EXHIBIT 21.1

RESOURCE AMERICA, INC.

LIST OF SUBSIDIARIES

Resource Financial Fund Management, Inc.

Resource Banking Advisory & Management, Inc.

Coredo Capital Management, LLC

Trapeza Capital Management, LLC

Trapeza Manager, Inc.

Trapeza Funding, LLC ⁽¹⁾

Trapeza Funding II, LLC ⁽¹⁾

Trapeza Funding III, LLC ⁽¹⁾

Trapeza Funding IV, LLC ⁽¹⁾

Trapeza Funding V, LLC ⁽¹⁾

Trapeza TPS, LLC ⁽¹⁾

Trapeza Management Group, LLC  ⁽²⁾

Structured Finance Fund GP, LLC ⁽¹⁾

Structured Finance Management, LLC ⁽¹⁾

Ischus Capital Management, LLC

Apidos Capital Management, LLC

Resource Financial Institutions Group, Inc.

Resource Credit Partners GP, Inc.

Resource Credit Management, LLC

Resource Capital Manager, Inc.

Resource Financial Advisors, LLC

RAI Ventures, Inc.

Chadwick Securities, Inc.

Resource Europe Management Limited

Resource Europe Limited

Resource Capital Investor, Inc.

Resource Leasing, Inc.

FLI Holdings, Inc.

LEAF Financial Corporation ⁽⁸⁾

LEAF Ventures, LLC ⁽⁹⁾

LEAF Asset Management, Inc.

Merit Capital Manager, LLC

Merit Capital Advance, LLC ⁽¹⁰⁾

LEAF Ventures II, LLC ⁽¹¹⁾

Prompt Payment, LLC ⁽¹²⁾

LEAF Capital Management, Inc.

Lease Equity Appreciation Fund I L.P. ⁽¹³⁾

LEAF Fund I, LLC

Lease Equity Appreciation Fund II, L.P. ⁽¹³⁾

LEAF Fund II, LLC

LEAF II B SPE, LLC

LEAF II Receivables Funding, LLC

LEAF Equipment Leasing Income Fund III, L.P. ⁽¹⁰⁾

LEAF III A SPE, LLC

LEAF Fund III, LLC

LEAF Funding, Inc.

Resource Capital Funding II, LLC

LEAF Institutional Direct Management, LLC

LEAF Commercial Finance Co., LLC

Resource Real Estate Holdings, Inc.

Resource Real Estate, Inc.

RRE Leasco, LLC

Resource Real Estate Funding, Inc.

Resource Real Estate Management, Inc.

Resource Capital Partners, Inc.

RCP Ryan’s Crossing Manager, LLC

RCP Westchase Wyndham Manager, LLC

RCP Pear Tree Manager, LLC

RCP Wind Tree Manager, LLC

RCP Falls at Duraleigh Manager, Inc.

RCP Sage Canyon Manager, Inc.

RCP Cuestas Manager, Inc.

RCP Chenal Brightwaters Manager, LLC

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 Avalon Manager, Inc.

RCP Howell Bridge Manager, Inc.

RCP Heritage Lake Manager, LLC

RCP Magnolia Manager, LLC

RCP West Wind Manager, LLC

AR Real Estate Investors, LLC ⁽⁶⁾

RCP Nittany Pointe Manager, Inc.

RCP Chinoe Creek Manager, Inc.

RCP Fountains GP, Inc.

RCP Portland Courtyard Manager, Inc.

RCP Albuquerque Manager, Inc.

AR Real Estate, GP LLC

RRE Oak Park Leaseco, LLC ⁽⁷⁾

RRE Ryan’s Crossing Holdings, LLC ⁽⁷⁾

RRE Regents Center Holdings, LLC ⁽⁷⁾

RRE Chenal Brightwaters Holdings, LLC ⁽⁷⁾

RRE Chenal Brightwaters TIC, LLC ⁽⁷⁾

RRE 2 Duraleigh Member, LLC ⁽⁷⁾

RRE Falls at Duraleigh Holdings, LLC ⁽⁷⁾

RRE Avalon Member, LLC ⁽⁷⁾

RRE Avalon Holdings, LLC ⁽⁷⁾

RRE Funding I, LLC ⁽⁷⁾

RRE West Chase Wyndham TIC, LLC ⁽⁷⁾

RRE West Wind Holdings, LLC ⁽⁷⁾

RRE Magnolia Holdings, LLC ⁽⁷⁾

RRE Highland Lodge TIC, LLC ⁽⁷⁾

RRE Regents Center TIC, LLC ⁽⁷⁾

RRE Reserves TIC, LLC

RRE Bentley Place TIC, LLC

RRE Heritage Lake TIC, LLC ⁽⁷⁾

Resource Real Estate Management, LLC

Resource RSI Phase I, LLC

Resource RSI Phase II, LLC

Press Building, LLC ⁽⁴⁾

Resource Asset Management, Inc.

LEAF Asset Management, LLC

RCP Financial, LLC ⁽³⁾

Resource Programs, Inc. ⁽³⁾

Resource Properties VIII, Inc. ⁽³⁾

Resource Properties XIV, Inc. ⁽³⁾

Resource Properties XVII ⁽³⁾

Resource Properties XXIV, Inc. ⁽³⁾

Resource Properties XXV, Inc. ⁽³⁾

Resource Properties XXVI, Inc. ⁽³⁾

Resource Properties XXX, Inc. ⁽³⁾

Resource Properties XXXI ⁽³⁾

Resource Properties XXXIII, Inc. ⁽³⁾

Resource Properties XXXV, Inc. ⁽³⁾

Resource Properties XL, Inc. ⁽³⁾

Resource Properties XLI, Inc. ⁽³⁾

Resource Properties XLVII, Inc. ⁽³⁾

Resource Properties XLIX, Inc. ⁽³⁾

Resource Properties 54, Inc. ⁽³⁾

Chesterfield Mortgage Investors, Inc. ⁽³⁾

Resource Commercial Mortgages, Inc. ⁽³⁾

Resource Housing Investors I, Inc. ⁽³⁾

Resource Housing Investors II, Inc. ⁽³⁾

Resource Housing Investors III, Inc. ⁽³⁾

Resource Housing Investors IV, Inc. ⁽³⁾

Resource Rittenhouse, Inc. ⁽³⁾

LEAF Funding, LLC

LEAF Capital Funding, LLC

LEAF Commercial Finance Fund, LLC

RRE D2R2 2007-1, LLC

RRE HUD MF 2007, LLC ⁽⁵⁾

RCC Real Estate Trophy Properties XV, LLC

RRE Bentley Place Holdings, LLC ⁽⁷⁾

RRE Howell Bridge Holdings, LLC ⁽⁷⁾

RRE Reserves Holdings, LLC ⁽⁷⁾

RRE 1 Duraleigh Member, LLC ⁽⁷⁾

RRE Reserves Holdco I, LLC ⁽⁷⁾

RRE Sage Canyon Holdings, LLC ⁽⁷⁾

RRE Cuestas Holdings, LLC ⁽⁷⁾

RRE Bentley Place Holdco I, LLC ⁽⁷⁾

RRE Heritage Lake Holdings, LLC ⁽⁷⁾

RRE Pear Tree Holdings, LLC ⁽⁷⁾

RRE Wind Tree Holdings, LLC ⁽⁷⁾

RRE Westchase Wyndham Holdings, LLC ⁽⁷⁾

RRE Funding II, LLC ⁽⁷⁾

(1)   50% owned by Resource Financial Fund Management, Inc.

(2)   33.33% owned by Resource Financial Fund Management, Inc.

(3)   Resource America, Inc. currently owns 24 separate subsidiaries formerly held by Resource Properties, Inc.,    which merged as of June 29, 2005 into Resource America, Inc. each of which owns, or held in the past, a separate loan asset (the “Real Estate Subsidiaries”).

(4)   25% owned by Resource America, Inc.

(5)   5% owned by RRE D2R2 2007, LLC.

(6)   10% owned by Resource America, Inc.

(7)   Owned by Resource America sponsored real estate fund whose general partner.

(8)   85% owned by Resource Leasing, Inc.

(9)   92% owned by Leaf Financial Corp.

(10)   50% owned by Leaf Ventures, LLC.

(11)   90% owned by Leaf Financial Corp.

(12)   80% owned by Leaf Ventures II, LLC.

(13)   1% owned by general partners of fund.