----

----

|   |  NAME OF SUBSIDIARIES                   |  STATE OF INCORPORATION |   |
|--------|----------------------------------------------|------------------------------|--------|
|   | Resource Financial Fund Management, Inc.     | Delaware                     |   |
|   | Trapeza Capital Management, LLC              | Delaware                     |   |
|   | Trapeza Manager, Inc.                        | Delaware                     |   |
|   | Trapeza Funding, LLC                         | Delaware                     |   |
|   | Trapeza Funding II, LLC                      | Delaware                     |   |
|   | Trapeza Funding III, LLC                     | Delaware                     |   |
|   | Trapeza Funding IV, LLC                      | Delaware                     |   |
|   | Trapeza Funding V, LLC                       | Delaware                     |   |
|   | Trapeza TPS, LLC                             | Delaware                     |   |
|   | Trapeza Management Group, LLC                | Delaware                     |   |
|   | Structured Finance Fund GP, LLC              | Delaware                     |   |
|   | Structured Finance Management, LLC           | Delaware                     |   |
|   | Ischus Capital Management, LLC               | Delaware                     |   |
|   | Apidos Capital Management, LLC               | Delaware                     |   |
|   | Apidos Select Corporate Credit Fund GP, LLC  | Delaware                     |   |
|   | Resource Financial Institutions Group, Inc.  | Delaware                     |   |
|   | Resource Credit Partners GP, Inc.            | Delaware                     |   |
|   | Resource Credit Management, LLC              | Delaware                     |   |
|   | Resource Capital Manager, Inc.               | Delaware                     |   |
|   | RAI Ventures, Inc.                           | Delaware                     |   |
|   | Chadwick Securities, Inc.                    | Delaware                     |   |
|   | Resource Europe Management Limited           | UK                           |   |
|   | Resource Capital Markets, Inc.               | Delaware                     |   |
|   | Resource Capital Investor, Inc.              | Delaware                     |   |
|   | Resource Leasing, Inc.                       | Delaware                     |   |
|   | FLI Holdings, Inc.                           | Delaware                     |   |
|   | LEAF Financial Corporation                   | Delaware                     |   |
|   | Commerce Square Insurance Services, LLC      | Delaware                     |   |
|   | Commerce Square Equipment Insurance Co.      | Delaware                     |   |
|   | LEAF Ventures, LLC                           | Delaware                     |   |
|   | Merit Capital Manager, LLC                   | Delaware                     |   |
|   | Merit Capital Advance, LLC                   | Delaware                     |   |
|   | Merit Processing, LLC                        | Delaware                     |   |
|   | LEAF Ventures II, LLC                        | Delaware                     |   |
|   | Prompt Payment, LLC                          | Delaware                     |   |
|   | LEAF Capital Management, Inc.                | Delaware                     |   |
|   | Lease Equity Appreciation Fund I, L.P.       | Delaware                     |   |
|   | LEAF Fund I, LLC                             | Delaware                     |   |
|   | Lease Equity Appreciation Fund II, L.P.      | Delaware                     |   |
|   | LEAF Fund II, LLC                            | Delaware                     |   |
|   | LEAF II B SPE, LLC                           | Delaware                     |   |
|   | LEAF II Receivables Funding, LLC             | Delaware                     |   |
|   | LEAF Funding, Inc.                           | Delaware                     |   |
|   | LEAF Commercial Finance Fund, LLC            | Delaware                     |   |
|   | Resource Capital Funding II, LLC             | Delaware                     |   |
|   | Resource Asset Management, LLC               | Delaware                     |   |
|   | LEAF Asset Management, LLC                   | Delaware                     |   |
|   | LEAF Equipment Leasing Income Fund III, L.P. | Delaware                     |   |
|   | LEAF Funding, LLC                            | Delaware                     |   |
|   | LEAF Capital Funding III, LLC                | Delaware                     |   |
|   | LEAF Fund III, LLC                           | Delaware                     |   |

----

|   | LEAF III B SPE, LLC                           | Delaware |   |
|--------|-----------------------------------------------|----------|--------|
|   | LEAF III C SPE, LLC                           | Delaware |   |
|   | LEAF Equipment Finance Fund 4, L.P.           | Delaware |   |
|   | LEAF Funds Joint Venture 2, LLC               | Delaware |   |
|   | LEAF Fund 4A SPE, LLC                         | Delaware |   |
|   | Resource Capital Funding, LLC                 | Delaware |   |
|   | Resource Real Estate Holdings, Inc.           | Delaware |   |
|   | Resource Real Estate, Inc.                    | Delaware |   |
|   | Resource Capital Partners, Inc.               | Delaware |   |
|   | Resource Real Estate Management, LLC          | Delaware |   |
|   | Resource Capital Partners II, LLC             | Delaware |   |
|   | RRE Investor, LLC                             | Delaware |   |
|   | Resource Real Estate Funding, Inc.            | Delaware |   |
|   | RRE Leasco, LLC                               | Delaware |   |
|   | RRE Oak Park Leaseco, LLC                     | Delaware |   |
|   | Resource Real Estate Management, Inc.         | Delaware |   |
|   | RRE D2R2 2007-1, LLC                          | Delaware |   |
|   | RRE HUD MF 2007, LLC                          | Delaware |   |
|   | RRE Sky Harbor, LLC                           | Delaware |   |
|   | RRE River Oaks, LLC                           | Delaware |   |
|   | RRE Shoreline, LLC                            | Delaware |   |
|   | RRE Twyckenham, LLC                           | Delaware |   |
|   | RRE Windsor Square, LLC                       | Delaware |   |
|   | RRE Wyandotte, LLC                            | Delaware |   |
|   | RRE West Tech, LLC                            | Delaware |   |
|   | RRE VIP Borrower, LLC                         | Delaware |   |
|   | RRE VIP International Village, LLC            | Delaware |   |
|   | RRE VIP Regency Park, LLC                     | Delaware |   |
|   | RRE VIP Waterford Nevillewood, LLC            | Delaware |   |
|   | Resource Real Estate Opportunity Advisor, LLC | Delaware |   |
|   | Resource Real Estate Opportunity REIT, Inc.   | Delaware |   |
|   | RRE Opportunity Holdings, LLC                 | Delaware |   |
|   | Resource Real Estate Opportunity Manager, LLC | Delaware |   |
|   | RRE VIP Participant, LLC                      | Delaware |   |
|   | RCP Westchase Wyndham Manager, LLC            | Delaware |   |
|   | RCP Pear Tree Manager, LLC                    | Delaware |   |
|   | RCP Wind Tree Manager, LLC                    | Delaware |   |
|   | RCP Falls at Duraleigh Manager, LLC           | Delaware |   |
|   | RCP Sage Canyon Manager, LLC                  | Delaware |   |
|   | RCP Cuestas Manager, Inc.                     | Delaware |   |
|   | RCP Chenal Brightwaters Manager, LLC          | Delaware |   |
|   | RCP Holdco I Manager, Inc.                    | Delaware |   |
|   | RCP Reserves Manager, Inc.                    | Delaware |   |
|   | RCP Foxglove Manager, Inc.                    | Delaware |   |
|   | RCP Santa Fe Manager, Inc.                    | Delaware |   |
|   | RCP Regents Center Manager, Inc.              | Delaware |   |
|   | RCP Highland Lodge Manager, Inc.              | Delaware |   |
|   | RCP Grove Manager, LLC                        | Delaware |   |
|   | RCP Avalon Manager, Inc.                      | Delaware |   |
|   | RCP Howell Bridge Manager, Inc.               | Delaware |   |
|   | RCP Heritage Lake Manager, LLC                | Delaware |   |
|   | RCP Magnolia Manager, LLC                     | Delaware |   |
|   | RCP West Wind Manager, LLC                    | Delaware |   |
|   | RCP Ryan’s Crossing Manager, LLC        | Delaware |   |
|   | RCP Memorial Tower Manager, LLC               | Delaware |   |
|   | RCP Cypress Landing Manager, LLC              | Delaware |   |

----

|   | Cypress Landing Partners, LLC           | Delaware |   |
|--------|-----------------------------------------|----------|--------|
|   | RCP Island Tree Manager, LLC            | Delaware |   |
|   | Island Tree Partners, LLC               | Delaware |   |
|   | RCP Villas Manager, LLC                 | Delaware |   |
|   | RCP Coach Lantern Manager, LLC          | Delaware |   |
|   | RCP Foxcroft Manager, LLC               | Delaware |   |
|   | RCP Tamarlane Manager, LLC              | Delaware |   |
|   | RCP Park Hill Manager, LLC              | Delaware |   |
|   | RCP Woodland Hills Manager, LLC         | Delaware |   |
|   | RCP Brent Oaks Manager, LLC             | Delaware |   |
|   | RCP Cape Cod Manager, LLC               | Delaware |   |
|   | RCP Woodhollow Manager, LLC             | Delaware |   |
|   | SR Fountains Holdings, LLC              | Delaware |   |
|   | AR Real Estate Investors, LLC           | Delaware |   |
|   | AR Real Estate, GP LLC                  | Delaware |   |
|   | RCP Nittany Pointe Manager, Inc.        | Delaware |   |
|   | RCP Chinoe Creek Manager, Inc.          | Delaware |   |
|   | RCP Portland Courtyard Manager, Inc.    | Delaware |   |
|   | RCP Albuquerque Manager, Inc.           | Delaware |   |
|   | RCP Fountains GP, Inc.                  | Delaware |   |
|   | RCP Mill Creek Manager, LLC             | Delaware |   |
|   | RCP Windridge Manager, LLC              | Delaware |   |
|   | RRE Howell Bridge Holdings, LLC         | Delaware |   |
|   | RRE Bentley Place Holdings, LLC         | Delaware |   |
|   | RRE Reserves Holdings, LLC              | Delaware |   |
|   | RRE Reserves Holdco I, LLC              | Delaware |   |
|   | RRE Regents Center Holdings, LLC        | Delaware |   |
|   | RRE 1 Duraleigh Member, LLC             | Delaware |   |
|   | RRE 2 Duraleigh Member, LLC             | Delaware |   |
|   | RRE Avalon Member, LLC                  | Delaware |   |
|   | RRE Avalon Holdings, LLC                | Delaware |   |
|   | RRE Funding I, LLC                      | Delaware |   |
|   | RRE Magnolia Holdings, LLC              | Delaware |   |
|   | RRE West Wind Holdings, LLC             | Delaware |   |
|   | RRE Ryan’s Crossing Holdings, LLC | Delaware |   |
|   | RRE Falls at Duraleigh Holdings, LLC    | Delaware |   |
|   | RRE Sage Canyon Holdings, LLC           | Delaware |   |
|   | RRE Cuestas Holdings, LLC               | Delaware |   |
|   | RRE Heritage Lake Holdings, LLC         | Delaware |   |
|   | RRE Heritage Lake TIC, LLC              | Delaware |   |
|   | RRE Pear Tree Holdings, LLC             | Delaware |   |
|   | RRE Wind Tree Holdings, LLC             | Delaware |   |
|   | RRE West Chase Wyndham Holdings, LLC    | Delaware |   |
|   | RRE Funding II, LLC                     | Delaware |   |
|   | RRE Villas Holdings, LLC                | Delaware |   |
|   | RRE Memorial Towers Holdings, LLC       | Delaware |   |
|   | RRE Coach Lantern Holdings, LLC         | Delaware |   |
|   | RRE Foxcroft Holdings, LLC              | Delaware |   |
|   | Foxcroft South Owners Association       | Maryland |   |
|   | Foxcroft North Owners Association       | Maryland |   |
|   | RRE Tamarlane Holdings, LLC             | Delaware |   |
|   | RRE Park Hill Holdings, LLC             | Delaware |   |
|   | RRE Bentley Place Holdco I, LLC         | Delaware |   |
|   | RRE West Chase Wyndham TIC, LLC         | Delaware |   |
|   | RRE Chenal Brightwaters TIC, LLC        | Delaware |   |
|   | RRE Chenal Brightwaters Holdings, LLC   | Delaware |   |
|   | RRE Highland Lodge TIC, LLC             | Delaware |   |
|   | RRE Regents Center TIC, LLC             | Delaware |   |

----

|   | RRE Heritage Lake TIC, LLC            | Delaware     |   |
|--------|---------------------------------------|--------------|--------|
|   | RRE Bentley Place TIC, LLC            | Delaware     |   |
|   | RRE Reserves TIC, LLC                 | Delaware     |   |
|   | RRE Highland Lodge Holdings, LLC      | Delaware     |   |
|   | RRE Bent Oaks Holdings, LLC           | Delaware     |   |
|   | RRE Cape Code Holdings, LLC           | Delaware     |   |
|   | RRE Woodhollow Holdings, LLC          | Delaware     |   |
|   | RRE Woodland Hills Holdings, LLC      | Delaware     |   |
|   | RRE Mill Creek Holdings, LLC          | Delaware     |   |
|   | RRE Wyndridge Holdings, LLC           | Delaware     |   |
|   | Resource RSI Phase I, LLC             | Delaware     |   |
|   | Resource RSI Phase II, LLC            | Delaware     |   |
|   | Press Building, LLC                   | Delaware     |   |
|   | Resource Programs, Inc.               | Delaware     |   |
|   | RCP Financial, LLC                    | Pennsylvania |   |
|   | Resource Properties VIII, Inc.        | Delaware     |   |
|   | Resource Properties XIV, Inc.         | Delaware     |   |
|   | Resource Properties XVII, Inc.        | Delaware     |   |
|   | Resource Properties XXIV, Inc.        | Delaware     |   |
|   | Resource Properties XXV, Inc.         | Delaware     |   |
|   | Resource Properties XXVI, Inc.        | Delaware     |   |
|   | Resource Properties XXX, Inc.         | Delaware     |   |
|   | Resource Properties XXXI, Inc.        | Delaware     |   |
|   | Resource Properties XXXIII, Inc.      | Delaware     |   |
|   | Resource Properties XL, Inc.          | Delaware     |   |
|   | Resource Properties XLI, Inc.         | Delaware     |   |
|   | Resource Properties XLVII, Inc.       | Delaware     |   |
|   | Resource Properties XLIX, Inc.        | Delaware     |   |
|   | Resource Properties 54, Inc.          | Delaware     |   |
|   | Chesterfield Mortgage Investors, Inc. | Delaware     |   |
|   | Resource Commercial Mortgages, Inc.   | Delaware     |   |
|   | Resource Housing Investors I, Inc.    | Delaware     |   |
|   | Resource Housing Investors II, Inc.   | Delaware     |   |
|   | Resource Housing Investors III, Inc.  | Delaware     |   |
|   | Resource Housing Investors IV, Inc.   | Delaware     |   |
|   | Resource Rittenhouse, Inc.            | Delaware     |   |

----

----