THOMSEN JOEL S. 4

What Happened
Joel S. Thomsen, a trustee of Sterling Real Estate Trust (NONE), acquired a total of 451.344 shares on April 15, 2026. The Form 4 shows two acquisition entries: 412.382 shares at $24.22 each ($9,988) and 38.962 shares at $24.22 each ($944), for a combined value of approximately $10,932. These were acquisitions (code A) through the company’s dividend reinvestment plan — a routine reinvestment of dividends rather than an open-market purchase.

Key Details

• Transaction date: 2026-04-15; Filing date (Form 4): 2026-04-17 (timely filed).
• Prices and amounts: 412.382 shares @ $24.22 ($9,988) and 38.962 shares @ $24.22 ($944); total 451.344 shares ≈ $10,932.
• Shares owned after transaction: not disclosed in the provided excerpt of the filing.
• Footnote: F1 — includes shares acquired under the dividend reinvestment plan.
• Accession number: 0001703510-26-000005.

Context
Dividend reinvestment acquisitions are typically routine: dividends are used to buy additional shares automatically. While purchases can be seen as a modest positive signal, DRIP transactions often reflect plan participation rather than a discretionary buy decision. No indication in the filing of a sale, option exercise, 10% ownership change, or other atypical activity.