ARES CAP CORP

CUSIP: 04010LAJ2 Class: 4.75% 01/15/18

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

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

Q4 2017
Shares 2,905,000 Value ($000) $2,905 Avg Close — Range —
Q3 2017
Shares 2,905,000 Value ($000) $2,919 Avg Close — Range —
Q2 2017
Shares 2,905,000 Value ($000) $2,945 Avg Close — Range —
Q1 2017
Shares 2,640,000 Value ($000) $2,691 Avg Close — Range —
Q4 2016
Shares 2,490,000 Value ($000) $2,549 Avg Close — Range —
Q3 2016
Shares 2,550,000 Value ($000) $2,629 Avg Close — Range —
Q2 2016
Shares 2,600,000 Value ($000) $2,689 Avg Close — Range —
Q1 2016
Shares 2,600,000 Value ($000) $2,629 Avg Close — Range —
Q4 2015
Shares 2,660,000 Value ($000) $2,640 Avg Close — Range —
Q3 2015
Shares 2,745,000 Value ($000) $2,807 Avg Close — Range —
Q2 2015
Shares 2,985,000 Value ($000) $3,052 Avg Close — Range —
Q1 2015
Shares 925,000 Value ($000) $965 Avg Close — Range —
Q4 2014
Shares 100,000 Value ($000) $1,025 Avg Close — Range —
Q3 2014
Shares 100,000 Value ($000) $103 Avg Close — Range —