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Resource Capital Corp. Reports Results for First Quarter Ended March 31, 2010

NEW YORK, NY, May 03, 2010 (MARKETWIRE via COMTEX) --Resource Capital Corp. (NYSE: RSO)

Highlights    -- Net operating income of $0.26 per share-diluted;
    -- Net income of $0.04 per share-diluted;
    -- Common stock cash dividend of $0.25 per share;
    -- Repurchased $20.3 million of its corporate notes for $13.6 million,
       a 32.7% discount to par, for gains of $6.6 million during the
       quarter ended March 31, 2010;
    -- $73.6 million of total loans receivable repaid and settled;
    -- $109.8 million of total cash, including restricted cash and no
       short-term borrowings at March 31, 2010; and
    -- In a recent development, on April 12, 2010, RCC repurchased
       $26.6 million par value of its corporate notes for $16.1 million,
       a 39.5% discount to par, for an estimated gain of $10.5 million,
       or approximately $0.25 per share based on outstanding shares
       as of April 28, 2010.

Resource Capital Corp. (NYSE: RSO) ("RCC" or the "Company"), a real estate investment trust whose investment strategy focuses on commercial real estate ("CRE") loan assets, commercial mortgage-backed securities ("CMBS") and, to a lesser extent, commercial finance assets, reported results for the first quarter ended March 31, 2010.

Financial Results

    -- Net operating income for the three months ended March 31, 2010 was
       $10.0 million, or $0.26 per share-diluted as compared to $10.2
       million, or $0.42 per share-diluted for the three months ended
       March 31, 2009.
    -- Net income for the three months ended March 31, 2010 was $1.4
       million, or $0.04 per share-diluted, as compared to net loss
       for the three months ended March 31, 2009 of $12.2 million, or
       ($0.50) per share-diluted.  The three months ended March 31, 2010
       includes provisions for loan and lease losses of $15.4 million,
       net realized gains on bank loans and securities held-to-maturity
       totaling $146,000 and a gain on the extinguishment of debt of
       $6.6 million that, in the aggregate, decreased net income
       by ($0.22) per share-diluted.  The three months ended March 31,
       2009 includes provisions for loan and lease losses of $17.0
       million and other-than-temporary impairment charges of $5.6
       million, that, in the aggregate, reduced net income by
       ($0.92) per share-diluted.
    -- REIT taxable income, a non-GAAP measure, for the first quarter
       ended March 31, 2010 was $9.3 million or $0.24 per share-diluted
       as compared to $6.1 million or $0.25 per share-diluted for the
       first quarter ended March 31, 2009, an increase of $3.2 million
       (53%).
    -- On April 27, 2010, RCC paid a cash dividend of $0.25 per common
       share, or $10.1 million, to stockholders of record as of March 31,
       2010.
    -- Book value was $5.98 per common share as of March 31, 2010.

Jonathan Cohen, CEO and President of Resource Capital Corp., commented, "We continue to deleverage our real estate loan portfolio, build cash and continue to benefit from the underwriting we did in 2005 to 2007. As the markets heal, we are seeing improvements in operating performance at the properties collateralizing our loans, increased commitment from our borrowers and real liquidity in the marketplace. We believe that we are seeing economic fundamentals finally going in our favor. We are particularly proud that we were able to do this and to maintain throughout the worst of the downturn a meaningful cash dividend to our shareholders, and we are committed to continuing to do so. We are exploring opportunities to make new loans and investments in order to fully utilize the platforms that we have maintained."

Additional financial results for the first quarter ended March 31, 2010:

General

    -- RCC's net interest income increased by $891,000, or 7.0%, to
       $13.6 million for the first quarter ended March 31, 2010, as
       compared to $12.7 million for the same period in 2009.

Commercial Real Estate

    -- RCC funded commitments on existing CRE loans on a gross basis of
       $1.5 million during the three months ended March 31, 2010.
    -- RCC bought and retained CMBS of $7.7 million par value at a
       discount to par of 35.7% for the three months ended March 31,
       2010.  The net discount of $2.8 million improved the
       collateralization on its CRE collateralized debt obligations
       ("CDO") and these purchases provided a yield of approximately
       8.7%.

The following table summarizes RCC's CRE loan activities and fundings of previous commitments, at par, for the three and 12 months ended March 31, 2010 (in millions, except percentages):

                          Three Months  12 Months    Floating    Weighted
                              Ended       Ended      Weighted     Average
                            March 31,   March 31,     Average   Fixed Rate
                               2010        2010     Spread (1)      (2)
                            ----------  ----------  ----------  ----------
Whole loans (3)             $      1.5  $     36.6        3.17%       8.14%
                            ==========  ==========
New loans production (3)           1.5        36.6
Sale of real estate loans            -       (29.8)
Payoffs                              -       (15.0)
Principal paydowns               (28.6)      (64.5)
                            ----------  ----------
Loans, net (4)              $    (27.1) $    (72.7)
                            ==========  ==========
(1) Represents the weighted average rate above the London Interbank
    Offered Rate ("LIBOR") on loans whose interest rate is based on LIBOR
    as of March 31, 2010.
(2) Reflects rates on RCC's portfolio balance as of March 31, 2010.
(3) Consists of fundings of previous commitments.
(4) The basis of new net loans does not include provisions for losses on
    CRE loans of $15.5 million for the three months ended March 31, 2010
    and $42.4 million for the 12 months ended March 31, 2010.

Commercial Finance

    -- RCC's bank loan portfolio ended the first quarter with total
       investments of $906.0 million, at amortized cost, with a
       weighted-average spread of one-month and three-month LIBOR plus
       2.70%.  All of RCC's bank loan portfolio is match-funded through
       three collateralized loan obligation ("CLO") issuances with a
       weighted-average cost of three-month LIBOR plus 0.47%.
    -- RCC bought and retained bank loans of $73.4 million par value at
       a discount to par of 7.0% for the three months ended March 31,
       2010.  The net discount of $5.2 million improved the
       collateralization on its CLO collateralized debt obligations and
       these purchases provided a yield of approximately 3.8%.

Book Value

As of March 31, 2010, RCC's book value per common share was $5.98. Total stockholders' equity was $239.6 million as of March 31, 2010 as compared to $228.8 million as of December 31, 2009. Total common shares outstanding were 40,079,753 as of March 31, 2010 as compared to 36,545,737 as of December 31, 2009. The increase in RCC's stockholder's equity of $10.8 million was substantially the result of the receipt of $18.0 million of proceeds related to the Company's Dividend Reinvestment Plan (DRIP).

As of March 31, 2010, RCC's economic book value per common share outstanding, a non-GAAP measure, was $8.30. Economic book value is computed by adding back to stockholders' equity any unrealized losses on the Company's investments in CMBS for which it expects to recover full par value at maturity, and on derivatives (cash flow hedges) that are associated with fixed-rate loans which it intends to hold until maturity, in excess of its value at risk, and that have not been adjusted through stockholders' equity for market fluctuations and net unrealized accretion on bank loan investments that were purchased at a discount (see Notes 1 to 3 of Schedule II in this release). Economic book value per share is computed by dividing the economic book value by the number of shares outstanding at the end of the period.

Investment Portfolio

The table below summarizes the amortized cost and net carrying amount of RCC's investment portfolio as of March 31, 2010, classified by interest rate type. The following table includes both (i) the amortized cost of RCC's investment portfolio and the related dollar price, which is computed by dividing amortized cost by par amount, and (ii) the net carrying amount of RCC's investment portfolio and the related dollar price, which is computed by dividing the net carrying amount by par amount (in thousands, except percentages):

                                                        Net carrying
                                        Net             amount less
                  Amortized Dollar   carrying    Dollar  amortized  Dollar
                   cost (3)  price    amount      price     cost     price
                 ---------- ------  ----------    -----  ---------  ------
March 31, 2010
   Floating rate
CMBS - private
 placement       $   32,043 100.00% $   10,322    32.21% $ (21,721) -67.79%
Other ABS                24   0.29%         24     0.29%         -       -%
B notes (1)          26,500 100.00%     26,298    99.24%      (202)  -0.76%
Mezzanine loans(1)  124,048 100.00%    123,101    99.24%      (947)  -0.76%
Whole loans (1)     410,657  99.98%    407,387    99.18%    (3,270)  -0.80%
Bank loans          872,085  96.69%    843,454(2) 93.51%   (28,631)  -3.18%
Bank loans held
 for sale (3)         2,376  88.99%      2,376    88.99%         -       -%
ABS held-to-
 maturity (4)        31,559  89.06%     23,189    65.44%    (8,370) -23.62%
                 ----------         ----------           ---------
 Total floating
  rate            1,499,292  97.25%  1,436,151    93.15%   (63,141)  -4.10%
                 ----------         ----------           ---------
    Fixed rate
CMBS - private
 placement           66,125  65.16%     40,978    40.38%   (25,147) -24.78%
B notes (1)          54,820 100.03%     54,402    99.27%      (418)  -0.76%
Mezzanine loans(1)   58,634 100.27%     51,788    88.56%    (6,846) -11.71%
Whole loans (1)      46,721  99.83%     32,371    69.17%   (14,350) -30.66%
Equipment leases
 and loans (5)       10,975 100.01%     10,325    94.09%      (650)  -5.92%
                 ----------         ----------           ---------
 Total fixed rate   237,275  87.06%    189,864    69.67%   (47,411) -17.39%
                 ----------         ----------           ---------
  Grand total    $1,736,567  95.72% $1,626,015    89.62% $(110,552)  -6.10%
                 ==========         ==========           =========
(1) Net carrying amount includes an allowance for loan losses of $26.0
    million at March 31, 2010, allocated as follows: B notes ($0.6
    million), mezzanine loans ($7.8 million) and whole loans ($17.6
    million).
(2) The bank loan portfolio is carried at amortized cost less allowance
    for loan loss and was $860.2 million at March 31, 2010.  Amount
    disclosed represents net realizable value at March 31, 2010, which
    includes $11.9 million allowance for loan losses at March 31, 2010.
(3) Bank loans held for sale are carried at the lower of cost or market.
    Amortized cost is equal to fair value.
(4) Asset-backed securities held-to-maturity are carried at amortized cost
    less any other-than-temporary impairment charges.
(5) Net carrying amount includes a $650,000 allowance for equipment lease
    and loan losses at March 31, 2010.

Liquidity

At April 30, 2010, after paying the fourth quarter dividend, RCC's liquidity of $116.4 million consists of two primary sources:

    -- unrestricted cash and cash equivalents of $17.9 million and
       restricted cash of $3.5 million in margin call accounts; and
    -- capital available for reinvestment in its five CDO entities of
       $95.0 million, of which $1.7 million is designated to finance
       future funding commitments on CRE loans.

Capital Allocation

As of March 31, 2010, RCC had allocated its invested equity capital among its targeted asset classes as follows: 74.6% in commercial real estate loans, 22.5% in commercial bank loans and 2.9% in direct financing leases and loans.

Supplemental Information

The following reconciliations and supplemental statistics as of March 31, 2010 are included in this release:

    -- Schedule I - Reconciliation of GAAP Net Income (Loss) to
       Estimated REIT Taxable Income;
    -- Schedule II - Reconciliation of GAAP Stockholders' Equity to
       Economic Book Value; and
    -- Schedule III - Summary of CDO and CLO Performance Statistics.

About Resource Capital Corp.

RCC is a diversified real estate finance company that qualifies as a real estate investment trust, or REIT, for federal income tax purposes. RCC's investment strategy focuses on CRE-related assets, and, to a lesser extent, commercial finance assets. RCC invests in the following asset classes: CRE-related assets such as whole loans, A-notes, B-notes, mezzanine loans and mortgage-related securities and commercial finance assets such as other asset-backed securities, bank loans, equipment leases and notes, trust preferred securities, debt tranches of CDOs and private equity investments principally issued by financial institutions.

RCC is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors.

For more information, please visit RCC's website at www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com

Safe Harbor Statement

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. RCC's actual results, performance or achievements could differ materially from those expressed or implied in this release. The risks and uncertainties associated with forward-looking statements contained in this release include those related to:

    -- fluctuations in interest rates and related hedging activities;
    -- capital markets conditions and the availability of financing;
    -- defaults or bankruptcies by borrowers on RCC's loans or on loans
       underlying its investments;
    -- adverse market trends which have affected and may continue to
       affect the value of real estate and other assets underlying RCC's
       investments;
    -- increases in financing or administrative costs; and
    -- general business and economic conditions that have impaired and
       may continue to impair the credit quality of borrowers and RCC's
       ability to originate loans.

For further information concerning these and other risks pertaining to the forward-looking statements contained in this release, and to the general risks to which RCC is subject, see Item 1A, "Risk Factors" included in its Annual Report on Form 10-K and in other of its public filings with the Securities and Exchange Commission.

RCC cautions you not to place undue reliance on any forward-looking statements contained in this release, which speak only as of the date of this release. All subsequent written and oral forward-looking statements attributable to RCC or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, RCC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this filing or to reflect the occurrence of unanticipated events.

The remainder of this release contains RCC's unaudited consolidated balance sheets, unaudited consolidated statements of operations, a reconciliation of GAAP net income (loss) to estimated REIT taxable income, a reconciliation of GAAP stockholders' equity to economic book value, and a summary of CDO and CLO performance statistics and supplemental information regarding RCC's CRE loan and bank loan portfolios.

                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
              (in thousands, except share and per share data)
                                                  March 31,   December 31,
                                                    2010          2009
                                                ------------  ------------
ASSETS                                           (Unaudited)
  Cash and cash equivalents                     $     27,650  $     51,991
  Restricted cash                                     82,176        85,125
  Investment securities available-for-sale,
   pledged as collateral, at fair value               46,086        39,304
  Investment securities available-for-sale, at
   fair value                                          5,238         5,238
  Investment securities held-to-maturity,
   pledged as collateral                              31,559        31,401
  Loans, pledged as collateral and net of
   allowances of $37.9 million and $47.1 million   1,555,593     1,558,687
  Loans held for sale                                  2,376         8,050
  Direct financing leases and notes, net of
   allowances of  $650,000 and $1.1 million
   and net of unearned income                         10,325           927
  Loans receivable - related parties                  10,000             -
  Investments in unconsolidated entities               4,040         3,605
  Interest receivable                                  5,367         5,754
  Other assets                                         4,735         3,878
                                                ------------  ------------
    Total assets                                $  1,785,145  $  1,793,960
                                                ============  ============
LIABILITIES
  Borrowings                                    $  1,517,330  $  1,536,500
  Distribution payable                                10,053         9,170
  Accrued interest expense                             1,551         1,516
  Derivatives, at fair value                          13,267        12,767
  Accounts payable and other liabilities               3,297         5,177
                                                ------------  ------------
    Total liabilities                              1,545,498     1,565,130
                                                ------------  ------------
STOCKHOLDERS' EQUITY
  Preferred stock, par value $0.001:
   100,000,000 shares authorized;
   no shares issued and outstanding                        -             -
  Common stock, par value $0.001:  500,000,000
   shares authorized; 40,079,753 and 36,545,737
   shares issued and outstanding (including
   566,575 and 437,319 unvested restricted shares)        40            36
  Additional paid-in capital                         424,586       405,517
  Accumulated other comprehensive loss               (61,761)      (62,154)
  Distributions in excess of earnings               (123,218)     (114,569)
                                                ------------  ------------
    Total stockholders' equity                       239,647       228,830
                                                ------------  ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $  1,785,145  $  1,793,960
                                                ============  ============
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
              (in thousands, except share and per share data)
                                (Unaudited)
                                                      Three Months Ended
                                                          March 31,
                                                    ----------------------
                                                       2010        2009
                                                    ----------  ----------
REVENUES
 Net interest income:
  Loans                                             $   18,267  $   22,620
  Securities                                             2,874       1,422
  Leases                                                   235       2,233
  Interest income - other                                  197         347
                                                    ----------  ----------
    Total interest income                               21,573      26,622
  Interest expense                                       7,937      13,877
                                                    ----------  ----------
    Net interest income                                 13,636      12,745
                                                    ----------  ----------
OPERATING EXPENSES
 Management fees - related party                         1,152       1,001
 Equity compensation - related party                       724          88
 Professional services                                     819         964
 Insurance expense                                         212         172
 General and administrative                                645         405
 Income tax expense (benefit)                              105         (45)
                                                    ----------  ----------
    Total expenses                                       3,657       2,585
                                                    ----------  ----------
NET OPERATING INCOME                                     9,979      10,160
                                                    ----------  ----------
OTHER INCOME (EXPENSES)
  Impairment losses on investment securities            (2,665)    (14,916)
  Recognized in other comprehensive loss                (2,665)     (9,296)
                                                    ----------  ----------
  Net impairment losses recognized in earnings               -      (5,620)
  Net realized gains on loans and investments              146         237
  Provision for loan and lease losses                  (15,371)    (16,951)
  Gain on the extinguishment of debt                     6,628           -
  Other income                                              24          22
                                                    ----------  ----------
    Total expenses                                      (8,573)    (22,312)
                                                    ----------  ----------
NET INCOME (LOSS)                                   $    1,406  $  (12,152)
                                                    ==========  ==========
NET INCOME (LOSS) PER SHARE - BASIC                 $     0.04  $    (0.50)
                                                    ==========  ==========
NET INCOME (LOSS) PER SHARE - DILUTED               $     0.04  $    (0.50)
                                                    ==========  ==========
WEIGHTED AVERAGE NUMBER OF SHARES
  OUTSTANDING - BASIC                               37,987,192  24,467,408
                                                    ==========  ==========
WEIGHTED AVERAGE NUMBER OF SHARES
  OUTSTANDING - DILUTED                             38,150,605  24,467,408
                                                    ==========  ==========
DIVIDENDS DECLARED PER SHARE                        $     0.25  $     0.30
                                                    ==========  ==========
SCHEDULE I
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                 RECONCILIATION OF GAAP NET INCOME (LOSS)
                   TO ESTIMATED REIT TAXABLE INCOME (1)
                                (Unaudited)
RCC calculates estimated REIT taxable income, which is a non-GAAP financial
measure, according to the requirements of the Internal Revenue Code.  The
following table reconciles GAAP net income (loss) to estimated REIT taxable
income for the periods presented (in thousands, except per share data):
                                                       Three Months Ended
                                                            March 31,
                                                      --------------------
                                                        2010       2009
                                                      ---------  ---------
Net income (loss) - GAAP                              $   1,406  $ (12,152)
  Taxable REIT subsidiary's income                         (125)         -
                                                      ---------  ---------
    Adjusted net income (loss)                            1,281    (12,152)
Adjustments:
  Share-based compensation to related parties              (316)        17
  Capital loss carryover losses from the sale of
   securities                                            15,500      5,620
  Provisions for loan and lease losses unrealized             -      4,978
  Net book to tax adjustments for the Company's
   taxable foreign REIT subsidiaries                     (6,378)     7,590
  Subpart F income limitation (2)                           322          -
  Other net book to tax adjustments                      (1,083)        45
                                                      ---------  ---------
Estimated REIT taxable income                         $   9,326  $   6,098
                                                      =========  =========
Amounts per share - diluted                           $    0.24  $    0.25
                                                      =========  =========
(1) RCC believes that a presentation of estimated REIT taxable income
    provides useful information to investors regarding its financial
    condition and results of operations as this measurement is used to
    determine the amount of dividends that RCC is required to declare to
    its stockholders in order to maintain its status as a REIT for federal
    income tax purposes. Since RCC, as a REIT, expects to make
    distributions based on taxable income, RCC expects that its
    distributions may at times be more or less than its reported GAAP net
    income.  Total taxable income is the aggregate amount of taxable income
    generated by RCC and by its domestic and foreign taxable REIT
    subsidiaries.  Estimated REIT taxable income excludes the undistributed
    taxable income (if any) of RCC's domestic taxable REIT subsidiary,
    which is not included in REIT taxable income until distributed to RCC.
    There is no requirement that RCC's domestic taxable REIT subsidiary
    distribute its income to RCC.  Estimated REIT taxable income, however,
    includes the taxable income of RCC's foreign taxable REIT subsidiaries
    because RCC generally will be required to recognize and report their
    taxable income on a current basis.  Because not all companies use
    identical calculations, this presentation of estimated REIT taxable
    income may not be comparable to other similarly-titled measures of
    other companies.
(2) U.S. shareholders of controlled foreign corporations are required to
    include their share of such corporations' income on a current basis;
    however, losses sustained by such corporations do not offset income of
    their U.S. shareholders on a current basis.
SCHEDULE II
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
  RECONCILIATION OF GAAP STOCKHOLDERS' EQUITY TO ECONOMIC BOOK VALUE (1)
                  (in thousands, except per share data)
                                (Unaudited)
                                                                 As of
                                                             March 31, 2010
                                                             --------------
Stockholders' equity - GAAP                                  $      239,647
Add:
  Unrealized losses - CMBS portfolio                                 46,869
  Unrealized losses recognized in excess of value at risk -
   interest rate swaps (2)                                           13,277
  Unrealized net accretion of bank loans purchased at a
   discount (3)                                                      32,845
                                                             --------------
Economic book value                                          $      332,638
                                                             ==============
Shares outstanding                                               40,079,753
                                                             --------------
Economic book value per share                                $         8.30
                                                             ==============
(1) Management views economic book value, a non-GAAP measure, as a useful
    and appropriate supplement to GAAP stockholders' equity and book value
    per share.  The measure serves as an additional measure of RCC's value
    because it facilitates evaluation of us without the effects of
    unrealized losses on investments for which we expect to recover full
    par value at maturity and on interest rate swaps, which we intend to
    hold to maturity, in excess of RCC's value at risk.  Unrealized losses
    recognized in RCC's financial statements, prepared in accordance with
    GAAP that are in excess of RCC's maximum value at risk and unrealized
    net discounts on loans and securities are added back to stockholders'
    equity in arriving at economic book value.  Economic book value should
    be reviewed in connection with GAAP stockholders' equity as set forth
    in RCC's consolidated balance sheets, to help analyze RCC's value to
    investors.  Economic book value is defined in various ways throughout
    the REIT industry.  Investors should consider these differences when
    comparing RCC's economic book value to that of other REITs.
(2) RCC adds back unrealized losses on interest rate swaps (cash flow
    hedges) that are associated with fixed-rate loans that have not been
    adjusted through stockholders' equity for market fluctuations.
(3) RCC adds back unrealized net accretion of those bank loans which were
    purchased at a net discount and will be accreted into interest income
    over the lives of the loans or securities using the effective yield
    method, adjusted for the effects of estimated prepayments.  If the
    investment is purchased at a discount or at a premium, the effective
    yield is computed based on the contractual interest rate increased for
    the accretion of a purchase discount or decreased for the amortization
    of a purchase premium.  The effective yield method requires the Company
    to make estimates of future prepayment rates for its investments that
    can be contractually prepaid before their contractual maturity date so
    that the purchase discount can be accreted, or the purchase premium can
    be amortized, over the estimated remaining life of the investment. The
    prepayment estimates that the Company uses directly impact the
    estimated remaining lives of its investments.  Actual prepayment
    estimates are reviewed as of each quarter end or more frequently if the
    Company becomes aware of any material information that would lead it to
    believe that an adjustment is necessary.  If prepayment estimates are
    incorrect, the amortization or accretion of premiums and discounts may
    have to be adjusted, which would have an impact on future income.
    In addition to prepayment estimates and their impact on the accretion
    of premiums and discounts, RCC's accretion of premiums and discounts
    may be affected by loan defaults and modifications.  Loan defaults and
    modifications may result in an adjustment to the amount of loan
    principal collectible by RCC. If a loan principal amount is reduced
    because of loan impairment or a loan modification, i.e. a concession,
    the result would impact the amount of discount that could be accreted
    into income since RCC could only recognize the amount of the discount
    up to the realizable loan principal. If RCC's estimate of realizable
    loan balances are incorrect, the amortization or accretion of premiums
    and discounts may have to be adjusted, which would also have an impact
    on future income.
SCHEDULE III
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
              SUMMARY OF CDO AND CLO PERFORMANCE STATISTICS
                              (in thousands)
                                (Unaudited)
Collateralized Debt Obligations - Distributions and Coverage Test Summary
                                            Annualized
                                             Interest
                                             Coverage Overcollateralization
                          Cash Distributions  Cushion         Cushion
                          ------------------- --------- -------------------
                            Year                                    As of
                            Ended   Quarter                        Initial
                          December   Ended                As of    Measure-
                             31,    March 31, March 31, March 31,   ment
Name             CDO Type 2009 (1)  2010 (1) 2010(2) (3) 2010 (4)   Date
                 -------- --------- --------- --------- --------- ---------
                           (actual)  (actual)
Apidos CDO I     CLO      $   6,643 $   1,948 $   1,926 $  10,323 $  17,136
Apidos CDO III   CLO      $   6,390 $   1,468 $   2,886 $   5,486 $  11,269
Apidos Cinco CDO CLO      $   7,553 $   1,766 $   4,028 $  16,625 $  17,774
RREF 2006-1      CRE CDO  $  13,222 $   2,709 $   8,440 $  16,298 $  24,941
RREF 2007-1      CRE CDO  $  20,536 $   4,264 $  12,762 $  20,316 $  26,032
(1) Distributions on retained equity interests in CDOs (comprised of note
    investment and preference share ownership).
(2) Interest coverage includes annualized amounts based on the most recent
    trustee statements.
(3) Interest coverage cushion represents the amount by which annualized
    interest income expected exceeds the annualized amount payable on all
    classes of CDO notes senior to the Company's preference shares.
(4) Overcollateralization cushion represents the amount by which the
    collateral held by the CDO issuer exceeds the maximum amount required.
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                         SUPPLEMENTAL INFORMATION
                              (in thousands)
                                (Unaudited)
Loan and Leasing Investment Statistics
The following table presents information on RCC's impaired loans and leases
and related allowances as of March 31, 2010 and 2009 (based on amortized
costs):
                                                         As of March 31,
                                                      --------------------
                                                        2010       2009
                                                      ---------  ---------
Impaired:
  Loans and leases                                    $ 120,646  $  67,561
  Loans and leases as a percentage of total                 7.4%       3.6%
Allowance for loan and lease losses:
  Specific provision                                  $  20,766  $  33,393
  General provision                                      17,757     14,008
                                                      ---------  ---------
  Total allowance for loans and leases                $  38,523  $  47,401
                                                      =========  =========
Allowance as a percentage of total loans and leases         2.4%       2.6%
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
               SUPPLEMENTAL INFORMATION, A NON-GAAP MEASURE
                                (Unaudited)
The following table presents commercial real estate loan portfolio
statistics as of March 31, 2010 (based on par value):
Security type
  Whole loans                                                         63.4%
  Mezzanine loans                                                     25.3%
  B Notes                                                             11.3%
                                                                    ------
    Total                                                            100.0%
                                                                    ======
Collateral type
  Hotel                                                               31.7%
  Multifamily                                                         26.4%
  Office                                                              24.2%
  Retail                                                              11.2%
  Condo                                                                1.0%
  Flex                                                                 1.0%
  Self-storage                                                         0.9%
  Other                                                                3.6%
                                                                    ------
    Total                                                            100.0%
                                                                    ======
Collateral location
  Southern California                                                 25.9%
  Northern California                                                 10.9%
  New York                                                            12.8%
  Arizona                                                              8.1%
  Florida                                                              6.2%
  Texas                                                                4.6%
  Tennessee                                                            4.4%
  Washington                                                           4.3%
  Colorado                                                             4.2%
  Other                                                               18.6%
                                                                    ------
    Total                                                            100.0%
                                                                    ======
                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                         SUPPLEMENTAL INFORMATION
                                (Unaudited)
The following table presents bank loan portfolio statistics by industry as
of March 31, 2010 (based on par value):
Industry type
  Healthcare, education and childcare                                 12.5%
  Diversified/conglomerate service                                     8.9%
  Broadcasting and entertainment                                       8.9%
  Chemicals, plastics and rubber                                       5.9%
  Printing and publishing                                              5.0%
  Retail stores                                                        4.9%
  Personal transportation                                              4.5%
  Personal, food and miscellaneous services                            4.5%
  Automobiles                                                          4.3%
  Telecommunications                                                   3.9%
  CLO securities                                                       3.8%
  Diversified/conglomerate manufacturing                               3.4%
  Other                                                               29.5%
                                                                    ------
    Total                                                            100.0%
                                                                    ======

Contact:
David J. Bryant
Chief Financial Officer
Resource Capital Corp.
1845 Walnut Street, 10th Floor
Philadelphia, PA 19103
215/546-5005
215/546-5388 (fax)

SOURCE: Resource Capital Corp.

Investor News
New York and Philadelphia Locations
712 Fifth Avenue
12th Floor
New York, NY 10019

1845 Walnut Street
18th Floor
Philadelphia, PA 19103
t. 212.506.3899



t. 215.546.5005
RSO (Common Stock)
ExchangeNYSE (US Dollar)
Price$8.37
Change (%) Stock is Down 0.13 (1.53%)
Volume437,480
Data as of 02/27/17 4:00 p.m. ET
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