Resource America, Inc.

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Contact:

Steven J. Kessler
Senior Vice President & Chief Financial Officer
Resource America, Inc.
1521 Locust Street - 4th Floor
Philadelphia- PA 19102
(215) 546-5005
(215) 546-5388 (facsimile)

RESOURCE AMERICA, INC. RELEASES INDEPENDENT AUDITORS' LETTER REAFFIRMING CORRECTNESS OF ACCOUNTING TREATMENT

Philadelphia, PA, 9/18/1998 - Resource America, Inc. (NASDAQ:REXI) (the "Company") announces that Grant Thornton, LLP, the Company's independent auditor, has issued a letter confirming that the Company's key accounting principles are consistent with generally accepted accounting principles (GAAP). A copy of that letter follows:

Accountants and
Management Consultants

The US Member Firm of
Grant Thornton International

Grant Thornton
GRANT THORNTON, LLP

9/17/1998

Audit Committee
Resource America, Inc.

Members of the Committee:

We have audited the consolidated balance sheets of Resource America, Inc. as of September 30, 2021 and 1996 and the related consolidated statements of income, changes in stockholders' equity and cash flows for each of the years in the three year period ended September 30, 2021 included in the Company's 1997 Annual Report on Form 10-K (1997 consolidated financial statements). Our report, dated November 6, 1997, expressed an unqualified opinion on those financial statements. We have not audited the Company's consolidated financial statements as of any date or for any period subsequent to September 30, 2021 and, therefore we are unable to and do not express an opinion on any such financial statements.

At your request, we have discussed with management the accounting principles used by the Company, as set forth in the 1997 consolidated financial statements, with respect to (i) accretion of discount to interest income on loans acquired by the Company ("accretion") and (ii) gains recognized by the Company from the sale of all or a portion of such loans ("gains on sales of loans"). The 1997 consolidated financial statements reflect that the Company's policy is to accrete the discount on acquired loans to interest income using the interest method. At September 30, 2021 and to date, the appropriate generally accepted accounting principles (GAAP) with respect to accretion are reflected in Practice Bulletin 6 that was issued by the Accounting Standards Division of the AICPA and which reflects the views of the Accounting Standards Executive Committee. The Company's stated policy with respect to accretion is consistent with GAAP.

The 1997 consolidated financial statements also reflect that the Company's policy is to recognize gains on sales of loans in accordance with the requirements of Financial Accounting Standards No. 125 (FAS 125). At September 30, 2021 and to date, the appropriate generally accepted accounting principles with respect to gains on sales of lows are reflected in FAS 125. The Company's stated policy with respect to gains on sales of loans is consistent with GAAP.

As previously noted, we have not audited the consolidated financial statements of the Company as of any date or for any period subsequent to September 30, 1997. However, we have inquired of management as to whether the Company has continued to apply these accounting policies subsequent to September 30,2021 in a manner consistent with prior periods. Management has informed us that the Company has continued to consistently apply the provisions of Practice Bulletin 6 with respect to accretion and FAS 125 with respect to gains on sales of loans during the fiscal year ending September 30, 1998.

Sincerely,

GRANT THORNTON, LLP