Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 18, 2012, Resource America, Inc. (the "Company") modified all of its $10.0 million aggregate principal amount of 9% Senior Notes due 2013 (the "Original Notes"). The Original Notes were modified to extend the maturity date to March 31, 2015. All other terms of the Original Notes, including the detachable warrants issued together with the Original Notes, remain unmodified. A form of a modified note is attached as Exhibit 4.1.

In connection with the modification of the Original Notes, the Company paid to all holders of Original Notes a modification incentive payment equal to 1% of the aggregate principal amount of each such holder's Original Note.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

4.1 Form of 9% Senior Note due 2015.

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