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 September 30, 2024 and December 31, 2023 ($ in thousands):

	September 30, 2024		December 31, 2023
Real Estate	$	285,349	$	183,492
Real Estate Debt		733,104		330,974
Other Corporate		142,281		95,205
Total Assets	$	1,160,734	$	609,671

The following table sets forth the financial results by segment for the three months ended September 30, 2024 ($ in thousands):

	Real Estate			Real Estate Debt			Other Corporate		Total
Revenue										—
Rental revenue	$	6,302		$	—		$	—	$	6,302
Total revenues		6,302			—			—		6,302
Expenses
Rental property operating		(1,474	)		—			—		(1,474	)
Interest expense, net		(566	)		(3,525	)		—		(4,091	)
Total segment expenses		(2,040	)		(3,525	)		—		(5,565	)
Income from investments in real estate debt		—			17,366			—		17,366
Segment net operating income	$	4,262		$	13,841		$	—	$	18,103
Depreciation and amortization	$	(2,793	)	$	—		$	—	$	(2,793	)
General and administrative										(1,424	)
Management fee										(2,121	)
Performance participation allocation										(75	)
Other income										1,549
Net income									$	13,239
Net income attributable to non-controlling interests in the Operating Partnership									$	1,709
Net income attributable to ARIS stockholders									$	11,530

The following table sets forth the financial results by segment for the three months ended September 30, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	1,543		$	—	$	—	$	1,543
Total revenues		1,543			—		—		1,543
Expenses
Rental property operating		(208	)		—		—		(208	)
Interest expense, net		—			—		—		—
Total segment expenses		(208	)		—		—		(208	)
Income from investments in real estate debt		—			5,411		—		5,411
Segment net operating income	$	1,335		$	5,411	$	—	$	6,746
Depreciation and amortization	$	(572	)	$	—	$	—	$	(572	)
General and administrative									(1,786	)
Management fee									(1,041	)
Performance participation allocation									(211	)
Other income									2,153
Net income								$	5,289
Net income attributable to non-controlling interests in the Operating Partnership								$	1,378
Net income attributable to ARIS stockholders								$	3,911

The following table sets forth the financial results by segment for the nine months ended September 30, 2024 ($ in thousands):

	Real Estate			Real Estate Debt			Other Corporate		Total
Revenue										—
Rental revenue	$	15,020		$	—		$	—	$	15,020
Total revenues		15,020			—			—		15,020
Expenses
Rental property operating		(2,871	)		—			—		(2,871	)
Interest expense, net		(1,697	)		(5,048	)		—		(6,745	)
Total segment expenses		(4,568	)		(5,048	)		—		(9,616	)
Income from investments in real estate debt		—			41,931			—		41,931
Segment net operating income	$	10,452		$	36,883		$	—	$	47,335
Depreciation and amortization	$	(6,375	)	$	—		$	—	$	(6,375	)
General and administrative										(4,703	)
Management fee										(5,437	)
Performance participation allocation										(347	)
Other income										4,022
Net income									$	34,495
Net income attributable to non-controlling interests in the Operating Partnership									$	5,127
Net income (loss) attributable to preferred stockholders									$	7
Net income attributable to ARIS stockholders									$	29,361

The following table sets forth the financial results by segment for the nine months ended September 30, 2023 ($ in thousands):

	Real Estate			Real Estate Debt		Other Corporate		Total
Revenue									—
Rental revenue	$	3,590		$	—	$	—	$	3,590
Total revenues		3,590			—		—		3,590
Expenses
Rental property operating		(412	)		—		—		(412	)
Interest expense, net		—			—		—		—
Total segment expenses		(412	)		—		—		(412	)
Income from investments in real estate debt		—			9,306		—		9,306
Segment net operating income	$	3,178		$	9,306	$	—	$	12,484
Depreciation and amortization	$	(1,200	)	$	—	$	—	$	(1,200	)
General and administrative									(4,320	)
Management fee									(2,139	)
Performance participation allocation									(358	)
Other income									4,550
Net income								$	9,017
Net income attributable to non-controlling interests in the Operating Partnership								$	2,851
Net income (loss) attributable to preferred stockholders								$	—
Net income attributable to ARIS stockholders								$	6,166