Segment Reporting (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023 ($ in thousands):

	March 31, 2024		December 31, 2023
Real Estate	$	182,382	$	183,492
Real Estate Debt		477,035		330,974
Other Corporate		46,477		95,205
Total Assets	$	705,894	$	609,671

The following table sets forth the financial results by segment for the three months ended March 31, 2024 ($ in thousands):

	Real Estate			Real Estate Debt			Other Corporate		Total
Revenue										—
Rental revenue	$	3,663		$	—		$	—	$	3,663
Total revenues		3,663			—			—		3,663
Expenses
Rental property operating		(573	)		—			—		(573	)
Interest expense, net		(567	)		(203	)		—		(770	)
Total segment expenses		(1,140	)		(203	)		—		(1,343	)
Income from investments in real estate debt		—			11,114			—		11,114
Segment net operating income	$	2,523		$	10,911		$	—	$	13,434
Depreciation and amortization	$	(1,455	)	$	—		$	—	$	(1,455	)
General and administrative										(1,537	)
Management fee										(1,511	)
Performance participation allocation										(203	)
Other income										908
Net income									$	9,636
Net income attributable to non-controlling interests in the Operating Partnership									$	1,697
Net income attributable to ARIS stockholders									$	7,939

The following table sets forth the financial results by segment for the three months ended March 31, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	993		$	—	$	—	$	993
Total revenues		993			—		—		993
Expenses
Rental property operating		(92	)		—		—		(92	)
Total segment expenses		(92	)		—		—		(92	)
Income from investments in real estate debt		—			735		—		735
Segment net operating income	$	901		$	735	$	—	$	1,636
Depreciation and amortization	$	(283	)	$	—	$	—	$	(283	)
General and administrative									(1,105	)
Management fee									(399	)
Other income, net									834
Net income								$	683
Net income attributable to non-controlling interests in the Operating Partnership								$	348
Net income attributable to ARIS stockholders								$	335