Roth David A 4

What Happened David A. Roth, a director of Ares Real Estate Income Trust, acquired 65,342.69 Class I‑R Operating Partnership units (a derivative security) on February 2, 2026. The units were received as consideration for the redemption of the reporting person's interest in a limited partnership; no cash was paid (reported price $0.00). The filing (Accession 0000925421-26-000016) was submitted on February 4, 2026.

Key Details

• Transaction date: February 2, 2026. Form 4 filed: February 4, 2026 (appears timely).
• Security: 65,342.69 Class I‑R Operating Partnership units (derivative); reported price $0.00; transaction code J (other acquisition/disposition).
• Shares owned after transaction: not specified in the filing.
• Footnote highlights:
  • F1: Units were issued in exchange for redemption of the reporting person's limited partnership interest; starting January 1, 2027 the holder may request redemption of these OP units for cash (at then-current NAV) unless redemption for cash is prohibited, in which case redemption will be in Class I‑R common stock subject to OP Agreement limits.
  • F2: There is no expiration date on the holder’s ability to request redemption.
• Exhibit 24 (Power of Attorney) attached.

Context These are partnership/derivative units, not immediate open‑market stock purchases or sales. They can be redeemed for cash or converted to Class I‑R common stock beginning Jan 1, 2027 (priced at NAV upon redemption) and are subject to legal and agreement-based limits on redemptions. Receiving OP units as consideration is a non‑cash corporate/partnership transaction and does not by itself indicate an immediate change in market exposure.