Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Investments in real estate, net		$ 247,161	$ 154,513
Investments in real estate debt, at fair value		728,772	328,189
Cash and cash equivalents		142,197	95,205
Restricted cash		84
Other assets		42,520	31,764
Total assets	[1]	1,160,734	609,671
Liabilities and Equity
Secured debt arrangements, net		188,186
Mortgage notes, net		35,654	35,591
Other liabilities		19,376	14,406
Total liabilities	[1]	259,633	65,828
Commitments and contingencies (See Note 16)
Redeemable non-controlling interest		2,473	967
Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at September 30, 2024 and December 31, 2023, and none issued and outstanding
Common stock, $0.01 par value per share (See Note 14 - Equity)		387	220
Additional paid-in capital		784,625	438,432
Retained earnings (accumulated deficit)		7,073	2,681
Total stockholders' equity		792,085	441,333
Non-controlling interest attributable to the Operating Partnership		106,418	101,543
Non-controlling interest attributable to preferred stockholders		125
Total equity		898,628	542,876
Total liabilities and equity		1,160,734	609,671
Due to Affiliates
Liabilities and Equity
Due to affiliates		$ 16,417	$ 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 88% and 81% as of September 30, 2024 and December 31, 2023, respectively. See "Note 2 - Summary of Significant Accounting Policies" for additional information.