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Exhibit 21.1
Ares Real Estate Income Trust Inc.
Subsidiary List as of December 31, 2025

NAME
JURISDICTION
ADREX 1031 California Lender LLC
Delaware
ADREX 1031 Lender Diversified 3 LLC
Delaware
ADREX 1031 Lender Diversified 4 LLC
Delaware
ADREX 1031 Lender Diversified 5 LLC
Delaware
ADREX 1031 Lender Diversified 6 LLC
Delaware
ADREX 1031 Lender Diversified 7 LLC
Delaware
ADREX 1031 Lender Diversified 8 LLC
Delaware
ADREX 1031 Lender Diversified 9 LLC
Delaware
ADREX 1031 Lender Diversified 10 LLC
Delaware
ADREX 1031 Lender Diversified 11 LLC
Delaware
ADREX 1031 Lender LLC
Delaware
ADREX 56th Ave IC DST
Delaware
ADREX Arlington DC DST
Delaware
ADREX Artizia DST
Delaware
ADREX Boca Apartments DST
Delaware
ADREX Chantilly IC DST
Delaware
ADREX Constitution Drive LC DST
Delaware
ADREX Diversified 3 DST
Delaware
ADREX Diversified 3 Manager LLC
Delaware
ADREX Diversified 3 Master Tenant LLC
Delaware
ADREX Diversified 3 TRS LLC
Delaware
ADREX Manager LLC
Delaware
ADREX Diversified 4 DST
Delaware
ADREX Diversified 4 Manager LLC
Delaware
ADREX Diversified 4 Master Tenant LLC
Delaware
ADREX Diversified 4 TRS LLC
Delaware
ADREX Diversified 5 DST
Delaware
ADREX Diversified 5 Manager LLC
Delaware
ADREX Diversified 5 Master Tenant LLC
Delaware
ADREX Diversified 5 TRS LLC
Delaware
ADREX Diversified 6 DST
Delaware
ADREX Diversified 6 Manager LLC
Delaware
ADREX Diversified 6 Master Tenant LLC
Delaware
ADREX Diversified 6 TRS LLC
Delaware
ADREX Diversified 7 DST
Delaware
ADREX Diversified 7 Manager LLC
Delaware
ADREX Diversified 7 Master Tenant LLC
Delaware



ADREX Diversified 7 TRS LLC
Delaware
ADREX Diversified 8 DST
Delaware
ADREX Diversified 8 Manager LLC
Delaware
ADREX Diversified 8 Master Tenant LLC
Delaware
ADREX Diversified 8 TRS LLC
Delaware
ADREX Diversified 9 DST
Delaware
ADREX Diversified 9 Manager LLC
Delaware
ADREX Diversified 9 Master Tenant LLC
Delaware
ADREX Diversified 9 TRS LLC
Delaware
ADREX Diversified 10 DST
Delaware
ADREX Diversified 10 Manager LLC
Delaware
ADREX Diversified 10 Master Tenant LLC
Delaware
ADREX Diversified 10 TRS LLC
Delaware
ADREX Diversified 11 LLC
Delaware
ADREX Diversified 11 Manager LLC
Delaware
ADREX Diversified 11 Master Tenant LLC
Delaware
ADREX Diversified 11 TRS LLC
Delaware
ADREX Eden DST
Delaware
ADREX Fairfield CC DST
Delaware
ADREX Fort Myers Self-Storage DST
Delaware
ADREX Fort Worth DC DST
Delaware
ADREX Foster CC DST
Delaware
ADREX Greenfield DC DST
Delaware
ADREX Glen Afton IC DST
Delaware
ADREX Grove City LC DST
Delaware
ADREX Jacksonville Self-Storage DST
Delaware
ADREX Jessup IC DST
Delaware
ADREX Johns Creek DST
Delaware
ADREX Junction Drive DC DST
Delaware
ADREX Master Tenant LLC
Delaware
ADREX Mercury DST
Delaware
ADREX Metro North IC DST
Delaware
ADREX Miami NW 114th IC DST
Delaware
ADREX New Albany IC DST
Delaware
ADREX Newtown Square Self-Storage DST
Delaware
ADREX Norfolk Self-Storage DST
Delaware
ADREX North Harney IC DST
Delaware
ADREX Northlake LC DST
Delaware
ADREX Norwood Storage DST
Delaware
ADREX Orchard Gateway LC DST
Delaware
ADREX Pima Street LC DST
Delaware



ADREX Pine Vista IC DST
Delaware
ADREX Pinellas Park Self-Storage DST
Delaware
ADREX Railhead DC DST
Delaware
ADREX Redmond DST
Delaware
ADREX Research Drive LC DST
Delaware
ADREX Richmond Airport LC I DST
Delaware
ADREX Richmond Airport LC II DST
Delaware
ADREX Richmond Airport LC III DST
Delaware
ADREX Sarasota Self-Storage DST
Delaware
ADREX Sharon Hill Self-Storage DST
Delaware
ADREX Signature Series DST
Delaware
ADREX Signature Series Manager LLC
Delaware
ADREX Signature Series Master Tenant LLC
Delaware
ADREX Signature Series TRS LLC
Delaware
ADREX Southpark LC I DST
Delaware
ADREX Southpark LC II DST
Delaware
ADREX Southpark LC III DST
Delaware
ADREX Sugar Land CC DST
Delaware
ADREX Trevose Self-Storage DST
Delaware
ADREX Tri County Parkway IC DST
Delaware
ADREX Wes Warren IC DST
Delaware
ADREX Whitestown DC I DST
Delaware
ADREX Whitestown DC II DST
Delaware
ADREX Whitestown DC III DST
Delaware
ADREX Woodinville DC DST
Delaware
ADREX Zaterra DST
Delaware
AREIT 107 Morgan Lane Lease Management LLC
Delaware
AREIT 107 Morgan Lane LLC
Delaware
AREIT 2024 P1 LLC
Delaware
AREIT Acquisitions LLC
Delaware
AREIT Andover Member LLC
Delaware
AREIT Andover Platform LLC
Delaware
AREIT Andover Services LLC
Delaware
AREIT Artizia Borrower LLC
Delaware
AREIT Artizia Holdco LLC
Delaware
AREIT Atlantic Ave Parent Member LLC
Delaware
AREIT Beltway Commerce LLC
Delaware
AREIT Brockton IC LLC
Delaware
AREIT Cary Self-Storage LLC
Delaware
AREIT Chancellor Drive LLC
Delaware
AREIT Chantilly IC Borrower LLC
Delaware



AREIT Chantilly IC Holdco LLC
Delaware
AREIT Chester LLC
Delaware
AREIT City View LLC
Delaware
AREIT Clearwater LLC
Delaware
AREIT Constitution Drive LC Borrower LLC
Delaware
AREIT Constitution Drive LC Holdco LLC
Delaware
AREIT Dallas Cityline LLC
Delaware
AREIT Dallas Wycliff LLC
Delaware
AREIT Debt Securities Holdco LLC
Delaware
AREIT Diversified 3 DST Holder LLC
Delaware
AREIT East Columbia ICLLC
Delaware
AREIT Elkton CC LLC
Delaware
AREIT Enterprise Way IC LLC
Delaware
AREIT Exchange REIT LLC
Delaware
AREIT Exchange REIT Holdco LLC
Delaware
AREIT Fairfield CC Borrower LLC
Delaware
AREIT Fairfield CC Holdco LLC
Delaware
AREIT Fort Worth IC LLC
Delaware
AREIT Fort Worth IC Lease Management LLC
Delaware
AREIT Foster CC Borrower LLC
Delaware
AREIT Foster CC Holdco LLC
Delaware
AREIT Foster CC LLC
Delaware
AREIT Franklin LC LLC
Delaware
AREIT General Washington IC LLC
Delaware
AREIT Gillingham IC GP LLC
Delaware
AREIT Gillingham IC Lease Management LLC
Delaware
AREIT Gillingham IC LP
Delaware
AREIT Greenfield DC Borrower LLC
Delaware
AREIT Greenfield DC Holdco LLC
Delaware
AREIT Greenwood Business Center LLC
Delaware
AREIT Harborside LLC
Delaware
AREIT Industrial Drive IC LLC
Delaware
AREIT Intermountain Space Center LLC
Delaware
AREIT Jacksonville Self-Storage Borrower LLC
Delaware
AREIT Jacksonville Self-Storage Holdco LLC
Delaware
AREIT JDC Member LLC
Delaware
AREIT Jessup IC Lease Management LLC
Delaware
AREIT Junction Drive DC Lease Management LLC
Delaware
AREIT JV Credit Facility Holdco LLC
Delaware
AREIT Kenzie Borrower LLC
Delaware



AREIT Kenzie Holdco LLC
Delaware
AREIT Kenzie LLC
Delaware
AREIT Laredo Logistics Center LLC
Delaware
AREIT Las Vegas IC I LLC
Delaware
AREIT Las Vegas IC II LLC
Delaware
AREIT Manor Riverwalk LLC
Delaware
AREIT Manor Riverwalk Parent JV Member LLC
Delaware
AREIT Maplewood Drive IC LLC
Delaware
AREIT-McDowell Vue Parent LLC
Delaware
AREIT MC European Real Estate Debt Holdco LLC
Delaware
AREIT MC US RE JV Member LLC
Delaware
AREIT Mered II LP LLC
Cayman
AREIT MF2 LLC
Delaware
AREIT MF3 LLC
Delaware
AREIT MF4 LLC
Delaware
AREIT MF5 LLC
Delaware
AREIT MF6 LLC
Delaware
AREIT MF7 LLC
Delaware
AREIT MF8 LLC
Delaware
AREIT MF9 LLC
Delaware
AREIT MF10 LLC
Delaware
AREIT MF11 LLC
Delaware
AREIT MF12 LLC
Delaware
AREIT Moreno Valley GP LLC
Delaware
AREIT Moreno Valley DC LP
Delaware
AREIT Net Lease Portfolio Aggregator Member LLC
Delaware
AREIT New Albany IC Borrower LLC
Delaware
AREIT New Albany IC Holdco LLC
Delaware
AREIT New Town Square Self-Storage LLC
Delaware
AREIT NLD JV Aggregator Member LLC
Delaware
AREIT Norfolk Self-Storage Borrower LLC
Delaware
AREIT Norfolk Self-Storage Holdco LLC
Delaware
AREIT North 5th Street CC Holdco II LLC
Delaware
AREIT North 5th Street CC Holdco I LLC
Delaware
AREIT North 5th Street CC Holdco LLC
Delaware
AREIT North 5th Street CC LLC
Delaware
AREIT Nova I LLC
Delaware
AREIT Nova II LLC
Delaware
AREIT Ohio LC Borrower LLC
Delaware
AREIT Ohio LC Holdco LLC
Delaware
AREIT Ohio LC LLC
Delaware



AREIT Operating Partnership LP
Delaware
AREIT Park Oaks LLC
Delaware
AREIT PDC Common Holdings LLC
Delaware
AREIT PDC Pref Investor LLC
Delaware
AREIT Phoenix IC LLC
Delaware
AREIT Plainfield Logistics Center LLC
Delaware
AREIT Preston Sherry LLC
Delaware
AREIT-PRH Manor Riverwalk Parent LLC
Delaware
AREIT Property Management LLC
Delaware
AREIT Railhead DC Borrower LLC
Delaware
AREIT Railhead DC Holdco LLC
Delaware
AREIT Real Estate Holdco LLC
Delaware
AREIT Research Drive LC Borrower LLC
Delaware
AREIT Research Drive LC Holdco LLC
Delaware
AREIT Richmond Airport LC III Borrower LLC
Delaware
AREIT Richmond Airport LC III Holdco LLC
Delaware
AREIT Richmond Airport LC IV LLC
Delaware
AREIT Salt Pond LLC
Delaware
AREIT San Stone Oak GP LLC
Delaware
AREIT San Stone Oak LP
Delaware
AREIT San Vance LLC
Delaware
AREIT Skyline Drive LLC
Delaware
AREIT Southpark LC III Borrower LLC
Delaware
AREIT Southpark LC III Holdco LLC
Delaware
AREIT Shenandoah Square LLC
Delaware
AREIT Stafford Grove IP GP LLC
Delaware
AREIT Stafford Grove IP LP
Delaware
AREIT Suniland LLC
Delaware
AREIT Tempe IC LLC
Delaware
AREIT The Palms LLC
Delaware
AREIT Transport Drive CC LLC
Delaware
AREIT TRS Lender LLC
Delaware
AREIT TRS LF Borrower LLC
Delaware
AREIT TRS Holdco I LLC
Delaware
AREIT TRS Holdco LLC
Delaware
AREIT TRS Holdings LLC
Delaware
AREIT UK Fragco 1 LLC
Delaware
AREIT UK Fragco 2 LLC
Delaware
AREIT UK Fragco 3 LLC
Delaware
AREIT UK Holdco LLC
Delaware



AREIT VM8 Logistics Center GP LLC
Delaware
AREIT VM8 Logistics Center LP
Delaware
AREIT Vue Parent JV Member LLC
Delaware
AREIT Wes Warren IC Borrower LLC
Delaware
AREIT Wes Warren IC Holdco LLC
Delaware
AREIT Western Food Center LLC
Delaware
AREIT Whitestown DC III Borrower LLC
Delaware
AREIT Whitestown DC III Holdco LLC
Delaware
AREIT Yale Village LLC
Delaware
AREIT Zaterra Borrower LLC
Delaware
AREIT Zaterra Holdco LLC
Delaware
Ares Diversified Real Estate Exchange LLC
Delaware
Bala Pointe GP, LLC
Delaware
Bala Pointe Owner LP
Delaware
BCD TRS Corp.
Delaware
BCD TRS Services LLC
Delaware
BCDPF 25 Linden Industrial Center LLC
Delaware
BCDPF 250 Radar Holdco 1 LLC
Delaware
BCDPF 250 Radar Holdco 2 LLC
Delaware
BCDPF 250 Radar Holdco LLC
Delaware
BCDPF 395 Logistics Center LLC
Delaware
BCDPF Air Tech DC II LLC
Delaware
BCDPF Air Tech DC III LLC
Delaware
BCDPF Air Tech DC LLC
Delaware
BCDPF Airway Industrial Park GP LLC
Delaware
BCDPF Airway Industrial Park LP
Delaware
BCDPF Aurora DC LLC
Delaware
BCDPF Barrow Crossing LLC
Delaware
BCDPF Barrow Crossing Pad II LLC
Delaware
BCDPF Barrow Crossing Pad III LLC
Delaware
BCDPF Bay Area Commerce Center GP LLC
Delaware
BCDPF Bay Area Commerce Center LP
Delaware
BCDPF Campus Drive IC LLC
Delaware
BCDPF Cayco LLC
Delaware
BCDPF Clayton Commerce Center LLC
Delaware
BCDPF Florence Logistics Center LLC
Delaware
BCDPF Juno Winter Park LLC
Delaware
BCDPF Kaiser Business Center LLC
Delaware
BCDPF Little Orchard Business Park GP LLC
Delaware
BCDPF Little Orchard Business Park LP
Delaware
BCDPF Long Island Logistics Center LLC
Delaware



BCDPF Northgate DC LLC
Delaware
BCDPF Radar Distribution Center LLC
Delaware
BCDPF Railhead DC GP LLC
Delaware
BCDPF Railhead DC LP
Delaware
BCDPF Springdale LLC
Delaware
BCDPF Sterling IC LLC
Delaware
BCDPF Tempe Student Housing Portfolio JV Member LLC
Delaware
BCDPF Tempe Student Housing Portfolio LLC
Delaware
BCDPF The Daley at Shady Grove LLC
Delaware
BCDPF Tri County DC II LLC
Delaware
BCDPF Tri County DC LLC
Delaware
BCDPF Tustin Business Center GP LLC
Delaware
BCDPF Tustin Business Center LP
Delaware
BCDPF Vasco IC LLC
Delaware
BCDPF Village at Lee Branch LLC
Delaware
BCDPF World Connect Logistics Center LLC
Delaware
BC Exchange Perimeter Manager LLC
Delaware
Core Tucson Main Gate LLC
Delaware
DCTRT Bala Pointe GP LLC
Delaware
DCTRT Bala Pointe LP
Delaware
DCTRT REPO Holdco LLC
Delaware
DCTRT Securities Holdco LLC
Delaware
DCTRT Springing Member Inc.
Delaware
Div Cap Bala Pointe I General Partnership
Delaware
DPF 1031 Parent LLC
Delaware
DPF 1600 Woodbury Avenue LLC
Delaware
DPF Beaver Creek GP LLC
Delaware
DPF Beaver Creek LP
Delaware
DPF Cherry Creek LLC
Delaware
DPF LOC Lender LLC
Delaware
DPF Mashpee LLC
Delaware
DPF Mashpee Manager LLC
Delaware
DPF Sandwich LLC
Delaware
DPF Services LLC
Delaware
NLD JV Credit Facility Holdco LLC
Delaware
Perimeter Town Center Master Condominium Association, Inc.
Georgia
Southcape Village, LLC
Massachusetts
TRT 1300 Connecticut Avenue Owner LLC
Delaware
TRT 270 Center Holdings LLC
Delaware
TRT 270 Center Owner LLC
Delaware
TRT Flying Cloud Drive LLC
Delaware



TRT Harborside LLC
Delaware
TRT Hyannis LLC
Delaware
TRT Lending LLC
Delaware
TRT Lending Subsidiary I Holdco LLC
Delaware
TRT Lending Subsidiary I LLC
Delaware
TRT Lending Subsidiary II Holdco LLC
Delaware
TRT Lending Subsidiary II LLC
Delaware
TRT Meriden LLC
Delaware
TRT New Bedford LLC
Delaware
TRT Saugus LLC
Delaware
TRT Wareham LLC
Delaware
TRT Weymouth III LLC
Delaware
TRT Whitman 475 Bedford LLC
Delaware