Apollo Realty Income Solutions 10-K 11 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Apollo Realty Income Solutions, Inc.
Entity Central Index Key	0001882850
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
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
Entity Public Float			$ 0
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
Common Stock - Class A-II Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,170,753
Common Stock - Class A-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,351,769
Common stock - Class F-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,414,578
Common Stock - Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		201,505
Common Stock - Class E Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		160,325

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Investments in real estate, net		$ 154,513
Investments in real estate debt, at fair value		328,189
Cash and cash equivalents		95,205	$ 131,589
Other assets		31,764	5,000
Total assets	[1]	609,671	136,589
Liabilities and Equity
Mortgage notes, net		35,591
Other liabilities		14,406
Total liabilities	[1]	65,828	8,298
Commitments and contingencies (See Note 16)
Redeemable non-controlling interests		967
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at December 31, 2023 and December 31, 2022, and none issued and outstanding
Common stock, $0.01 par value per share (See Note 14 - Equity)		220	18
Additional paid-in capital		438,432	31,367
Retained earnings (accumulated deficit)		2,681	(815)
Total stockholders' equity		441,333	30,570
Non-controlling interests attributable to the Operating Partnership		101,543	97,721
Total equity		542,876	128,291
Total liabilities and equity		609,671	136,589
Due to Affiliates
Liabilities and Equity
Due to affiliates		$ 15,831	$ 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 81 % and 27 % as of December 31, 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	12 Months Ended
	Dec. 31, 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
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
VIE ownership percentage	81%	27%

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Revenues
Rental revenue		$ 6,912
Total revenues		6,912
Expenses
Rental property operating		834
General and administrative	$ 1,678	5,380
Organization expenses	1,487
Management fee		3,440
Performance participation allocation		562
Depreciation and amortization		2,544
Total expenses	3,165	12,760
Other income
Income from investments in real estate debt		17,490
Other income	114	6,241
Interest expense		(554)
Total other income	114	23,177
Net income (loss)	(3,051)	17,329
Net income (loss) attributable to non-controlling interests in ARIS OP	(2,236)	4,570
Net income (loss) attributable to ARIS stockholders	$ (815)	$ 12,759
Net income (loss) per share of common stock, basic	$ (12.13)	$ 1.08
Net income (loss) per share of common stock, diluted	$ (12.13)	$ 1.08
Weighted-average shares of common stock outstanding, basic	67,216	11,850,738
Weighted-average shares of common stock outstanding, diluted	67,216	11,850,738

Consolidated Statement of Chang

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
Common stock issued, value	36,275	$ 18	36,257		36,275
Common stock issued, shares		1,814
Offering costs	(5,133)		(5,090)		(5,090)	$ (43)
Net income (loss)	(3,051)			$ (815)	(815)	(2,236)
Contributions from non-controlling interests	100,000					100,000
Ending Balance at Dec. 31, 2022	128,291	$ 18	31,367	(815)	30,570	97,721
Ending Balance, Shares at Dec. 31, 2022		1,824
Common stock issued, value	407,608	$ 202	407,406		407,608
Common stock issued, shares		20,133
Offering costs	(1,323)		(1,323)		(1,323)
Distribution reinvestments, value	3,552		1,058		1,058	2,494
Distribution reinvestments, shares		52
Amortization of restricted stock grants	75		75		75
Share class transfer, shares		(59)
Repurchase of common stock	(151)		(151)		(151)
Repurchase of common stock, shares		(7)
Net income (loss)	17,329			12,760	12,760	4,569
Contributions from non-controlling interests	932					932
Transfer to redeemable non-controlling interests	(967)					967
Distributions to non-controlling interest	(3,206)					(3,206)
Distributions declared on common stock	(9,264)			(9,264)	(9,264)
Ending Balance at Dec. 31, 2023	$ 542,876	$ 220	$ 438,432	$ 2,681	$ 441,333	$ 101,543
Ending Balance, Shares at Dec. 31, 2023		21,943

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) (Unaudited) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Allocated to redeemable non-controlling interest	$ 13

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Cash flows from operating activities
Net income	$ (3,051)	$ 17,329
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee		3,440
Performance participation allocation		562
Depreciation and amortization		2,544
Straight line rent amortization		(1,425)
Above- and below- market lease amortization, net		(209)
Amortization of discount/premium		(210)
Amortization of deferred financing costs		161
Amortization of restricted stock awards		75
Unrealized gain on fair value of investments in real estate debt and real estate related securities		(207)
Realized gain on sale of real-estate related securities		(3)
Changes in assets and liabilities:
Other assets		(3,544)
Due to affiliates	3,165	5,198
Other liabilities		1,876
Net cash provided by operating activities	114	25,587
Cash flows from investing activities:
Acquisitions of real estate	(5,000)	(166,332)
Capital improvements to real estate		(621)
Origination and acquisition of real estate debt		(262,980)
Purchase of real estate-related securities		(25,419)
Add-on fundings of commercial mortgage loans		(39,488)
Repayments from real-estate related securities		117
Net cash used in investing activities	(5,000)	(494,723)
Cash flows from financing activities:
Borrowings from mortgage notes		36,000
Payment of deferred financing costs		(1,627)
Proceeds from issuance of common stock	36,275	405,566
Contributions from non-controlling interests	100,000
Distributions paid		(7,018)
Repurchase of common stock		(151)
Offering costs paid		(18)
Net cash provided by financing activities	136,275	432,752
Net change in cash and cash equivalents	131,389	(36,384)
Cash and cash equivalents, beginning of period	200	131,589
Cash and cash equivalents, end of period	131,589	95,205
Non-cash investing and financing activities
Accrued offering costs due to affiliate	$ 5,133	1,305
Distribution reinvestments		3,552
Distributions accrued and not paid		1,900
Issuance of Class E shares for payment of management fee		2,042
Transfer to redeemable non-controlling interests		779
Redeemable non-controlling interests issuance as Class E units for payment of management fee		176
Allocation to redeemable non-controlling interests		$ 12

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 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 ended 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 December 31, 2023 , the Company owned three properties, had twelve investments in commercial real estate debt, and held fourteen real estate-related securities. The Company currently operates in two reportable segments: Real Estate and Real Estate Debt. See " Note 17 — Segment Reporting " for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying 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. 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 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 non-controlling interest is generally computed based on third party unit-holders ownership percentage. Non-controlling interests in the Operating Partnership represent Operating Partnership units that are held by third parties, including the Adviser, and Operating Partnership units 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"). Operating Partnership units may be redeemed for cash, or at the Company's option, for shares of common stock of the Company on a one-for-one basis, unless those units are held by the Adviser or Special Limited Partner, in which case such Operating Partnership units shall be redeemed for shares of common stock of the Company or cash, at the holder's election. Since the number of shares of common stock outstanding is equal to the number of Operating Partnership units owned by the Company, the redemption value of each common unit of the Operating Partnership is equal to the market value of each share of common stock and distributions paid to each unitholder is equivalent to dividends paid to common stockholders, per respective share class. 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 December 31, 2023, the Company held $ 91.3 million of cash equivalents and did no t hold any cash equivalents as of December 31, 2022 . As of December 31, 2023 and 2022 there was no restricted cash on hand. 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 December 31, 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): December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 25,321 $ 302,868 $ 328,189 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, acquisitions, and add on fundings 302,668 302,668 Included in net income: Unrealized gain from investments in real estate debt 200 200 Balance as of December 31, 2023 $ 302,868 $ 302,868 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 302,868 Discounted cash flow Discount rate 8.41 %- 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 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 39 - 50 years Buildings and land improvements 10 - 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 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 are evaluated for impairment on a quarterly basis. The Company considers 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 December 31, 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 consolidated statement of operations. For the year ended December 31, 2023, the Company recorded $ 0.2 million of unrealized gain on its investments in real estate debt. 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 consolidated statements of operations. Commercial mortgage loans that are significantly past due may be placed on non-accrual status if the Company determines it is probable that it 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 the Company determines it is probable that it will collect all payments which are contractually due. Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. 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, "Leases". 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. 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 ended 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 year ended December 31, 2023, and the period from February 18, 2022 (date of initial capitalization) through December 31, 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, 2024. Organization costs are expensed as incurred and recorded as expenses on the Company's consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of December 31, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 7.9 million , consisting of offering costs of $ 6.4 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 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 December 31, 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 December 31, 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 In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, it does not expect a material impact to its consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 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): December 31, 2023 Building and building improvements $ 132,792 Land and land improvements 22,707 Tenant improvements 621 Total 156,120 Accumulated depreciation ( 1,607 ) Investment in real estate, net $ 154,513 During the year ended December 31, 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 56,715 Hallmark Industrial October 2023 65,403 Total acquisitions $ 171,332 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 year ended December 31, 2023 ($ in thousands): Amount Building and building improvements $ 132,792 Land and land improvements 22,707 In-place lease intangibles 26,363 Above-market lease intangibles 325 Below-market lease intangibles ( 10,855 ) Total purchase price $ 171,332 Intangible assets are recorded in other assets on the accompanying 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 13 years .

Investments in Real Estate Debt

Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): December 31, 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 Commercial real estate loan 11 9.1 % September 2027 $ 252,868 $ 252,668 $ 252,868 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 14 7.0 % May 2037 25,811 25,314 25,321 Total Investments in real estate debt 26 9.3 % April 2028 $ 328,679 $ 327,983 $ 328,189 ____________ (1) Based on applicable benchmark rates as of December 31, 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 December 31, 2023. The table below details the type of properties securing the loans in the Company's portfolio as of December 31, 2023 ($ in thousands): December 31, 2023 Property Type Fair Value % of Portfolio Multifamily $ 110,670 36.6 % Industrial 91,292 30.1 % Hotel 48,795 16.1 % Data Center 40,651 13.4 % Self-Storage 8,884 2.9 % Other (1) 2,576 0.9 % Total $ 302,868 100.0 % ____________ (1) Other property types represents productions studio. The table below details the geographic distribution of the properties securing the loans in the Company's portfolio as of December 31, 2023 ($ in thousands): December 31, 2023 Geographic Location Fair Value % of Portfolio Northeast $ 169,829 56.1 % Mid-Atlantic 44,166 14.6 % West 32,841 10.8 % Southeast 27,582 9.1 % Southwest 18,400 6.1 % Midwest 10,050 3.3 % Total $ 302,868 100.0 % The total income from investments in real estate debt disclosed on the Company's consolidated statement of operations relates to interest income, upfront fees recognized, and unrealized gain on these investments in real estate debt. For the year ended December 31, 2023, the Company recorded $ 0.2 million of unrealized gains on its investments in real estate debt.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Real estate intangibles, net $ 25,734 $ — Deposits — 5,000 Straight-line rent receivable 1,425 — Interest receivable 1,727 — Other 1,821 — Deferred financing costs, net 1,057 — Total $ 31,764 $ 5,000

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): December 31, 2023 Intangible assets: In-place lease intangibles $ 26,363 Above-market lease intangibles 325 Total intangible assets 26,688 Accumulated amortization: In-place lease amortization ( 937 ) Above-market lease amortization ( 17 ) Total real estate intangible assets, net $ 25,734 Intangible liabilities Below-market lease intangibles $ ( 10,855 ) Total intangible liabilities ( 10,855 ) Accumulated amortization: Below-market lease amortization 226 Total real estate intangible liabilities, net $ ( 10,629 ) The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of December 31, 2023, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2024 2,155 29 ( 775 ) 2025 2,126 29 ( 775 ) 2026 2,126 29 ( 775 ) 2027 2,126 29 ( 775 ) 2028 2,093 29 ( 756 ) Thereafter 14,800 163 ( 6,773 ) $ 25,426 $ 308 $ ( 10,629 )

Leases

Leases	12 Months Ended
	Dec. 31, 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 Company had no leases as of December 31, 2022. The following table summarizes the fixed and variable components of the Company's operating lease for the year ended December 31, 2023 ($ in thousands): Year Ended December 31, 2023 Fixed lease payments $ 5,879 Variable lease payments 824 Lease Revenue $ 6,703 Above- and below-market lease amortization, net 209 Rental Revenue $ 6,912 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and retail properties as of December 31, 2023 ($ in thousands): Year Future Minimum Rents 2024 $ 10,813 2025 10,952 2026 11,214 2027 11,531 2028 11,802 Thereafter 84,314 Total $ 140,626

Mortgage Notes

Mortgage Notes	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Notes	Note 8 — Mortgage Notes During the year ended December 31, 2023 the Company obtained a $ 36.0 million, non-amortizing, mortgage loan secured by one of its real estate equity properties. The loan has a fixed interest rate of 6.05 % and a five year term with a maturity date in November 2028 . There have been no repayments on this mortgage loan during the year ended December 31, 2023. The mortgage is held net of deferred financing cost of $ 0.5 million, of which $ 15 thousand has been amortized as of December 31, 2023. The Company is in compliance with all covenants as of December 31, 2023.

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	12 Months Ended
	Dec. 31, 2023
Disclosure of Repurchase Agreements [Abstract]
Secured Financings on Investments in Real Estate Debt	Note 9 — Secured Financings on Investments in Real Estate Debt During October 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 (the "JPM Repurchase Facility"). 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 December 31, 2023, there are no outstanding borrowings under the JPM Repurchase Agreement and the Company is in compliance with all associated covenants. The Company incurred $ 1.2 million in costs associated with the JPM Repurchase Facility that are recorded in other assets in the consolidated balance sheet net of $ 0.2 million of amortization.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2023
Other Liabilities [Abstract]
Other Liabilities	Note 10 — Other Liabilities The following table details the components of the Company's other liabilities at the date indicated ($ in thousands): December 31, 2023 Below market lease intangibles, net $ 10,629 Distribution payable 1,900 Accounts payable and accrued expenses 1,816 Real estate taxes payable 61 Total $ 14,406

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 — 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 or any combination thereof. During the year ended December 31, 2023, the Company accrued $ 0.6 million of performance participation allocation. 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 year ended December 31, 2023, the Company incurred $ 33 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 December 31, 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 279 of additional Class F-I shares in lieu of cash for the dividends paid during the year ended December 31, 2023. 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 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 120,790 Class A-I units in lieu of cash for the dividends paid during the year ended December 31, 2023. Due to Affiliates The following table details the Company's expenses that are due to its Adviser ($ in thousands): December 31, 2023 December 31, 2022 Organization and offering $ 7,906 $ 6,620 General and administrative 6,895 1,678 Management fee payable 468 — Accrued performance participation allocation 562 — Total $ 15,831 $ 8,298 Organization and Offering Expenses The Adviser has advanced $ 7.9 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 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, 2024. General and Administrative Expenses The Adviser has advanced $ 6.9 million of general and administrative expenses on the Company's behalf as of December 22, 2023, the first anniversary of the escrow break for the Offering. 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, 2024. 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 or any combination thereof. During the year ended December 31, 2023, the Company incurred $ 3.4 million of management fees. During the year ended December 31, 2023, the Company issued 99,410 Class E shares and 45,687 Class E units to the Adviser as payment for its management fee. The shares and Operating Partnership 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 Operating Partnership units previously issued as payment for the management fee during the year ended December 31, 2023. The Adviser has elected to reinvest the dividends declared on the shares and Operating partnership units issued for its management fee. In connection with such dividend reinvestment, the Company issued 1,349 Class E shares and 859 Class E units to the Adviser in lieu of cash for the dividends paid during the year ended December 31, 2023.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2023
Economic Dependency [Abstract]
Economic Dependency	Note 12 — 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	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share Based Payments	Note 13 — 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 year ended December 31, 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 December 31, 2023 4,948 100 Restricted Stock Grants During the year ended December 31, 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 . During the year ended December 31, 2023, the Company recorded $ 75 thousand of restricted stock amortization as general and administrative expenses in the consolidated statement of operations. There are three months of remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost of $ 25 thousand as of December 31, 2023 .

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Note 14 — 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 11 — Related Party Transactions" for additional information. As of December 31, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 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 4,820,377 100,000,000 1,823,750 Class A-I Shares, $ 0.01 par value per share 100,000,000 17,016,652 100,000,000 — 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 100,000,000 105,707 100,000,000 — Total 1,100,000,000 21,942,736 1,100,000,000 1,823,750 Common Stock The following table details the movement in the Company's outstanding shares of common stock: Class I Class F-I Class A-I Class E Beginning balance, February 18, 2022 (date of initial capitalization) 10,000 — — — Common stock transferred ( 10,000 ) 10,000 — — Common stock issued 1,813,750 December 31, 2022 — 1,823,750 — — Common stock issued — 13,147,002 6,882,222 104,358 Repurchase of common stock — — ( 7,389 ) — Share class transfer — ( 10,185,344 ) 10,126,324 — Dividend reinvestment — 34,969 15,496 1,349 December 31, 2023 — 4,820,377 17,016,652 105,707 On April 4, 2023 (the "Exchange Date"), approximately 5,162,941 Class F-I shares were exchanged for approximately 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 as of the Exchange Date. On November 2, 2023 (the "Second Exchange Date"), approximately 5,022,403 Class F-I shares were exchanged for approximately 4,973,617 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 as of the Second 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: Year Ended December 31, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.7810 $ 0.7810 $ 0.7810 Management fee per share of common stock ( 0.1510 ) ( 0.1510 ) — Net distribution declared per share of common stock $ 0.6300 $ 0.6300 $ 0.7810 Repurchases During the year ended December 31, 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 year ended December 31, 2023. Redeemable Non-Controlling Interest In connection with its management fee, the Adviser has elected to receive Class E units. See Note 11 — Related Party Transactions for additional information on the Advisers interest. In November 2023, the Limited Partnership Agreement was updated to enable the Adviser to redeem their Class E units for Class E shares or cash at its election. As of that date the Company has classified these Class E units as redeemable non-controlling interest in mezzanine equity on the Company's consolidated balance sheet. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such Operating Partnership units at the end of each measurement period. The following table details the redeemable non-controlling interest activity related to the Adviser for the year ended December 31, 2023 ($ in thousands): Adviser Fair Value at November 8, 2023 $ 779 Settlement of management fees 176 GAAP income allocation 13 Distributions ( 8 ) Reinvestment of distributions 7 Fair value allocation - Balance at December 31, 2023 $ 967 As of December 31, 2023 the carrying value of the redeemable non-controlling interest approximated the fair value. Non-Controlling Interests - Operating Partnership Unitholders Operating Partnership units 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 to an affiliate of Apollo for the aggregate consideration of $ 100.0 million in a private placement. During the year ended December 31, 2023, the Company issued 45,687 Class E units, to the Adviser for the management fee earned on the Operating Partnership units issued to an affiliate of Apollo, mentioned above. Currently all Operating Partnership unitholders have elected to reinvest their dividends. In connection with such dividend reinvestment, the Company issued 120,790 Class A-I and 859 Class E units in lieu of cash for the dividends paid during the year ended December 31, 2023.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 15 — Earnings per Share The Company's net income (loss) and weighted average number of shares outstanding for the years ended December 31, 2023, and the period February 18, 2022 (date of initial capitalization) through December 31, 2022, consists of the following (in thousands except per share information): Basic and Diluted Net Income (Loss) per Share Attributable to ARIS Stockholders Year Ended December 31, For the Period February 18, 2022 (date of initial capitalization) through December 31, 2023 2022 Numerator: Net income (loss) attributable to ARIS stockholders $ 12,759 $ ( 815 ) Denominator: Basic and diluted weighted average shares of common stock outstanding 11,851 67 Basic and diluted net income (loss) per share of common stock $ 1.08 $ ( 12.13 )

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16 — 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 December 31, 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 December 31, 2023, the Company had $ 258.1 million of unfunded commitments related to its investments in real estate debt. The timing and amounts of funding 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 funding depend on the progress and performance of the underlying assets of the Company's investments in real estate debt.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Note 17 — 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 December 31, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Total Assets $ 183,492 $ 330,974 $ 95,205 $ 609,671 The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 6,912 $ — $ — $ 6,912 Total revenues 6,912 — — 6,912 Expenses Rental property operating ( 834 ) — — ( 834 ) Interest expense ( 554 ) ( 554 ) Total segment expenses ( 1,388 ) — — ( 1,388 ) Income from investments in real estate debt — 17,490 — 17,490 Segment net operating income $ 5,524 $ 17,490 $ — $ 23,014 Depreciation and amortization $ ( 2,544 ) $ — $ — $ ( 2,544 ) General and administrative ( 5,380 ) Management fee ( 3,440 ) Performance participation allocation ( 562 ) Other income 6,241 Net income $ 17,329 Net income attributable to non-controlling interests in ARIS OP $ 4,570 Net income attributable to ARIS stockholders $ 12,759 The Company had no investments and therefore operated in one reportable segment as of December 31, 2022 .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 18 — Subsequent Events Subsequent to the year ended December 31, 2023, we originated a $ 85.0 million ($ 20.3 million funded at close) first mortgage to finance the construction of a data center in Gainesville, VA, and a $ 50.0 million ($ 45.1 million funded at close) first mortgage secured by a hotel property in Los Angeles, CA. Additionally, we funded approximately $ 79.7 million in add-on fundings for loans closed prior to the year ended December 31, 2023.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2023 ($ in thousands) _________ Initial Cost Costs Capitalized Gross Amounts at which (1) Description Location Number of Properties Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation (2) Year Acquired Industrial Properties: Rickenbacker Columbus, OH 1 $ — $ 1,491 $ 40,496 $ — $ 621 $ 1,491 $ 41,117 $ 42,608 $ ( 883 ) 2023 Hallmark Liberty, MO 1 36,000 5,515 54,114 — — 5,515 54,114 59,629 ( 340 ) 2023 Total Industrial Properties 36,000 7,006 94,610 — 621 7,006 95,231 102,237 ( 1,223 ) Retail Properties: 16000 Pines Pembroke Pines, FL 1 — 15,701 38,182 — — 15,701 38,182 53,883 ( 384 ) 2023 Total Retail Properties — 15,701 38,182 — — 15,701 38,182 53,883 ( 384 ) Portfolio Total $ 36,000 $ 22,707 $ 132,792 $ — $ 621 $ 22,707 $ 133,413 $ 156,120 $ ( 1,607 ) 1. As of December 31, 2023, the aggregate cost basis for tax purposes was $ 169.1 million. 2. Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2023 ($ in thousands): Description December 31, 2023 Real Estate: Balance at the beginning of the year $ - Additions during the year: Land and land improvements 22,707 Building and building improvements 133,413 Dispositions during the year: Land and land improvements - Building and building improvements - Balance at the end of the year $ 156,120 Accumulated Depreciation: Balance at the beginning of the year $ - Accumulated depreciation ( 1,607 ) Dispositions - Balance at the end of the year $ ( 1,607 )

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV — Mortgage Loans on Real Estate As of December 31, 2023 ($ in thousands) Description Number of Loans Property Type/location Contractual Interest Rate (1) Maturity Date (2) Periodic Payment Principal Balance Fair Value (5) Commercial mortgage loans individually >3% (3) Loan A Industrial/Northeast S+ 9.4 % Mar-28 Interest Only $ 41,292 $ 41,292 Loan B Multifamily/Northeast S+ 9.7 % Oct-25 Interest Only 34,670 34,670 Loan C Other/Mid-Atlantic S+ 9.5 % Jun-28 Interest Only 40,651 40,651 Loan D Hotel/Various S+ 9.5 % Aug-26 Interest Only 25,000 25,000 Loan E Hotel/Various S+ 9.1 % Jul-28 Interest Only 23,795 23,795 Loan F Multifamily/Northeast S+ 9 .% Jun-25 Interest Only 26,000 26,000 Loan G Multifamily/Northeast S+ 8.4 % Jan-29 Interest Only 50,000 50,000 Commercial mortgage loans individually <3% (3) First Mortgage (3) 4 Other/Various S+ 8.6 %- 9.4 % 2028 Interest Only $ 11,460 $ 11,460 Total Commercial mortgage loans $ 252,868 $ 252,868 Description Number of Loans Property Type/location Contractual Interest Rate (1) Maturity Date (2) Periodic Payment Principal Balance Fair Value Subordinate loans individually >3% (3) Subordinate 1 Industrial/Various 10.0 % Sep-26 Interest Only $ 50,000 $ 50,000 Total Subordinate loans $ 50,000 $ 50,000 Total loans (4) $ 302,868 $ 302,868 ________ 1. Assumes applicable benchmark rates as of December 31, 2023 for all floating rate loans. 2. Assumes all extension options are exercised. 3. No prior tax liens or delinquent interest exists on any of the Company's commercial real estate loans. 4. The aggregate cost for U.S. federal income tax purposes is $ 302.9 million. 5. There are no delinquent principal or interest on any loan as of December 31, 2023. The following table summarizes the changes in the balance sheet reported amount of the Company's loan portfolio during 2023 ($ in thousands): Reconciliation of Balance Sheet Reported Amount of Loans December 31, 2023 Balance at beginning of year $ - Loan fundings 302,468 Loan repayments - Unrealized gain on fair value 200 Amortization of fees and other items 200 Balance at the close of year $ 302,868

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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.
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 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 non-controlling interest is generally computed based on third party unit-holders ownership percentage. Non-controlling interests in the Operating Partnership represent Operating Partnership units that are held by third parties, including the Adviser, and Operating Partnership units 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"). Operating Partnership units may be redeemed for cash, or at the Company's option, for shares of common stock of the Company on a one-for-one basis, unless those units are held by the Adviser or Special Limited Partner, in which case such Operating Partnership units shall be redeemed for shares of common stock of the Company or cash, at the holder's election. Since the number of shares of common stock outstanding is equal to the number of Operating Partnership units owned by the Company, the redemption value of each common unit of the Operating Partnership is equal to the market value of each share of common stock and distributions paid to each unitholder is equivalent to dividends paid to common stockholders, per respective share class.
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 December 31, 2023, the Company held $ 91.3 million of cash equivalents and did no t hold any cash equivalents as of December 31, 2022 . As of December 31, 2023 and 2022 there was no restricted cash on hand.
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 December 31, 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): December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 25,321 $ 302,868 $ 328,189 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, acquisitions, and add on fundings 302,668 302,668 Included in net income: Unrealized gain from investments in real estate debt 200 200 Balance as of December 31, 2023 $ 302,868 $ 302,868 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 302,868 Discounted cash flow Discount rate 8.41 %- 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 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 39 - 50 years Buildings and land improvements 10 - 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 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 are evaluated for impairment on a quarterly basis. The Company considers 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 December 31, 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 consolidated statement of operations. For the year ended December 31, 2023, the Company recorded $ 0.2 million of unrealized gain on its investments in real estate debt. 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 consolidated statements of operations. Commercial mortgage loans that are significantly past due may be placed on non-accrual status if the Company determines it is probable that it 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 the Company determines it is probable that it will collect all payments which are contractually due.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense.
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, "Leases". 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.
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 ended 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 year ended December 31, 2023, and the period from February 18, 2022 (date of initial capitalization) through December 31, 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, 2024. Organization costs are expensed as incurred and recorded as expenses on the Company's consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of December 31, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 7.9 million , consisting of offering costs of $ 6.4 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 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 December 31, 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 December 31, 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 In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, it does not expect a material impact to its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 25,321 $ 302,868 $ 328,189 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, acquisitions, and add on fundings 302,668 302,668 Included in net income: Unrealized gain from investments in real estate debt 200 200 Balance as of December 31, 2023 $ 302,868 $ 302,868
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): December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 302,868 Discounted cash flow Discount rate 8.41 %- 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 39 - 50 years Buildings and land improvements 10 - 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 December 31, 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)	12 Months Ended
	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Summary of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): December 31, 2023 Building and building improvements $ 132,792 Land and land improvements 22,707 Tenant improvements 621 Total 156,120 Accumulated depreciation ( 1,607 ) Investment in real estate, net $ 154,513
Summary of Acquired Properties Qualified as Asset Acquisitions	During the year ended December 31, 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 56,715 Hallmark Industrial October 2023 65,403 Total acquisitions $ 171,332
Summary of Purchase Price Allocation for Property Acquired	The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2023 ($ in thousands): Amount Building and building improvements $ 132,792 Land and land improvements 22,707 In-place lease intangibles 26,363 Above-market lease intangibles 325 Below-market lease intangibles ( 10,855 ) Total purchase price $ 171,332

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): December 31, 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 Commercial real estate loan 11 9.1 % September 2027 $ 252,868 $ 252,668 $ 252,868 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 14 7.0 % May 2037 25,811 25,314 25,321 Total Investments in real estate debt 26 9.3 % April 2028 $ 328,679 $ 327,983 $ 328,189 ____________ (1) Based on applicable benchmark rates as of December 31, 2023. (2) Weighted average maturity date is based on fully extended maturity.
Schedule of Mortgage Loans on Real Estate	The table below details the type of properties securing the loans in the Company's portfolio as of December 31, 2023 ($ in thousands): December 31, 2023 Property Type Fair Value % of Portfolio Multifamily $ 110,670 36.6 % Industrial 91,292 30.1 % Hotel 48,795 16.1 % Data Center 40,651 13.4 % Self-Storage 8,884 2.9 % Other (1) 2,576 0.9 % Total $ 302,868 100.0 % ____________ (1) Other property types represents productions studio. The table below details the geographic distribution of the properties securing the loans in the Company's portfolio as of December 31, 2023 ($ in thousands): December 31, 2023 Geographic Location Fair Value % of Portfolio Northeast $ 169,829 56.1 % Mid-Atlantic 44,166 14.6 % West 32,841 10.8 % Southeast 27,582 9.1 % Southwest 18,400 6.1 % Midwest 10,050 3.3 % Total $ 302,868 100.0 %

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Real estate intangibles, net $ 25,734 $ — Deposits — 5,000 Straight-line rent receivable 1,425 — Interest receivable 1,727 — Other 1,821 — Deferred financing costs, net 1,057 — Total $ 31,764 $ 5,000

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): December 31, 2023 Intangible assets: In-place lease intangibles $ 26,363 Above-market lease intangibles 325 Total intangible assets 26,688 Accumulated amortization: In-place lease amortization ( 937 ) Above-market lease amortization ( 17 ) Total real estate intangible assets, net $ 25,734 Intangible liabilities Below-market lease intangibles $ ( 10,855 ) Total intangible liabilities ( 10,855 ) Accumulated amortization: Below-market lease amortization 226 Total real estate intangible liabilities, net $ ( 10,629 )
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 December 31, 2023, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2024 2,155 29 ( 775 ) 2025 2,126 29 ( 775 ) 2026 2,126 29 ( 775 ) 2027 2,126 29 ( 775 ) 2028 2,093 29 ( 756 ) Thereafter 14,800 163 ( 6,773 ) $ 25,426 $ 308 $ ( 10,629 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023 ($ in thousands): Year Ended December 31, 2023 Fixed lease payments $ 5,879 Variable lease payments 824 Lease Revenue $ 6,703 Above- and below-market lease amortization, net 209 Rental Revenue $ 6,912
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 December 31, 2023 ($ in thousands): Year Future Minimum Rents 2024 $ 10,813 2025 10,952 2026 11,214 2027 11,531 2028 11,802 Thereafter 84,314 Total $ 140,626

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 Below market lease intangibles, net $ 10,629 Distribution payable 1,900 Accounts payable and accrued expenses 1,816 Real estate taxes payable 61 Total $ 14,406

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Summary of Expenses	The following table details the Company's expenses that are due to its Adviser ($ in thousands): December 31, 2023 December 31, 2022 Organization and offering $ 7,906 $ 6,620 General and administrative 6,895 1,678 Management fee payable 468 — Accrued performance participation allocation 562 — Total $ 15,831 $ 8,298

Share Based Payments (Tables)

Share Based Payments (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 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 December 31, 2023 4,948 100

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Company's Authorized, Issued and Outstanding Shares	As of December 31, 2023 and December 31, 2022, the Company had the following classes of common stock authorized, issued and outstanding: December 31, 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 4,820,377 100,000,000 1,823,750 Class A-I Shares, $ 0.01 par value per share 100,000,000 17,016,652 100,000,000 — 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 100,000,000 105,707 100,000,000 — Total 1,100,000,000 21,942,736 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: Class I Class F-I Class A-I Class E Beginning balance, February 18, 2022 (date of initial capitalization) 10,000 — — — Common stock transferred ( 10,000 ) 10,000 — — Common stock issued 1,813,750 December 31, 2022 — 1,823,750 — — Common stock issued — 13,147,002 6,882,222 104,358 Repurchase of common stock — — ( 7,389 ) — Share class transfer — ( 10,185,344 ) 10,126,324 — Dividend reinvestment — 34,969 15,496 1,349 December 31, 2023 — 4,820,377 17,016,652 105,707
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: Year Ended December 31, 2023 Class F-I Class A-I Class E Aggregate gross distribution declared per share of common stock $ 0.7810 $ 0.7810 $ 0.7810 Management fee per share of common stock ( 0.1510 ) ( 0.1510 ) — Net distribution declared per share of common stock $ 0.6300 $ 0.6300 $ 0.7810
Redeemable Non-controlling Interest Activity Related to Adviser	The following table details the redeemable non-controlling interest activity related to the Adviser for the year ended December 31, 2023 ($ in thousands): Adviser Fair Value at November 8, 2023 $ 779 Settlement of management fees 176 GAAP income allocation 13 Distributions ( 8 ) Reinvestment of distributions 7 Fair value allocation - Balance at December 31, 2023 $ 967

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) and Weighted Average Number of Shares Outstanding	The Company's net income (loss) and weighted average number of shares outstanding for the years ended December 31, 2023, and the period February 18, 2022 (date of initial capitalization) through December 31, 2022, consists of the following (in thousands except per share information): Basic and Diluted Net Income (Loss) per Share Attributable to ARIS Stockholders Year Ended December 31, For the Period February 18, 2022 (date of initial capitalization) through December 31, 2023 2022 Numerator: Net income (loss) attributable to ARIS stockholders $ 12,759 $ ( 815 ) Denominator: Basic and diluted weighted average shares of common stock outstanding 11,851 67 Basic and diluted net income (loss) per share of common stock $ 1.08 $ ( 12.13 )

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Total Assets $ 183,492 $ 330,974 $ 95,205 $ 609,671 The following table sets forth the financial results by segment for the year ended December 31, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 6,912 $ — $ — $ 6,912 Total revenues 6,912 — — 6,912 Expenses Rental property operating ( 834 ) — — ( 834 ) Interest expense ( 554 ) ( 554 ) Total segment expenses ( 1,388 ) — — ( 1,388 ) Income from investments in real estate debt — 17,490 — 17,490 Segment net operating income $ 5,524 $ 17,490 $ — $ 23,014 Depreciation and amortization $ ( 2,544 ) $ — $ — $ ( 2,544 ) General and administrative ( 5,380 ) Management fee ( 3,440 ) Performance participation allocation ( 562 ) Other income 6,241 Net income $ 17,329 Net income attributable to non-controlling interests in ARIS OP $ 4,570 Net income attributable to ARIS stockholders $ 12,759

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	10 Months Ended	12 Months Ended
	Dec. 31, 2022 Segments shares	Dec. 31, 2023 Investment Property Segments Securities 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		3
Number of real estate debt investments | Investment		12
Number of Real estate-related securities | Securities		14
Number of reportable segments in which the company operates | Segments	1	2
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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Non-controlling interests in operating partnership		$ 101,543,000	$ 97,721,000
Cash equivalents		91,300,000	0
Unrealized gain (loss) on investments		200,000
Organization and offering cost		7,900,000	6,600,000
Offering costs		6,400,000	5,100,000
Assets at fair value			0
Organization Costs		$ 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	Dec. 31, 2023 USD ($)
Assets:
Investments in real estate debt	$ 328,189
Fair Value, Recurring | Commercial Real Estate Loans
Assets:
Investments in real estate debt	328,189
Fair Value, Recurring | Level 2 | Commercial Real Estate Loans
Assets:
Investments in real estate debt	302,868
Fair Value, Recurring | Level 3 | Commercial Real Estate Loans
Assets:
Investments in real estate debt	$ 25,321

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)	12 Months Ended
	Dec. 31, 2023 USD ($)
Assets:
Beginning Balance	$ 0
Fair Value, Recurring [Member] | Level 3
Assets:
Beginning Balance	0
Originations, acquisitions, and add on fundings	302,668,000
Unrealized gain from investments in real estate debt	200,000
Ending Balance	302,868,000
Fair Value, Recurring [Member] | Level 3 | Investments In Real Estates Debt
Assets:
Beginning Balance	0
Originations, acquisitions, and add on fundings	302,668,000
Unrealized gain from investments in real estate debt	200,000
Ending Balance	$ 302,868,000

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	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment	$ 302,868
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Rate Range	8.41
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)	12 Months Ended
	Dec. 31, 2023
Buildings | Maximum
Real Estate Properties [Line Items]
Depreciable Life	50 years
Buildings | Minimum
Real Estate Properties [Line Items]
Depreciable Life	39 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	10 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)	Dec. 31, 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	Dec. 31, 2023 USD ($)
Real Estate Investments, Net [Abstract]
Building and building improvements	$ 132,792
Land and land improvements	22,707
Tenant improvements	621
Total	156,120
Accumulated depreciation	(1,607)
Investment in real estate, net	$ 154,513

Investments in Real Estate - _2

Investments in Real Estate - Summary of Acquired Properties Qualified as Asset Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 171,332
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	$ 56,715
Hallmark
Real Estate Properties [Line Items]
Property Type	Industrial
Acquisition Date	2023-10
Purchase Price	$ 65,403

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - Property	10 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Real Estate Properties [Line Items]
Number of properties acquired	0
Amortization period for intangibles of property		13 years

Investments in Real Estate - _3

Investments in Real Estate - Summary of Purchase Price Allocation for Property Acquired (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Real Estate Properties [Line Items]
Total purchase price	$ 5,000	$ 166,332
Below-market lease intangibles		(10,855)
Total purchase price		171,332
Building and Building Improvements
Real Estate Properties [Line Items]
Total purchase price		132,792
Land and Land Improvements
Real Estate Properties [Line Items]
Total purchase price		22,707
In-Place Lease Intangibles
Real Estate Properties [Line Items]
Total purchase price		26,363
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	12 Months Ended
	Dec. 31, 2023 USD ($) Positions
Real Estate [Line Items]
Number of Position | Positions	26
Weighted Average Coupon	9.30%
Weighted Average Maturity Date	2028-04
Face Amount	$ 328,679
Cost Basis	327,983
Fair Value	$ 328,189
Commercial Real Estate Loan
Real Estate [Line Items]
Number of Position | Positions	11
Weighted Average Coupon	9.10%
Weighted Average Maturity Date	2027-09
Face Amount	$ 252,868
Cost Basis	252,668
Fair Value	$ 252,868
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	14
Weighted Average Coupon	7%
Weighted Average Maturity Date	2037-05
Face Amount	$ 25,811
Cost Basis	25,314
Fair Value	$ 25,321

Investments in Real Estate De_4

Investments in Real Estate Debt (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Unrealized gain (loss) on investments	$ 0.2
Minimum
Real Estate [Line Items]
Real estate related securities maturity period	10 years

Investments in Real Estate De_5

Investments in Real Estate Debt - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 302,868	[1],[2]
Percentage of portfolio	100%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 110,670
Percentage of portfolio	36.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 91,292
Percentage of portfolio	30.10%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 48,795
Percentage of portfolio	16.10%
Data Center
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 40,651
Percentage of portfolio	13.40%
Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 8,884
Percentage of portfolio	2.90%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 2,576
Percentage of portfolio	0.90%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 169,829
Percentage of portfolio	56.10%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 44,166
Percentage of portfolio	14.60%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 32,841
Percentage of portfolio	10.80%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 27,582
Percentage of portfolio	9.10%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 18,400
Percentage of portfolio	6.10%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 10,050
Percentage of portfolio	3.30%
[1] The aggregate cost for U.S. federal income tax purposes is $ 302.9 million. No prior tax liens or delinquent interest exists on any of the Company's commercial real estate loans.

Other Assets - Summary of Compo

Other Assets - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total	$ 31,764	$ 5,000
Real Estate Intangibles, Net
Total	25,734
Deposits
Total		$ 5,000
Straight-Line Rent Receivable
Total	1,425
Interest Receivable
Total	1,727
Other
Total	1,821
Deferred Financing Costs, Net
Total	$ 1,057

Intangibles (Additional Informa

Intangibles (Additional Information) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	$ 25,734,000	$ 0

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 26,688,000
Total real estate intangible assets, net	25,734,000	$ 0
Intangible liabilities gross	(10,855,000)
Total real estate intangible liabilities, net	(10,629,000)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	26,363,000
Accumulated amortization	(937,000)
Total real estate intangible assets, net	25,426,000
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	325,000
Accumulated amortization	(17,000)
Total real estate intangible assets, net	308,000
Below-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	(10,629,000)
Intangible liabilities gross	(10,855,000)
Accumulated amortization	$ 226,000

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	$ 25,734,000	$ 0
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024	2,155,000
2025	2,126,000
2026	2,126,000
2027	2,126,000
2028	2,093,000
Thereafter	14,800,000
Total real estate intangible assets, net	25,426,000
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2024	29,000
2025	29,000
2026	29,000
2027	29,000
2028	29,000
Thereafter	163,000
Total real estate intangible assets, net	308,000
Below-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2024	(775,000)
2025	(775,000)
2026	(775,000)
2027	(775,000)
2028	(756,000)
Thereafter	(6,773,000)
Total real estate intangible assets, net	$ (10,629,000)

Mortgage Notes - Additional Inf

Mortgage Notes - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Non-amortizing, mortgage loan	$ 36,000,000
Mortgage loan, fixed interest rate	6.05%
Mortgage loan, maturity date	November 2028
Repayments on mortgage loan	$ 0
Mortgage loan, term	five year
Deferred financing cost	$ 500,000
Amortization of deferred financing cost	$ 15,000

Leases - Additional Information

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

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Company's Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Leases [Abstract]
Fixed lease payments	$ 5,879
Variable lease payments	824
Lease Revenue	$ 6,703
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental Revenue
Above- and below-market lease amortization, net	$ 209
Rental Revenue	$ 6,912

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Future Minimum Rents Company Expects to Receive for its Industrial Property (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 10,813
2025	10,952
2026	11,214
2027	11,531
2028	11,802
Thereafter	84,314
Total	$ 140,626

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt - Additional Information (Details) - Master Repurchase Agreement - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2023	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate purchase price under repurchase agreement	$ 250,000,000
Repurchase agreement term	3 years
Repurchase agreement term extension options		two one-year extension options
Outstanding borrowings under repurchase agreement		$ 0
Cost incurred under repurchase agreement	$ 1,200,000
Amortization under repurchase agreement	$ 200,000

Other Liabilities - Summary of

Other Liabilities - Summary of Company's Other Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Other Liabilities [Abstract]
Below market lease intangibles, net	$ 10,629
Dividends Payable	1,900
Accounts payable and accrued expenses	1,816
Real estate taxes payable	61
Total	$ 14,406

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)				10 Months Ended	12 Months Ended	41 Months Ended	45 Months Ended
	Dec. 22, 2022	Nov. 29, 2022	Feb. 18, 2022	Dec. 31, 2022	Dec. 31, 2023	Sep. 01, 2026	Jan. 02, 2027	Nov. 11, 2022
Related Party Transaction [Line Items]
Cost of legal services					$ 33,000
Performance participation allocation accrued					$ 600,000
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				1,823,750	21,942,736
Aggregate consideration				$ 36,275,000	$ 407,608,000
Other liabilities					14,406,000
Management fee					$ 3,440,000
Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Aggregate consideration			$ 200,000
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					105,707
Distribution reinvestments, shares					1,349
Shares issued as payment for management fees					45,687
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				1,823,750	4,820,377
Distribution reinvestments, shares					34,969
Common stock - Class F-I Shares | Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Exchange of shares								10,000
Distribution reinvestments, shares					279
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					120,790
Class E Operating Partnership Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares					859
Unregistered Class E Shares
Related Party Transaction [Line Items]
Distribution reinvestments, shares					1,349
Unregistered Class E Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares					859
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					99,410
Adviser | Unregistered Class E Units
Related Party Transaction [Line Items]
Shares issued as payment for management fees					45,687
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					7,900,000
General and Administrative | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities					$ 6,900,000

Related Party Transactions - Su

Related Party Transactions - Summary of Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other Liabilities	$ 14,406
Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	15,831	$ 8,298
Organization and Offering | Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	7,900
Other liabilities	7,906	6,620
General and Administrative | Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	6,900
Other liabilities	6,895	$ 1,678
Management Fee Payable | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	468
Accrued Performance Participation Allocation | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	$ 562

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amortization of restricted stock grants	$ 75
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock issued | shares	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	$ 75
Unrecognized compensation cost	$ 25
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 | shares	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	12 Months Ended
	Dec. 31, 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	Dec. 31, 2023	Dec. 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	21,942,736	1,823,750
Common stock, shares outstanding	21,942,736	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
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	4,820,377	1,823,750
Common stock, shares outstanding	4,820,377	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	17,016,652
Common stock, shares outstanding	17,016,652
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	105,707
Common stock, shares outstanding	105,707

Equity - Schedule of Company'_2

Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Parenthetical) (Details) - $ / shares	Dec. 31, 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	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Class of Stock [Line Items]
Beginning balance		1,823,750
Ending balance	1,823,750	21,942,736
Class I
Class of Stock [Line Items]
Beginning balance	10,000
Common stock transferred/Share class transfer	(10,000)
Class F-I
Class of Stock [Line Items]
Beginning balance		1,823,750
Common stock transferred/Share class transfer	10,000	(10,185,344)
Common stock issued	1,813,750	13,147,002
Dividend reinvestment		34,969
Ending balance	1,823,750	4,820,377
Class A-I
Class of Stock [Line Items]
Common stock transferred/Share class transfer		10,126,324
Common stock issued		6,882,222
Repurchase of common stock		(7,389)
Dividend reinvestment		15,496
Ending balance		17,016,652
Class E
Class of Stock [Line Items]
Common stock issued		104,358
Dividend reinvestment		1,349
Ending balance		105,707

Equity - Additional Information

Equity - Additional Information (Details) $ in Thousands						10 Months Ended	12 Months Ended
	Nov. 02, 2023 shares	Apr. 04, 2023 shares	Dec. 22, 2022 USD ($) shares	Nov. 29, 2022 USD ($) shares	Feb. 18, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) Request shares	Nov. 11, 2022 shares
Class of Stock [Line Items]
Common stock, shares issued						1,823,750	21,942,736
Aggregate consideration | $						$ 36,275	$ 407,608
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							120,790
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 A-I Shares
Class of Stock [Line Items]
Common stock, shares issued							17,016,652
Common stock not issued							6,882,222
Number of shares exchanged	4,973,617	5,152,707
Shares repurchased							7,389
Shares repurchased amount | $							$ 200
Distribution reinvestments, shares							15,496
Common Stock - Class E Shares
Class of Stock [Line Items]
Common stock, shares issued							105,707
Shares issued as payment for management fees							45,687
Common stock not issued							104,358
Distribution reinvestments, shares							1,349
Common stock - Class F-I Shares
Class of Stock [Line Items]
Common stock, shares issued						1,823,750	4,820,377
Common stock not issued						1,813,750	13,147,002
Number of shares exchanged	5,022,403	5,162,941
Distribution reinvestments, shares							34,969
Common stock - Class F-I Shares | Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Common stock, shares issued								10,000
Distribution reinvestments, shares							279
Class E Operating Partnership Units
Class of Stock [Line Items]
Distribution reinvestments, shares							859

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Class F-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	$ 0.781
Management fee per share of common stock	(0.151)
Net distribution declared per share of common stock	0.63
Class A-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.781
Management fee per share of common stock	(0.151)
Net distribution declared per share of common stock	0.63
Class E
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.781
Net distribution declared per share of common stock	$ 0.781

Equity - Redeemable Non-control

Equity - Redeemable Non-controlling Interest Activity Related to Adviser (Details) - Adviser [Member] $ in Thousands	2 Months Ended
	Dec. 31, 2023 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 779
Settlement of management fees	176
GAAP income allocation	13
Distributions	(8)
Reinvestment of distributions	7
Ending balance	$ 967

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income (Loss) and Weighted Average Number of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Numerator:
Net income (loss) attributable to ARIS stockholders	$ (815)	$ 12,759
Denominator:
Weighted-average shares of common stock outstanding, basic	67,216	11,850,738
Weighted-average shares of common stock outstanding, diluted	67,216	11,850,738
Net income (loss) per share of common stock, basic	$ (12.13)	$ 1.08
Net income (loss) per share of common stock, diluted	$ (12.13)	$ 1.08

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments related to investments	$ 258.1

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	10 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) Segments	Dec. 31, 2023 Segments
Segment Reporting [Abstract]
Number of reportable segments in which the company operates | Segments	1	2
Investments | $	$ 0

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets and Financial Results by Segment (Details) - USD ($) $ in Thousands		10 Months Ended		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	[1]	$ 136,589	$ 136,589	$ 609,671
Revenues
Total revenues				6,912
Expenses
Total segment expenses				(1,388)
Income from investments in real estate debt				17,490
Segment net operating income				23,014
Depreciation and amortization				(2,544)
General and administrative			(1,678)	(5,380)
Management fee				(3,440)
Performance participation allocation				(562)
Other income				6,241
Net income (loss)		$ (3,051)	(3,051)	17,329
Net income attributable to non-controlling interests in ARIS OP			(2,236)	4,570
Net income attributable to ARIS stockholders			$ (815)	12,759
Interest expense
Expenses
Total segment expenses				(554)
Rental Property
Revenues
Total revenues				6,912
Expenses
Total segment expenses				(834)
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Assets				183,492
Revenues
Total revenues				6,912
Expenses
Total segment expenses				(1,388)
Segment net operating income				5,524
Depreciation and amortization				(2,544)
Operating Segments | Real Estate | Interest expense
Expenses
Total segment expenses				(554)
Operating Segments | Real Estate | Rental Property
Revenues
Total revenues				6,912
Expenses
Total segment expenses				(834)
Operating Segments | Real Estate Debt
Segment Reporting Information [Line Items]
Total Assets				330,974
Expenses
Income from investments in real estate debt				17,490
Segment net operating income				17,490
Other Corporate
Segment Reporting Information [Line Items]
Total Assets				$ 95,205
[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 81 % and 27 % as of December 31, 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 ($) $ in Millions	Jan. 01, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
First mortgage to finance construction		$ 36
Subsequent Event
Subsequent Event [Line Items]
Debt instrument add-on fundings for loans	$ 79.7
Subsequent Event | Data Center
Subsequent Event [Line Items]
First mortgage to finance construction	85
Debt instrument funded amount	20.3
Subsequent Event | Hotel
Subsequent Event [Line Items]
First mortgage to finance construction	50
Debt instrument funded amount	$ 45.1

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 36,000
Initial Cost
Land and Land Improvements	22,707
Building and Building Improvements	132,792
Costs Capitalized Subsequent to Acquisition
Building and Building Improvements	621
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	22,707	[1]
Building and Building Improvements	133,413	[1]
Total	156,120
Accumulated Depreciation	(1,607)	[2]
Industrial Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36,000
Initial Cost
Land and Land Improvements	7,006
Building and Building Improvements	94,610
Costs Capitalized Subsequent to Acquisition
Building and Building Improvements	621
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	7,006	[1]
Building and Building Improvements	95,231	[1]
Total	102,237
Accumulated Depreciation	$ (1,223)	[2]
Industrial Properties | Rickenbacker | Columbus, OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Initial Cost
Land and Land Improvements	$ 1,491
Building and Building Improvements	40,496
Costs Capitalized Subsequent to Acquisition
Building and Building Improvements	621
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	1,491	[1]
Building and Building Improvements	41,117	[1]
Total	42,608
Accumulated Depreciation	$ (883)	[2]
Year Acquired	Dec. 31, 2023
Industrial Properties | Hallmark | Liberty, MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Encumbrances	$ 36,000
Initial Cost
Land and Land Improvements	5,515
Building and Building Improvements	54,114
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	5,515	[1]
Building and Building Improvements	54,114	[1]
Total	59,629
Accumulated Depreciation	$ (340)	[2]
Year Acquired	Dec. 31, 2023
Retail Properties
Initial Cost
Land and Land Improvements	$ 15,701
Building and Building Improvements	38,182
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	15,701	[1]
Building and Building Improvements	38,182	[1]
Total	53,883
Accumulated Depreciation	$ (384)	[2]
Retail Properties | 16000 Pines | Pembroke Pines, FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | Property	1
Initial Cost
Land and Land Improvements	$ 15,701
Building and Building Improvements	38,182
Gross Amounts at which Carried at the Close of Period
Land and Land Improvements	15,701	[1]
Building and Building Improvements	38,182	[1]
Total	53,883
Accumulated Depreciation	$ (384)	[2]
Year Acquired	Dec. 31, 2023
[1] As of December 31, 2023, the aggregate cost basis for tax purposes was $ 169.1 million. Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate Cost	$ 169.1

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at the end of the year	$ 156,120
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Accumulated depreciation	(1,607)
Balance at the end of the year	(1,607)	[1]
Land and Land Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the year	22,707
Building and Building Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Additions during the year	$ 133,413
[1] Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives.

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Contract	[2]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance	$ 302,868	[1]
Fair Value	$ 302,868	[1]
Commercial mortgage loans individually >3% Loan A Industrial Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.40%	[3]
Principal Balance	$ 41,292
Fair Value	$ 41,292	[4]
Commercial mortgage loans individually >3% Loan B Multifamily Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.70%	[3]
Principal Balance	$ 34,670
Fair Value	$ 34,670	[4]
Commercial mortgage loans individually >3% Loan C Other Mid-Atlantic
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.50%	[3]
Principal Balance	$ 40,651
Fair Value	$ 40,651	[4]
Commercial mortgage loans individually >3% Loan D Hotel Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.50%	[3]
Principal Balance	$ 25,000
Fair Value	$ 25,000	[4]
Commercial mortgage loans individually >3% Loan E Hotel Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.10%	[3]
Principal Balance	$ 23,795
Fair Value	$ 23,795	[4]
Commercial mortgage loans individually >3% Loan F Multifamily Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9%	[3]
Principal Balance	$ 26,000
Fair Value	$ 26,000	[4]
Commercial mortgage loans individually >3% Loan G Multifamily Northeast
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	8.40%	[3]
Principal Balance	$ 50,000
Fair Value	$ 50,000	[4]
Commercial mortgage loans individually less than 3% First Mortgage Other Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | Contract	4
Principal Balance	$ 11,460
Fair Value	$ 11,460	[4]
Commercial mortgage loans individually less than 3% First Mortgage Other Various | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	8.60%	[3]
Commercial mortgage loans individually less than 3% First Mortgage Other Various | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.40%	[3]
Total Commercial mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance	$ 252,868
Fair Value	$ 252,868	[4]
Subordinate loans individually >3% Subordinate Industrial Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Loans | Contract	1
Contractual Interest Rate	10%	[3]
Principal Balance	$ 50,000
Fair Value	50,000
Total Subordinate loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Balance	50,000
Fair Value	$ 50,000
[1] The aggregate cost for U.S. federal income tax purposes is $ 302.9 million. No prior tax liens or delinquent interest exists on any of the Company's commercial real estate loans. Assumes applicable benchmark rates as of December 31, 2023 for all floating rate loans. There are no delinquent principal or interest on any loan as of December 31, 2023.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Parenthetical) (Details)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior tax liens or delinquent interest	$ 0
Aggregate cost for U.S. federal income tax purposes	302,900,000
Delinquent principal or interest	$ 0

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Summary of Reconciliation of Balance Sheet Reported Amount of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Balance at beginning of year	$ 302,468
Unrealized gain on fair value	200
Amortization of fees and other items	200
Balance at the close of year	$ 302,868