Holm Andrew Erlich 4

What Happened Holm Andrew Erlich, a director of Ares Real Estate Income Trust, recorded an acquisition of 48,749.972 Class I‑R Operating Partnership Units on February 2, 2026. The units were received as non‑cash consideration for the redemption of the reporting person's interest in a limited partnership; no cash was paid and the reported dollar value is $0. This was recorded as a derivative acquisition (transaction code J), not an open‑market purchase.

Key Details

• Transaction date: 2026-02-02; Form 4 filed 2026-02-04 (timely filing).
• Amount acquired: 48,749.972 Class I‑R OP Units; price reported $0 (non‑cash).
• Shares/units owned after transaction: Not specified in the filing.
• Footnote summary:
  • F1: Units were received in exchange for the reporting person's LP interest. Beginning Jan 1, 2027, the reporting person may request redemption of these OP Units for cash (priced at then‑current NAV) unless cash redemption is prohibited, in which case redemption will be for Class I‑R common stock subject to OP agreement limits.
  • F2: There is no expiration date on the reporting person's ability to request redemption.
• Transaction code J denotes an other acquisition/disposition (derivative/non‑standard transfer).

Context This was a conversion/redemption of a partnership interest into redeemable operating partnership units rather than a market purchase or sale. The units may be redeemable for cash (or, if required, Class I‑R common stock) beginning in 2027 at the units' net asset value; that redemption option, timing, and form are governed by the OP Agreement and applicable law.