13D Filing: Xl Investments Ltd and Five Oaks Investment Corp. (OAKS)

Warrant Termination Agreement

In connection with the Purchase Agreement and the transactions involving the Issuer, Oak Circle Capital Partners LLC and affiliates of Hunt
Companies, Inc., as publicly announced by the Issuer on January 18, 2018, the Issuer and XL Investments entered into a Warrant Termination Agreement (the Termination Agreement), dated January 18, 2018. On the terms and subject to
the conditions set forth in the Termination Agreement, XL Investments and the Issuer mutually agreed to terminate certain warrants to purchase 3,753,492 shares of Common Stock held by XL Investments effective upon execution of the Termination
Agreement.

The foregoing summaries of the Purchase Agreement and Termination Agreement contained herein are qualified in their entirety
by reference to Exhibit 99.1 and Exhibit 99.2, which are incorporated herein by reference in their entirety.

Item 5 of the Schedule 13D is hereby amended in
its entirety as follows:

(a), (b) As of January 18, 2018 each of XL Investments and XLGI Ltd may be deemed to beneficially own 3,330,550
shares of Common Stock, representing 14.1% of the outstanding shares of Common Stock, and each of XL Bermuda and XLGI LLC may be deemed to beneficially own 3,340,780 shares of Common Stock, representing 14.1% of the outstanding shares of Common
Stock. All percentages of the outstanding Common Stock are based on (i) the 22,143,758 shares of Common Stock outstanding as of January 17, 2018 as reported by the Company to the Reporting Persons, plus (ii) the 1,539,406 shares of Common Stock
reported by the Company in its press release dated January 18, 2018 as issued in a private placement to Hunt on January 18, 2018.

The
Reporting Persons may be deemed to constitute a person or group within the meaning of Section 13(d)(3) of the Exchange Act and Rule 13d-5(b)(1) thereunder. The filing of this Schedule 13D shall not be construed as an
admission of such beneficial ownership or that the Reporting Persons constitute a person or group.