The Company's board of directors approved the Apollo Realty Income Solutions, Inc. Amended and Restated 2022 Equity Incentive Plan (the "2022 Equity Incentive Plan"), pursuant to which, shares of the Company's common stock may be granted from time to time to directors and officers of the Company and employees of the Adviser. The 2022 Equity Incentive Plan allows for up to 10,000,000 shares of the Company's common stock to be issued.


	Restricted Stock			Grant Date Fair Value ($ in thousands)
Outstanding as of December 31, 2023		4,948
Granted		4,763			100
Vested		(4,948	)		—
Forfeiture		—			—
Outstanding as of December 31, 2024		4,763
Granted		4,681			100
Vested		(4,763	)		—
Forfeiture		—			—
Outstanding as of December 31, 2025		4,681

During the years ended December 31, 2025 and 2024, the Company issued 4,681 and 4,763 Class E shares, respectively to the independent directors of the Company's board of directors to cover the restricted stock portion of the annual base director's fee for the independent directors' services to the Company. The fair value of these shares was determined using the most recently available NAV and they are subject to a one year vesting period.

During both the years ended December 31, 2025 and 2024, the Company recorded $0.1 million of restricted stock amortization as general and administrative expenses in the consolidated statement of operations. There are three months of remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost of $25 thousand as of December 31, 2025.