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Contact: Pamela Schreiber
Investor Relations
Resource America, Inc.
1521 Locust Street - 5th Floor
Philadelphia, PA 19102
(215) 546-5005
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Payment of $3 Million on Mortgage Loan Acquired for $2 Million
Philadelphia, PA, 11/3/2022 - Resource America, Inc (NASDAQ:REXI)(the "Company") announced today that its subsidiary, Rancho Investments, Inc., received $3.0 million in full satisfaction of its mortgage loan secured by a property in Sacramento, California. The Company acquired the loan on August 31, 2022 for $2.0 million. Today's payment, pursuant to the terms of a loan restructuring agreement, resulted from the sale of the property by the owner for $3.1 million. The property's appraised value was $3.0 million.
Edward E. Cohen, Chairman and CEO of Resource America, Inc., commented: "We are pleased with this result which again confirms the value of our mortgage loan receivables." This brings Resource America, Inc.'s total loan principal repayments to $77.2 million since January 31, 1999. At October 31, 2021 the book value of the Company's remaining loan receivables was $184.8 million net of senior obligations.
Resource America, Inc. operates a diversified financial services company engaged in equipment leasing, energy and energy finance, and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release.
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