ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

Employees Retirement System of Texas's Holding History (CIK: 0001398739)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 180,682 Value ($000) $2,681 Avg Close $5.37 Range $4.77 - $5.91

Q4 2015

Shares 176,000 Value ($000) $2,508 Avg Close $5.76 Range $5.23 - $6.03

Q3 2015

Shares 176,000 Value ($000) $2,548 Avg Close $5.81 Range $4.05 - $6.14

Q2 2015

Shares 176,000 Value ($000) $2,897 Avg Close $6.04 Range $5.73 - $6.25

Q1 2015

Shares 176,000 Value ($000) $3,022 Avg Close $5.89 Range $5.44 - $6.24

Q4 2014

Shares 176,000 Value ($000) $2,746 Avg Close $5.49 Range $5.03 - $5.64

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	180,682	$2,681	$5.37	$4.77 - $5.91
Q4 2015	176,000	$2,508	$5.76	$5.23 - $6.03
Q3 2015	176,000	$2,548	$5.81	$4.05 - $6.14
Q2 2015	176,000	$2,897	$6.04	$5.73 - $6.25
Q1 2015	176,000	$3,022	$5.89	$5.44 - $6.24
Q4 2014	176,000	$2,746	$5.49	$5.03 - $5.64