Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Holm Andrew Erlich 2. Issuer Name and Ticker or Trading Symbol Ares Real Estate Income Trust Inc. [NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1200 SEVENTEENTH STREET, SUITE 2900 3. Date of Earliest Transaction (Month/Day/Year) 02/02/2026 (Street) DENVER, CO 80202 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Class I-R Operating Partnership Units

(1)

02/02/2026

J(1)

48,749.972

(1)

(2)

Class I-R Common Stock

48,749.972

$ 0

48,749.972

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Holm Andrew Erlich 1200 SEVENTEENTH STREET SUITE 2900 DENVER, CO 80202	X

Signatures

/s/ Andrew Ko, Attorney-in-Fact		02/04/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reporting person acquired the Class I-R Operating Partnership Units ("Class I-R OP Units") on February 2, 2026 as consideration for the redemption of the reporting person's interest in a limited partnership. No cash consideration was paid. Beginning January 1, 2027, the reporting person may request that AREIT Operating Partnership LP, a subsidiary of the Issuer, redeem all or a portion of the Class I-R OP Units for cash, unless the Issuer's board of directors determines that such redemption for cash would be prohibited by applicable law, the Issuer's charter, or the Operating Partnership's limited partnership agreement (the "OP Agreement"), in which case the Class I-R OP Units will be redeemed for shares of the Issuer's Class I-R common stock, subject to any limitations on redemption in the OP agreement. Any such redemption of Class I-R OP Units will be priced at the then-current net asset value of such Class I-R OP Units.
(2)	There is no expiration date for the reporting person's ability to request redemption of the Class I-R OP Units.

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