<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0706</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001045425</cik>
        <entityName>RAIT Financial Trust</entityName>
        <issuerAddress>
            <street1>CIRA CENTRE</street1>
            <street2>2929 Arch Street, 17th Floor</street2>
            <city>Philadelphia</city>
            <stateOrCountry>PA</stateOrCountry>
            <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
            <zipCode>19104</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(215) 243-9000</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>RAIT INVESTMENT TRUST</previousName>
            <previousName>RESOURCE ASSET INVESTMENT TRUST</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>REAL ESTATE INVESTMENT TRUST</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>SCOTT</firstName>
                <middleName>F.</middleName>
                <lastName>SCHAEFFER</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>EDWARD</firstName>
                <middleName>S.</middleName>
                <lastName>BROWN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>FRANK</firstName>
                <middleName>A.</middleName>
                <lastName>FARNESI</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>S.</firstName>
                <middleName>KRISTIN</middleName>
                <lastName>KIM</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ARTHUR</firstName>
                <lastName>MAKADON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JON</firstName>
                <middleName>C.</middleName>
                <lastName>SARKISIAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ANDREW</firstName>
                <middleName>M.</middleName>
                <lastName>SILBERSTEIN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MURRAY</firstName>
                <lastName>STEMPEL, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>RAPHAEL</firstName>
                <lastName>LICHT</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JAMES</firstName>
                <middleName>J.</middleName>
                <lastName>SEBRA</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>KEN</firstName>
                <middleName>R.</middleName>
                <lastName>FRAPPIER</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O RAIT FINANCIAL TRUST</street1>
                <street2>2929 ARCH ST., 17TH FL</street2>
                <city>PHILADELPHIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Over $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2012-10-17</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>COMMON SHARE APPRECIATION RIGHTS</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>ALMANAC REALTY INVESTORS, LLC</recipientName>
                <recipientCRDNumber>156718</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1251 AVENUE OF THE AMERICAS</street1>
                    <street2>44TH FL</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10020</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>LEONARD STREET CAPITAL PARTNERS, LLC</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>18 LEONARD STREET</street1>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10013</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>20000000</totalAmountSold>
            <totalRemaining>80000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5500000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>RAIT Financial Trust</issuerName>
                <signatureName>/s/ JAMES J. SEBRA</signatureName>
                <nameOfSigner>BY: JAMES J. SEBRA</nameOfSigner>
                <signatureTitle>CHIEF FINANCIAL OFFICER &amp; TREASURER</signatureTitle>
                <signatureDate>2012-10-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
