ARES COML REAL ESTATE CORP

Ticker: ACRE CUSIP: 04013V108 Class: Common Stock

Indaba Capital Management, L.P.'s Holding History (CIK: 0001524362)

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

Q1 2014

Shares 1,107,821 Value ($000) $14,856 Avg Close — Range —

Q4 2013

Shares 1,107,821 Value ($000) $14,512 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	1,107,821	$14,856	—	—
Q4 2013	1,107,821	$14,512	—	—