.3

 Exhibit 10.3 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Escrow Agreement”), dated as of June 16, 2022, is entered into by and among Apollo
Realty Income Solutions, Inc., a Maryland corporation (the “Company”), Apollo Global Securities, LLC, a Delaware limited liability company, as dealer manager for the Company (the “Dealer Manager”), and UMB Bank,
N.A., as escrow agent (the “Escrow Agent”). 
 WHEREAS, the Company is registering for sale in a public offering
(the “Offering”) a maximum of $5,000,000,000 in shares of its common stock, $0.01 par value per share, consisting of: (a) up to $4,000,000,000 of any combination of Class S common stock, Class D common stock,
Class I common stock, Class F-S common stock, Class F-D common stock, and Class F-I common stock
(collectively, the “Shares”) in the primary offering, and (b) up to $1,000,000,000 in Shares pursuant to the Company distribution reinvestment plan, pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-264456), as amended from time to time; 

WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Shares on a best-efforts basis in the Offering
through a network of participating broker-dealers (the “Selected Dealers”); 
 WHEREAS, the Company and the Dealer
Manager desire to establish an escrow account (the “Escrow Account”) as further described herein and to deposit funds contributed by subscribers subscribing to purchase Shares (“Subscribers”) with the Escrow Agent
in the Escrow Account, to be held for the benefit of the Subscribers and the Company until such time as subscriptions for the Minimum Amount (as defined below) has been deposited into the Escrow Account in accordance with the terms of this Escrow
Agreement; 
 WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will
remain in the Escrow Account until the conditions of Section 3 have been met; 
 WHEREAS, DST Systems, Inc. (the
“Transfer Agent”) has been engaged to receive, examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper, maintaining on behalf of the Escrow
Agent the ownership records for the Escrow Account; and 
 WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent
upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above and other good
and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Escrow of Subscriber Funds. 

(a)    On or before the commencement of the Offering, the Company shall establish the Escrow Account with the Escrow Agent,
which shall be entitled “UMB Bank, N.A., as Escrow Agent for Apollo Realty Income Solutions, Inc.” All funds received from Subscribers in payment for the Shares (“Subscriber Funds”) which comply with the instructions set
forth in Section 2(a) will be delivered to the Escrow Agent promptly following the day upon which such Subscriber Funds are received by the Transfer Agent and such subscription is accepted by the Company, and shall, upon receipt of good and
collected funds by the Escrow Agent, be retained in the Escrow Account for the benefit of the Subscribers and the Company by the Escrow Agent and invested as stated below. Subscriber Funds also may be wired directly to the Escrow Account using wire
instructions provided by the Escrow Agent. Such Subscriber Funds shall be retained in the Escrow Account by the Escrow Agent and invested as set forth in Section 9 (Investment of Subscriber Funds; Income Allocation and Reporting) and shall be
deposited within one (1) business day of receipt. 
 (b)    The Escrow Agent shall have no duty to make any
disbursement, investment or other use of Subscriber Funds until and unless it has good and collected funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have
been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all reasonable costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent
shall 

  
 1 

 
be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by a Subscriber to
the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws. 
 (c)    For the avoidance
of doubt, this Agreement does not create any responsibility on the part of the Dealer Manager to the Company or to the Escrow Agent for payments of any amounts under this Agreement. 

 

	2.	 Operation of the Escrow. 

(a)    Until such time as the Company has received subscriptions for Shares resulting in gross subscription proceeds equal
to the Minimum Amount (as defined below) and the funds in the Escrow Account are disbursed from the Escrow Account in accordance with Section 2(b) hereof, Subscribers will be instructed to make checks, drafts, wires, Automated Clearing House
(ACH) or money orders (“Instruments of Payment”) for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Apollo Realty Income Solutions, Inc.” Completed subscription agreements and Instruments of
Payment for the purchase price shall be remitted to the address designated for the receipt of such agreements and Instruments of Payment. Any Instruments of Payment made payable to a party other than the Escrow Agent as described above shall be
returned to the Dealer Manager or the Selected Dealer who submitted such Instrument of Payment. 
 When the Selected Dealer’s internal supervisory
procedures are conducted at the site at which the Instruments of Payment and the Subscription Materials (as defined below) are initially received by the Selected Dealer, by the end of the next business day after receipt of any Instruments of Payment
and Subscription Materials, the Selected Dealer will send to the Escrow Agent such Instruments of Payment along with each Subscriber’s name, address, executed Internal Revenue Service (“IRS”) Form
W-9, number and class of Shares purchased and purchase price remitted and any other subscription documentation (the “Subscription Materials”). 

When the Selected Dealer’s internal supervisory procedures are conducted at a different location (the “Final Review Office”), the
Selected Dealer shall transmit the Instruments of Payment and the Subscription Materials to the Final Review Office by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials, and then the Final Review
Office will, by the end of the next business day following its receipt of the Instruments of Payment and the Subscription Materials, forward the Instruments of Payment and the Subscription Materials to the Escrow Agent. 

To the extent that subscription agreements and payments are remitted by the Transfer Agent, the Company, the Dealer Manager or a Selected Dealer, the Transfer
Agent, the Company, the Dealer Manager or a Selected Dealer, as applicable, will furnish to the Escrow Agent a list detailing information regarding such subscriptions as set forth in Exhibit A (List of Subscribers). The Transfer Agent will promptly
deliver all monies received in good order from Subscribers (or from the Company, the Dealer Manager or the Selected Dealers transmitting monies and subscriptions from Subscribers) for the payment of Shares to the Escrow Agent for deposit in the
Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this Section 2. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by
creditors of the Company or any of its affiliates. If any of the Instruments of Payment are returned to the Escrow Agent for nonpayment prior to the satisfaction of the Minimum Amount, the Escrow Agent shall promptly notify the Transfer Agent and
the Company in writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable, in the amount of such returned payment as well as any interest earned on the amount of such
payment and the Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. 
 The Transfer Agent will maintain a
written account of each sale, which account shall set forth, among other things, the following information: 
 (i)
    the Subscriber’s name and address; 
 (ii)     the number and class of
Shares purchased by such Subscriber; and 

  
 2 

 (iii)     the amount paid by such Subscriber for such
Shares. 
 Prior to the satisfaction of the Minimum Amount, neither the Company nor the Dealer Manager will be entitled to any funds received into the
Escrow Account. Notwithstanding the foregoing, prior to the satisfaction of the Minimum Amount, upon the written request of a Subscriber (which may be delivered by the Company or Dealer Manager) to withdraw their purchase order and request a full
refund, the Escrow Agent shall disburse directly to such Subscriber the principal amount of the subscription payment from such Subscriber received by the Escrow Agent plus any interest accrued thereon (subject to Sections 9 and 24 hereof). 

(b)    If, at any time on or prior to the Expiration Date (as defined below), the subscription proceeds received by the Escrow Agent are
equal to or greater than $100,000,000, including Shares purchased by the Company’s sponsor, its affiliates, and the Company’s officers and directors (“Minimum Amount”), the Company shall deliver to the Escrow Agent a
written instruction from an officer of the Company stating that the Minimum Amount has been timely raised and authorizing the delivery of all Subscriber Funds in the Escrow Account to the Company (subject to Section 3 hereof for Pennsylvania
Subscribers). 
 Thereafter, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account
representing the principal amount of the gross subscription payments from Subscribers received by the Escrow Agent and plus any interest accrued thereon; provided, however, that the Escrow Agent shall not disburse those funds of a Subscriber whose
subscription has been rejected or rescinded of which the Escrow Agent has been notified in writing by the Company, or otherwise in accordance with the Company’s written request. Notwithstanding the above, the Company’s board of directors
may elect to wait a substantial amount of time before authorizing, or may elect not to authorize, the release of the escrow proceeds. 

(c)    After the satisfaction of the provisions of this Section 2 with respect to the disbursement of funds, in the
event that the Company receives subscriptions made payable to the Escrow Agent, subscription proceeds may continue to be received in the Escrow Account, but to the extent that the process shall not be subject to escrow due to the Company reaching
the Minimum Amount, the proceeds shall not be subject to this Escrow Agreement, and at the written instruction of the Company to the Escrow Agent, shall be disbursed as directed by the Company. The terms of this Section 2(c) shall survive the
assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
 (d)    If, as
of the close of business on the one year anniversary of the commencement of the Offering (the “Expiration Date”), the funds in the Escrow Account do not equal or exceed the Minimum Amount, within ten (10) days following the
Expiration Date, the Company or the Dealer Manager shall provide the Escrow Agent written notice thereof, and upon receipt of such written notice, the Escrow Agent shall promptly return directly to each Subscriber: 

(i)    by check or wire transfer, the Subscriber Funds deposited in the Escrow Account on behalf of such
Subscriber (unless earlier disbursed in accordance with this Escrow Agreement); or 
 (ii)    the
Instruments of Payment delivered to the Escrow Agent with respect to such Subscriber’s subscription if such Instrument of Payment has not been processed for collection prior to such time, in either case, together with any interest income
thereon. 
 The Escrow Agent shall not be required to remit any payments hereunder until the Escrow Agent has collected funds represented by such payments
and until the provisions of Section 9 and Section 24 hereof have been met. 
  

	3.	 Distribution of the Funds from Pennsylvania Subscribers. 

(a)    Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may
only be distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the 

  
 3 

 
Company and the amounts then held in the Escrow Account) equal or exceed $167,000,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s written request, any funds
from the Pennsylvania Subscribers received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise
in accordance with the Company’s written request. 
 (b)    If the Company has not received total subscriptions of
at least $167,000,000 within 120 days of the date the Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify the Pennsylvania Subscribers of their right to have
their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests to withdraw their purchase order and request a full refund within ten (10) days after receipt of the notification (the “Request
Period”), the Escrow Agent shall promptly disburse directly to such Pennsylvania Subscriber within fifteen (15) days the principal amount of the subscription payment from such Pennsylvania Subscriber received by the Escrow Agent plus any
interest accrued thereon (subject to Sections 9 and 24 hereof). 
 (c)    The funds of Pennsylvania Subscribers who do
not request the return of their funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing
automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each
Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the
earliest of the following: 
 (i)    the Company or Dealer Manager has provided written notice to the
Escrow Agent of the termination of the Offering; 
 (ii)    the Company or Dealer Manager has provided
written notice to the Escrow Agent of the receipt and acceptance by the Company of total subscriptions that equal or exceed $167,000,000 and the disbursement of the Escrow Account on the terms specified in this Section 3; or 

(iii)    all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been
returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 
 (d)    If, upon termination of the
Offering, the Company has not received and accepted total subscriptions that equal or exceed $167,000,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania
Subscribers, together with their pro rata share of any interest accrued thereon, pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely (subject to Sections 9 and 24 hereof). 

 

	4.	 Identity of Subscribers. 

The Company, Transfer Agent or the Dealer Manager shall furnish to the Escrow Agent with each delivery of an Instrument of Payment, a list of
the Subscribers who have paid for the Shares showing the name, address, tax identification number, amount and class of Shares subscribed for and the amount paid and deposited with the Escrow Agent. This information comprising the identity of
Subscribers shall be provided to the Escrow Agent in the format set forth on Exhibit A to this Escrow Agreement (the “List of Subscribers”). 

All Subscriber Funds so deposited shall not be subject to any liens or charges by the Company, the Dealer Manager or the Escrow Agent, or
judgments or creditors’ claims against the Company, until released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Subscriber Funds on deposit in the Escrow Account and no
such funds shall become the property of the Company except when released to the Company pursuant to this Escrow Agreement. The Company, the Dealer Manager and the Escrow Agent will treat all Subscriber information as confidential (the
“Confidential Information”). The Escrow Agent shall not be required to accept any funds from Subscribers that are not accompanied by the information on the List of Subscribers. 

  
 4 

 The Escrow Agent shall keep strictly confidential all information sent to it unless such
material is required to be disclosed pursuant to any applicable law, regulation, judicial or administrative order, decree or subpoena, or request by a regulatory organization having authority pursuant to the law. Notwithstanding the foregoing,
nothing in this Escrow Agreement prohibits, prevents, or limits the Escrow Agent from disclosing any Subscriber information, without notice to or consent of the Company or the Dealer Manager, if the disclosure is required by law to be made to a
supervisory or governmental authority or a self-regulatory organization in the course of any examination, inquiry, or audit of the Escrow Agent or any of the Escrow Agent’s representatives or businesses 

 

	5.	 Rejected Subscriptions. 

In the event the Escrow Agent receives written notice from the Company or the Dealer Manager that the Company or Dealer Manager has rejected a
Subscriber’s subscription, the Escrow Agent shall pay directly to the applicable Subscriber, within ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List of
Subscribers, or at such other address or wire instructions as are furnished to the Escrow Agent by the Subscriber in writing, all collected sums paid by the Subscriber for Shares and received by the Escrow Agent, together with all interest earned
thereon (subject to Sections 9 and 24 hereof). 
  

	6.	 Term of Escrow. 

Unless otherwise provided in this Escrow Agreement, final termination of this Escrow Agreement shall occur on the earliest of the date that:

 (a)    all funds held in the Escrow Account are distributed either to the Company or to Subscribers and the Company
has informed the Escrow Agent in writing to close the Escrow Account; 
 (b)    all funds held in the Escrow Account are
distributed to a successor escrow agent upon written instructions from the Company; or 
 (c)    the Escrow Agent
receives written notice from the Company or the Dealer Manager that the Company terminated the Offering and any funds held in the Escrow Account are distributed in accordance with this Escrow Agreement. 

After the termination of this Escrow Agreement, the Company and the Dealer Manager shall not deposit, and the Escrow Agent shall not accept, any additional
amounts representing payments by prospective Subscribers. 
  

	7.	 Duty and Limitation on Liability of the Escrow Agent. 

(a)    The Escrow Agent’s rights and responsibilities shall be governed solely by this Escrow Agreement. The Escrow
Agent shall at all times comply with applicable securities or other laws in performing its duties pursuant to this Escrow Agreement provided the Escrow Agent shall be deemed in compliance with the foregoing and protected in relying upon the written
direction of the Company and shall have no independent obligation to evaluate whether an act or omission complies with applicable securities or other laws. Neither the Offering documents, nor any other agreement or document shall govern the Escrow
Agent even if such other agreement or document is referred to herein, is deposited with, or is otherwise known to, the Escrow Agent. 

(b)    The Escrow Agent shall be under no duty to determine whether the Company or the Dealer Manager is complying with
the requirements of the Offering or applicable securities or other laws in tendering the Subscriber Funds to the Escrow Agent. The Escrow Agent shall not be responsible for, or be required to enforce, any of the terms or conditions of any Offering
document or other agreement between the Company or the Dealer Manager and any other party. 
 (c)    The Escrow Agent
may conclusively rely upon and shall be fully protected in acting upon any statement, certificate, notice, request, consent, order, opinion or advice of counsel, or other document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other 

  
 5 

 
document. Upon or before the execution of this Escrow Agreement, the Company and the Dealer Manager shall deliver to the Escrow Agent authorized signers’ lists in the form of Exhibit B
(Certificate as to Authorized Signatures) to this Escrow Agreement. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Escrow Agreement or any of the terms hereof, unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. The Escrow Agent shall not be
responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company and by the Dealer Manager, acting severally but not jointly, for the sufficiency or accuracy of the form of, or the execution, validity,
value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account
of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Escrow Agreement. 

(d)    The Escrow Agent shall be under no obligation to institute and/or defend any action, suit or proceeding in
connection with this Escrow Agreement unless first indemnified to its reasonable satisfaction pursuant to the terms herein. 

(e)    The Escrow Agent may consult outside counsel of its own choice with respect to any question arising under this
Escrow Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel. 

(f)    The Escrow Agent shall not be liable for any action taken or omitted by it except to the extent that a court of
competent jurisdiction determines that the Escrow Agent’s gross negligence, recklessness or willful misconduct was the primary cause of loss. 

(g)    The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary
or otherwise, to any person by reason of this Escrow Agreement, except as otherwise explicitly set forth in this Escrow Agreement, and no implied duties, covenants or obligations, fiduciary or otherwise shall be read into this Escrow Agreement
against the Escrow Agent. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or
any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness
or validity of this Escrow Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the
exercise of its own best judgment. 
 (h)    In the event of any disagreement between any of the parties to this Escrow
Agreement, or between any of them and any other person, including any Subscriber, resulting in adverse or conflicting claims or demands being made in connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent
is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt
exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of
all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow
Agent shall have been notified thereof in writing signed by all such persons. 
 Notwithstanding the foregoing, the Escrow Agent may in its discretion obey
the order, judgment, decree or levy of any court, with jurisdiction, and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. In the event that the Escrow Agent shall
become involved in any arbitration or litigation relating to the Subscriber Funds, the Escrow Agent is authorized to comply with any decision reached through such arbitration or litigation. 

(i)    In the event that any controversy should arise with respect to this Escrow Agreement, the Escrow Agent shall have
the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. 

  
 6 

 (j)    IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR
INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE
FORM OF ACTION. 
 (k)    The parties agree that the Escrow Agent had no role in the preparation of the Offering
documents, has not reviewed any such documents, and makes no representations or warranties with respect to the information contained therein or omitted therefrom. 

(l)    The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state
securities, disclosure or tax laws concerning the Offering documents or the issuance, offering or sale of the Shares. 

(m)    The Escrow Agent shall have no duty or obligation to monitor the application and use of the Subscriber Funds once
transferred to the Company, that being the sole obligation and responsibility of the Company. 
  

	8.	 Escrow Agent’s Fee. 

The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit C (Escrow Agent
Fee), which compensation shall be paid by the Company or any of its affiliates. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Escrow Agreement;
provided, however, that 
 (a)    in the event that the conditions for the disbursement of funds under this Escrow
Agreement are not fulfilled; 
 (b)    the Escrow Agent renders any material service not contemplated in this Escrow
Agreement with the Company’s consent or the Dealer Manager’s consent or as required by law; 
 (c)    there is
any assignment of interest in the subject matter of this Escrow Agreement; 
 (d)    any material modification hereof
with the Company’s consent; 
 (e)    if any material controversy arises hereunder; or 

(f)    the Escrow Agent is made a party to any litigation relating to this Escrow Agreement, or the subject matter hereof;

 then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all reasonable costs and expenses, including
reasonable attorney’s fees and expenses, occasioned by any delay, controversy, litigation or event, and the same shall be paid by the Company or any of its affiliates. The Company’s obligations under this Section 8 shall survive the
resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement. 
  

	9.	 Investment of Subscriber Funds; Income Allocation and Reporting. 

(a)    The Escrow Agent shall promptly invest the Subscriber Funds, including any and all interest and investment income,
in accordance with the written instructions provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions from the Company, the Escrow Agent shall deposit and invest the Subscriber Funds, including any and
all interest and investment income, in UMB Money Market Special, a UMB money market deposit account. Any interest received by the Escrow Agent with respect to the Subscriber Funds, including reinvested interest shall become part of the Subscriber
Funds, and shall be disbursed pursuant to this Escrow Agreement. The Company agrees that, for tax reporting purposes, all interest or other taxable income earned on the Subscriber Funds in any tax year shall be taxable to the person or entity
receiving the interest or other taxable income. 

  
 7 

 
Notwithstanding anything herein to the contrary, funds in the Escrow Account may only be invested in “Short Term Investments” in compliance with Rule
15c2-4 of the Securities Exchange Act of 1934, as amended. The following is a non-exhaustive list of investments that are not permissible investments: 

(i)    money market mutual funds; 

(ii)    corporate debt or equity securities; 

(iii)    repurchase agreements; 

(iv)    banker’s acceptance; 

(v)    commercial paper; and 

(vi)    municipal securities. 

(b)    The Escrow Agent shall be entitled to sell or redeem any such investments as the Escrow Agent deems necessary to
make any payments or distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Escrow Agreement. The
parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 

(c)    At any time pursuant to this Escrow Agreement interest income earned on Subscriber Funds deposited in the Escrow
Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in possession of
such Subscriber’s executed IRS Form W-9. In the event an executed IRS Form W-9 is not received for each Subscriber the Escrow Agent shall have no obligation to
return Escrow Income to any Subscriber until after it has received an executed and valid IRS Form W-9 executed by the Subscriber and shall remit an amount to the Subscribers in accordance with the provisions
hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, and without any deductions
for escrow expenses. 
 (d)    The Company agrees to indemnify and hold the Escrow Agent harmless from and against any
and all taxes, additions for late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to the Subscriber Funds unless any such tax, addition for late payment, interest, penalties and other
expenses shall be determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this Section 9(d) shall survive the assignment or termination of this Escrow
Agreement and the resignation or removal of the Escrow Agent. 
  

	10.	 Notices. 

All notices, requests, demands, and other communications under this Escrow Agreement shall be in writing and shall be deemed to have been duly
given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the business day of transmission if sent by facsimile or email to the facsimile number or email address given below, with written
confirmation from the recipient of receipt, (c) on the business day after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the fifth (5th)
business day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt requested, to the party as follows, provided, however, that
notice to the Escrow Agent will be deemed given upon receipt by the Escrow Agent: 
  

			
	If to the Company:	  	Apollo Realty Income Solutions, Inc.
		  	9 West 57th Street, 42nd Floor
		  	New York, New York 10019-2701
		  	Attn: John Calace
		  	Email: jcalace@apollo.com

  
 8 

			
	If to Dealer Manager:	  	Apollo Global Securities, LLC
		  	9 West 57th Street
		  	New York, New York 10019
		  	Attn:
		  	Email:
		
	If to Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd, 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, MO 64106
		  	Attn: Lara L. Stevens
		  	Phone: (816) 860-2017
		  	Facsimile: (816) 830-3029
		  	Email: Lara.Stevens@umb.com

 Any party may change its address for purposes of this Section 10 by giving the other party written
notice of the new address in the manner set forth above. 
  

	11.	 Indemnification of Escrow Agent. 

The Company hereby indemnifies, defends and holds harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and
expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this
Escrow Agreement or any transaction to which this Escrow Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been caused by the gross negligence or willful
misconduct of the Escrow Agent. The terms of this Section 11 shall survive the assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 

 

	12.	 Resignation. 

The Escrow Agent may resign upon sixty (60) calendar days’ advance written notice to the Company. In the event of any such
resignation, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written
instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow Agent shall promptly pay the
Subscription Amounts in the Escrow Account, including interest thereon, to the successor escrow agent. If a successor escrow agent is not appointed within the sixty (60) calendar day period following such notice, the Escrow Agent may petition
any court of competent jurisdiction to name a successor escrow agent or interplead the Subscriber Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate. 

 

	13.	 Removal. 

The Escrow Agent may be removed by the Company at any time by written notice provided to the Escrow Agent, which instrument shall become
effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. In the event of any such removal, a successor escrow agent, which shall be a
bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written instrument accepting such appointment, and thereupon shall
succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow 

  
 9 

 
Agent shall promptly pay the Subscriber Funds in the Escrow Account, including interest thereon, to the successor escrow agent. If a successor escrow agent is not appointed by the Company within
the thirty (30) day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent. 
  

	14.	 Maintenance of Records. 

The Escrow Agent shall maintain accurate records of all transactions hereunder. Promptly after the termination of this Escrow Agreement, and as
may from time to time be reasonably requested by the Company before such termination, the Escrow Agent shall provide the Company with a copy of such records. The authorized representatives of the Company and the Dealer Manager shall also have access
to the Escrow Agent’s books and records to the extent relating to its duties hereunder, during normal business hours upon reasonable notice to the Escrow Agent. 
  

	15.	 Successors and Assigns. 

Except as otherwise provided in this Escrow Agreement, no party hereto shall assign this Escrow Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Escrow Agreement shall inure to the benefit of and shall be
binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or
substantially all of its corporate trust business and assets in whole or in part, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become
the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance any further
act. 
  

	16.	 Governing Law; Jurisdiction. 

This Escrow Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal laws of the State of New
York, without giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the personal jurisdiction and venue of any court of competent jurisdiction in the State of New York. 

 

	17.	 Severability. 

In the event that any part of this Escrow Agreement is declared by any court or other judicial or administrative body to be null, void, or
unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Escrow Agreement shall remain in full force and effect. 

 

	18.	 Amendments; Waivers. 

This Escrow Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions hereof may be
waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or
warranty contained in this Escrow Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant, representation, or
warranty of this Escrow Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Escrow Agreement shall be consistent with the terms of the Offering. 

 

	19.	 Entire Agreement. 

This Escrow Agreement contains the entire understanding among the parties hereto with respect to the escrow contemplated hereby and supersedes
and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

  
 10 

	20.	 References to Escrow Agent. 

No printed or other matter in any language (including, without limitation, the Offering document, any supplement or amendment relating thereto,
notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s
behalf unless the Escrow Agent shall first have given its specific written consent thereto. 
  

	21.	 Section Headings. 

The section headings in this Escrow Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Escrow
Agreement. 
  

	22.	 Counterparts. 

This Escrow Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute the same
instrument. 
  

	23.	 Electronic Transactions. 

The parties hereto agree that the transactions described herein may be conducted and related documents may be stored by electronic means.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or
suit in the appropriate court of law. 
  

	24.	 Patriot Act Compliance; Tax Matters. 

Pursuant to the subscription agreement completed by Subscribers, the Company and the Dealer Manager agree to provide the Escrow Agent completed
IRS Forms W-9 (or IRS Forms W-8, in the case of non-U.S. persons) and other forms and documents that the Escrow Agent may
reasonably request (collectively, “Tax Reporting Documentation”) at the time of execution of this Escrow Agreement and any information reasonably requested by the Escrow Agent to comply with the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act) Act of 2001, as amended from time to time and the Bank Secrecy Act, as amended from time to time, which information shall be used to verify the identities of
the parties to ensure compliance with the terms of such acts. The Escrow Agent, or its agent, shall complete a search with the Office of Foreign Assets Control (“OFAC”), in compliance with its policy and procedures, of each
Instrument of Payment and shall inform the Company if an Instrument of Payment fails the OFAC search. 
 The parties hereto understand that
if such Tax Reporting Documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code, as it may be amended from time to time, to withhold a portion of any interest or other income earned on the
investment of monies or other property held by the Escrow Agent pursuant to this Escrow Agreement. The Company shall be treated as the owner of the Subscriber Funds for federal and state income tax purposes and the Company will report all income, if
any, that is earned on, or derived from, the Subscriber Funds as its income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto. 

[Signature page follows] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the
day and year first set forth above. 
  

			
	Apollo Realty Income Solutions, Inc.
	
	  

	Name:	 	John Calace
	Title:	 	Chief Financial Officer, Treasurer and Secretary

 Apollo Global Securities, LLC, as Dealer Manager 

 

			
	  

	Name:	 	
	Title:	 	

  

			
	UMB Bank, N.A., as Escrow Agent
	  
  

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 12 

 EXHIBIT A 

LIST OF SUBSCRIBERS 

Pursuant to the Escrow Agreement dated June 16, 2022 by and between Apollo Realty Income Solutions, Inc. (the
“Company”), Apollo Global Securities, LLC (the “Dealer Manager”) and UMB Bank, N.A., as escrow agent (the “Escrow Agent”), the following investors have paid money for the purchase of the Shares in the
Company and the money has been deposited with the Escrow Agent: 
  

			
	1.	  	Name of Subscriber: ______________________________________________________________________________
		
		  	Address: _______________________________________________________________________________________
		
		  	Tax Identification Number: ________________________________________________________________________
		
		  	Amount and class of Shares subscribed for: ___________________________________________________________
		
		  	Amount of money paid and deposited with Escrow Agent: _______________________________________________

  

			
	2.	  	Name of Subscriber: ______________________________________________________________________________
		
		  	Address: _______________________________________________________________________________________
		
		  	Tax Identification Number: ________________________________________________________________________
		
		  	Amount and class of Shares subscribed for: _____________________________________________________________
		
		  	Amount of money paid and deposited with Escrow Agent: _________________________________________________

  
 13 

 EXHIBIT B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 

The specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of,
and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Apollo Realty Income Solutions, Inc. 
  

					
			
	Name/Title	  		  	Specimen Signature
			
	  
	  	                    	  	  

			
	  
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

  
 14 

 EXHIBIT C 

ESCROW AGENT FEE 

  
 15

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