ARES COML REAL ESTATE CORP

Ticker: ACRE CUSIP: 04013V108 Class: Common Stock

GRATIA CAPITAL, LLC's Holding History (CIK: 0001599793)

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

Q4 2016

Shares 50,154 Value ($000) $689 Avg Close — Range —

Q3 2016

Shares 50,154 Value ($000) $632 Avg Close — Range —

Q2 2016

Shares 19,651 Value ($000) $242 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	50,154	$689	—	—
Q3 2016	50,154	$632	—	—
Q2 2016	19,651	$242	—	—