Resource America (REXI) is a specialized alternative asset manager that focuses on real estate and credit investments managing a gross aggregate of more than $16 billion. The company recently restated their financial statements for 2012 and their 10-Qs for 2013 to incorporate their unconsolidated variable interest entity, Resource Capital Corp. (RSO). There is an opportunity to get into the name before the non-cash charge-offs in the commercial side of the business, which have suppressed their reported earnings, run off and will help show stronger results going forward. But the underlying thesis rests in the firm reaching an inflection point where the incremental margins on the real estate side of the business are over 50% boosting...
Only subscribers can access this article, which is part of the PRO research library covering 3,741 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: