Ares Real Estate Income Trust (ZARE) grants 9,120 RSUs to director Schaefer

Rhea-AI Filing Summary

Schaefer Paula reported acquisition or exercise transactions in this Form 4 filing.

Ares Real Estate Income Trust Inc. reported that director Paula Schaefer received an award of 9,120.870 shares of Class I-R common stock on 2026-08-06 as a grant of restricted stock units. These units are subject to specified vesting and settlement provisions. Following this award, Schaefer holds a total of 19,340.656 shares of common stock, including additional shares received through dividend equivalents accrued on outstanding restricted stock units.

Insider Trade Summary

Net Buyer: 9,120.87 shares

Net Buy 1 txn

Insider Schaefer Paula

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class I-R Common Stock F1, F2, F3	9,120.87	$0.00	$0.00

Holdings After Transaction: Class I-R Common Stock — 19,340.656 shares (Direct)

Footnotes (3)

1. F1. The shares reported relate to restricted stock units awarded to the reporting person and are subject to specified vesting and settlement provisions.
2. F2. Includes 9,120.870 restricted stock units awarded to the reporting person that are subject to specified vesting and settlement provisions.
3. F3. Total reflects additional shares of common stock received by the Reporting Person as a result of dividend equivalents accrued with respect to outstanding restricted stock units granted to the Reporting Person.

Key Figures

RSUs granted: 9,120.870 shares Grant price: $0.0000 per share Total holdings after transaction: 19,340.656 shares

3 metrics

RSUs granted 9,120.870 shares Restricted stock units of Class I-R Common Stock awarded on 2026-08-06

Grant price $0.0000 per share Stated price for the RSU award to the reporting person

Total holdings after transaction 19,340.656 shares Common stock held by Paula Schaefer following the RSU award

Key Terms

restricted stock units, vesting and settlement provisions, dividend equivalents, Class I-R Common Stock

4 terms

restricted stock units financial

"The shares reported relate to restricted stock units awarded to the reporting person"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vesting and settlement provisions financial

"are subject to specified vesting and settlement provisions"

dividend equivalents financial

"as a result of dividend equivalents accrued with respect to outstanding restricted stock units"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Class I-R Common Stock financial

"security_title: Class I-R Common Stock"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/10/2026 - 04:05 PM Accepted by SEC EDGAR 08/10/2026 - 04:04 PM Learn about SEC filing dates

FAQ

What insider transaction did ZARE director Paula Schaefer report on this Form 4?

Paula Schaefer reported an award of 9,120.870 restricted stock units of Class I-R common stock on 2026-08-06, received at a stated price of $0.0000 per share as part of her director compensation.

How many Ares Real Estate Income Trust (ZARE) shares does Paula Schaefer hold after this grant?

After the reported award, Paula Schaefer holds 19,340.656 shares of common stock. This total includes 9,120.870 restricted stock units subject to vesting and additional shares from dividend equivalents on prior RSU grants.

What type of security was granted to the ZARE director in this Form 4 filing?

The filing shows a grant of Class I-R Common Stock in the form of restricted stock units. These RSUs are subject to specific vesting and settlement provisions detailed in the accompanying footnotes.

Was the ZARE Form 4 transaction a market purchase or sale?

No market transaction occurred; the Form 4 reports a grant/award acquisition of 9,120.870 shares at $0.0000 per share, reflecting equity compensation rather than an open-market buy or sell.

How do dividend equivalents affect Paula Schaefer’s ZARE share holdings?

The total reported holdings of 19,340.656 shares include additional common shares received as dividend equivalents accrued on previously granted restricted stock units, increasing her overall equity position.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schaefer Paula

(Last) (First) (Middle)

1200 SEVENTEENTH STREET

SUITE 2900

(Street)

DENVER COLORADO 80202

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Class I-R Common Stock	08/06/2026		A		9,120.87(1)	A	$0	19,340.656(2)(3)	D

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. The shares reported relate to restricted stock units awarded to the reporting person and are subject to specified vesting and settlement provisions.

2. Includes 9,120.870 restricted stock units awarded to the reporting person that are subject to specified vesting and settlement provisions.

3. Total reflects additional shares of common stock received by the Reporting Person as a result of dividend equivalents accrued with respect to outstanding restricted stock units granted to the Reporting Person.

	/s/ Andrew Ko, Attorney-in-Fact	08/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)