NEW YORK--(BUSINESS WIRE)--May 31, 2006--Resource Capital Corp. (NYSE:RSO) (the "Company" or "RCC"), a real estate investment trust focused on investing in commercial and residential real estate-related assets and, to a lesser extent, higher-yielding commercial finance assets, announces that Kyle Geoghegan and Darryl Myrose have joined Resource America, Inc., (Nasdaq:REXI)("Resource") the Company's external manager, as Managing Directors of Resource Real Estate Funding, Inc. ("RREF"), Resource's indirect wholly-owned subsidiary involved in commercial real estate debt. Mr. Geoghegan and Mr. Myrose join Resource from Bear Stearns, where as Managing Directors they managed the Los Angeles office for its commercial real estate lending business. At Resource, Mr. Geoghegan and Mr. Myrose will focus on the direct origination of floating rate commercial mortgages in conjunction with John Boyt, who oversees the origination of B-notes, mezzanine loans and whole loans and is based in Resources's New York office. Mr. Boyt joined Resource as a Senior Vice President of Resource Real Estate in April of 2005 and had previously been with Bear Stearns and Bankers Trust.
Mr. Geoghegan and Mr. Myrose will augment Resource's effort as external manager of RCC to build a national direct origination platform focused on commercial real estate lending. Mr. Geoghegan and Mr. Myrose will report to David Bloom, Senior Vice President of Commercial Real Estate for RCC and President of RREF. Resource plans to open a Los Angeles office during the summer.
Jonathan Cohen, CEO and President of both Resource Capital Corp. and Resource America, Inc., comments, "We are excited about the addition of Kyle Geoghegan and Darryl Myrose to the Resource team, both of whom come with a long and successful track record of having originated billions of dollars of real estate loans. The addition of Kyle and Darryl brings the number of professionals in our commercial real estate debt group to 10, and we anticipate an immediate impact on our direct origination capabilities. We look forward to using these capabilities to continue to enhance Resource America's and Resource Capital's ability to source and underwrite commercial real estate debt."
Resource Capital Corp. is a specialty finance company that began operations in March 2005 and intends to elect and qualify to be taxed as a real estate investment trust for federal income tax purposes. RCC's investment strategy focuses on real estate-related assets, and, to a lesser extent, higher-yielding commercial finance assets with a concentration on the following asset classes: commercial real estate-related assets such as B-notes, mezzanine debt and commercial mortgage-backed securities and commercial finance assets such as other asset-backed securities, syndicated bank loans, equipment leases and notes, trust preferred securities 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., 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 financial fund management, real estate, and equipment finance sectors. As of April 30, 2006, Resource America managed approximately $10 billion of assets in these sectors.
For more information, please visit our website at www.resourcecapitalcorp.com or contact investors relations at pschreiber@resourceamerica.com.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Resource Capital Corp. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10Q, reports on Form 8-K and annual reports on Form 10-K.
CONTACT: Resource Capital Corp.
Pamela Schreiber, 215-546-5005
215-546-5388 (facsimile)
SOURCE: Resource Capital Corp.
