X0202 4 2004-10-08 0 0001045425 RAIT INVESTMENT TRUST RAS 0001177838 MAKADON ARTHUR C/O RAIT PARTNERSHIP, L.P. 1818 MARKET ST., 28TH FL. PHILADELPHIA PA 19103 0 0 0 1 Trustee Phantom Shares 2004-10-08 4 A 0 183 0.00 A Common Shares of Beneficial Interest 183 838 D 1-for-1 The phantom shares are fully vested on the date of grant. RAIT Investment Trust will redeem the phantom shares upon the separation from service from the Board of Trustees of RAIT Investment Trust of the reporting person. Redemptions will occur within 45 days from such separation for an amount equal to the fair market value of the underlying securities on the termination date. /s/ Arthur Makadon 2004-10-08