ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

Varde Management, L.P.'s Holding History (CIK: 0001559130)

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

Q3 2014
Shares 600,000 Value ($000) $9,696 Avg Close $5.68 Range $5.43 - $6.00
Q2 2014
Shares 600,000 Value ($000) $10,716 Avg Close $5.65 Range $5.39 - $6.00