Resource America, Inc. operates as a specialized asset management company. The company uses industry specific know-how to generate and administer investment opportunities for the company and for outside investors in the financial fund management, real estate and commercial finance sectors. The assets are managed on behalf of institutional and individual investors and a specialty finance real estate investment trust, Resource Capital Corp. (RCC). The company attracts investment funds through the sponsorship of investment vehicles, including CDO issuers, public and private investment partnerships, TIC programs and a real estate investment trust, or REIT. It arranges for the funding of these vehicles through short, medium and longer-term bank financing, CDO issuances and equity investments. Financial Fund Management The company focuses its financial fund management operations on the sponsorship and management of CDO issuers and the management of RCC. It conducts financial fund management operations through three principal subsidiaries: Apidos Capital Management, LLC, or Apidos, which invests in, finances, structures and manages investments in bank loans. Ischus Capital Management, LLC, or Ischus, which invests in, finances, structures and manages investments in asset-backed securities or ABS, including residential mortgage-backed securities, or RMBS, and commercial mortgage-backed securities, or CMBS. Trapeza Capital Management, LLC, or Trapeza, a joint venture between the company and an unrelated third party, which originates, structures, finances and manages investments in trust preferred securities and senior debt securities of banks, bank holding companies, insurance companies and other financial companies. CDOs: The company focuses on the sponsorship of CDO issuers whose CDOs are backed by assets purchased through Ischus, Apidos and Trapeza and the management of their assets. The company acquires assets for its CDO issuers principally in transactions with the issuers of those assets, and is responsible for the evaluation of assets proposed for inclusion in the CDO issuer’s portfolio. Real Estate The company’s real estate operations involve: the sponsorship and management of real estate investment partnerships and TIC programs; the management, solely for RCC, of general investments in commercial real estate debt. These investments may include first mortgage debt, whole loans, mortgage participations, subordinate notes, mezzanine debt and related commercial real estate securities; and the management and resolution of a legacy portfolio of real estate loans and property interests. Real Estate Investment Partnerships and TIC Programs: The company has sponsored five real estate investment partnerships and four TIC programs in which investors acquire undivided fractional interests in real properties through a tenant-in-common structure. These partnerships and TIC programs have acquired interests in 17 multi-family apartment complexes comprising of 5,754 units. Resource Capital Corp: The company manages commercial real estate loan assets on behalf of RCC. RCC operates as a REIT. RCC invests in a diversified portfolio of B notes, CMBS and other real estate-related loans and commercial finance assets. The company manages RCC through Resource Capital Manager, Inc., or RCM, an indirect wholly-owned subsidiary. Legacy Portfolio of Loan and Property Interests: In addition to real estate investment partnerships, TIC programs and commercial loan portfolio, the company has a legacy portfolio of real estate loans and property interests. The company has interest in one of the properties underlying the restructured loans. Commercial Finance The company focuses its commercial finance operations on equipment leases and asset-based loans to small and mid-sized companies. Its equipment lease financing is for ‘business-essential’ equipment including technology, commercial, industrial and medical equipment, with a primary financed transaction size of under $2.0 million and an average size of between $50,000 to $100,000. Its asset-backed non-commercial financing is used by borrowers to acquire professional practices, such as dental or veterinary practice and business franchises. The company also provides loans to other commercial finance companies secured by pledged financial assets. Its asset-based loans range from between $5 million to $15 million. Resource Europe: The company, in April 2006, commenced its European leveraged loan operations, Resource Europe, based in London, England. Resource Europe is in the process of completing its first CDO. Credit Facilities: The company, through its subsidiaries, has access to three separate credit facilities. It also has arranged three credit facilities for three of its CDO issuers relating to their accumulation of assets, for which the company is a guarantor. Other Activities The company, in the year 2006, undertook various activities in its asset management operations that include: Public Equity: The company sponsored three investment partnerships for institutional and individual investors focused on private equity investments in domestic regional banks. Hedge Fund: The company sponsored one partnership for institutional and individual investors that was structured as a hedge fund. The fund focuses on credit products. Resource Europe: The company formed Resource Europe, Inc. in 2006 to focus on investments in international, principally European, bank loans. History Resource America, Inc. was founded in 1966.
resource america inc-cl a
Navy Yard Corporate Center
One Crescent Drive
Philadelphia, PA 19112
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