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Apollo Realty Income Solutions cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$299M in Q2 2026 · −$602M over twelve months

Operating cash flow$27.0M
Capital spending−$326M
Free cash flow−$299M
Cash / net income1.8×

Analysis

In Q2 2026, Apollo Realty Income Solutions generated $27.0M of operating cash flow and spent $326M on capital projects, leaving free cash flow of −$299M. That is $321M less than in Q2 2025 ($22.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was $103M; the largest uses were capital spending ($704M), real estate bought ($704M), dividends ($59.9M); besides operations, cash came from other investing ($581M), shares issued ($410M); the cash balance rose by $20.2M.

Operating cash flow was $27.0M against net income of $15.2M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$8.4M, other liabilities +$3.5M, prepaid and other assets −$1.1M.

Free cash flow

Apollo Realty Income Solutions: free cash flow by quarterApollo Realty Income Solutions: free cash flow by quarter$16.7MQ3 2024$19.8MQ4 2024$19.5MQ1 2025$22.6MQ2 2025−$63.3MQ3 2025−$185MQ4 2025−$54.3MQ1 2026−$299MQ2 2026
Operating cash flow less capital spending.
Apollo Realty Income Solutions: operating cash flow against capital spendingApollo Realty Income Solutions: operating cash flow against capital spendingOperating cash flowCapital spending$16.7M$0Q3 2024$19.8M$73KQ4 2024$19.5M$30KQ1 2025$22.7M$58KQ2 2025$26.0M$89.3MQ3 2025$24.5M$210MQ4 2025$25.4M$79.7MQ1 2026$27.0M$326MQ2 2026
Latest (Q2 2026): Operating cash flow $27.0M, Capital spending $326M.

Capital allocation, year by year

Apollo Realty Income Solutions: where the cash came from (up) and went (down), by fiscal yearApollo Realty Income Solutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2023: Operating cash flow $25.6MFY2023: Net borrowing $36.0MFY2023: Shares issued $406MFY2023: Asset sales $117KFY2023: Capital spending −$171MFY2023: Buybacks −$151KFY2023: Dividends −$7.0M$467MFY2023FY2024: Operating cash flow $66.1MFY2024: Net borrowing $140MFY2024: Shares issued $484MFY2024: Asset sales $8.1MFY2024: Capital spending −$107MFY2024: Buybacks −$6.1MFY2024: Dividends −$28.2M$698MFY2024FY2025: Operating cash flow $92.7MFY2025: Net borrowing $241MFY2025: Shares issued $453MFY2025: Asset sales $24.8MFY2025: Capital spending −$471MFY2025: Buybacks −$29.1MFY2025: Dividends −$51.4M$811MFY2025
Over these 3 years operating cash flow totalled $184M; the largest uses were capital spending ($750M) and dividends ($86.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$81.4M
Debt$485M
Net debt$404M
Due within a year$40.0M

Apollo Realty Income Solutions's operations bring cash in ($103M over twelve months), and it spends more than that on capital projects: a gap of $602M funded from its $81.4M of cash and investments and from borrowing ($485M of debt, $40.0M due within a year). That is a choice to invest, not a cash runway running down.

Apollo Realty Income Solutions: debt maturities by year (FY2025)Apollo Realty Income Solutions: debt maturities by year (FY2025)$40.0MYear 1$14.5MYear 2$295MYear 3
Principal due in each year as disclosed in the annual report, against $81.4M of cash and investments now.

Where the cash came from and went

Apollo Realty Income Solutions: sources (+) and uses (−) of cash, Q2 2026Apollo Realty Income Solutions: sources (+) and uses (−) of cash, Q2 2026Other investing$348MCapital spending−$326MReal estate bought−$325MNet borrowing (+) / repaid (−)$154MShares issued$96.3MOther financing$55.2MOperating cash flow$27.0MBuybacks−$24.2MDividends−$16.5MAsset & business sales$9.0MCash drawn (+) / kept (−)$2.0M
Apollo Realty Income Solutions: sources (+) and uses (−) of cash, TTM to Q2 2026Apollo Realty Income Solutions: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$704MReal estate bought−$704MOther investing$581MShares issued$410MNet borrowing (+) / repaid (−)$317MOther financing$113MOperating cash flow$103MDividends−$59.9MBuybacks−$56.2MAsset & business sales$21.6MCash drawn (+) / kept (−)−$20.2MPartners−$22K

From profit to cash

Apollo Realty Income Solutions: net income to operating cash flow, Q2 2026Apollo Realty Income Solutions: net income to operating cash flow, Q2 2026Net income$15.2MDepreciation & amortization$8.4MPrepaid and other assets−$1.1MOther liabilities$3.5MOperating cash flow$27.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$27.0M−$326M−$24.2M−$16.5M$154M$96.3M$2.0M−$299M
Q1 2026$25.4M−$79.7M−$13.6M−$15.5M−$49.9M$92.0M−$26.1M−$54.3M
Q4 2025$24.5M−$210M−$11.5M−$14.5M$110M$103M−$7.7M−$185M
Q3 2025$26.0M−$89.3M−$7.0M−$13.4M$103M$119M$11.6M−$63.3M
Q2 2025$22.7M−$58K−$2.6M−$12.3M—$105M−$17.1M$22.6M
Q1 2025$19.5M−$30K−$8.1M−$11.1M$28.4M$126M$34.1M$19.5M
Q4 2024$19.8M−$73K−$1.2M−$9.5M−$50.0M$140M$59.9M$19.8M
Q3 2024$16.7M—−$3.5M−$7.9M$86.6M$135M−$74.3M$16.7M

Apollo Realty Income Solutions: income statement and cash flow

Apollo Realty Income Solutions, Q2 2026: revenue $19.4M (+135% year over year), operating margin 188.5%. The chart follows the revenue to costs, profit and cash.

Apollo Realty Income Solutions: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.