X0201 4 2004-03-24 0 0001045425 RAIT INVESTMENT TRUST RAS 0001170822 PROMISLO DANIEL C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 0 0 1 Trustee Phantom Shares 2004-03-24 4 A 0 173.0000 0 A Common Shares of Beneficial Interest 173.0000 173.0000 D 1-for-1 The phantom shares are fully vested upon award. RAIT Investment Trust will redeem the phantom shares upon the termination of the reporting person's position from the Board of Trustees of RAIT Investment Trust. Redemptions will occur within 45 days from such termination for an amount equal to the fair market value of the underlying securities on the termination date. /S/ Daniel Promislo 2004-03-25