ADVISORY BUSINESS Apollo Global Management, Inc. Apollo Global Management, Inc. (“AGM,” and together with its subsidiaries, “Apollo”), a Delaware corporation, is a high-growth alternative asset manager that is publicly listed on the New York Stock Exchange under the symbol “APO.” AGM’s business is to generate investment income and retirement savings by managing, raising, and investing assets in private and public markets and across the Yield, Hybrid, and Equity spectrum (as described herein) in order to seek excess return for Apollo Clients (as defined below). Beginning with the quarter ended March 31, 2022, AGM has three reportable segments: (1) Asset Management; (2) Retirement Services; and (3) Principal Investing. In the Asset Management segment, AGM has re-aligned its strategies from Credit, Private Equity, and Real Assets into Yield, Hybrid, and Equity to better reflect its range of investment capabilities on a relative risk/return basis. Yield covers the full financing universe across private and public markets seeking to help companies access flexible, low-cost capital solutions to fund their growth and achieve corporate objectives. Yield utilizes proprietary platforms and corporate solutions capabilities in the corporate fixed income, direct lending, structured credit, and commercial real estate debt, among other, spaces. Hybrid brings together capabilities across debt and equity to provide companies, financial sponsors, and intermediaries with creative, expedient, and scaled capital solutions responsive to their needs during both periods of dislocation and market strength. Equity takes a hands-on investment approach to support management teams, business transformation and growth under the Apollo Funds’ (as defined herein) ownership, with strategies spanning traditional private equity, real estate, and impact investing. Control equity transactions are principally buyouts, corporate carveouts and distressed investments, while real asset funds generally transact in single asset, portfolio, and platform acquisitions. Equity strategies are customarily rooted in deep due diligence, relatively conservative underwriting, and an ability to invest throughout market cycles. In the Retirement Services segment, Athene Holding Ltd. (“Athene Holding”) issues, reinsures, and acquires retirement savings products and helps customers grow their savings and generate lifetime income. In the Principal Investing segment, AGM makes strategic equity and financing investments and generates performance allocations from funds advised by its subsidiaries. Apollo Asset Management, Inc. Apollo Asset Management, Inc. (“AAM”), a Delaware corporation, is one of AGM’s principal subsidiaries. AAM’s preferred stock is publicly listed on the New York Stock Exchange under the symbols AAM-PA and AAM-PB. AGM’s asset management business (described above) operates under AAM. Investment funds (“Apollo Funds”), real estate investment trusts (“REITs”), vehicles, accounts, products, and/or other similar arrangements sponsored, advised, and/or managed by Apollo or its affiliates, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Apollo or its affiliates side-by-side or additional general partner investments with respect thereto) are collectively referred

to herein as “Other Apollo Accounts” or “Apollo Clients.” ARIS Management, LLC The Adviser is a subsidiary of AGM and registered as an investment adviser with the SEC. The Adviser is the investment adviser to Apollo Realty Income Solutions, Inc. (the “ARIS Parent”), ARIS Operating Partnership L.P. (the “ARIS Operating Partnership” and, together with the ARIS Parent, the “ARIS REIT”) and AREI IDF. The ARIS Parent, the ARIS Operating Partnership and the AREI IDF are collectively referred to as “Clients,” unless the context herein dictates otherwise, such as when referring to the Apollo Clients more broadly. As of March 31, 2023, the Adviser had approximately $236 million in regulatory assets under management on a discretionary basis and $0 in regulatory assets under management on a non- discretionary basis. Investment Advisory Relationship The advisory relationship between the ARIS REIT and the Adviser is governed by an advisory agreement (the “Advisory Agreement”). The negotiation of the Advisory Agreement between the ARIS REIT and the Adviser was not conducted at arm’s length because they are related parties. The terms of the Advisory Agreement, including the fees payable to the Adviser, could therefore be less favorable to the ARIS REIT than they would be if they had been negotiated with an unaffiliated third party. The Adviser generally seeks to acquire, develop, reposition, manage, and operate commercial real estate primarily in the United States and focuses on a range of asset types. Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for, among other things:
• serving as an advisor to the ARIS REIT with respect to the establishment and periodic review of their investment guidelines and the ARIS REIT’s investments, financing activities, and operations;
• sourcing, evaluating, and monitoring the ARIS REIT’s investment opportunities and executing the acquisition, management, financing, and disposition of the ARIS REIT’s assets, in accordance with their investment guidelines, policies and objectives and limitations, subject to oversight by the ARIS Parent board of directors;
• with respect to prospective acquisitions, purchases, sales, exchanges or other dispositions of investments, conducting negotiations on the ARIS REIT’s behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors, and representatives, and determining the structure and terms of such transactions;
• providing portfolio management and other related services;
• serving as advisor with respect to decisions regarding any of the ARIS REIT’s financings, hedging activities, or borrowings; and
• engaging and supervising, on the ARIS REIT’s behalf and at their expense, various service providers. The Adviser’s scope of authority with respect to acquisition and disposition of transactions by the ARIS REIT may be changed by the board of directors of the ARIS Parent from time to time. The advisory relationship between the AREI IDF and the Adviser is governed by an investment management agreement. The information provided above about the investment advisory services provided by the Adviser is qualified in its entirety by reference to the Clients’ governing documents and, in relation to the ARIS REIT, the Advisory Agreement filed as an exhibit to the ARIS Parent’s registration statement which is publicly available on the SEC’s website.