Resource America, Inc. reported an adjusted loss from continuing operations attributable to common shareholders, a non-GAAP measure, of $118,000 and adjusted income from continuing operations attributable to common shareholders, of $4.9 million for the fourth fiscal quarter and fiscal year ended September 30, 2011, respectively, as compared to adjusted income from continuing operations attributable to common shareholders of $1.4 million and $2.5 million for the fourth fiscal quarter and fiscal year ended September 30, 2010, respectively. A reconciliation of the Company's reported GAAP loss from continuing operations attributable to common shareholders to adjusted (loss) income from continuing operations attributable to common shareholders, a non-GAAP measure, is included as Schedule I to this release.
 
For the fourth fiscal quarter and fiscal year ended September 30, 2011, the Company reported a GAAP net loss attributable to common shareholders of $3.0 million and $8.2 million, respectively as compared to $7.9 million and $13.5 million for the fourth fiscal quarter and fiscal year ended September 30, 2010, respectively. As of September 30, 2011, the Company's book value per common share was $6.33 per share. Total stockholders' equity was $120.4 million as of September 30, 2011 as compared to $132.0 million as of September 30, 2010.
 
Jonathan Cohen, CEO and President, commented, "Resource America's progress continued during the fiscal year that ended on September 30, 2011 and afterwards. We have not only eliminated most of our debt but we have restructured the small amount that remains into longer terms with substantially lower interest rates. Our improved liquidity has allowed us to begin to repurchase our common shares where we bought back over 214,000 shares at an average price of $4.71 since we last reported earnings. We will continue to make repurchases subject to our liquidity and share price. We recently announced major capital investments into LEAF Commercial Credit, and the progress that LEAF has made this year is very encouraging. We added substantial assets under management at our bank loan manager with the completion of a new $350.0 million CLO. In real estate, we are firing on all cylinders. Resource Capital Corp. continues to perform well and is making loans and has a robust pipeline; our institutional joint ventures have been buying assets and have had great success in realizing value for our partners and for the Company; and our Opportunity REIT continues to enter into selling agreements, raise capital and deploy that capital. We enter fiscal 2012 with some wind at our backs and we are hopeful to deliver improving results, with growing GAAP profitability, in the months ahead."

LEAF Commercial Capital, Inc. ("LEAF") Secured $125.0 Million in New Capital: In November 2011, LEAF received a $50.0 million equity investment from Eos Partners, L.P. and its affiliates ("Eos"), a New York based private investment firm. Concurrent with the Eos investment, LEAF also expanded its warehouse credit facility with an additional $75.0 million through Versailles Assets, LLC, an asset-backed commercial paper conduit administered by Natixis. As a result of this new investment, the Company will no longer control LEAF and will deconsolidate it. The Company's investment in LEAF will be accounted for under the equity method.

         
Lease Origination/Platform Growth: LEAF continued to grow its lease origination and servicing operations during the fourth fiscal quarter ended September 30, 2011. 

LEAF's Dealer Solutions unit based in Moberly, MO added 231 new dealers as active users of its leasing programs.
    
In October 2011, LEAF introduced a mobile version of its lease origination portal, MyLeaseLink.com(SM). The portal allows dealers to manage their financing transactions in real time. We enrolled 71 additional dealers in MyLeaseLink.com(SM).

Increased Key Metrics: Since its January 2011 capital raise, LEAF has been monitoring selected data points to measure its performance versus previous periods. Data such as new applications for credit,originations (dollar value of new leases funded) and backlog (approved credit applications that are expected to fund in the next 90 days) are key measures to the growth trajectory of the business. As a result of a refocusing of resources on expanding the platform, LEAF has shown continued increases in key business metrics for the fourth fiscal quarter ended September 30, 2011 as compared to the third fiscal quarter ended June 30, 2011:
    
•    Lease Originations - up 39%

•    Credit Applications - up 14%

•    Approved Backlog - up 15%

Securitization: On October 28, 2011, with the completion of LEAF 2011-2, LEAF securitized approximately $105 million of leases, term funded by the issuance of Contract Backed Notes. The transaction is LEAF's first securitization of small ticket equipment loans and leases for its own account. The loans and leases were originated by LEAF and are backed by various equipment including office equipment such as copiers, as well as technology, telecommunications and industrial equipment. Guggenheim Securities LLC was the arranger of the notes and LEAF will continue to be the servicer of the assets. LEAF issued eight fixed rate classes of notes that were rated by Moody's and DBRS with the Class A notes having the benefit of a financial guaranty insurance policy issued by Assured Guaranty.