ARES COML REAL ESTATE CORP

Ticker: ACRE CUSIP: 04013V108 Class: Common Stock

ARCADIA INVESTMENT MANAGEMENT CORP/MI's Holding History (CIK: 0001016972)

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

Q1 2017
Shares 3,885 Value ($000) $52 Avg Close — Range —
Q2 2016
Shares 4,105 Value ($000) $50 Avg Close — Range —