Capasse Thomas E

SEC source: 0001104659-25-021450 · tm258488-2_4seq1.xml · nonDerivative · entry 2

Capasse Thomas E · CIK 0001469065 · Director · CEO and CIO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 409,925

F2 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.865 to $5.04. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (2) to this Form 4.

SEC source: 0001104659-25-021450 · tm258488-2_4seq1.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · CEO and CIO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 319,925

F1 · price: The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.795 to $4.7999. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1) to this Form 4.

SEC source: 0001104659-23-092702 · tm2323974-1_4seq1.xml · nonDerivative · entry 3

Capasse Thomas E · CIK 0001469065 · Director · CEO and CIO

10b5-1 filing: No plan indicated

Ownership: Indirect · Edward J Capasse Irrevocable Trust

Disclosed balance after: 0

F2 · kind: Reflects the liquidation of the trust in connection with the death of the Reporting Person's father. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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.

F3 · price: Reflects the weighted average sale price. The Reporting Person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker dealer. The Reporting Person reported on a single line all such transactions that occurred within a one-dollar price range. The Reporting Person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the Issuer, or a shareholder of the Issuer, full information regarding the number of shares sold at each separate price. The range of prices for such transaction is $10.66 to $10.77.

F1 · ownership.nature: Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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: 0001104659-23-092702 · tm2323974-1_4seq1.xml · nonDerivative · entry 2

Capasse Thomas E · CIK 0001469065 · Director · CEO and CIO

10b5-1 filing: No plan indicated

Ownership: Indirect · Edward J Capasse Irrevocable Trust

Disclosed balance after: 26,623

F1 · kind: Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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.

F1 · ownership.nature: Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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: 0001104659-23-092702 · tm2323974-1_4seq1.xml · nonDerivative · entry 1

Capasse Thomas E · CIK 0001469065 · Director · CEO and CIO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Edward J. Capasse Revocable Trust

Disclosed balance after: 0

F1 · kind: Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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.

F1 · ownership.nature: Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, 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: 0001104659-21-145934 · tm2134345-2_4seq1.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $24.55 to $24.71, inclusive on November 30, 2021. 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: Upon the occurrence of a Change of Control (as defined in the Articles Supplementary relating to the Series E Preferred Stock) of the Issuer, the Reporting Person will have the right to convert the shares of Series E Preferred Stock into a number of shares of common stock of the Issuer per share of Series E Preferred Stock equal to the lesser of (A) the quotient obtained by dividing (i) the sum of (x) the $25.00 liquidation preference plus (y) the amount of any accrued and unpaid dividends by (ii) the Common Stock Price (as defined in the Articles Supplementary relating to the Series E Preferred Stock) and (B) 3.2916, subject to certain adjustments indicated in the Articles Supplementary relating to the Series E Preferred Stock.

SEC source: 0001104659-21-137202 · tm2132621-3_4seq1.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: 102,630

F1 · price: On November 8, 2021, the board of the directors of the Issuer approved the issuance of 84,758 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 24,345 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 84,758 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 102,630 shares of Common Stock of the Issuer out of the 341,428 and 8,869 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, based on the Reporting Person's percentage of direct ownership interests in Waterfall.

F3 · balance_after: WM serves as the general partner of Sutherland REIT Holdings, LP (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 13,195,300 shares of Common Stock held by the Partnership.

SEC source: 0001104659-20-092926 · 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: 78,285

F1 · price: On August 6, 2020, the board of the directors of the Issuer approved the issuance of 208,690 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 59,936 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 208,690 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 78,285 shares of Common Stock of the Issuer out of the 263,695 and 8,869 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 13,395,167 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 78,285 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

F5 · balance_after: On March 11, 2020, the Issuer's Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock. On March 20, 2020, the Issuer announced that the dividend will be paid in a combination of cash and common stock on April 30, 2020 to common stockholders of record as of the close of business of March 31, 2020. As a result, the Manager received 2,956 shares and WM received 415 shares of Common Stock. The 968 shares of Common Stock reflected on this Form 4 represent the reporting person's pro rata ownership of the 3,371 shares based on the reporting person's percentage of direct ownership interests in the Manager and WM.

SEC source: 0001104659-20-045965 · 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: 17,381

F1 · price: On April 9, 2020, the board of the directors of the Issuer approved the issuance of 4,154 shares of Common Stock to 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 1,193 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 4,154 shares based on the Reporting Person's percentage ownership in the Manager.

F2 · balance_after: These shares represent the 17,381 shares of Common Stock of the Issuer out of the 52,049 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 12,768,685 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 17,381 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.

SEC source: 0001104659-20-034891 · a4.xml · nonDerivative · entry 2

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: 25,000

F2 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.835 to $10.82, inclusive on March 13, 2020. 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.

F3 · 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: 0001104659-20-034891 · a4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 291,028

F1 · price: The price reported is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.86 to $10.82, inclusive on March 13, 2020. 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: 0001104659-19-014943 · 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: 0001104659-18-069950 · 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: 0001104659-18-052002 · 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: 0001104659-18-034558 · 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: 0001104659-16-160435 · 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: 0001104659-16-159642 · 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: 0001104659-16-159642 · 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