Filed Pursuant to Rule 424(b)(3)

Registration No. 333-264456

APOLLO REALTY INCOME SOLUTIONS, INC.

SUPPLEMENT NO. 1 DATED APRIL 16, 2025

TO THE PROSPECTUS DATED APRIL 11, 2025

This prospectus supplement (this "Supplement") is part of and should be read in conjunction with the prospectus of Apollo Realty Income Solutions, Inc., dated April 11, 2025 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meaning as in the Prospectus. References herein to "we", "us", or "our" refer to Apollo Realty Income Solutions, Inc. and its consolidated subsidiaries unless the context specifically requires otherwise.

The purposes of this Supplement are as follows:

May 1, 2025 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of May 1, 2025 (and repurchases, if applicable, as of April 30, 2025) is as follows:

 

		Transaction Price  (per share)
Class S		$	21.0600
Class D		$	21.1632
Class I		$	20.9746
Class F-S		$	21.2648
Class F-D		$	21.2648
Class F-I		$	20.8722
Class A-I		$	21.3068
Class A-II		$	21.2648
Class A-III		$	21.2596

The transaction price for each of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares and Class A-III shares is equal to such class's NAV per share as of March 31, 2025. A detailed presentation of the NAV per share/unit is set forth below. As of March 31, 2025, we had not sold any Class F-S shares or Class F-D shares, and all of the Class A-II shares issued and outstanding were exchanged for Class A-III shares on November 4, 2024. As a result, the transaction price for each of our Class F-S shares, Class F-D shares and Class A-II shares is based on our total NAV per share as of March 31, 2025. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price, if applicable, for each share class equals the transaction price of such class.

March 31, 2025 NAV Per Share

NAV per share is calculated in accordance with the valuation guidelines approved by our board of directors. Our NAV per share is posted on our website at https://gwms.apollo.com/realtyincomesolutions and is made available on our toll-free, automated telephone line at 888-926-2688. Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for important information about how our NAV is determined. The Adviser is ultimately responsible for determining our NAV.

Our total NAV presented in the following tables includes the NAV of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, Class A-III shares, Class E shares and units of ARIS Operating Partnership L.P. (the "Operating Partnership") held by parties other

than the Company. The following table provides a breakdown of the major components of our total NAV as of March 31, 2025 ($ and shares/units in thousands):

 

Components of NAV		March 31, 2025
Investments in real estate		$	365,712
Investments in real estate debt			998,039
Cash and cash equivalents			47,334
Restricted cash			934
Other assets			8,516
Mortgage notes at fair value, net of deferred financing costs			(35,697	)
Secured debt arrangements, net			(167,547	)
Other liabilities			(11,226	)
Accrued performance participation allocation			(87	)
Management fee payable			(921	)
Net asset value		$	1,205,057
Number of outstanding shares/units			56,669

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of March 31, 2025 ($ and shares/units in thousands, except per share/unit data):

NAV Per Share/Unit		Class S Shares				Class D Shares				Class I Shares				Class F-I Shares				Class A-I Shares				Class A-III Shares				Class E Shares(1)				Third-party Operating Partnership Class A-I Units(2)				Third-party Operating Partnership Class E Units(2)				Total
Net asset value		$	121			$	101			$	22,493			$	32,701			$	386,555			$	630,480			$	12,731			$	116,267			$	3,608			$	1,205,057
Number of outstanding shares/units			6				5				1,072				1,567				18,142				29,656				595				5,457				169				56,669
NAV per share/unit as of March 31, 2025		$	21.0600			$	21.1632			$	20.9746			$	20.8722			$	21.3068			$	21.2596			$	21.3849			$	21.3068			$	21.3849			$	21.2648

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Consistent with our disclosure in the Prospectus regarding our NAV calculation, our investments in real estate and real estate debt are initially valued at cost. Once we establish new values for our real estate investments, we provide information on key assumptions used in the discounted cash flow methodology and a sensitivity analysis related thereto. The valuations of our real properties as of March 31, 2025, excluding certain newly acquired properties that are held at cost which we believe reflects the fair value of such properties, were provided by the independent valuation advisor in accordance with our valuation procedures. Certain key assumptions that were used by the independent valuation advisor in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property types where we have multiple real estate investments. Once we own more than one retail and one multifamily property, we will include the key assumptions for each such property type.

 

Property Type		Discount Rate		Exit Capitalization Rate
Industrial		7.7%		6.3%

A change in these assumptions or factors would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

 

Input		Hypothetical Change		Industrial Investment Values
Discount rate		0.25% Decrease		+1.98%
(weighted average)		0.25% Increase		(1.93)%
Exit Capitalization Rate		0.25% Decrease		+2.27%
(weighted average)		0.25% Increase		(2.10)%

 

Our total NAV presented in the following tables includes the NAV of our Class S shares, Class D shares, Class I shares, Class F-I shares, Class A-I shares, Class A-III shares, Class E shares and units of the Operating Partnership held by parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of February 28, 2025 ($ and shares/units in thousands):

 

Components of NAV		February 28, 2025
Investments in real estate		$	290,000
Investments in real estate debt			949,367
Cash and cash equivalents			128,756
Restricted cash			98
Other assets			5,573
Mortgage notes at fair value, net of deferred financing costs			(35,710	)
Secured debt arrangements, net			(168,265	)
Other liabilities			(15,131	)
Accrued performance participation allocation			(57	)
Management fee payable			(884	)
Net asset value		$	1,153,747
Number of outstanding shares/units			54,306

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of February 28, 2025 ($ and shares/units in thousands, except per share/unit data):

 

NAV Per Share/Unit		Class S Shares				Class D Shares				Class I Shares				Class F-I Shares				Class A-I Shares				Class A-III Shares				Class E Shares(1)				Third-party Operating Partnership Class A-I Units(2)				Third-party Operating Partnership Class E Units(2)				Total
Net asset value		$	121			$	101			$	22,178			$	32,665			$	373,410			$	594,261			$	11,876			$	115,646			$	3,489			$	1,153,747
Number of outstanding shares/units			6				5				1,058				1,565				17,542				27,978				556				5,433				163				54,306
NAV per share/unit as of February 28, 2025		$	21.0490			$	21.1572			$	20.9698			$	20.8648			$	21.2870			$	21.2401			$	21.3644			$	21.2870			$	21.3644			$	21.2455

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Status of Our Current Public Offering

As previously disclosed, we have registered with the Securities and Exchange Commission the offer and sale of a maximum of $5.0 billion in shares of our common stock in a continuous offering (the "Offering"), consisting of up to $4.0 billion in shares in our primary offering and up to $1.0 billion in shares pursuant to our distribution reinvestment plan. As of the date hereof, we have issued in the Offering approximately (i) 52,211,669 shares of our common stock (consisting of approximately 30,874,327 Class A-III shares, 151,835 Class A-II shares, which were repurchased prior to the exchange of all issued and outstanding Class A-II shares for Class A-III shares on November 4, 2024, 18,480,801 Class A-I shares, 1,615,954 Class F-I shares, 1,078,325 Class I shares, 4,677 Class D shares, and 5,750 Class S shares) in our primary offering for total proceeds of approximately $1.1 billion and (ii) 441,290 shares of our common stock (consisting of approximately 28,969 Class A-III shares, 347,542 Class A-I shares, 54,092 Class F-I shares, 10,592 Class I shares, and 95 Class D shares) pursuant to our distribution reinvestment plan for a total value of approximately $9.3 million. No other classes of shares were issued or sold in the Offering as of the date hereof. We intend to continue selling shares in the Offering on a monthly basis.