reality of the situation
What is actually happening in or true about a particular situation or scenario. The reality of the situation is that the company will go bankrupt in the next three years if we don't significantly improve our revenue streams. I know you're worried about him, but the reality of the situation is that he's just a toddler going through a bit of a boisterous phase.
reality of the situation
the truth or actuality of the situation; the way the situation really is. The reality of the situation is that we must act right now. Let's face the reality of the situation and go out and get jobs so we can pay our bills.