Permanents usually phase back in during their controller’s untap step, immediately before that player untaps their permanents. But Ferris Wheel isn’t so forgiving. The phased-out creatures will stay phased out until a player rolls a 3 or less. If a permanent had counters or stickers on it when it phased out, it will have them when it phases back in.
Ferris Wheel
Similarly, if a creature rides the Ferris Wheel, leaves the battlefield, and then returns to the battlefield, it will be a new object with no memory of being phased out by the Ferris Wheel. It is again a legal target.
Phased-out permanents are treated as though they don’t exist. They can’t be the targets of spells or abilities, their static abilities have no effect on the game, their triggered abilities can’t trigger, they can’t attack or block, and so on.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Kirsten Zirngibl
Card data via Scryfall. Rarix is fan-made; not endorsed by the rights holders.
