SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Silberstein Andrew Mark (Last) (First) (Middle) C/O RAIT FINANCIAL TRUST 2 LOGAN SQUARE, 100 N. 18TH ST, 23RD FL (Street) PHILADELPHIA PA 19103 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol RAIT Financial Trust [ RASF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Trustee
	3. Date of Earliest Transaction (Month/Day/Year) 06/27/2018
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
7.75% Series A Cumulative Redeemable Preferred Shares	06/27/2018		A		383,147	A	(1)	383,147	I	By ARS VI Investor I, LP(2)
8.375% Series B Cumulative Redeemable Preferred Shares	06/27/2018		A		167,828	A	(1)	167,828	I	By ARS VI Investor I, LP(2)
8.875% Series C Cumulative Redeemable Preferred Shares	06/27/2018		A		117,605	A	(1)	117,605	I	By ARS VI Investor I, LP(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series D Cumulative Redeemable Preferred Shares	(3)	06/27/2018		D			2,270,610	(3)	(3)	Series E Cumulative Redeemable Preferred Shares	2,270,610	(3)	668,580	I	By ARS VI Investor I, LP(2)
Series D Cumulative Redeemable Preferred Shares	(1)	06/27/2018		D			668,580	(1)	(1)	Series E Cumulative Redeemable Preferred Shares	668,580	(1)	0	I	By ARS VI Investor I, LP(2)

Explanation of Responses:

1. 668,580 shares of Series D Cumulative Redeemable Preferred Shares (the "Exchange Shares") were exchanged with the issuer pursuant to the terms of the Redemption and Exchange Agreement dated as of June 27, 2018 (the "Exchange Agreement") among the issuer, certain subsidiaries of the issuer and ARS VI Investor I, LP (the "Investor"). Pursuant to the terms of the Exchange Agreement, the Exchange Shares were exchanged for (i) 383,147 Series A Cumulative Redeemable Preferred Shares, (ii) 167,828 Series B Cumulative Redeemable Preferred Shares and (iii) 117,605 Series C Cumulative Redeemable Preferred Shares.

2. The reported securities are owned directly by the Investor, a limited partnership in which the reporting person indirectly holds an equity interest. The Investor converted from a limited liability company into a limited partnership on December 31, 2013. Prior to the conversion, the Investor was known as ARS VI Investor I, LLC. Pursuant to the Securities Purchase Agreement dated as of October 1, 2012 among the Investor, the issuer and certain subsidiaries of the issuer, the Investor had the right to designate a trustee on the issuer's board of trustees (the "Designation Right"), and the Investor had previously designated the reporting person to the issuer's board of trustees. The Designation Right was cancelled in connection with the Exchange Agreement, and the reporting person has resigned from the issuer's board of trustees. The reporting person disclaims beneficial ownership of the reported securities except to the extent of the reporting person's pecuniary interest therein.

3. These securities were redeemed by the issuer pursuant to the terms of the Exchange Agreement. The redemption price per Series D Cumulative Redeemable Preferred Share in the Exchange Agreement was $25.00 per share.

Remarks:

	/s/ Andrew Mark Silberstein	06/29/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.