| Schedule of Total Assets and Financial Results by Segment |
The following table sets forth the total assets by segment as of December 31, 2025 and December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Real Estate |
|
$ |
756,943 |
|
|
$ |
282,996 |
|
Real Estate Debt |
|
|
1,262,813 |
|
|
|
892,203 |
|
Other Corporate |
|
|
61,395 |
|
|
|
82,405 |
|
Total Assets |
|
$ |
2,081,151 |
|
|
$ |
1,257,604 |
|
The following table sets forth the financial results by segment for the year ended December 31, 2025 ($ in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Real Estate Debt |
|
|
Other Corporate |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
37,003 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
37,003 |
|
Total revenues |
|
|
37,003 |
|
|
|
— |
|
|
|
— |
|
|
|
37,003 |
|
Segment Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Rental property operating |
|
|
(8,527 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,527 |
) |
Total segment expenses |
|
|
(8,527 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,527 |
) |
Income from investments in real estate debt |
|
|
— |
|
|
|
91,406 |
|
|
|
— |
|
|
|
91,406 |
|
Segment net operating income |
|
$ |
28,476 |
|
|
$ |
91,406 |
|
|
$ |
— |
|
|
$ |
119,882 |
|
Other income and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,900 |
|
|
$ |
3,900 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
(20,083 |
) |
|
|
(20,083 |
) |
Depreciation and amortization |
|
|
(16,594 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,594 |
) |
General and administrative |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,054 |
) |
Management fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,212 |
) |
Performance participation allocation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(389 |
) |
Total other income and expenses |
|
|
(16,594 |
) |
|
|
— |
|
|
|
(16,183 |
) |
|
|
(52,432 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
$ |
67,450 |
|
Net income attributable to non-controlling interests in the Operating Partnership |
|
|
|
|
|
|
|
|
|
|
$ |
6,166 |
|
Net income (loss) attributable to preferred stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
15 |
|
Net income attributable to ARIS stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
61,269 |
|
The following table sets forth the financial results by segment for the year ended December 31, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
Real Estate Debt |
|
|
Other Corporate |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
21,657 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,657 |
|
Total revenues |
|
|
21,657 |
|
|
|
— |
|
|
|
— |
|
|
|
21,657 |
|
Segment Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Rental property operating |
|
|
(4,960 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,960 |
) |
Total segment expenses |
|
|
(4,960 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,960 |
) |
Income from investments in real estate debt |
|
|
— |
|
|
|
62,094 |
|
|
|
— |
|
|
|
62,094 |
|
Segment net operating income |
|
$ |
16,697 |
|
|
$ |
62,094 |
|
|
$ |
— |
|
|
$ |
78,791 |
|
Other income and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,558 |
|
|
$ |
5,558 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
(10,372 |
) |
|
|
(10,372 |
) |
Depreciation and amortization |
|
|
(8,996 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,996 |
) |
General and administrative |
|
|
— |
|
|
|
— |
|
|
|
(6,197 |
) |
|
|
(6,197 |
) |
Management fee |
|
|
— |
|
|
|
— |
|
|
|
(7,832 |
) |
|
|
(7,832 |
) |
Performance participation allocation |
|
|
— |
|
|
|
— |
|
|
|
(443 |
) |
|
|
(443 |
) |
Total other income and expenses |
|
|
(8,996 |
) |
|
|
— |
|
|
|
(19,286 |
) |
|
|
(28,282 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
$ |
50,509 |
|
Net income attributable to non-controlling interests in the Operating Partnership |
|
|
|
|
|
|
|
|
|
|
$ |
6,928 |
|
Net income (loss) attributable to preferred stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
14 |
|
Net income attributable to ARIS stockholders |
|
|
|
|
|
|
|
|
|
|
$ |
43,567 |
|
|