RC

SEC source: 0001104659-19-030293 · a4.xml · nonDerivative · entry 1

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,260

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $14.74 to $14.755, inclusive on May 15, 2019. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-22-022644 · tm226526-1_5seq1.xml · nonDerivative · entry 5

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,768,685

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On the dates noted in Table I above, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross and Thomas Buttacavoli is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-19-014945 · a4.xml · nonDerivative · entry 1

Buttacavoli Thomas · CIK 0001689600 · Chief Investment Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 4,852

F1 · price: On March 13, 2019, the board of the directors of the Issuer approved the issuance of 14,939 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 1,288 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 14,939 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 4,852 shares of Common Stock of the Issuer out of the 47,895 and 8,454 total shares of Common Stock held by the Manager and Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage ownership in Waterfall. The Reporting Person disclaims beneficial ownership of the shares held by Waterfall, except to the extent of his economic interest therein.

SEC source: 0001104659-19-014943 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 16,188

F1 · price: On March 13, 2019, the board of the directors of the Issuer approved the issuance of 14,939 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 4,290 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 14,939 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 16,188 shares of Common Stock of the Issuer out of the 47,895 and 8,454 total shares of Common Stock owned by Waterfall Asset Management, LLC, the Issuer's external manager (the "Manager") and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall.

F3 · balance_after: WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 12,836,223 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 19,709 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-19-014944 · a4.xml · nonDerivative · entry 1

Ross Jack J. · CIK 0001469109 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 16,188

F1 · price: On March 13, 2019, the board of the directors of the Issuer approved the issuance of 14,939 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 4,290 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 14,939 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 16,188 shares of Common Stock of the Issuer out of the 47,895 and 8,454 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall.

F3 · balance_after: WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 12,836,223 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 19,709 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-19-014941 · a4.xml · nonDerivative · entry 1

Waterfall Asset Management, LLC · CIK 0001570717 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,294

F1 · price: On March 13, 2019, the board of directors of the Issuer approved the issuance of 14,939 shares of Common Stock to the Reporting Person, the Issuer's external manager, as payment of 50% of the incentive distribution payable to the Reporting Person pursuant to the management agreement.

SEC source: 0001104659-19-013453 · a4.xml · nonDerivative · entry 1

Buttacavoli Thomas · CIK 0001689600 · Chief Investment Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,060

F1 · price: On March 5, 2019, the Reporting Person was granted 2,110 shares of Common Stock of the Issuer out of the 27,198 shares of the incentive distribution that were previously issued by the Issuer to Waterfall Asset Management, LLC, the Issuer's external manager (the "Manager") pursuant to the management agreement between the Issuer and the Manager in January 2016.

SEC source: 0001104659-19-013452 · a4.xml · nonDerivative · entry 1

REESE J MITCHELL · CIK 0001212662 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · J.Mitchell Reese Jr. Trust, UA 5/5/1999

Disclosed balance after: 35,760

F1 · price: On March 5, 2019, the reporting person was awarded 4,984 shares of restricted Common Stock under the 2012 Ready Capital Corporation Equity Incentive Plan. The shares will vest in equal installments of one-quarter on March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.

F2 · balance_after: The reporting person owns the shares of Common Stock of the issuer through the J. Mitchell Reese Jr. Trust, UA 5/5/1999. The reporting person serves as the trustee and sole beneficiary of the trust and has sole voting and investment power with respect to the securities held by the trust.

SEC source: 0001104659-19-013455 · a4.xml · nonDerivative · entry 1

FILIPPS FRANK P · CIK 0001188562 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,760

F1 · price: On March 5, 2019, the reporting person was awarded 4,984 shares of restricted Common Stock under the 2012 Ready Capital Corporation Equity Incentive Plan. The shares will vest in equal installments of one-quarter on March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.

SEC source: 0001104659-19-013454 · a4.xml · nonDerivative · entry 1

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,760

F1 · price: On March 5, 2019, the reporting person was awarded 4,984 shares of restricted Common Stock under the 2012 Ready Capital Corporation Equity Incentive Plan. The shares will vest in equal installments of one-quarter on March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.

SEC source: 0001104659-19-013450 · a4.xml · nonDerivative · entry 1

Holman David L. · CIK 0001637829 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,760

F1 · price: On March 5, 2019, the reporting person was awarded 4,984 shares of restricted Common Stock under the 2012 Ready Capital Corporation Equity Incentive Plan. The shares will vest in equal installments of one-quarter on March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019.

SEC source: 0001104659-19-013449 · a4.xml · nonDerivative · entry 1

Waterfall Asset Management, LLC · CIK 0001570717 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,355

F1 · price: On March 5, 2019, the Reporting Person distributed to its employees the 27,198 shares of the incentive distribution previously issued by the Issuer to the Reporting Person pursuant to the management agreement between the Issuer and the Reporting Person in January 2016.

SEC source: 0001104659-18-069950 · a4.xml · nonDerivative · entry 2

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 272,028

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $14.84 to $14.90, inclusive on November 26, 2018. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-18-069950 · a4.xml · nonDerivative · entry 3

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Edward J. Capasse Revocable Trust

Disclosed balance after: 8,000

F2 · balance_after: These shares are held in a trust for the benefit of the Reporting Person's father. The Reporting Person's father is trustee of the trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

SEC source: 0001104659-18-069950 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 262,916

SEC source: 0001104659-22-022644 · tm226526-1_5seq1.xml · nonDerivative · entry 4

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,836,223

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On the dates noted in Table I above, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross and Thomas Buttacavoli is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-22-022644 · tm226526-1_5seq1.xml · nonDerivative · entry 3

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,862,266

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On the dates noted in Table I above, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross and Thomas Buttacavoli is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-052005 · a4.xml · nonDerivative · entry 1

Buttacavoli Thomas · CIK 0001689600 · Chief Investment Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 5,908

F1 · price: On August 10, 2018, the board of the directors of the Issuer approved the issuance of 8,123 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 699 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 8,123 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 5,908 shares of Common Stock of the Issuer out of the 60,154 and 8,454 total shares of Common Stock held by the Manager and Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage ownership in Waterfall. The Reporting Person disclaims beneficial ownership of the shares held by Waterfall, except to the extent of his economic interest therein.

SEC source: 0001104659-18-052002 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 19,709

F1 · price: On August 10, 2018, the board of the directors of the Issuer approved the issuance of 8,123 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 2,333 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 8,123 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 19,709 shares of Common Stock of the Issuer out of the 60,154 and 8,454 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall.

F3 · balance_after: WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 13,741,454 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 19,709 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-18-051999 · a4.xml · nonDerivative · entry 1

Ross Jack J. · CIK 0001469109 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 19,709

F1 · price: On August 10, 2018, the board of the directors of the Issuer approved the issuance of 8,123 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 2,333 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 8,123 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 19,709 shares of Common Stock of the Issuer out of the 60,154 and 8,454 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall.

F3 · balance_after: WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 13,741,454 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 19,709 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-18-052003 · a4.xml · nonDerivative · entry 1

Waterfall Asset Management, LLC · CIK 0001570717 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,553

F1 · price: On August 10, 2018, the board of the directors of the Issuer approved the issuance of 8,123 shares of Common Stock to the Reporting Person, the Issuer's external manager, as payment of 50% of the incentive distribution payable to the Reporting Person pursuant to the management agreement between the Issuer and the Reporting Person.

SEC source: 0001104659-22-022644 · tm226526-1_5seq1.xml · nonDerivative · entry 2

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,741,454

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On the dates noted in Table I above, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross and Thomas Buttacavoli is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-034560 · a4.xml · nonDerivative · entry 1

Buttacavoli Thomas · CIK 0001689600 · Chief Investment Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 5,209

F1 · price: On May 16, 2018, the board of the directors of the Issuer approved the issuance of 13,274 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 1,143 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 13,274 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 5,209 shares of Common Stock of the Issuer out of the 52,031 and 8,454 total shares of Common Stock held by the Manager and Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage ownership in Waterfall. The Reporting Person disclaims beneficial ownership of the shares held by Waterfall, except to the extent of his economic interest therein. The 5,209 shares include 2,342 shares omitted from the Reporting Person's Form 3 filed on November 10, 2016 (the "Form 3"). The Form 3 also reported the Reporting Person's total indirect ownership through Waterfall as 3,711 when it should have been reported as 1,724 shares.

SEC source: 0001104659-18-034558 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 17,376

F1 · price: On May 16, 2018, the board of the directors of the Issuer approved the issuance of 13,274 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 3,812 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 13,274 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 17,376 shares of Common Stock of the Issuer out of the 52,031 and 8,454 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall. The 17,376 shares include 7,811 shares omitted from the Reporting Person's Form 3 filed on November 10, 2016 (the "Form 3").

F3 · balance_after: The Form 3 also reported the Reporting Person's total indirect ownership through Waterfall as 12,376 when it should have been reported as 5,753 shares. WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 13,913,400 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 17,376 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-18-034557 · a4.xml · nonDerivative · entry 1

Ross Jack J. · CIK 0001469109 · Director · President

10b5-1 filing: Not disclosed

Ownership: Indirect · By Waterfall

Disclosed balance after: 17,376

F1 · price: On May 16, 2018, the board of the directors of the Issuer approved the issuance of 13,274 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 3,812 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 13,274 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 17,376 shares of Common Stock of the Issuer out of the 52,031 and 8,454 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall. The 17,376 shares include 7,811 shares omitted from the Reporting Person's Form 3 filed on November 10, 2016 (the "Form 3"). The Form 3 also reported the Reporting Person's total indirect ownership through Waterfall as 12,376 when it should have been reported as 5,753 shares.

F3 · balance_after: WM serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 13,913,400 shares of Common Stock held by the Partnership.

F4 · balance_after: However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 17,376 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-18-034559 · a4.xml · nonDerivative · entry 1

Waterfall Asset Management, LLC · CIK 0001570717 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,430

F1 · price: On May 16, 2018, the board of the directors of the Issuer approved the issuance of 13,274 shares of Common Stock to the Reporting Person, the Issuer's external manager, as payment of 50% of the incentive distribution payable to the Reporting Person pursuant to the management agreement between the Issuer and the Reporting Person.

SEC source: 0001104659-18-015976 · a4.xml · nonDerivative · entry 1

Mortensen Carole · CIK 0001710211 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,186

F1 · price: On March 6, 2018, the Reporting Person was awarded 19,854 restricted shares of common stock under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan. Pursuant to the terms of the award agreement, the 19,854 restricted shares of common stock will vest in equal increments of one-third on March 6, 2019, March 6, 2020, and March 6, 2021. The Reporting Person will receive dividends on the unvested shares of restricted common stock.

F2 · balance_after: Includes 8,077 unvested shares of common stock that were granted to the Reporting Person by Waterfall Asset Management, LLC, the Issuer's external manager. The 30,186 shares of common stock reported in Column 5 herein do not include 99 shares of common stock that were erroneously reported in Column 2 of the Reporting Person's Form 3 filed on June 27, 2017.

F3 · ownership.direct: Represents 15,008 shares of common stock of the Issuer out of the 13,913,400 total shares of common stock held by Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage ownership in the Partnership. Waterfall Management, LLC, an affiliate of Waterfall Asset Management, LLC, the Issuer's external manager, serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of common stock of the Issuer that are held by the Partnership. In addition, the Reporting Person is a managing director of Waterfall Asset Management, LLC and may be deemed to share voting and investment power over the shares of common stock of the Issuer held by the Partnership. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement.

SEC source: 0001104659-18-015975 · a4.xml · nonDerivative · entry 1

HERBST FREDERICK C · CIK 0001285197 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,795

F1 · price: On March 6, 2018, the reporting person was awarded 14,439 restricted shares of common stock under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan. Pursuant to the terms of the award agreement, the 14,439 restricted shares of common stock will vest in equal increments of one-third on March 6, 2019, March 6, 2020, and March 6, 2021. The reporting person will receive dividends on the unvested shares of restricted common stock. The shares of common stock are held through FREDERICK C HERBST & CAROLYN B HERBST JT TEN, a joint tenant account of the reporting person and his wife.

F1 · balance_after: On March 6, 2018, the reporting person was awarded 14,439 restricted shares of common stock under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan. Pursuant to the terms of the award agreement, the 14,439 restricted shares of common stock will vest in equal increments of one-third on March 6, 2019, March 6, 2020, and March 6, 2021. The reporting person will receive dividends on the unvested shares of restricted common stock. The shares of common stock are held through FREDERICK C HERBST & CAROLYN B HERBST JT TEN, a joint tenant account of the reporting person and his wife.

SEC source: 0001104659-18-015980 · a4.xml · nonDerivative · entry 1

FILIPPS FRANK P · CIK 0001188562 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,776

F1 · price: On March 6, 2018, the reporting person was awarded 5,776 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, the RSUs will vest in equal increments of one-quarter on March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-18-015978 · a4.xml · nonDerivative · entry 1

REESE J MITCHELL · CIK 0001212662 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · J.Mitchell Reese Jr. Trust, UA 5/5/1999

Disclosed balance after: 30,776

F1 · price: On March 6, 2018, the reporting person was awarded 5,776 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, the RSUs will vest in equal increments of one-quarter on March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

F2 · balance_after: The reporting person owns the shares of Common Stock of the issuer through the J. Mitchell Reese Jr. Trust, UA 5/5/1999. The reporting person serves as the trustee and sole beneficiary of the trust and has sole voting and investment power with respect to the securities held by the trust.

SEC source: 0001104659-18-015979 · a4.xml · nonDerivative · entry 1

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,776

F1 · price: On March 6, 2018, the reporting person was awarded 5,776 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, the RSUs will vest in equal increments of one-quarter on March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-18-015977 · a4.xml · nonDerivative · entry 1

Holman David L. · CIK 0001637829 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,776

F1 · price: On March 6, 2018, the reporting person was awarded 5,776 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, the RSUs will vest in equal increments of one-quarter on March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-22-022644 · tm226526-1_5seq1.xml · nonDerivative · entry 1

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,913,400

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On the dates noted in Table I above, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross and Thomas Buttacavoli is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-009752 · a5.xml · nonDerivative · entry 5

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,917,050

F5 · price: On June 30, 2017, the Issuer received a redemption request (the "OP Holdings Redemption Request") from Sutherland OP Holding I, Ltd. ("Holdings I"), a Cayman corporation externally managed by Waterfall Asset Management, LLC, the Issuer's external manager, in respect of 1,171,494 operating partnership units in the Issuer's operating partnership subsidiary ("OP Units") held by Holdings I. On the same date, the Issuer notified Holdings I of its decision to satisfy the OP Holdings Redemption Request by exchanging by 1,171,494 shares of Common Stock for such OP Units. Holdings I then contributed the 1,171,494 shares of Common Stock to the Reporting Person in exchange for an equal number of units of partnership interests in the Reporting Person.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross, Frederick Herbst, Thomas Buttacavoli and Carole Mortensen is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-009752 · a5.xml · nonDerivative · entry 4

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,745,556

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On January 31, 2017, February 28, 2017, May 31, 2017 and June 30, 2017, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross, Frederick Herbst, Thomas Buttacavoli and Carole Mortensen is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-009752 · a5.xml · nonDerivative · entry 3

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,868,993

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On January 31, 2017, February 28, 2017, May 31, 2017 and June 30, 2017, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross, Frederick Herbst, Thomas Buttacavoli and Carole Mortensen is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-17-024944 · a4.xml · nonDerivative · entry 1

FILIPPS FRANK P · CIK 0001188562 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · price: On March 29, 2017, the reporting person was awarded 10,000 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, 5,000 RSUs vested on the date of the grant, with the remaining 5,000 RSUs vesting in equal increments of one-quarter on March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-17-024941 · a4.xml · nonDerivative · entry 1

REESE J MITCHELL · CIK 0001212662 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · J.Mitchell Reese Jr. Trust, UA 5/5/1999

Disclosed balance after: 25,000

F1 · price: On March 29, 2017, the reporting person was awarded 10,000 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, 5,000 RSUs vested on the date of the grant, with the remaining 5,000 RSUs vesting in equal increments of one-quarter on March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

F2 · balance_after: The reporting person owns the shares of Common Stock of the issuer through the J. Mitchell Reese Jr. Trust, UA 5/5/1999. The reporting person serves as the trustee and sole beneficiary of the trust and has sole voting and investment power with respect to the securities held by the trust.

SEC source: 0001104659-17-024942 · a4.xml · nonDerivative · entry 1

Holman David L. · CIK 0001637829 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · price: On March 29, 2017, the reporting person was awarded 10,000 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, 5,000 RSUs vested on the date of the grant, with the remaining 5,000 RSUs vesting in equal increments of one-quarter on March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-17-024940 · a4.xml · nonDerivative · entry 1

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,000

F1 · price: On March 29, 2017, the reporting person was awarded 10,000 Restricted Stock Units ("RSUs") under the 2012 Sutherland Asset Management Corporation Equity Incentive Plan, which represent the right to receive one share of Common Stock of the issuer for each RSU at vesting. Pursuant to the terms of the award agreement, 5,000 RSUs vested on the date of the grant, with the remaining 5,000 RSUs vesting in equal increments of one-quarter on March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. The reporting person will receive dividend equivalent rights on unvested RSUs from the grant date payable in cash in an amount equal to the cash dividend distributions paid on a share of Common Stock of the issuer.

SEC source: 0001104659-18-009752 · a5.xml · nonDerivative · entry 2

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,922,819

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On January 31, 2017, February 28, 2017, May 31, 2017 and June 30, 2017, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross, Frederick Herbst, Thomas Buttacavoli and Carole Mortensen is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-18-009752 · a5.xml · nonDerivative · entry 1

Sutherland REIT Holdings, LP · CIK 0001611235 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,004,631

F1 · price: The Reporting Person received redemption requests (each a "SRH Redemption Request") from certain of its limited partners in respect of certain of their limited partnership interests in the Reporting Person ("SRH Units"). On January 31, 2017, February 28, 2017, May 31, 2017 and June 30, 2017, the Reporting Person satisfied each SRH Redemption Request by exchanging the SRH Units for an equal number of shares of Common Stock.

F2 · balance_after: Waterfall Management, LLC, an affiliate of the Issuer's external manager, serves as the general partner of the Reporting Person and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Reporting Person. However, Waterfall Management, LLC does not have an economic interest in certain of these shares and expects to distribute such shares to the beneficial owners of the Reporting Person upon their request in accordance with the Reporting Person's partnership agreement. Accordingly, Waterfall Management, LLC disclaims beneficial ownership of the shares of common stock held by the Reporting Person except to the extent of its economic interest.

F3 · balance_after: In addition, each of Thomas Capasse, Jack Ross, Frederick Herbst, Thomas Buttacavoli and Carole Mortensen is a principal or managing director of Waterfall Asset Management, LLC, the Issuer's external manager, and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Reporting Person.

F4 · balance_after: Each of such individuals disclaims beneficial ownership of such shares of common stock, except to the extent of his economic interest therein. The inclusion of these shares of Common Stock of the Issuer in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

SEC source: 0001104659-16-160188 · a4.xml · nonDerivative · entry 2

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,000

SEC source: 0001104659-16-160435 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,325

F1 · balance_after: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $13.225 to $13.25, inclusive on November 30, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-16-159642 · a4.xml · nonDerivative · entry 3

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,325

F2 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $13.10 to $13.1475, inclusive on November 29, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-16-160188 · a4.xml · nonDerivative · entry 1

Sinai Todd M. · CIK 0001630507 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $13.10 to $13.15, inclusive on November 29, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-16-159642 · a4.xml · nonDerivative · entry 2

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,282

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $13.05 to $13.075, inclusive on November 28, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-16-159814 · a4.xml · nonDerivative · entry 1

HERBST FREDERICK C · CIK 0001285197 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,356

F1 · shares: The shares of common stock of the Issuer are held through FREDERICK C HERBST & CAROLYN B HERBST JT TEN, a joint tenant account of the Reporting Person and his wife.

F2 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $13.05 to $13.20, inclusive on November 28, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

SEC source: 0001104659-16-159815 · a4.xml · nonDerivative · entry 1

REESE J MITCHELL · CIK 0001212662 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · J.Mitchell Reese Jr. Trust, UA 5/5/1999

Disclosed balance after: 15,000

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $12.975 to $13.10, inclusive on November 28, 2016. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

F2 · balance_after: The Reporting Person owns the shares of common stock of the Issuer through the J.Mitchell Reese Jr. Trust, UA 5/5/1999. The Reporting Person serves as the trustee and sole beneficiary of the trust and has sole voting and investment power with respect to the securities held by the trust.

SEC source: 0001104659-16-159642 · a4.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,282