SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Spencer Capital Management, LLC

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
RESOURCE AMERICA INC [ REXI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

3. Date of Earliest Transaction (Month/Day/Year)
07/06/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	07/06/2006		P		200	A	$19.99	1,972,375	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		19,501	A	$19.9945	1,991,876	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		16,335	A	$20	2,008,211	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		100	A	$20.01	2,008,311	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		4,411	A	$20.02	2,012,722	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		5,600	A	$20.03	2,018,322	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		3,600	A	$20.04	2,021,922	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		5,000	A	$20.05	2,026,922	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		900	A	$20.08	2,027,822	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		100	A	$20.09	2,027,922	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		498	A	$20.1	2,028,420	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		600	A	$20.11	2,029,020	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		1,200	A	$20.12	2,030,220	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		15,200	A	$20.13	2,045,420	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		2,500	A	$20.14	2,047,920	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		20,555	A	$20.15	2,068,475	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾
Common Stock, par value $0.001 per share	07/06/2006		P		15,000	A	$20.18	2,083,475	I⁽¹⁾⁽²⁾	See footnotes⁽¹⁾⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

Spencer Capital Management, LLC

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

Shubin Stein Kenneth H

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

SPENCER CAPITAL OPPORTUNITY FUND LP

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

Spencer Capital Partners, LLC

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

SPENCER CAPITAL OFFSHORE OPPORTUNITY FUND LTD

(Last)

(First)

(Middle)

C/O WALKERS SPV LTD., P.O. 908GT

WALKERS HOUSE, MARY STREET

(Street)

GEORGE TOWN

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

Spencer Capital Offshore Partners, LLC

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

Spencer Capital Small Cap Fund, LP

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

1. Name and Address of Reporting Person^*

Spencer Small Cap Partners, LLC

(Last)

(First)

(Middle)

1995 BROADWAY

SUITE 1801

(Street)

NEW YORK

10023

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See footnote (1)

Explanation of Responses:

1. See Exhibit 99.1.

2. See Exhibit 99.1.

	/s/ Kenneth H. Shubin Stein, MD, CFA, Authorized Signatory	07/10/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.