EXHIBIT 21.1

RESOURCE AMERICA, INC.

LIST OF SUBSIDIARIES

Resource Financial Fund Management, Inc.

Trapeza Capital Management, LLC

Trapeza Manager, Inc.

Trapeza Funding, LLC

Trapeza Funding II, LLC⁾

Trapeza Funding III, LLC

Trapeza Funding IV, LLC

Trapeza Funding V, LLC

Trapeza TPS, LLC

Trapeza Management Group, LLC

Structured Finance Fund GP, LLC

Structured Finance Management, LLC

Ischus Capital Management, LLC

Apidos Capital Management, LLC

Resource Capital Manager, Inc.

Resource Financial Institutions Group, Inc.

Axios Capital Management, LLC

Resource Credit Partners, L.P.

Resource Credit Partners GP, Inc.

Resource Credit Management, LLC

RAI Ventures, Inc.

Chadwick Securities, Inc.

Resource Europe Management Ltd.

Resource Capital Investor, Inc.

Resource Leasing, Inc.

FLI Holdings, Inc.

LEAF Financial Corporation

LEAF Capital Management, Inc.

LEAF Asset Management, LLC

LEAF Asset Management, Inc.

Lease Equity Appreciation Fund I L.P.

LEAF Fund I, LLC

Lease Equity Appreciation Fund II, L.P.

LEAF Fund II, LLC

LEAF Funding, Inc.

LEAF Institutional Direct Management, LLC

Resource Real Estate Holdings, Inc.

Resource Real Estate, Inc.

Resource Real Estate Funding, Inc.

Resource Capital Partners, Inc.

Resource Real Estate Management, LLC

SR Real Estate Partners, LLC

RCP Nittany Pointe Manager, Inc.

RCP Chinoe Creek Manager, Inc.

RCP Fountains GP, Inc.

RCP Portland Courtyard Manager, Inc.

RCP Albuquerque Manager, Inc.

RCP Avalon Manager, Inc.

RCP Falls at Duraleigh Manager, Inc.

RCP Sage Canyon Manager, Inc.

RCP Cuestas Manager, Inc.

RCP Holdco I Manager, Inc.

RCP Reserves Manager, Inc.

RCP Foxglove Manager, Inc.

RCP Santa Fe Manager, Inc.

RCP Regents Center Manager, Inc.

RCP Highland Lodge Manager, Inc.

RCP Reserves Holdings Manager, Inc.

RCP Grove Manager, LLC

RCP Howell Bridge Manager, Inc.

RCP Howell Bridge Holdings, LLC

RRE Bentley Place Holdings, LLC

RRE Bentley Place TIC, LLC

RRE Reserves TIC, LLC

RRE Reserves Holdings, LLC

RRE Highland Lodge TIC, LLC

RCP Reserves Holdco I Manager, Inc.

RRE Regents Center TIC, LLC

RRE Grove Holdings, L.P.

RRE Regents Center Holdings, LLC

Resource RSI Phase I, LLC

Resource RSI Phase II, LLC

Resource Asset Management, Inc.

Resource Properties II, Inc.

Resource Properties IV, Inc.

Resource Properties VI, Inc.

Resource Properties VIII, Inc.

Resource Properties XII, Inc.

Resource Properties XIV, Inc.

Resource Properties XV, Inc.

Resource Properties XVII, Inc.

Resource Properties XVIII, Inc.

Resource Properties XX, Inc.

Resource Properties XXII, Inc.

Resource Properties XXIII, Inc.

Resource Properties XXIV, Inc.

Resource Properties XXV, Inc.

Resource Properties XXVI, Inc.

Resource Properties XXVII, Inc.

Resource Properties XXVIII, Inc.

Resource Properties XXIX, Inc.

Resource Properties XXX, Inc.

Resource Properties XXXI, Inc.

Resource Properties XXXII, Inc.

Resource Properties XXXIII, Inc.

Resource Properties XXXIV, Inc.

Deerfield RPI, LLC

Resource Properties XXXV, Inc.

Resource Properties XXXVI, Inc.

Resource Properties XXXVIII, Inc.

Resource Properties XL, Inc.

Resource Properties XLI, Inc.

Resource Properties XLII, Inc.

Resource Properties XLIV, Inc.

Resource Properties XLVI, Inc.

Resource Properties XLVII, Inc.

Resource Properties XLIX, Inc.

Resource Properties 50, Inc.

Resource Properties 51, Inc.

Resource Properties 52, Inc.

Resource Properties 53, Inc.

Resource Properties 54, Inc.

CP/GP, Inc.

Chesterfield Mortgage Investors, Inc.

RAI Financial, Inc.

Resource Commercial Mortgages, Inc.

Resource Financial Services, Inc.

Resource Housing Investors I, Inc.

Resource Housing Investors II, Inc.

Resource Housing Investors III, Inc.

Resource Housing Investors IV, Inc.

Resource Programs, Inc.

RCP Financials, LLC

RCP Partners, L.P.

Resource Rittenhouse, Inc.

WS Mortgage Acquisition Corporation