REAL ESTATE

In 1991 the Company established Resource Properties, Inc., its real estate finance division, which has accumulated a portfolio valued at approximately $620 million as of June 30, 2022 and includes commercial real estate loans, purchased at a discount and secured by buildings such as The National Press Building, and The Evening Star Building in Washington, D.C., the Alex Brown Building in Baltimore, Maryland, The Pensacola Place Apartments and 1212 South Michigan Avenue Apartments in Chicago, IL. As of June, 2001, the face value of the Company’s real estate portfolio is approximately $620 million.

In 1997 the company organized RAIT Investment Trust (AMEX:RAS), a real estate investment trust, in which the Company owns a 10.6% equity interest. RAIT provides specialized financing to the mid-sized real estate market.