8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 2, 2008

Resource America, Inc.

(Exact name of registrant as specified in its chapter)

Delaware	0-4408	72-0654145
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Crescent Drive, Suite 203 Philadelphia, PA 19112	19112
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 215-546-5005

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

On December 2, 2008, Resource America, Inc. (the “Company”) participated in the 2008 Friedman, Billings, Ramsey and Co., Inc. Investor Conference in New York City. A copy of the Company’s presentation is included as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Slide show presentation of December 2, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Resource America, Inc.
Date: December 2, 2008	/s/ Steven J. Kessler
	Steven J. Kessler Executive Vice President and Chief Financial Officer

EX-99.1

1

1

FBR Presentation

December 2, 2008

Exhibit 99.1

2

Safe Harbor

•

WHEN USED IN THIS CONFERENCE, THE WORDS “BELIEVES”, “ANTICIPATES”, “EXPECTS”

AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD LOOKING

STATEMENTS.  

•

SUCH STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES, WHICH COULD

CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY.

•

THE RISKS AND UNCERTAINTIES ARE DISCUSSED IN OUR ANNUAL REPORT ON FORM 10K-

A FOR FISCAL 2007; PARTICULARLY THE SECTION TITLED RISK FACTORS.

VIEWERS ARE

CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING

STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE HEREOF.

•

THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE ANY OF THESE FORWARD

LOOKING STATEMENTS OR TO PUBLICLY RELEASE THE RESULTS OF ANY REVISIONS TO

FORWARD LOOKING STATEMENTS, WHICH MAY BE MADE TO REFLECT EVENTS OR

CIRCUMSTANCES

AFTER

THE

DATE

HEREOF

OR

TO

REFLECT

THE

OCCURRENCE

OF

UNANTICIPATED EVENTS. EXCEPT AS MAY BE REQUIRED BY LAW.

3

Resource America, Inc. Overview

Resource

America,

Inc.

(“RAI”

NASDAQ:

REXI)

is

a

specialized asset management

company

that specializes in the commercial finance, real estate and financial fund management

sectors.

Assets Under Management*:

$18.0 Billion

Public Offering

1996

Market Capitalization:

$74 Million (as of 11/28/08)

Shares Outstanding*:

17,595,934

Number of Employees*:

799

Office Locations:

New York, Philadelphia,

London, Los Angeles

* As of 9/30/2008

4

Asset Managers

•

Commercial Finance

•

$1.6 Billion AUM*

•

Grown to be the third largest

non-bank leasing company in

the U.S.

•

Recently received new

financing for its funds

•

Distressed Real Estate,

Multifamily Properties and

Commercial Mortgages

•

$1.7 Billion AUM*

•

Recently deployed $71 Million

into distressed real estate

primarily under a $500 Million

institutional JV that it manages

•

Manage 15,758 multi units

including 9,800 through its own

property mgmt. platform

•

Financial Fund Management

•

$14.7 Billion AUM*

•

Continues to be a stable source

of management fees

•

Continue to take advantage of

opportunities to utilize our

professionals and platform

LEAF

RFFM

Asset Manager

Resource Real Estate

As of 9/30/2008

5

Business Overview

Resource America, Inc. has transformed itself from a company managing

assets for its own account to a specialized asset manager.

•

Focused on three business lines -

Commercial Finance, Real Estate, and

Financial Fund Management      

Seasoned management teams in each of our business lines

•

Distinct Fund-Raising Ability -

Robust distribution network and channels

Have grown this network over many years with strong relationships, high barriers

to entry

•

Solid Asset Management Platform -

Long-Term Contracts to Manage Assets

Irrespective of the recession, still collecting fees on our businesses

•

Value of Management Contracts

We believe RFFM management contracts not carried on our B/S are worth $50–

80 Million, under significant discount scenarios

6

REXI’s Fundamental Business Process

Throughout all of our businesses we have the same fundamental business

platform.  Resource America, Inc. acts as the:

•

Originator of specialized assets

•

Underwriter of these assets

•

Servicer of these assets

•

Investment manager of these assets

We create value by making solid investments with capital and leveraging these

investments with:

•

Up-front fees

•

Recurring management fees

•

Capital appreciation

7

Where we are today –

justified or not?

•

As of 11/28/08 REXI stock price closed at $4.20 per share

•

Book Value Per Share at 6/30/08 -

$8.91

•

Earnings Power directly tied to our:

Long-term management contracts

New fundraising

Cost cutting

Controlling new product marketing costs

•

Ability to Raise New Capital –

Possible in this environment?

•

Long Term Fees -

What are they worth? Are they sustainable or do they go

away?

8

Earnings Power

•

Focused on increasing operating margins for each asset manager

•

G&A Cuts

LEAF

–

Annualized

reduction

of

approximately

$8.0

Million

for

Calendar

Year

2009

Corporate and other Managers -

Annualized reduction of $9.0 Million for Calendar

Year 2009

•

Stability of Fees

Expected Fee contribution by Manager for 2009:

•

LEAF -

$30.0 Million*

•

RRE -

$11.2 Million*

•

RFFM -

$23.1 Million

*Includes acquisition fees

9

REXI’s Distinct Fund-Raising Ability

Resource America has a stronghold on its retail channel which has taken years

to build. This network has large economies of scale and scope with high

barriers to entry.

•

This channel is utilized by all the asset management business lines

•

The relationships are very valuable and entail over 30,000 representatives

LEAF

Total Amount Raised ($ Millions)

Resource Real Estate Investors

Total Amount Raised ($ Millions)

*Expected Raise

$0

$10

$20

$30

$40

$50

$60

RRE

Investors

RRE

Investors II

RRE

Investors III

RRE

Investors IV

RRE

Investors V

RRE

Investors VI

RRE

Investors

VII*

$0

$50

$100

$150

$200

$250

LEAF

LEAF II

LEAF III

LEAF 4*

10

Ability to raise capital in this environment

LEAF

•

LEAF raised $66.4 Million during fiscal 2008 through April

•

Since launching LEAF 4 and LCFF in September 2008, LEAF raised

$38.2 Million to date

Resource Real Estate

•

RRE raised $42.3 Million through 6/30/08 to close out its sixth fund

•

Most recent fund, RREI VII, has raised $16.3 Million since July 2008

11

Projected equity raise in FY 2009

0

10

20

30

40

50

60

70

80

90

1Q '09

2Q '09

3Q '09

4Q '09

$106.8

LEAF

$65.0

RRE

$25.0

Retail Distressed RE Fund

$140.0

Total $336.8

Institutional Distressed RE Fund

12

LEAF Financial Corporation

LEAF

Financial

Corporation

is

a

commercial

finance

and

equipment

leasing

company, whose business model is to originate small ticket equipment leases

by

reaching the small to mid-sized business market. After origination, LEAF

manages

the leases for its own account, institutions and individual investors

through

investment partnerships and other investment vehicles.

•These leases span a wide variety of industries and are specifically designed for

technology, healthcare, agriculture, waste management and general businesses

nationwide

•The average lease size is $35,000 with an average term of approximately four

years.

•Seasoned management team has worked together for the past 20 years with

over 100 years of collective experience.

•REXI has invested $53 Million in LEAF.  Our business model is unique, a typical

company of this size has at least $200 Million of equity invested, whereas REXI

has invested significantly less.

13

LEAF Corporate Structure

LEAF I

$17MM

GP: $835K

433 LPs

LEAF II

$60MM

GP: $879K

1,432 LPs

LEAF III

$120MM

GP: $1MM

2,539 LPs

LEAF 4

$200MM*

GP: $1MM Min.

LCFF

(Reg D)

$25MM*

Parent Company and General Partner

Originations

*Expected raise

14

Resource Real Estate, Inc.

RRE invests in and manages real estate investment vehicles and operates the

Company’s commercial real estate debt platform. It offers investment programs

that acquire stable income-generating multifamily real estate assets

throughout the U.S that provide tax-advantaged cash flows to investors.

•With over 300 people involved in acquisitions, finance, lending,

asset and

property management and a $500 Million distressed real estate JV, RRE is

strongly positioned to take advantage of dislocations in the U.S. commercial

real estate market.

•RRE’s investment programs for stabilized multifamily properties invest

throughout the U.S in areas with solid demographic and real estate

fundamentals.

•Distressed investment opportunities are being sourced through a variety of

channels, including the deep banking relationships forged through RFFM’s

activities.

15

Resource Real Estate, Inc.

Independent Broker

Dealers

Institutional JV

Partners

Multifamily Funds

Distressed

CRE Funds

CRE Mortgages

REIT Investors  

NYSE: RSO

Capital Sources

Funds and Asset

Types

Property Mgmt

Asset

Mgmt

Portfolio

Mgmt

RRE

Management

Commercial Real Estate Assets

16

Resource Financial Fund Management

Resource Financial Fund Management, Inc. (RFFM) conducts RAI's financial

fund management business through Apidos Capital Management, LLC,

Trapeza

Capital Management, LLC (a joint venture with a third party), Resource

Financial Institutions Group, Inc. and Ischus Capital Management, LLC. RFFM is

a leader in underwriting diverse credit and financial products.

•We are continuing to take advantage of opportunities in the market where we

can utilize our asset management professionals and platform to manage

additional assets with minimal / no equity exposure.

•RFFM continues to be a stable source of management fees and produced

approximately $20 Million of fees during the first nine months of 2008.

•Seasoned management team with over 110 years of collective experience.

17

Resource Financial Fund Management

Resource Financial Fund

Management

Ischus Capital

(MBS/ABS)

9 Funds, $5.6 billion under

management

Trapeza Capital

(Bank Trust Preferred)

13 Funds, $4.8 billion under

management

Apidos Capital

(Bank Loans)

12 Funds, $3.8 billion under

management

Resource Europe

Management

(Bank Loans)

1 Fund, $404 million under

management

As of 9/30/08

18

Long-term Contracts to Manage Assets

Most of our funds exceed seven years. Many funds include a reinvestment period

before scheduled note prepayments begin.

•

LEAF –

Reinvestment period lasts 5 years, expected life an additional 3-4

years

•

RRE –

Funds have an average expected life of 7 years

•

RFFM –

Reinvestment period ranges from 4-7 years, expected life an

additional 4-5 years*

* Funds secured by trust-preferred assets could extend an additional 10-20 years

19

Executive Summary

•

2008 was disappointing as the market shifted, but we expect 2009

to be more

fruitful.

•

We expect to continue to right-size our business throughout 2009, with a focus

on increasing profit margins.

•

Our business lines can and are raising capital through our extensive retail

network, which has taken years to cultivate and build.

•

Our asset management businesses are solid with long-term contracts that will

continue to produce fee streams for years.

•

The valuation of our long-term asset management fee contracts ($50-80

Million) are robust even when stress tested.

•

We will be patient until healthy market valuations return for our commercial

finance and asset management businesses.