ARIS Management LLC

FEES AND COMPENSATION
Management Fees
The Adviser charges the ARIS Parent a management fee (“ARIS Parent Management Fee”)
equal to (i) 1.25% of the ARIS Parent’s net asset value (“NAV”) attributable to Class S shares,
Class D shares and Class I shares then outstanding; (ii) 1.00% of the ARIS Parent’s NAV
attributable to Class F-I shares and Class A-I shares then outstanding; and (iii) 1.00% of ARIS
Parent’s NAV attributable to the Class A-III shares then outstanding; provided that, for the period
from April 1, 2023 through January 2, 2027, this ARIS Parent Management Fee will be reduced
to 0.85% of the ARIS Parent’s NAV attributable to the Class A-III shares then outstanding, in each
case, per annum payable monthly. The Adviser charges the ARIS Operating Partnership a
management fee (“ARIS Operating Partnership Management Fee” and, together with the ARIS
Parent Management Fee, the “ARIS Management Fees”) equal to (i) 1.25% of the NAV of the
ARIS Operating Partnership attributable to the ARIS Operating Partnership’s Class S units, Class
D units and Class I units then outstanding held by unitholders other than the ARIS Parent; (ii)
1.00% of the ARIS Operating Partnership’s NAV attributable to the ARIS Operating Partnership’s
Class F-I units and Class A-I units then outstanding held by unitholders other than the ARIS Parent;
and (iii) 1.00% of the ARIS Operating Partnership’s NAV attributable to the ARIS Operating
Partnership’s Class A-III units then outstanding held by unitholders other than the ARIS Parent,
provided that, for the period from April 1, 2023 through January 2, 2027, this ARIS Operating
Partnership Management Fee will be reduced to 0.85% of the ARIS Operating Partnership’s NAV
attributable to the ARIS Operating Partnership’s Class A-III units then outstanding held by
unitholders other than the ARIS Parent, in each case, per annum payable monthly. In calculating
the ARIS Parent Management Fee, the ARIS Parent uses its NAV before giving effect to accruals
for the management fee, performance participation allocation, stockholder servicing fees, or
distributions payable on its shares. Notwithstanding the foregoing, the Adviser does not charge the
ARIS Parent an ARIS Parent Management Fee on Class E shares or the ARIS Operating
Partnership an ARIS Operating Partnership Management Fee on Class E units.
The ARIS Management Fees may be paid, at the Adviser’s election, in cash, Class E shares or
Class E units of the ARIS Operating Partnership. If the Adviser elects to receive any portion of
its ARIS Parent Management Fee in Class E shares or Class E units of the ARIS Operating
Partnership, the ARIS Parent may repurchase such Class E shares or Class E units of the ARIS
Operating Partnership from the Adviser at a later date. Class E shares and Class E units of the
ARIS Operating Partnership obtained by the Adviser will not be subject to the repurchase limits
of the ARIS REIT’s share repurchase plan or any deduction for early repurchase. The ARIS
Operating Partnership will repurchase any such ARIS Operating Partnership units for cash unless
the ARIS Parent’s board of directors determines that any such repurchase for cash would be
prohibited by applicable law or its charter, in which case such ARIS Operating Partnership units
will be repurchased for shares of ARIS Parent common stock with an equivalent aggregate NAV.
The Adviser and ARIS Special Limited Partner, LLC, a subsidiary of AGM (the “ARIS Special
Limited Partner”), which owns a limited partnership interest in the ARIS Operating Partnership,
will have the option of exchanging Class E shares for a number of shares of ARIS Parent common
stock with an equivalent NAV and will have registration rights with respect to shares of ARIS
Parent common stock.

The Adviser also charges the AREI IDF a management fee (“AREI IDF Management Fee” and
together with the ARIS Management Fees, the “Management Fees”) equal to 1.25% of the AREI
IDF’s NAV per annum payable monthly. The AREI IDF Management Fee is paid based on the
immediately preceding month-end valuations of the AREI IDF, after giving effect to withdrawals
occurring as of such month-end and contributions occurring as of the first day of such month but
without giving effect to any reduction resulting from the payment of any Account Maintenance
Fee (as defined below).
The Adviser will be paid the Management Fees regardless of the Clients’ performance. The
Adviser’s entitlement to the Management Fees, which is not based upon performance metrics or
goals, might reduce its incentive to devote its time and effort to seeking investments that provide
attractive risk-adjusted returns for the Clients’ portfolios. The Clients will be required to pay the
Adviser the Management Fees in a particular period despite experiencing a net loss or a decline in
the value of their portfolios during that period.
As described more fully below, the Adviser receives fees and expense reimbursements as
consideration for other services it provides.
Performance Participation Allocation
As set forth in Item 6 below, the ARIS Special Limited Partner is entitled to receive performance-
based compensation based upon the ARIS Operating Partnership’s total return above a certain
hurdle amount, subject to a “high-water mark” through which the recoupment of past annual total
return losses offsets the positive annual total return for purposes of calculating such performance-
based compensation. The Advisory Agreement includes further details on fees, compensation, and
related matters.
Fees from Other Services Payable to the Adviser’s Affiliates
Apollo Global Securities, LLC (“AGS”), an affiliate of the Adviser that acts as dealer manager
with respect to the ARIS REIT, will receive the Financial Industry Regulatory Authority
(“FINRA”) selling commissions, dealer manager fees and stockholder servicing fees (subject to
FINRA limitations on underwriting compensation). Specifically, AGS will be entitled to receive
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TYPES OF CLIENTS
The Adviser currently provides investment advice and serves as the investment manager to (i) the
ARIS REIT, which was formed as a REIT for US federal income tax purposes, and (ii) the AREI
IDF, which is a private investment vehicle excluded from registration as an “investment company”
under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
All investors in the ARIS Parent are subject to applicable suitability requirements. The Adviser
requires that each investor in the ARIS Parent have either: (i) a net worth of at least $250,000; or
(ii) a gross annual income of at least $70,000 and a net worth of at least $70,000, in each case
excluding the value of the home, home furnishings and automobiles from the calculation of net
worth. Certain states and brokers have established suitability standards in addition to the minimum
income and net worth standards described above. Shares in the ARIS Parent will be sold to
investors in these states only if they meet the additional suitability standards set forth in the ARIS
Parent’s prospectus. Shares in the ARIS Parent will be sold to clients of certain brokers only if
they meet the additional suitability standards required by such brokers.
The minimum initial investment in the ARIS Parent common stock that the ARIS Parent will
accept is $2,500 for Class S shares, Class D shares, Class I shares, and Class F-I shares and $2,500
for Class A-I shares and Class A-III shares (together, the “anchor shares”) for new clients of a
financial intermediary that has qualified to offer the anchor shares that had not previously
purchased any founder shares or anchor shares (unless waived by AGS, the ARIS REIT’s dealer
manager). The minimum account balance is $500.
All investors in the AREI IDF are subject to applicable suitability requirements. Each prospective
US investor in the AREI IDF must be: (i) an “accredited investor,” as defined in Regulation D
promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and (ii) a
“qualified purchaser,” as defined in Section 2(a)(51) of the Investment Company Act and the rules
and regulations thereunder. Each prospective limited partner must also meet other suitability
requirements as the AREI IDF’s general partner may determine from time to time in its sole
discretion.
The AREI IDF does not have a minimum initial investment.