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Covington Advises Resource Capital Corporation on the Acquisition of Churchill Pacific Asset Management LLC

March 3, 2011

NEW YORK, March 3, 2011 — Resource Capital Corporation (RSO) has announced that it has completed its purchase of 100 percent of the ownership interests in Churchill Pacific Asset Management LLC (CPAM) from Churchill Financial Holdings LLC. CPAM is the collateral manager to five Collateralized Loan Obligations (CLOs) totaling approximately $1.9 billion in assets. Covington & Burling LLP advised RSO on the deal.

RSO is a commercial real estate specialty finance company. RSO's investment strategy focuses on commercial real estate-related assets and higher-yielding commercial finance assets.

The Covington team was led by corporate partner Philipp Tamussino and associate Martin Beeler.

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