EXHIBIT 21.1

RESOURCE AMERICA, INC.

LIST OF SUBSIDIARIES

Resource Financial Fund Management, Inc.

Coredo Capital Management, LLC

Resource Banking Advisory & Management, Inc.

Trapeza Capital Management, LLC

Trapeza Manager, Inc.

Trapeza Funding, LLC (1)

Trapeza Funding II, LLC (1)

Trapeza Funding III, LLC (1)

Trapeza Funding IV, LLC (1)

Trapeza Funding V, LLC (1)

Trapeza TPS, LLC (1)

Trapeza Management Group, LLC  (2)

Structured Finance Fund GP, LLC (1)

Structured Finance Management, LLC (1)

Ischus Capital Management, LLC

Apidos Capital Management, LLC

Resource Financial Institutions Group, Inc.

Resource Credit Partners GP, Inc.

Resource Credit Management, LLC

Resource Capital Manager, Inc.

Resource Financial Advisors, LLC

RAI Ventures, Inc.

Chadwick Securities, Inc.

Resource Europe Management Limited

Resource Capital Markets, Inc.

Resource Capital Investor, Inc.

RAI Acquisition Corp.

Resource Leasing, Inc.

FLI Holdings, Inc.

LEAF Financial Corporation (8)

LEAF Ventures, LLC (9)

Merit Capital Manager, LLC

Merit Capital Advance, LLC (10)

LEAF Ventures II, LLC (11)

Prompt Payment, LLC (12)

LEAF Capital Management, Inc.

Lease Equity Appreciation Fund I L.P. (13)

LEAF Fund I, LLC

Lease Equity Appreciation Fund II, L.P. (13)

LEAF Fund II, LLC

LEAF II B SPE, LLC

LEAF II Receivables Funding, LLC

LEAF Funding, Inc.

Resource Capital Funding II, LLC

LEAF Institutional Direct Management, LLC

LEAF Commercial Finance Co., LLC

LEAF Commercial Finance Fund, LLC

Resource Asset Management, Inc.

LEAF Asset Management, LLC

LEAF Equipment Leasing Income Fund III, L.P. (10)

LEAF Funding, LLC

LEAF Capital Funding III, LLC

LEAF Fund III, LLC

LEAF III A SPE, LLC

LEAF Equipment Finance Fund 4, L.P.

Resource Real Estate Management, LLC

Resource Real Estate Holdings, Inc.

Resource Capital Partners, Inc.

Resource Real Estate, Inc.

Resource Capital Partners II, LLC

Resource Real Estate Funding, Inc.

RRE Leasco, LLC

RRE Oak Park Leaseco, LLC (7)

RRE Highland Lodge Leaseco, LLC

Resource Real Estate Management, Inc.

RRE D2R2 2007-1, LLC

RRE HUD MF 2007, LLC (5)

RRE Oakridge, LLC

RRE Sky Harbor, LLC

RRE River Oaks, LLC

RRE Shoreline, LLC

RRE Twyckenham, LLC

RRE Windsor Square, LLC

RRE Wyandotte, LLC

RRE The Hills, LLC

RRE VIP Borrower, LLC

RRE VIP International Village, LLC

RRE VIP Regency Park, LLC

RRE VIP Participant, LLC

RCP Westchase Wyndham Manager, LLC

RCP Pear Tree Manager, LLC

RCP Wind Tree Manager, LLC

RCP Falls at Duraleigh Manager, Inc.

RCP Sage Canyon Manager, Inc.

RCP Cuestas Manager, Inc.

RCP Chenal Brightwaters Manager, LLC

RCP Holdco I Manager, Inc.

RCP Reserves Manager, Inc.

RCP Foxglove Manager, Inc.

RCP Santa Fe Manager, Inc.

RCP Regents Center Manager, Inc.

RCP Highland Lodge Manager, Inc.

RCP Grove Manager, LLC

RCP Avalon Manager, Inc.

RCP Howell Bridge Manager, Inc.

RCP Heritage Lake Manager, LLC

RCP Magnolia Manager, LLC

RCP West Wind Manager, LLC

RCP Ryan’s Crossing Manager, LLC

RCP Memorial Tower Manager, LLC

RCP Cypress Landing Manager, LLC

Cypress Landing Partners, LLC

RCP Island Tree Manager, LLC

Island Tree Partners, LLC

RCP Villas Manager, LLC

RCP Coach Lantern Manager, LLC

RCP Foxcroft Manager, LLC

RCP Tamarlane Manager, LLC

RCP Park Hill Manager, LLC

RRE West Chase Wyndham TIC, LLC (7)

RRE Chenal Brightwaters TIC, LLC (7)

RRE Chenal Brightwaters Holdings, LLC (7)

RRE Highland Lodge TIC, LLC (7)

RRE Regents Center TIC, LLC (7)

RRE Heritage Lake TIC, LLC (7)

RRE Bentley Place TIC, LLC

RRE Reserves TIC, LLC

SR Fountains Holdings, LLC

AR Real Estate Investors, LLC (6)

AR Real Estate, GP LLC

RCP Nittany Pointe Manager, Inc.

RCP Chinoe Creek Manager, Inc.

RCP Portland Courtyard Manager, Inc.

RCP Albuquerque Manager, Inc.

RCP Fountains GP, Inc.

RRE Howell Bridge Holdings, LLC (7)

RRE Bentley Place Holdings, LLC (7)

RRE Reserves Holdings, LLC (7)

RRE Reserves Holdco I, LLC (7)

RRE Regents Center Holdings, LLC (7)

RRE 1 Duraleigh Member, LLC (7)

RRE 2 Duraleigh Member, LLC (7)

RRE Avalon Member, LLC (7)

RRE Avalon Holdings, LLC (7)

RRE Funding I, LLC (7)

RRE Magnolia Holdings, LLC (7)

RRE West Wind Holdings, LLC (7)

RRE Ryan’s Crossing Holdings, LLC (7)

RRE Falls at Duraleigh Holdings, LLC (7)

RRE Sage Canyon Holdings, LLC (7)

RRE Cuestas Holdings, LLC (7)

RRE Heritage Lake Holdings, LLC (7)

RRE Hertage Lake TIC, LLC

RRE Pear Tree Holdings, LLC (7)

RRE Wind Tree Holdings, LLC (7)

RRE Westchase Wyndham Holdings, LLC (7)

RRE Funding II, LLC (7)

RRE Villas Holdings, LLC

RRE Memorial Towers Holdings, LLC

RRE Coach Lantern Holdings, LLC

RRE Foxcroft Holdings, LLC

Foxcroft South Owners Association

Foxcroft North Owners Association

RRE Tamarlane Holdings, LLC

RRE Park Hill Holdings, LLC

RRE Bentley Place Holdco I, LLC (7)

Resource RSI Phase I, LLC

Resource RSI Phase II, LLC

Press Building, LLC (4)

Resource Programs, Inc. (3)

RCP Financial, LLC (3)

Resource Properties VIII, Inc. (3)

Resource Properties XIV, Inc. (3)

Resource Properties XVII (3)

Resource Properties XXIV, Inc. (3)

Resource Properties XXV, Inc. (3)

Resource Properties XXVI, Inc. (3)

Resource Properties XXX, Inc. (3)

Resource Properties XXXI (3)

Resource Properties XXXIII, Inc. (3)

Resource Properties XXXV, Inc. (3)

Resource Properties XL, Inc. (3)

Resource Properties XLI, Inc. (3)

Resource Properties XLVII, Inc. (3)

Resource Properties XLIX, Inc. (3)

Resource Properties 54, Inc. (3)

Chesterfield Mortgage Investors, Inc. (3)

Resource Commercial Mortgages, Inc. (3)

Resource Housing Investors I, Inc. (3)

Resource Housing Investors II, Inc. (3)

Resource Housing Investors III, Inc. (3)

Resource Housing Investors IV, Inc. (3)

Resource Rittenhouse, Inc. (3)

(1)   50% owned by Resource Financial Fund Management, Inc.

(2)   33.33% owned by Resource Financial Fund Management, Inc.

(3)   Resource America, Inc. currently owns 24 separate subsidiaries formerly held by Resource Properties, Inc.,   which merged as of June 29, 2005 into Resource America, Inc. each of which owns, or held in the past, a separate loan asset (the “Real Estate Subsidiaries”).

(4)   25% owned by Resource America, Inc.

(5)   5% owned by RRE D2R2 2007, LLC.

(6)   10% owned by Resource America, Inc.

(7)   Resource America sponsored real estate funds own 29 separate LLCs (the “Real Estate Fund Subsidiaries”).  The general partner of these funds is Resource Capital Partners Inc..

(8)   85% owned by Resource Leasing, Inc.

(9)   92% owned by Leaf Financial Corp.

(10)   90% owned by Leaf Financial Corp.

(11)   80% owned by Leaf Ventures II, LLC.

(12)   1% owned by general partners of fund.

(13)   LEAF Asset Management LLC owns a 1% GP interest and an LP interest.