Apollo Realty Income Solutions 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	Apollo Realty Income Solutions, Inc.
Entity Central Index Key	0001882850
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	333-264456
Entity Tax Identification Number	87-2557571
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Entity Common Stock, Shares Outstanding		10,000

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2022	Feb. 18, 2022
Assets
Cash and cash equivalents	$ 200,000	$ 200,000
Total assets	200,000	200,000
Liabilities and Equity
Commitments and contingencies (See Note 6)
Equity
Preferred stock, $0.01 par value per share, 100,000,000 and 0 shares authorized at September 30, 2022 and February 18, 2022, respectively, and none issued and outstanding
Additional paid-in capital	199,900	199,900
Total equity	200,000	200,000
Total liabilities and equity	200,000	200,000
Common Stock - Class I Shares
Equity
Common Stock	$ 100	$ 100

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Feb. 18, 2022
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock - Class S Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Stock - Class D Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Stock - Class I Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	10,000
Common stock, shares issued	10,000	10,000
Common stock, shares outstanding	10,000	10,000
Common Stock - Class F-S Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Stock - Class F-D Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Stock - Class F-I Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Common Stock - Class E Shares
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	Note 1 - Organization and Business Purpose Apollo Realty Income Solutions, Inc. (the "Company") was formed on September 8, 2021 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and is the sole general partner of ARIS Operating Partnership L.P., a Delaware limited partnership (the “Operating Partnership”). ARIS Special Limited Partner, LLC (the “Special Limited Partner”), an indirect wholly-owned subsidiary of Apollo Global Management, Inc. (“Apollo”), owns a special limited partner interest in the Operating Partnership. The Company was organized to invest primarily in a portfolio of diversified income-oriented commercial real estate in the United States. Substantially all of the Company’s business will be conducted through the Operating Partnership, which as of September 30, 2022 had not commenced its principal operations. The Company and the Operating Partnership are externally managed by ARIS Management, LLC (the “Adviser”), an affiliate of Apollo. As of September 30, 2022 , the Company had neither acquired nor entered into any arrangements to acquire any properties or real estate-related securities with the net proceeds from the Offering (as hereinafter defined). The Adviser had not identified any real estate or real estate-related investments in which it is probable that the Company will invest.

Capitalization

Capitalization	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Capitalization	Note 2 - Capitalization As of September 30, 2022, the Company was authorized to issue up to 1,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class S Shares 200,000,000 $ 0.01 Class D Shares 200,000,000 $ 0.01 Class I Shares 200,000,000 $ 0.01 Class F-S Shares 100,000,000 $ 0.01 Class F-D Shares 100,000,000 $ 0.01 Class F-I Shares 100,000,000 $ 0.01 Class E Shares 100,000,000 $ 0.01 Total 1,100,000,000 The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $ 5,000,000,000 in shares of common stock, consisting of up to $ 4,000,000,000 in shares in its primary offering and up to $ 1,000,000,000 in shares pursuant to its distribution reinvestment plan (the “Offering”). In the Offering, the Company intends to sell any combination of six classes of shares of its common stock, Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, and Class F-I shares with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions, ongoing stockholder servicing fees, management fees, and performance participation allocations. Until the release of proceeds from escrow, the per share purchase price for shares of the Company’s common stock in its primary offering will be $ 20.00 per share plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of common stock will vary and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. The Company also may issue Class E shares to certain of Apollo's affiliates and employees in one or more private placements; however, Class E shares are not being offered to the public pursuant to the Offering. On February 18, 2022, the Company was capitalized with a $ 200,000 investment by Apollo ARIS Holdings LLC, an indirect wholly-owned subsidiary of Apollo, in exchange for 10,000 shares of Class I shares.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Separate statements of income, changes in equity, and cash flows have not been presented in the financial statements because principal operations have not commenced. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statement as of February 18, 2022 included in the Company’s prospectus filed with the SEC on July 1, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates. Risks and Uncertainties The ongoing pandemic of the novel coronavirus (“COVID-19”) and its variants continues to adversely impact global economic activity and has contributed to significant volatility in financial markets. Due to various uncertainties, including the rise of new variants, the severity of such new variants, disparities in vaccination rates and vaccine hesitancy, the ultimate duration of the pandemic, and additional actions that may be taken by governmental authorities, further business risks could arise. Although more normalized activities have resumed and there has been improvement due to global and domestic vaccination efforts, the Company is not in a position to estimate the ultimate impact COVID-19 and its variants will have on its business and the economy as a whole, including longer-term macroeconomic effects on supply chains, inflation and labor shortages. For example, in response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did no t hold cash equivalents as of September 30, 2022 and February 18, 2022. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2022. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which the Company breaks escrow. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period following the first anniversary of the date the Company breaks escrow. As of September 30, 2022 and February 18, 2022, the Adviser and its affiliates had incurred organization and offering expenses on the Company’s behalf of approximately $ 6.1 million and $ 2.4 million, respectively. These organization and offering expenses are not recorded in the accompanying consolidated balance sheets because such costs are not the Company’s liability until the date the escrow for the Offering is released. When recorded by the Company, organization expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser and its affiliates but not paid will be recognized as a liability on the consolidated balance sheets. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class S shares, Class D shares, Class F-S shares, and Class F-D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares and Class E shares will be limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify or suspend the share repurchase plan.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 4 - Related Party Transactions Pursuant to the advisory agreement between the Company and the Operating Partnership, on the one hand, and the Adviser, on the other hand, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. Certain affiliates of the Company, including the Adviser, will receive fees and compensation in connection with the Offering and ongoing management of the assets of the Company. The Adviser will be paid a management fee equal to 1.25 % of NAV per annum, payable monthly on Class S shares, Class D shares, and Class I shares. The Adviser will be paid a management fee equal to 1.0 % of NAV per annum, payable monthly on Class F-S shares, Class F-D shares, and Class F-I shares. The management fee will be paid, at the Adviser’s election, in cash, Class E shares, Class E units of the Operating Partnership or any combination thereof. The Special Limited Partner holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation from the Operating Partnership on Class S shares, Class D shares, and Class I shares equal to 12.5 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement). On Class F-S shares, Class F-D shares, and Class F-I shares, the Special Limited Partner is entitled to receive an allocation equal to 9.0 % of the annual Total Return, subject to a 5 % annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the Operating Partnership limited partnership agreement). Such allocation will accrue monthly and be made annually. There will not be a performance participation interest with respect to Class E shares. The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of September 30, 2022 and February 18, 2022, the Company has not retained an affiliate of the Adviser for any such services. In addition, Apollo Global Securities, LLC (the “Dealer Manager”) will serve as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Adviser. The Company entered into an agreement (the “Dealer Manager Agreement”) with the Dealer Manager in connection with the Offering. Subject to the terms of the Dealer Manager Agreement, the Company’s obligations to pay stockholder servicing fees with respect to the Class S shares, Class D shares, Class F-S shares, and Class F-D shares sold in the Offering shall survive until such shares are no longer outstanding (including because such shares have converted into Class I shares or Class F-I shares). The Dealer Manager is entitled to receive selling commissions of up to 3.0 %, and dealer manager fees of up to 0.5 %, of the transaction price of each Class S share and Class F-S share sold in the primary offering; however, such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5 % of the transaction price. Participating broker-dealers are third-party broker-dealers engaged by the Dealer Manager to participate in the distribution of shares of the Company's common stock. The Dealer Manager is also entitled to receive selling commissions of up to 1.5 % of the transaction price of each Class D share and Class F-D share sold in the primary offering. The Dealer Manager also receives a stockholder servicing fee of 0.85 % and 0.25 % per annum of the aggregate NAV of the Company’s outstanding Class S and F-S shares and Class D and F-D shares, respectively. The Dealer Manager intends to enter into agreements with selected dealers that agree to distribute the Company’s shares in the Offering, which will provide, among other things, for the reallowance of the full amount of the selling commissions and stockholder servicing fees to such selected dealers. The Company will cease paying the stockholder servicing fee with respect to any Class S share, Class D share, Class F-S share, or Class F-D share held in a shareholder's account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed, in the aggregate, 8.75 % of the gross proceeds from the sale of such share. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time each Class S share, Class F-S share, Class D share, and Class F-D share is sold during the primary offering. There will no t be a stockholder servicing fee, upfront selling commission or dealer manager fee with respect to Class I shares, and Class F-I shares. The Company may also offer Class E shares, which will only be available to certain of Apollo's affiliates and employees, in one or more private placements. These shares are not being offered to the public pursuant to the Offering and will no t incur any upfront selling costs, ongoing servicing costs, management fee or performance participation allocation.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2022
Economic Dependency [Abstract]
Economic Dependency	Note 5 - Economic Dependency The Company will be dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Adviser and its affiliates are unable or unwilling to provide such services, the Company would be required to find alternative service providers. The Company may retain third parties, including certain of the Adviser's affiliates, for necessary services relating to its investments or operations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 - Commitments and Contingencies From time to time the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2022 and February 18, 2022, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 7 – Subsequent Events Events subsequent to September 30, 2020 were evaluated through the date these condensed consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Separate statements of income, changes in equity, and cash flows have not been presented in the financial statements because principal operations have not commenced. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statement as of February 18, 2022 included in the Company’s prospectus filed with the SEC on July 1, 2022. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheets. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The ongoing pandemic of the novel coronavirus (“COVID-19”) and its variants continues to adversely impact global economic activity and has contributed to significant volatility in financial markets. Due to various uncertainties, including the rise of new variants, the severity of such new variants, disparities in vaccination rates and vaccine hesitancy, the ultimate duration of the pandemic, and additional actions that may be taken by governmental authorities, further business risks could arise. Although more normalized activities have resumed and there has been improvement due to global and domestic vaccination efforts, the Company is not in a position to estimate the ultimate impact COVID-19 and its variants will have on its business and the economy as a whole, including longer-term macroeconomic effects on supply chains, inflation and labor shortages. For example, in response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did no t hold cash equivalents as of September 30, 2022 and February 18, 2022.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2022. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income.
Organization and Offering Expenses	Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which the Company breaks escrow. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period following the first anniversary of the date the Company breaks escrow. As of September 30, 2022 and February 18, 2022, the Adviser and its affiliates had incurred organization and offering expenses on the Company’s behalf of approximately $ 6.1 million and $ 2.4 million, respectively. These organization and offering expenses are not recorded in the accompanying consolidated balance sheets because such costs are not the Company’s liability until the date the escrow for the Offering is released. When recorded by the Company, organization expenses will be expensed as incurred, and offering expenses will be charged to stockholders’ equity as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser and its affiliates but not paid will be recognized as a liability on the consolidated balance sheets.
Distribution Reinvestment Plan	Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Nebraska, New Hampshire, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class S shares, Class D shares, Class F-S shares, and Class F-D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.
Share Repurchases	Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The aggregate NAV of total repurchases of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares and Class E shares will be limited to 2 % of the aggregate NAV per month and 5 % of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify or suspend the share repurchase plan.

Capitalization (Tables)

Capitalization (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Company's Authorized Shares	As of September 30, 2022, the Company was authorized to issue up to 1,100,000,000 shares, consisting of the following: Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class S Shares 200,000,000 $ 0.01 Class D Shares 200,000,000 $ 0.01 Class I Shares 200,000,000 $ 0.01 Class F-S Shares 100,000,000 $ 0.01 Class F-D Shares 100,000,000 $ 0.01 Class F-I Shares 100,000,000 $ 0.01 Class E Shares 100,000,000 $ 0.01 Total 1,100,000,000

Capitalization - Additional Inf

Capitalization - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Feb. 18, 2022
Subsidiary, Sale of Stock [Line Items]
Shares authorized	1,100,000,000
Share price	$ 20
Common Stock - Class I Shares
Subsidiary, Sale of Stock [Line Items]
Exchange of shares	10,000	10,000
Common Stock - Class I Shares | Apollo ARIS Holdings LLC
Subsidiary, Sale of Stock [Line Items]
Investments		$ 200,000
Exchange of shares		10,000
Maximum
Subsidiary, Sale of Stock [Line Items]
Offering of common stock shares	$ 5,000,000,000
Maximum | IPO
Subsidiary, Sale of Stock [Line Items]
Offering of common stock shares	4,000,000,000
Maximum | Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Offering of common stock shares	$ 1,000,000,000

Capitalization - Schedule of Co

Capitalization - Schedule of Company's Authorized Shares (Details) - $ / shares	Sep. 30, 2022	Feb. 18, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares authorized	100,000,000	0
Shares authorized	1,100,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Common Stock - Class S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	200,000,000	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	200,000,000	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	200,000,000	10,000
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class F-S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class F-D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class F-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock - Class E Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000	0
Common stock, par value	$ 0.01	$ 0.01

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Feb. 18, 2022
Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0
Organization and offering expenses	$ 6,100,000	$ 2,400,000
Percentage of total amount of aggregate repurchases of shares on aggregate NAV per month	2%
Percentage of total amount of aggregate repurchases of shares on aggregate NAV per calendar quarter	5%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Class S, D and I Shares
Related Party Transaction [Line Items]
Percentage of total return	12.50%
Hurdle amount percentage	5%
Class F-S, F-D and F-I Shares
Related Party Transaction [Line Items]
Percentage of total return	9%
Hurdle amount percentage	5%
Class E Shares
Related Party Transaction [Line Items]
Upfront selling costs, ongoing servicing costs, management fee or performance participation allocation	$ 0
Adviser | Class S, D and I Shares
Related Party Transaction [Line Items]
Percentage of management fee payment of NAV per annum	1.25%
Adviser | Class F-S, F-D and F-I Shares
Related Party Transaction [Line Items]
Percentage of management fee payment of NAV per annum	1%
Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares	8.75%
Apollo Global Securities, LLC | Class S and F-S Shares
Related Party Transaction [Line Items]
Maximum selling commissions as percentage of transaction price	3%
Maximum dealer manager fees as percentage of transaction price	0.50%
Maximum selling commissions and dealer manager fees as percentage of transaction price	3.50%
Stockholder servicing fee as percentage of NAV	0.85%
Apollo Global Securities, LLC | Class D and F-D Shares
Related Party Transaction [Line Items]
Maximum selling commissions as percentage of transaction price	1.50%
Stockholder servicing fee as percentage of NAV	0.25%
Apollo Global Securities, LLC | Class I and F-I Shares
Related Party Transaction [Line Items]
Stockholder servicing fee	$ 0
Upfront selling commission	0
Dealer manager fee	$ 0