Apollo Realty Income Solutions 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	Apollo Realty Income Solutions, Inc.
Entity Central Index Key	0001882850
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Securities Act File Number	000-56656
Entity Tax Identification Number	87-2557571
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	515-3200
Common Stock - Class A-II Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,102,308
Common Stock - Class A-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,375,480
Common stock - Class F-I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,565,469
Common Stock - Class I Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		426,941
Common Stock - Class S Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,795
Common Stock - Class E Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		286,066

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net		$ 248,487	$ 154,513
Investments in real estate debt, at fair value		569,144	328,189
Cash and cash equivalents		67,558	95,205
Restricted cash		438
Other assets		53,212	31,764
Total assets	[1]	938,839	609,671
Liabilities and Equity
Secured financings on investments in real estate debt, net		101,444
Mortgage notes, net		35,633	35,591
Other liabilities		23,863	14,406
Total liabilities	[1]	177,170	65,828
Commitments and contingencies (See Note 16)
Redeemable non-controlling interest		2,133	967
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at June 30, 2024 and December 31, 2023, and none issued and outstanding
Common stock, $0.01 par value per share (See Note 14 - Equity)		322	220
Additional paid-in capital		648,320	438,432
Retained earnings (accumulated deficit)		5,985	2,681
Total stockholders' equity		654,627	441,333
Non-controlling interest attributable to the Operating Partnership		104,784	101,543
Non-controlling interest attributable to preferred stockholders		125
Total equity		759,536	542,876
Total liabilities and equity		938,839	609,671
Due to Affiliates
Liabilities and Equity
Due to affiliates		$ 16,230	$ 15,831
[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 86 % and 81 % as of June 30, 2024 and December 31, 2023, respectively. See "Note 2 - Summary of Significant Accounting Policies " for additional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares outstanding	0	0
VIE ownership percentage	86%	81%

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental revenue	$ 5,056	$ 1,054	$ 8,718	$ 2,047
Total revenues	5,056	1,054	8,718	2,047
Expenses
Rental property operating	824	113	1,397	205
General and administrative	1,742	1,427	3,280	2,532
Management fee	1,805	699	3,316	1,098
Performance participation allocation	69	146	272	146
Depreciation and amortization	2,127	345	3,582	628
Total expenses	6,567	2,730	11,847	4,609
Other income
Income from investments in real estate debt	13,451	3,161	24,565	3,896
Other income	1,565	1,560	2,473	2,394
Interest expense	(1,885)		(2,654)
Total other income	13,131	4,721	24,384	6,290
Net income (loss)	11,620	3,045	21,255	3,728
Net income (loss) attributable to non-controlling interests in the Operating Partnership	1,721	1,124	3,418	1,472
Net income (loss) attributable to preferred stockholders	7		7
Net income (loss) attributable to ARIS stockholders	$ 9,892	$ 1,921	$ 17,830	$ 2,256
Net income (loss) per share of common stock, basic	$ 0.32	$ 0.22	$ 0.64	$ 0.38
Net income (loss) per share of common stock, diluted	$ 0.32	$ 0.22	$ 0.64	$ 0.38
Weighted-average shares of common stock outstanding, basic	30,498,453	8,681,106	27,700,379	5,979,955
Weighted-average shares of common stock outstanding, diluted	30,498,453	8,681,106	27,700,379	5,979,955

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Equity	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Non-Controlling Interest	Non-Controlling Interest Preferred Equity	Redeemable non-controlling interest
Beginning Balance at Dec. 31, 2022	$ 128,291		$ 18	$ 31,367	$ (815)	$ 30,570	$ 97,721
Beginning Balance, Shares at Dec. 31, 2022			1,824
Shares issued, value	60,227		$ 30	60,197		60,227
Shares issued, shares			3,006
Offering costs	(83)			(83)		(83)
Contributions from non-controlling interests	156						156
Net income	683				335	335	348
Ending Balance at Mar. 31, 2023	189,274		$ 48	91,481	(480)	91,049	98,225
Ending Balance, Shares at Mar. 31, 2023			4,830
Beginning Balance at Dec. 31, 2022	128,291		$ 18	31,367	(815)	30,570	97,721
Beginning Balance, Shares at Dec. 31, 2022			1,824
Net income	3,728
Ending Balance at Jun. 30, 2023	297,818		$ 102	199,208	(392)	198,918	98,900
Ending Balance, Shares at Jun. 30, 2023			10,221
Beginning Balance at Mar. 31, 2023	189,274		$ 48	91,481	(480)	91,049	98,225
Beginning Balance, Shares at Mar. 31, 2023			4,830
Shares issued, value	108,544		$ 54	108,490		108,544
Shares issued, shares			5,395
Amortization of restricted stock grants	25			25		25
Offering costs	(906)			(906)		(906)
Contributions from non-controlling interests	255						255
Distribution reinvestments, value	469			118		118	351
Distribution reinvestments, shares			6
Net income	3,045				1,921	1,921	1,124
Share class transfer, shares			(10)
Distributions to non-controlling interest/ Distributions to non-controlling preferred shareholders	(1,055)						(1,055)
Distributions declared on common stock	(1,833)				(1,833)	(1,833)
Ending Balance at Jun. 30, 2023	297,818		$ 102	199,208	(392)	198,918	98,900
Ending Balance, Shares at Jun. 30, 2023			10,221
Beginning Balance at Dec. 31, 2023	542,876		$ 220	438,432	2,681	441,333	101,543		$ 967
Beginning Balance, Shares at Dec. 31, 2023			21,943
Shares issued, value	89,566	$ 125	$ 43	89,523		89,566		$ 125	831
Shares issued, shares			4,328
Amortization of restricted stock grants	25			25		25
Offering costs	(355)			(355)		(355)
Distribution reinvestments, value	2,124			944		944	1,180		20
Distribution reinvestments, shares			45
Net income									31
Net Income	9,605				7,939	7,939	1,666
Share class transfer, shares			25
Repurchase of common stock	(154)			(154)		(154)
Repurchase of common stock, shares			(7)
Distributions to non-controlling interests in the Operating Partnership	(1,284)						(1,284)		(25)
Distributions declared on common stock	(6,281)				(6,281)	(6,281)
Ending Balance at Mar. 31, 2024	636,247		$ 263	528,415	4,339	533,017	103,230		1,824
Ending Balance, Shares at Mar. 31, 2024			26,334
Beginning Balance at Dec. 31, 2023	542,876		$ 220	438,432	2,681	441,333	101,543		967
Beginning Balance, Shares at Dec. 31, 2023			21,943
Net income	21,255
Ending Balance at Jun. 30, 2024	759,536		$ 322	648,320	5,985	654,627	104,909		2,133
Ending Balance, Shares at Jun. 30, 2024			32,046
Beginning Balance at Mar. 31, 2024	636,247		$ 263	528,415	4,339	533,017	103,230		1,824
Beginning Balance, Shares at Mar. 31, 2024			26,334
Shares issued, value	122,370		$ 59	122,311		122,370			274
Shares issued, shares			5,881
Amortization of restricted stock grants	25			25		25
Offering costs	(398)			(398)		(398)
Distribution reinvestments, value	2,803			1,409		1,409	1,394		29
Distribution reinvestments, shares			67
Net income	11,620								37
Net Income	11,583				9,892	9,892	1,691
Share class transfer, shares			(70)
Repurchase of common stock	(3,442)			(3,442)		(3,442)
Repurchase of common stock, shares			(166)
Distributions to non-controlling interests in the Operating Partnership	(1,399)						(1,399)		(31)
Distributions to non-controlling interest/ Distributions to non-controlling preferred shareholders		$ (7)						$ (7)
Distributions declared on common stock	(8,246)				(8,246)	(8,246)
Ending Balance at Jun. 30, 2024	$ 759,536		$ 322	$ 648,320	$ 5,985	$ 654,627	$ 104,909		$ 2,133
Ending Balance, Shares at Jun. 30, 2024			32,046

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 21,255	$ 3,728
Adjustments to reconcile net income to net cash provided by operating activities:
Management fee	3,316	1,098
Performance participation allocation	272
Depreciation and amortization	3,582	628
Straight line rent amortization	(881)	(841)
Above- and below- market lease amortization, net	(361)	5
Amortization of discount/premium	(133)	(67)
Amortization of deferred financing costs	457
Amortization of restricted stock awards	50	25
Unrealized (gain)/loss on fair value of investments in real estate debt	(155)	(377)
Realized gain on repayments of real-estate related securities	(43)
Changes in assets and liabilities:
Other assets	(277)	(848)
Due to affiliates	444	2,654
Other liabilities	2,003	132
Net cash provided by operating activities	29,529	6,137
Cash flows from investing activities:
Acquisitions of real estate	(107,241)	(46,214)
Capital improvements to real estate		(621)
Origination and acquisition of real estate debt	(100,360)	(125,621)
Purchase of real estate-related securities		(12,865)
Add-on fundings of commercial mortgage loans	(138,599)	(2,486)
Repayments from real estate-related securities	2,325
Cash funded to title agent for loan closing	(11,696)
Net cash used in investing activities	(355,571)	(187,807)
Cash flows from financing activities:
Borrowings from secured financings of investments in real estate debt	102,213
Payment of deferred financing costs	(125)
Proceeds from issuance of common stock	209,324	168,342
Proceeds from issuance of preferred equity	125
Distributions paid	(10,822)	(1,350)
Distributions to non-controlling preferred shareholders	(7)
Repurchase of common stock	(1,401)
Offering costs paid	(474)	(18)
Net cash provided by financing activities	298,833	166,974
Net change in cash, cash equivalents and restricted cash	(27,209)	(14,696)
Cash, cash equivalents and restricted cash, beginning of period	95,205	131,589
Cash, cash equivalents and restricted cash, end of period	67,996	116,893
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	67,558	116,893
Restricted cash	438
Total cash, cash equivalents and restricted cash	67,996	116,893
Supplemental disclosure of cash flow information:
Cash paid for interest	1,766
Non-cash investing and financing activities:
Investments purchased but not settled	3,990
Accrued offering costs due to affiliate	272	971
Accrued stockholder servicing fees due to affiliate	7
Transfer of shares from Class F-I shares to Class A-I shares	107,905	103,982
Distribution reinvestments	4,977	469
Distributions accrued and not paid	3,367	$ 1,069
Accrued repurchases	2,195
Issuance of Class E shares for payment of management fee	2,612
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of management fee	543
Redeemable non-controlling interest issuance as Class E units of the Operating Partnership for payment of performance participation allocation	562
Allocation to redeemable non-controlling interests	$ 68

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 , the Company owned five properties, had sixteen investments in commercial real estate debt, and held fifteen 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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows have been included. The Company's results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period. Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying condensed consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. Non-controlling interests in the Operating Partnership represent limited partnership units of the Operating Partnership ("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 June 30, 2024 and December 31, 2023, the Company held $ 67.6 million and $ 95.2 million of cash and cash equivalents, respectively. Restricted Cash Restricted cash represents cash held in a deposit account controlled by a third party and tenant security deposits. As of June 30, 2024, the Company held $ 0.4 million in restricted cash. The Company did no t have any restricted cash as of December 31, 2023 . 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. As of June 30, 2024, the Company's investments in real estate debt consisted of commercial mortgage and mezzanine loans secured by real estate assets and real estate-related securities. The Company has elected the fair value option ("FVO") for investments in commercial mortgage and mezzanine loans secured by real estate assets as the Company believes fair value provides a more accurate depiction of the value of these assets. During the six months ended June 30, 2024, real-estate related securities met the criteria to be classified as trading securities under ASC 320, "Investments". 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 and mezzanine 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 and mezzanine 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): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 25,321 $ 302,868 $ 328,189 Total $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 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 Balance as of December 31, 2023 $ 302,868 Originations, acquisitions, and add on fundings 238,959 Amortization of discount/premium 133 Included in net income: Unrealized gain/(loss) from investments in real estate debt ( 133 ) Balance as of June 30, 2024 $ 541,827 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 541,827 Discounted cash flow Discount rate 6.50 %- 12.75 % Decrease 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 Investment Property and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties will be included in the Company's results of operations from their respective dates of acquisition. The Company will utilize a report from an independent appraiser to record the purchase of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, tenant relationships, asset retirement obligations and mortgage loans payable. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The estimated fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company’s condensed consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options, if applicable. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of out-of-market lease value will be charged to rental revenue. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings 39 - 50 years Buildings and land improvements 10 - 15 years Furniture, Fixtures & Equipment 10 years Lease intangibles and leasehold improvements Lease term Significant improvements to properties are capitalized, whereas, repairs and maintenance expenses at the Company's properties are expensed as incurred and included in real estate operating expense on the Company’s condensed consolidated statements of operations. When an asset is sold, the cost and related accumulated depreciation are removed from the accounts with the resulting gain or loss reflected in the Company's results of operations for the period. Real estate assets will be evaluated for impairment on a quarterly basis. The Company will consider the following factors when performing its impairment analysis: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) its ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon its estimate of a capitalization rate and discount rate. As of June 30, 2024 , 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 and mezzanine loans secured by real estate and real estate-related securities. The Company has elected the FVO for its commercial mortgage and mezzanine loans secured by real estate. During the six months ended June 30, 2024, real-estate related securities met the criteria to be classified as trading securities under ASC 320, "Investments". Trading securities are recognized on a trade date basis. The unrealized gain or loss associated with holding real estate debt investments at fair value are recorded as a component of income from investments in real estate debt on the Company's condensed consolidated statement of operations. For the three and six months ended June 30, 2024 the Company recorded de minimis and $ 0.2 million of unrealized gain on its investments in real estate debt, respectively. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as components of income from investments in real estate debt on the Company’s condensed consolidated statements of operations. Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying condensed 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. Revenues from the Company's multifamily properties are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. 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 ("ASC") 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. Commercial mortgage and mezzanine 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. 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. The restricted stock grants of Class E shares held by the Company's directors are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share ("EPS") has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks' participation rights in undistributed earnings. As of June 30, 2024 and December 31, 2023 , the effects of the two-class method on basic and diluted EPS were not material to the Company's condensed consolidated financial statements. Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance all 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 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 condensed consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of June 30, 2024 and December 31, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 8.0 million and $ 7.9 million , respectively, consisting of offering costs of $ 6.5 million and $ 6.4 million , respectively, and organization costs of $ 1.5 million . Such costs became the Company's liability on December 22, 2022, the date on which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet. Apollo Global Securities, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate NAV of the Company’s outstanding Class S shares, Class D shares, Class F-S shares and Class F-D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of June 30, 2024: 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 June 30, 2024 , the Company had accrued $ 7 thousand of stockholder servicing fees related to Class S shares sold. Such fees are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet. 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 Financial Accounting Standards Board ("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. The guidance is mandatorily effective for the Company in its annual report on Form 10-K for the year ended December 31, 2024 and in interim periods in 2025; however early adoption is permitted. The Company is currently evaluating the impact of the new guidance 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	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Building and building improvements $ 219,680 $ 132,792 Land and land improvements 29,111 22,707 Furniture, fixtures and equipment 1,094 — Tenant improvements 2,513 621 Total 252,398 156,120 Accumulated depreciation ( 3,911 ) ( 1,607 ) Investment in real estate, net $ 248,487 $ 154,513 During the six months ended June 30, 2024, the Company acquired the following properties, that qualified as asset acquisitions ($ in thousands): Property Type Acquisition Date Purchase Price Hampton Rivers Property Multifamily May 2024 $ 49,402 PepsiCo / Quaker Distribution Center Industrial May 2024 57,839 Total acquisitions $ 107,241 The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands): Hampton Rivers Property PepsiCo / Quaker Distribution Center Total Building and building improvements $ 43,844 $ 43,044 $ 86,888 Land and land improvements 3,770 2,634 6,404 In-place lease intangibles 694 9,256 9,950 Furniture, fixtures and equipment 1,094 — 1,094 Tenant improvements — 1,892 1,892 Above-market lease intangibles — 1,013 1,013 Total purchase price $ 49,402 $ 57,839 $ 107,241 Intangible assets are recorded in other assets on the accompanying condensed consolidated balance sheet. The intangibles of the properties are amortized over the remaining lease terms that they were derived from. As a result, the Company's intangibles have a weighted average amortization period of approximately 12 years . As of June 30, 2024 and December 31, 2023 , the Company did no t recognize any impairment on its real estate investments.

Investments in Real Estate Debt

Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 ($ in thousands): ____________ June 30, 2024 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 mortgage loan 15 8.9 % March 2028 $ 491,827 $ 491,760 $ 491,827 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 15 7.0 % December 2037 27,356 27,021 27,317 Total investments in real estate debt: 31 8.9 % July 2028 $ 569,183 $ 568,781 $ 569,144 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 mortgage 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 $ 327,982 $ 328,189 (1) Based on applicable benchmark rates as of June 30, 2024 and December 31, 2023, respectively. (2) Weighted average maturity date is based on fully extended maturity. All of the Company's real estate-related securities have maturity dates greater t han ten years fro m June 30, 2024. The table below details the type of properties securing the loans in the Company's portfolio at the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Property Type Fair Value % of Portfolio Fair Value % of Portfolio Multifamily $ 236,737 43.7 % $ 110,670 36.6 % Industrial 98,570 18.2 % 91,292 30.1 % Hotel 94,380 17.4 % 48,795 16.1 % Data Center 75,732 14.0 % 40,651 13.4 % Self-Storage 30,330 5.6 % 8,884 2.9 % Other (1) 6,078 1.1 % 2,576 0.9 % Total $ 541,827 100.0 % $ 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 at the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Geographic Location Fair Value % of Portfolio Fair Value % of Portfolio Northeast $ 215,800 39.8 % $ 169,829 56.1 % West 143,598 26.5 % 32,841 10.8 % Mid-Atlantic 82,966 15.3 % 44,166 14.6 % Southwest 49,791 9.2 % 18,400 6.1 % Southeast 25,730 4.7 % 27,582 9.1 % Midwest 23,942 4.5 % 10,050 3.3 % Total $ 541,827 100.0 % $ 302,868 100.0 % The total income from investments in real estate debt disclosed on the Company's condensed consolidated statement of operations relates to interest income, upfront fees recognized, and unrealized gain on these investments in real estate debt. For the three and six months ended June 30, 2024 the Company recorded de minimis and $ 0.2 million of unrealized gain on its investments in real estate debt, respectively. For the three and six months ended June 30, 2023 , the Company recorded $ 0.4 million of unrealized gain on its investments in real estate debt.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Real estate intangibles, net $ 35,386 $ 25,734 Cash held by title agent (1) 11,696 — Interest receivable 2,652 1,727 Straight-line rent receivable 2,306 1,425 Other 1,172 1,821 Deferred financing costs, net — 1,057 Total $ 53,212 $ 31,764 (1) Cash held by title agent represents cash funded for an investment closing that was not yet complete as of June 30, 2024

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Note 6 - Intangibles The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 36,313 $ 26,363 Above-market lease intangibles 1,338 325 Total intangible assets 37,651 26,688 Accumulated amortization: In-place lease amortization ( 2,215 ) ( 937 ) Above-market lease amortization ( 50 ) ( 17 ) Total real estate intangible assets, net $ 35,386 $ 25,734 Intangible liabilities Below-market lease intangibles $ ( 10,855 ) $ ( 10,855 ) Total intangible liabilities ( 10,855 ) ( 10,855 ) Accumulated amortization: Below-market lease amortization 620 226 Total real estate intangible liabilities, net $ ( 10,235 ) $ ( 10,629 ) The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of June 30, 2024, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2024 (remaining) 2,264 88 ( 388 ) 2025 3,486 177 ( 775 ) 2026 3,486 177 ( 775 ) 2027 3,486 177 ( 775 ) 2028 3,472 177 ( 756 ) Thereafter 17,904 492 ( 6,766 ) $ 34,098 $ 1,288 $ ( 10,235 )

Leases

Leases	6 Months Ended
	Jun. 30, 2024
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, retail and multifamily properties. The leases at the Company’s industrial and retail properties generally includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company’s operating leases primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. The following table summarizes the fixed and variable components of the Company's operating leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 3,987 $ 945 $ 7,057 $ 1,849 Variable lease payments 898 112 1,300 203 Lease Revenue $ 4,885 $ 1,057 $ 8,357 $ 2,052 Above- and below-market lease amortization 171 ( 3 ) 361 ( 5 ) Rental Revenue $ 5,056 $ 1,054 $ 8,718 $ 2,047 The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, retail and multifamily properties as of June 30, 2024 ($ in thousands): Year Future Minimum Rents 2024 $ 8,206 2025 15,574 2026 15,314 2027 15,749 2028 16,141 Thereafter 93,855 Total $ 164,839

Mortgage Notes

Mortgage Notes	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Mortgage Notes	Note 8 - Mortgage Notes During October 2023, the Company entered into 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 three and six months ended June 30, 2024. At June 30, 2024 and December 31, 2023, the mortgage note is carried net of unamortized deferred financing costs of $ 0.4 million and $ 0.5 million, respectively, on the Company's condensed consolidated balance sheet. During the three and six months ended June 30, 2024 , the Company recorded $ 21 thousand and $ 42 thousand of deferred financing cost amortization, respectively, which is included within interest expense in the condensed consolidated statement of operations. The Company is in compliance with all covenants as of June 30, 2024 .

Secured Financings on Investmen

Secured Financings on Investments in Real Estate Debt	6 Months Ended
	Jun. 30, 2024
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 commercial mortgage loans and participation interests in performing commercial 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. The Company may be required to provide additional collateral in the form of cash, securities, or other assets if the market value of the Company's pledged commercial mortgage loans decline. The Company's borrowings under secured financings on investments in real estate debt at June 30, 2024 are detailed in the following table ($ in thousands): Maximum Amount of Borrowings Borrowings Outstanding Weighted Average Borrowing Costs Maturity Date (1) JPM Repurchase Agreement $ 250,000 $ 102,213 SOFR + 2.73 % October 2028 Less: Unamortized deferred financing costs N/A ( 769 ) $ 250,000 $ 101,444 (1) Maturity date assumes extensions at the Company's option are exercised with consent of the financing provider. At June 30, 2024, the Company's borrowings had the following maturities ($ in thousands): Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total JPM Repurchase Agreement $ - 17,500 84,713 - $ 102,213 The table above assumes extensions at the Company's option are exercised with consent of financing providers, where applicable. The Company did no t have any outstanding borrowings as of December 31, 2023. Debt Covenants The guarantees related to the Company's secured financing contains the following financial covenants: (i) while tangible net worth is equal to or less than $ 450.0 million, the Company's net asset value is not permitted to decline by 20 % from the preceding quarter or 40 % from the preceding calendar year; (ii) net asset value can not decline by 50 % or more from the Company's net asset value at the time of closing the JPM Repurchase Agreement; (iii) the Company's ratio of total indebtedness to tangible net worth cannot be greater than 3.00 :1; and (iv) the Company's liquidity cannot be less than an amount equal to the greater of 5 % of total recourse indebtedness or $ 30.0 million. The Company was in compliance with the covenants under its secured financing as of June 30, 2024 and December 31, 2023 . The impact of macroeconomic conditions on the commercial real estate markets and global capital markets, including increased interest rates, changes to fiscal and monetary policy, slower economic growth or recession, labor shortages, and recent distress in the banking sector, may make it more difficult to meet or satisfy these covenants in the future.

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Below market lease intangibles, net $ 10,235 $ 10,629 Settlement payment due for investment acquisition 3,990 - Distribution payable 3,367 1,900 Accounts payable and accrued expenses 3,219 1,816 Accrued repurchases 2,195 - Real estate taxes payable 857 61 Total $ 23,863 $ 14,406

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
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 is no 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 is paid, at the Adviser's election, in cash, Class E shares, Class E units or any combination thereof. During the three and six months ended June 30, 2024, the Company accrued $ 0.1 million and $ 0.3 million of performance participation allocation, respectively. During the three and six months ended June 30, 2023, the Company accrued $ 0.1 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 six months ended June 30, 2024, the Company incurred $ 0.1 million 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 and mezzanine loans alongside Apollo affiliates. As of June 30, 2024, all of the Company's investments in commercial mortgage and mezzanine 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 Class I shares. On November 11, 2022, 10,000 Class I shares held by Apollo ARIS Holdings LLC were exchanged for 10,000 F-I shares. Apollo ARIS Holdings LLC has elected to reinvest the dividends declared on its shares, which has corresponded to the issuance of 136 and 251 additional Class F-I shares to Apollo ARIS Holdings LLC in lieu of cash for the dividends paid during the three and six months ended June 30, 2024, respectively. On November 29, 2022, the Company and the Operating Partnership entered into a subscription agreement with an affiliate of Apollo to issue 5,000,000 Class A-I units 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 66,510 and 123,212 Class A-I units in lieu of cash for the dividends paid during the three and six months ended June 30, 2024, respectively. Due to Affiliates The following table details the Company's expenses that are due to its Adviser: June 30, 2024 December 31, 2023 Organization and offering $ 7,983 $ 7,906 General and administrative 7,339 6,895 Management fee payable 629 468 Accrued performance participation allocation 272 562 Accrued stockholder servicing fee 7 — Total $ 16,230 $ 15,831 Organization and Offering Expenses The Adviser has advanced $ 8.0 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 June 30, 2024. The Adviser advanced all of the Company's organization and offering expenses on behalf of the Company through December 22, 2023. 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 agreed that it and/or its affiliates will advance certain general and administrative expenses on behalf of the Company through December 22, 2023. The Adviser has advanced $ 7.3 million of general and administrative expenses on the Company's behalf as of June 30, 2024. 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 from 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 from 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 three and six months ended June 30, 2024, the Company incurred $ 1.8 million and $ 3.3 million of management fees, respectively. During the three months ended June 30, 2024, the Company issued 68,081 Class E shares and 13,048 Class E units to the Adviser as payment for its management fee. The shares and units issued to the Adviser for payment of the management fee were issued at the applicable NAV per share/unit at the end of each month for which the fee was earned, in reliance upon the exemption from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The Adviser did not submit any repurchase requests for any shares or Operating Partnership units previously issued as payment for the management fee during the three and six months ended June 30, 2024. 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 (i) 2,767 and 4,388 Class E shares and (ii) 988 and 1,678 Class E units to the Adviser in lieu of cash for the dividends paid during the three and six months ended June 30, 2024, respectively. Stockholder Servicing Fee Payable The Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager, up to 8.75 % of the gross proceeds limit, at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares as part of its continuous public offering, that provide, among other things, for the payment of the full amount of the selling commissions and dealer manager fee, and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. During the three and six months ended June 30, 2024 , the Company accrued $ 7 thousand of stockholder servicing fees related to Class S shares sold.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024: Type Restricted Stock Grant Date Fair Value ($ in thousands) Outstanding as of December 31, 2023 4,948 Granted 4,763 100 Vested ( 4,948 ) — Forfeiture — — Outstanding as of June 30, 2024 4,763 Restricted Stock Grants During the three and six months ended June 30, 2024 , the Company issued 4,763 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 three and six months ended June 30, 2024, the Company recorded $ 25 thousand and $ 50 thousand of restricted stock amortization as general and administrative expenses in the condensed consolidated statement of operations, respectively. There are nine months of remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost of $ 75 thousand as of June 30, 2024 .

Equity

Equity	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, the Company had the following classes of common stock authorized, issued and outstanding: June 30, 2024 December 31, 2023 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 4,795 100,000,000 — Class D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class I Shares, $ 0.01 par value per share 100,000,000 361,468 100,000,000 — 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 1,564,120 100,000,000 4,820,377 Class A-I Shares, $ 0.01 par value per share 100,000,000 13,274,746 100,000,000 17,016,652 Class A-II Shares, $ 0.01 par value per share 100,000,000 16,583,219 100,000,000 — 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 100,000,000 258,683 100,000,000 105,707 Total 1,100,000,000 32,047,031 1,100,000,000 21,942,736 Common Stock The following table details the movement in the Company's outstanding shares of common stock: Class I Class S Class F-I Class A-I Class A-II Class E Beginning balance, December 31, 2023 — — 4,820,377 17,016,652 — 105,707 Common stock issued 201,505 — 594,229 1,787,026 1,671,686 73,366 Repurchase of common stock — — ( 2,476 ) — ( 5,000 ) — Dividend reinvestment 272 — 3,824 37,473 2,189 1,620 Share class transfer — — — ( 12,477,404 ) 12,502,989 — Ending balance, March 31, 2024 201,777 — 5,415,954 6,363,747 14,171,864 180,693 Common stock issued 157,759 4,795 1,461,907 1,702,361 2,479,255 75,223 Repurchase of common stock — — ( 92,330 ) ( 1,235 ) ( 72,253 ) — Dividend reinvestment 1,932 — 4,197 54,101 4,353 2,767 Share class transfer — — ( 5,225,608 ) 5,155,772 — — Ending balance, June 30, 2024 361,468 4,795 1,564,120 13,274,746 16,583,219 258,683 On January 3, 2024 (the "Exchange Date"), approximately 12,477,404 Class A-I shares were exchanged for 12,502,989 Class A-II shares at an exchange rate based on the NAV per share for the Class A-I shares and the Company's total NAV per share as of the Exchange Date. On April 2, 2024 (the "Second Exchange Date"), 5,225,608 Class F-I shares were exchanged for 5,155,772 Class A-I shares at an exchange rate based on the NAV per share for the Class F-I shares and Class A-I shares 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: Three Months Ended June 30, 2024 Class I Class S Class F-I Class A-I Class A-II Class E Aggregate gross distribution declared per share of common stock $ 0.3206 $ 0.2138 $ 0.3206 $ 0.3206 $ 0.3206 $ 0.3206 Management fee per share of common stock ( 0.0656 ) ( 0.0438 ) ( 0.0521 ) ( 0.0527 ) ( 0.0485 ) — Stockholder servicing fee per share of common stock — ( 0.0296 ) — — — — Net distribution declared per share of common stock $ 0.2550 $ 0.1404 $ 0.2685 $ 0.2679 $ 0.2721 $ 0.3206 Six Months Ended June 30, 2024 Class I Class S Class F-I Class A-I Class A-II Class E Aggregate gross distribution declared per share of common stock $ 0.5247 $ 0.2138 $ 0.6219 $ 0.6219 $ 0.6219 $ 0.6219 Management fee per share of common stock ( 0.1092 ) ( 0.0438 ) ( 0.1039 ) ( 0.1051 ) ( 0.0967 ) — Stockholder servicing fee per share of common stock — ( 0.0296 ) — — — — Net distribution declared per share of common stock $ 0.4155 $ 0.1404 $ 0.5180 $ 0.5168 $ 0.5252 $ 0.6219 Repurchases During the three months ended June 30, 2024 the Company repurchased 1,235 Class A-I shares, 72,253 Class A-II shares, and 92,330 Class F-I shares for a total of $ 3.4 million . During the six months ended June 30, 2024 the Company repurchased 1,235 Class A-I shares, 77,253 Class A-II shares, and 94,807 Class F-I shares for a total of $ 3.6 million . The Company had no unfulfilled repurchase requests as of June 30, 2024. 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 condensed 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 three and six months ended June 30, 2024 ($ in thousands): Adviser Balance at December 31, 2023 $ 967 Settlement of management fees 543 Settlement of performance participation allocation 562 GAAP income allocation 68 Distributions ( 56 ) Reinvestment of distributions 49 Fair value allocation - Balance at June 30, 2024 $ 2,133 As of June 30, 2024 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 three and six months ended June 30, 2024 , the Company issued 13,048 and 25,932 Class E units, respectively, to the Adviser for the management fee earned on the Operating Partnership units issued to an affiliate of Apollo, mentioned above. During the three and six months ended June 30, 2024 , the Company issued zero and 26,977 Class E units, respectively, to the Special Limited Partner for performance participation allocation earned in 2023. Currently all Operating Partnership unitholders have elected to reinvest their dividends. In connection with such dividend reinvestment, in lieu of cash for dividends paid during the three and six months ended June 30, 2024, the Company issued 66,510 and 123,212 Class A-I units and 1,406 and 2,348 Class E units, respectively. Non-Controlling Interests Attributable to Preferred Stockholders A subsidiary of the Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes. This subsidiary has issued preferred non-voting shares to be held by investors to ensure compliance with the Code requirement that REITs have at least 100 shareholders. The preferred shares have a face amount of $ 1,000 and carry a 12.0 % annual dividend payable annually. As of June 30, 2024 , this subsidiary had $ 125,000 of preferred non-voting shares outstanding.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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 three and six months ended June 30, 2024, and the three months ended June 30, 2023, consists of the following (in thousands except per share information): Basic and Diluted Net Loss per Share Attributable to ARIS Stockholders Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) attributable to ARIS stockholders $ 9,892 $ 1,921 $ 17,830 $ 2,256 Denominator: Basic and diluted weighted average shares of common stock outstanding (1) 30,498 8,681 27,700 5,980 Basic and diluted net income (loss) per share of common stock $ 0.32 $ 0.22 $ 0.64 $ 0.38 (1) The weighted average shares of common stock outstanding are inclusive of outstanding restricted stock grants, the impact of which is not material to the basic and diluted net income (loss) per share of common stock.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. As of June 30, 2024, the Company had $ 279.2 million of unfunded commitments related to its investments in real estate debt. The timing and amounts of fundings are uncertain as these commitments relate to loans for construction costs, capital expenditures, leasing costs, interest and carry costs, among others. As such, the timing and amounts of future fundings depend on the progress and performance of the underlying assets of the Company's investments in real estate debt.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Real Estate $ 287,350 $ 183,492 Real Estate Debt 583,493 330,974 Other Corporate 67,996 95,205 Total Assets $ 938,839 $ 609,671 The following table sets forth the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 5,056 $ — $ — $ 5,056 Total revenues 5,056 — — 5,056 Expenses Rental property operating ( 824 ) — — ( 824 ) Interest expense, net ( 565 ) ( 1,320 ) — ( 1,885 ) Total segment expenses ( 1,389 ) ( 1,320 ) — ( 2,709 ) Income from investments in real estate debt — 13,451 — 13,451 Segment net operating income $ 3,667 $ 12,131 $ — $ 15,798 Depreciation and amortization $ ( 2,127 ) $ — $ — $ ( 2,127 ) General and administrative ( 1,742 ) Management fee ( 1,805 ) Performance participation allocation ( 69 ) Other income 1,565 Net income $ 11,620 Net income attributable to non-controlling interests in the Operating Partnership $ 1,721 Net income (loss) attributable to preferred stockholders $ 7 Net income attributable to ARIS stockholders $ 9,892 The following table sets forth the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 1,054 $ — $ — $ 1,054 Total revenues 1,054 — — 1,054 Expenses Rental property operating ( 113 ) — — ( 113 ) Interest expense, net — — — — Total segment expenses ( 113 ) — — ( 113 ) Income from investments in real estate debt — 3,161 — 3,161 Segment net operating income $ 941 $ 3,161 $ — $ 4,102 Depreciation and amortization $ ( 345 ) $ — $ — $ ( 345 ) General and administrative ( 1,427 ) Management fee ( 699 ) Performance participation allocation ( 146 ) Other income 1,560 Net income $ 3,045 Net income attributable to non-controlling interests in the Operating Partnership $ 1,124 Net income (loss) attributable to preferred stockholders $ — Net income attributable to ARIS stockholders $ 1,921 The following table sets forth the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 8,718 $ — $ — $ 8,718 Total revenues 8,718 — — 8,718 Expenses Rental property operating ( 1,397 ) — — ( 1,397 ) Interest expense, net ( 1,131 ) ( 1,523 ) — ( 2,654 ) Total segment expenses ( 2,528 ) ( 1,523 ) — ( 4,051 ) Income from investments in real estate debt — 24,565 — 24,565 Segment net operating income $ 6,190 $ 23,042 $ — $ 29,232 Depreciation and amortization $ ( 3,582 ) $ — $ — $ ( 3,582 ) General and administrative ( 3,280 ) Management fee ( 3,316 ) Performance participation allocation ( 272 ) Other income 2,473 Net income $ 21,255 Net income attributable to non-controlling interests in the Operating Partnership $ 3,418 Net income (loss) attributable to preferred stockholders $ 7 Net income attributable to ARIS stockholders $ 17,830 The following table sets forth the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 2,047 $ — $ — $ 2,047 Total revenues 2,047 — — 2,047 Expenses Rental property operating ( 205 ) — — ( 205 ) Interest expense, net — — — — Total segment expenses ( 205 ) — — ( 205 ) Income from investments in real estate debt — 3,896 — 3,896 Segment net operating income $ 1,842 $ 3,896 $ — $ 5,738 Depreciation and amortization $ ( 628 ) $ — $ — $ ( 628 ) General and administrative ( 2,532 ) Management fee ( 1,098 ) Performance participation allocation ( 146 ) Other income 2,394 Net income $ 3,728 Net income attributable to non-controlling interests in the Operating Partnership $ 1,472 Net income (loss) attributable to preferred stockholders $ — Net income attributable to ARIS stockholders $ 2,256

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 18 - Subsequent Events Subsequent to the six months ended June 30, 2024, the following events took place: Investment Activity: The Company originated a $ 65.0 million ($ 12.4 million funded at close) first mortgage loan to finance the construction of a 757 -unit multifamily rental community in Jersey City, New Jersey . Additionally, the Company purchased a $ 62.5 million (fully funded at close) mezzanine loan secured by a portfolio of eight multifamily properties located in Chicago, Illinois and Los Angeles, California. Lastly, the Company funded approxim ately $ 24.1 million for previously closed commercial mortgage loans. Financing Activity: The Company drew approximately $ 67.1 million pur suant to the JPM Repurchase Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position, results of operations and cash flows have been included. The Company's results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future period.
Principles of Consolidation	Principles of Consolidation The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all variable interest entities ("VIEs") of which it is considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as the primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE's economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates this entity as it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. The accompanying condensed consolidated financial statements include the accounts of the Company and the Company's subsidiary partnerships. Third party unitholders of Operating Partnership's share of the assets, liabilities and operations of the Operating Partnership is included in non-controlling interest as equity of the Company. The noncontrolling interest is generally computed based on third party unit-holders ownership percentage. Non-controlling interests in the Operating Partnership represent limited partnership units of the Operating Partnership ("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 June 30, 2024 and December 31, 2023, the Company held $ 67.6 million and $ 95.2 million of cash and cash equivalents, respectively.
Restricted Cash	Restricted Cash Restricted cash represents cash held in a deposit account controlled by a third party and tenant security deposits. As of June 30, 2024, the Company held $ 0.4 million in restricted cash. The Company did no t have any restricted cash as of December 31, 2023 .
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. As of June 30, 2024, the Company's investments in real estate debt consisted of commercial mortgage and mezzanine loans secured by real estate assets and real estate-related securities. The Company has elected the fair value option ("FVO") for investments in commercial mortgage and mezzanine loans secured by real estate assets as the Company believes fair value provides a more accurate depiction of the value of these assets. During the six months ended June 30, 2024, real-estate related securities met the criteria to be classified as trading securities under ASC 320, "Investments". 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 and mezzanine 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 and mezzanine 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): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 25,321 $ 302,868 $ 328,189 Total $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 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 Balance as of December 31, 2023 $ 302,868 Originations, acquisitions, and add on fundings 238,959 Amortization of discount/premium 133 Included in net income: Unrealized gain/(loss) from investments in real estate debt ( 133 ) Balance as of June 30, 2024 $ 541,827 The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 541,827 Discounted cash flow Discount rate 6.50 %- 12.75 % Decrease 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
Investment Property and Lease Intangibles	Investment Property and Lease Intangibles Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the operations of acquired properties will be included in the Company's results of operations from their respective dates of acquisition. The Company will utilize a report from an independent appraiser to record the purchase of identifiable assets acquired and liabilities assumed such as land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place leases, acquired above- and below-market leases, tenant relationships, asset retirement obligations and mortgage loans payable. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. The estimated fair value of acquired in-place leases is the costs the Company would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs, and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, the Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. The amortization of in-place lease intangibles is recorded in depreciation and amortization expense on the Company’s condensed consolidated statements of operations. Acquired above- and below-market lease values are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place leases and the Company's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which include periods covered by bargain renewal options, if applicable. Should a tenant terminate its lease, the unamortized portion of the in-place lease value will be charged to amortization expense and the unamortized portion of out-of-market lease value will be charged to rental revenue. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Buildings 39 - 50 years Buildings and land improvements 10 - 15 years Furniture, Fixtures & Equipment 10 years Lease intangibles and leasehold improvements Lease term Significant improvements to properties are capitalized, whereas, repairs and maintenance expenses at the Company's properties are expensed as incurred and included in real estate operating expense on the Company’s condensed consolidated statements of operations. When an asset is sold, the cost and related accumulated depreciation are removed from the accounts with the resulting gain or loss reflected in the Company's results of operations for the period. Real estate assets will be evaluated for impairment on a quarterly basis. The Company will consider the following factors when performing its impairment analysis: (1) management, having the authority to approve the action, commits to a plan to sell the asset; (2) significant negative industry and economic outlook or trends; (3) expected material costs necessary to extend the life or operate the real estate asset; and (4) its ability to hold and dispose of the real estate asset in the ordinary course of business. A real estate asset is considered impaired when the sum of estimated future undiscounted cash flows to be generated by the real estate asset over the estimated remaining holding period is less than the carrying value of such real estate asset. An impairment charge is recorded equal to the excess of the carrying value of the real estate asset over the fair value. When determining the fair value of a real estate asset, the Company makes certain assumptions including, but not limited to, consideration of projected operating cash flows, comparable selling prices and projected cash flows from the eventual disposition of the real estate asset based upon its estimate of a capitalization rate and discount rate. As of June 30, 2024 , 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 and mezzanine loans secured by real estate and real estate-related securities. The Company has elected the FVO for its commercial mortgage and mezzanine loans secured by real estate. During the six months ended June 30, 2024, real-estate related securities met the criteria to be classified as trading securities under ASC 320, "Investments". Trading securities are recognized on a trade date basis. The unrealized gain or loss associated with holding real estate debt investments at fair value are recorded as a component of income from investments in real estate debt on the Company's condensed consolidated statement of operations. For the three and six months ended June 30, 2024 the Company recorded de minimis and $ 0.2 million of unrealized gain on its investments in real estate debt, respectively. Interest income from the Company’s investments in real estate debt is recognized over the life of each investment using the effective interest method and is recorded on the accrual basis. Recognition of premiums and discounts associated with these investments is deferred and recorded over the term of the investment as an adjustment to yield. Upfront costs and fees related to items for which the FVO is elected are recognized in earnings as incurred and are not deferred. Interest income, upfront costs and fees are recorded as components of income from investments in real estate debt on the Company’s condensed consolidated statements of operations.
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 condensed 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. Revenues from the Company's multifamily properties are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. 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 ("ASC") 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. Commercial mortgage and mezzanine 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.
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. The restricted stock grants of Class E shares held by the Company's directors are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share ("EPS") has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks' participation rights in undistributed earnings. As of June 30, 2024 and December 31, 2023 , the effects of the two-class method on basic and diluted EPS were not material to the Company's condensed consolidated financial statements.
Organization and Offering Expenses	Organization and Offering Expenses The Adviser has agreed that it and/or its affiliates will advance all 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 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 condensed consolidated statement of operations and offering costs are charged to equity as such amounts are incurred. As of June 30, 2024 and December 31, 2023, the Adviser and its affiliates had incurred organization and offering costs on the Company's behalf of $ 8.0 million and $ 7.9 million , respectively, consisting of offering costs of $ 6.5 million and $ 6.4 million , respectively, and organization costs of $ 1.5 million . Such costs became the Company's liability on December 22, 2022, the date on which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet. Apollo Global Securities, LLC (the "Dealer Manager"), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the primary offering. The Dealer Manager is also entitled to receive a stockholder servicing fee based on the aggregate NAV of the Company’s outstanding Class S shares, Class D shares, Class F-S shares and Class F-D shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of June 30, 2024: 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 June 30, 2024 , the Company had accrued $ 7 thousand of stockholder servicing fees related to Class S shares sold. Such fees are recorded as a component of due to affiliates on the Company's condensed consolidated balance sheet.
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 Financial Accounting Standards Board ("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. The guidance is mandatorily effective for the Company in its annual report on Form 10-K for the year ended December 31, 2024 and in interim periods in 2025; however early adoption is permitted. The Company is currently evaluating the impact of the new guidance 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)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate debt $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 25,321 $ 302,868 $ 328,189 Total $ — $ 27,317 $ 541,827 $ 569,144 $ — $ 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 Balance as of December 31, 2023 $ 302,868 Originations, acquisitions, and add on fundings 238,959 Amortization of discount/premium 133 Included in net income: Unrealized gain/(loss) from investments in real estate debt ( 133 ) Balance as of June 30, 2024 $ 541,827
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): June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Rate Range Impact to Valuation from an Increase in Input Assets: Investments in real estate debt $ 541,827 Discounted cash flow Discount rate 6.50 %- 12.75 % Decrease 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 Furniture, Fixtures & Equipment 10 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 June 30, 2024: 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)	6 Months Ended
	Jun. 30, 2024
Real Estate Investments, Net [Abstract]
Summary of Investments in Real Estate, Net	Investments in real estate, net consisted of the following ($ in thousands): June 30, 2024 December 31, 2023 Building and building improvements $ 219,680 $ 132,792 Land and land improvements 29,111 22,707 Furniture, fixtures and equipment 1,094 — Tenant improvements 2,513 621 Total 252,398 156,120 Accumulated depreciation ( 3,911 ) ( 1,607 ) Investment in real estate, net $ 248,487 $ 154,513
Summary of Acquired Properties Qualified as Asset Acquisitions	During the six months ended June 30, 2024, the Company acquired the following properties, that qualified as asset acquisitions ($ in thousands): Property Type Acquisition Date Purchase Price Hampton Rivers Property Multifamily May 2024 $ 49,402 PepsiCo / Quaker Distribution Center Industrial May 2024 57,839 Total acquisitions $ 107,241
Summary of Purchase Price Allocation for Property Acquired	The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2024 ($ in thousands): Hampton Rivers Property PepsiCo / Quaker Distribution Center Total Building and building improvements $ 43,844 $ 43,044 $ 86,888 Land and land improvements 3,770 2,634 6,404 In-place lease intangibles 694 9,256 9,950 Furniture, fixtures and equipment 1,094 — 1,094 Tenant improvements — 1,892 1,892 Above-market lease intangibles — 1,013 1,013 Total purchase price $ 49,402 $ 57,839 $ 107,241

Investments in Real Estate De_2

Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 ($ in thousands): ____________ June 30, 2024 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 mortgage loan 15 8.9 % March 2028 $ 491,827 $ 491,760 $ 491,827 Mezzanine loan 1 10.0 % September 2026 50,000 50,000 50,000 Real estate-related securities 15 7.0 % December 2037 27,356 27,021 27,317 Total investments in real estate debt: 31 8.9 % July 2028 $ 569,183 $ 568,781 $ 569,144 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 mortgage 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 $ 327,982 $ 328,189 (1) Based on applicable benchmark rates as of June 30, 2024 and December 31, 2023, respectively. (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 at the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Property Type Fair Value % of Portfolio Fair Value % of Portfolio Multifamily $ 236,737 43.7 % $ 110,670 36.6 % Industrial 98,570 18.2 % 91,292 30.1 % Hotel 94,380 17.4 % 48,795 16.1 % Data Center 75,732 14.0 % 40,651 13.4 % Self-Storage 30,330 5.6 % 8,884 2.9 % Other (1) 6,078 1.1 % 2,576 0.9 % Total $ 541,827 100.0 % $ 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 at the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Geographic Location Fair Value % of Portfolio Fair Value % of Portfolio Northeast $ 215,800 39.8 % $ 169,829 56.1 % West 143,598 26.5 % 32,841 10.8 % Mid-Atlantic 82,966 15.3 % 44,166 14.6 % Southwest 49,791 9.2 % 18,400 6.1 % Southeast 25,730 4.7 % 27,582 9.1 % Midwest 23,942 4.5 % 10,050 3.3 % Total $ 541,827 100.0 % $ 302,868 100.0 %

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Real estate intangibles, net $ 35,386 $ 25,734 Cash held by title agent (1) 11,696 — Interest receivable 2,652 1,727 Straight-line rent receivable 2,306 1,425 Other 1,172 1,821 Deferred financing costs, net — 1,057 Total $ 53,212 $ 31,764 (1) Cash held by title agent represents cash funded for an investment closing that was not yet complete as of June 30, 2024

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2024
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 the dates indicated ($ in thousands): June 30, 2024 December 31, 2023 Intangible assets: In-place lease intangibles $ 36,313 $ 26,363 Above-market lease intangibles 1,338 325 Total intangible assets 37,651 26,688 Accumulated amortization: In-place lease amortization ( 2,215 ) ( 937 ) Above-market lease amortization ( 50 ) ( 17 ) Total real estate intangible assets, net $ 35,386 $ 25,734 Intangible liabilities Below-market lease intangibles $ ( 10,855 ) $ ( 10,855 ) Total intangible liabilities ( 10,855 ) ( 10,855 ) Accumulated amortization: Below-market lease amortization 620 226 Total real estate intangible liabilities, net $ ( 10,235 ) $ ( 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 June 30, 2024, is as follows ($ in thousands): In-Place Lease Intangibles Above-Market Intangibles Below-Market Intangibles 2024 (remaining) 2,264 88 ( 388 ) 2025 3,486 177 ( 775 ) 2026 3,486 177 ( 775 ) 2027 3,486 177 ( 775 ) 2028 3,472 177 ( 756 ) Thereafter 17,904 492 ( 6,766 ) $ 34,098 $ 1,288 $ ( 10,235 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
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 leases ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fixed lease payments $ 3,987 $ 945 $ 7,057 $ 1,849 Variable lease payments 898 112 1,300 203 Lease Revenue $ 4,885 $ 1,057 $ 8,357 $ 2,052 Above- and below-market lease amortization 171 ( 3 ) 361 ( 5 ) Rental Revenue $ 5,056 $ 1,054 $ 8,718 $ 2,047
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, retail and multifamily properties as of June 30, 2024 ($ in thousands): Year Future Minimum Rents 2024 $ 8,206 2025 15,574 2026 15,314 2027 15,749 2028 16,141 Thereafter 93,855 Total $ 164,839

Secured Financings on Investm_2

Secured Financings on Investments in Real Estate Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Disclosure of Repurchase Agreements [Abstract]
Summary of Borrowings Under Secured Financings on Investments	The Company's borrowings under secured financings on investments in real estate debt at June 30, 2024 are detailed in the following table ($ in thousands): Maximum Amount of Borrowings Borrowings Outstanding Weighted Average Borrowing Costs Maturity Date (1) JPM Repurchase Agreement $ 250,000 $ 102,213 SOFR + 2.73 % October 2028 Less: Unamortized deferred financing costs N/A ( 769 ) $ 250,000 $ 101,444 (1) Maturity date assumes extensions at the Company's option are exercised with consent of the financing provider.
Summary of Maturities of Borrowings	At June 30, 2024, the Company's borrowings had the following maturities ($ in thousands): Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total JPM Repurchase Agreement $ - 17,500 84,713 - $ 102,213 The table above assumes extensions at the Company's option are exercised with consent of financing providers, where applicable.

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 Below market lease intangibles, net $ 10,235 $ 10,629 Settlement payment due for investment acquisition 3,990 - Distribution payable 3,367 1,900 Accounts payable and accrued expenses 3,219 1,816 Accrued repurchases 2,195 - Real estate taxes payable 857 61 Total $ 23,863 $ 14,406

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Expenses	The following table details the Company's expenses that are due to its Adviser: June 30, 2024 December 31, 2023 Organization and offering $ 7,983 $ 7,906 General and administrative 7,339 6,895 Management fee payable 629 468 Accrued performance participation allocation 272 562 Accrued stockholder servicing fee 7 — Total $ 16,230 $ 15,831

Share Based Payments (Tables)

Share Based Payments (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024: Type Restricted Stock Grant Date Fair Value ($ in thousands) Outstanding as of December 31, 2023 4,948 Granted 4,763 100 Vested ( 4,948 ) — Forfeiture — — Outstanding as of June 30, 2024 4,763

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Company's Authorized, Issued and Outstanding Shares	As of June 30, 2024 and December 31, 2023, the Company had the following classes of common stock authorized, issued and outstanding: June 30, 2024 December 31, 2023 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 4,795 100,000,000 — Class D Shares, $ 0.01 par value per share 100,000,000 — 100,000,000 — Class I Shares, $ 0.01 par value per share 100,000,000 361,468 100,000,000 — 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 1,564,120 100,000,000 4,820,377 Class A-I Shares, $ 0.01 par value per share 100,000,000 13,274,746 100,000,000 17,016,652 Class A-II Shares, $ 0.01 par value per share 100,000,000 16,583,219 100,000,000 — 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 100,000,000 258,683 100,000,000 105,707 Total 1,100,000,000 32,047,031 1,100,000,000 21,942,736
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 S Class F-I Class A-I Class A-II Class E Beginning balance, December 31, 2023 — — 4,820,377 17,016,652 — 105,707 Common stock issued 201,505 — 594,229 1,787,026 1,671,686 73,366 Repurchase of common stock — — ( 2,476 ) — ( 5,000 ) — Dividend reinvestment 272 — 3,824 37,473 2,189 1,620 Share class transfer — — — ( 12,477,404 ) 12,502,989 — Ending balance, March 31, 2024 201,777 — 5,415,954 6,363,747 14,171,864 180,693 Common stock issued 157,759 4,795 1,461,907 1,702,361 2,479,255 75,223 Repurchase of common stock — — ( 92,330 ) ( 1,235 ) ( 72,253 ) — Dividend reinvestment 1,932 — 4,197 54,101 4,353 2,767 Share class transfer — — ( 5,225,608 ) 5,155,772 — — Ending balance, June 30, 2024 361,468 4,795 1,564,120 13,274,746 16,583,219 258,683
Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock	The following table details the aggregate distributions declared for each applicable class of common stock: Three Months Ended June 30, 2024 Class I Class S Class F-I Class A-I Class A-II Class E Aggregate gross distribution declared per share of common stock $ 0.3206 $ 0.2138 $ 0.3206 $ 0.3206 $ 0.3206 $ 0.3206 Management fee per share of common stock ( 0.0656 ) ( 0.0438 ) ( 0.0521 ) ( 0.0527 ) ( 0.0485 ) — Stockholder servicing fee per share of common stock — ( 0.0296 ) — — — — Net distribution declared per share of common stock $ 0.2550 $ 0.1404 $ 0.2685 $ 0.2679 $ 0.2721 $ 0.3206 Six Months Ended June 30, 2024 Class I Class S Class F-I Class A-I Class A-II Class E Aggregate gross distribution declared per share of common stock $ 0.5247 $ 0.2138 $ 0.6219 $ 0.6219 $ 0.6219 $ 0.6219 Management fee per share of common stock ( 0.1092 ) ( 0.0438 ) ( 0.1039 ) ( 0.1051 ) ( 0.0967 ) — Stockholder servicing fee per share of common stock — ( 0.0296 ) — — — — Net distribution declared per share of common stock $ 0.4155 $ 0.1404 $ 0.5180 $ 0.5168 $ 0.5252 $ 0.6219
Redeemable Non-controlling Interest Activity Related to Adviser	The following table details the redeemable non-controlling interest activity related to the Adviser for the three and six months ended June 30, 2024 ($ in thousands): Adviser Balance at December 31, 2023 $ 967 Settlement of management fees 543 Settlement of performance participation allocation 562 GAAP income allocation 68 Distributions ( 56 ) Reinvestment of distributions 49 Fair value allocation - Balance at June 30, 2024 $ 2,133

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 three and six months ended June 30, 2024, and the three months ended June 30, 2023, consists of the following (in thousands except per share information): Basic and Diluted Net Loss per Share Attributable to ARIS Stockholders Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) attributable to ARIS stockholders $ 9,892 $ 1,921 $ 17,830 $ 2,256 Denominator: Basic and diluted weighted average shares of common stock outstanding (1) 30,498 8,681 27,700 5,980 Basic and diluted net income (loss) per share of common stock $ 0.32 $ 0.22 $ 0.64 $ 0.38 (1) The weighted average shares of common stock outstanding are inclusive of outstanding restricted stock grants, the impact of which is not material to the basic and diluted net income (loss) per share of common stock.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Total Assets and Financial Results by Segment	The following table sets forth the total assets by segment as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 December 31, 2023 Real Estate $ 287,350 $ 183,492 Real Estate Debt 583,493 330,974 Other Corporate 67,996 95,205 Total Assets $ 938,839 $ 609,671 The following table sets forth the financial results by segment for the three months ended June 30, 2024 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 5,056 $ — $ — $ 5,056 Total revenues 5,056 — — 5,056 Expenses Rental property operating ( 824 ) — — ( 824 ) Interest expense, net ( 565 ) ( 1,320 ) — ( 1,885 ) Total segment expenses ( 1,389 ) ( 1,320 ) — ( 2,709 ) Income from investments in real estate debt — 13,451 — 13,451 Segment net operating income $ 3,667 $ 12,131 $ — $ 15,798 Depreciation and amortization $ ( 2,127 ) $ — $ — $ ( 2,127 ) General and administrative ( 1,742 ) Management fee ( 1,805 ) Performance participation allocation ( 69 ) Other income 1,565 Net income $ 11,620 Net income attributable to non-controlling interests in the Operating Partnership $ 1,721 Net income (loss) attributable to preferred stockholders $ 7 Net income attributable to ARIS stockholders $ 9,892 The following table sets forth the financial results by segment for the three months ended June 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 1,054 $ — $ — $ 1,054 Total revenues 1,054 — — 1,054 Expenses Rental property operating ( 113 ) — — ( 113 ) Interest expense, net — — — — Total segment expenses ( 113 ) — — ( 113 ) Income from investments in real estate debt — 3,161 — 3,161 Segment net operating income $ 941 $ 3,161 $ — $ 4,102 Depreciation and amortization $ ( 345 ) $ — $ — $ ( 345 ) General and administrative ( 1,427 ) Management fee ( 699 ) Performance participation allocation ( 146 ) Other income 1,560 Net income $ 3,045 Net income attributable to non-controlling interests in the Operating Partnership $ 1,124 Net income (loss) attributable to preferred stockholders $ — Net income attributable to ARIS stockholders $ 1,921 The following table sets forth the financial results by segment for the six months ended June 30, 2024 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 8,718 $ — $ — $ 8,718 Total revenues 8,718 — — 8,718 Expenses Rental property operating ( 1,397 ) — — ( 1,397 ) Interest expense, net ( 1,131 ) ( 1,523 ) — ( 2,654 ) Total segment expenses ( 2,528 ) ( 1,523 ) — ( 4,051 ) Income from investments in real estate debt — 24,565 — 24,565 Segment net operating income $ 6,190 $ 23,042 $ — $ 29,232 Depreciation and amortization $ ( 3,582 ) $ — $ — $ ( 3,582 ) General and administrative ( 3,280 ) Management fee ( 3,316 ) Performance participation allocation ( 272 ) Other income 2,473 Net income $ 21,255 Net income attributable to non-controlling interests in the Operating Partnership $ 3,418 Net income (loss) attributable to preferred stockholders $ 7 Net income attributable to ARIS stockholders $ 17,830 The following table sets forth the financial results by segment for the six months ended June 30, 2023 ($ in thousands): Real Estate Real Estate Debt Other Corporate Total Revenue — Rental revenue $ 2,047 $ — $ — $ 2,047 Total revenues 2,047 — — 2,047 Expenses Rental property operating ( 205 ) — — ( 205 ) Interest expense, net — — — — Total segment expenses ( 205 ) — — ( 205 ) Income from investments in real estate debt — 3,896 — 3,896 Segment net operating income $ 1,842 $ 3,896 $ — $ 5,738 Depreciation and amortization $ ( 628 ) $ — $ — $ ( 628 ) General and administrative ( 2,532 ) Management fee ( 1,098 ) Performance participation allocation ( 146 ) Other income 2,394 Net income $ 3,728 Net income attributable to non-controlling interests in the Operating Partnership $ 1,472 Net income (loss) attributable to preferred stockholders $ — Net income attributable to ARIS stockholders $ 2,256

Organization and Business Pur_2

Organization and Business Purpose - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segments shares	Dec. 31, 2023 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 reportable segments in which the company operates | Segments	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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash and cash equivalents	$ 67,558,000	$ 116,893,000	$ 67,558,000	$ 116,893,000	$ 95,205,000
Restricted Cash	400,000		400,000		0
Unrealized gain (loss) on investments		$ 400,000	200,000	$ 400,000
Organization and offering cost	8,000,000		8,000,000		7,900,000
Offering costs	6,500,000		6,500,000		6,400,000
Organization Costs	1,500,000		$ 1,500,000		$ 1,500,000
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares			8.75%
Class S and F-S Shares
Maximum upfront selling commissions percentage			3%
Maximum dealer manager fees as percentage of transaction price			0.50%
Maximum selling commissions and dealer manager fees as percentage of transaction price			3.50%
Stockholder servicing fees percentage per annum of aggregate NAV			0.85%
Class D and F-D Shares
Maximum upfront selling commissions percentage			1.50%
Stockholder servicing fees percentage per annum of aggregate NAV			0.25%
Class S Shares
Accrued stockholder servicing fee	$ 7,000		$ 7,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Investments in real estate debt	$ 569,144	$ 328,189
Fair Value, Recurring | Commercial Real Estate Loans
Assets:
Investments in real estate debt	569,144	328,189
Total	569,144	328,189
Fair Value, Recurring | Level 2 | Commercial Real Estate Loans
Assets:
Investments in real estate debt	27,317	25,321
Total	27,317	25,321
Fair Value, Recurring | Level 3 | Commercial Real Estate Loans
Assets:
Investments in real estate debt	541,827	302,868
Total	$ 541,827	$ 302,868

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) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Assets:
Amortization of discount/premium	$ (133)	$ (67)
Fair Value, Recurring [Member] | Commercial Real Estate Loans
Assets:
Beginning Balance	328,189
Ending Balance	569,144
Fair Value, Recurring [Member] | Level 3 | Commercial Real Estate Loans
Assets:
Beginning Balance	302,868
Ending Balance	541,827
Fair Value, Recurring [Member] | Level 3 | Investments In Real Estates Debt
Assets:
Beginning Balance	302,868
Originations, acquisitions, and add on fundings	238,959
Amortization of discount/premium	133
Unrealized gain/(loss) from investments in real estate debt	(133)
Ending Balance	$ 541,827

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	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment	$ 541,827	$ 302,868
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Rate Range	6.5	8.41
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Rate Range	12.75	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)	6 Months Ended
	Jun. 30, 2024
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
Furniture Fixtures and Equipment
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)	Jun. 30, 2024
Class S
Stockholder servicing fee (Percentage of NAV)	0.85%
Class S | 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) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Investments, Net [Abstract]
Building and building improvements	$ 219,680	$ 132,792
Land and land improvements	29,111	22,707
Furniture, fixtures and equipment	1,094
Tenant improvements	2,513	621
Total	252,398	156,120
Accumulated depreciation	(3,911)	(1,607)
Investment in real estate, net	$ 248,487	$ 154,513

Investments in Real Estate - _2

Investments in Real Estate - Summary of Acquired Properties Qualified as Asset Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 107,241
Hampton Rivers Property
Real Estate Properties [Line Items]
Property Type	Multifamily
Acquisition Date	2024-05
Purchase Price	$ 49,402
PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Property Type	Industrial
Acquisition Date	2024-05
Purchase Price	$ 57,839

Investments in Real Estate - _3

Investments in Real Estate - Summary of Purchase Price Allocation for Properties Acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Real Estate Properties [Line Items]
Total purchase price	$ 107,241
Hampton Rivers Property
Real Estate Properties [Line Items]
Total purchase price	49,402
PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	57,839
Building and Building Improvements
Real Estate Properties [Line Items]
Total purchase price	86,888
Building and Building Improvements | Hampton Rivers Property
Real Estate Properties [Line Items]
Total purchase price	43,844
Building and Building Improvements | PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	43,044
Land and Land Improvements
Real Estate Properties [Line Items]
Total purchase price	6,404
Land and Land Improvements | Hampton Rivers Property
Real Estate Properties [Line Items]
Total purchase price	3,770
Land and Land Improvements | PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	2,634
Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Total purchase price	1,094
Furniture, Fixtures and Equipment | Hampton Rivers Property
Real Estate Properties [Line Items]
Total purchase price	1,094
In-Place Lease Intangibles
Real Estate Properties [Line Items]
Total purchase price	9,950
In-Place Lease Intangibles | Hampton Rivers Property
Real Estate Properties [Line Items]
Total purchase price	694
In-Place Lease Intangibles | PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	9,256
Tenant Improvements
Real Estate Properties [Line Items]
Total purchase price	1,892
Tenant Improvements | PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	1,892
Above-Market Lease Intangibles
Real Estate Properties [Line Items]
Total purchase price	1,013
Above-Market Lease Intangibles | PepsiCo / Quaker Distribution Center
Real Estate Properties [Line Items]
Total purchase price	$ 1,013

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Amortization period for intangibles of property	12 years
Impairment on real estate investments	$ 0	$ 0

Investments in Real Estate De_3

Investments in Real Estate Debt - Summary of Company's Investments in Real Estate Debt (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Positions	Dec. 31, 2023 USD ($) Positions
Real Estate [Line Items]
Number of Position | Positions	31	26
Weighted Average Coupon	8.90%	9.30%
Weighted Average Maturity Date	2028-07	2028-04
Face Amount	$ 569,183	$ 328,679
Cost Basis	568,781	327,982
Fair Value	$ 569,144	$ 328,189
Commercial Real Estate Loan
Real Estate [Line Items]
Number of Position | Positions	15	11
Weighted Average Coupon	8.90%	9.10%
Weighted Average Maturity Date	2028-03	2027-09
Face Amount	$ 491,827	$ 252,868
Cost Basis	491,760	252,668
Fair Value	$ 491,827	$ 252,868
Mezzanine Loans
Real Estate [Line Items]
Number of Position | Positions	1	1
Weighted Average Coupon	10%	10%
Weighted Average Maturity Date	2026-09	2026-09
Face Amount	$ 50,000	$ 50,000
Cost Basis	50,000	50,000
Fair Value	$ 50,000	$ 50,000
Real Estate-related Securities
Real Estate [Line Items]
Number of Position | Positions	15	14
Weighted Average Coupon	7%	7%
Weighted Average Maturity Date	2037-12	2037-05
Face Amount	$ 27,356	$ 25,811
Cost Basis	27,021	25,314
Fair Value	$ 27,317	$ 25,321

Investments in Real Estate De_4

Investments in Real Estate Debt (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Line Items]
Unrealized gain (loss) on investments	$ 0.4	$ 0.2	$ 0.4
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) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 541,827	$ 302,868
Percentage of portfolio	100%	100%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 236,737	$ 110,670
Percentage of portfolio	43.70%	36.60%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 98,570	$ 91,292
Percentage of portfolio	18.20%	30.10%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 94,380	$ 48,795
Percentage of portfolio	17.40%	16.10%
Data Center
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 75,732	$ 40,651
Percentage of portfolio	14%	13.40%
Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 30,330	$ 8,884
Percentage of portfolio	5.60%	2.90%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 6,078	$ 2,576
Percentage of portfolio	1.10%	0.90%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 215,800	$ 169,829
Percentage of portfolio	39.80%	56.10%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 143,598	$ 32,841
Percentage of portfolio	26.50%	10.80%
Mid-Atlantic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 82,966	$ 44,166
Percentage of portfolio	15.30%	14.60%
Southwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 49,791	$ 18,400
Percentage of portfolio	9.20%	6.10%
Southeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 25,730	$ 27,582
Percentage of portfolio	4.70%	9.10%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair Value	$ 23,942	$ 10,050
Percentage of portfolio	4.50%	3.30%

Other Assets - Summary of Compo

Other Assets - Summary of Components of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Total		$ 53,212	$ 31,764
Real Estate Intangibles, Net
Total		35,386	25,734
Cash Held By Title Agent
Total	[1]	11,696
Interest Receivable
Total		2,652	1,727
Straight-Line Rent Receivable
Total		2,306	1,425
Other
Total		$ 1,172	1,821
Deferred Financing Costs, Net
Total			$ 1,057
[1] Cash held by title agent represents cash funded for an investment closing that was not yet complete as of June 30, 2024

Intangibles - Summary of Gross

Intangibles - Summary of Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 37,651	$ 26,688
Total real estate intangible assets, net	35,386	25,734
Intangible liabilities gross	(10,855)	(10,855)
Total real estate intangible liabilities, net	(10,235)	(10,629)
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	36,313	26,363
Accumulated amortization	(2,215)	(937)
Total real estate intangible assets, net	34,098
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	1,338	325
Accumulated amortization	(50)	(17)
Total real estate intangible assets, net	1,288
Below-Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	(10,235)
Intangible liabilities gross	(10,855)	(10,855)
Accumulated amortization	$ 620	$ 226

Intangibles - Summary of Estima

Intangibles - Summary of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total real estate intangible assets, net	$ 35,386	$ 25,734
Above-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	88
2025	177
2026	177
2027	177
2028	177
Thereafter	492
Total real estate intangible assets, net	1,288
In-Place Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	2,264
2025	3,486
2026	3,486
2027	3,486
2028	3,472
Thereafter	17,904
Total real estate intangible assets, net	34,098
Below-Market Intangibles
Finite-Lived Intangible Assets [Line Items]
2024 (remaining)	(388)
2025	(775)
2026	(775)
2027	(775)
2028	(756)
Thereafter	(6,766)
Total real estate intangible assets, net	$ (10,235)

Leases - Summary of Fixed and V

Leases - Summary of Fixed and Variable Components of Company's Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 3,987	$ 945	$ 7,057	$ 1,849
Variable lease payments	898	112	1,300	203
Lease Revenue	$ 4,885	$ 1,057	$ 8,357	$ 2,052
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental Revenue	Rental Revenue	Rental Revenue	Rental Revenue
Above- and below-market lease amortization	$ 171	$ (3)	$ 361	$ (5)
Rental Revenue	$ 5,056	$ 1,054	$ 8,718	$ 2,047

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Future Minimum Rents Company Expects to Receive for its Industrial Property (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 8,206
2025	15,574
2026	15,314
2027	15,749
2028	16,141
Thereafter	93,855
Total	$ 164,839

Mortgage Notes - Additional Inf

Mortgage Notes - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Non-amortizing, mortgage loan	$ 36,000,000
Mortgage loan, fixed interest rate	6.05%
Mortgage loan, term	five year
Mortgage loan, maturity date	November 2028
Repayments on mortgage loan		$ 0	$ 0
Unamortized deferred financing costs		400,000	400,000	$ 500,000
Deferred financing cost amortization			457,000
Interest Expense
Debt Instrument [Line Items]
Deferred financing cost amortization		$ 21,000	$ 42,000

Secured Financings on Investm_3

Secured Financings on Investments in Real Estate Debt - Additional Information (Details)	1 Months Ended	6 Months Ended
	Oct. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Aggregate purchase price under repurchase agreement		$ 250,000,000
Outstanding borrowings under repurchase agreement		$ 101,444,000
Debt instrument, covenant description		(i) while tangible net worth is equal to or less than $450.0 million, the Company's net asset value is not permitted to decline by 20% from the preceding quarter or 40% from the preceding calendar year; (ii) net asset value can not decline by 50% or more from the Company's net asset value at the time of closing the JPM Repurchase Agreement; (iii) the Company's ratio of total indebtedness to tangible net worth cannot be greater than 3.00:1; and (iv) the Company's liquidity cannot be less than an amount equal to the greater of 5% of total recourse indebtedness or $30.0 million.
Debt instrument, covenants, net tangible amount		$ 450,000,000
Debt instrument, covenants percentage of net asset value decline from preceding quarter		20%
Debt instrument, covenants percentage of net asset value decline from preceding year		40%
Debt instrument, covenants percentage of net asset value decline		50%
Debt instrument, total indebtedness to tangible net worth		3
Debt instrument covenant liquidity ratio required minimum		5%
Debt instrument covenant liquidity required minimum amount		$ 30,000,000
Master Repurchase Agreement
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

Secured Financings on Investm_4

Secured Financings on Investments in Real Estate Debt - Summary of Borrowings Under Secured Financings on Investments (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Oct. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum Amount of Borrowings		$ 250,000
Borrowings Outstanding		101,444
Less: Unamortized deferred financing costs		(400)	$ (500)
Maturity Date	November 2028
JPM Repurchase Agreement
Debt Instrument [Line Items]
Maximum Amount of Borrowings		250,000
Borrowings Outstanding		102,213
Less: Unamortized deferred financing costs		$ (769)
Weighted Average Borrowing Costs		2.73%
Maturity Date		October 2028

Secured Financings on Investm_5

Secured Financings on Investments in Real Estate Debt - Summary of Maturities of Borrowings (Details) - JPM Repurchase Agreement $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
1 to 3 years	$ 17,500
3 to 5 years	84,713
Total	$ 102,213

Other Liabilities - Summary of

Other Liabilities - Summary of Company's Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities [Abstract]
Below market lease intangibles, net	$ 10,235	$ 10,629
Settlement payment due for investment acquisition	3,990
Distribution payable	3,367	1,900
Accounts payable and accrued expenses	3,219	1,816
Accrued repurchases	2,195
Real estate taxes payable	857	61
Total	$ 23,863	$ 14,406

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended				6 Months Ended		41 Months Ended	45 Months Ended
	Dec. 22, 2022	Nov. 29, 2022	Feb. 18, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 01, 2026	Jan. 02, 2027	Dec. 31, 2023	Nov. 11, 2022
Related Party Transaction [Line Items]
Cost of legal services								$ 100,000
Performance participation allocation accrued				$ 100,000		$ 100,000		$ 300,000	$ 100,000
Maximum selling commissions, dealer manager fees and stockholder servicing fees as percentage of gross proceeds from sale of shares								8.75%
Exchange of shares				32,047,031				32,047,031				21,942,736
Aggregate consideration				$ 122,370,000	$ 89,566,000	108,544,000	$ 60,227,000
Other liabilities				23,863,000				$ 23,863,000				$ 14,406,000
Management fee				$ 1,805,000		$ 699,000		$ 3,316,000	$ 1,098,000
Maximum
Related Party Transaction [Line Items]
Percentage of gross proceeds from sale of shares								8.75%
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				258,683				258,683				105,707
Distribution reinvestments, shares				2,767	1,620
Shares issued as payment for management fees				13,048				25,932
Class I
Related Party Transaction [Line Items]
Exchange of shares				361,468				361,468
Distribution reinvestments, shares				1,932	272
Class I | Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Exchange of shares			10,000										10,000
Class F-I
Related Party Transaction [Line Items]
Exchange of shares				1,564,120				1,564,120				4,820,377
Distribution reinvestments, shares				4,197	3,824
Class F-I | Apollo ARIS Holdings LLC
Related Party Transaction [Line Items]
Exchange of shares													10,000
Distribution reinvestments, shares				136				251
Class A-I 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				66,510				123,212
Class E Operating Partnership Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares				1,406				2,348
Unregistered Class E Shares
Related Party Transaction [Line Items]
Distribution reinvestments, shares				2,767				4,388
Unregistered Class E Units
Related Party Transaction [Line Items]
Distribution reinvestments, shares				988				1,678
Class S Shares
Related Party Transaction [Line Items]
Exchange of shares				4,795				4,795
Accrued stockholder servicing fee				$ 7,000				$ 7,000
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				68,081
Adviser | Unregistered Class E Units
Related Party Transaction [Line Items]
Shares issued as payment for management fees				13,048
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				$ 8,000,000				8,000,000
General and Administrative | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities				$ 7,300,000				$ 7,300,000

Related Party Transactions - Su

Related Party Transactions - Summary of Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other Liabilities	$ 23,863	$ 14,406
Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	16,230	15,831
Organization and Offering | Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	8,000
Other liabilities	7,983	7,906
General and Administrative | Affiliated Entity
Related Party Transaction [Line Items]
Other Liabilities	7,300
Other liabilities	7,339	6,895
Management Fee Payable | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	629	468
Accrued Performance Participation Allocation | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	272	$ 562
Accrued Stockholder Servicing Fee | Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	$ 7

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amortization of restricted stock grants	$ 25	$ 25	$ 25
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock issued	4,763			4,763
Share based compensation, description				The fair value of these shares was determined using the most recently available NAV and they are subject to a one year vesting period.
Amortization of restricted stock grants	$ 25			$ 50
Unrecognized compensation cost	$ 75			$ 75
2022 Equity Incentive Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of maximum shares of common stock to be issued	10,000,000			10,000,000

Share Based Payments - Summary

Share Based Payments - Summary of Grants, Vesting and Forfeitures of Restricted Common Stock (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)		4,948
Granted (in shares)	4,763	4,763
Vested (in shares)		(4,948)
Outstanding, ending balance (in shares)	4,763	4,763
Granted, Grant Date Fair Value		$ 100

Equity - Schedule of Company's

Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Details) - shares	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
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	32,047,031		21,942,736
Common stock, shares outstanding	32,047,031		21,942,736
Common Stock - Class S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	100,000,000		100,000,000
Common stock, shares issued	4,795
Common stock, shares outstanding	4,795
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 issued	361,468
Common stock, shares outstanding	361,468	201,777
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	1,564,120		4,820,377
Common stock, shares outstanding	1,564,120	5,415,954	4,820,377
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	13,274,746		17,016,652
Common stock, shares outstanding	13,274,746	6,363,747	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, shares issued	16,583,219
Common stock, shares outstanding	16,583,219	14,171,864
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	258,683		105,707
Common stock, shares outstanding	258,683	180,693	105,707

Equity - Schedule of Company'_2

Equity - Schedule of Company's Authorized, Issued and Outstanding Shares (Parenthetical) (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Common stock, par value	0.01	$ 0.01
Common Stock - Class S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class F-S Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class F-D Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common stock - Class F-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-I Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-II Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class A-III Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	0.01
Common Stock - Class E Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value	$ 0.01

Equity - Schedule of Movement I

Equity - Schedule of Movement In The Company's Outstanding Shares Of Common Stock (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Beginning balance		21,942,736	21,942,736
Ending balance	32,047,031		32,047,031
Class I
Class of Stock [Line Items]
Beginning balance	201,777
Common stock issued	157,759	201,505
Dividend reinvestment	1,932	272
Ending balance	361,468	201,777	361,468
Class S
Class of Stock [Line Items]
Common stock issued	4,795
Ending balance	4,795		4,795
Class F-I
Class of Stock [Line Items]
Beginning balance	5,415,954	4,820,377	4,820,377
Common stock issued	1,461,907	594,229
Repurchase of common stock	(92,330)	(2,476)	(94,807)
Dividend reinvestment	4,197	3,824
Share class transfer	(5,225,608)
Ending balance	1,564,120	5,415,954	1,564,120
Class A-I
Class of Stock [Line Items]
Beginning balance	6,363,747	17,016,652	17,016,652
Common stock issued	1,702,361	1,787,026
Repurchase of common stock	(1,235)		(1,235)
Dividend reinvestment	54,101	37,473
Share class transfer	5,155,772	(12,477,404)
Ending balance	13,274,746	6,363,747	13,274,746
Class A-II
Class of Stock [Line Items]
Beginning balance	14,171,864
Common stock issued	2,479,255	1,671,686
Repurchase of common stock	(72,253)	(5,000)	(77,253)
Dividend reinvestment	4,353	2,189
Share class transfer		12,502,989
Ending balance	16,583,219	14,171,864	16,583,219
Class E
Class of Stock [Line Items]
Beginning balance	180,693	105,707	105,707
Common stock issued	75,223	73,366
Dividend reinvestment	2,767	1,620
Ending balance	258,683	180,693	258,683

Equity - Additional Information

Equity - Additional Information (Details)						3 Months Ended				6 Months Ended
	Apr. 02, 2024 shares	Jan. 03, 2024 shares	Dec. 22, 2022 USD ($) shares	Nov. 29, 2022 USD ($) shares	Feb. 18, 2022 USD ($) shares	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) Shareholders Request $ / shares shares	Dec. 31, 2023 shares	Nov. 11, 2022 shares
Class of Stock [Line Items]
Common stock, shares issued						32,047,031				32,047,031	21,942,736
Aggregate consideration | $						$ 122,370,000	$ 89,566,000	$ 108,544,000	$ 60,227,000
Shares repurchased amount | $						3,442,000	$ 154,000
Number of unfulfilled repurchase requests | Request										0
Preferred shares face amount | $ / shares										$ 1,000
Preferred shares, dividend rate, percentage										12%
Preferred non-voting shares outstanding | $						$ 125,000				$ 125,000
Number of preferred shareholders | Shareholders										100
Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Aggregate consideration | $					$ 200,000
Class A-I Units
Class of Stock [Line Items]
Common stock, shares issued			5,000,000	5,000,000
Aggregate consideration | $			$ 100,000,000	$ 100,000,000
Distribution reinvestments, shares						66,510				123,212
Common Stock - Class S Shares
Class of Stock [Line Items]
Common stock, shares issued						4,795				4,795
Common Stock - Class I Shares
Class of Stock [Line Items]
Common stock, shares issued						361,468				361,468
Distribution reinvestments, shares						1,932	272
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						13,274,746				13,274,746	17,016,652
Number of shares exchanged	5,155,772	12,477,404
Shares repurchased						1,235				1,235
Shares repurchased amount | $						$ 3,400,000				$ 3,600,000
Distribution reinvestments, shares						54,101	37,473
Common Stock - Class A-II Shares
Class of Stock [Line Items]
Common stock, shares issued						16,583,219				16,583,219
Number of shares exchanged		12,502,989
Shares repurchased						72,253	5,000			77,253
Shares repurchased amount | $						$ 3,400,000				$ 3,600,000
Distribution reinvestments, shares						4,353	2,189
Common Stock - Class E Shares
Class of Stock [Line Items]
Common stock, shares issued						258,683				258,683	105,707
Shares issued as payment for management fees						13,048				25,932
Shares issued as payment for performance participation allocation						0				26,977
Distribution reinvestments, shares						2,767	1,620
Common stock - Class F-I Shares
Class of Stock [Line Items]
Common stock, shares issued						1,564,120				1,564,120	4,820,377
Number of shares exchanged	5,225,608
Shares repurchased						92,330	2,476			94,807
Shares repurchased amount | $						$ 3,400,000				$ 3,600,000
Distribution reinvestments, shares						4,197	3,824
Common stock - Class F-I Shares | Apollo ARIS Holdings LLC
Class of Stock [Line Items]
Common stock, shares issued												10,000
Distribution reinvestments, shares						136				251
Class E Units
Class of Stock [Line Items]
Distribution reinvestments, shares						1,406				2,348

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions Declared For Each Applicable Class of Common Stock (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	$ 0.3206	$ 0.5247
Management fee per share of common stock	(0.0656)	(0.1092)
Net distribution declared per share of common stock	0.255	0.4155
Class S
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.2138	0.2138
Management fee per share of common stock	(0.0438)	(0.0438)
Stockholder servicing fee per share of common stock	(0.0296)	(0.0296)
Net distribution declared per share of common stock	0.1404	0.1404
Class F-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.3206	0.6219
Management fee per share of common stock	(0.0521)	(0.1039)
Net distribution declared per share of common stock	0.2685	0.518
Class A-I
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.3206	0.6219
Management fee per share of common stock	(0.0527)	(0.1051)
Net distribution declared per share of common stock	0.2679	0.5168
Class A-II
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.3206	0.6219
Management fee per share of common stock	(0.0485)	(0.0967)
Net distribution declared per share of common stock	0.2721	0.5252
Class E
Dividends Payable [Line Items]
Aggregate gross distribution declared per share of common stock	0.3206	0.6219
Net distribution declared per share of common stock	$ 0.3206	$ 0.6219

Equity - Redeemable Non-control

Equity - Redeemable Non-controlling Interest Activity Related to Adviser (Details) - Adviser $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 967
Settlement of management fees	543
Settlement of performance participation allocation	562
GAAP income allocation	68
Distributions	(56)
Reinvestment of distributions	49
Ending balance	$ 2,133

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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to ARIS stockholders	$ 9,892	$ 1,921	$ 17,830	$ 2,256
Denominator:
Weighted-average shares of common stock outstanding, basic	30,498,453	8,681,106	27,700,379	5,979,955
Weighted-average shares of common stock outstanding, diluted	30,498,453	8,681,106	27,700,379	5,979,955
Net income (loss) per share of common stock, basic	$ 0.32	$ 0.22	$ 0.64	$ 0.38
Net income (loss) per share of common stock, diluted	$ 0.32	$ 0.22	$ 0.64	$ 0.38

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments related to investments	$ 279.2

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segments
Segment Reporting [Abstract]
Number of reportable segments in which the company operates	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets and Financial Results by Segment (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	[1]	$ 938,839			$ 938,839		$ 609,671
Revenues
Total revenues		5,056	$ 1,054		8,718	$ 2,047
Expenses
Total segment expenses		(2,709)	(113)		(4,051)	(205)
Income from investments in real estate debt		13,451	3,161		24,565	3,896
Segment net operating income		15,798	4,102		29,232	5,738
Depreciation and amortization		(2,127)	(345)		(3,582)	(628)
General and administrative		(1,742)	(1,427)		(3,280)	(2,532)
Management fee		(1,805)	(699)		(3,316)	(1,098)
Performance participation allocation		(69)	(146)		(272)	(146)
Other income		1,565	1,560		2,473	2,394
Net income (loss)		11,620	3,045	$ 683	21,255	3,728
Net income attributable to non-controlling interests in the Operating Partnership		1,721	1,124		3,418	1,472
Net income (loss) attributable to preferred stockholders		7			7
Net income (loss) attributable to ARIS stockholders		9,892	1,921		17,830	2,256
Interest Expense, Net
Expenses
Total segment expenses		(1,885)			(2,654)
Rental Property
Revenues
Total revenues		5,056	1,054		8,718	2,047
Expenses
Total segment expenses		(824)	(113)		(1,397)	(205)
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Assets		287,350			287,350		183,492
Revenues
Total revenues		5,056	1,054		8,718	2,047
Expenses
Total segment expenses		(1,389)	(113)		(2,528)	(205)
Segment net operating income		3,667	941		6,190	1,842
Depreciation and amortization		(2,127)	(345)		(3,582)	(628)
Operating Segments | Real Estate | Interest Expense, Net
Expenses
Total segment expenses		(565)			(1,131)
Operating Segments | Real Estate | Rental Property
Revenues
Total revenues		5,056	1,054		8,718	2,047
Expenses
Total segment expenses		(824)	(113)		(1,397)	(205)
Operating Segments | Real Estate Debt
Segment Reporting Information [Line Items]
Total Assets		583,493			583,493		330,974
Expenses
Total segment expenses		(1,320)			(1,523)
Income from investments in real estate debt		13,451	3,161		24,565	3,896
Segment net operating income		12,131	$ 3,161		23,042	$ 3,896
Operating Segments | Real Estate Debt | Interest Expense, Net
Expenses
Total segment expenses		(1,320)			(1,523)
Other Corporate
Segment Reporting Information [Line Items]
Total Assets		$ 67,996			$ 67,996		$ 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 86 % and 81 % as of June 30, 2024 and December 31, 2023, respectively. See "Note 2 - Summary of Significant Accounting Policies " for additional information.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands		6 Months Ended
	Jul. 01, 2024 USD ($) Multifamily	Jun. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)
Subsequent Event [Line Items]
First mortgage loan to finance construction			$ 36,000
Proceeds from debt		$ 102,213
Subsequent Events
Subsequent Event [Line Items]
Debt instrument add-on fundings for loans	$ 24,100
Multifamily | Subsequent Events
Subsequent Event [Line Items]
First mortgage loan to finance construction	65,000
Debt instrument funded amount	$ 12,400
Number of units | Multifamily	757
Purchase of secured loan	$ 62,500
Number of multifamily properties | Multifamily	8
J P Morgan Repurchase Agreement | Subsequent Events
Subsequent Event [Line Items]
Proceeds from debt	$ 67,100