Paul Taylor M. 4

What Happened Paul M. Taylor, CFO and Treasurer of Ares Real Estate Income Trust, acquired 17,727.262 Class I‑R Operating Partnership Units (derivative securities) on February 2, 2026. The units were received as consideration for redemption of his interest in a limited partnership; no cash was paid (reported price $0.00, total cash value $0). The Form 4 was filed February 4, 2026.

Key Details

• Transaction date: February 2, 2026. Form 4 filed: February 4, 2026 (appears timely).
• Transaction type/code: Other acquisition (Code J) — derivative securities (Class I‑R OP Units).
• Quantity and price: 17,727.262 units at $0.00 per unit (non‑cash consideration).
• Shares/units owned after transaction: Not specified in the filing.
• Footnotes: Units were issued in exchange for the reporting person’s limited‑partnership interest; no cash was paid. Beginning January 1, 2027, Taylor may request redemption of the Class I‑R OP Units for cash at then‑current NAV (unless legal/charter/OP Agreement restrictions apply), in which case they would instead be redeemed for the Issuer’s Class I‑R common stock. There is no expiration date on his redemption right.

Context These are operating‑partnership (OP) units — a derivative form of ownership tied to the REIT’s operating partnership, not open‑market shares. The transaction reflects an internal restructuring/redemption of a partnership interest rather than a market purchase or sale, and does not by itself indicate a buy or sell signal for the REIT’s common stock.