Apollo Realty Income Solutions Reports 40.5% Year-Over-Year Increase in Total NAV

Apollo Realty Income Solutions Inc., or ARIS – a non-traded net asset value real estate investment trust sponsored by Apollo Global Management Inc. – reported significant scaling and a high-velocity fourth quarter of 2025. As of Jan. 31, 2026, the fund had a total net asset value of $1.57 billion, a 40.5% increase, year over year.

The REIT continues expanding into the industrial and multifamily sectors. The REIT reported steady appreciation in its NAV through 2025, which it attributed to proactive asset management and institutional-grade valuations.

The aggregate NAV for all share classes ended the year at $21.48 per share (weighted average). This reflects an approximate 1.23% increase from the $21.22 NAV per share at the close of 2024.

Source: Apollo Realty Income Solutions, March 10, 2026.

Monthly NAV is calculated based on annual third-party appraisals reviewed by an independent valuation adviser on a rolling basis. For Dec. 31, 2025, the adviser utilized weighted-average exit capitalization rates of 6.3% for industrial and 5.3% for multifamily assets.

The company declared monthly net distributions totaling $72.1 million in 2025. Annualized net distribution rates for the year varied by class: Class S: 4.2%; Class D: 4.8%; Class I: 5.1%; Class F-I: 5.4%; Class A-I: 5.3%; and Class A-III: 5.4%.

The REIT reports that 100% of 2025 distributions were funded by cash flows from operating activities.

The fund maintained its monthly repurchase limit of 2% of NAV. During Q4 2025, ARIS repurchased approximately $15.4 million in shares, representing 1.04% of NAV for the quarter, well within its 5% quarterly cap. All repurchase requests were satisfied in full.

ARIS has successfully maintained its momentum in its follow-on offering launched in June 2025. The fund raised $463.7 million in net proceeds during 2025. The adviser and its affiliates elected to receive their management fees in Class E shares and units totaling roughly $11.9 million during the year.

The fund significantly accelerated its acquisition pace in the final weeks of 2025. As of Dec. 31, 2025, total assets reached $2.08 billion. The portfolio is diversified across two main segments: real estate debt at 61% and real estate properties at 39%:

• Real estate debt is focused on floating-rate commercial mortgages (81% of fair value) with strong concentrations in multifamily (30.3%) and data centers (29.7%).
• Regarding real estate properties, the company owns 14 properties totaling $774.3 million in gross value.

December 2025 was a standout month, with the REIT acquiring four industrial properties in Massachusetts, Oklahoma, and California, and the Brooke at Rocky Point multifamily complex in Florida. Its industrial and retail properties maintained 100% occupancy, while the multifamily segment stood at 92% as of year-end.

The fund has carried momentum into 2026 with several major activities. The REIT acquired a 698,000-square-foot industrial property located in McDonough, Ga., for $79.7 million.

Further, the fund received $110 million in loan repayments and deployed $60.3 million into previously closed mortgage loans. The company repaid approximately $1.7 million of outstanding borrowings, net of additional draws, related to its repurchase facilities. It also purchased $20 million of real estate-related securities.

As of the end of 2025, ARIS remained conservatively leveraged with a 0.3x leverage ratio, providing significant dry powder for future acquisitions in the current high-rate environment.

ARIS has elected to be taxed as a REIT since 2023. As of Jan. 1, 2026, no more than 25% of the value of its assets may be represented by securities of one or more taxable REIT subsidiaries.

The REIT is currently offering on a continuous basis up to $5 billion in shares of common stock, consisting of up to $4 billion in the primary offering and up to $1 billion pursuant to its distribution reinvestment plan. As of Feb. 18, 2026, it had issued approximately 13.28 million shares in the primary offering for total proceeds of approximately $284.3 million, and 348,645 shares pursuant to its distribution reinvestment plan for a total value of approximately $7.5 million.

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