ARES COML REAL ESTATE CORP

Ticker: ACRE CUSIP: 04013V108 Class: Common Stock

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q2 2015
Shares 10,000 Value ($000) $114 Avg Close — Range —
Q1 2015
Shares 10,000 Value ($000) $110 Avg Close — Range —
Q4 2014
Shares 20,000 Value ($000) $230 Avg Close — Range —
Q3 2014
Shares 20,000 Value ($000) $234 Avg Close — Range —
Q2 2014
Shares 20,000 Value ($000) $248 Avg Close — Range —
Q1 2014
Shares 20,000 Value ($000) $268 Avg Close — Range —
Q4 2013
Shares 20,000 Value ($000) $262 Avg Close — Range —
Q3 2013
Shares 20,000 Value ($000) $249 Avg Close — Range —
Q2 2013
Shares 20,000 Value ($000) $256 Avg Close — Range —