**EXHIBIT
      21.1**





**RESOURCE
      AMERICA, INC.**


**LIST
      OF SUBSIDIARIES**





Resource
      Financial Fund Management, Inc.


Trapeza
      Capital Management, LLC


Trapeza
      Manager, Inc.


Trapeza
      Funding, LLC


Trapeza
      Funding II, LLC )


Trapeza
      Funding III, LLC


Trapeza
      Funding IV, LLC


Trapeza
      Funding V, LLC


Trapeza
      TPS, LLC


Trapeza
      Management Group, LLC


Structured
      Finance Fund GP, LLC


Structured
      Finance Management, LLC


Ischus
      Capital Management, LLC


Apidos
      Capital Management, LLC


Resource
      Capital Manager, Inc.


Resource
      Financial Institutions Group, Inc.


Axios
      Capital Management, LLC


Resource
      Credit Partners, L.P.


Resource
      Credit Partners GP, Inc.


Resource
      Credit Management, LLC


RAI
      Ventures, Inc.


Chadwick
      Securities, Inc.


Resource
      Europe Management Ltd.


Resource
      Capital Investor, Inc.


Resource
      Leasing, Inc.


FLI
      Holdings, Inc.


LEAF
      Financial Corporation


LEAF
      Capital Management, Inc.


LEAF
      Asset Management, LLC


LEAF
      Asset Management, Inc.


Lease
      Equity Appreciation Fund I L.P.


LEAF
      Fund
      I, LLC


Lease
      Equity Appreciation Fund II, L.P.


LEAF
      Fund
      II, LLC


LEAF
      Funding, Inc.


LEAF
      Institutional Direct Management, LLC


Resource
      Real Estate Holdings, Inc.


Resource
      Real Estate, Inc.


Resource
      Real Estate Funding, Inc.


Resource
      Capital Partners, Inc.


Resource
      Real Estate Management, LLC


SR
      Real
      Estate Partners, LLC


RCP
      Nittany Pointe Manager, Inc.


RCP
      Chinoe Creek Manager, Inc.


RCP
      Fountains GP, Inc.


RCP
      Portland Courtyard Manager, Inc.


RCP
      Albuquerque Manager, Inc.


RCP
      Avalon Manager, Inc.


RCP
      Falls
      at Duraleigh Manager, Inc.


RCP
      Sage
      Canyon Manager, Inc.


RCP
      Cuestas Manager, Inc.


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
      Reserves Holdings Manager, Inc.


RCP
      Grove
      Manager, LLC


RCP
      Howell Bridge Manager, Inc.


RCP
      Howell Bridge Holdings, LLC


RRE
      Bentley Place Holdings, LLC


RRE
      Bentley Place TIC, LLC


RRE
      Reserves TIC, LLC


RRE
      Reserves Holdings, LLC


RRE
      Highland Lodge TIC, LLC


RCP
      Reserves Holdco I Manager, Inc.


RRE
      Regents Center TIC, LLC


RRE
      Grove
      Holdings, L.P.


RRE
      Regents Center Holdings, LLC


Resource
      RSI Phase I, LLC


Resource
      RSI Phase II, LLC


Resource
      Asset Management, Inc.


Resource
      Properties II, Inc.


Resource
      Properties IV, Inc.


Resource
      Properties VI, Inc.


Resource
      Properties VIII, Inc.


Resource
      Properties XII, Inc.


Resource
      Properties XIV, Inc.


Resource
      Properties XV, Inc.


Resource
      Properties XVII, Inc.


Resource
      Properties XVIII, Inc.


Resource
      Properties XX, Inc.


Resource
      Properties XXII, Inc.


Resource
      Properties XXIII, Inc.


Resource
      Properties XXIV, Inc.


Resource
      Properties XXV, Inc.


Resource
      Properties XXVI, Inc.


Resource
      Properties XXVII, Inc.


Resource
      Properties XXVIII, Inc.


Resource
      Properties XXIX, Inc.


Resource
      Properties XXX, Inc.


Resource
      Properties XXXI, Inc.


Resource
      Properties XXXII, Inc.


Resource
      Properties XXXIII, Inc.


Resource
      Properties XXXIV, Inc.


Deerfield
      RPI, LLC


Resource
      Properties XXXV, Inc.


Resource
      Properties XXXVI, Inc.


Resource
      Properties XXXVIII, Inc.


Resource
      Properties XL, Inc.





Resource
      Properties XLI, Inc.


Resource
      Properties XLII, Inc.


Resource
      Properties XLIV, Inc.


Resource
      Properties XLVI, Inc.


Resource
      Properties XLVII, Inc.


Resource
      Properties XLIX, Inc.


Resource
      Properties 50, Inc.


Resource
      Properties 51, Inc.


Resource
      Properties 52, Inc.


Resource
      Properties 53, Inc.


Resource
      Properties 54, Inc.


CP/GP,
      Inc.


Chesterfield
      Mortgage Investors, Inc.


RAI
      Financial, Inc.


Resource
      Commercial Mortgages, Inc.


Resource
      Financial Services, Inc.


Resource
      Housing Investors I, Inc.


Resource
      Housing Investors II, Inc.


Resource
      Housing Investors III, Inc.


Resource
      Housing Investors IV, Inc.


Resource
      Programs, Inc.


RCP
      Financials, LLC


RCP
      Partners, L.P.


Resource
      Rittenhouse, Inc.


WS
      Mortgage Acquisition Corporation