Apollo Realty Income Solutions, Inc.

CIK:0001882850|SEC Filings

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental revenue	$ 19,418	$ 8,255	$ 35,868	$ 14,516
Total revenues	19,418	8,255	35,868	14,516
Expenses
Rental property operating	6,128	1,742	10,410	3,147
General and administrative	1,860	1,808	3,613	3,528
Management fee	3,818	2,930	7,443	5,593
Performance participation allocation	108	102	201	189
Depreciation and amortization	8,391	3,773	15,858	6,277
Total expenses	20,305	10,355	37,525	18,734
Other income
Income from investments in real estate debt	23,307	22,735	45,429	42,583
Other income	878	791	1,462	2,133
Interest expense	(8,143)	(4,221)	(15,413)	(7,762)
Total other income	16,042	19,305	31,478	36,954
Net income	15,155	17,205	29,821	32,736
Net income attributable to non-controlling interests in the Operating Partnership	1,157	1,621	2,318	3,203
Net income attributable to preferred stockholders	15	8	15	8
Net income attributable to the Company's stockholders	$ 13,983	$ 15,576	$ 27,488	$ 29,525
Net income per share of common stock, basic	$ 0.19	$ 0.29	$ 0.39	$ 0.57
Net income per share of common stock, diluted	$ 0.19	$ 0.29	$ 0.39	$ 0.57
Weighted-average shares of common stock outstanding, basic	72,696,198	54,412,754	70,737,307	51,692,982
Weighted-average shares of common stock outstanding, diluted	72,699,094	54,415,686	70,739,652	51,695,368

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income	$ 15,155	$ 17,205	$ 29,821	$ 32,736
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee			7,443	5,593
Performance participation allocation			201	189
Depreciation and amortization	8,391	3,773	15,858	6,277
Straight line rent amortization			(2,346)	(1,742)
Above- and below- market lease amortization, net			(1,425)	(299)
Amortization of discount/premium and payment-in-kind interest			(826)	(43)
Amortization of deferred financing costs			1,131	664
Amortization of restricted stock awards			50	50
Unrealized gain on fair value of investments in real estate debt			(342)	(287)
Realized gain on repayments of real-estate related securities			(47)	(77)
Changes in operating assets and liabilities:
Other assets			(523)	(1,710)
Due to affiliates			(1,532)	(1,532)
Other liabilities			5,089	2,395
Cash settlement of performance participation allocation			(194)
Net cash provided by operating activities			52,358	42,214
Cash flows from investing activities:
Acquisitions of real estate			(405,360)	(171,913)
Capital improvements to real estate			(168)	(88)
Returned investment acquisition deposit			500
Origination and acquisition of commercial mortgage and mezzanine loans				(121,308)
Purchase of real estate-related securities			(25,000)	(14,963)
Add-on fundings of commercial mortgage loans			(125,545)	(160,443)
Repayments of commercial mortgage and mezzanine loans			238,164	114,107
Repayments from real estate-related securities			11,526	14,806
Net cash used in investing activities			(305,883)	(339,802)
Cash flows from financing activities:
Borrowings from mortgage notes			56,383	58,300
Borrowings from secured debt arrangements			233,074	31,002
Repayments of secured debt arrangements			(128,898)	(2,579)
Payment of deferred financing costs			(846)	(1,479)
Proceeds from issuance of common stock			188,118	230,555
Proceeds from issuance of preferred equity by subsidiary REITs			125
Distributions paid			(31,970)	(23,435)
Distributions to non-controlling preferred stockholders			(15)	(8)
Repurchase of common stock			(37,764)	(10,637)
Offering costs paid			(534)	(1,200)
Net cash provided by financing activities			277,673	280,519
Net change in cash, cash equivalents and restricted cash			24,148	(17,069)
Cash, cash equivalents and restricted cash, beginning of period			61,395	82,405	$ 82,405
Cash, cash equivalents and restricted cash, end of period	85,543	65,336	85,543	65,336	61,395
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	81,435	64,206	81,435	64,206	58,492
Restricted cash	4,108	1,130	4,108	1,130	$ 2,903
Total cash, cash equivalents and restricted cash	$ 85,543	$ 65,336	85,543	65,336
Supplemental disclosure of cash flow information:
Cash paid for interest			13,646	6,621
Non-cash investing and financing activities:
Change in loan proceeds held by servicer for repayment of commercial mortgage loan			(49,761)
Change in loan proceeds held by servicer for repayment of secured debt arrangements			(31,350)
Accrued offering costs			171	318
Accrued stockholder servicing fees due to affiliate			24	15
Accrued deferred financing costs				488
Distribution reinvestments			11,383	8,467
Distributions accrued and not paid			7,675	5,929
Accrued repurchases of common stock			4,173	1,347
Issuance of Class E shares for payment of management fee			6,692	4,832
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee			624	584
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation			194	443
Allocation to redeemable non-controlling interests			$ 73	$ 25

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Investments in real estate, net

$ 1,095,630

$ 684,412

Investments in real estate debt, at fair value

1,158,679

1,206,847

Cash and cash equivalents

81,435

58,492

Restricted cash

4,108

2,903

Other assets

111,039

128,497

Total assets

^[1]

2,450,891

2,081,151

Liabilities and Equity

Secured debt arrangements, net

484,256

348,110

Mortgage notes, net

210,203

154,162

Other liabilities

99,031

77,295

Total liabilities

^[1]

805,657

593,326

Commitments and contingencies (See Note 16)

Redeemable non-controlling interest

5,755

4,745

Equity

Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at June 30, 2026 and December 31, 2025, and none issued and outstanding

Common stock, $0.01 par value per share (See Note 14 - Equity)

737

659

Additional paid-in capital

1,530,764

1,363,537

Retained earnings (accumulated deficit)

(8,517)

4,696

Total stockholders' equity

1,522,984

1,368,892

Non-controlling interest attributable to the Operating Partnership

116,245

114,063

Non-controlling interest attributable to preferred stockholders

250

125

Total equity

1,639,479

1,483,080

Total liabilities and equity

2,450,891

2,081,151

Due to Affiliates

Liabilities and Equity

Due to affiliates

$ 12,167

$ 13,759

[1]

Represents the consolidated assets and liabilities of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). The Operating Partnership is a consolidated variable interest entity ("VIE"), of which Apollo Realty Income Solutions, Inc. (the "Company") is the sole general partner and owns approximately 92% and 92% as of June 30, 2026 and December 31, 2025, respectively. See "Note 2 - Summary of Significant Accounting Policies" for additional information.