Ready Capital Corp — Director's Dealing 2016

Nov 10, 2016

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Sutherland Asset Management Corp (SLD)
CIK: 0001527590
Period of Report: 2016-10-31

Reporting Person: Capasse Thomas E (Director, Chairman of the Board and CEO)

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON STOCK	22282	Direct
COMMON STOCK	12376	Indirect
COMMON STOCK	218703	Indirect

Footnotes

F1: Represents 12,376 shares of common stock of the Issuer out of the 38,757 and 8,454 total shares of common stock held by Waterfall Asset Management, LLC and Waterfall Management, LLC (collectively, "Waterfall"), respectively, 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.

F2: Represents 218,703 shares of common stock of the Issuer out of the 13,733,959 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 principal 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 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.

F3: Accordingly, Waterfall Management, LLC 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 218,703 shares reported herein, which represents his economic interest in the Partnership.