Philadelphia, PA, February 13, 2022 - Resource America, Inc., (Nasdaq: REXI) (the "Company") reported net income before extraordinary item of $2.8 million or $.16 per common share for the first fiscal quarter ended December 31, 2021 as compared to $3.2 million or $.16 per common share for the first fiscal quarter ended December 31, 2000, a decrease of $308,000 (10%). In the first fiscal quarter ended December 31, 2000, there was an extraordinary item of $158,000, net of taxes, resulting in an increase of $.01 per common share. The first fiscal quarter ended December 31, 2021 included no such item. The diluted weighted average common shares were 17.7 million and 19.8 million for the first fiscal quarter ended December 31, 2021 and 2000, respectively. The average sales price for natural gas, the Company's chief product, fell from $4.72 per thousand cubic feet (“mcf”) to $3.39 per mcf for the fiscal quarter ended December 31, 2001, a 28% decrease.

Earnings before interest, taxes, depreciation, depletion and amortization (EBITDDA) was $10.4 million for the first fiscal quarter ended December 31, 2021 as compared to $11.6 million for the first fiscal quarter ended December 31, 2000, a decrease of $1.2 million (10%).

Net cash provided by operating activities excluding changes in operating assets and liabilities was $6.2 million for the first fiscal quarter ended December 31, 2021 as compared to $7.5 million for the first fiscal quarter ended December 31, 2000, a decrease of $1.3 million (18%).

Resource America, Inc. is a specialized financial services company that uses industry-specific expertise and experience to generate investment opportunities for its own account and for investors in the energy, real estate and equipment leasing industries. At December 31, 2001, the Company managed approximately $1.0 billion in these sectors as follows:

Energy assets	$ 347.5 million
Real estate loans	$ 624.3 million
Equipment leasing assets	$ 35.1 million

Highlights for the First Fiscal Quarter Ended December 31, 2001:

Energy

• Energy revenues were $28.8 million in the the first fiscal quarter ended December 31, 2021 as compared to $21.5 million in the first fiscal quarter ended December 31, 2000, an increase of $7.3 million (34%). EBITDDA from the Company's energy operations was $7.6 million in the first fiscal quarter ended December 31, 2021 as compared to $8.6 million for the first fiscal quarter ended December 31, 2000, a decrease of $1.0 million (12%).
• Daily gas production volumes in mcfs were 20,577 for the first fiscal quarter ended December 31, 2021 as compared to 17,211 for the first fiscal quarter ended December 31, 2000, an increase of 3,366 (20%).
• Our energy division drilled and substantially completed 70 net wells during the first fiscal quarter ended December 31, 2021 as compared to 50 net wells during the first fiscal quarter of December 31, 2000.
• The Company's energy division closed its Public #10 drilling program which raised $21.3 million. This gross raise equates to approximately 103 additional net wells. At December 31, 2001, our drilling backlog was approximately 77 wells.
• Real Estate Finance
• Due to the current interest rate environment, the Company has been negotiating with its senior lienholders to reduce the interest rates on its senior liens. Since October 1, 2001, the Company has negotiated interest rate reductions with three of its senior participants. These rate reductions increase interest income on an annual basis by $523,000.
• The Company recently hired David E. Bloom as Senior Vice President of the Company and President of Resource Properties, Inc., its real estate subsidiary, to manage its existing portfolio of restructured commercial loans which have an aggregate outstanding balance of $624.3 million and to direct the resolution of these mortgages and the disposition of the underlying properties.
• Other Developments
• On January 18, 2002, subsidiaries of the Company entered into an agreement to sell their 100% membership interest in Atlas Pipeline Partners GP, LLC to New Vulcan Coal Holdings, L.L.C. for $29.0 million in cash.
• Concurrently, the Company, Atlas Pipeline Partners, L.P. (AMEX:APL) and its general partner, Atlas Pipeline Partners GP, LLC entered into an agreement under which Atlas Pipeline Partners, L.P. will acquire Triton Coal Company, LLC from New Vulcan Coal Holdings and Vulcan Intermediary L.L.C. in exchange for common, subordinated and deferred participation units of Atlas Pipeline. The Company's 1.64 million subordinated units of Atlas Pipeline will convert to 1.48 million common units.
• The Company changed the name of its leasing asset management group, F.L. Partnership Management, Inc. to LEAF Financial Corporation (“LEAF”). LEAF will concentrate on expanding its asset managment business which focuses on providing investors the opportunity to invest directly in financial services products directed towards small businesses.

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. For information pertaining to risks relating to these forward-looking statements, reference is made to the section "Risk Factors" contained in Item 1 of the Company's Annual Report on Form 10-K.

The remainder of this release contains the Company's unaudited consolidated balance sheets, statements of income and certain information relating to the revenues recognized and costs and expenses incurred in the Company's energy and real estate finance operations during the periods indicated.

Results of Operations: Energy

The following tables set forth information relating to revenues recognized and costs and expenses incurred, daily production volumes, average sales prices and production cost per equivalent unit in the Company’s energy operations during the periods indicated: