FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Buttacavoli Thomas 		2. Issuer Name and Ticker or Trading Symbol

Sutherland Asset Management Corp [ SLD ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Investment Officer
(Last)          (First)          (Middle)

1140 AVENUE OF THE AMERICAS, 7TH FLOOR 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/16/2018
(Street)

NEW YORK, NY 10036
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   5/16/2018     A    1143   A   (1) 5209   (2) I   By Waterfall  
Common Stock                  16227   (3) D    
Common Stock                  64723   (4) (5) I   By Sutherland REIT Holdings, LP  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
(1)  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.
(2)  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.
(3)  The 16,227 shares of Common Stock reported as held directly by the Reporting Person in Column 5 herein include: (i) 13,926 shares previously owned indirectly by the Reporting Person through Intellectual Capital Solutions Corp ("ICSC"), as reported in the Form 3, but are now held directly and (ii) 2,301 shares of Common Stock that were erroneously omitted from the Form 3.
(4)  These shares represent 64,723 shares of Common Stock of the Issuer out of the 13,913,400 total shares of Common Stock held by the Partnership based on the Reporting Person's percentage of direct ownership interests in the Partnership. WM, an affiliate of the 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 the Manager and may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Partnership.
(5)  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 64,723 shares reported herein, which represents his economic interest in the Partnership.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Buttacavoli Thomas
1140 AVENUE OF THE AMERICAS, 7TH FLOOR
NEW YORK, NY 10036

Chief Investment Officer

Signatures
/s/ Thomas Buttacavoli, by Sherwin Salar, his Attorney-in-fact 5/18/2018
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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