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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

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Aug 1 5:00 PM EST

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From: KirbyJF1	4/3/2012 3:01:24 PM
	of 1876

RE: RSO Resource Capital Corp Book value ended the quarter at $5.38 and was primarily down – was down primarily due to tax planning moves taken in the fourth quarter 2011. These moves were necessary because of the outperformance of the non-real estate businesses, principally in syndicated bank loans, and will not need, I repeat, and will not need to be repeated as we have increased our real estate revenue with the addition of owned real estate. Book value also decreased due to mark-to-market of our structured bonds, capitals, ABS while our CMBS portfolio was flat. We believe that these securities have rallied significantly since January 1, 2012, and pro forma would add approximately $0.07 to $0.10 per share if marked, as of the end of February, were closer to $5.45 to $5.48 per share of book value. We are very pleased about this trend and believe there is further upside to this number. In addition, it does not include approximately $35 million of discount that we have yet to accrete on our syndicated bank loan portfolio or approximately another $0.40. We continue to grow our business through further investments in real estate loans, real estate distressed investment and value-add real estate equity investment. http://seekingalpha.com/article/420501-resource-capital-s-ceo-discusses-q4-2011-results-earnings-call-transcript Kirby 15% Dividend

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