Resource America has reported that LEAF Commercial Capital, its joint venture operation, continued to grow its lease origination and servicing operations during the first fiscal quarter ended December 31, 2011.

Since LEAF's January 2011 capital raise, lease originations continue to trend upward and subsequently grew to $48.2m during the first fiscal quarter ended December 31, 2011, as compared to $40.0m (21% increase) and $13.5m (256% increase) during the fourth fiscal quarter ended September 30, 2011 and the first fiscal quarter ended December 31, 2010, respectively.

In the quarter, LEAF's Dealer Solutions unit added 94 new dealers as active users of its leasing programmes. LEAF's commercial finance assets at December 31, 2011 increased to $224.5m, an increase of $32.5m, or 17%, from September 30, 2011. Resource America reported net income attributable to common shareholders of $185,000 for the first fiscal quarter ended December 31, 2011, as compared to a net loss attributable to common shareholders of $567,000 for the first fiscal quarter ended December 31, 2010.

Jonathan Cohen, CEO and president, said: "These are transformative times at Resource America. During our first quarter, we completed the recapitalization of LEAF Commercial Capital, Inc. Last month we announced the creation of CVC Credit Partners, through which CVC Capital Partners and Resource America will own a global credit management business with over $7.5bn under management and huge opportunities. Through these two significant institutional joint ventures, we will continue to realize upside in the leasing and credit management businesses."

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