Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets
Investments in real estate, net		$ 153,614	$ 154,513
Investments in real estate debt, at fair value		474,240	328,189
Cash and cash equivalents		46,466	95,205
Restricted cash		11
Other assets		31,563	31,764
Total assets	[1]	705,894	609,671
Liabilities and Equity
Mortgage notes, net		35,612	35,591
Other liabilities		16,498	14,406
Total liabilities	[1]	67,823	65,828
Commitments and contingencies (See Note 16)
Redeemable non-controlling interest		1,824	967
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at March 31, 2024 and December 31, 2023, and none issued and outstanding
Common stock, $0.01 par value per share (See Note 14 - Equity)		264	220
Additional paid-in capital		528,416	438,432
Retained earnings (accumulated deficit)		4,337	2,681
Total stockholders' equity		533,017	441,333
Non-controlling interest attributable to the Operating Partnership		103,105	101,543
Non-controlling interest attributable to preferred stockholders		125
Total equity		636,247	542,876
Total liabilities and equity		705,894	609,671
Due to Affiliates
Liabilities and Equity
Due to affiliates		$ 15,713	$ 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 83% and 81% as of March 31, 2024 and December 31, 2023, respectively. See "Note 2 - Summary of Significant Accounting Policies" for additional information.