ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

Capital Impact Advisors, LLC's Holding History (CIK: 0001602198)

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

Q4 2014

Shares 171,691 Value ($000) $2,680 Avg Close $5.49 Range $5.03 - $5.64

Q3 2014

Shares 171,691 Value ($000) $1,653,434 Avg Close $5.68 Range $5.43 - $6.00

Q2 2014

Shares 69,444 Value ($000) $1,240 Avg Close $5.65 Range $5.39 - $6.00

Q1 2014

Shares 69,444 Value ($000) $1,224 Avg Close $5.73 Range $5.59 - $5.95

Q4 2013

Shares 69,444 Value ($000) $1,234 Avg Close $5.52 Range $5.29 - $5.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	171,691	$2,680	$5.49	$5.03 - $5.64
Q3 2014	171,691	$1,653,434	$5.68	$5.43 - $6.00
Q2 2014	69,444	$1,240	$5.65	$5.39 - $6.00
Q1 2014	69,444	$1,224	$5.73	$5.59 - $5.95
Q4 2013	69,444	$1,234	$5.52	$5.29 - $5.75