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Net assets
$1.66B
source

Quarterly report (Form 10-Q) · filed 2026-05-13 · period 2026-03-31

charter net assets = us-gaap:Assets 7,480,613,000 - us-gaap:Liabilities 5,821,581,000 = 1,659,032,000

Method Matched text template against the filing

Technical locator

charter net assets = us-gaap:Assets 7,480,613,000 - us-gaap:Liabilities 5,821,581,000 = 1,659,032,000 | accession 0001628280-26-034544 | 10-Q filed 2026-05-13

as of 2026-03-31
NAV / share
$8.19
source

Current report (Form 8-K) · filed 2026-06-15 · period 2026-05-31

8-K NAV-per-Fund-Interest table (Ares family; transaction price equals NAV/share and all displayed class/total values agree within $0.03) — canonical class (Class I) headline; stored 8-K NAV table names Class I-R and contains the exact NAV

“equal to such share class’s NAV per share as of May 31, 2026 ... NAV Per Fund Interest $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 $ 8.1908 ”

Method Matched text template against the filing

Technical locator

https://www.sec.gov/Archives/edgar/data/1327978/000162828026043191/are-20260531.htm | 8-K NAV-per-Fund-Interest table (Ares family; transaction price equals NAV/share and all displayed class/total values agree within $0.03) | canonical class (Class I) headline | stored 8-K NAV table names Class I-R and contains the exact NAV

Class I · as of 2026-05-31
Net flows, last qtr
+4.3%
qtr ended 2026-03-31
Distribution coverage (FFO, GAAP proxy)
115%
period ended 2017-09-30
Leverage in use
57%
debt / equity 1.70x
Total return, 12m
Pending
SEC-filed periodic NAV + distributions
01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

Credit facility new or amended: 22 occurrence(s), 2014-12-09 to 2026-05-29

Most recent (2026-05-29): on October 17, 2025 as described below. The Securities purchased by Perigee SPV are subject to a three-year lock-up from the Purchase Date. On or after the expiration of the lock-up (such date, the “Liquidity Date”), Perigee SPV may request that the Company redeem Securities pursuant to the Company’s share redemption program (as amended from time to time, the “SRP”) (but only during the last month of any calendar quarter) provided that such requests will be subordinate to requests from all other common stockholders who have properly submitted a redemption request for such month in accordance with the SRP. In the event that the Securities are held by a non-affiliate of the Advisor, or if the Advisor is no longer the external advisor to the Company, then the redemption terms specified within this paragraph (other than the three-year lock-up) shall terminate and be of no further force or effect and instead, on or after the Liquidity Date, Perigee SPV may request to have additional Securities redeemed by the Company pursuant to the SRP pari passu with all other stockholders of the Company. Furthermore, on or after the Liquidity Date, Perigee SPV may require the Company to repurchase on a monthly basis, at a price per share equal to the most recently determined NAV per share as of the repurchase date, up to $2,500,000 of Securities per quarter, with such repurchase not subject to the terms of, nor eligible for redemption under, the SRP; provided that the timing of such requests, and the timing of the satisfaction of such requests, shall match the timing of the SRP. Any of such amounts not requested for redemption during a quarter will not roll forward to the next quarter. In addition, at any time after the Purchase Date if the shares of the Company’s common stock owned by Perigee SPV, together with any shares of the Company’s common stock owned by Apogee SPV and Perigee SPV’s other affiliates, were to represent 25% or more of the Company’s outstanding shares of common stock (such percentage referred to herein as the “ Interest”), then (a) Perigee SPV may require the Company to repurchase an amount of shares of common stock from Perigee SPV and/or its affiliates as may be necessary to cause the Interest to be equal to 24.99%, at a price per share equal to the most recently determined NAV per share as of the repurchase date and (b) the Company may require Perigee SPV to submit for repurchase an amount of shares of common stock from Perigee SPV and/or its affiliates as may be necessary to cause the Interest to be equal to 24.99%, at a price per share equal to the most recently determined NAV per share as of the repurchase date. Any redemptions described in clauses (a) and (b) of this paragraph will not be subject to the terms of, nor eligible for redemption under, the SRP. The Subscription Agreement also provides that upon delivery of a written notice to the Company, Perigee SPV may, from time to time, require the Company to exchange Class B Common Shares then held by Perigee SPV for Class I-PR Common Shares on a one-for-one basis and in an amount that, after giving effect to such exchange, Perigee SPV, together with certain affiliated and other parties as specified in the Subscription Agreement, would collectively beneficially own no more than 4.90% (or such other percentage as determined by Perigee SPV pursuant to the terms of the Subscription Agreement) of the number of shares of the Company’s voting common stock outstanding immediately after giving effect to such conversion (the “Maximum Percentage”). To the extent an exchange results in Perigee SPV, together with such affiliated and other parties specified in the Subscription Agreement, beneficially owning an amount in excess of the Maximum Percentage then in effect, such exchange shall be null and void and treated as if never made. Any Class I-PR Common Shares obtained as a result of the exchange of Class B Common Shares described in this paragraph will generally be subject to the same rights and restrictions described in the Subscription Agreement with respect to Class B Common Shares initially purchased pursuant to the Subscription Agreement. As described within the Subscription Agreement, Perigee SPV intends, as collateral securing an issuance of debt by Perigee SPV pursuant to an indenture, to grant a security interest in the Securities in favor of a collateral agent for the benefit of the holders of such debt (collectively, the “Perigee Lender”).

Why it matters and what changed

Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 22 of these in the covered window; the cadence itself is part of the signal.

22 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.

Source: https://www.sec.gov/Archives/edgar/data/1327978/000162828026040694/are-20260529.htm | Item 1.01

Yellow flag

On April 7, 2026, Brian P. (2026-04-07)

On April 7, 2026, Brian P. Mathis, a member of the board of directors (the “Board”) of the Company, notified the Company of his decision to step down from his position on the Board, which resignation became effective on that day. Mr. Mathis’s decision to resign was not the result of any disagreement with management, the Company or its operations, policies or practices. In connection with Mr. Mathis’s departure from the Board, the Board appointed Bry

Why it matters and what changed

Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1327978/000162828026024093/are-20260401.htm | Item 5.02

Yellow flag

A copy of Amended OP Agreement is filed as exhibit 10.2 hereto. (2025-10-14)

below and other immaterial changes. A copy of Amended OP Agreement is filed as exhibit 10.2 hereto. Item 3.02 Unregistered Sales of Equity Securities. The information set forth in Item 1.01 relating to the Subscription Agreement is incorporated by reference herein. Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On October 14, 2025, in connection with the Subscription Agreement, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (the “SDAT”) to increase the numbe

Why it matters and what changed

Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1327978/000132797825000071/are-20250930x8k.htm | Item 5.03

Yellow flag

The fund leaned harder on leverage: 67% -> 73% of its allowed leverage in use in one period (period ended 2025-09-30).

The fund leaned harder on leverage: 67% -> 73% of its allowed leverage in use in one period (period ended 2025-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Why it matters and what changed

The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.

33.04 -> 26.85 (down 18.7% vs prior period); trailing 4-period average 33.92; same period prior year 42.92; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: (ceiling 300.0% of net assets - leverage 219.5%, denominator = charter net assets (total assets - total liabilities) 1,178,309,000) / ceiling * 100

Historical findings (49)

As previously reported in the Current Report on Form 8-K filed by Ares Real Estate Income Trust Inc. (2025-04-07)
As previously reported in the Current Report on Form 8-K filed by Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) with the Securities and Exchange Commission on April 7, 2025, on April 1, 2025, Scott Recknor, the Company’s Head of Asset Management, notified the Company of his decision to retire. The Company and Mr. Recknor have determined that Mr. Recknor’s retirement will be effective as of June 6, 202

On April 3, 2025, Rajat Dhanda and Daniel J. (2025-04-03)
On April 3, 2025, Rajat Dhanda and Daniel J. Sullivan, each a member of the board of directors (the “Board”) of the Company, notified the Company of their decisions to step down from their positions on the Board, which resignations became effective on that day. After a lengthy tenure on the Board, Mr. Dhanda has determined to transition from his role as a director of the Company while continuing to support the Company i

Net flows deteriorated to $-40.9M from $-44.0M (period ended 2024-09-30).
Net flows deteriorated to $-40.9M from $-44.0M (period ended 2024-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

Subject to certain dealers’ right to retain selling commissions and dealer manager fees directly from investors, as described in such dealers’ selected dealer agreements, the... (2024-08-02)
below) will be sold through the Dealer Manager. Subject to certain dealers’ right to retain selling commissions and dealer manager fees directly from investors, as described in such dealers’ selected dealer agreements, the Company will pay to the Dealer Manager selling commissions in the amount of up to 3.0%, and dealer manager fees in the amount of up to 1.5%, of the offering price per share of each sale of Class S-PR Common Shares sold in the primary portion of the Private Offering, provided, however that such amounts may vary for sales through certain dealers as provided in such dealers’ se

Net flows deteriorated to $-44.0M from $-21.9M (period ended 2024-06-30).
Net flows deteriorated to $-44.0M from $-21.9M (period ended 2024-06-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

As previously reported in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 5, 2024, on May 30, 2024, Ms. (2024-06-05)
As previously reported in our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 5, 2024, on May 30, 2024, Ms. Lainie Minnick informed Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) that she will step down as the Company’s Head of Debt Capital Markets for personal reasons. The Company and Ms. Minnick have determined that Ms. Minnick’s resignation will be effective as o

NAV per share ($7.61) is 1.3% below its trailing four-observation average ($7.71) as of 2024-05-31.
NAV per share ($7.61) is 1.3% below its trailing four-observation average ($7.71) as of 2024-05-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

On May 30, 2024, Ms. (2024-05-30)
On May 30, 2024, Ms. Lainie Minnick informed Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) that she will step down as the Company’s Head of Debt Capital Markets for personal reasons. The effective date of Ms. Minnick’s resignation has not yet been determined, as Ms. Minnick intends to remain with the Company for the time being to assist with this transition . SIGNATURES Pursuant to the requirements of

NAV per share ($7.68) is 1.6% below its trailing four-observation average ($7.80) as of 2024-04-30.
NAV per share ($7.68) is 1.6% below its trailing four-observation average ($7.80) as of 2024-04-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

NAV per share ($7.70) is 2.4% below its trailing four-observation average ($7.89) as of 2024-03-31.
NAV per share ($7.70) is 2.4% below its trailing four-observation average ($7.89) as of 2024-03-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

On December 6, 2023, the board of directors of Ares Real Estate Income Trust Inc. (2023-12-06)
On December 6, 2023, the board of directors of Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed Taylor M. Paul to serve as Chief Financial Officer and Treasurer of the Company. Lainie P. Minnick transitioned from Chief Financial Officer and Treasurer to the Company’s Head of Debt Capital Markets effective as of December 6, 2023. Mr. Paul, age 44, is our Managing Director who served as our Chief

Net flows deteriorated to $-32.6M from $-21.7M (period ended 2023-09-30).
Net flows deteriorated to $-32.6M from $-21.7M (period ended 2023-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

NAV per share ($8.25) is 1.3% below its trailing four-observation average ($8.36) as of 2023-08-31.
NAV per share ($8.25) is 1.3% below its trailing four-observation average ($8.36) as of 2023-08-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

On March 2, 2023, the Board of Directors of Ares Real Estate Income Trust Inc. (2023-03-02)
On March 2, 2023, the Board of Directors of Ares Real Estate Income Trust Inc. (the “Company”) adopted and approved, effective immediately, amended and restated bylaws (the “Tenth Amended and Restated Bylaws”). Among other things, the Tenth Amended and Restated Bylaws update certain procedural requirements for the submission of stockholder nominees as a result of the effectiveness of Rule 14a-19 under the Exchange Act, including: ● requiring that any stockholder submitting a nomination make a representation that such stockholder intends, or is part

On January 10, 2023, the board of directors (the “Board”) of Ares Real Estate Income Trust Inc. (2023-01-10)
On January 10, 2023, the board of directors (the “Board”) of Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed David A. Roth as Chair of the Board. This action was in connection with James R. Mulvihill informing Ares Management Corporation (“Ares Management”) and the Company that, having successfully transitioned the Black Creek Group business sold to Ares Manag

On April 5, 2022, Joshua J. (2022-04-05)
On April 5, 2022, Joshua J. Widoff informed Ares Real Estate Income Trust Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) that he is resigning his role as Chief Legal Officer effective as of April 5, 2022, and is no longer an executive officer, but will remain in the officer position of Partner at our Company, and continue in his role as Co-General Counsel of the Ares real estate group, the Company’s sponsor. ​ ​ ​ ​ SIGNATURES Pur

Articles of Amendment Effective November 30, 2021, we amended our charter by filing Articles of Amendment to change our name from “Black Creek Diversified Property Fund Inc.” to... (2021-12-03)
Articles of Amendment Effective November 30, 2021, we amended our charter by filing Articles of Amendment to change our name from “Black Creek Diversified Property Fund Inc.” to “Ares Real Estate Income Trust Inc.” The Articles of Amendment have been filed as an exhibit to this Current Report on Form 8-K. Ninth Amended and Restated Bylaws Effective November 30, 2021, we adopted the Ninth Amended and Restated Bylaws. Other than updating our name, the new bylaws are unchanged from the prior version. The new bylaws have been filed as an exhibit to this Current Report on Form 8-K. Item 8.01. Other

On September 8, 2021, the board of directors (the “Board”) of Black Creek Diversified Property Fund Inc. (2021-09-08)
On September 8, 2021, the board of directors (the “Board”) of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) expanded the size of the Board, such that it will consist of seven directors rather than five directors. In connection with this expansion, the Board appointed Brian P. Mathis and David A. Roth to serve as directors, with Mr. Mathis serving as an independent director, effective as of Sep

Effective March 31, 2019, the board of directors of Black Creek Diversified Property Fund Inc. (2020-04-01)
Effective March 31, 2019, the board of directors of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) approved Amendment No. 1 (the “Amendment”) to the Company’s bylaws (the “Bylaws”) to clarify the scope of the exclusive forum provision. The Amendment revises Article XIV to clarify that the exclusive forum provisions in Article XIV do not apply to claims under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any other claim for which the federal courts have exclusive jurisdiction. The Amendment is

We are sad to report the unfortunate passing of a leader on our board of directors, Richard Kincaid. (2020-03-25)
We are sad to report the unfortunate passing of a leader on our board of directors, Richard Kincaid. On March 25, 2020, the board of directors of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed Rajat Dhanda as a director to fill the vacancy created. The board also appointed Mr. Dhanda as a member of the investment committee of the board of directors. Mr. Dhanda will continue to serve a

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2019-12-10)
of this Current Report on Form 8-K is incorporated by reference into this Item 1.01. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Dwight L. Merriman III, currently the Managing Director, Chief Executive Officer of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) has been named Chief Executive Officer of Industrial for Black Creek Group, LLC, an affiliate of our sponsor. In this role, Mr. Merriman will oversee the acquisition, asse

Proposal 3 put to shareholder vote: Amendments To The Company’S Charter W. (2019-04-12)
Proposal 3 put to shareholder vote: Amendments To The Company’S Charter W.

On January 1, 2019, Black Creek Diversified Property Fund Inc. (2019-01-01)
On January 1, 2019, Black Creek Diversified Property Fund Inc. (referred to herein as “DPF,” the “Company,” “we,” “our,” or “us”), its operating partnership, Black Creek Diversified Property Operating Partnership LP (the “Operating Partnership”), and its external advisor, Black Creek Diversified Property Advisors LLC (the “Advisor”) entered into an amended and restated advisory agreement (the “Amended Advisory Agreement”), and we entered into an amended and restated limited partnership agreement of the Operating Partnership (the “Amended Operating Partnership Agreement”).

On October 11, 2018, the board of directors of Black Creek Diversified Property Fund Inc. (2018-10-11)
On October 11, 2018, the board of directors of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed James R. Mulvihill as a director to fill the vacancy created by the previously announced passing of John A. Blumberg. Mr. Mulvihill, age 54, serves as a manager of Black Creek Diversified Property Advisors LLC (the “Advisor”). Mr. Mulvihill is also a manager of Industrial Income Advisors LLC,

On May 3, 2018, Gary M. (2018-05-03)
On May 3, 2018, Gary M. Reiff informed Black Creek Group and Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) that after more than 11 years at Black Creek Group, he is leaving to pursue a once-in-a-lifetime opportunity to serve as Chief Legal Officer of University of Colorado Health, d/b/a UCHealth (“UCHealth”). UCHealth is a nationally recognized, nonprofit network of 10 acute care hospitals and

On March 20, 2018, the board of directors of Black Creek Diversified Property Fund Inc. (2018-03-20)
On March 20, 2018, the board of directors of Black Creek Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed Lainie P. Minnick to serve as Managing Director, Chief Financial Officer and Treasurer of the Company, effective as of April 30, 2018. After 10 years of service with the Company, on March 19, 2018, M. Kirk Scott informed us that, in order to pursue other opportunities, he will resign as Managin

On October 13, 2017, our board of directors appointed Gary M. (2017-10-13)
On October 13, 2017, our board of directors appointed Gary M. Reiff to serve as our Managing Director, Chief Administrative and Compliance Officer. Mr. Reiff, age 58, also has served as Chief Administrative, Legal and Compliance Officer of our Advisor since September 2017, having previously served as Executive Vice President and General Counsel of our Advisor from 2007 to April 2017, and as Chief Administrative O

The fund leaned harder on leverage: 73% -> 79% of its allowed leverage in use in one period (period ended 2017-09-30).
The fund leaned harder on leverage: 73% -> 79% of its allowed leverage in use in one period (period ended 2017-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Articles of Amendment (Share Classes) On September 1, 2017, the Articles of Amendment attached as Exhibit A to the Proxy Statement and submitted for consideration as Proposal No. (2017-09-01)
Articles of Amendment (Share Classes) On September 1, 2017, the Articles of Amendment attached as Exhibit A to the Proxy Statement and submitted for consideration as Proposal No. 3 at the Annual Meeting was filed and acceptance for record by the State Department of Assessment and Taxation of the State of Maryland (the “SDAT”), and thereby became effective as part of our charter. The description of these Articles of Amendment (which we define as “Articles of Amendment (Share Classes)”) is incorporated herein by reference to the Proxy Statement. The Articles of Amendment (Share Classes) have bee

On September 1, 2017, our board of directors appointed Scott W. (2017-09-01)
On September 1, 2017, our board of directors appointed Scott W. Recknor to serve as Managing Director - Head of Asset Management, effective September 1, 2017. Mr. Recknor will assume responsibility for leading our asset management functions over both our industrial and office portfolios. J. Michael Lynch will primarily focus on managing the investment activity within our office portfolio. Scott W. Recknor, age 50, has served as our Managing Director

The fund leaned harder on leverage: 65% -> 73% of its allowed leverage in use in one period (period ended 2017-06-30).
The fund leaned harder on leverage: 65% -> 73% of its allowed leverage in use in one period (period ended 2017-06-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Proposal 3 put to shareholder vote: Amendment Of Our Charter To Restructure Our Share Classes B. (2017-06-07)
Proposal 3 put to shareholder vote: Amendment Of Our Charter To Restructure Our Share Classes B.

On April 11, the board of directors of Dividend Capital Diversified Property Fund Inc. (2017-04-13)
On April 11, the board of directors of Dividend Capital Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) appointed Dwight L. Merriman III to serve as Chief Executive Officer, Rajat Dhanda to serve as President and J. Michael Lynch to serve as Managing Director - Office, each appointment effective on April 13, 2017. As a result of Mr. Merriman’s appointment, Jeffrey L. Johnson will cease to serve as Chief Exe

The fund leaned harder on leverage: 50% -> 56% of its allowed leverage in use in one period (period ended 2016-09-30).
The fund leaned harder on leverage: 50% -> 56% of its allowed leverage in use in one period (period ended 2016-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

On June 23, 2016, the Company, the Operating Partnership and the Advisor entered into the Tenth Amended and Restated Advisory Agreement effective as of June 30, 2016 for a... (2016-06-23)
On June 23, 2016, the Company, the Operating Partnership and the Advisor entered into the Tenth Amended and Restated Advisory Agreement effective as of June 30, 2016 for a one-year term expiring June 30, 2017 (the “Tenth A&R Advisory Agreement”).

DCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through any such Private Placements. (2016-03-02)
on March 2, 2016, Dividend Capital Exchange LLC ( “DCX”), a wholly owned subsidiary of our taxable REIT subsidiary that is wholly owned by the Operating Partnership, entered into a Dealer Manager Agreement with Dividend Capital Securities LLC (the “Dealer Manager”), a party related to DPF’s external advisor, Dividend Capital Total Advisors LLC (the “Advisor”), pursuant to which the Dealer Manager agreed to conduct Private Placements for Interests reflecting an indirect ownership of up to $500 million of Interests. DCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through any such Private Placements. DCX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5% of gross equity proceeds raised through the Private Placements. The Dealer Manager may re-allow such commissions and a portion of such dealer manager fee to participating broker dealers. In addition, we, or our subsidiaries, are obligated to pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any organization and offering expenses (other than selling commissions and the dealer manager fee) as and when incurred. These expenses may include reimbursements for the bona fide due diligence expenses of participating broker-dealers, supported by detailed and itemized invoices, and similar diligence expenses of investment advisers, legal fees of the Dealer Manager, reimbursements for customary travel, lodging, meals and reasonable entertainment expenses of registered persons associated with the Dealer Manager, the cost of educational conferences held by us, including costs reimbursement for registered persons associated with the Dealer Manager and registered representatives of participating broker-dealers to attend educational conferences sponsored by us, and attendance fees and costs reimbursement for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers and promotional items. We intend to recoup the costs of the selling commissions and dealer manager fees described above through a purchase price “mark-up” of the initial estimated fair value of the DST Properties to be sold to investors, thereby placing the economic burden of these up-front fees on the investors purchasing such Interests. In addition, to offset some or all of our organization and offering expenses associated with the Private Placements, we will add a purchase price mark-up of the estimated fair value of the DST Properties to be sold to investors in the amount of 1.5% of the gross equity proceeds. Collectively, these purchase price mark-ups total up to 8% of the gross equity proceeds raised in the Private Placements. Additionally, DPF will be paid, by investors purchasing Interests, a non-accountable reimbursement equal to 1.0% of gross equity proceeds for real estate transaction costs that DPF expects to incur in selling or buying these Interests. Also, investors purchasing Interests will be required to pay their own respective closing costs upon the initial sale of the interests. Advisory Agreement In connection with the DST Program, DPF, the Operating Partnership and the Advisor entered into the Ninth Amended and Restated Advisory Agreement, dated as of March 2, 2016 (the “Amended Advisory Agreement”).

On June 23, 2015, at the 2015 annual meeting of stockholders, the Company’s stockholders voted to approve the Second Amended and Restated Equity Incentive Plan (the “Amended... (2015-06-23)
On June 23, 2015, at the 2015 annual meeting of stockholders, the Company’s stockholders voted to approve the Second Amended and Restated Equity Incentive Plan (the “Amended Plan”) which is the second amendment and restatement of our current equity incentive plan, the Amended and Restated Equity Incentive Plan. The main changes in the Amended Plan are (i) clarifying that awards may be granted to any

Proposal 3 put to shareholder vote: Approval Of The Second Amended And Restated Equity Incentive Plan O. (2015-04-10)
Proposal 3 put to shareholder vote: Approval Of The Second Amended And Restated Equity Incentive Plan O.

On December 4, 2014, the Company’s board of directors authorized a quarterly distribution of $0.09 per share of common stock, subject to adjustment for class-specific expenses,... (2014-12-04)
On December 4, 2014, the Company’s board of directors authorized a quarterly distribution of $0.09 per share of common stock, subject to adjustment for class-specific expenses, for the first quarter of 2015.

Austin W. (2014-05-01)
Austin W. Lehr has informed Dividend Capital Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) that, in order to pursue other opportunities, he will resign as Chief Operating Officer effective April 30, 2014. Mr. Lehr’s primary duties will be assumed by the Company’s President, J. Michael Lynch.

Proposal 3 put to shareholder vote: Amendment Of The Company’S Charter To Eliminate The Company’S Ability To Redeem Securities Held By Stockholders Who Make A Non-Compliant Tend. (2014-04-11)
Proposal 3 put to shareholder vote: Amendment Of The Company’S Charter To Eliminate The Company’S Ability To Redeem Securities Held By Stockholders Who Make A Non-Compliant Tend.

On March 20, 2014, the board of directors of Dividend Capital Diversified Property Fund Inc. (2014-03-20)
On March 20, 2014, the board of directors of Dividend Capital Diversified Property Fund Inc. (the “Company”) approved the filing of a Certificate of Correction to the Company’s Articles of Restatement (the “Charter”) with the State Department of Assessments and Taxation of Maryland (the “SDAT”) in order to correct the wording of the definition of “Roll-Up Transaction” in the Charter.

On December 5, 2013, the board of directors of Dividend Capital Diversified Property Fund Inc. (2013-12-05)
On December 5, 2013, the board of directors of Dividend Capital Diversified Property Fund Inc. (referred to herein as the “Company,” “we,” “our,” or “us”) adopted the Amended and Restated Equity Incentive Plan (the “Amended Plan”). The Amended Plan amends and restates our prior equity incentive plan (the “Prior Plan”) that was adopted by the board of directors on January 12, 2006 and suspended indefinitely

on September 30, 2013 pursuant to the terms of the Class E SRP. (2013-09-30)
on September 30, 2013 pursuant to the terms of the Class E SRP.

On June 27, 2013, the board of directors of the Company appointed J. (2013-06-27)
On June 27, 2013, the board of directors of the Company appointed J. Michael Lynch to serve as President, effective as of July 1, 2013. Mr. Lynch will become an employee of the Advisor, effective as of July 1, 2013. J. Michael Lynch, age 60, has over 30 years of real estate development and investment experience. Prior to joining the Company, Mr. Lynch served as Chief Investment Officer of Arden Realty, Inc., a GE Capital Real Estate Company from May

Proposal 3 put to shareholder vote: Amendment Of The Company’S Charter To Clarify Information Regarding The Interests Of The Company’S Advisor In The Company And The Company’S O. (2013-04-29)
Proposal 3 put to shareholder vote: Amendment Of The Company’S Charter To Clarify Information Regarding The Interests Of The Company’S Advisor In The Company And The Company’S O.

FFO covered only 98% of distributions in the period ended 2012-03-31; the gap was funded from capital or gains.
FFO covered only 98% of distributions in the period ended 2012-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO was negative in the period ended 2011-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
FFO was negative in the period ended 2011-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 94% of distributions in the period ended 2011-09-30; the gap was funded from capital or gains.
FFO covered only 94% of distributions in the period ended 2011-09-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 2% of net assets/month; 5% of net assets/quarter. The disclosed history shows no rationed period.

PeriodRequestedFilledCap usedStatus
2026-03-31Pending100%Pendingfilled
2026-02-28Pending100%Pendingfilled
2026-01-31 quarterPending100%Pendingfilled
2025-09-30Pending100%Pendingfilled
2025-08-31Pending100%Pendingfilled
2025-07-31Pending100%Pendingfilled
2025-06-30Pending100%Pendingfilled
2025-05-31Pending100%Pendingfilled
2025-04-30Pending100%Pendingfilled
2025-03-31Pending100%Pendingfilled
2025-02-28Pending100%Pendingfilled
2025-01-31 quarterPending100%Pendingfilled
2024-09-30Pending100%Pendingfilled
2024-08-31Pending100%Pendingfilled
2024-07-31Pending100%Pendingfilled
2024-06-30Pending100%Pendingfilled
2024-05-31Pending100%Pendingfilled
2024-04-30Pending100%Pendingfilled
2024-03-31Pending100%Pendingfilled
2024-02-29Pending100%Pendingfilled
2024-01-31 quarterPending100%Pendingfilled
2023-09-30Pending100%Pendingfilled
2023-08-31Pending100%Pendingfilled
2023-07-31Pending100%Pendingfilled
2023-06-30Pending100%Pendingfilled
2023-05-31Pending100%Pendingfilled
2023-04-30Pending100%Pendingfilled
2023-03-31Pending100%Pendingfilled
2023-02-28Pending100%Pendingfilled
2023-01-31 quarterPending100%Pendingfilled
2022-09-30Pending100%Pendingfilled
2022-08-31Pending100%Pendingfilled
2022-07-31Pending100%Pendingfilled
2022-06-30Pending100%Pendingfilled
2022-05-31Pending100%Pendingfilled
2022-04-30Pending100%Pendingfilled
2022-03-31Pending100%Pendingfilled
2022-02-28Pending100%Pendingfilled
2022-01-31Pending100%Pendingfilled
05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Unconsolidated joint ventures: $474,000,000 as of 2026-03-31. This is carrying value, not debt added to the fund.

How to read these financing entries

Borrowings are balance-sheet obligations. An undrawn facility is standby liquidity and is not debt until used. Synthetic notional describes market exposure rather than an amount owed, while unconsolidated joint-venture carrying value is shown as context and is not added to fund debt.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($691,640,000) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

ClassTerms-based role descriptionLoadServicingMinimumAssets
Class IPendingPendingPendingPendingPending

Management fee: 1.10% of nav per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001628280-26-025094.

Canonical-class fee profile
ClassManagementIncentiveLoadServicingGross expensesNet expenses
Class I 1.10% 12.5% of total return, 5% hurdle + high-water mark
*
performance participation allocation: 12.50% of annual total return amount after loss carryforward; 5.0% annual hurdle plus loss carryforward; catch-up is capped at 12.5%.
SEC source 0001628280-26-015437
Pending Pending Pending Pending
Fee componentRateBasis / classCondition
Performance · performance participation allocation12.50%annual total return amount after loss carryforward5.0% annual hurdle plus loss carryforward; catch-up is capped at 12.5%.*

SEC source 0001628280-26-025094 · SEC source 0001628280-26-015437

* Catch-up applies; detailed mechanics remain in the cited filing.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (3)
TermDescriptionValueEffective
advisory_fee_schedulePending1.1 pct_annual_of_navPending
leverage_ceilingPending300.0 pct_of_net_assetsPending
repurchase_program_termsShare Redemption Program (Ares uses 'redemption', not 'repurchase' -- distinct vocabulary from the FS/Blackstone-family REITs): aggregate redemptions limited to 2% of aggregate NAV of all shares per calendar month (measured as of the last calendar day of the previous quarter) and 5% of aggregate NAV per calendar quarter.2.0 pct_of_aggregate_nav_per_monthPending
Recent filings
FiledFormAccession
2026-07-178-K0001628280-26-048631
2026-07-088-K0001628280-26-047625
2026-06-24DEFA14A0001628280-26-045278
2026-06-248-K0001628280-26-045271
2026-06-158-K0001628280-26-043191
2026-06-048-K0001628280-26-040694
2026-05-29DEFA14A0001628280-26-039072
2026-05-228-K0001628280-26-037604
2026-05-158-K0001628280-26-035470
2026-05-1310-Q0001628280-26-034544
2026-05-068-K0001628280-26-031388
2026-04-168-K0001628280-26-025449
2026-04-14DEF 14A0001628280-26-025094
2026-04-14DEFA14A0001628280-26-025096
2026-04-14DEFA14A0001628280-26-025095