Apollo Realty Income Solutions, Inc.
MD
Non-traded REITNon-traded REIT
Compared against Non-traded REIT non-traded reits.
1Y return
+6.9%
67th pctile · ahead of most peersas of 2026-03-10
Since inception
not stated in filings
Distribution rate
5.4%
Net assets
$1.72B
as of 2026-03-10
Net expenses
not stated yet
Repurchase
2% monthly
6 of 42 peers matchLevel 3
88%
33th pctile · less model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Ongoing costs, determined from the fund's filings1.54%
Owners pay the manager about 1.0% of net asset value a year, plus roughly 0.5% for audit, legal, administration, directors and other fund level costs, so ongoing cost is about 1.5%. The Class A-III fee is temporarily 0.85% and rises to 1.00% on January 2, 2027. Class S costs far more: 1.25% management, 0.85% servicing and up to 3.5% upfront, near 3.8% a year.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year1.54%
This is the cost for class A-III (cheapest class available in the offering).
Based on fiscal year2025 annual report (10-K, year ended December 31, 2025), a full-year figure, not annualized by me. Dollar expenses divided by average NAV o.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
This fund does not state a single expense ratio that matches this definition, so the figure above was determined by reading its filings and is explained below. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Special Limited Partner performance participation of 12.5% of annual Total Return on Class S, Class D and Class I units and 9.0% on Class F-I units, each subject to a 5% annual Hurdle Amount and a High Water Mark with a Catch-Up; no performance participation on Class A-I, Class A-III or Class E.) apply only to returns earned. How this is calculated
Against Non-traded REIT non-traded reits
Total drag
12th pctile · cheaper than most
1Y return
67th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual report (10-K, year ended December 31, 2025), a full-year figure, not annualized by me. Dollar expenses divided by average NAV of $1,309,735k (average of $1,076,556k at 12/31/2024 and $1,542,914k at 12/31/2025). Adjustment: the Class A-III management fee is stated at the 1.00% contractual rate that takes effect January 2, 2027 rather than the temporary 0.85% waiver rate actually charged in 2025..
Open the filing on sec.gov (0001193125-26-100102)Size and leverage
Net assets$1.72B?
Borrowings$697.8M?
Leveragedebt to equity0.40x?
Investments held70?
Started2022-12-22?
What the manager charges
Management feeof net assets1.00%?
Performance feeSpecial Limited Partner performance participation of 12.5% of annual Total Return on Class S, D and I units and 9.0% on Class F-I units, subject to a 5% annual Hurdle Amount and a High Water Mark, with a Catch-Up; accrued monthly, paid annually. No performance participation on Class A-I, Class A-III or Class E.?
Hurdle5.00%?
High water markYes?
Expense cap2.00%?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersmonthly?
Last offer filled in fullYes?
Where distributions come from
Distribution rate5.40%?
Paid out of income100.00%?
Return of your own capital0.00%?
Funded by borrowing0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Floating rate95.00%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available88.00%?
MostlyIndustrial real property; data center and multifamily loan collateral?
Who is involved
AdviserARIS Management, LLC (indirect subsidiary of Apollo Global Management, Inc.)?
AuditorDeloitte & Touche LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class S | 1.25% | 3.50% | - | - |
| Class D | 1.25% | 1.50% | - | - |
| Class I | 1.25% | 0.00% | - | - |
| Class F-I | 1.00% | 0.00% | - | - |
| Class A-I | 1.00% | 0.00% | - | - |
| Class A-III | 0.85% | 0.00% | - | - |
| Class E (private, Apollo affiliates, employees and directors) | 0.00% | 0.00% | - | - |
Also worth knowing
- Class A-III management fee reverts from 0.85% to 1.00% of NAV on January 2, 2027.
- In July 2026 the Company committed $150.0 million to an affiliate-managed manufactured housing fund ($117.1 million funded) and expects to bear incentive fees payable to an Adviser affiliate after the third anniversary.
- One commercial mortgage loan with $17.7 million cost basis is past contractual maturity and the borrower filed Chapter 11; the Company deems it fully recoverable.
- All share repurchase requests were satisfied in full in 2023, 2024, 2025 and the first half of 2026.
- Class A-III management fee waiver expiry: 0.85% rises to 1.00% of NAV on January 2, 2027 % of NAV per annum (The largest share class, roughly two thirds of shares outstanding, faces a 0.15 percentage point permanent cost increase within months, which mechanically lowers net distributions per share.)
- Commitment to affiliate-managed private fund with incentive fees: 150,000,000 USD committed, $117.1 million funded at closing (Introduces a second layer of fees inside an underlying vehicle managed by an Apollo affiliate, including incentive fees, that sits outside the entity-level expense line and is not offset against the management fee.)
- Reimbursement of advanced organization, offering and operating costs: $15.3 million repaid ratably over 60 months from December 22, 2024 USD (About $3.1 million a year, roughly 0.2% of NAV, is deducted from NAV through December 2029 even though it is not a current GAAP expense, so reported NAV growth is held back by a cost that will stop.)
- Unfunded loan commitments: 216,900,000 USD at June 30, 2026 (was $362.7 million at December 31, 2025) (Future draws must be funded from cash, credit facility capacity or new subscriptions, competing with share repurchases and distributions for liquidity.)
- Repurchase facility covenants: NAV cannot decline 20% quarter over quarter or 40% year over year while tangible net worth is at or below $450 million; debt to tangible net worth cap 3.00:1; minimum liquidity of the greater of 5% of recourse debt or $30 million (Covenants tied to NAV declines could force asset sales or suspension of repurchases in a drawdown, and the minimum liquidity test constrains how much cash can be used to satisfy redemptions.)
- Leverage well below target: 0.4x debt to NAV versus a 65% of gross real estate assets target ratio (Materially more debt is planned, which will raise interest expense per share and amplify both returns and losses; current returns are earned at low leverage.)
- Management fee paid in shares and units rather than cash: 497,311 Class E shares and 55,395 Class E units issued for the 2025 fee; 308,973 Class E shares and 28,802 Class E units in the first half of 2026 shares/units (Paying the Adviser in equity preserves fund cash and supports the distribution coverage figure, but dilutes existing holders and the Adviser's repurchases of those shares are not subject to the monthly and quarterly volume limits.)
- Loan in bankruptcy past contractual maturity: 17,700,000 USD cost basis and fair value at June 30, 2026 (A borrower Chapter 11 filing on a matured loan is the single identified credit event in an otherwise fully performing book; the carrying value assumes full recovery.)
Valuation
Independent valuation firmunchanged, 5 filingsEngaged, name in filing
Valuation frequencyvaries across filingsmonthly
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.