ARES COML REAL ESTATE CORP

Ticker: ACRE CUSIP: 04013V108 Class: Common Stock

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q3 2014
Shares 10,000 Value ($000) $117 Avg Close — Range —
Q2 2014
Shares 12,112 Value ($000) $150 Avg Close — Range —
Q1 2014
Shares 23,760 Value ($000) $318 Avg Close — Range —
Q4 2013
Shares 30,760 Value ($000) $403 Avg Close — Range —
Q3 2013
Shares 35,443 Value ($000) $441 Avg Close — Range —
Q2 2013
Shares 35,443 Value ($000) $455 Avg Close — Range —