Resource America (REXI) 8-K Resource America Announces Closing of CVC-Credit Partners Transaction

Exhibit 99.2

Resource America, Inc.

Pro Forma Consolidated Statement of Operations

For the Fiscal Year Ended September 30, 2011

(in thousands)

				Pro Forma Adjustments
	Historical			Deconsolidate Apidos			Record proceeds from sale of Apidos to CVC			Other adjustments				As Adjusted
REVENUES
Real estate	$	25,841		$	–		$	–		$	–			$	25,841
Financial fund management		38,380			(14,004	)					2,952		[a]		27,328
Commercial finance		21,795			–										21,795
		86,016			(14,004	)		–			2,952				74,964
COSTS AND EXPENSES
Real estate		24,465													24,465
Financial fund management		20,562			(7,343	)					(1,018	)	[b]		12,201
Commercial finance		15,207													15,207
General and administrative		11,522													11,522
Gain on sale of leases		(659	)												(659	)
Provision for possible losses		10,661													10,661
Depreciation and amortization		10,739													10,739
		92,497			(7,343	)		–			(1,018	)			84,136
OPERATING (LOSS) INCOME		(6,481	)		(6,661	)		–			3,970				(9,172	)
OTHER INCOME (EXPENSE)
Gain on sale of management contract		6,520													6,520
Gain on sale of subsidiaries		–						54,373	[c]						54,373
Gain on extinguishment of servicing and     repurchase liabilities		4,426													4,426
Losses on sale of securities		(1,198	)												(1,198	)
Interest expense		(15,343	)												(15,343	)
Other income, net		2,242			–			–			–				2,242
Total other income (expense)		(3,353	)		–			54,373			–				51,020
(Loss) income from continuing operations before taxes		(9,834	)		(6,661	)		54,373			3,970				41,848
(Benefit) provision for income taxes		(4,607	)		(2,331	)		19,031	[c]		1,390				13,483
(Loss) income from continuing operations		(5,227	)		(4,330	)		35,342			2,580				28,365
Loss from discontinued operations, net of tax		(2,202	)		–			–			–				(2,202	)
Net (loss) income		(7,429	)		(4,330	)		35,342			2,580				26,163
Net income attributable to noncontrolling interests		(799	)		–			–			–				(799	)
Net (loss) income attributable to common shareholders	$	(8,228	)	$	(4,330	)	$	35,342		$	2,580			$	25,364

Notes to pro forma statement of operations:

[a] reflects the Company’s 33% pro forma equity interest in the joint venture for the year ended September 30, 2011.

[b] reflects costs the Company can charge the joint venture for shared services.

[c] reflects the pro forma gain on the sale of Apidos, net of tax.

Resource America, Inc.

Pro Forma Consolidated Statement of Operations

For the Three Months Ended December 31, 2011

(in thousands)

				Pro Forma Adjustments
	Historical			Deconsolidate Apidos			Record proceeds from sale of Apidos to CVC			Other adjustments				As Adjusted
REVENUES
Real estate	$	8,666		$	–		$	–		$	–			$	8,666
Financial fund management		6,579			(3,482	)					881		[a]		3,978
Commercial finance		3,419			–			–			–				3,419
		18,664			(3,482	)		–			881				16,063
COSTS AND EXPENSES
Real estate		7,192													7,192
Financial fund management		5,804			(1,801	)									4,003
Commercial finance		1,963													1,963
General and administrative		2,896									(255	)	[b]		2,641
Gain on sale of leases		(37	)												(37	)
Provision for possible losses		2,250													2,250
Depreciation and amortization		2,061													2,061
		22,129			(1,801	)		–			(255	)			20,073
OPERATING (LOSS) INCOME		(3,465	)		(1,681	)		–			1,136				(4,010	)
OTHER INCOME (EXPENSE)
Gain on sale of subsidiaries		8,749						54,373	[c]						63,122
Loss on extinguishment of debt		(2,190	)												(2,190	)
Gains on sale of securities		58													58
Interest expense		(2,974	)												(2,974	)
Other income, net		559			–			–			–				559
Total other income		4,202			–			54,373			–				58,575
Income (loss) from continuing operations before taxes		737			(1,681	)		54,373			1,136				54,565
Provision (benefit) for income taxes		154			(589	)		20,118	[c]		420				20,103
Income (loss) from continuing operations		583			(1,092	)		34,255			716				34,462
Loss from discontinued operations, net of tax		(20	)		–			–			–				(20	)
Net income (loss)		563			(1,092	)		34,255			716				34,442
Net income attributable to noncontrolling interests		(378	)		–			–			–				(378	)
Net income (loss) attributable to common shareholders	$	185		$	(1,092	)	$	34,255		$	716			$	34,604

Notes to pro forma statement of operations:

[a] reflects the Company’s 33% pro forma equity interest in the joint venture for the three months ended December 31, 2011.

[b] reflects costs the Company can charge the joint venture for shared services.

[c] reflects the pro forma gain on the sale of Apidos, net of tax.

Resource America, Inc.

 Pro Forma Consolidated Balance Sheet

December 31, 2011

(in thousands)

				Pro Forma Adjustments
	Historical			Deconsolidate Apidos			Amounts received  from sale of Apidos at fair value				As Adjusted
ASSETS
Cash	$	12,803		$	68		$	19,683		[a]	$	32,418
Restricted cash		607										607
Receivables		479										479
Receivables from managed entities and related parties, net		54,348										54,348
Investments in real estate		19,100										19,100
Investment securities, at fair value		17,330										17,330
Investments in unconsolidated entities		13,197			(249	)		34,690		[b],[c]		47,638
Property and equipment, net		4,294										4,294
Deferred tax assets, net		47,184						(20,118	)	[c]		27,066
Other assets		8,993			(5,011	)						3,982
Total assets	$	178,335		$	(5,328	)	$	34,255			$	207,262
LIABILITIES AND EQUITY
Liabilities:
Accrued expenses and other liabilities	$	29,327		$	(5,329	)	$	–			$	23,998
Payables to managed entities and related parties		275										275
Borrowings		28,471										28,471
Total liabilities		58,073			(5,329	)		–				52,744
Commitments and contingencies
Equity:
Preferred stock, none outstanding		–			–			–				–
Common stock, $.01 par value		281										281
Additional paid-in capital		281,357										281,357
Accumulated deficit		(48,416	)					34,255		[c]		(14,161	)
Treasury stock, at cost		(99,775	)									(99,775	)
Accumulated other comprehensive loss		(13,504	)		1			–				(13,503	)
Total stockholders’ equity		119,943			1			34,255				154,199
Noncontrolling interests		319			–			–				319
Total equity		120,262			1			34,255				154,518
	$	178,335		$	(5,328	)	$	34,255			$	207,262

Notes to pro forma balance sheet:
	[a]	reflects the cash proceeds to be received at closing from the sale of Apidos to CVC Capital Partners.
	[b]	reflects the fair value of the Company's 33% investment in the joint venture (CVC Credit Partners) and the Company's retained preferred equity interest in Apidos, which entitles it to receive incentive managment fees from the legacy Apidos portfolios.
	[c]	reflects the pro forma gain on the sale of Apidos, net of the utilization of capital loss carryfowards.