Apollo is investing $1 billion for a 49 percent stake in a new joint venture with Realty Income, acquiring roughly 500 single-tenant retail properties on long-term net leases. The 15-year venture will provide Apollo with a fixed 6.875 percent internal rate of return (IRR) while being treated as equity for accounting and tax purposes. Realty Income CFO Jonathan Pong stated this structured funding unlocks meaningful savings relative to public equity costs, with future tranches priced independently of public markets. The JV highlights how major REITs increasingly tap private capital for growth, fitting a trend of alternative managers like Blue Owl and KKR expanding net lease investments.