v3.25.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Investments in real estate, net $ 684,412 $ 245,667
Investments in real estate debt, at fair value 1,206,847 887,186
Cash and cash equivalents 58,492 82,312
Restricted cash 2,903 93
Other assets 128,497 42,346
Total assets [1] 2,081,151 1,257,604
Liabilities and Equity    
Secured debt arrangements, net 348,110 138,920
Mortgage notes, net 154,162 35,675
Other liabilities 77,295 21,318
Total liabilities [1] 593,326 212,444
Commitments and contingencies (See Note 16)
Redeemable non-controlling interest 4,745 2,817
Equity    
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized at December 31, 2025 and December 31, 2024, and none issued and outstanding
Common stock, $0.01 par value per share (See Note 14 - Equity) 659 453
Additional paid-in capital 1,363,537 924,645
Retained earnings (accumulated deficit) 4,696 8,955
Total stockholders' equity 1,368,892 934,053
Non-controlling interest attributable to the Operating Partnership 114,063 108,165
Non-controlling interest attributable to preferred stockholders 125 125
Total equity 1,483,080 1,042,343
Total liabilities and equity 2,081,151 1,257,604
Due to Affiliates    
Liabilities and Equity    
Due to affiliates $ 13,759 $ 16,531
[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 92% and 89% as of December 31, 2025 and December 31, 2024, respectively. See "Note 2 - Summary of Significant Accounting Policies" for additional information.