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Five Oaks Investment Corp. I nve sto r Pre se nta tio n May 2018 Disc la ime r & Na me Cha ng e T his pre se nta tio n c o nta ins fo rwa rd-lo o king sta te me nts within the me a ning o f Se c tio n 27A o f the Se c uritie s Ac t o

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SLIDE 1

I nve sto r Pre se nta tio n May 2018

Five Oaks Investment Corp.

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SLIDE 2

1

Disc la ime r & Na me Cha ng e

T his pre se nta tio n c o nta ins fo rwa rd-lo o king sta te me nts within the me a ning o f Se c tio n 27A o f the Se c uritie s Ac t o f 1933, a s a me nde d, a nd Se c tio n 21E

  • f

the Se c uritie s E xc ha ng e Ac t o f 1934, a s a me nde d, whic h re fle c t the c urre nt vie ws o f F ive Oa ks Inve stme nt Co rp. (NYSE: OAKS) (“F ive Oa ks” o r the “Co mpa ny”) with re spe c t to , a mo ng o the r thing s, the Co mpa ny’ s o pe ra tio ns a nd fina nc ia l pe rfo rma nc e . Yo u c a n ide ntify the se fo rwa rd-lo o king sta te me nts b y the use o f wo rds suc h a s “o utlo o k,” “indic a to r,” “b e lie ve s,” “e xpe c ts,” “po te ntia l,” “c o ntinue s,” “ma y,” “will,” “sho uld,” “se e ks,” “a ppro xima te ly,” “pre dic ts,” “inte nds,” “pla ns,” “e stima te s,” “a ntic ipa te s” o r the ne g a tive ve rsio n o f the se wo rds o r o the r c o mpa ra b le wo rds. Suc h fo rwa rd-lo o king sta te me nts a re sub je c t to va rio us risks a nd unc e rta intie s. Ac c o rding ly, the re a re o r will b e impo rta nt fa c to rs tha t c o uld c a use a c tua l

  • utc o me s o r re sults to diffe r ma te ria lly fro m tho se indic a te d in the se sta te me nts. T

he Co mpa ny b e lie ve s the se fa c to rs inc lude b ut a re no t limite d to tho se de sc rib e d unde r the se c tio n e ntitle d “Risk F a c to rs” in its Annua l Re po rt o n F

  • rm 10-K

fo r the fisc a l ye a r e nde d De c e mb e r 31, 2017, a s suc h fa c to rs ma y b e upda te d fro m time to time in its pe rio dic filing s with the Se c uritie s a nd E xc ha ng e Co mmissio n (“SE C”) whic h a re a c c e ssib le o n the SE C’ s we b site a t www.se c .g o v. T he se fa c to rs sho uld no t b e c o nstrue d a s e xha ustive a nd sho uld b e re a d in c o njunc tio n with the o the r c a utio na ry sta te me nts tha t a re inc lude d in this pre se nta tio n a nd in the filing s. T he Co mpa ny a ssume s no o b lig a tio n to upda te o r supple me nt fo rwa rd‐lo o king sta te me nts tha t b e c o me untrue b e c a use o f sub se q ue nt e ve nts o r c irc umsta nc e s. Na me Cha ng e On Ja nua ry 18, 2018, Hunt Inve stme nt Ma na g e me nt, L L C a ssume d ma na g e me nt o f F ive Oa ks Inve stme nt Co rp. (NYSE: OAKS) ("F ive Oa ks" o r the "Co mpa ny"). F ive Oa ks pre vio usly a nno unc e d tha t it will c ha ng e its na me to Hunt Compa nie s F

ina nc e T r ust, Inc ., e ffe c tive Ma y 25, 2018. T

he ne w na me ha s b e e n c ho se n to b e tte r re fle c t the Co mpa ny’ s ne w stra te g ic dire c tio n a nd ma na g e me nt b y Hunt Inve stme nt Ma na g e me nt. In a dditio n to the ne w na me , the Co mpa ny will c ha ng e its tic ke r symb o ls o n the NYSE to “HCF T ” a nd “HCF T PR A” a nd a ntic ipa te s tha t tra ding unde r the ne w na me a nd tic ke r symb o ls will c o mme nc e o n Ma y 29, 2018. Hunt Co mpa nie s, Inc . is the pa re nt to se ve ra l Hunt e ntitie s, inc luding Hunt Inve stme nt Ma na g e me nt, the c o mpa ny’ s e xte rna l ma na g e r. Co lle c tive ly, Hunt, its a ffilia te d e ntitie s, a nd unde rlying o wne d sub sidia ry e ntitie s sha ll b e he re ina fte r re fe rre d to a s “Hunt” unle ss spe c ific a lly no te d o the rwise .

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SLIDE 3

2

Ove rvie w

Hunt Co mpa nie s F ina nc e T rust

ON JANUARY 18, 2018

Hunt a ssume d ma na g e me nt o f F ive Oa ks I nve stme nt Co rp .

E F F E CT IVE MAY 25, 2018

F ive Oa ks I nve stme nt Co rp. will b e re na me d Hunt Co mpa nie s F ina nc e T rust, I nc .

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SLIDE 4

Hunt Compa nie s, Inc . is a d ive rsifie d g lo b a l re a l e sta te o rg a niza tio n d e d ic a te d to

c re a ting va lue thro ug h the d e ve lo pme nt, c o nstruc tio n, inve stme nt, ma na g e me nt, a nd fina nc ing o f re a l e sta te a sse ts

3

An I nte g ra te d a nd Dive rsifie d Re a l E sta te Pla tfo rm

Hunt Co mpa nie s, I nc .

 Priva te ly o wne d a nd fo und e d in 1947  Ove r 1,700 dir

e c t e mploye e s a mo ng 46

  • ffic e s na tio nwid e . Inc lud ing a ffilia te s, the

c o mpa nie s e mplo y o ve r 6,000 additional

e mploye e s a c ro ss 80 o ffic e s

 Hunt a nd its a ffilia te d c o mpa nie s o wn,

se rvic e , o r ma na g e ove r

$30 billion in re a l

e sta te a nd infra struc ture a sse ts

 Bro a d pla tfo rm with e xpe rtise a c ro ss the

re a l e sta te ind ustry

 Sig nific a nt info rma tio n a d va nta g e with

visib ility into e xpa nsive re a l e sta te po rtfo lio

 L

ar ge st o wne r o f priva tize d milita ry

ho using units in the U.S.

 3r

d lar ge st U.S. a pa rtme nt pro pe rty

ma na g e me nt po rtfo lio

 4th lar

ge st U.S. a ffo rd a b le ho using

d e ve lo pe r

 7th lar

ge st U.S. multifa mily o wne r

 T

  • p 10 no n-b a nk o rig ina to r o f a g e nc y

multifa mily lo a ns

 T

  • p 30 mo rtg a g e se rvic ing po rtfo lio
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SLIDE 5

4

An I nte g ra te d a nd Dive rsifie d Re a l E sta te Pla tfo rm

Hunt Co mpa nie s, I nc .

logo

Comme r c ia l Re a l E sta te L e nde r

$14.9B Se rvic ing Po rtfo lio

Inve stme nt Ma na g e r a nd Br

  • ke r

De a le r

SE C-Re g iste re d Inve stme nt Adviso r a nd F INRA Re g iste re d Bro ke r- De a le r

De ve lope r

  • f

Re a l E sta te Asse ts

Ove r 100,000 multifa mily units a nd 19.7mm sq ua re fe e t o f c o mme rc ia l spa c e

Milita r y Housing De ve lope r

L a rg e st priva te

  • wne r a nd

ma na g e r o f Milita ry Ho using

Pr

  • pe r

ty Ma na g e r

# 3 Multifa mily Pro pe rty Ma na g e me nt po rtfo lio in the Unite d Sta te s

Ge ne r a l Contr a c tor a nd Constr uc tion Se r vic e Pr

  • vide r

$15.3B in Pro je c ts Co mple te d

Globa l Public Infr a str uc tur e Ma na g e r

Ove r £8.2 AUM

Re a l E sta te Owne r a nd Ope r a tor Ove r 70,000 units, inc luding milita ry, a ffo rda b le a nd c o nve ntio na l ho using . 1.3mm sq ua re ft. o f mixe d- use , o ffic e a nd re ta il spa c e

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SLIDE 6

5

De e p E xpe rtise a nd Na tio na l Pre se nc e

Hunt Re a l E sta te F ina nc e

NAT IONAL PRODUCT ION PL AT F ORM

Na tiona l Pla tfor m

F

  • c us o n multifa mily a nd c o mme rc ia l re a l

e sta te le nding a c ro ss a ll 50 sta te s Str

  • ng Or

ig ina tions T r a c k R e c or d

Ove r $22 b illio n o f o rig ina tio ns sinc e inc e ptio n E xpe r ie nc e d or ig ina tion, c r e dit, a nd a sse t ma na g e me nt pr

  • fe ssiona ls

E sta b lishe d re g io na l fo o tprint with 60+

  • rig ina tio ns sta ff

F

  • ur se nio r c re dit o ffic e rs with mo re tha n 25

a ve ra g e ye a rs o f e xpe rie nc e a nd 60+ unde rwriting sta ff Dir e c t r e la tionships with bor r

  • we r

s

Ma jo rity o f Hunt’ s o rig ina tio n vo lume is so urc e d thro ug h dire c t re la tio nships with b o rro we rs Dive r se suite of c omme r c ia l le nding pr

  • duc ts

E xpe rie nc e in a ll a g e nc y pro duc ts a s we ll a s c usto mize d b a la nc e she e t fina nc ing so lutio ns

Hunt’ s Re a l E sta te F ina nc e pla tfo rm ha s na tio na l o rig ina tio n c a pa b ilitie s with lo c a l ma rke t e xpe rtise 1 2 3 4 5

HIGHL I GHT S

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SLIDE 7

6

Hunt Re a l E sta te F ina nc e

E xpe rie nc e d L e a de rship T e a m

CE O, Hunt Co mpanie s F inanc e T rust Pre side nt, Hunt Mo rtgage Gro up Pre side nt, Hunt Co mpanie s F inanc e T rust CF O & COO, Hunt Mo rtgage Gro up CE O, Hunt Co mpanie s Chairman, Hunt Co mpanie s F inanc e T rust Chie f Cre dit Offic e r, Hunt Mo rtgage Gro up Pre side nt, Hunt I nve stme nt Manage me nt He ad o f Capital Marke ts, Hunt Mo rtgage Gro up CF O, Hunt Co mpanie s F inanc e T rust He ad o f Asse t Manage me nt, Hunt Mo rtgage Gro up

C H R I S H U N T J A M E S FLY N N M I C H A E L LA R S E N D A V I D O S TO N M E G A N G O O D FE LLO W TO M D U D A J U S TI N S H O R T J E FFR E Y D O D S O N

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SLIDE 8

7

Re c e nt T ra nsa c tio ns1

Hunt Re a l E sta te F ina nc e

Po rtland, Ore go n $14,500,000

M U LTI FA M I LY

Staffo rd, T e xas $4,400,000

O FFI C E

Dallas, T e xas $9,405,000

M U LTI FA M I LY

Akro n, Ohio $13,500,000

M I X ED U S E

F

  • rt Wo rth, T

e xas $14,750,000

M U LTI FA M I LY

Stamfo rd, Co nne c tic ut $28,125,000

1: T ra nsa c tio ns a b o ve we re o rig ina te d b y Hunt M U LTI FA M I LY

Austin, T e xa s $11,200,000 K alamazo o , Mic higan $9,800,000

RETA I L S TU D EN T H O U S I N G

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SLIDE 9

ABIL IT Y T O L E VE RAGE HUNT ’S DIVE RSE AND E XT E NSIVE NE T WORK OF CAPIT AL PART NE R RE L AT IONSHIPS

8

L e ve ra g ing the Bre a dth a nd De pth o f the Hunt Pla tfo rm

Be ne fits o f a Hunt Affilia tio n

T he Compa ny e xpe c ts to le ve ra g e Hunt’ s ve rtic a lly inte g ra te d re a l e sta te pla tfo rm a nd e xpe rtise a c ro ss

c o nstruc tio n, de ve lo pme nt, pro pe rty ma na g e me nt, a nd fina nc e whe n o rig ina ting a nd unde rwriting inve stme nts ACCE SS T O A SIGNIF ICANT , SCAL E D PL AT F ORM WHICH SHOUL D PROVIDE OPPORT UNIT IE S T O CAPT URE OPE RAT ING COST E F F ICIE NCIE S NAT IONAL F OOT PRINT WIT H DE E P INDUST RY E XPE RT ISE ACROSS T HE RE AL E ST AT E L IF E CYCL E ST RONG INVE ST ME NT SOURCING CAPABIL IT IE S

1 5 2

E XPE RIE NCE D MANAGE ME NT T E AM WIT H PROVE N T RACK RE CORD

3 4

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SLIDE 10

Str e ngth of Owne r ship / Sponsor ship

9

Co mpa ny Ove rvie w

Hunt Co mpa nie s F ina nc e T rust

Ac c e ss to E xte nsive L

  • an

Or igination Platfor m E xpe r ie nc e d Manage me nt T e am

Re a l E sta te Inve stme nt T rust fo c use d o n c o mme rc ia l a nd no n-c o mme rc ia l re a l e sta te d e b t inve stme nts E xte rna lly ma na g e d b y Hunt, a d ive rse re a l e sta te c o mpa ny E mpha sis o n flo a ting ra te inve stme nts we ll suite d fo r rising inte re st ra te e nviro nme nt Stro ng fo c us o n mid d le - ma rke t multifa mily se c to r

Str ate gy We ll Positione d for Rising Inte r e st Rate s

KE Y INVE ST ME NT HIGHL IGHT S

Pr

  • ve n Cr

e dit and Asse t Manage me nt Capabilitie s

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SLIDE 11

10

T a rg e t I nve stme nts

Hunt Co mpa nie s F ina nc e T rust

L OAN SIZE

$5 millio n to $50+ millio n

COL L AT E RAL

Prima rily first lie n re a l e sta te de b t o n sta b ilize d o r tra nsitio na l a sse ts

PROPE RT Y T YPE

Multifa mily, re ta il, o ffic e , industria l, a nd se lf sto ra g e

GE OGRAPHIE S

Within the Unite d Sta te s

L OAN T O VAL UE

T ypic a lly up to 80% L T C / up to 75% o f sta b ilize d va lue

RAT E

L I BOR + 3.00% a nd hig he r

T E RM

3 to 5 ye a rs

AMORT IZAT ION

T ypic a lly inte re st o nly

RE COURSE

T ypic a lly no n-re c o urse e xc e pt fo r sta nda rd c a rve -o uts

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SLIDE 12

11

T ra nsa c tio n Summa ry

Hunt CMT E q uity Ac q uisitio n – April 2018

 On Apr

il 30, 2018, the Company ac quir e d 100% of the e quity inte r e sts of Hunt CMT E quity L L C (“HCMT ”) fr

  • m Hunt for

an aggr e gate pur c hase pr ic e of appr

  • ximate ly $68 million
  • Asse ts o f HCMTinc lud e the junio r re ta ine d no te s a nd pre fe rre d sha re s o f a c o mme rc ia l re a l e sta te lo a n

se c uritiza tio n ("CL O") se c ure d b y a po rtfo lio o f c o mme rc ial lo a ns, a lic e nse d c o mme rc ial mo rtg a g e le nd e r, a nd e ig ht lo a n pa rtic ipa tio ns

  • T

he T ra nsa c tio n is pa rt o f the Co mpa ny's pre vio usly a nno unc e d re a llo c a tio n o f c a pita l into ne w inve stme nt o ppo rtunitie s in the c o mme rc ia l re a l e sta te d e b t spa c e

  • T

he Co mpa ny b e lie ve s tha t it is a sig nific a nt po sitive ste p in d ire c ting its stra te g y to wa rd tra nsitio na l c o mme rc ial re a l e sta te lo a ns, whic h a re e xpe c te d to b e po sitive to sto c kho ld e r re turns while lo we ring

  • ve ra ll le ve ra g e

Highlights of HCMT loan por tfolio and CL O financ ing:

  • Asse ts c o nsist o f pe rfo rming tra nsitio na l flo a ting ra te c o mme rc ia l re a l e sta te lo a ns c o lla te ra lize d b y a

d ive rse mix o f pro pe rty type s, inc luding multifa mily, re ta il, o ffic e , mixe d -use , ind ustria l a nd stud e nt ho using , with a we ig hte d -a ve ra g e spre a d o f 492 b a sis po ints o ve r o ne -mo nth L IBOR

  • F

ina nc e d b y ma tc h-te rm se c uritiza tio n with no n-re ta ine d inve stme nt-g ra d e no te s tha t b e a r a we ig hte d -a ve ra g e c o st o f 138 b a sis po ints o ve r o ne -mo nth L IBOR, e xc lud ing fe e s a nd tra nsa c tio n c o sts

  • Se c uritiza tio n fina nc ing inc lud e s a re ple nishme nt pe rio d tha t a llo ws princ ipa l pro c e e d s fro m

re pa yme nts o f the po rtfo lio a sse ts to b e re inve ste d in q ua lifying re pla c e me nt a sse ts, sub je c t to c e rta in c o nd itio ns

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SLIDE 13

12

Co mme rc ia l L

  • a n Po rtfo lio Pro file

Hunt Co mpa nie s F ina nc e T rust

84% 6% 3% 6% 1%

Multifa mily Re ta il Mixe d-Use Stude nt Ho using Offic e

T he Co mpa ny’ s ne wly a c q uire d c o mme rc ial lo a n po rtfo lio c o nsists o f pe rfo rming tra nsitio na l flo a ting ra te c o mme rc ial re a l e sta te lo a ns c o lla te ra lize d b y a d ive rse mix

  • f pro pe rty type s

 Po rtfo lio b a la nc e : $353.8 million  We ig hte d a ve ra g e unle ve re d yie ld : 6.83% 1  We ig hte d a ve ra g e a s-is L

T V a t o rig ina tio n:

71%

 We ig hte d a ve ra g e und e rwritte n a s-

sta b ilize d L T V: 66%

 No d e linq ue nc ie s a nd no lo a ns o n wa tc h

list

PORT F OL IO HIGHL I GHT S AS OF APRI L 30, 2018

PORT F OL I O BY GE OGRAPHI C CONCE NT RAT I ON PORT F OL I O BY L OAN T YPE PORT F OL I O BY PROPE RT Y T YPE

F irst Mo rtg a g e s 100% T X 29% AZ 14% GA 10% CT 8% F L 7% Othe rs 32%

1Re pre se nts a 4.92% spre a d to o ne -mo nth L

  • IBOR. One -mo nth L

IBOR wa s 1.91% a s o f April 30, 2018

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SLIDE 14

 T

he Co mpa ny a ntic ipa te s fina nc ing its c o mme rc ia l lo a n po rtfo lio using lo ng e r te rm re purc ha se fa c ilitie s a nd c o mme rc ia l lo a n se c uritiza tio n struc ture s (CL Os)

 CL

Os re pre se nt a wa y to fina nc e the po rtfo lio a s a n a lte rna tive to re po a nd pro vide sig nific a nt b e ne fits

13

Co mme rc ia l L

  • a n Po rtfo lio F

ina nc ing

Hunt Co mpa nie s F ina nc e T rust

CRE L

  • a ns &

Ca sh $349M Re ta ine d No te s / Pre fe rre d $59M

Cla ss D (BBB) $25M

Cla ss C (A) $22M Cla ss B (AA) $23M

Cla ss AS (AAA) $17M

Cla ss A (AAA) $203M

CLO Assets CLO Liabilities

Attr a c tive fina nc ing c ost a nd e ffe c tive a dva nc e r a te

We ig hte d a ve ra g e c o st o f o ffe re d no te s is L +1.38%. So ld no te s pro vide 83% le ve ra g e to the CL O a sse t po rtfo lio Sta ble , long te r m sour c e of non- r e c our se de bt c a pital

Offe re d no te s a re no n-re c o urse a nd pro vide ma tc h-te rm fina nc ing a g a inst the CL O’ s c o mme rc ia l re a l e sta te a sse ts Ma na g e d str uc tur e a llows for r e inve stme nt of r e pa yme nts

30-mo nth re inve stme nt pe rio d fro m Aug ust 2017 thro ug h F e b rua ry 2020

Hig hlig hts o f the CL O F ina nc ing Curre ntly Utilize d b y the Co mpa ny 1 2 3

  • $290M No te s
  • ffe re d & so ld
  • We ig hte d-

a ve ra g e c o upo n o f L +1.38%

  • 83% a dva nc e

ra te

CLO ASSETS CLO LIABILITIES

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SLIDE 15

14

Ca pita l De plo yme nt

Hunt Co mpa nie s F ina nc e T rust

 Hunt inte nds to c ontinue to liquidate the le gac y Age nc y MBS asse ts of HCF

T and the ir r e late d he dge s to ge ne r ate c apital to r e de ploy in c omme r c ial r e al e state de bt asse ts Mar ke t value of the Age nc y MBS por tfolio as of Apr il 30, 2018 was $651 million $720 million of Age nc y MBS have be e n sold sinc e Mar c h 31, 2018

  • Ca pita l g e ne ra te d utilize d , in pa rt, to fund the HCMT

a c q uisitio n

slide-16
SLIDE 16

15

Summa ry

Hunt Co mpa nie s F ina nc e T rust

I N SUMMARY

 Re al E

state Inve stme nt T rust fo c use d o n c o mme rc ia l a nd no n-c o mme rc ia l re a l e sta te inve stme nts

 E

xte rnally manage d b y Hunt a s pa rt o f its Re a l E

sta te F ina nc e pla tfo rm

 F

  • c use d o n flo a ting ra te inve stme nts we ll suite d fo r rising inte re st ra te e nviro nme nt

 Strong fo c us o n middle -ma rke t multifa mily se c to r

K E Y I NVE ST ME NT HI GHL I GHT S

 Ac c e ss to a ttra c tive & susta ina b le ma rke t o ppo rtunitie s  E

xpe rie nc e d ma na g e me nt te a m

 Stre ngth o f o wne rship / spo nso rship  Strate gy we ll-po sitio ne d fo r rising inte re st ra te s  Ac c e ss to e xte nsive lo a n o rig ina tio n pla tfo rm

slide-17
SLIDE 17