Investors
Resource Capital Corp. Reports Results for Three Months and Year Ended December 31, 2011

NEW YORK, NY, Mar 07, 2012 (MARKETWIRE via COMTEX) --Resource Capital Corp. (NYSE: RSO)

Highlights

--  Adjusted Funds from Operations ("AFFO") of $0.22 and $0.90 per
    share-diluted.
--  GAAP net income of $0.01 and $0.53 per share-diluted.
--  Total revenues increased by $9.6 million, or 51% and increased by
    $26.7 million, or 40% as compared to the three months and year ended
    December 31, 2010, respectively.
--  Provisions for loan losses decreased by 65% and 68% as compared to the
    three months and year ended December 31, 2010, respectively.
--  Common stock cash dividend of $0.25 and $1.00 per share.
--  Cash on hand of $185.9 million at December 31, 2011, an increase of
    $8.5 million from $177.4 million at September 30, 2011.

Resource Capital Corp. (NYSE: RSO) ("RSO" or the "Company"), a real estate investment trust, or REIT, whose investment strategy focuses on commercial real estate ("CRE") assets, commercial mortgage-backed securities ("CMBS"), commercial finance assets and other investments, reported results for the three months and year ended December 31, 2011.

--  AFFO for the three months and year ended December 31, 2011 was $17.0
    million, or $0.22 per share-diluted, and $63.9 million, or $0.90 per
    share-diluted, respectively. A reconciliation of GAAP net income to
    AFFO is set forth in Schedule I of this release.
--  GAAP net income for the three months and year ended December 31, 2011
    was $413,000, or $0.01 per share-diluted, and $37.7 million, or $0.53
    per share-diluted, respectively, as compared to GAAP net loss for the
    three months ended December 31, 2010 of $9.4 million, or $0.17 per
    share-diluted and GAAP net income for the year ended December 31, 2010
    of $19.4 million, or $0.41 per share-diluted, respectively, increases
    of $9.8 million, or 104%, and $18.3 million, or 94%, respectively.

Jonathan Cohen, CEO and President of Resource Capital Corp., commented, "During the year ended 2011, Resource Capital significantly increased its operating revenues, grew its capital base, and positioned its core businesses for further growth, and improved the credit quality of our portfolio. We did all this while providing a very good cash distribution to our shareholders. In 2012, we plan on continuing to grow our core businesses and also to build book value through investments that have longer term appreciation prospects."

Additional highlights:

Commercial Real Estate

--  The Company received repayments and paydowns on CRE loans of $43.1
    million and sold six CRE loans for proceeds of $69.7 million for the
    year ended December 31, 2011.
--  CRE loan portfolio is now comprised of approximately 87% senior whole
    loans as of December 31, 2011, as compared to 67% a year ago.
--  The Company originated $139.0 million of whole loans in the year ended
    December 31, 2011 with a weighted average yield of 7.31%, as compared
    to $17.9 million with a weighted average yield of 8.4% originated
    during the year ended December 31, 2010.
--  The Company has committed over $15 million to new CRE whole loans
    closed and expected to close in the first quarter of 2012 from an
    ongoing pipeline of new CRE loans of over $250 million.
--  During the three months ended December 31, 2011, a joint venture
    focused on distressed real estate between RSO and an institutional
    partner sold two real estate investments that provided cash proceeds
    to RSO of $2.9 million, and resulted in gains of approximately $1.1
    million. The joint venture is anticipating the sale of another
    investment in March 2012 with expected net cash proceeds and an
    estimated gain to RSO of $1.2 million.

The following table summarizes RSO's CRE loan activities and fundings of previous commitments, at par, for the three months and year ended December 31, 2011 (in millions, except percentages):

                                 Three
                                 Months      Year     Floating    Weighted
                                 Ended      Ended     Weighted     Average
                                December   December    Average   Fixed Rate
                                31, 2011   31, 2011  Spread (1)      (2)
                               ---------  ---------  ----------  ----------
Whole loans                    $    34.5  $   139.0        3.45%      10.07%
Whole loans - future fundings
 (3)                                 2.8       10.6
                               =========  =========
New loans production                37.3      149.6
Sale of real estate loans          (14.4)     (88.0)
Payoffs                            (10.0)     (36.0)
Principal paydowns                  (0.0)      (8.1)
                               ---------  ---------
Loans, net (4)                 $    12.9  $    17.5
                               =========  =========

(1) Represents the weighted average rate above the London Interbank Offered Rate ("LIBOR") on loans whose interest rate is based on LIBOR as of December 31, 2011. Of these new loans, $120.0 million have LIBOR floors with a weighted average rate of 3.10%. (2) Reflects rates on RSO's portfolio balance as of December 31, 2011. (3) Consists of fundings of previous commitments. (4) The basis of new net loans does not include provisions for losses on CRE loans of $0.9 million for the three months ended December 31, 2011 and $6.5 million for the year ended December 31, 2011.

CMBS Securities

--  During the year ended December 31, 2011, RSO acquired $102.4 million,
    par value, of commercial mortgage backed securities ("CMBS") at a
    weighted average price of 99.6%. Of these 2011 CMBS purchases, $72.8
    million, par value, were financed by RSO's Wells Fargo repurchase
    facility and were AAA rated by at least one rating agency.

Commercial Finance - Syndicated Bank Loans

--  RSO's bank loan portfolio, including asset-backed securities ("ABS")
    and certain loans held for sale, at the end of the fourth quarter was
    $1.2 billion, at amortized cost, with a weighted-average spread of
    one-month and three-month LIBOR plus 3.19% at December 31, 2011. RSO's
    bank loan portfolio is 100% match-funded through four collateralized
    loan obligation ("CLO") issuances.
--  RSO, through its subsidiary Resource Capital Asset Management, earned
    $7.8 million of net fees from February 24, 2011, the date of
    acquisition, through December 31, 2011.

Apidos CLO VIII ("CLO VIII")

--  RSO closed CLO VIII, its fourth CLO, on October 13, 2011, with $317.6
    million of notes issued at a weighted average cost of three-month
    LIBOR plus 1.83% or 2.42% at December 31, 2011. RSO retained an
    investment of $15.0 million of an aggregate total of $34.7 million of
    subordinated notes in CLO VIII. Apidos Capital Management manages CLO
    VIII and RSO's investment in the structure.
--  During the three months and year ended December 31, 2011, RSO bought
    bank loans through its four CLOs with a par value of $236.4 million
    and $827.2 million, respectively, at a significant net discount of
    $11.5 million and $24.9 million, respectively. These purchased loans
    had an aggregate weighted average unlevered annual yield of
    approximately 4.12%.

Book Value

As of December 31, 2011, RSO's book value per common share was $5.38. Total stockholders' equity was $429.7 million as of December 31, 2011 as compared to $348.3 million as of December 31, 2010. Total common shares outstanding were 79,877,516 as of December 31, 2011 as compared to 58,183,425 as of December 31, 2010.

Investment Portfolio

The table below summarizes the amortized cost and net carrying amount of RSO's investment portfolio as of December 31, 2011, classified by interest rate and by asset type. The following table includes both (i) the amortized cost of RSO'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 RSO'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
                                                           amount
                                          Net               less
                   Amortized  Dollar   carrying  Dollar   amortized  Dollar
                    cost (3)   price    amount    price     cost      price
                   ---------- ------  ---------- ------  ----------  ------
 December 31, 2011
   Floating rate
RMBS               $    8,729  18.60% $    7,120  15.17% $   (1,609)  -3.43%
CMBS-private
 placement             28,691 100.00%      8,311  28.97%    (20,380) -71.03%
Structured notes       27,345  41.53%     31,553  47.93%      4,208    6.40%
ABS                    28,513  88.21%     25,201  77.96%     (3,312) -10.25%
Other ABS                   -   0.00%         23   0.28%         23    0.28%
Mezzanine loans
 (1)                   53,908  99.97%     53,077  98.43%       (831)  -1.54%
Whole loans (1)       537,708  99.79%    515,176  95.61%    (22,532)  -4.18%
Bank loans (2)      1,170,599  97.33%  1,142,907  95.03%    (27,692)  -2.30%
Loans held for
 sale (3)               3,154  54.59%      3,154  54.59%          -    0.00%
                   ----------         ----------         ----------
 Total floating
  rate              1,858,647  93.71%  1,786,522  90.08%    (72,125)  -3.63%
                   ----------         ----------         ----------
    Fixed rate
CMBS - private
 placement            132,821  71.94%    124,509  67.44%     (8,312)  -4.50%
B notes (1)            16,435  99.13%     16,182  97.61%       (253)  -1.52%
Mezzanine loans
 (1)                   13,966 100.35%     13,361  96.00%       (605)  -4.35%
Whole loans (1)         6,965  99.47%      6,965  99.47%          -    0.00%
Loans receivable-
 related party          9,497 100.00%      9,497 100.00%          -    0.00%
                   ----------         ----------         ----------
 Total fixed rate     179,684  77.58%    170,514  73.62%     (9,170)  -3.96%
                   ----------         ----------         ----------
    Other (non-
 interest bearing)
Investment in real
 estate                48,027 100.00%     48,027 100.00%          -    0.00%
Investment in
 unconsolidated
 entities              47,899 100.00%     47,899 100.00%          -    0.00%
                   ----------         ----------         ----------
 Total other           95,926 100.00%     95,926 100.00%          -    0.00%
                   ----------         ----------         ----------
  Grand total      $2,134,257  92.36% $2,052,962  88.84% $  (81,295)  -3.52%
                   ==========         ==========         ==========

(1) Net carrying amount includes an allowance for loan losses of $24.2 million at December 31, 2011, allocated as follows: B notes ($253,000), mezzanine loans ($1.4 million) and whole loans ($22.5 million). (2) The bank loan portfolio is carried at amortized cost less allowance for loan loss and was $1.2 billion at December 31, 2011. The amount disclosed represents net realizable value at December 31, 2011, which includes a $3.3 million allowance for loan losses at December 31, 2011. (3) Loans held for sale are carried at the lower of cost or market. Amortized cost is equal to fair value.

Liquidity

At February 29, 2012, after paying RSO's fourth quarter dividend, RSO's liquidity of $158.3 million consisted of two primary sources:

--  unrestricted cash and cash equivalents of $44.7 million, restricted
    cash of $1.0 million in margin call accounts and $2.9 million in the
    form of real estate escrows, reserves and deposits; and
--  capital available for reinvestment in its six CDO entities of $109.7
    million, of which $1.6 million is designated to finance future funding
    commitments on CRE loans.

In addition, RSO has availability through two CRE term facilities to finance the purchase of CMBS securities and origination of commercial real estate loans of $38.6 million and $150.0 million, respectively.

Capital Allocation

As of December 31, 2011, RSO had allocated its invested equity capital among its targeted asset classes as follows: 63.0% in CRE assets, 30.6% in commercial finance assets and 6.4% in other investments.

Supplemental Information

The following schedules of reconciliations or supplemental information as of December 31, 2011 are included at the end of this release:

--  Schedule I - Reconciliation of GAAP Net Income to Funds from
    Operations ("FFO") and AFFO.
--  Schedule II - Summary of CDO and CLO Performance Statistics.
--  Supplemental Information regarding loan and leasing investment
    statistics, CRE loans and bank loans.

About Resource Capital Corp.

RSO is a diversified real estate finance company that is organized and conducts its operations to qualify as a REIT for federal income tax purposes. RSO's investment strategy focuses on CRE and CRE-related assets, and, to a lesser extent, commercial finance assets. RSO invests in the following asset classes: CRE-related assets such as commercial real estate property, whole loans, A-notes, B-notes, mezzanine loans, CMBS and investments in real estate joint ventures as well as commercial finance assets such as bank loans, lease receivables, other asset-backed securities, trust preferred securities, debt tranches of CDOs, structured note investments, and private equity investments principally issued by financial institutions.

RSO 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 RSO's website at www.resourcecapitalcorp.com or contact investor relations at pkamdar@resourceamerica.com.

Safe Harbor Statement

Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. RSO'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 RSO'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 RSO'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 RSO'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 RSO 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.

RSO 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 RSO 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, RSO 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 RSO's unaudited consolidated balance sheets, unaudited consolidated statements of income, reconciliation of GAAP net income to FFO and AFFO and a summary of CDO and CLO performance statistics and supplemental information regarding RSO's CRE loan and bank loan portfolios.

                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
              (in thousands, except share and per share data)

                                                       December 31,
                                               ----------------------------
                                                    2011           2010
                                               -------------  -------------
                                                (unaudited)
ASSETS
  Cash and cash equivalents                    $      43,116  $      29,488
  Restricted cash                                    142,806        168,192
  Investment securities, trading                      38,673         17,723
  Investment securities available-for-sale,
   pledged as collateral, at fair value              153,366         57,998
  Investment securities available-for-sale, at
   fair value                                          4,678          5,962
  Investment securities held-to-maturity,
   pledged as collateral                                   -         29,036
  Property available-for-sale                          2,980          4,444
  Investment in real estate                           48,027              -
  Loans, pledged as collateral and net of
   allowances of $27.5 million and $34.2
   million                                         1,772,063      1,443,271
  Loans held for sale                                  3,154         28,593
  Lease receivables, pledged as collateral,
   net of allowances of $0 and $70,000 and net
   of unearned income                                      -        109,612
  Loans receivable-related party                       9,497          9,927
  Investments in unconsolidated entities              47,899          6,791
  Dividend reinvestment plan proceeds
   receivable                                              -         10,000
  Interest receivable                                  8,836          6,330
  Deferred tax asset                                     626          4,401
  Intangible assets                                   19,813              -
  Other assets                                         4,093          2,432
                                               -------------  -------------
    Total assets                               $   2,299,627  $   1,934,200
                                               =============  =============
LIABILITIES
  Borrowings                                   $   1,808,986  $   1,543,251
  Distribution payable                                19,979         14,555
  Accrued interest expense                             3,260          1,618
  Derivatives, at fair value                          13,210         13,292
  Accrued tax liability                               12,567             30
  Deferred tax liability                               5,624          9,798
  Accounts payable and other liabilities               6,311          3,330
                                               -------------  -------------
    Total liabilities                              1,869,937      1,585,874
                                               -------------  -------------
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; 79,877,516 and
   58,183,425 shares issued and outstanding
   (including 1,428,931 and 534,957 unvested
   restricted shares)                                     80             58
  Additional paid-in capital                         659,700        528,373
  Accumulated other comprehensive loss               (46,327)       (33,918)
  Distributions in excess of earnings               (183,763)      (146,187)
                                               -------------  -------------
    Total stockholders' equity                       429,690        348,326
                                               -------------  -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $   2,299,627  $   1,934,200
                                               =============  =============


                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF OPERATIONS
              (in thousands, except share and per share data)

                            Three Months Ended            Years Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2011         2010         2011         2010
                         -----------  -----------  -----------  -----------
                                (unaudited)        (unaudited)
REVENUES
  Interest income:
    Loans                $    26,035  $    19,819  $    86,739  $    77,694
    Securities                 3,646        2,529       12,744       11,434
    Leases                         -        4,529            -       11,306
    Interest income -
     other                     3,877        1,616       10,711        3,477
                         -----------  -----------  -----------  -----------
      Total interest
       income                 33,558       28,493      110,194      103,911
  Interest expense             9,261        9,511       30,431       36,466
                         -----------  -----------  -----------  -----------
    Net interest income       24,297       18,982       79,763       67,445
    Rental income              1,884            -        3,656            -
    Dividend income              502            -        2,955            -
    Fee income                 1,930            -        7,789            -
                         -----------  -----------  -----------  -----------
  Total revenues              28,613       18,982       94,163       67,445
                         -----------  -----------  -----------  -----------

OPERATING EXPENSES
  Management fees -
   related party               2,400        3,371       11,022       13,216
  Equity compensation -
   related party               1,127          758        2,526        2,221
  Professional services        1,259        1,441        3,791        3,627
  Insurance                      161          183          658          759
  Rental operating
   expense                     1,348           40        2,743           46
  General and
   administrative                754          789        3,950        3,015
  Depreciation on
   operating leases                -        1,660            -        4,003
  Depreciation and
   amortization                1,754            -        4,619            -
  Income tax expense           7,767          416       12,036        5,721
                         -----------  -----------  -----------  -----------
    Total expenses            16,570        8,658       41,345       32,608
                         -----------  -----------  -----------  -----------
                              12,043       10,324       52,818       34,837
                         -----------  -----------  -----------  -----------
OTHER (EXPENSE) REVENUE
  Net impairment losses
   recognized in
   earnings                   (2,249)     (16,290)      (6,898)     (26,804)
  Net realized (loss)
   gains on investment
   securities available-
   for-sale and loans         (1,821)       3,314        2,622        4,821
  Net realized and
   unrealized (loss)
   gains on Investment
   securities, trading          (560)       5,048          858       14,791
  Provision for loan and
   lease losses               (5,979)     (16,958)     (13,896)     (43,321)
  Gains on
   extinguishment of
   debt                            -        5,325        3,875       34,610
  Other (expense) income      (1,021)        (137)      (1,663)         513
                         -----------  -----------  -----------  -----------
    Total other expense      (11,630)     (19,698)     (15,102)     (15,390)
                         -----------  -----------  -----------  -----------
NET INCOME (LOSS)        $       413  $    (9,374) $    37,716  $    19,447
                         ===========  ===========  ===========  ===========

NET INCOME (LOSS) PER
 SHARE - BASIC           $      0.01  $     (0.17) $      0.54  $      0.41
                         ===========  ===========  ===========  ===========

NET INCOME (LOSS) PER
 SHARE - DILUTED         $      0.01  $     (0.17) $      0.53  $      0.41
                         ===========  ===========  ===========  ===========

WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING -
 BASIC                    76,806,318   55,928,662   70,410,131   47,715,082
                         ===========  ===========  ===========  ===========

WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING -
 DILUTED                  77,325,974   55,928,662   70,809,088   47,907,281
                         ===========  ===========  ===========  ===========

DIVIDENDS DECLARED PER
 SHARE                   $      0.25  $      0.25  $      1.00  $      1.00
                         ===========  ===========  ===========  ===========

SCHEDULE I

                  RESOURCE CAPITAL CORP. AND SUBSIDIARIES
           RECONCILIATION OF GAAP NET INCOME TO FFO and AFFO (1)
                   (in thousands, except per share data)
                                (Unaudited)

                                                Three Months
                                                   Ended        Year Ended
                                                December 31,   December 31,
                                                  2011 (3)       2011 (3)
                                               -------------  -------------
Net income - GAAP                              $         413  $      37,716
Adjustments:
  Real estate depreciation and amortization            1,112          2,606
  Impairment charges on repossessed real
   estate assets (2)                                       -          1,449
                                               -------------  -------------
FFO (1)                                                1,525         41,771
Adjustments:
Non-cash items:
  Impairment losses on financial instruments           2,249          6,898
  Provisions for loan losses                             193            317
  Straight line rental adjustments                        (7)           (17)
  Share-based compensation                             1,127          2,526
  Amortization of deferred costs (non real
   estate) and intangible assets                       1,771          5,870
  (Gains) on debt extinguishment                           -         (3,875)
REIT Tax planning adjustments (4)                     11,008         11,751
Cash items:
  Capital expenditures                                  (864)        (1,296)
                                               -------------  -------------
AFFO (1)                                       $      17,002  $      63,945
                                               =============  =============
Weighted average shares - diluted                     77,326         70,809
AFFO per share - diluted                       $        0.22  $        0.90
                                               =============  =============

(1) RSO now evaluates its performance based on several performance measures, including FFO and AFFO (both non-GAAP measures), in addition to net income. RSO computes FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts as net income (computed in accordance with GAAP), excluding gains or losses on the sale of depreciable real estate, the cumulative effect of changes in accounting principles, real estate-related depreciation and amortization, and after adjustments for unconsolidated/ uncombined partnerships and joint ventures.

AFFO is a computation made by analysts and investors to measure a real estate company's cash flow generated by operations. RSO calculates AFFO by adding or subtracting from FFO: non-cash impairment losses resulting from fair value adjustments on financial instruments, non-cash provision for loan losses, straight-line rental effects, share based compensation, amortization of various deferred items and intangible assets, gains on debt extinguishment, several REIT tax planning adjustments considered non-recurring by management and capital expenditures that are related to RSO's real estate owned.

Management believes that FFO and AFFO are appropriate measures of the Company's operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs. Management uses FFO and AFFO as measures of RSO's operating performance, and believes they are also useful to investors, because they facilitate an understanding of RSO's operating performance after adjustment for certain non-cash items, such as real estate depreciation, share-based compensation and various other items required by GAAP, and capital expenditures, that may not necessarily be indicative of current operating performance and that may not accurately compare RSO's operating performance between periods.

While the Company's calculation of AFFO may differ from the methodology used for calculating AFFO by other REITs and its AFFO may not be comparable to AFFO reported by other REITs, RSO also believes that FFO and AFFO may provide it and its investors with an additional useful measure to compare its performance with some other REITs. Neither FFO nor AFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore FFO and AFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor AFFO should be considered as an alternative to net income as an indicator of RSO's operating performance or as an alternative to cash flow from operating activities as a measure of its liquidity.

(2) Amount represents impairment charges recorded by RSO in connection with real estate debt converted to equity.

(3) Comparative FFO and AFFO data is not provided since RSO did not own depreciable real property during the comparable periods in 2010.

(4) During the three months ended December 31, 2011, RSO took actions to remain in compliance with respect to its 75% REIT gross income test. First, RSO transferred two of its CLOs, with non-qualifying income, into a taxable REIT subsidiary for the period October 27, 2011 and ending on December 31, 2011. This transfer increased the tax provision during the three months and year ended December 31, 2011 by $4.7 million. In addition, RSO sold several positions and generated tax losses to further reduce its non-qualifying income by $6.3 million and $7.0 million for the three months and year ended December 31, 2011 respectively. Management believes these actions were unique to the 2011 75% REIT gross income test and does not anticipate the significant impact of these transactions to recur in 2012.

SCHEDULE II

                   RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                SUMMARY OF CDO AND CLO PERFORMANCE STATISTICS
                               (in thousands)
                                 (Unaudited)

Collateralized Debt Obligations - Distributions and Coverage Test Summary

The following table sets forth collateralized debt obligations -- distributions and coverage test summary for the periods presented:

                                           Annualized
                                            Interest
                                            Coverage   Overcollateralization
                       Cash Distributions    Cushion          Cushion
                     --------------------- ---------- ----------------------
                                                                    As of
                          Years Ended         As of      As of     Initial
                      December   December   December   December
                         31,        31,        31,        31,    Measurement
                                            2011 (2)
  Name (5)  CDO Type  2011 (1)   2010 (1)      (3)     2011 (4)      Date
----------- -------- ---------- ---------- ---------- ---------- -----------
                      (actual)   (actual)
Apidos CDO
 I (6)      CLO      $    9,305 $    7,695 $    2,588 $   14,187 $    17,136
Apidos CDO
 III        CLO      $    8,351 $    6,552 $    4,961 $    9,634 $    11,269
Apidos
 Cinco CDO  CLO      $    9,941 $    7,792 $    4,924 $   19,623 $    17,774
RREF 2006-
 1(7)       CRE CDO  $   11,637 $    8,929 $   13,590 $   53,698 $    24,941
RREF 2007-1 CRE CDO  $   10,743 $   15,068 $    8,806 $   39,293 $    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 RSO's preference shares. (4) Overcollateralization cushion represents the amount by which the collateral held by the CDO issuer exceeds the maximum amount required. (5) The table above excludes Apidos VIII CLO, which closed on October 13, 2011 and has yet to reach the initial measurement date or issue a cash distribution as of December 31, 2011. (6) Apidos CDO I reinvestment period expired in July 2011.

(7) RREF CDO 2006-1 reinvestment period expired in September 2011.

                   RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                          SUPPLEMENTAL INFORMATION
                     (in thousands, except percentages)
                                 (Unaudited)

Loan and Leasing Investment Statistics

The following table presents information on RSO's impaired loans and lease receivables and related allowances for the periods indicated (based on amortized cost):

                                                         December 31,
                                                       2011         2010
                                                   -----------  -----------
Allowance for loan and lease receivable losses:
  Specific allowance:
    Commercial real estate loans                   $    17,065  $    20,844
    Bank loans                                           1,593          112
                                                   -----------  -----------
      Total specific allowance (1)                      18,658       20,956
                                                   -----------  -----------
  General allowance:
    Commercial real estate loans                         7,156       10,773
    Bank loans                                           1,704        2,504
    Lease receivables                                        -           70
                                                   -----------  -----------
      Total general allowance                            8,860       13,347
                                                   -----------  -----------
  Total allowance for loans and leases             $    27,518  $    34,303
                                                   ===========  ===========
  Allowance as a percentage of total loans and
   lease receivables                                       1.5%         2.1%

Loans held for sale:
  Commercial Real Estate Loans:
    Commercial real estate loans at cost           $         -  $    39,187
    Commercial real estate loans provision                   -      (14,621)
                                                   -----------  -----------
      Commercial real estate loans held for sale             -       24,566
                                                   -----------  -----------
  Bank Loans:
    Bank loans at cost                                   5,692        5,172
    Bank loans provision                                (2,538)      (1,145)
                                                   -----------  -----------
      Bank loans held for sale                           3,154        4,027
                                                   -----------  -----------
Loans held for sale                                $     3,154  $    28,593
                                                   ===========  ===========

(1) Includes allowances on the following specifically reserved assets: commercial real estate loans of $37.8 million, at par, and bank loans of $2.9 million, at par. A loan of $5.0 million that was fully reserved as of December 31, 2010 was charged off as of March 31, 2011.

                   RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                          SUPPLEMENTAL INFORMATION
                                 (Unaudited)

The following table presents commercial real estate loan portfolio statistics as of December 31, 2011 (based on par value):

Security type:
     Whole loans                                                       86.7%
     Mezzanine loans                                                   10.7%
     B Notes                                                            2.6%
                                                             --------------
          Total                                                       100.0%
                                                             ==============

Collateral type:
     Multifamily                                                       38.2%
     Hotel                                                             29.5%
     Retail                                                            17.0%
     Office                                                             7.4%
     Flex                                                               1.1%
     Self-storage                                                       1.0%
     Other                                                              5.8%
                                                             --------------
          Total                                                       100.0%
                                                             ==============

Collateral location:
     Southern California                                               28.5%
     Northern California                                               13.6%
     Arizona                                                            8.9%
     Florida                                                            8.0%
     Texas                                                              6.0%
     Washington                                                         4.9%
     Colorado                                                           4.6%
     New York                                                           1.6%
     Other                                                             23.9%
                                                             --------------
          Total                                                       100.0%
                                                             ==============


                   RESOURCE CAPITAL CORP. AND SUBSIDIARIES
                          SUPPLEMENTAL INFORMATION
                                 (Unaudited)

The following table presents bank loan portfolio statistics by industry as of December 31, 2011 (based on par value):

Industry type:
     Healthcare, education and childcare                               13.8%
     Diversified/conglomerate service                                   9.0%
     Broadcasting and entertainment                                     7.7%
     Automobile                                                         6.6%
     Retail stores                                                      5.5%
     Chemicals, plastics and rubber                                     5.4%
     Telecommunications                                                 5.0%
     Electronics                                                        4.4%
     Hotels, motels, inns and gaming                                    4.1%
     Printing and publishing                                            3.8%
     Leisure, amusement, motion pictures, entertainment                 3.5%
     Personal transportation                                            3.2%
     Other                                                             28.0%
                                                             --------------
          Total                                                       100.0%
                                                             ==============

CONTACT:
DAVID J. BRYANT
CHIEF FINANCIAL OFFICER
RESOURCE CAPITAL CORP.
712 Fifth Ave, 12TH Floor
New York, NY 10019
212-506-3870


SOURCE: Resource Capital Corp.