Sutherland Asset Management Corporation Announces Fourth Quarter 2017 Results

During the fourth quarter of 2017, the Company's Board of Directors declared a quarterly cash dividend of $0.37 per share of common stock and OP unit in its operating partnership subsidiary for the quarter ended December 31, 2017 to common stockholders and OP unit holders of record as of December 31, 2017.  The dividend was paid on January 31, 2018.

Approval of Stock Repurchase Program

On March 6, 2018, the Board of Directors approved a share repurchase program authorizing, but not obligating, the repurchase of up to $20.0 million of the Company's common stock from time to time. The Company expects to acquire shares through open market or privately negotiated transactions. The timing and amount of repurchase transactions will be determined by the Company's management based on its evaluation of market conditions, share price, legal requirements and other factors.  Repurchases are expected to be made from available cash on hand.

The Company issued a full detailed presentation of its fourth quarter 2017 results, which can be viewed in the investor relations section at www.sutherlandam.com.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to certain mortgage backed securities, unrealized gains (losses) related to residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.

The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.

The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended December 31, 2017:

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Thursday, March 15, 2018 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2017.  The conference call can be accessed by dialing 888-394-8218 (domestic) or 323-701-0225 (international).

The conference call will also be available in the Investor Relations section of the Company's website at www.sutherlandam.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.  A replay of the call will also be available on the Company's website approximately two hours after the live call through March 29, 2018.  To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 2087148.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Investor Relations
Sutherland Asset Management Corporation
212-257-4666
SutherlandIR@waterfallam.com

Additional information can be found on the Company's website at www.sutherlandam.com.

SUTHERLAND ASSET MANAGEMENT CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In Thousands)		December 31, 2017			December 31, 2016
Assets
Cash and cash equivalents		$	63,425		$	59,566
Restricted cash			11,666			20,190
Short-term investments			—			319,984
Loans, net (including $188,150 and $81,592 held at fair value)			1,017,920			1,011,121
Loans, held for sale, at fair value			216,022			181,797
Mortgage backed securities, at fair value			39,922			32,391
Loans eligible for repurchase from Ginnie Mae			95,158			137,986
Investment in unconsolidated joint venture			55,369			—
Derivative instruments			4,725			5,785
Servicing rights (including $72,295 and $61,376 held at fair value)			94,038			83,854
Receivable from third parties			6,756			7,220
Other assets			56,840			54,277
Assets of consolidated VIEs			861,662			691,096
Total Assets		$	2,523,503		$	2,605,267
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