Apollo Realty Income Solutions 10-Q13 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 10, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
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
Securities Act 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
Common Stock - Class A-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,114,888
Common stock - Class F-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,419,537
Common Stock - Class E Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		73,301

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Investments in real estate, net		$ 95,714
Investments in real estate debt, at fair value		220,599
Cash and cash equivalents		120,795	$ 131,589
Other assets		21,562	5,000
Total assets	[1]	458,670	136,589
Liabilities and Equity
Other liabilities		9,946
Total liabilities	[1]	24,316	8,298
Commitments and contingencies (See Note 13)
Equity
Common stock, $0.01 par value per share (See Note 12 - Equity)		169	18
Additional paid-in capital		333,341	31,367
Retained earnings (accumulated deficit)		312	(815)
Total stockholders equity		333,822	30,570
Non-controlling interest attributable to ARIS Operating Partnership, L.P.		100,532	97,721
Total equity		434,354	128,291
Total liabilities and equity		458,670	136,589
Due to Affiliates
Liabilities and Equity
Due to affiliates		$ 14,370	$ 8,298

[1] Represents the consolidated assets and liabilities of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). The Operating Partnership is a consolidated variable interest entity ("VIE"), of which the Company is the sole general partner and owns approximately 77 % and 27 % as of September 30, 2023 and December 31, 2022, respectively. See "Note 2 - Summary of Significant Accounting Policies " for additional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares outstanding	0	0
VIE ownership percentage	77%	27%

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Revenues
Rental revenue	$ 1,543	$ 3,590
Total revenues	1,543	3,590
Expenses
Rental property operating	208	412
General and administrative	1,786	4,320
Management fee	1,041	2,139
Performance participation allocation	211	358
Depreciation and amortization	572	1,200
Total expenses	3,818	8,429
Other income
Income from investments in real estate debt	5,411	9,306
Other Income	2,153	4,550
Total other income	7,564	13,856
Net income	5,289	9,017
Net income attributable to non-controlling interests in ARIS OP	1,378	2,851
Net income attributable to ARIS stockholders	$ 3,911	$ 6,166
Net income per share of common stock, basic	$ 0.26	$ 0.68
Net income per share of common stock, diluted	$ 0.26	$ 0.68
Weighted-average shares of common stock outstanding, basic	15,177,249	9,079,410
Weighted-average shares of common stock outstanding, diluted	15,177,249	9,079,410

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Non-Controlling Interest
Beginning Balance at Feb. 18, 2022	$ 200		$ 200		$ 200
Beginning Balance, Shares at Feb. 18, 2022		10
Net income	0
Ending Balance at Mar. 31, 2022	200		200		200
Ending Balance, Shares at Mar. 31, 2022		10
Net income	0
Ending Balance at Jun. 30, 2022	200		200		200
Ending Balance, Shares at Jun. 30, 2022		10
Net income	0
Ending Balance at Sep. 30, 2022	200		200		200
Ending Balance, Shares at Sep. 30, 2022		10
Beginning Balance at Dec. 31, 2022	128,291	$ 18	31,367	$ (815)	30,570	$ 97,721
Beginning Balance, Shares at Dec. 31, 2022		1,824
Common stock issued, value	60,227	$ 30	60,197		60,227
Common stock issued, shares		3,006
Offering costs	(83)		(83)		(83)
Contributions from non-controlling interests	156					156
Net income	683			335	335	348
Ending Balance at Mar. 31, 2023	189,274	$ 48	91,481	(480)	91,049	98,225
Ending Balance, Shares at Mar. 31, 2023		4,830
Beginning Balance at Dec. 31, 2022	128,291	$ 18	31,367	(815)	30,570	97,721
Beginning Balance, Shares at Dec. 31, 2022		1,824
Net income	9,017
Ending Balance at Sep. 30, 2023	434,354	$ 169	333,341	312	333,822	100,532
Ending Balance, Shares at Sep. 30, 2023		16,839
Beginning Balance at Mar. 31, 2023	189,274	$ 48	91,481	(480)	91,049	98,225
Beginning Balance, Shares at Mar. 31, 2023		4,830
Common stock issued, value	108,544	$ 54	108,490		108,544
Common stock issued, shares		5,395
Offering costs	(906)		(906)		(906)
Contributions from non-controlling interests	255					255
Distribution reinvestments, value	469		118		118	351
Distribution reinvestments, shares		6
Amortization of restricted stock grants	25		25		25
Share class transfer, shares		(10)
Distributions to non-controlling interest	(1,055)					(1,055)
Distributions declared on common stock	(1,833)			(1,833)	(1,833)
Net income	3,045			1,921	1,921	1,124
Ending Balance at Jun. 30, 2023	297,818	$ 102	199,208	(392)	198,918	98,900
Ending Balance, Shares at Jun. 30, 2023		10,221
Common stock issued, value	134,091	$ 67	134,024		134,091
Common stock issued, shares		6,609
Offering costs	(100)		(100)		(100)
Contributions from non-controlling interests	258					258
Distribution reinvestments, value	1,399		335		335	1,064
Distribution reinvestments, shares		16
Amortization of restricted stock grants	25		25		25
Repurchase of common stock, shares		(7)
Repurchase of common stock	(151)		(151)		(151)
Distributions to non-controlling interest	(1,068)					(1,068)
Distributions declared on common stock	(3,207)			(3,207)	(3,207)
Net income	5,289			3,911	3,911	1,378
Ending Balance at Sep. 30, 2023	$ 434,354	$ 169	$ 333,341	$ 312	$ 333,822	$ 100,532
Ending Balance, Shares at Sep. 30, 2023		16,839

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	7 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Cash flows from operating activities
Net income		$ 9,017
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee		2,139
Depreciation and amortization		1,200
Straight line rent amortization		(1,097)
Amortization of Debt Discount (Premium)		(135)
Amortization of restricted stock awards		50
Unrealized gain on fair value of investments in real estate debt		(343)
Increase (Decrease) in Operating Capital [Abstract]
Other assets		(1,995)
Due to affiliate		4,627
Other liabilities		248
Net cash provided by operating activities		13,711
Net Cash Provided by (Used in) Investing Activities [Abstract]
Acquisitions of real estate		(101,599)
Capital improvements to real estate		(621)
Origination and acquisition of real estate debt		(178,198)
Purchase of real estate-related securities		(16,845)
Add-on fundings of commercial mortgage loans		(25,097)
Repayments from real-estate related securities		17
Net cash used in investing activities		(322,343)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from Issuance of Common Stock	200	301,765
Distributions paid		(3,758)
Repurchase of common stock		(151)
Offering costs paid		(18)
Net cash provided by financing activities	200	297,838
Net change in cash and cash equivalents	200	(10,794)
Cash and cash equivalents, beginning of period		131,589
Cash and cash equivalents, end of period	$ 200	120,795
Non-cash investing and financing activities
Accrued offering costs due to affiliate		1,071
Distribution reinvestments		1,868
Distributions accrued and not paid		1,537
Issuance of Class E shares for payment of management fee		1,097
Issuance of Class E units of the Operating Partnership for payment of management fee		$ 669

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
Organization and Business Purpose	Sep. 30, 2023
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. The Company 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"), a subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "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 is conducted through the Operating Partnership. The Company commenced its operations on December 22, 2022 and the Company and the Operating Partnership are both externally managed by ARIS Management, LLC (the "Adviser"), an indirect subsidiary of Apollo. The Company has registered with the Securities and Exchange Commission (the "SEC") an offering of up to $ 5.0 billion in shares of common stock, consisting of up to $ 4.0 billion in shares in its primary offering and up to $ 1.0 billion in shares pursuant to its distribution reinvestment plan (the "Offering"). In the Offering, the Company intends to sell any combination of nine classes of shares of its common stock, Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III 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. 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. The Company intends to elect to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with the taxable year ending December 31, 2023. To maintain its tax qualification as a REIT, the Company will be required to distribute at least 90 % of its taxable income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests. As of September 30, 2023 , the Company owned two properties, had seven investments in commercial real estate debt, and held nine real estate-related securities. The Company currently operates in two reportable segments: Real Estate and Real Estate Debt. See " Note 14 - Segment Reporting " for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows have been included. The Company's results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period. Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying condensed consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. Noncontrolling interests in the Operating Partnership represent units of the Operating Partnership that are held by third parties, including the Adviser, and units of the Operating Partnership issued to the Adviser under an advisory agreement by and among the Company, the Operating Partnership and the Adviser (as amended, restated or otherwise modified from time to time, the "Advisory Agreement"). Units of the Operating Partnership may be redeemed for cash, or at the Company's option, common shares of the Company on a one-for-one basis. Since the number of common shares outstanding is equal to the number of units of the Operating Partnership owned by the Company, the redemption value of each common unit of the Operating Partnership is equal to the market value of each common share and distributions paid to each unitholder is equivalent to dividends paid to common stockholders, per respective share class. As of September 30, 2023 and December 31, 2022, non-controlling interests in the Operating Partnership on the Company's condensed consolidated balance sheets had a carrying amount $ 100.5 million and $ 97.7 million , respectively, and a redemption value of $ 104.9 million and $ 100.1 million , respectively, based on the redemption price of the Company's shares as of the balance sheet dates. 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. As of September 30, 2023, the Company held $ 116.3 million of cash equivalents and did no t hold any cash equivalents as of December 31, 2022 . Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company has elected the fair value option ("FVO") for investments in real estate debt as the Company believes fair value provides a more accurate depiction of these assets value. As of September 30, 2023, the Company's investments in real estate debt consisted of commercial mortgage loans secured by real estate assets and real estate-related securities. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. The Company's investments in commercial mortgage loans are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. The inputs used in determining the fair value of the Company's investments in commercial mortgage loans are considered Level 3. The fair value of real estate-related securities may be determined by using third-party pricing service providers or broker-dealer quotes, reported trades or valuation estimates from their internal pricing models to determine the reported price. The inputs used in determining the fair value of the Company's investments in real estate-related securities are considered Level 2. The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 16,904 $ 203,695 $ 220,599 The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Total Balance as of December 31, 2022 $ — $ — Originations and acquisitions 203,428 203,428 Included in net income: Unrealized gain from investments in real estate debt 267 267 Balance as of September 30, 2023 $ 203,695 $ 203,695 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 203,695 Discounted cash flow Discount rate 8.62 %- 10.00 % Decrease As of December 31, 2022 , the Company did no t hold any assets at fair value. Investment Property and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties will be included in the Company's results of operations from their respective dates of acquisition. The Company will utilize a report from an independent appraiser to record the purchase of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, tenant relationships, asset retirement obligations and mortgage loans payable. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The estimated fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company’s condensed consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options, if applicable. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of out-of-market lease value will be charged to rental revenue. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings 40 - 50 years Buildings and land improvements 13 - 15 years Lease intangibles and leasehold improvements Lease term Significant improvements to properties are capitalized, whereas, repairs and maintenance expenses at the Company's properties are expensed as incurred and included in real estate operating expense on the Company’s condensed consolidated statements of operations. When an asset is sold, the cost and related accumulated depreciation are removed from the accounts with the resulting gain or loss reflected in the Company's results of operations for the period. Real estate assets will be evaluated for impairment on a quarterly basis. The Company will consider the following factors when performing its impairment analysis: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) its ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon its estimate of a capitalization rate and discount rate. As of September 30, 2023 , the Company had not recorded any impairments on its investments in real estate. Investments in Real Estate Debt The Company's investments in real estate debt consist of commercial mortgage loans secured by real estate and real estate-related securities. The real estate-related securities are classified as available-for-sale securities. The Company has elected the FVO for its commercial mortgage loans secured by real estate and its real estate-related securities. As such, in both instances, the unrealized gain or loss associated with holding these investments at fair value are recorded as a component of income from investments in real estate debt on the Company's condensed consolidated statement of operations. For the three and nine months ended September 30, 2023 the Company recorded $ 34 thousand of unrealized loss and $ 0.3 million of unrealized gain on its investments in real estate debt, respectively. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as components of income from investments in real estate debt on the Company’s condensed consolidated statements of operations. Revenue Recognition The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenant leases at the Company's properties under operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step ups or abatements. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component under Accounting Standards Codification 842. Additionally, the Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance and real estate taxes, within this lease component. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. However any future cash receipt on leases that are deemed uncollectible will be recorded as income on a cash basis. Commercial mortgage loans that are significantly past due may be placed on non-accrual status if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual status, interest is only recorded as interest income when it is received. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due. Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2023. 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. Earnings per Share of Common Stock Basic earnings per share of common stock is computed by dividing net income or loss for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. As there were no common stock equivalents outstanding during the three and nine months ended September 30, 2023 and the period from February 18, 2022 (date of initial capitalization) through September 30, 2022 the calculation of basic and diluted earnings per share are equal. 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 December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period beginning on December 22, 2023. Organization costs are expensed as incurred and recorded as expenses on the Company's condensed consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of September 30, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 7.7 million , consisting of offering costs of $ 6.2 million and organization costs of $ 1.5 million . As of December 31, 2022, the Adviser and its affiliates had incurred $ 6.6 million of organization and offering costs on the Company's behalf, consisting of $ 5.1 million of offering costs and $ 1.5 million of organization costs. Such costs became the Company's liability on December 22, 2022, the date on which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet. Apollo Global Securities, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate NAV of the Company’s outstanding Class S shares, Class D shares, Class F-S shares and Class F-D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of September 30, 2023: Class S Shares Class D Shares Class I Shares Class F-S Shares Class F-D Shares Class F-I Shares Class A-I Shares Class A-II Shares Class A-III Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5 % up to 1.5 % — up to 3.5 % up to 1.5 % — — — — Stockholder servicing fee (% of NAV) 0.85 % 0.25 % — 0.85 % 0.25 % — — — — For Class S shares and Class F-S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3 % and dealer manager fees of up to 0.5 % of the transaction price; however, such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5 % of the transaction price. For Class D shares and Class F-D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5 % of the transaction price. The Dealer Manager, as the dealer manager for the Offering, is entitled to receive stockholder servicing fees of 0.85 % per annum of the aggregate NAV for Class S shares and Class F-S shares. For Class D shares and Class F-D shares, a charge of 0.25 % per annum of the aggregate NAV will be charged for stockholder servicing fees. The Dealer Manager has entered 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 stockholder'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. There will not be a stockholder servicing fee, upfront selling commission or dealer manager fee with respect to Class I shares, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III shares. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time of each Class S share, Class D share, Class F-S share, and Class F-D share is sold during the primary offering. As of September 30, 2023 , the Company had not sold any of those share classes and as such has not accrued for any stockholder servicing fees. Share Based Payments The Company accounts for share-based compensation to its independent directors, to the Adviser and to employees of the Adviser and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date and amortized into expense over the vesting period on a straight-line basis. Recent Accounting Pronouncements Any recently issued accounting pronouncements have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Company's condensed consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
Investments in Real Estate	Sep. 30, 2023
Real Estate Investments, Net [Abstract]
Investments in Real Estate	Note 3 - Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): September 30, 2023 Building and building improvements $ 74,328 Land and land improvements 21,542 Tenant improvements 621 Total 96,491 Accumulated depreciation ( 777 ) Investment in real estate, net $ 95,714 During the nine months ended September 30, 2023 the Company acquired the following properties, that qualified as asset acquisitions ($ in thousands): Property Type Acquisition Date Purchase Price Rickenbacker Industrial January 2023 $ 49,214 16000 Pines Retail August 2023 56,714 Total acquisitions $ 105,928 As of December 31, 2022 , the Company had no t acquired any properties. The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2023 ($ in thousands): Amount Building and building improvements $ 74,328 Land and land improvements 21,542 In-place lease intangibles 16,547 Above-market lease intangibles 325 Below-market lease intangibles ( 6,814 ) Total purchase price $ 105,928 Intangible assets are recorded in other assets on the accompanying condensed consolidated balance sheet. The intangibles of the properties are amortized over the remaining lease terms that they were derived from. As a result, the Company's intangibles have a weighted average amortization period of approximately 14 years . As of September 30, 2023 , the Company did no t recognize any impairment on its real estate investments.

Investments in Real Estate Debt

Investments in Real Estate Debt	9 Months Ended
Investments in Real Estate Debt	Sep. 30, 2023
Real Estate Investments, Net [Abstract]
Investments in Real Estate Debt	Note 4 - Investments in Real Estate Debt The following table details the Company's investments in real estate debt as of September 30, 2023 ($ in thousands): September 30, 2023 Type of Investment in Real Estate Debt Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount Cost Basis Fair Value First mortgage loans 6 9.4 % August 2027 $ 153,695 $ 153,428 $ 153,695 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 9 7.1 % July 2037 17,083 16,828 16,904 Total investments in real estate debt 16 9.5 % February 2028 $ 220,778 $ 220,256 $ 220,599 ____________ (1) Based on applicable benchmark rates as of September 30, 2023. (2) Weighted average maturity date is based on fully extended maturity. The Company did not hold any investments in real estate debt as of December 31, 2022. All of the Company's real estate-related securities have maturity dates greater t han ten years fro m September 30, 2023. The total income from investments in real estate debt disclosed on the Company's condensed consolidated statement of operations relates to interest income, upfront fees recognized, and unrealized gain on these investments in real estate debt. For the three and nine months ended September 30, 2023, the Company recorded $ 34 thousand of unrealized losses and $ 0.3 million of unrealized gains on its investments in real estate debt, respectively.

Other Assets

Other Assets	9 Months Ended
Other Assets	Sep. 30, 2023
Other Assets [Abstract]
Other Assets	Note 5 - Other Assets The following table details the components of the Company's other assets at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Real estate intangibles, net $ 16,439 $ — Deposits 2,398 5,000 Straight-line rent receivable 1,061 — Interest receivable 1,371 — Other 293 — Total $ 21,562 $ 5,000

Intangibles

Intangibles	9 Months Ended
Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Note 6 - Intangibles The Company did no t have any intangible assets as of December 31, 2022 . The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of September 30, 2023 ($ in thousands): September 30, 2023 Intangible assets: In-place lease intangibles $ 16,547 Above-market lease intangibles 325 Total intangible assets 16,872 Accumulated amortization: In-place lease amortization ( 423 ) Above-market lease amortization ( 10 ) Total intangible assets, net $ 16,439 Intangible liabilities Below-market lease intangibles $ ( 6,814 ) Total intangible liabilities ( 6,814 ) Accumulated amortization: Below-market lease amortization 47 Total intangible liabilities, net $ ( 6,767 ) The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of September 30, 2023, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2023 (remaining) $ 303 $ 6 $ ( 93 ) 2024 1,178 29 ( 371 ) 2025 1,149 29 ( 371 ) 2026 1,149 29 ( 371 ) 2027 1,149 29 ( 371 ) 2028 1,134 29 ( 364 ) Thereafter 10,062 164 ( 4,826 ) $ 16,124 $ 315 $ ( 6,767 )

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	Note 7 - Leases Lessor The Company’s rental revenue consists of rent earned from the operating leases at the Company’s industrial and retail properties. The leases at the Company’s industrial and retail properties generally includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company’s operating leases primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. The following table summarizes the fixed and variable components of the Company's operating lease for the three and nine months ended September 30, 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Fixed lease payments $ 1,295 $ 3,144 Variable lease payments 206 409 Lease Revenue $ 1,501 $ 3,553 Above- and below-market lease amortization 42 37 Rental Revenue $ 1,543 $ 3,590 The Company had no leases as of December 31, 2022. The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and retail properties as of September 30, 2023 ($ in thousands): Year Future Minimum Rents 2023 (remaining) $ 1,644 2024 6,594 2025 6,639 2026 6,804 2027 7,021 2028 7,191 Thereafter 62,261 Total $ 98,154

Other Liabilities

Other Liabilities	9 Months Ended
Other Liabilities	Sep. 30, 2023
Other Liabilities [Abstract]
Other Liabilities	Note 8 - Other Liabilities The following table details the components of the Company's other liabilities at the date indicated ($ in thousands): September 30, 2023 Real estate intangibles, net $ 6,767 Distribution payable 1,537 Accounts payable and accrued expenses 1,187 Real estate taxes payable 455 Total $ 9,946

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 - Related Party Transactions Pursuant to the Advisory Agreement 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. 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 limited partnership agreement of the Operating Partnership, by and among the Company, as general partner, the Special Limited Partner and the limited partners party thereto from time to time (as amended, restated or otherwise modified from time to time, the "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 Limited Partnership Agreement). Such allocation will accrue monthly and be paid annually. There will not be a performance participation interest with respect to Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The performance participation interest will be paid, at the Adviser's election, in cash, Class E shares, Class E units of the Operating Partnership or any combination thereof. During the three and nine months ended September 30, 2023, the Company accrued $ 0.2 million and $ 0.4 million of performance participation allocation, respectively. The Company may retain certain of the Adviser's affiliates for necessary services relating to the Company's investments or its operations, including but not limited to any accounting and audit services (including valuation support services), account management services, administrative services, data management services, information technology services, finance/budget services, legal services, operational services, risk management services, tax services, treasury services, construction, special servicing, leasing, development, coordinating closing and post-closing procedures, property oversight, statutory services, and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, broker-dealer services, underwriting, placing, syndicating, structuring, arranging, debt advisory services and other similar services, loan servicing, property, title and/or other types of insurance, title agency services, management consulting and other similar operational matters. Any fees paid to the Adviser's affiliates for any such services will not reduce the management fee or performance participation allocation. Any such arrangements will be at market terms and rates. The Company has engaged Nations Land Services, L.P. ("Nations"), a title agent company in which Apollo has a majority ownership. Nations acts as a title agent in facilitating and issuing title insurance in connection with investments by the Company, affiliates, and related parties, and third parties. Apollo receives distributions from Nations in connection with investments by the Company based on its equity interest in Nations. In each case, there will be no related offset to the Company. During the three and nine months ended September 30, 2023, the Company incurred $ 25 thousand of expenses for services provided by Nations. The Dealer Manager serves 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 has entered 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 stockholder'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, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III shares. From time to time, the Company makes co-investments in commercial mortgage loans alongside Apollo affiliates. As of September 30, 2023, all of the Company's investments in commercial mortgage loans were pari-passu co-investments with Apollo affiliates. 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. On February 18, 2022, the Company was capitalized with a $ 0.2 million investment by Apollo ARIS Holdings LLC, an indirect wholly-owned subsidiary of Apollo, in exchange for 10,000 shares of Class I common stock. On November 11, 2022, 10,000 shares of Class I common stock held by Apollo ARIS Holdings LLC were exchanged for 10,000 shares of Class F-I common stock. Apollo ARIS Holdings LLC has elected to reinvest the dividends declared on its shares, which has corresponded to the issuance of 105 and 174 of additional Class F-I shares in lieu of cash for the dividends paid during the three and nine months ended September 30, 2023, respectively. On November 29, 2022, the Company and the Operating Partnership entered into a subscription agreement with an affiliate of Apollo to issue 5,000,000 Class A-I units of the Operating Partnership for the aggregate consideration of $ 100.0 million . In May 2023 such affiliate of Apollo elected to reinvest its dividends. In connection with such dividend reinvestment, the Company issued 51,733 and 68,974 Class A-I units of the Operating Partnership in lieu of cash for the dividends paid during the three and nine months ended September 30, 2023, respectively. Due to Affiliates The following table details the Company's expenses that are due to its Adviser: September 30, 2023 December 31, 2022 Organization and offering $ 7,691 $ 6,620 General and administrative 5,945 1,678 Management fee payable 375 — Accrued performance participation allocation 359 — Total $ 14,370 $ 8,298 Organization and Offering Expenses The Adviser has advanced $ 7.7 million of organization and offering expenses (including legal, accounting, and other expenses attributable to the Company's organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through September 30, 2023. The Adviser will continue to advance the Company's organization and offering expenses on behalf of the Company through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser for all such advanced costs ratably over a 60 month period beginning on December 22, 2023. General and Administrative Expenses The Adviser has agreed that it and/or its affiliates will advance certain general and administrative expenses on behalf of the Company through December 22, 2023, the first anniversary of the escrow break for the Offering. The Adviser has advanced $ 5.9 million of general and administrative expenses on the Company's behalf as of September 30, 2023. The Adviser will continue to advance certain of the Company's general and administrative expenses through December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser for all such advanced costs ratably over a 60 month period beginning on December 22, 2023. Management Fee Payable The Adviser is entitled to 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, Class F-I shares, and Class A-I shares. The Adviser will be paid a management fee equal to 1.0 % of NAV for Class A-II shares per annum payable monthly; and provided that, for the period of April 1, 2023 through September 1, 2026, this management fee will be reduced to 0.92 % of NAV for Class A-II shares per annum payable monthly. The Adviser will be paid a management fee equal to 1.0 % of NAV for Class A-III shares per annum payable monthly; and provided that, for the period of April 1, 2023 through January 2, 2027, this management fee will be reduced to 0.85 % of NAV for Class A-III shares per annum payable monthly. 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. During the three and nine months ended September 30, 2023, the Company incurred $ 1.0 million and $ 2.1 million of management fees, respectively. During the three months ended September 30, 2023, the Company issued 32,523 Class E shares and 12,622 Class E units of the Operating Partnership to the Adviser as payment for its management fee. During the nine months ended September 30, 2023, the Company issued 53,685 Class E shares and 32,938 Class E units of the Operating Partnership to the Adviser as payment for its management fee. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned, in reliance upon the exemption from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The Adviser did not submit any repurchase requests for any shares or units of the Operating Partnership previously issued as payment for the management fee during the three and nine months ended September 30, 2023. The Adviser has elected to reinvest the dividends declared on the shares and units of the Operating Partnership issued for its management fee. In connection with such dividend reinvestment, the Company issued (i) 392 and 483 Class E shares and (ii) 314 and 383 Class E units of the Operating Partnership to the Adviser in lieu of cash for the dividends paid during the three and nine months ended September 30, 2023 , respectively.

Economic Dependency

Economic Dependency	9 Months Ended
Economic Dependency	Sep. 30, 2023
Economic Dependency [Abstract]
Economic Dependency	Note 10 - 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.

Share Based Payments

Share Based Payments	9 Months Ended
Share Based Payments	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share Based Payments	Note 11 - Share Based Payments The Company's board of directors approved the Apollo Realty Income Solutions, Inc. Amended and Restated 2022 Equity Incentive Plan (the "2022 Equity Incentive Plan"), pursuant to which, shares of the Company's common stock may be granted from time to time to directors and officers of the Company and employees of the Adviser. The 2022 Equity Incentive Plan allows for up to 10,000,000 shares of the Company's common stock to be issued. The following table summarizes the grants, vesting and forfeitures of restricted common stock during the nine months ended September 30, 2023: Type Restricted Stock Grant Date Fair Value ($ in thousands) Outstanding as of December 31, 2022 — Granted 4,948 $ 100 Vested — — Forfeiture — — Outstanding as of September 30, 2023 4,948 100 Restricted Stock Grants During the nine months ended September 30, 2023, the Company issued 4,948 Class E shares to the independent directors of the Company's board of directors to cover the restricted stock portion of the annual base director's fee for the independent directors' services to the Company. The fair value of these shares was determined using the most recently available NAV and they are subject to a one year vesting period . No shares were issued pursuant to the 2022 Equity Incentive Plan during the three months ended September 30, 2023. During the three and nine months ended September 30, 2023, the Company recorded $ 25 thousand and $ 50 thousand , respectively, of restricted stock amortization as general and administrative expenses in the condensed consolidated statement of operations. There are six months of remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost of $ 50.0 thousand as of September 30, 2023 .

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Note 12 - Equity Authorized Capital The Company is authorized to issue preferred stock and ten classes of common stock consisting of Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class F-I shares, Class A-I shares, Class A-II shares, Class A-III shares, and Class E shares. The differences among the classes of common stock relate to upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees, as well as varying management and performance participation allocations. See "Note 9 - Related Party Transactions" for additional information. As of September 30, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: September 30, 2023 December 31, 2022 Classification Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Preferred Stock, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class S Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class I Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-S Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-I Shares, $ 0.01 par value per share 100,000,000 6,489,410 100,000,000 1,823,750 Class A-I Shares, $ 0.01 par value per share 100,000,000 10,290,835 100,000,000 — Class A-II Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class A-III Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class E Shares, $ 0.01 par value per share 100,000,000 59,116 100,000,000 — Total 1,100,000,000 16,839,361 1,100,000,000 1,823,750 Common Stock The following table details the movement in the Company's outstanding shares of common stock for the three and nine months ended September 30, 2023: Class F-I Class A-I Class E Beginning balance, December 31, 2022 1,823,750 — — Common stock issued 3,002,714 — 3,862 Ending balance, March 31, 2023 4,826,464 — 3,862 Common stock issued 2,996,890 2,376,106 22,248 Share class transfer ( 5,162,941 ) 5,152,707 — Dividend reinvestment 4,508 1,237 91 Ending balance, June 30, 2023 2,664,921 7,530,050 26,201 Common stock issued 3,810,394 2,766,169 32,523 Repurchase of common stock — ( 7,389 ) — Dividend reinvestment 14,095 2,005 392 Ending balance, September 30, 2023 6,489,410 10,290,835 59,116 The following table details the movement in the Company's outstanding shares of common stock for the period from February 18, 2022 (date of initial capitalization) to September 30, 2022: Class I Beginning balance, February 18, 2022 (date of initial capitalization) 10,000 Common stock issued — Ending balance, March 31, 2022 10,000 Common stock issued — Ending balance, June 30, 2022 10,000 Common stock issued — Ending balance, September 30, 2022 10,000 As of September 30, 2023 , the Company had no t issued any Class S shares, Class D shares, Class I shares, Class F-S shares, Class F-D shares, Class A-II shares or Class A-III shares. On April 4, 2023 (the "Exchange Date"), 5,162,941 Class F-I shares were exchanged for 5,152,707 Class A-I shares at an exchange rate based on the NAV per share/unit for the Company's Class F-I shares and Class A-I units of the Operating Partnership as of the Exchange Date. Distributions The Company generally intends to distribute substantially all of its taxable income to its stockholders each year to comply with the REIT provisions of the Code, as amended. Taxable income does not necessarily equal net income calculated in accordance with GAAP. Each class of common stock receives the same gross distribution per share. The net distribution per share varies for each share class based on differing fee structures. Additionally net distributions will vary based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended September 30, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.2610 $ 0.2610 $ 0.2610 Management fee per share of common stock ( 0.0510 ) ( 0.0510 ) — Net distribution declared per share of common stock $ 0.2100 $ 0.2100 $ 0.2610 Nine Months Ended September 30, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.5200 $ 0.5200 $ 0.5200 Management fee per share of common stock ( 0.1000 ) ( 0.1000 ) — Net distribution declared per share of common stock $ 0.4200 $ 0.4200 $ 0.5200 Repurchases During the three and nine months ended September 30, 2023 the Company repurchased 7,389 of Class A-I shares pursuant to the Company's share repurchase plan for an aggregate amount of $ 0.2 million . The Company had no unfulfilled repurchase requests during the nine months ended September 30, 2023. Non-Controlling Interests - Operating Partnership Unitholders Units of the Operating Partnership are subject to the same fees as the corresponding classes of common stock and do not have any preferential rights relative to the Company's interest in the Operating Partnership. On December 22, 2022, the Company issued 5,000,000 Class A-I units of the Operating Partnership to an affiliate of Apollo for the aggregate consideration of $ 100.0 million in a private placement. During the three and nine months ended September 30, 2023 , the Company issued 12,622 and 32,938 Class E units of the Operating Partnership, respectively, to the Adviser for the management fee earned on the units of the Operating Partnership issued to an affiliate of Apollo, mentioned above, and the related dividend reinvestments. Currently all Operating Partnership unitholders have elected to reinvest their dividends. In connection with such dividend reinvestment, the Company issued 51,733 Class A-I and 314 Class E units of the Operating Partnership in lieu of cash for the dividends paid during the three months ended September 30, 2023 . The Company issued 68,974 Class A-I and 383 Class E units of the Operating Partnership in lieu of cash for the dividends paid during the nine months ended September 30, 2023 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 - 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, 2023 and December 31, 2022, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. As of September 30, 2023, the Company had $ 146.3 million of unfunded commitments related to its investments in real estate debt. The timing and amounts of fundings are uncertain as these commitments relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timing and amounts of future fundings depend on the progress and performance of the underlying assets of the Company's investments in real estate debt.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 14 - Segment Reporting The Company operates in two reportable segments: Real Estate and Real Estate Debt. The Company allocates resources and evaluates results based off of the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Total Assets $ 115,903 $ 221,972 $ 120,795 $ 458,670 The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 1,543 $ — $ — $ 1,543 Total revenues 1,543 — — 1,543 Expenses Rental property operating ( 208 ) — — ( 208 ) Total segment expenses ( 208 ) — — ( 208 ) Income from investments in real estate debt — 5,411 — 5,411 Segment net operating income $ 1,335 $ 5,411 $ — $ 6,746 Depreciation and amortization $ ( 572 ) $ — $ — $ ( 572 ) General and administrative ( 1,786 ) Management fee ( 1,041 ) Performance participation allocation ( 211 ) Other income 2,153 Net income $ 5,289 Net income attributable to non-controlling interests in ARIS OP $ 1,378 Net income attributable to ARIS stockholders $ 3,911 The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 3,590 $ — $ — $ 3,590 Total revenues 3,590 — — 3,590 Expenses Rental property operating ( 412 ) — — ( 412 ) Total segment expenses ( 412 ) — — ( 412 ) Income from investments in real estate debt — 9,306 — 9,306 Segment net operating income $ 3,178 $ 9,306 $ — $ 12,484 Depreciation and amortization $ ( 1,200 ) $ — $ — $ ( 1,200 ) General and administrative ( 4,320 ) Management fee ( 2,139 ) Performance participation allocation ( 358 ) Other income 4,550 Net income $ 9,017 Net income attributable to non-controlling interests in ARIS OP $ 2,851 Net income attributable to ARIS stockholders $ 6,166 The Company had no investments and therefore operated in one reportable segment as of December 31, 2022 .

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15 - Subsequent Events On October 26, 2023 , certain indirect subsidiaries (the "Sellers") of the Company entered into a Master Repurchase Agreement (the "JPM Repurchase Agreement") with JPMorgan Chase Bank, National Association (the "Buyer"). The JPM Repurchase Agreement provides for a maximum aggregate purchase price of $ 250.0 million and has a three-year term plus two one-year extension options . Subject to the terms and conditions thereof, the JPM Repurchase Agreement provides for the purchase, sale and repurchase of senior mortgage loans and participation interests in performing senior mortgage loans satisfying certain conditions set forth in the JPM Repurchase Agreement. The Operating Partnership has agreed to provide a limited guarantee of the obligations of the Sellers under the JPM Repurchase Agreement. As of the filing date, there are no outstanding borrowings under the JPM Repurchase Agreement. On October 27, 2023, the Company acquired a newly constructed property (the "Shepherd Road Property"), an industrial distribution center in Kansas City, Missouri. The Shepherd Road Property was acquired from an unaffiliated third party for approximately $ 65.0 million, exclusive of closing costs. At closing, the Company financed the Shepherd Road Property with $ 36.0 million of third-party debt. The Shepherd Road Property is fully leased to a single tenant under a long term lease. Subsequent to the three months ended September 30, 2023, the Company had issued founders shares to clients of a certain financial intermediary in excess of $ 100.0 million, the minimum Class A-I subscription requirement. On November 2, 2023, the Company exchanged approximately 5,015,523 Class F-I shares for approximately 4,966,803 Class A-I shares at an exchange rate based on the NAV per share for its Class F-I and Class A-I shares as of the exchange date.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows have been included. The Company's results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future period.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying condensed consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. Noncontrolling interests in the Operating Partnership represent units of the Operating Partnership that are held by third parties, including the Adviser, and units of the Operating Partnership issued to the Adviser under an advisory agreement by and among the Company, the Operating Partnership and the Adviser (as amended, restated or otherwise modified from time to time, the "Advisory Agreement"). Units of the Operating Partnership may be redeemed for cash, or at the Company's option, common shares of the Company on a one-for-one basis. Since the number of common shares outstanding is equal to the number of units of the Operating Partnership owned by the Company, the redemption value of each common unit of the Operating Partnership is equal to the market value of each common share and distributions paid to each unitholder is equivalent to dividends paid to common stockholders, per respective share class. As of September 30, 2023 and December 31, 2022, non-controlling interests in the Operating Partnership on the Company's condensed consolidated balance sheets had a carrying amount $ 100.5 million and $ 97.7 million , respectively, and a redemption value of $ 104.9 million and $ 100.1 million , respectively, based on the redemption price of the Company's shares as of the balance sheet dates.
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. As of September 30, 2023, the Company held $ 116.3 million of cash equivalents and did no t hold any cash equivalents as of December 31, 2022 .
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The Company uses a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment, and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The Company has elected the fair value option ("FVO") for investments in real estate debt as the Company believes fair value provides a more accurate depiction of these assets value. As of September 30, 2023, the Company's investments in real estate debt consisted of commercial mortgage loans secured by real estate assets and real estate-related securities. The Company generally determines the fair value of its investments in real estate debt by utilizing third-party pricing service providers whenever available. The Company's investments in commercial mortgage loans are unlikely to have readily available market quotations. In such cases, the Company will generally determine the initial value based on the acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance. The inputs used in determining the fair value of the Company's investments in commercial mortgage loans are considered Level 3. The fair value of real estate-related securities may be determined by using third-party pricing service providers or broker-dealer quotes, reported trades or valuation estimates from their internal pricing models to determine the reported price. The inputs used in determining the fair value of the Company's investments in real estate-related securities are considered Level 2. The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 16,904 $ 203,695 $ 220,599 The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Total Balance as of December 31, 2022 $ — $ — Originations and acquisitions 203,428 203,428 Included in net income: Unrealized gain from investments in real estate debt 267 267 Balance as of September 30, 2023 $ 203,695 $ 203,695 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 203,695 Discounted cash flow Discount rate 8.62 %- 10.00 % Decrease As of December 31, 2022 , the Company did no t hold any assets at fair value.
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties will be included in the Company's results of operations from their respective dates of acquisition. The Company will utilize a report from an independent appraiser to record the purchase of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, tenant relationships, asset retirement obligations and mortgage loans payable. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The estimated fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company’s condensed consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options, if applicable. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of out-of-market lease value will be charged to rental revenue. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings 40 - 50 years Buildings and land improvements 13 - 15 years Lease intangibles and leasehold improvements Lease term Significant improvements to properties are capitalized, whereas, repairs and maintenance expenses at the Company's properties are expensed as incurred and included in real estate operating expense on the Company’s condensed consolidated statements of operations. When an asset is sold, the cost and related accumulated depreciation are removed from the accounts with the resulting gain or loss reflected in the Company's results of operations for the period. Real estate assets will be evaluated for impairment on a quarterly basis. The Company will consider the following factors when performing its impairment analysis: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) its ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon its estimate of a capitalization rate and discount rate. As of September 30, 2023 , the Company had not recorded any impairments on its investments in real estate.
Investments in Real Estate Debt	Investments in Real Estate Debt The Company's investments in real estate debt consist of commercial mortgage loans secured by real estate and real estate-related securities. The real estate-related securities are classified as available-for-sale securities. The Company has elected the FVO for its commercial mortgage loans secured by real estate and its real estate-related securities. As such, in both instances, the unrealized gain or loss associated with holding these investments at fair value are recorded as a component of income from investments in real estate debt on the Company's condensed consolidated statement of operations. For the three and nine months ended September 30, 2023 the Company recorded $ 34 thousand of unrealized loss and $ 0.3 million of unrealized gain on its investments in real estate debt, respectively. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as components of income from investments in real estate debt on the Company’s condensed consolidated statements of operations.
Revenue Recognition	Revenue Recognition The Company's rental revenue consists of base rent and tenant reimbursement income arising from tenant leases at the Company's properties under operating leases. Base rent is recognized on a straight-line basis over the life of the lease, including any rent step ups or abatements. The Company accounts for base rental revenue (lease component) and common area expense reimbursement (non-lease component) as one lease component under Accounting Standards Codification 842. Additionally, the Company also includes the non-components of its leases, such as the reimbursement of utilities, insurance and real estate taxes, within this lease component. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. Management exercises judgment in assessing collectability and considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. However any future cash receipt on leases that are deemed uncollectible will be recorded as income on a cash basis. Commercial mortgage loans that are significantly past due may be placed on non-accrual status if we determine it is probable that we will not collect all payments which are contractually due. When a loan is placed on non-accrual status, interest is only recorded as interest income when it is received. A loan may be placed back on accrual status if we determine it is probable that we will collect all payments which are contractually due.
Income Taxes	Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2023. 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.
Earnings per Share of Common Stock	Earnings per Share of Common Stock Basic earnings per share of common stock is computed by dividing net income or loss for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss for the period by the weighted average number of shares of common stock and common stock equivalents outstanding (unless their effect is anti-dilutive) for the period. As there were no common stock equivalents outstanding during the three and nine months ended September 30, 2023 and the period from February 18, 2022 (date of initial capitalization) through September 30, 2022 the calculation of basic and diluted earnings per share are equal.
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 December 22, 2023, the first anniversary of the escrow break for the Offering. The Company will reimburse the Adviser and its affiliates for all such advanced expenses ratably over a 60-month period beginning on December 22, 2023. Organization costs are expensed as incurred and recorded as expenses on the Company's condensed consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of September 30, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 7.7 million , consisting of offering costs of $ 6.2 million and organization costs of $ 1.5 million . As of December 31, 2022, the Adviser and its affiliates had incurred $ 6.6 million of organization and offering costs on the Company's behalf, consisting of $ 5.1 million of offering costs and $ 1.5 million of organization costs. Such costs became the Company's liability on December 22, 2022, the date on which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet. Apollo Global Securities, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate NAV of the Company’s outstanding Class S shares, Class D shares, Class F-S shares and Class F-D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of September 30, 2023: Class S Shares Class D Shares Class I Shares Class F-S Shares Class F-D Shares Class F-I Shares Class A-I Shares Class A-II Shares Class A-III Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5 % up to 1.5 % — up to 3.5 % up to 1.5 % — — — — Stockholder servicing fee (% of NAV) 0.85 % 0.25 % — 0.85 % 0.25 % — — — — For Class S shares and Class F-S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3 % and dealer manager fees of up to 0.5 % of the transaction price; however, such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5 % of the transaction price. For Class D shares and Class F-D shares sold in the primary offering, investors will pay upfront selling commissions of up to 1.5 % of the transaction price. The Dealer Manager, as the dealer manager for the Offering, is entitled to receive stockholder servicing fees of 0.85 % per annum of the aggregate NAV for Class S shares and Class F-S shares. For Class D shares and Class F-D shares, a charge of 0.25 % per annum of the aggregate NAV will be charged for stockholder servicing fees. The Dealer Manager has entered 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 stockholder'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. There will not be a stockholder servicing fee, upfront selling commission or dealer manager fee with respect to Class I shares, Class F-I shares, Class A-I shares, Class A-II shares, and Class A-III shares. The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time of each Class S share, Class D share, Class F-S share, and Class F-D share is sold during the primary offering. As of September 30, 2023 , the Company had not sold any of those share classes and as such has not accrued for any stockholder servicing fees.
Share Based Payments	Share Based Payments The Company accounts for share-based compensation to its independent directors, to the Adviser and to employees of the Adviser and its affiliates using the fair value-based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued is measured at its fair value at the grant date and amortized into expense over the vesting period on a straight-line basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Any recently issued accounting pronouncements have been excluded as they either are not relevant to the Company or they are not expected to have a material impact on the Company's condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Assets Measured at Fair Value on a Recurring Basis	The following table details the Company's assets measured at fair value on a recurring basis ($ in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 16,904 $ 203,695 $ 220,599 The following table details the Company's assets measured at fair value on a recurring basis using Level 3 inputs ($ in thousands): Investments in Real Estate Debt Total Balance as of December 31, 2022 $ — $ — Originations and acquisitions 203,428 203,428 Included in net income: Unrealized gain from investments in real estate debt 267 267 Balance as of September 30, 2023 $ 203,695 $ 203,695
Summary of Quantitative Inputs and Assumptions Used for items Categorized in Level 3 of Fair Value Hierarchy	The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): September 30, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 203,695 Discounted cash flow Discount rate 8.62 %- 10.00 % Decrease
Summary of Investments in Real estate Stated at Cost and Generally Depreciated on Straight-Line Basis over Estimated Useful Lives of Assets	The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings 40 - 50 years Buildings and land improvements 13 - 15 years Lease intangibles and leasehold improvements Lease term
Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class	The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of September 30, 2023: Class S Shares Class D Shares Class I Shares Class F-S Shares Class F-D Shares Class F-I Shares Class A-I Shares Class A-II Shares Class A-III Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5 % up to 1.5 % — up to 3.5 % up to 1.5 % — — — — Stockholder servicing fee (% of NAV) 0.85 % 0.25 % — 0.85 % 0.25 % — — — —

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
Investments in Real Estate (Tables)	Sep. 30, 2023
Real Estate Investments, Net [Abstract]
Summary of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): September 30, 2023 Building and building improvements $ 74,328 Land and land improvements 21,542 Tenant improvements 621 Total 96,491 Accumulated depreciation ( 777 ) Investment in real estate, net $ 95,714
Summary of Acquired Properties Qualified as Asset Acquisitions	During the nine months ended September 30, 2023 the Company acquired the following properties, that qualified as asset acquisitions ($ in thousands): Property Type Acquisition Date Purchase Price Rickenbacker Industrial January 2023 $ 49,214 16000 Pines Retail August 2023 56,714 Total acquisitions $ 105,928
Summary of Purchase Price Allocation for Property Acquired	The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2023 ($ in thousands): Amount Building and building improvements $ 74,328 Land and land improvements 21,542 In-place lease intangibles 16,547 Above-market lease intangibles 325 Below-market lease intangibles ( 6,814 ) Total purchase price $ 105,928

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	9 Months Ended
Investments in Real Estate Debt (Tables)	Sep. 30, 2023
Real Estate Investments, Net [Abstract]
Summary of Companys Investments in Real Estate Debt	The following table details the Company's investments in real estate debt as of September 30, 2023 ($ in thousands): September 30, 2023 Type of Investment in Real Estate Debt Number of Positions Weighted Average Coupon (1) Weighted Average Maturity Date (2) Face Amount Cost Basis Fair Value First mortgage loans 6 9.4 % August 2027 $ 153,695 $ 153,428 $ 153,695 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 9 7.1 % July 2037 17,083 16,828 16,904 Total investments in real estate debt 16 9.5 % February 2028 $ 220,778 $ 220,256 $ 220,599 ____________ (1) Based on applicable benchmark rates as of September 30, 2023. (2) Weighted average maturity date is based on fully extended maturity.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
Other Assets (Tables)	Sep. 30, 2023
Other Assets [Abstract]
Summary of Components of Other Assets	The following table details the components of the Company's other assets at the dates indicated ($ in thousands): September 30, 2023 December 31, 2022 Real estate intangibles, net $ 16,439 $ — Deposits 2,398 5,000 Straight-line rent receivable 1,061 — Interest receivable 1,371 — Other 293 — Total $ 21,562 $ 5,000

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
Intangibles (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Gross Carrying Amount and Accumulated Amortization	The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of September 30, 2023 ($ in thousands): September 30, 2023 Intangible assets: In-place lease intangibles $ 16,547 Above-market lease intangibles 325 Total intangible assets 16,872 Accumulated amortization: In-place lease amortization ( 423 ) Above-market lease amortization ( 10 ) Total intangible assets, net $ 16,439 Intangible liabilities Below-market lease intangibles $ ( 6,814 ) Total intangible liabilities ( 6,814 ) Accumulated amortization: Below-market lease amortization 47 Total intangible liabilities, net $ ( 6,767 )
Summary of Estimated Future Amortization	The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of September 30, 2023, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2023 (remaining) $ 303 $ 6 $ ( 93 ) 2024 1,178 29 ( 371 ) 2025 1,149 29 ( 371 ) 2026 1,149 29 ( 371 ) 2027 1,149 29 ( 371 ) 2028 1,134 29 ( 364 ) Thereafter 10,062 164 ( 4,826 ) $ 16,124 $ 315 $ ( 6,767 )

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Summary of Fixed and Variable Components of Company's Operating Leases	The following table summarizes the fixed and variable components of the Company's operating lease for the three and nine months ended September 30, 2023 ($ in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Fixed lease payments $ 1,295 $ 3,144 Variable lease payments 206 409 Lease Revenue $ 1,501 $ 3,553 Above- and below-market lease amortization 42 37 Rental Revenue $ 1,543 $ 3,590
Summary of Undiscounted Future Minimum Rents Company Expects to Receive for its Industrial Property	The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and retail properties as of September 30, 2023 ($ in thousands): Year Future Minimum Rents 2023 (remaining) $ 1,644 2024 6,594 2025 6,639 2026 6,804 2027 7,021 2028 7,191 Thereafter 62,261 Total $ 98,154

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
Other Liabilities (Tables)	Sep. 30, 2023
Other Liabilities [Abstract]
Shedule Of Company's Other Liabilities	The following table details the components of the Company's other liabilities at the date indicated ($ in thousands): September 30, 2023 Real estate intangibles, net $ 6,767 Distribution payable 1,537 Accounts payable and accrued expenses 1,187 Real estate taxes payable 455 Total $ 9,946

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2023
Related Party Transactions [Abstract]
Summary of Expenses	The following table details the Company's expenses that are due to its Adviser: September 30, 2023 December 31, 2022 Organization and offering $ 7,691 $ 6,620 General and administrative 5,945 1,678 Management fee payable 375 — Accrued performance participation allocation 359 — Total $ 14,370 $ 8,298

Share Based Payments (Tables)

Share Based Payments (Tables)	9 Months Ended
Share Based Payments (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Grants, Vesting and Forfeitures of Restricted Common Stock	The following table summarizes the grants, vesting and forfeitures of restricted common stock during the nine months ended September 30, 2023: Type Restricted Stock Grant Date Fair Value ($ in thousands) Outstanding as of December 31, 2022 — Granted 4,948 $ 100 Vested — — Forfeiture — — Outstanding as of September 30, 2023 4,948 100

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Company's Authorized, Issued and Outstanding Shares	As of September 30, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: September 30, 2023 December 31, 2022 Classification Shares Authorized Shares Issued and Outstanding Shares Authorized Shares Issued and Outstanding Preferred Stock, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class S Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class I Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-S Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class F-I Shares, $ 0.01 par value per share 100,000,000 6,489,410 100,000,000 1,823,750 Class A-I Shares, $ 0.01 par value per share 100,000,000 10,290,835 100,000,000 — Class A-II Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class A-III Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class E Shares, $ 0.01 par value per share 100,000,000 59,116 100,000,000 — Total 1,100,000,000 16,839,361 1,100,000,000 1,823,750
Schedule of Movement In The Company's Outstanding Shares of Common Stock	The following table details the movement in the Company's outstanding shares of common stock for the three and nine months ended September 30, 2023: Class F-I Class A-I Class E Beginning balance, December 31, 2022 1,823,750 — — Common stock issued 3,002,714 — 3,862 Ending balance, March 31, 2023 4,826,464 — 3,862 Common stock issued 2,996,890 2,376,106 22,248 Share class transfer ( 5,162,941 ) 5,152,707 — Dividend reinvestment 4,508 1,237 91 Ending balance, June 30, 2023 2,664,921 7,530,050 26,201 Common stock issued 3,810,394 2,766,169 32,523 Repurchase of common stock — ( 7,389 ) — Dividend reinvestment 14,095 2,005 392 Ending balance, September 30, 2023 6,489,410 10,290,835 59,116 The following table details the movement in the Company's outstanding shares of common stock for the period from February 18, 2022 (date of initial capitalization) to September 30, 2022: Class I Beginning balance, February 18, 2022 (date of initial capitalization) 10,000 Common stock issued — Ending balance, March 31, 2022 10,000 Common stock issued — Ending balance, June 30, 2022 10,000 Common stock issued — Ending balance, September 30, 2022 10,000
Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended September 30, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.2610 $ 0.2610 $ 0.2610 Management fee per share of common stock ( 0.0510 ) ( 0.0510 ) — Net distribution declared per share of common stock $ 0.2100 $ 0.2100 $ 0.2610 Nine Months Ended September 30, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.5200 $ 0.5200 $ 0.5200 Management fee per share of common stock ( 0.1000 ) ( 0.1000 ) — Net distribution declared per share of common stock $ 0.4200 $ 0.4200 $ 0.5200

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Total Assets and Financial Results by Segment	The following table sets forth the total assets by segment as of September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Total Assets $ 115,903 $ 221,972 $ 120,795 $ 458,670 The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 1,543 $ — $ — $ 1,543 Total revenues 1,543 — — 1,543 Expenses Rental property operating ( 208 ) — — ( 208 ) Total segment expenses ( 208 ) — — ( 208 ) Income from investments in real estate debt — 5,411 — 5,411 Segment net operating income $ 1,335 $ 5,411 $ — $ 6,746 Depreciation and amortization $ ( 572 ) $ — $ — $ ( 572 ) General and administrative ( 1,786 ) Management fee ( 1,041 ) Performance participation allocation ( 211 ) Other income 2,153 Net income $ 5,289 Net income attributable to non-controlling interests in ARIS OP $ 1,378 Net income attributable to ARIS stockholders $ 3,911 The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 3,590 $ — $ — $ 3,590 Total revenues 3,590 — — 3,590 Expenses Rental property operating ( 412 ) — — ( 412 ) Total segment expenses ( 412 ) — — ( 412 ) Income from investments in real estate debt — 9,306 — 9,306 Segment net operating income $ 3,178 $ 9,306 $ — $ 12,484 Depreciation and amortization $ ( 1,200 ) $ — $ — $ ( 1,200 ) General and administrative ( 4,320 ) Management fee ( 2,139 ) Performance participation allocation ( 358 ) Other income 4,550 Net income $ 9,017 Net income attributable to non-controlling interests in ARIS OP $ 2,851 Net income attributable to ARIS stockholders $ 6,166

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	9 Months Ended	10 Months Ended
	Sep. 30, 2023 Segments Property Securities Investment shares	Dec. 31, 2022 Segments shares
Subsidiary, Sale of Stock [Line Items]
Offering of common stock shares	1,100,000,000	1,100,000,000
Taxable income distributed to qualify as REIT	90%
Number of property owned by the company \| Property	2
Number of real estate debt investments \| Investment	7
Number of Real estate-related securities \| Securities	9
Number of reportable segments in which the company operates \| Segments	2	1
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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Non-controlling interests in operating partnership	$ 100,532,000	$ 100,532,000	$ 97,721,000
Redemption value	104,900,000	104,900,000	100,100,000
Cash equivalents	116,300,000	116,300,000	0
Unrealized gain (loss) on investments	(34,000)	300,000
Organization and offering cost	7,700,000	7,700,000	6,600,000
Offering costs	6,200,000	6,200,000	5,100,000
Assets at fair value			0
Organization Costs	$ 1,500,000	$ 1,500,000	$ 1,500,000
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares		8.75%
Class S and F-S Shares
Maximum upfront selling commissions percentage		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 fees percentage per annum of aggregate NAV		0.85%
Class D and F-D Shares
Maximum upfront selling commissions percentage		1.50%
Stockholder servicing fees percentage per annum of aggregate NAV		0.25%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Assets:
Investments in real estate debt	$ 220,599
Fair Value, Recurring \| Commercial Real Estate Loans
Assets:
Investments in real estate debt	220,599
Fair Value, Recurring \| Level 2 \| Commercial Real Estate Loans
Assets:
Investments in real estate debt	16,904
Fair Value, Recurring \| Level 3 \| Commercial Real Estate Loans
Assets:
Investments in real estate debt	$ 203,695

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Input (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Assets:
Beginning Balance	$ 0
Fair Value, Recurring [Member] \| Level 3
Assets:
Beginning Balance	0
Originations and acquisitions	203,428,000
Unrealized gain from investments in real estate debt	267,000
Ending Balance	203,695,000
Fair Value, Recurring [Member] \| Level 3 \| Investments In Real Estates Debt
Assets:
Beginning Balance	0
Originations and acquisitions	203,428,000
Unrealized gain from investments in real estate debt	267,000
Ending Balance	$ 203,695,000

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions Used for items Categorized in Level 3 of Fair Value Hierarchy (Details) - Discounted Cash Flow - Investments in Real Estate Debt - Level 3 - Discount Rate $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment	$ 203,695
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Rate Range	8.62
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Rate Range	10

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Investments in Real Estate Stated at Cost and Generally Depreciated on Straight-Line Basis over Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2023
Buildings \| Maximum
Real Estate Properties [Line Items]
Depreciable Life	50 years
Buildings \| Minimum
Real Estate Properties [Line Items]
Depreciable Life	40 years
Buildings and land Improvements \| Maximum
Real Estate Properties [Line Items]
Depreciable Life	15 years
Buildings and land Improvements \| Minimum
Real Estate Properties [Line Items]
Depreciable Life	13 years
Lease intangibles and Leasehold Improvements
Real Estate Properties [Line Items]
Lease term, Depreciable Life	Lease term

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees for each Applicable Share Class (Details)	Sep. 30, 2023
Common Class S [Member]
Stockholder servicing fee (Percentage of NAV)	0.85%
Common Class S [Member] \| Maximum
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Common Class D [Member]
Stockholder servicing fee (Percentage of NAV)	0.25%
Common Class D [Member] \| Maximum
Selling commissions and dealer manager fees (% of transaction price)	1.50%
Common Class F-S [Member]
Stockholder servicing fee (Percentage of NAV)	0.85%
Common Class F-S [Member] \| Maximum
Selling commissions and dealer manager fees (% of transaction price)	3.50%
Common Class F-D [Member]
Stockholder servicing fee (Percentage of NAV)	0.25%
Common Class F-D [Member] \| Maximum
Selling commissions and dealer manager fees (% of transaction price)	1.50%

Investments in Real Estate - Su

Investments in Real Estate - Summary of Investments in Real Estate, Net (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Real Estate Investments, Net [Abstract]
Building and building improvements	$ 74,328
Land and land improvements	21,542
Tenant improvements	621
Total	96,491
Accumulated depreciation	(777)
Investment in real estate, net	$ 95,714

Investments in Real Estate - _2

Investments in Real Estate - Summary of Acquired Properties Qualified as Asset Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 105,928
Rickenbacker
Real Estate Properties [Line Items]
Property Type	Industrial
Acquisition Date	2023-01
Purchase Price	$ 49,214
16000 Pines
Real Estate Properties [Line Items]
Property Type	Retail
Acquisition Date	2023-08
Purchase Price	$ 56,714

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details)	9 Months Ended	10 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 Property
Real Estate Properties [Line Items]
Properties acquired	$ 74,328,000
Number of properties acquired \| Property		0
Amortization period for intangibles of property	14 years
Impairment on real estate investments	$ 0

Investments in Real Estate - _3

Investments in Real Estate - Summary of Purchase Price Allocation for Property Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Total purchase price	$ 101,599
Below-market lease intangibles	(6,814)
Total purchase price	105,928
Building and Building Improvements
Real Estate Properties [Line Items]
Total purchase price	74,328
Land and Land Improvements
Real Estate Properties [Line Items]
Total purchase price	21,542
In-Place Lease Intangibles
Real Estate Properties [Line Items]
Total purchase price	16,547
Above-Market Lease Intangibles
Real Estate Properties [Line Items]
Total purchase price	$ 325

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Company's Investments in Real Estate Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) Positions
Real Estate [Line Items]
Number of Position \| Positions	16
Weighted Average Coupon	9.50%
Weighted Average Maturity Date	2028-02
Face Amount	$ 220,778
Cost Basis	220,256
Fair Value	$ 220,599
First Mortgage Loans
Real Estate [Line Items]
Number of Position \| Positions	6
Weighted Average Coupon	9.40%
Weighted Average Maturity Date	2027-08
Face Amount	$ 153,695
Cost Basis	153,428
Fair Value	$ 153,695
Mezzanine Loans
Real Estate [Line Items]
Number of Position \| Positions	1
Weighted Average Coupon	10%
Weighted Average Maturity Date	2026-09
Face Amount	$ 50,000
Cost Basis	50,000
Fair Value	$ 50,000
Real Estate-related Securities
Real Estate [Line Items]
Number of Position \| Positions	9
Weighted Average Coupon	7.10%
Weighted Average Maturity Date	2037-07
Face Amount	$ 17,083
Cost Basis	16,828
Fair Value	$ 16,904

Investments in Real Estate De_4

Investments in Real Estate Debt (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Real Estate [Line Items]
Unrealized gain (loss) on investments	$ (34)	$ 300
Minimum
Real Estate [Line Items]
Real estate related securities maturity period		10 years

Other Assets - Summary of Compo

Other Assets - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total	$ 21,562	$ 5,000
Real Estate Intangibles, Net
Total	16,439
Deposits
Total	2,398	$ 5,000
Straight-Line Rent Receivable
Total	1,061
Interest Receivable
Total	1,371
Other
Total	$ 293

Intangibles (Additional Informa

Intangibles (Additional Information) (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	$ 16,439,000	$ 0

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 16,872,000
Total intangible assets	16,439,000	$ 0
Intangible liabilities gross	(6,814,000)
Total intangible liabilities	(6,767,000)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	16,547,000
Accumulated amortization	(423,000)
Total intangible assets	16,124,000
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	325,000
Accumulated amortization	(10,000)
Total intangible assets	315,000
Below-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	(6,767,000)
Intangible liabilities gross	(6,814,000)
Accumulated amortization	$ 47,000

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 16,439,000	$ 0
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (remaining)	6,000
2024	29,000
2025	29,000
2026	29,000
2027	29,000
2028	29,000
Thereafter	164,000
Total intangible assets	315,000
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (remaining)	303,000
2024	1,178,000
2025	1,149,000
2026	1,149,000
2027	1,149,000
2028	1,134,000
Thereafter	10,062,000
Total intangible assets	16,124,000
Below-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (remaining)	(93,000)
2024	(371,000)
2025	(371,000)
2026	(371,000)
2027	(371,000)
2028	(364,000)
Thereafter	(4,826,000)
Total intangible assets	$ (6,767,000)

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Company's Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 1,295	$ 3,144
Variable lease payments	206	409
Lease Revenue	1,501	3,553
Above- and below-market lease amortization	42	37
Rental Revenue	$ 1,543	$ 3,590

Leases - Additional Information

Leases - Additional Information (Details)	Dec. 31, 2022 Lease
Leases [Abstract]
Number of leases	0

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Future Minimum Rents Company Expects to Receive for its Industrial Property (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining)	$ 1,644
2024	7,191
2025	6,639
2026	6,804
2027	7,021
2028	6,594
Thereafter	62,261
Total	$ 98,154

Other Liabilities - Summary of

Other Liabilities - Summary of Company's Other Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Other Liabilities [Abstract]
Real estate intangibles, net	$ 6,767
Dividends Payable	1,537
Accounts payable and accrued expenses	1,187
Real estate taxes payable	455
Total	$ 9,946

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended			9 Months Ended	41 Months Ended	45 Months Ended
	Dec. 22, 2022	Nov. 29, 2022	Feb. 18, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 01, 2026	Jan. 02, 2027	Dec. 31, 2022	Nov. 11, 2022
Related Party Transaction [Line Items]
Cost of legal services							$ 25,000
Performance participation allocation accrued				$ 200,000			$ 400,000
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares							8.75%
Investments										$ 0
Exchange of shares				16,839,361			16,839,361			1,823,750
Aggregate consideration				$ 134,091,000	$ 108,544,000	$ 60,227,000
Other liabilities				9,946,000			$ 9,946,000
Management fee				1,041,000			$ 2,139,000
Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Aggregate consideration			$ 200,000
Nations Title LLC
Related Party Transaction [Line Items]
Cost of legal services				$ 25,000
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 S and F-S Shares
Related Party Transaction [Line Items]
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%
Class E Shares
Related Party Transaction [Line Items]
Upfront selling costs, ongoing servicing costs, management fee or performance participation allocation							$ 0
Exchange of shares				59,116			59,116
Distribution reinvestments, shares				392	91
Shares issued as payment for management fees				12,622			32,938
Common Stock - Class I Shares \| Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Exchange of shares			10,000								10,000
Common stock - Class F-I Shares
Related Party Transaction [Line Items]
Exchange of shares				6,489,410			6,489,410			1,823,750
Distribution reinvestments, shares				14,095	4,508
Common stock - Class F-I Shares \| Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Exchange of shares											10,000
Distribution reinvestments, shares				105			174
Class A-I Operating Partnership Units
Related Party Transaction [Line Items]
Exchange of shares	5,000,000	5,000,000
Aggregate consideration	$ 100,000,000	$ 100,000,000
Distribution reinvestments, shares				51,733			68,974
Class E Operating Partnership Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares				314			383
Unregistered Class E Shares
Related Party Transaction [Line Items]
Distribution reinvestments, shares				392			483
Unregistered Class E Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares				314			383
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%
Adviser \| Class A-II Shares
Related Party Transaction [Line Items]
Percentage of management fee payment of NAV per annum							1%
Adviser \| Class A-II Shares \| Forecast
Related Party Transaction [Line Items]
Percentage of management fee payment of net asset value per annum reduced								0.92%
Adviser \| Class A-III Shares
Related Party Transaction [Line Items]
Percentage of management fee payment of NAV per annum							1%
Adviser \| Class A-III Shares \| Forecast
Related Party Transaction [Line Items]
Percentage of management fee payment of net asset value per annum reduced									0.85%
Adviser \| Unregistered Class E Shares
Related Party Transaction [Line Items]
Shares issued as payment for management fees				32,523			53,685
Adviser \| Unregistered Class E Units
Related Party Transaction [Line Items]
Shares issued as payment for management fees				12,622			32,938
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
Organization and Offering \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities				$ 7,700,000			7,700,000
General and Administrative \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities				$ 5,900,000			$ 5,900,000

Related Party Transactions - Su

Related Party Transactions - Summary of Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other Liabilities	$ 9,946
Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	14,370	$ 8,298
Organization and Offering \| Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	7,700
Other liabilities	7,691	6,620
General and Administrative \| Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	5,900
Other liabilities	5,945	$ 1,678
Management Fee Payable \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	375
Accrued Performance Participation Allocation \| Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	$ 359

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amortization of restricted stock grants	$ 25,000	$ 25,000
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock issued			4,948
Share based compensation, description			The fair value of these shares was determined using the most recently available NAV and they are subject to a one year vesting period
Amortization of restricted stock grants	25,000		$ 50,000
Unrecognized compensation cost	$ 50,000		$ 50,000
2022 Equity Incentive Plan \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock issued	0
2022 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of maximum shares of common stock to be issued	10,000,000		10,000,000

Share Based Payments - Summary

Share Based Payments - Summary of Grants, Vesting and Forfeitures of Restricted Common Stock (Details) - Restricted Stock $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of restricted stock issued \| shares	4,948
Outstanding, ending balance (in shares) \| shares	4,948
Granted, Grant Date Fair Value \| $	$ 100
Grant Date Fair Value, ending balance \| $	$ 100

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Details) - shares	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Feb. 18, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares authorized	100,000,000			100,000,000
Common stock, shares authorized	1,100,000,000			1,100,000,000
Common stock, shares issued	16,839,361			1,823,750
Common stock, shares outstanding	16,839,361			1,823,750
Common Stock - Class S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common Stock - Class D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common Stock - Class I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common stock, shares outstanding					10,000	10,000	10,000	10,000
Common Stock - Class F-S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common Stock - Class F-D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common stock - Class F-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common stock, shares issued	6,489,410			1,823,750
Common stock, shares outstanding	6,489,410	2,664,921	4,826,464	1,823,750
Common Stock - Class A-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common stock, shares issued	10,290,835
Common stock, shares outstanding	10,290,835	7,530,050
Common Stock - Class A-II Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common Stock - Class A-III Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common Stock - Class E Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000			100,000,000
Common stock, shares issued	59,116
Common stock, shares outstanding	59,116	26,201	3,862

Equity - Schedule of Company'_2

Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Parenthetical) (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, par value	0.01	$ 0.01
Common Stock - Class S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class F-S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class F-D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common stock - Class F-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-II Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-III Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class E Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	$ 0.01

Equity - Schedule of Movement I

Equity - Schedule of Movement In The Company's Outstanding Shares Of Common Stock (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Class of Stock [Line Items]
Beginning balance			1,823,750	1,823,750
Ending balance	16,839,361			16,839,361
Class F-I
Class of Stock [Line Items]
Beginning balance	2,664,921	4,826,464	1,823,750	1,823,750
Common stock issued	3,810,394	2,996,890	3,002,714
Share class transfer		(5,162,941)
Dividend reinvestment	14,095	4,508
Ending balance	6,489,410	2,664,921	4,826,464	6,489,410
Class A-I
Class of Stock [Line Items]
Beginning balance	7,530,050
Common stock issued	2,766,169	2,376,106
Share class transfer		5,152,707
Repurchase of common stock	(7,389)			(7,389)
Dividend reinvestment	2,005	1,237
Ending balance	10,290,835	7,530,050		10,290,835
Class E
Class of Stock [Line Items]
Beginning balance	26,201	3,862
Common stock issued	32,523	22,248	3,862
Dividend reinvestment	392	91
Ending balance	59,116	26,201	3,862	59,116
Class I
Class of Stock [Line Items]
Common stock issued				0

Equity - Additional Information

Equity - Additional Information (Details) $ in Thousands					3 Months Ended			9 Months Ended
Equity - Additional Information (Details) $ in Thousands	Apr. 04, 2023 shares	Dec. 22, 2022 USD ($) shares	Nov. 29, 2022 USD ($) shares	Feb. 18, 2022 USD ($) shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($) Request shares	Dec. 31, 2022 shares	Nov. 11, 2022 shares
Class of Stock [Line Items]
Common stock, shares issued					16,839,361			16,839,361	1,823,750
Aggregate consideration \| $					$ 134,091	$ 108,544	$ 60,227
Shares repurchased amount \| $					$ 151
Number of unfulfilled repurchase requests \| Request								0
Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Aggregate consideration \| $				$ 200
Class A-I Operating Partnership Units
Class of Stock [Line Items]
Common stock, shares issued		5,000,000	5,000,000
Aggregate consideration \| $		$ 100,000	$ 100,000
Distribution reinvestments, shares					51,733			68,974
Common Stock - Class S Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class D Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class I Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class I Shares \| Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Common stock, shares issued				10,000						10,000
Common Stock - Class F-S Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class F-D Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class A-I Shares
Class of Stock [Line Items]
Common stock, shares issued					10,290,835			10,290,835
Common stock not issued					2,766,169	2,376,106
Number of shares exchanged	5,152,707
Shares repurchased					7,389			7,389
Shares repurchased amount \| $					$ 200			$ 200
Distribution reinvestments, shares					2,005	1,237
Common Stock - Class A-II Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class A-III Shares
Class of Stock [Line Items]
Common stock not issued								0
Common Stock - Class E Shares
Class of Stock [Line Items]
Common stock, shares issued					59,116			59,116
Shares issued as payment for management fees					12,622			32,938
Common stock not issued					32,523	22,248	3,862
Distribution reinvestments, shares					392	91
Common stock - Class F-I Shares
Class of Stock [Line Items]
Common stock, shares issued					6,489,410			6,489,410	1,823,750
Common stock not issued					3,810,394	2,996,890	3,002,714
Number of shares exchanged	5,162,941
Distribution reinvestments, shares					14,095	4,508
Common stock - Class F-I Shares \| Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Common stock, shares issued										10,000
Distribution reinvestments, shares					105			174
Class E Operating Partnership Units
Class of Stock [Line Items]
Distribution reinvestments, shares					314			383

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Class F-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	$ 0.261	$ 0.52
Management fee per share of common stock	(0.051)	(0.1)
Net distribution declared per share of common stock	0.21	0.42
Class A-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.261	0.52
Management fee per share of common stock	(0.051)	(0.1)
Net distribution declared per share of common stock	0.21	0.42
Class E
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.261	0.52
Net distribution declared per share of common stock	$ 0.261	$ 0.52

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments related to investments	$ 146.3

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	9 Months Ended	10 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2023 Segments	Dec. 31, 2022 USD ($) Segments
Segment Reporting [Abstract]
Number of reportable segments in which the company operates \| Segments	2	1
Investments \| $		$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets and Financial Results by Segment (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended					9 Months Ended
		Mar. 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	[1]		$ 458,670					$ 458,670	$ 136,589
Revenues
Total revenues			1,543					3,590
Expenses
Total segment expenses			(208)					(412)
Income from investments in real estate debt			5,411					9,306
Segment net operating income			6,746					12,484
Depreciation and amortization			(572)					(1,200)
General and administrative			(1,786)					(4,320)
Management fee			(1,041)					(2,139)
Performance participation allocation			(211)					(358)
Other income			2,153					4,550
Net income		$ 0	5,289	$ 3,045	$ 683	$ 0	$ 0	9,017
Net income attributable to non-controlling interests in ARIS OP			1,378					2,851
Net income attributable to ARIS stockholders			3,911					6,166
Rental Property
Revenues
Total revenues			1,543					3,590
Expenses
Total segment expenses			(208)					(412)
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Assets			115,903					115,903
Revenues
Total revenues			1,543					3,590
Expenses
Total segment expenses			(208)					(412)
Segment net operating income			1,335					3,178
Depreciation and amortization			(572)					(1,200)
Operating Segments \| Real Estate \| Rental Property
Revenues
Total revenues			1,543					3,590
Expenses
Total segment expenses			(208)					(412)
Operating Segments \| Real Estate Debt
Segment Reporting Information [Line Items]
Total Assets			221,972					221,972
Expenses
Income from investments in real estate debt			5,411					9,306
Segment net operating income			5,411					9,306
Other Corporate
Segment Reporting Information [Line Items]
Total Assets			$ 120,795					$ 120,795

[1] Represents the consolidated assets and liabilities of ARIS Operating Partnership L.P., a Delaware limited partnership (the "Operating Partnership"). The Operating Partnership is a consolidated variable interest entity ("VIE"), of which the Company is the sole general partner and owns approximately 77 % and 27 % as of September 30, 2023 and December 31, 2022, respectively. See "Note 2 - Summary of Significant Accounting Policies " for additional information.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)					9 Months Ended
	Nov. 02, 2023	Oct. 27, 2023	Oct. 26, 2023	Apr. 04, 2023	Sep. 30, 2023	Nov. 14, 2023	Nov. 01, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Founder shares issued, Amount					$ 169,000			$ 18,000
Common stock - Class F-I Shares
Subsequent Event [Line Items]
Number of shares exchanged				5,162,941
Common Stock - Class A-I Shares
Subsequent Event [Line Items]
Number of shares exchanged				5,152,707
Master Repurchase Agreement
Subsequent Event [Line Items]
Repurchase agreement term extension options					two one-year extension options
Subsequent Event \| Founders shares
Subsequent Event [Line Items]
Founder shares issued, Amount							$ 100,000,000
Subsequent Event \| Common stock - Class F-I Shares
Subsequent Event [Line Items]
Number of shares exchanged	5,015,523
Subsequent Event \| Common Stock - Class A-I Shares
Subsequent Event [Line Items]
Number of shares exchanged	4,966,803
Subsequent Event \| Industrial Distribution Center in Kansas City, Missouri
Subsequent Event [Line Items]
Acquisition amount of property		$ 65,000,000
Property financed with third-party debt		$ 36,000,000
Subsequent Event \| Master Repurchase Agreement
Subsequent Event [Line Items]
Repurchase agreement, date			Oct. 26, 2023
Aggregate purchase price under repurchase agreement			$ 250,000,000
Repurchase agreement term			3 years
Outstanding borrowings under repurchase agreement						$ 0