SOURCE: Resource America, Inc.

January 26, 2007 15:12 ET

Resource America, Inc. Enhances Structured Finance Team

PHILADELPHIA, PA -- (MARKET WIRE) -- January 26, 2007 -- Resource America, Inc. (NASDAQ: REXI) (the "Company" or "Resource") announces that it has hired Joan Sapinsley as Managing Director in charge of CMBS of Resource Financial Fund Management, Inc. ("RFFM"), the Company's financial fund asset manager. Ms. Sapinsley joins Resource from Teachers Insurance Company ("TIAA") where she was a Managing Director in charge of large loan and subordinate CMBS investments and directing TIAA's conduit program. At Resource, Ms. Sapinsley will lead a team in the investment, monitoring, and management of CMBS collateral both in the United States and Europe. She will focus her attention on augmenting Resource's effort as external manager of Resource Capital Corp. (NYSE: RSO) and will assist in the management of existing and new products for both the Company and external accounts. She will report to Jonathan Cohen, CEO and President of the Company as well as to Jeffrey Blomstrom, President of RFFM.

Jonathan Cohen, CEO and President of the Company and Resource Capital Corp., comments, "We are excited about the addition of Joan to the Resource team. She comes to us with a long and successful track record of having managed billions of dollars of CMBS and other real estate finance assets. She augments our already strong presence in the real estate debt finance world and will assist not only Resource Capital but also our other fund managers. She is a tremendous addition to the already strong team of real estate professionals led by Alan Feldman and David Bloom. We expect that Joan will make an immediate impact and expect her to build a significant team in the space."

"I am thrilled to be joining a firm with the collective intelligence and creativity of Resource America," says Ms. Sapinsley. "Their complementary activities and rigorous credit culture allow me the perfect opportunity to add CMBS and provide diversification to their other product offerings."

Resource America, Inc. is a specialized asset management company with approximately $12.1 billion of assets under management as of September 30, 2006 that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial fund management, real estate and commercial finance industries. For more information please visit our website at www.resourceamerica.com or contact Investor Relations at pschreiber@resourceamerica.com.

Contact Information

  • Contact:

    Pamela Schreiber
    Investor Relations
    Resource America, Inc.
    1845 Walnut Street, 10th Floor
    Philadelphia, PA 19103
    (215) 546-5005
    (215) 546-5388 (facsimile)